Newspapers / Wilmington Morning Star (Wilmington, … / Jan. 18, 1921, edition 1 / Page 11
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if l-niii iyiujv.jn.unu- stak. ;yvil.mjun ij'i uiNf w xu jaajJAXg J ain uak 18, 1921.-. ELEyKN ,1 V Fmaiicai ; ainid Commercial News and" , Goimimeiiii II - ' . GRAIN . , I a7 , - NEW TORK, Jan. 17. Early declines were followed by sharp recoveries In he cotton market here today,. March selling UP from 1588 to "1S.48 and clos- nn- at 16-35. The general market closed very steady at . a net advance of 5 to 13 points. The market opened un changed to 7 points hisrher but- Boon turned easier as a result of disappoint . Liverpool cables, selling by houses ith Liverppol connections," and scat hed selling by .the south. There also Itemed to be sbme (Wall street pres !f,re or liquidation on Jthe decline 'hich carried the active positions about "0 to 35 points net lower late In 1? 45 and May at 15.88.' v ; . X Hep"'1" . i..ij.i,.i tonnn oh todav included nearly 18.000 hie-? of consigned cotton presumably for delivery on contracts, and that V 000 more bales were oh 'their way .pre from New Orleans; - failed -. to "f'aken the January position, how vVr and when early sellers attempted in cover they found comparatively few n tracts offering. March shorts denied uneasy owing to the continued trentrth of the -near position and spot were buyers of that delivery on hp advance which carried January up 17V or within 8 points of the re nnt high record. May tallied to 16.44. Juh active months generally showing ne advances of 21 to 27 points while tober made new high ground for ?hCet0bmovement selling ;at- 18.66, The 'w was several points off from the best under realizing. . " one of the private cables received nm Liverpool, said that spots were S and futures idle but another said ?h undertone was good although there las considerable cotton for sale at 11 Jence. Liverpool4 was a seller on the iflriv break but offerings from that source were withdrawn after the close abroad, and the a rternoon, rally here was prompted by the firmness ot for. eign excnange NEW YORK, Jan. 17 Variable train among industrials, utilities, and anect-J ues, particularly those under profes-. sionai control, and moderate reacUons in the rails, measured the extent' of toaay s very- dull and inconclusive session of ;the' Btock market. - ? ' " ' toJltact!ons wed their strength vJrn??ect!. i 8tate legislation pro- nIS?5 o? hIffher fares, and the cop.! ?rfLK?velop6d nrmness on rumors of viIeN:mej5er or consolidation rot several Of th nrnmli. J -l companies. ' e ovi;?cIal an industrial happenings r!;. ' wSend were of the same cter as those which ue?Sed-or governed market for Tthe flr8t fortnight of the nfZ yeat- Improvement.ln the federal kT u j U . onon was neuiranseu i ".e , eflcit in actual . reserves re vealed last Ra.tnr1nv. Htt- lni1 . ...akI ated banks, although this is subject to ixne roreign exchange - market ras Strong, . especiallv oonttnantn.1 fJinrh- t nu"rateJ8' French. Belgian. Italian, lJutch and Spanish remittances regis, tered material gains, as well as the erman: rate- Th advance was largely attributed to the forthcoming meet- ug oi me reparations committee. money Quotations were unaltered, 11 Futures: January March . May ... July October High. Low. Close. 17.8 17.45 17.70 16.48 15.88- 16.35 16.44 15.88vl6.84 16.57 16.02 16.46 16.66 16.15 16.52 EW ORLEANS COTTON NEW ORLEANS, Jan. 17.