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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Feb 01, 1924
Page
8
Market activity intensified with wider share listings and stronger equity prices. Steel and General Motors led gains as trading hours extended, while foreign exchange rallied and corporate earnings reports supported optimism for coming months.
Washington traders weigh a possible $7.5 million International Great Northern stock deal with 4 percent bonds. rumors of consolidation hinge on Commerce Commission approval as Southern and industrial stocks rise. Remington to acquire Nelsons typewriter and form Mannton Noiseless Corp with 13,500 preferred and 116,000 common shares. details pending.
Bethlehem Steel announces a plan making its workers eligible to buy shares in a new Remington tied company. B J Winchell named president of the new entity while C W Colby will chair the board. Employees may subscribe to 7 percent cumulative preferred stock at 94 a share. The plan, revealed during a Bethlehem annual meeting, follows a financial restructuring and property extension.
New York money market reports firmer conditions with high and low ranges. Ruling rates show bids around 64 last loan five day terms and short loans secured by acceptances. Mixed collateral 60 to 90 days yields 4 percent. Prime commercial paper cited at 68 percent amid other notes and currencies. Paris markets show firm prices on the bourse with three percent rente at 54 francs and London exchange near $2 francs. Five percent loan quoted at 70 francs with futures around 8B cents and the dollar at 21 francs.
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