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Newspaper
Kingsport Times
Location
Kingsport, Tennessee, United States of America
Date
Dec 14, 1925
Page
11
Babson Park special column notes M Loucheur Paris faces rising currency in circulation and growing bank advances without reserve gains. In the United States the focus is on the extent of monetary expansion, with high money rates signaling over expansion.
A six year review shows call money rates likely to average near the lowest since 1920 with a rising trend. Last year’s rate was the lowest, about 4 percent, while 1920 reached nearly 8 percent. Updated postage stamp sales rose 11 to 1 percent in recent months, and prime commercial paper in New York is expected to run 4.5 to 5 percent in the near term.
Alexander Legge of International Harvester says conditions abroad are steadily improving. He notes mixed signals across Europe with England showing progress while Belgium and Germany lag and Poland stagnates. Overall, our 1924 end figures point to betterment despite uneven national prospects.
Data show August to October activity in cotton mills nationwide up 5 to 20 per cent versus 1924. Advertisers intensify color-driven campaigns as competition rises and ad budgets must grow. Meats jobs run at 95 per cent of 1924, output 83 per cent capacity with steady orders. Silk firms report ample raw silk and record silk goods production with large retailer stocks. Japanese
Readable text notes stocks higher than a year ago with domestic mills covering on hear requirements. The brief cites ongoing market activity and production pressure as mills adjust to policy signals, suggesting cautious optimism in trade channels.
Market analysts doubt much selling for tax losses will occur this year. They note past activity but say the current market outlook does not justify large tax loss selling or covering for short accounts.
Virginia sees rain tonight and Tuesday with little temperature change and northeast winds increasing by Tuesday. North Carolina reports rain tonight and Tuesday with slightly colder northeast conditions and moderate to fresh northeast and east winds. Tennessee experiences rain tonight and Tuesday with colder conditions in the extreme west tonight and in the west and central areas on Tuesday.
Chicago market data shows hogs down 10 to 15 cents on bulk and choice weights with various pounds and grades trading between 10.10 and 12.50 for slaughter pigs. Cattle prices reflect scarce fed steers, weak to 25 cents lower heifers, yearlings around 13.00, and light stockmen lower. Sheep trading 24,000 head with fat lambs down 25 to 40 cents and fat sheep 25 to 50 lower.
Foreign exchanges irregular with quotations in cents. Great Britain demand 484 5 8, cables 485, sixty day bills on banks 480 3 8. France 361, Italy demand 403 1 2, cables 404. Belgium 452 3 4, Germany 2380, Holland 4012, Norway 2032, Sweden 2674, Denmark 2490, Switzerland 1928, Spain 1416, Greece 126, Poland 1100, Czechoslovakia 296, Yugoslavia 177, Austria 14, Romania 467 8, Argentina 4150, Brazil 1425, Tokyo 43 1 2, Shanghai 77 5 8, Montreal 9915 116.
Chicago decisive start shows wheat 3 4 to 2 cents down, corn 1 4 to 3 4 cents lower, oats 1 8 to 1 4 cents down. Provisions mirror downturn in hogs and grain values amid Buenos Aires and Liverpool declines.
AP report from Chicago notes a slow potato market with steady to barely steady action. Wisconsin Minnesota sacked round whites traded at 3.40 to 3.65 per hundredweight and Wisconsin bulk round whites at 3.50 to 3.65.
Speculators regained control of the price movement in today’s market despite bear selling. Heavy accumulation of railroad shares led the advance with Chesapeake & Ohio St Louis Southwestern Chicago and North Western New York and Harlem Erie Common and Peoria and Eastern hitting new high levels for the year. Strong merchandising demand and holiday trade reports buoyed markets as S Kresge rose 15 points. Some soft spots appeared with General Asphalt preferred and Sloss Sheffield down four points while Utah Copper slid eight points after dividend news. Close showed about 1 600 000 shares traded.
The article notes danger in Paris as Loucheur's financial bills fail and calls for strong measures. Proposals include dissolution of parliament or a dictatorship by a public safety committee, with Briand urged to form a national unity government and seek parliamentary authority.
Paris observers report growing public panic driven by sharp franc declines on the exchange market. They decry parliament's inaction amid warnings that the sacred union and financial safety committees fail to resolve France's worsening financial crisis.
Banks and markets react as seven Loucheur finance bills face opposition from merchants and manufacturers who pledge tax resistance if adopted. Politicians blame political considerations for delaying resolution while the pound and dollar exchange rates rise, though no new records are set.
Representative La Guria of New York introduced a substitute amendment proposing a 30 percent maximum tax rate for incomes of 500000 dollars and above, as part of a wider bill on normal tax rates.