--Early A.'wiirr inrotton today brought de clines, much liquidation coming from the long side and some little selling for short account appearing .because -if nnor- cables. The decline continued until the middle of the. session. Dut that titer? was a complete re versal of the trend, declines were re covered and prices sent 24 to 27 points whpr than the close of last week's " n traded as low as- 15.17 - and then rose to 15.78, finally closing at 15 65 On the close me active wonuis were at net gains o il to 20 points. For a while the argument was used that all bullish features in the ' pres et situation had been discounted but whpn renorts of a somewhat better riomnnd at the interior spot - centers commenced to come in and there were further reports oi soumern mms ctartiner HT) full time, the market made Teady response. During the early part of the session the contract ring, was quiet and the market wore a pro nounced holiday look because of the 5ftth anniversary program to ioiiow he late trading:, trad ing became active, early short sellers .'nverpri and new Duytng oi -conse quence came in. The activity con tinued to the close ' Futures: January . March iay . ulv , October I High. Low. Close. 15.52 16.10 15.78 15.17 15.65 15.87 15.28 16.03 16.46 16.00 15.65 15.74 15.5 16.00 DAILY COTTON TABLE Port Movement 3- Xew Orleans Middling 15.25; re roints 4 558: sales 2.425: stock 453.692 r.aivpstnn Middline 15.25: - receipts 7.059; exports 13,007; sales2,144; stock .357,117. . Mobile Middling 14.50; receipts 304; stock 22,558. Savannah Middling 16.50; receipts 3,964; stock 160,588. - - - . Charleston Receipts 100: stock 243, 656. Wilmineton Middling 14.75; re ceipts 54; sales 1,475; stock 36.741. Teiaa Pitv S?too.k 2.088, ' . Norfolk Middling 16.25; receipts 1,277; sales 2.381; stock 72,683. Baltimore Stock 3.978. Boston Middling 17.90; receipts 109; exports 142; stock 12,300. Philadelphia Middling 18.80; stock S.Sfi2. New T6rk Middling 18.05; receipts ZOZ; stock 52,928. Alinor norts Stock 2.576. Total today Receipts 17,957; exports 13,145; stock 1,426,758. Total for week Reecipts 39,121; ex ports 35,272. - ' Total for season Receipts 3.756,926; exports -',657,783. - ' . - X Interior Movement Houston Middling 15.00; receipts 7.909; shipments 5.897; Bales 1,788; Stock 369.534. Memphis Middling 15.00; receipts 8,814; shipments 8,591; sales 2,550; stock 385.029. Augusta Middling 15.38; receipts 610; shipments 700; sales 36; stock 160 348. ;.' . St. Louia Middling 14.60; receipts 1.951; shipments 1.959; stock 20,768. - Atlanta Mlddlintr 15.25. Little Rock Middling 14.75; receipts; Jl; shipments 235: sales 219r stock 68, Dallas Middling 14.90; sales-3,017. Monte-omerv Miflrninnr 14.50. Total today Receipts 14,365;- ship ments 12,382; Stock 898,828. , . V A EW YORK COTTON (Special to Tle Star) . EW TORK. Jan. 17. Cotton Under tone good and further immediate ad yance probable. While Liverpool fu tures were lower than do today, it is noticeable that spot sales were 6,000 a.ies. week-end advices from Man vnester reported business in yarns made of American cotton at two pence me equivelent of four cents per pound advance from recent Quotations. More optimistic talk is heard about the financing of cotton shipments to Qer fiany and the gerieral atmosphere is improved, as was noted by the federal reserve ratio for last . week. V. Spot People bought heavily of March -con- -ractS todav JaniiQrv tAnflnnaa fltrnnff1 nd leads prices, notwithstanding the ""v-K. or cotton here increasing. NEW YORK LIVESTOCK .KW Jan. 17. Cattle 'steady Meers 7.50(55) m an- kii c cnsic ka tows 2.257.00; cows and heifers 7.75 u "J? , nrm'- veals -11.00 017.50 KLected. lot" 18.00; culls 8.0010.00 6.00 8 5-00-s: yearlings 4.00 ? f111 lambs weak; sheep,- ewes, " 00 5.60 : culls 2.50 0 8.00 ; lambs 8.00 & 11 50 6.00 8.00;- general .V tops Hosts staaw. lt-vi :i Jjir v uUD O. I V. - SUGAR AKD COFFEE !ne h unchanged at 7.75 -f6r Ean?1 ,coffee auiet' Rio cantos 4s, 9io, ' rsX87 CHICAOO ' Jan; ',17 Persistent 1 ex- port demand led to a material advance today in.