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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Dec 22, 1924
Page
3
New York reports buoyant speculative markets with cheer in industrial shares and steel output at high capacity. Wage gains and coke plant activity support prices while carload figures show ongoing movement in nonunion plants.
Freight movement for the week ended December 6 reached 968,000 car loads, higher than any prior year. Wheat rose with May futures above 1.76 dollars, signaling potential world shortages. Cotton stayed quiet as December ginnings hit 12,796,000 bales and mills in New England announced further wage cuts.
The Federation Bank of New York, a $7.6 million labor institution founded eighteen months ago, declares its first dividend. Stock is set at 8 percent annual basis, with a 2 3 percent dividend for the quarter. The board reports earnings sufficient to cover organization expenses and show 14 percent on outstanding capital after surplus restoration. Mr Brady notes 4 percent paid on savings deposits.
The Rivermont Avenue Methodist church in Lynchburg Virginia has authorized up to 80000 first mortgage bonds on its church property to raise funds for erecting an auditorium following the quarterly conference held December 21.
The Treasury reports a December bond issue exceeding 750 million dollars aimed at refunding maturing securities and raising cash beyond 220 million. Proceeds will fund operations through March with over 650 thousand dollars in interest savings.
Lynchburg Va Dec 21 dark loose leaf tobacco sales last week totaled 1 203 900 pounds raising year to date market volume to 4 610 200 pounds an increase of 408 500 pounds from the prior year. Average price on the open market was 20 60 per hundred pounds.
New York Dec 21. Heavy oversubscription of foreign loans dominated last week’s bond market. A flood of issues was absorbed quickly, drawing demand away from stocks while bonds hardly moved. Greek government bonds drew twentyfold subscriptions at 11 million dollars, with Belgian and other loans also oversubscribed. Bankers aim to push 40 million in Ande Copper Mining debentures and 10 million for Krupp notes, as Paris and Poland also seek deals amid holiday urgency.
Trading between 330 million and 40 million suggested by text shows little change in bond demand. Firmer time money rates slowed activity despite a favorable local Federal Reserve rediscount rate hold at 3 percent. January maturities run exceptionally high at 96,717 thousand dollars.
A financial note shows 150 as compared with 27 666 496 in December. Little new financing will be required for retirements as many corporations have already completed their refunding programs.
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