Stocks opened firm with rails leading gains as Atlantic Coast Line and Missouri Pacific preferred rose. Chrysler and Marine preferred advanced while some issues like General Asphalt fell amid renewed selling pressure. Foreign exchanges weakened with French francs sliding and demand sterling steady near 4.849 to the dollar.
Call money firmed with a ruling rate at 5 while closing bids stood at 5 1-2 and offers at 5 3-4. Last loan was 5 1-2 with call loans against acceptances at 4-2. Time loans remained steady with 60-90 days at 4 7-8 to 5 and 4-6 months at 4 7-8 to 5. Prime mercantile paper quoted at 4 1-4.
U S government bonds close with Liberty 3 1 2s at 99.25 and 4 1 4s series across first to fourth maturities ranging 101.29 to 106.15, including treasury 4s at 102.29 and 106.15.
Wheat No 2 hard ranges 1.67 1 4 to 1.68 with No 3 hard at 1.71. Corn No 3 mixed 75 1 4 to 77 1 4, No 3 yellow 0.75 to 0.78. Oats No 2 white 0.42 to 0.42 1 2, No 3 white 0.41 1 2 to 0.42 1 4. Rye No 2 0.97 3 4, barley 0.60 to 0.78, timothy seed 6.75 to 7.25, clover seed 27.00 to 30.50, hibs 14.87, bellies 14.50.
Chicago market report shows alive poultry steady. Fowls 18 to 24 cents, springs 25, turkeys 35, roosters 16, ducks 23 to 24, geese 17 to 18 cents.
Closing wheat data shows No 2 red spot domestic at 1.79 and 1-4 garlicky domestic at 1.75 1-4 in Baltimore Maryland on December 11.
On December 14 prices for dressed poultry ranged from 42 to 43 cents for chickens, 17 to 35 cents for fowls, 15 to 23 cents for old roosters, and turkeys at 42 to 51 cents for fresh western springs, 42 to 50 for southern, and 41 to 49 for southwestern varieties.
Butter weak with creamery extras at 48 1 2 cents and firsts 44 1 2 to 47 1 2. Eggs unsettled with fresh gathered extras 50 to 51 cents and firsts 47 to 48. Cheese steady at 25 1 2 to 26 1 2 cents.
Raw and refined sugar remained unchanged in New York trading today, with no notable shifts in price or activity.
Baltimore market report lists apple varieties from Western Maryland and nearby states with per bushel and box prices, sweet potatoes from the eastern shore and North Carolina, live poultry prices by weight and type, eggs unsettled and firsts, and butter prices across Maryland Virginia and Pennsylvania. The data reflects regional fruit, tuber and dairy product values and seasonal fresh goods.
New York city on December 4 AP reported bar silver at 69 cents per ounce and Mexican dollars valued at 53 cents.
Butter prices steady lower creamery extras 46 with standards 44 1 4 to 43 1 2. Firsts 42 1 2 to 43 1 2. Eggs higher on firsts 42 to 43.
Market report from St. Louis lists No. 2 red wheat at 1.17 to 1.80, No. 2 hard 1.68, corn No. 3 mixed 73 1 2, No. 3 white 7 1, No. 3 yellow 75 1 2 to 76, oats No. 2 white 43 1 2, No. 3 white 43. Close quotes show December wheat 1.66 8 4 bid, May 1.65 1 2, July 1.32 7 8, December corn 75 5 8 bid, May 82 5 8 bid, July 84 5 8 bid.
Elkton Virginia December 14 AP Almost half of the towns 2000 residents are jobless after a blaze destroyed the Swift Run Tannery of Continental Leather Corp The loss is about one million dollars Fire officials and company men from Philadelphia arrived to inspect ruins and decide if rebuilding or relocation is planned The frame buildings burned completely power house and a bark shed survived in this fast spreading fire suspected to start from an overheated motor.
Tuscan Arizona December 14 AP a find of Latin and Hebrew inscriptions on crosses and war implements suggests a Roman Jew reached America around 775 AD founding a short lived southwest kingdom uncovering a new land. Critics doubt the claim though Arizona and University of Arizona scholars see supporting tokens including a dynasty of kings Theodorus and seven Israels referenced on relics.
Geneva December 14 AP reports Spain has begun arbitration treaty negotiations with France England Switzerland and Portugal duplicating the Locarno agreements between France Belgium and Germany. Spain aims to extend similar treaties to other European states and possibly later to American nations.
Jaélosnvaltey Ded. 44 APY C. Siscom Slemp formerly secretary to President Coolitt suffered ptomain poisoning on a train en route to this city. He was reported much better today and confined to a hotel room.
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