- the valueof . wheat. Prices closed strong at. 2 to -3 net higher.. Corn gained to 1 cent and oats a shade to . cent. vIn provisions the outcome varied" from 10 cents decline Mar.... Jiay .v. Corn May.; ... July Oats May a tuiy .70 -;71 .70 .71 .119.4. .72 .712. .72?g .45 .46 .46 .46 B .45 .46 .45 .45 Pork nominal: lard 13.25: ribs 11.60 to, 12.60. i : WILMINGTOrr MARKETS I SPIRITS OB! TTTRPEMTINE Noth4ne- KOS1N Nothing, doing. TAR $3,50 and 15c. -VIRGIN 6c. YELirOW DIP 4c. HARD 3 c. . ' me aay-s can loans being made at 6 Per cent with a stiffenlner of ontnfa quotations, More funds were offsrefl iur two ana tnree months at 6 per cent and Interior ba&ng were buyers of mercantile paper. - tChe ; demand- for bonds was irregular, with consequent uncertainty of tone, especially in the foreign divisions, where French issues easea. JLdDerties were active and most ly substantially higher. Total sales, par value. Sl3.350.ooo nid TTnit. States bonds were unchanged on call. NEW YORK STOCK LIST Stock Am. Beet Sugar Am. t;an Am. Car and Fdry. .. Am. Hide and Lea. Dfd. Am. Int. Corp. i.. Am. Locomotive Am. Linseed ....... b Am. Smelt. ; and Refl. Am. Sugar ; Am. Sumatra Tobacco Am. Tel. and Tel.;.;. Am. Woolen Anaconda Copper .... Atchison ... A C I Atl., Gult and .W. I. .. Baldwin Locomotive . Baltimore arid Ohio . Beth. Steel "B" . . Canadian Pacific Central Leather Chandler Motors - Chesa. and Ohio . . . Chi., MIL and St. P.... Chi., R. "I. and Pac. . . Chino Copper .... . . . . Coca Cola Col. Fuel -and Iron., b Corn- Products Crucible Steel ...... Cuba Cane Sugar . . . Erie ............... Gen. Electric ....... General Motors Great Northern. " pfd Gulf States Steel.... b Illinois Central .....b Inspiration Copper Int, Mer. Marine. pfd. Int. Nickel .......... Int. Paper .......... Kehnecott Copper L. and I ........ .V. . Mexican Petroleum . . . Miami Copper ....... Middle States Oil . . . Midvale Steel Mo. Pacific N. Y. Central N. Y N. H. and Hart.! Norfolk and Western Northern Pacific ... . Okla. PrbdT and HefL1 Pan-Am. Petrolettm .. Pennsylvania Pitts, and W. Va. Pure Oil Ray Consol. Copper. . Tt eo. diner .............. ReDloKle Steel . -b Rep. iron ana oieei, . Roval Dutch. N. Y. ' . . St. Ix and San Fran..-. S. A. L. S. A. L.. nfdi Shell Trans, and Trad. Sin. Oil and Ren. S.-S. Steel and Iron .. Southern Pacific ..... Southern Railway . Southern Ry., pfd Standard Oil N. J. pfd HtuaeoaKer vwrp Tennessee Copper Tu Co. ... . .'. . Tfc& and Pacific ...b TODacco rruu, ...... Transcontinental OH Union Pacific . , United Fruit ........ U. 8. Food Products. U. S. Infl. Aiconoi .... U. S. Retail Stores .. U. S. Rubber U. S. -Steel . . .i U. S. Steel, pfd Utah Copper Vanadium Corp Va. Caro. Chem, .... Western; 'Union . . . . Westinghouse Elec. . . . Willys-Overland InvlnciDie JHlgh 40 27 124 45 '46 83 38 93 118 99 69 39 83 85 73 92 36 6J 117 38 69 0 29 27 158 70JK 99 23 14 125 15 77 85 56 15 59 20 102 163 18 13 32 19 78 22 102 84 3 76 41 31 35 13 87 70 68 22 6 11 44 24 52 98 23 59 108 '18 44 56 10 120 104 26 68 57 68 83 109 36 51 8 22 Low 45 27 124 44 45 83 92 117 99 67 37 82 85 71 90 35 68 116 38 68 60 28 27 21J 23 69 96 22 14 128 14 76 34 55 14 57 19 102 161 - 18 13 31 19 72 11 100 83 3 75 41 30 35 13 86 68 67 22 6 11 43 23 52 96 23 58 108 60 8 43 4. 65 119 Sale 46 27 124 44 46 83 53 38. 93 118 99 68 38 83 . 85 72 ss 58 116 38 68 60 29 27 21 24 28 69 96 22 14 124 14 76 80 89 35 56 15 58 20 102 162 18 18 1?S 73 21 100 83 7 75 31 35 18 86 34 8 67 22 6 11 43 23 52 97 23 58 108 51 -8 44 18 65 10 119 1011103 24 68 55 ,66 82 109 .54 88 36 87 44 7 22 COTTON WILMINGTON SPOT 14.75. PRODUCE MARKET CORN 81.15 to 31.50. BEEF 10c. to 16c. VEAL 16c to 16c. ' BACON t If. C.) Hams 40c: sides and -shoulders, eOcto 33c. i CAKH TALLOW 6c. EESWAC 25c. HIDES 3c " . WOOL No market. HENS 81 to 81.26. LARGE PALL CHICKS 75c to 80c. SMALL SPRING CHICKS 35c to 50c dull. ' i EGGS Steady; 50c tS 60c. , BUTTER 36c. POTATOES J4.00 bag. SWEET POTATOES (1 to $1.25. CABBAGE 82.00 to $3.00 cwt. APPLES 86.00 to 87.50 bbl. ' WILMINGTON PEAN1T MARKET (Reported t? J. S. Fun chess A Co.) White SnaniBh. farmers' stock, new crop, primes, , per bushel. 