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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Nov 04, 1921
Page
11
Secretary Hoover called the recently announced and pending rediscount rate reductions milestones toward recovery. He said falling interest rates relieve the tight money situation and reflect the tail end of the depression, with lower rates expected to stimulate production and aid the economy.
The War Finance Board announced rate reductions for agricultural and livestock lending. Advances to banks maturing in six months or less drop from 6 1 2 to 5 percent, while all other agricultural advances fall from 6 percent to 9 1 2 percent.
Federal Reserve Board announced today a cut of the Dallas Reserve Bank rediscount rate from 6 percent to 5.5 percent. Earlier, reductions were declared in eight districts, while Boston Cleveland Minneapolis and Dallas rates mostly held steady. Richmond Cleveland Atlanta and Dallas districts showed varied actions with Minneapolis remaining at 6 percent.
At the New York Metal Exchange on November 2 trading showed copper steady at 25 1 4 cents from spot to December. Tin held firm with Straits shipments for October through November at 27 3 4 to 28 1 4, and for November-December 2 7 7 3 to 28 3 8, December-January 25 to 28 1 2, January-February 28 1 2 to 10 8 1 3. Lead was dull with spot to December around 4 1 2 to 4 Speller and Hast St. Louis quotes at 4 65 to 4 7 Aee Oe Se.
Washington reports government moves to prevent price drops as corn markets face pressure. The Treasury and labor officials approve appointing a committee led by the Agricultural Finances Corporation to study warehousing plans for large scale storage. The aim is to aid farmers and stabilize marketing while preserving sound business practices.
Berlin reporters recount a bizarre border find as customs officers along the Dithunian-Prussian line uncover a traveler’s lunch packed with diamonds, gold coins, and butter. The extravagant meal, weighed down by riches, leads to an appraisal of 78 million marks in value.
Cumberland Pine Line announces a regular annual dividend of $12 a share payable December 15 to stockholders of record December 1. Homestake Mining Co. pays cents monthly with a payment in New Orleans. Texas & Mexico Railway Co. pays 1 percent dividend on December 1. Standdall Oil Co. of California declares a regular quarterly $1 dividend payable December 15 to stockholders of record November 19.
New York November reports a sharp rise in bond prices led by government and corporate issues. Prices surged to new highs with many issues trading near par or above, including Liberty bonds and utilities. Several corporations posted gains, while some issues reached intra-day peaks as traders priced in higher yields and insured safety.
The page lists Liberty Bond prices with bid and ask figures, including Liberty 1st Liberty Lat Liberty 2d and Liberty 3q series. Also shows Victory bonds with various quotes and price ranges alongside percentages and multipliers.
Money market firmer with call money around 5 1-2 percent and ruling rate at 5 1-2 while spot cotton in New York shows middling around 18.85 cents. Produce items in New York trade include creamery and dairy products with varying quotes for creamery cream, state dairy tubs, cheese market easing, and whole and skim milk grades noted. quotations show modest shifts across butter and coffee markets with mixed pricing in near term.
A dense list of stock prices, company names, and market figures appears, featuring numerous firms such as Reading, Union Pacific, Westinghouse, and General Electric. The fragment shows bid and ask values, percent changes, and multiple ticker-like entries across industries, reflecting a busy financial page snapshot.
Financial notes discuss small advance expectations for jar and patin wire, with implied higher nail and plain wire prices. The Midvale Steel quarter ending September 20 1921 shows after taxes profits of 1,249,188, a drop from the prior quarter but a large surplus overall. September 30 1921 results and various corporate figures are cited with earnings per share and capital stock references.
A jumble of quitclaim and deed notices lists transfers and mortgage notes involving numerous individuals and streets such as Bell Street Heil Street Main Street Booth Street and Colonial Avenue. Names include John Oehlsehlager Joan Oehlsehlage William Kep neck Jali A Walsh and Rebecca Cohan among others with values noted like 6000 dollars and various property dimensions in feet.
Stocks rose as Federal Reserve banks reported lower year counts and the Bank of England concurred. Call money fell to 4.5 percent before later rebounding to 4.25 percent, while Liberty notes reached near year highs. Industrials led gains with motors, equipment, and several sectors advancing. Mexican Petroleum led the charge, with total sales around 17.3 million dollars.
Grain market in Chicago on November 3 shows wheat at 99 to 1.00 a bushel, the first sub dollar level since 1915, with corn and oats also fall ing. May futures slide while May and December show mixed moves as sellers persist and foreign demand wanes. Demand weakness aided by Galveston port unsaleables and War Finance Corporation warehousing plan failing to stabilize prices. World unemployment reports and lower rediscount rates provide slight opening strength but fail to halt overall decline.
Ten leading copper stocks highlighted for mining resumption, with a focus on air shares and sharp price improvements. The piece lists ten issues, totals dividends to date, and notes price ranges from 1926 onward, suggesting current quotes present a safe buying level for investors.
The former Hitchcock Engine Company plant on Seaview Avenue sold at auction for 11 500. Schnee and Schnee, local realtors, secured the property with plans for development. The plot fronts 109 feet on Seaview and runs 399 feet deep with 75 feet of rear wharfage, suitable for manufacturing or metal yard use and deep water access on Johnson's Creek.
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