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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Jun 22, 1923
Page
19
New York reports heavy selling pressure in bonds despite stock strength. The session sees varied moves with some declines trimmed and popular liens trading above prior closes. Pressure largely from selling to support stock commitments, while government issues show only modest changes amid active issue movement.
Trading on June 21 saw renewed pressure on主 major issues as gains faded after a mid session rally. Heavy selling hit Standard Oil interests and independent issues such as Southern States Oil and United Oil Producers, with only a Durant Motors uptick offering contrast to the overall downbeat tone.
Chicago grain trade reports export business lifting wheat futures to new highs for the season. September and December contracts closed higher while corn and oats showed gains and provisions declined with weaker hog values impacting the complex. Moderate weather and rust concerns in Minnesota influenced trading as buyers looked to export demand and near term supply.
In New York June 9, metal prices show tin and zinc easing while antimony and lead hold. Spot and near dates for tin at 49.92 to 40.26, futures about 49.00. zinc at 5.20 to 5.45. iron and lead steady. antimony at 6.75 and 6.55.
A chaotic trading session ends with mixed stock prices as investors weigh recent news. Analysts caution that volatility may persist while some firms report modest gains amid ongoing uncertainty.
Revenue data shows government railways in China suffered a loss for the year ending November 1922 due to military disruption and appropriation of funds. Some lines increased profits, while the Peking Mukden route under General Chang Tso‑Un faced notable declines. Total government revenue reached 37,087,359.
Markets report slow trading as retailers cut purchases due to heat. Strawberry and beet prices fall while peaches from Georgia edge higher. cantaloupes arrive freely but market stays quiet. Local wholesale prices for fruits, vegetables, poultry, dairy, and meats listed with moderate shifts across categories.
Business leaders discuss rapid changes as Bridgenart expands to suburbs and Main Street shifts northward. A prominent banker warns the era of a single “one street” retail district may end, as new westward growth toward Courtland Street unfolds. Building schemes over the next four to five years reflect this shift, with Garden Hill and Sture Street forming new boundaries. The Associated Press notes railways and land use alongside a surge in truck gardening, expanding vegetable plots around the city to about 16 000 acres and roughly 170 000 gardeners, up 12 000 from last year.
New York June 21 The stock market opened strong with broad buying and short covering as bargain hunters returned. Major gains posted in Baldwin American Locomotive Studebaker Pan American World Airways U S Steel and Kelly-Springfield while rail shares led the upturn. Call money held at 5 percent with the bill market steady and only renewals in active use.
Washington reports bituminous coal output from January to May reached 207,780,006 net tons, the highest since 1913. The Geological Survey says production reflects strong manufacturing activity with a 32 percent rise over 1918 levels, suggesting healthy prosperity though prices may fall from current highs due to sustained demand and earlier market influences.
The article describes hydraulic mining along the Mississippi River at Claxton and Tawa. Workers operate a 1,200 gallon per minute hose to wash and separate fine silica from rock ledges, sending washed sand through tanks and a rotary dryer for purification.
A large Iowa silica supply reduces worries about future glass production costs. Moisture proportions are not a major issue. An almost sure silica belt runs about ten miles along the riverbank, ensuring abundant raw material for glass makers.
In Berlin in June officials promise to spare Wilhelm the First’s marble statue inside the Reichstag lobby despite radical protests. The cost to move the 1905 installation is estimated at 31 million marks, roughly $11 million, and the decision reflects political pressure and financial strain on the young republic.
Lord and Taylor directors have approved a cash dividend on the second preferred stock. The dividend amount and exact timing were announced in New York on June 71.
Heavy supplies of native straw berries and other produce push down wholesale prices, while some stores offer popular rates. Fancy berries sell 25 to 28 cents per quart, asparagus holds firm as supplies tighten, lettuce and beets vary, and cabbage and peas show muted changes. The Marketing bureau of the Board of Agriculture has been active in promoting native lamb markets.
June 11 report from the Dairymen's League Cooperative Association shows dairy products totaling 389 units increased and gross sales reaching 88,130,908 dollars, up from 81,943,882 last year. The year’s achievement includes enabling plants to meet New York City's peak fluid milk demand at any time.
The New York Fed reports at close of business June 10: total gold reserves 31,002,608,789.41, total reserves 4,110,894,649.41, bills discounted secured by government war obligations show 405,381,584.00 for War members and 33,404,432. RO for others. Bills bought in open market 99,963,749.43. Total earning assets 198,318,416.73. Uncollected items 145,019,142.66. Due to members reserve account 700,560,451.07. Total deposits 727,047,102.00. Federal Reserve notes in actual circulation 547,526,930.00. Ratio of total reserves to deposits and Federal Reserve note liabilities combined 7.6 percent.
Henry Ford’s political tilt causes tension as factions clash over two prominent figures. The rift highlights Ford’s evolving views and the impact on allies and opponents within the movement.
Pawtucket R I June 21 news that the Coates Mills thread manufacturer employing 41 565 workers will shut down during the week of July 1 and again from July 29 to August 6 for its annual vacation due to weak business conditions.
Foreign exchange in New York shows slight declines with demand sterling dipping to around 4.61 and French francs retreating about 5 1/2 points to near 0.29. German marks remain mostly steady as broader European currencies ease versus yesterday. other listed pairs and terms appear weaker amid mixed European rates.
Dairy product report shows a calmer butter market in New York with creamery extras and firsts trading around 40 to 41 cents. Wisconsin milk and skim offerings move within 18 to 25 cents ranges, while Pacific Coast whites and nearby lots show modest gains and steady quotes amid broader dairy pricing.
Partial OCR shows irregular figures for cotton futures with months including September October and December. Mentions values around 24.88 and 2.58 with unclear dates and mixed terms, indicating a dated market note on prices and trading terms without clear context.
Money New York reports call money firm averaging high eight to low four percent with ruling rate, closing bid five, offered five, last loan three, call loans against acceptances four.
The Interstate Commerce Commission authorized payment of 108000 to the Boston and Maine railroad as partial reimbursement under the government earnings guarantee for the first six months after Federal control. The commission noted the full amount due could not yet be determined. Some garbled text remains from the source.
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