80 pounds. 81.10. , North Carolina, tarmerj" stok, new crop, primes . per bushel. 28 pounds, Virginia Runners, farmers' atock. new crop, primes, per busnei. pounds. 88c Virginia Jumbos, farmers' stock, new crop, primes, per tyusnei. pounas. it 24 68 56 67 83 109 65 38 86 87 45 f. : 8 Total sales, 646,600 NEW YORK BONDS, U. S. 2 s.1"1 coupon . . .". . . U S 4s, coupon -...... . Am. Smeltinfir and Refining 6s.. Am. Tel. and Tel. cv. 6S Atchison gen. 4s ;. Atlantic Coast Jme xi Baltimore and .Ohio cy 4 s Bethlehem Steel refuse . . r-ontral of Ga. Consolidated 5s . . Central Leather 6s . Chesapeake ana. vniu r Chi., B. and Q. joint 4s ...... ChC Mil. and St. P. cv. 4s.... nhi.-R. It and Pac R. ref. 4.. City of: Paris fs Colo, ana ouuiunu , . . . . Denver randR. G. - consol. 4s. . . . Dominion , of Canada 5s (1931) . . Erie gn 4s .'....-... Illinois Central :ref. 4s ...... Iht. Mer. Marine a v 'il ' ' Kansas City, Southern-., rSf.-5s T.iirffett and Myers 5s . . .p, Louvmend ashvilleun. 4s b MO., Kan. and, .Texas 1st 4s .... Missouri Pac. gen. 4s . . . . ...... New York Central deb. 6s ... . Norfolk and Western cv. 6s .... Northern Pacific 4s v. ' " Pennsylvania aren. 6s . - BXBKittXlMg. 6 Iouth4rn Bell TeL 5s . . ... . . . ,b Southern Pacific cv. 5s ....... . Southern RaUwy -JS Southeni .BAilway r Texas and s Paclno f 1st. p t Steel . 5s li.... VAT N ..... - .41 tf-Y.-. 1t V. ............. T Wilson, and Co. 8a f 86 tt a Virginia Caro. Chem. 8s gAVANNAJg NAVAL TOKB8 . JFla- Jan. 17Tur- es none; JACJCSONVUjLa ehiplMJ -took 25 RosW3 unehanisd:' sales' aoa:', Jf eeipts 45 shipmenis 4l0j stock, 188. 1 Quote-BV I VC VG. H, L K."M.;.H .WG, ,WW. " v to . 60 cents . advance. WheatrS-" Open. High. l.Tsi .11.76 1-65 169 Low. Close. 1.73 1.65 L76 1,69 PETERSBURG PEANUT UARKET (Reported by Rodgere, Pltsmmev and .Coatpaay, lae.) Spanish (farmers' stock), market firm. 31.00 Der bushel. Virginias (farmers' stock), marKet firmer. Fancy -Jumbo 6c to 7c per lb.; extra prime. 6c to 5c per. lb.; prime, 4o to 5c per lb.; shelling stock, 8e to 4c ,, ; Sugar Drop -Acrmla . Refined sugar at wholeaaJ sold high as 28 cents per pound last- April 15 , and closed 1920 at th 10 w price for the year of 7.90 cents,-i; hut i an nouncement of a f arthercut tot T.75 was made within the last? iew "Jttn by one large wholesaleri arid: several others" followed his lead.'' Temporary Influences 'are always at work upon the market, and often, press quota tions up or down a point or so. What ever may have prompted this new re duction, one need only take account cf the world s new crop to -understand why sugar had to-drop.? Year-end es timates placed 4hat world's 1920-1921 sugar crop at 17,086,000 Ion tons, an increase of no less than 1,775,000 tons over- last year. Before the:Anew. crop began coming, on-"- heavily,'- moreover, Americas lasie ror sugar seemed in satiable, and the extraordinarily' high prices attracted large imports. Coun tries tnat nad previously imported re fined sugar from the United State's, indeed, returned it for a handsome J-profit. Countries -which had,any avail- note sugar siariea it toward New York. New Orleans, or San Francisco. Java sugar was. diverted-from-European and eastern markets to this country. These sugar, duty paid at New; York, erot as high as 28.57 cents per pound on May iv last year, ana fell to a low for the year Of 4.63 cents by Decem ber 14. Raw sugar now brings ,5.58 cents, against its average of 4.03 cents for five years -before the war. ' ; 1 " 11 1 .... What to Do With the Surplus Retail trade during the past five years of rlstygVprices has prospered, and no particular sagacity 