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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Jun 09, 1922
Page
17
New York stocks drifted in a dull, professional market with the smallest full-session volume in weeks. Prices were volatile but overall weak, with limited daily activity and some gains in select issues like Atlas Powder while names such as Dupont slumped.
A Federal Reserve analysis shows May currency gains in Chile Argentina and Britain with the Italian lira and other currencies also advancing. The study notes higher exchange improves US exports and cites Europe political and economic uncertainties impacting world rates and the potential two year path to stabilization.
The Treasury announced two new issues of notes and certificates offered yesterday for subscription. The issues run for three to 10 years with interest rates around 3 1 4 to 4 1 2 percent. Maturity ranges June 15, 1922 to June 15, 1953 with exchange only and no payment in cash or credit. Subscriptions available at Federal Reserve banks. total offering about 250.9 million dollars.
A stream of real estate transfers lists numerous warranty and quit claim deeds. Names include Ixdor Savin, Harry Savin, Sam Frankel, Sarah Monitt, William McNitt, Helen McNitt, and many others with properties on Harbor View Avenue, Capitol Avenue, Florence Avenue extension, and more. Values range up to $2750 with various lot sizes, and several estates and banks appear in transfers.
The Federal Reserve Bank of New York reports conditions on June 7 with total sold reserves at 1,171,938, Sho. total earning assets 289,041,423.90. Bills discounted secure government war obligations for members 28,274,497.65 and others 26,028,220.78. Bills bought in open market 37,140,455.47. Total bills on hand 77,213,173.90. Reserve account 749,188,456.04. notes in actual circulation 223.00. Ratio of total reserves to deposits 6.9 percent.
May bankruptcy petitions in Connecticut total liabilities of 718,250 with assets of 605,018 showing an average ability to pay 83.5 cents on the dollar. Last year’s cases totaled 185,257 liabilities and 746,500 assets with about 5 cents on the dollar. In the final week of May seven petitions covered 60,377 liabilities and 43,904 assets, compared with six petitions in May 1921 totaling 45,225 liabilities and 24,895 assets.
Grain traders in Chicago pushed futures higher in late trade as shorts covered amid expectations of a bullish surprise after a government crop report. July and September corn and wheat futures rose, with oats and rye showing gains or firmness as receipts and hog values influenced price moves.
The market reports copper futures at 137-8 and nearby spot, tin at 22.0 with futures 31.57, and steady prices for lead zinc and antimany. East St. Louis delivery terms noted for zinc, while junk values remain largely unchanged across metals.
Money market notes show easy conditions with call money around 3 1 4 percent, high 3 1 4, and ruling rate near 9 1 4 percent. Closing bids reflect offerings at Golds Jase loan 3 against acceptances.
Baward and B Weentz, Life Saving Corps member at Pleasure Beach, passed exams for the Naval Academy at Annapolis. He will leave Sunday night to join the Naval summer cruises for freshmen. Son of Mr and Mrs William H Weimer of 1982 Central Avenue.
New York June 4 reports a volatile butter market with irregular quotes and unusual price markings. Creamery extras and whole milk values show wide swings while near term butter grades remain unsettled amid unclear demand signals.
Trading at the curb market in New York showed an easier tone as supply from floor traders weighed on high priced shares. Standard issues slipped while Ocean, Indiana, and Kentucky issues saw muted activity. Lincoln fund rose to a high before retreating, Seaboard and other independents eased, and bonds saw limited turnover amid mixed dealer sentiment.
Quotations show the international French and Italian exchange near parity with modest movement. Swiss francs and Dutch guilder remain active while other currencies like the Vienna crown and denari fare less clearly. Numbers indicate bid, ask, and closing levels across Paris, Amsterdam, Genoa, and Berlin markets for the day.
Market congestion persists as steamer arrivals outpace shipments due to coal strike effects. United States Steel and others push to minimum quotations while deliveries grow longer and many sales move at higher basis. Rail reforms and a 10 percent freight-rate cut may clarify conditions, with May iron production at a record pace though coal rise pressures persist.
Dull bond dealings show Liberty assets weak while Mexican obligations weigh on sentiment. New York quotes highlight a 100.08 high for a four-year issue and a 100.06 year peak, with rails like Toledo St Louis and Westerns rising. Seaboard and Southern Pacific collateral issues weaken. Rio de Janeiro and French municipals lag. Total sales reach 14,075,900 dollars, with Michigan four and a half percent bonds underwritten at 28 million.
The F. W. Woolworth company logged May sales of 12,883,883 dollars, surpassing last year and marking one of the top monthly results this year except for April. For the first five months, sales reached 7,734,605 dollars, well above the prior year’s 5,148,705 dollars, with 1,242,319 dollars attributed to new stores opened in the period. The firm now operates 1,60 stores, up from 1,57 at the start of 1822.
The Bridgeport Telegram cites a State Board of Agriculture market report noting abundant spinach lettuce and beets pushing prices down while asparagus strawberries and native greens face variable pricing. Beet and fruit prices vary by grade with apples asparagus and onions listed alongside dairy and poultry values and hay and grain dealer prices.
Fifty eight new companies were incorporated in Connecticut in May with total authorized capital of 4,063,000. The May count matches last year’s figure but the capital stock is lower than 4,280,080 in 1922. Real estate and insurance firms lead by number and value, followed by mercantile firms, with several manufacturing and hotel ventures also listed.
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