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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Jul 29, 1927
Page
19
U S Steel leads a broad stock advance despite selling resistance as Du Pont interests acquired 114000 shares near 123 8, while steel trade optimism, easy money, and month end currency demand push prices higher. GM and Nash rise modestly. rubber shares falter. several firms hit new highs in diverse sectors.
Chicago Rock Island and Pacific earned $2.07 a share after preferred dividends for the first half of 1927, with surplus after charges at $3.33 million. Barnsdall’s half-year net income fell to $1.64 million, 1.43 a share on remixed stocks, compared with $3.93 a share in 1926. Independent steel firms watch United States Steel chairmanship and Gary's potential retirement, fearing policy shifts. Union Tobacco organized with C A Whelan as executive chair and G J Whelan as president. New York Fed kept rediscount rate at 4 percent. Heavy melting steel rose 23 cents per ton in Pittsburgh district. Chicago, Burlington and Quincy half-year net income at $11.77 million versus $31.98 million prior year.
Shipping entries show arrivals and sailings including Manuel Arms from Cadiz to New York on July 28, Empress of Scotland from Southampton on July 27, American Farmer from London on July 28 to New York, and President Hailing from Bremen with July 27 entries. additional notes reference Havre July 27 and destinations Cleveland New York Hamburg.
Copper steady at 13.00 to 13.12 per pound with futures. Tin firm with spot, nearby and September at 6400. Iron steady. Lead firm at 6.50. Zinc firm at East St. Louis spot and futures 6.35. Automoty spot 12.12 1 2 to 12 25.
The article notes U S steel production steadies as buyers shift to hand-to-mouth orders, reducing unfilled orders since 1923 while aligning output with demand. It contrasts past forward buying with current cautious buying and cites benefits of lower inventories and reduced inflation risk.
In New York trading on the curb, tire and rubber issues led gains while profit taking trimmed some early advances. Goodyear surged to a 33 4 point gain before settling, Steberling Rubber rose to a new high then closed slightly below, 9 Celluloid Common hit 117, Rayon issues slipped, Deere rose after dividend news, and Madison Square Garden hit a fresh high on strong earnings. Insurance Company of North America, Kruskal and Kruskal, General Laundry Machinery, and Commercial Solvents also posted gains with Royal Baking Powder up 11 to 258, its preferred peaking as well.
Washington July 28. Combined resources and mobilities of the twelve Federal Reserve banks totalled 4 019 920000 in thousands of dollars with gold reserves of 3 023 488 000 and total resources 4 919 920 000. Deposits amount to 2 320 018 000 with reserves ratio 78.7 percent and contingent lability on bills purchased for foreign correspondents 151 749 000.
Foreign exchange rates listed with demand and cable quotes for Great Britain France Italy Belgium Germany Holland Norway Sweden Denmark Switzerland Spain Portugal Greece Poland Czechoslovakia Jugoslavia Austria Roumania Argentina Brazil Tokyo Shanghai Montreal and other currencies.
Call money remains easy with bids around 3 3 4 percent and ruling rate near 3 3 4 percent. Time loans sustain steady demand with 60 to 90 day terms and 4 1 4 percent yields, while 4 to 6 month loans show 4 3 B a 4 1 3 percent ranges. Prime merchant paper quotes around 4 4 1 4 percent as market tone holds steady.
Profit mood in money market spurred late trading with firmer issues in banks and insurance. Chesapeake, Western Maryland, Goodyear, and Pennsylvania coal trusts rose. local traction issues led utilities while Seaboard and Pierce Arrows weakened. Foreign bonds firm. Liberty Fourth 4s active above 103 3-4 and Treasury 41-43 in fair demand.
Wheat prices eased early on cooler northwest weather despite acknowledgment that a return to adverse conditions could inflict damage. Opening ranges showed wheat down 3 to 8 cents, with July 140 1 2 cents and Dec 142 1 2 to 5 8. Corn and oats remained firmer, corn up to 58 8 cents initial, later broadly advancing. oats at 44 1 4 to 1 2. Provisions held steady before closing declines of 6 to 20 cents.
In LESRING HOUSE New York on July 28 exchanges show 97 million dollars, balances at 98 million, and the Federal Reserve Bank credit balance at 8.3 million dollars.
The Treasury reports the general fund balance on hand today at 16 860 991.62 dollars.
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