'whs re quired by and large to ifty aside some profits for poorer days. Difficulties in the wholesale trade have already driv en many big wholesalers to the wall, and many retailers are having to watch their, accounts olosely as retail prices fall and thejr are compelled to take heavy - losses. Dealers who did set aside a surplus during war days and since the armistice will fare much better now than those . whov have noth ing to : tide them over." ' Some stores with such' a surplus atid In' good po sition have puzzled over the most eco nomical use -to which - this - so-called business insurance" can now be In vested. They fear to buy stocks heav- ilvas Bt, and of course have no need for aditional overhead or service. A Phlladelphian advocates giving partic ular attention to additional well- planned, effective ' advertising, and to building up the selling ability of each DAILY . COTTON LETTER (Furnished by H. G. Latimer, Jr 401 Southeru Bids'.) NEW: ORLEANS, Jan. 17. Values ruled easier -this morning owing to realising at home and abroad by satis fied longs pending further develop' ments in the -immediate future.- Possible and probable developments in . the near future are such as to not only maintain confidence, out to create a more optimistic feeling, as numerous events constructive in nature, are pending" and likely to materialize dur ins tne nreaent weeK. The demand -for cotton goods in New York, where buyers from all sections of the country are gathering, has been more urgent tnan generally looKea ror, resulting in some descriptions being advanced in price, and some grades withdrawn from sale. . The period . of mill curtailment has been so long and drastic that the buy ing has' exceeded the output by mills, making is possible for the trade to ex perience a shortage in cotton goods before soring. , ' Of - late Manchester has reported more inquiry from China and Japan, and Germany is maging rapid striaes in the recovery ox, ner textile inausiry. W&shlnarton advices are that the war finance corporation is prepared to consider applications ror loans to finance exnorts in tne ' same manner that it considered advances prior to the suspension' of its activities, last May: - V ' 1 A noted economist ana nnancier oi New York , is quoted as saying that If the reparations commission recom mends . the fixing of a definite amount of reparation wltnln Germany's ca nitntt-v to nay. it will have the im mediate effect of reopening American mills and lactones ana wiping out oi unemployment in this r country, pre riinto a further rise in foreiern ex change, a corresponding increase in the rmrchaaine cower of all nations. and an instantaneous rise in . cot mrxmiee. including cotton: ' ThA allied supreme council is scheduled to meet and consider the matter in Paris on Wednesday of this vreek. M.anvliiie the senate has under con sideration the emergency tariff Maill. on which a- favorable report was made in committee.. . - -. Gradually trade ana nnanciai conai tions are improving and likely to con tlniie to arrow tretter in the future. Market closed ; steady r at 11 to 20 points advance over Saturday's close DAILY GRAIN LETTER (Furnished by H. G. Latimer, Jr., Correspondent) r?wiP. A OO. Jan. ; 17. Reports of , fur ther buying for European account made- a strong1 market, today andthe covering operations helped to a good .dvanoA in the v wheat pit. The news srenerally ; was bearish. Purchases of Argentine wheat' were" reported at 7 cents' under our wheat, with tax in cluded. En-eland was said to be buy ing Indian wheat at 10 cents under this market. The appearance of .the south ern wheat in the export figures,, will be the real bearish mnuence, ana in the mnntim n. backins; and fillina trad ing many' be expected. Would sooner sell on the advanees than bify on the declines. - -" An increase-: of a million and nuarter of corn is bearish.?the market. however seems: slow' to break away f rm-the : wffeat-jnoyement."