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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Nov 21, 1924
Page
25
New Haven bonds led a market advance as refunding plans for the road progressed. Prices drifted higher on renewed optimism, with New Haven 7s and related issues gaining while other bonds tracked the rally. Dominion Steel and Liberty bonds showed weakness as overall activity shifted.
The Bridgeport Morris Plan bank prepares to open in early December on Bank Street. The new two story building by TY Pardy Co features a large 33 by 72 foot banking room with U shaped counters, skylight, front windows, officer quarters, private consultation room, burglar proof vaults, and a smoking area. Directors include Vere Brown, Frederick Morgan, Arthur Burritt, and Horace Merwin among others. officers are President Horace Merwin and Vice Presidents Kingsbury, Wheeler, and Brown with Ralph Sprague as secretary.
Richard Spillane New York November 20 rail stocks surged on one of the market’s biggest days in history with Morgan of transportation shares leading gains. Missour Pacific and Katy Common and Preferred posted notable moves as New Haven and Northern Pacific attracted strong buying. The session closed with most issues higher though some rails lagged and broad market pressure kept declines toward the end.
Incomplete OCR text shows rough references to loan bids and collateral terms with numbers and durations. The fragment mentions a closing bid around 94 and months ranging from 70 to 90 days, but lacks coherent details or a full subject. No identifiable individuals or organizations are clearly named due to garbled input.
The Federal Reserve Bank of New York reports totals including gold reserves 938,444,000 and overall reserves 269,247,000. It lists government war obligation secured bills at 21,837,050 and other bills at 29,194,000, with open market bills bought totaling 82,190,000. Total earnings assets reach 320,917,000, uncollected items 146,638,000, and deposits 290,244,000. Notes in circulation stand at 274,320,000, with reserves to deposits and notes at 76.5 percent.
Cincinnati reports a year of reconstruction in the leather trade as M Moffat of New York is re-elected president of the Tanners' Council of America. He notes progress in shoe leather class distinctions and calls for balanced treatment across all leather types.
Edward G Buckland, president of New Haven Road, stated the 25 refunding program would be completed, detailing the restructuring of a 23,000,000 European loan with a new 7 percent bond issue to run 16 years, plus 2 percent sinking fund and secured mortgage bonds. Holders may exchange maturing bonds for new bonds, with unsubscribed portions offered at par, and smaller issues to be refunded later.
The market reports a par value sale of 4020 cents for a dollar marking the first such parity since the war. Dutch exchange improves due to Germany's economic recovery and the Dawes Plan gold reserves, with several currencies showing varied demand and cables across major centers including New York London Paris and Tokyo.
General Gay Y. Tripp, chairman of Weatinghouse Electric, told the Electrical Jobbers association in Cleveland that high distribution costs fuel current unrest. He urged focusing on turnover and increased volume over larger discounts, noting farmers, consumers, and workers feel cheated as prices rise before reaching end buyers. He called for analysis and revision of system methods.
Local market reports show vegetables and fruit fluctuating as cold weather and rising demand approach the holidays. Apples, oranges, cabbage, spinach and potatoes have varied, with spinach prices pressured by supply while turkey prices edge upward as wholesalers plan for New York market cues.
Slay Epavids hosts a meeting at the London station of the American Institute of Electrical Engineers. J L Urawn of Westinghouse spoke on improvements in sleeve bearings. J W Goldanich of the Wrenner Electric Company presented a lecture on the Lynn Welchser motor. Prof HT Smith awarded the best paper prize to Prof J M Warner for the year.
The readable portions discuss an emblem tied to humanity and sobriety, linked to Virgo and Sagittarius, metallurgy for copper, and Christian art referencing St Matthew. It mentions Roman Catholic church usage in pastoral bishop ordination, calling it the prelate gem.
A Russell Sage Foundation report urges nationwide free employment agencies under joint federal state and municipal control. It calls for a chain of public offices to meet job demand, reduce unemployment, aid employers, and ensure impartiality during labor disputes, while criticizing job classification and personality testing as ineffective. The report cites no system proving beneficial and emphasizes public employment offices as the remedy.
Grain futures fell across the board on November 29 as Liverpool warehouse pressures and Argentina and Australia harvest news weighed on prices. Wheat dropped 3 to 2 1 20 cents, corn and oats slipped, while provisions varied. Canadian reports of higher wheat output and October exports provided some support but failed to reverse the downtrend.
Copper moves ease in spot and nearby markets at 13 7 8. Futures run 13 7 8 to 14. Tin remains steady. Lead shows little change with spot and futures quoted 6 82 to 6 85. Antimony trades at 14 87 in spot market.
Cotton New York figures show steady tone with December 2406 to 2398, January 2420 to 2422, March 24652 to 3455, May 2478 to 2483, July 2474 to 2477. Spot quiet with middling at 24.
Albany Nov 20 The New York Central transportation exhibit at Grand Central New York gained interest when William B H Gould of Albany presented to President Crawley the original contract between the Mohawk and Hudson Railroad Company and Mr Gould's grandfather for construction of passenger coaches for the Dewitt Canton Train. The train later operated on the first tracks of what became the New York Central system.
GURB MARKET NOW YORK November 20 Trans actions in today's curb market continued in large volume with mixed to higher closes. Lehigh Valley Goal certificates led the industrial group with gains of 6 to 42 3 8, United Bakeries rose to 147 after a rally, Continental Baking and Ward B posted modest gains, while Radio issues remained firm and other names showed mixed changes.
The treasury balance as of November 18 stands at 4 274 897 618 dollars. The note is from Wastington dated November 20.
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