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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Sep 29, 1923
Page
26
New York Sept 28 Persistent pressure against United States government bonds dominated a mostly dull market. Most issues slid from 1 32 to 4 32, while tax exempt 3 1 25 fell 1 32. Foreign issues weakened on German troubles, with several French bonds dropping up to 2 points as railroad mortgages and steel bonds showed mixed moves amid earnings reports.
A long list of Warranty and Quit Claim deeds transfers from United States Housing Corp to individuals including Stephen Swasey and Alice Swasey, Dominic Ford, Armand Caruba, Walter Harrington, Salvadore Macendaro, and others. Mortgage deeds show exchanges involving the United States of America, Bridgeport Savings Bank, and several named grantees with amounts ranging from 300 to 9,000 dollars.
The cotton market closed 10 to 15 points higher after a quiet session. Private reports show varying figures for crop condition and production, with estimates around 13 to 14 million bales and 11 million bales for related counts. Weather notes call for partly cloudy skies with showers along the South Atlantic coast and belt forecasts for more unsettled conditions.
Cal l money trim and rate movements show a high 31 rate. Closing bid GL offered at 3.4. JagLoan 1-2 calls loans again accepted 1 12. Market notes reflect tightening liquidity and rolling acceptances amid settled trading sessions.
Wellesley Hills Mass September 28 Roger W Babson analyzes credit conditions from U S correspondents noting reserve ratio declines despite abundant money. He argues excessive money hoarding and slow bill payments choke credit and prosperity, urging prompt settlements across all levels from farmers to manufacturers to restore circulation and lift stocks.
Washington reports the U S Department of Agriculture’s latest corn hog ratio for August showing 7.7 bushels of corn per 100 pounds of hog. The series of monthly ratios from 1922 to 1928 tracks a long downward trend since 1919, with August marking a small uptick after a low in July.
Chicago grain traders saw a firmer tone as new Canadian production estimates were sharply cut from government totals. Wheat rose to near daily highs with May futures around 111, while corn and oats also advanced. Attendant bullish factors included expected farm legislation and broader buying, though some profit-taking trimmed gains.
Foreign exchanges closed with slight renews in New York as demand softened by about a quarter to half a cent. The dollar held at 4.55 7 8 per 1 franc, with the French franc steady.
New York dated Sept 28 reports the grand jury did not indict Seymour Cromwell, president of the New York Stock Exchange, or associates after subpoenas. Cromwell defended his Atlantic City address, saying his statements about fighting back against attacks remained true, while Pecora clarified he did not claim illegal acts, only that threats to introduce legislation are not automatically illegal.
The Guaranty Trust Co. survey notes no fall trade strain met in September with some activity quickening. Reduced forward buying earlier, plus stock replenishment, kept inventories conservative. Prices show modest advances, especially for agricultural products, and bank credit remains ample for fair business. Strong domestic fundamentals persist amid geopolitical tensions and the Japan earthquake.
Markets show fairly steady commodity prices at about 6.16 cents. German marks quoted around 40 cents per hundred million, with the Reidigbank weekly statement noting a rise of over two quadrillion paper marks in circulation, more than doubling the prior week’s outstanding amount. The report also lists various European currency figures and bonds across major cities.
New York reports mixed price movements as traders digest a failed exchange house. Jones Bros slid to a yearly low before trimming losses, American Woolen fell to a new low, Studebaker faced layoffs rumors, and tobacco issues showed strength on merger hopes. copper shares held firm amid merger talk.
The autumn market opens with higher prices for some native products and steady demand for most items. Grapes from California and Rocky Ford cantaloupes meet moderate demand, while apples, pears, and celery show adequate supplies and firmer prices for high quality fruit. Carrot and parsnip markets shift to basket forms, with limited shipments of peaches and crabs and prices for washed tires quoted at 2.00 to 2.50 per bushel.
New York curb market activity edged higher with a cautious tone amid a stalled stock exchange house weakness. Industrials bought but many issues moved on speculative opinions. Durant Motors fell 11 4, Stutz rose a point, Gillette Safety Razor up a point, Goodyear advanced 11 8. Oils and mining shares showed varia tional gains and losses. Buckeye Pipe Gulf Oil Imperial Oil Prairie Pine led late advances while Hurlat a Pipe Line fell on dividend cut rumors. Volume similar to prior day.
Bradstreet reports scattered gains across wholesale and jobbing, with retail buying rising slowly. Cotton prices remain good but not peak, lifting southern trade, while Atlantic Seaboard states see better retail activity as crops marketing ends strikes. Cooler weather and autumn festivals aid western trade and Pacific coast activity. apparel, textiles, and jewelry show steady turnover. weekly bank clearings reach 4.627 billion dollars.
New York metal market summaries show copper at 13 1 3 in spot and futures, tin firm with spot around 41,637 and nearby 41,50, iron price stable, lead steady between 6.85 and 7.10, zinc quiet at East St Louis 4.35, antimony spot 7.65 and 7.75.
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