-- - ; The Snow: animal report .confirming our report of a month aga is bearish Think the course, grains should be persistently- sold. -cv " v "cottonseed oil - . NEW YORK. Jan. 17. Cottonseed oil was quiet with prices firmer on short covering maucea dj m upiurn m iara and light offerings of crude. .., Closing bids were is aa is points, net mgner. Sales 4.300 barrels. . Prime crude 630 aales: crime summer yellow spot 8.50 8.85; Alarch, 8.92. bidu May 9.81; July 9.60 Hboth bid. -. DRY GOODS MARKET . . ,. t . I-. , , in., i - .... NEW YORK, , Jan. v 17. Lines , of printed percales- today were tempor arily withdrawfrom sale, because of the large rvolume of goods now under order up,, to- April.. 1, and advancing costs of 'eray- ciotns. cotton -1 yarns trrade' another' sliaTTr ttdrance. Knit sroods-lines were, opened on, lower1 price . - . , . . . " .VV9lfir.; tSDO maxKeui -wers q.uieu v Business Today Merchant's .Prob lems and Current Trade Conditions member loathe organisation, thus In creasing the amount of average aales.v It . is suggested that one-half of the business insurance be put aside again, that 35 percent, beput into good ad vertling, land-the -remalninjf 15 per cent.- into' developing salesmanship. New Wage1 Level fer Store Workers Repdrts- indicate ?.that there are plenty --of jappllcants f or work today w"o - offer ; their -services at new and continually lower wae levels, but the business of taking;" them on Is at a standstilL'vfetudying'- these new appli cants "and their offers, however, the employment manager of a large de partment 'store in this city has made up a table of payments which he believes can be ' adhered t6 when hir ingpicks up? again'., y The old wage scale," Iwr-says,; "crumbled with con siderable suddenness.- Until fall work ers were taken "on at the high wages which had prevailed since spring, but during October a surplus of workers appeared who were ready to start work at lower wages. Roughly, the decrease fn the wage level can' be estimated at 26 ; per : cent from the old,' though '.no hard and fast Hne can be drawn. In-, some cases where no change :;in the ""personnel of depart ments is contemplated ho reductions will he -made, and in other cases, the declines will be nearer .40 ner Cent. The reductions for salespeople are mostJ marked for those who handje apparel and clothing and their accessories, as distinguished from house furnishings, furniture, and so on. Floor men, stock clerks; messengers, porters, alteration hands, al will work" for lower wages. on tne other" hand, the ; wages of. elevator starters' and . delivery chauf feurs, positions which are relatively permanent, remain the same." SUBURBAN SCHEDULE v TTDH WATER POWER COMPANY Wiater Park. Seagate. Wrlsrhtavllje, WrlxhtsvUle Beach and luteratedtae petata . r - ggeetlve Thwuny. Oetenev T. ttSS. -' ' ' 'w, Leave ' ' Wllmlngteu Wrightsvtlle - Leave Wilmlngtoa ' - Fsr -Beach For Better Retail Credit A 1921 campaign has been' planned by the Retail Credit Men's National association, with the particular ' ob ject of instructing .and interesting merchants oi the 'smaller towns in proper methods of retail oredlt. This LMssociation, which at present has 9,000 individual members, is out to show the retailer why he 'cannot depend upon village gossip for information on the ability of people. td pay. Much of the work of the association is done in the field and in helping to build sp the local associations, TRe matter of imr proved credit is the, thing now getting special emphasis. : (Copyrighti 1921. by N. Y. Evening Post, inc.) The. Investor .x His Present Opportunities and Problems Bethlehem Steel 'Rerunding Sa Betnlehsm" Steel Company first lien. and refunding