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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Jul 26, 1922
Page
13
New York stocks opened irregularly but moved higher as reports suggested partial settlement of coal and rail strikes. Demand favored rails and steels, with copper and aluminum up, crude oil cuts noted, and U S Steel up after reporting $27,286,945 for Q2. Volume reached 760,000 shares.
The week saw 14 new incorporations with total authorized capital of 395000, up from the prior week and last year. Connecticut courts filed 18 bankruptcy petitions with liabilities of about 28452 and assets of 80425, suggesting settlements near 27 to 30 cents on the dollar.
New York July 25 Federal Judge Augustus N Hand confirmed the proposed settlement for E W Wagner & Co bankrupt bankers. It provides for payment of 90 percent of creditor claims immediately and the remainder in time notes issued by the F W Weener Realization Corporation formed to liquidate assets. The firm failed with 5 9 million dollars in assets.
Market report from New York on July 25 notes creamery extras and various dairy products with price ranges. Entries include wholesale milk, whole milk specials, and different grades, with unsettled quotes for nearby white and brown Yancey varieties and other dairy items.
New York reports a market shock as Durants claim Locomobile stock on the curb was worthless triggers indiscriminate selling. Durant Motor remains firm, while other auto shares fluctuate with mixed results. oil, coal, and mining sectors show varied moves amid a broad trading day.
Application for incorporation forwarded to the Secretary of State. The new firm unites Wredertek W. Harrison Schnee & Schnee and Bernard F. Cooney with capitalization of 37500. Harrison to head operations from 1759 Main Street with plans to own a building later. Schnee & Schnee and Mr Cooney remain as independent operators.
Bridgeport Hydraulic Co closes its 1924 fiscal year with a net income after charges of $192,085 on $5,000,000 capital, up 3.8 percent per share. The prior year shows a deficit and 1920 earnings of $374,967 at 8.4 percent. Details include gross earnings, operating expenses, depreciation, and interest charges on debt totaling $4,254,000.
U S bond and grain markets show continued rise with new highs for Treasury yields and wheat futures. Trading notes cite record bid levels for Liberty issues and expanding international loan activity while grain prices fluctuate in light of exporting demand and farm bond offerings.
Wartime wage data from Washington reports rising hourly pay across major sectors. Clothing, leather, iron and steel, tobacco, hosiery, and textiles show notable increases per worker, while overall employment trends suggest continuing labor demand and upward wage pressure in various plants and regions.
Mortgage lent by Bridgeport banks and lenders increased in the past week. Total value reached 65,000 dollars, up from 50,700 the prior week. Loans averaged about 8,000 dollars, with a maximum of 14,000 by Bridgeport Land & Title Co. Institutions active included City Savings Bank, Mech and Farim, West Side Bank, and others, with detailed weekly totals by lender.
Market report from the Marketing Bureau details vegetable and dairy price shifts on July 25 1922. Tomatoes corn cabbage and potatoes show varied movement as supply tightens and strikes influence meat markets while Western prices edge upward and farm products remain mixed in demand.
Foreign exchange in York on July 25 showed broad easing with most rates down about one cent. Merling and related remittances edged lower, while central and eastern European transfers weakened. Several currencies, including marks, slid below prior levels amid unsettled conditions.
Copper remains steady at 137 8 for spot and futures while tin holds at 32 12. Lead is quiet around 50 5 78. Zinc stays firm with East St Louis spot around 7.90 and nearby delivery at 6.00. Antimony trades at 5 42 to 5 47.
The New York money market remains steady with the high at 4 and low at 4 percent. Closing bid stands at 4 percent and offered at 4 percent. Last loan rate noted at 4 percent for Joan.
A fragmented request from The Marketeer in New York seeks a duplicate July 20 Market Letter. It asks stockholder status verification and mentions street address details, indicating a mailing to a recipient about shares and market notices.
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