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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Jul 07, 1922
Page
15
Stocks hovered higher with rails leading gains as labor tensions ease and money rates improve. Mexican oils slipped on adverse reports, while Mexican Petroleum and Pan American showed mixed moves. Foreign exchange remained weak as turnover neared 60,000 shares.
The curd exchange featured Standard Oil and Mexican Seaborne shares with gains while others like Imperial Oil, Anglo American, and International Petroleum rose on good demand. Profit taking limited some moves as Turman Oil declared regular and extra dividends, and Columbia Petroleum reported Well 11 flowing over 100 barrels daily.
State and federal reports show Bridgeport Trust Company assets totaling 8.02 million with loans, securities, deposits, and reserves. The New York Federal Reserve Bank statement lists gold reserves and total deposits, with notes in actual circulation and a reserve ratio near 8.7 percent.
New York July 6 Liberty issues led a brisk day with many records for the year. Prices rose for Liberty 3 1/8s and 4s while foreign bonds lagged. railway and utility bonds gained as underwritings included Humble Oil 2 year 5 year bonds and City of Cleveland school issue.
In New York, copper and zinc show uneven activity with steady electrolytic and nearby prices around 14.00 and 0.69 respectively. Antimony climbs to 6.00 and 6.25 while iron remains steady at nearby levels and futures hold at 31.60 for zinc and 31.37 for nearby. market tone slight, irregular.
Washington July 6 American farmers enjoy rising foreign demand for Wheat corn and other foods now exported at well above prewar levels. Official Commerce Department reports show wheat exports 149 percent above 1920 and sugar and meats also higher. Foreign buyers rely on U S food to meet world shortages while many European producers struggle.
Financial notes describe windecpore Saving Deposits at The Bridgep Savings fank and a new mechanical savings method used by several employers. It explains stamp and pass book exchanges, plus a mecha nics at downtown stores providing convenient deposits. It also mentions a savings book system by Morris Plu Atopis and a coin type savings bank clock device promoted by Mechanics & Farmers Bank. Additional items include Connecticut forecasts improving, a clock savings device in big cities, and the formation of Common Finance Corporation with initial capital and incorporators listed.
Market notes indicate uneven arrivals of native vegetables and fluctuating prices. Peas squash cabbage lettuce firm while beets and berries hold. onions and potatoes inch up. peaches and tomatoes steady. broilers weaker after the Fourth with live birds down about a dime. Livestock, dairy, and grains show varied movements amid general market softness.
A chaotic day in New York sees a broad retreat in international exchanges. German rates slump while Austrian and Polish remittance flows tighten amid unsettled conditions as Belgian and Italian currencies show mixed moves. The era of tense, unsettled foreign exchange continues.
Grain prices fell as spring wheat traded lower and summer contracts eased. Exporters were noted buying cash wheat for old sales while weather and warehouse stock concerns pressured corn and oats. Despite some demand for corn, overall spirits remained weak amid plentiful packing center stock and liquidation in progress.
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