mortgage 5s, due in, 1942 are' selling around 81, giving a current return of 6.13 per cent, or a yjeld of 8.60 per cent, to maturity. Part of the bonds outstanding were issued 'in 1912 on a 5.60 vield basis and another part in 1915 On a 5.90 per cent basis. They sold as high as 89 and as low as 76 last, year, and in 1916 touched 103 H The loan is authorized to the amount of S5D.000.000, of which $12,759,500 is outstanding. Security is a direct mortgage on all the com part ys -plants and real estate (except a few parcels of reaVeBtate). subject to prior liens of $15,499,000, about half of which will be retired in 1926 bV the Issuance of refunding1 mortgage bonds. Principal and interest are guaranteed by the Bethlehem Steel Corporation, of which the Bethlehem Steel Company is the most; important unit. The corporation earned, its interest charges 2.61 times in 1919, z.ea times in .12 times in 1917. and 12.58 times m hi honm -vaar 1916. From 1910 to 1915 Interest 1 charges were earned 2.6$ to 8.53 times. It is paying; regular dlvi-. dends at the . rate -of 8. per cent on 830.000.000 of preferred stock and 7 per cent n $14,908,000 of Class A pre ferred and 5 -per cent on tne &,8oz, 000 common. stock: , . ..'':;.. ?.. -.: option of the debtor. The Investor is assured that he will have a chance to regain his money at a large pre mlum long before maturity; but "the absence, of a. maximum limitation .. on the sinking fund gives the borrower the right to call the whole issue on any annual or --Semi-annual drawing date. The call . op tionv is there, but it is disguised. . , . A , . i Where Investor Has an Even Chance The only kind of sinking fund pro vision wnicn gives tne investor an equal chance with the borrower of re vesting to aa vantage is the one which lays down a maximum as well as minimum fund, and Is unaccom panied by any Other provision permit ting arbitrary retirement of all or part or the issue. A 1 certain Investor's principal, together with a premium, is just as-likely to be returned in a period of 'high money as in a period when reinvestment opportunities are poor. Wilmington .. Masonboro . . Sonthport ' v.. . Supported by Sinking Fund . . : : These Bethlehem Steel V bonds " are subject ""to the-provisions of a " sink ing fund. ' The company is - obligated to deposit annually a sum equal to, 2 per centf the outstanding bonds to be used for the purchase of bonds in fhe open market atno . more than 105: Any unexpended balance Is to he used to redeem bonds called p lot, navment being made at 105. , Since rhlsW annual funds began to operate S 191? "ths.nd. have always bee obtairiable inhe marlfet at less than 105 A sinking-fund operating in tnis way serves only to . support .the mar ket Approximately $ 800,000 -of. the issue wUl be bought every year, and IhiS kind of support -differs from the ordinaiy buyini of interested indi viduals or groupsin-that this amount la not only withdrawn from the mar ket but alsO retired, reducing the floating supply. I The Call' Prlvtlesre and Slrlnm There are various methods by whioh a company retires all or part of a given ?ssrbtfoyre maturity. When it is prO videdahat the borrower may a.H In a roann any interest date the prospec ttvi investor should not be at a loss taindlrstand unde what condition, this option -would!)' exercised. ;8u5h a provision is most common. Jn ; loans floated when . moneys rates are high. The borrower-., virtually announces that he will retire thebondsiif it is t his interest to doo. Occasionally an issue is retlredT simply for the rea son that the borrower wants? to re lease the collateral ; tbehlnd- it. But these cases are rare.? In most cases the'vdebtor seel to ;protec himself agaiAst 1 the payment of an excessive rate Tor money when . the development nf unother business t cycle has brought a neHod -of cheap toonev'.. Iti would work out, therefore, that if' bonds are J called to save the "Dorrower hism ,inter t ohsreeB the investor will have his funds returned when 'they can be re invested only on less riavoraoie terms. How Slakina- '-PaMai Operate r The foregoing provision , f is ! not; a sinking; fund, but it 4s. laid down here because It leads up to a class of sink ing fund whlchv a : number. of : recent large "borrowers have , agreed: to es tablish. This is of a kind which,' while requiring the setting aside of; a cer tain minimum . sum lannuaily. j ,to. be used' for, drawings ; by lot.- prescribed that in sum mayj laoreasea M'' -Wiltalastoxi U. R WEATHER BTTRFAU - -. Wilmington, Jan. 13, 1921. Meteorological data for the 24 hours enaipg at p. m. yesterday. Humidity Reeerd ' Dry Wet Relative - ' bulb bulb humidity temp. temp, per cent 8:oo a. m......... 47 45, 85 12:12 p. m.. ....... 55 42 25 .8:00 p. m......... 44' 34 26 Temperature: Maximum 56; mini mum 44: mean EO. Rainfall for the day .00; since first of month to date l.oo. North Carolina: Fair Tuesday and probably Wednesday;.- rising- tempera ture Wednesday.- -. Sun rises 7:17; sun sets 5:29. '.''.' ; -' . The Tide :..''. V High water. Low water A.M. P.M A.M. PJr 4:35 4:86,12:17 12:00 .1:46 2:05 8:33 8:48 2:01 2:20 8:48 9:03 WEATHER "BUREAU REPORTS. STATIONS Temperature : M 33 a O ; . '- 4 m 42 S3' ,64 32 66 48 20J Galveston i'. . -cloudyf 8 Abilene , . . V. . olear! Ashevllle . .. cloudy Atlanta,, ...... clear Augusta . . . ; . clear Birmingham - , . . clear Boston.-. .. . . . . clear Charleston .. . v clear Charlotte r Chicago . . . . cleari Cloudy Jaoksonwille ; .clear Memphis . . . . - cloudy) Mobile .... cloudy Montgomery. dear New Orleans-pWcldy New York ..... clear Oklahoma - ' cloudy Palestine v i ;- cloudy Pittsburgh cleaiH Raleigh - ui' clear Savannah . ..pt. cldy; Shreveport . cloudy St. Louis v .' . , cloudy Washington ' clear .Mean 74 40 -,79 . 60 , 72 30 ' 86 '70 V 23 : 8f .72. A 61; 24 :, 32 61 '32. ; 86 -f 44 ,'.; -40, 50 " 42 ' 8 60?. - 60 i 32 ,52 . 48 :56 . T- 28 J8" 52 20 ,42 - 50 ' 50 i 12 .. .J 30 . 16:50 A. M. 7:20 ' A. . i 8:00. Ju.M: 8:80 A. M. t :S0 A. M. , 10:00 A. M. 11:30 A. M. 1:06 P. M. 2:00 P. M. 2:30 P.x M. 8:00 P. M. . 8:30 P. M. t i. M. 4:30 P. 'M. 8:00 P. M. . 6:80 P. M. 6:10 P. M. f J; 8:40 P. . M. . 7:15 P. M. 8:15 P. M. 9:15 P. M, - 10:15 P. M. 11:15 P. M. lElLEXCE .,6:60 r 7t20 M. M. 8:50 A. M. t 9:30 A. M. a0:08 A. -M. ii:so A. M. 1:05 P. M. 8:00 P. .M. 2:36 P. M, - 2:00 P. M. 2:30 P. M. t 4:00 P. M. 4:30 P. M. 8:00 P. M. . 8:80 P. M. 8:10 P. U. . 6:40 P. M. 7:15 P. 11. 8:15; P. U. , 9i6 P. rJfcV, U:1B P. M. ileneh) - -t - wFe ..t ",-: Wllntingten 8:00 A. 16:38 A. 7:05 . A. 7:15 A. M. M. M. 9:16 A. M. 10:15 A. , M. 10:45 A. M. 18:15' P. M. Il46 P. M. 1:45 P. M. 8:16 P. M. 8:46 P. M. 4:16 P. M. t 4:46 P. M. ;l:li P. M. ! :45 P. M. , 8:25 P. M. ,4:65 P. M.v 7:25 p. U. 7:65 , P. M. 8:10 P. U. 8:80, P. M. lve - Wright vine ; Fsr Wtlmlngfu 6:10 A. M. :50 A. M. 7:20 A. M. 7:60 A. M. 8:30 A. M. :25 A. M. 110:25 A. M. 10:68 - A. '' M. .12:26 P. . M. , 1:66 P. M. 1:66 P. M. 8:26 P. M. 8:66 P. M. 4:25 P. M. t 4:66 P. M. 6:26 P.-M. 6:56 P. M. 6:86 P. M. 7:06 P. M. ' 7:85 P. M 8:05 P. M. 8:45 P M. 8:46 P. ' M. lQr.45 P. M. 111:46 P. M. F 11JA1I7Y EXCEPT SUMIIAY. FHOM MTlllON Na. 1. This car connects at Wrightsvllls on special request to transpor tation office. Phone No., 1701. . V4 , .. . . This oar will go through to beach on special request to transports tlon office. - n . - - (Dally except Sunday. . . - i . fSaturdays and Sundays only. tSundays only. r .- Frelsht Schedule- .Pally Baeeyt Sunday.- Leave Ninth and Orange streets 3 lOO P. M. Freight 'Depot open dally except Sundays from 1:00 tp 8:00 P. M. " .; -y - - ' ' - ) STATE SECURITIES COMPANY IxSTVTStlVlEOT BANKERS STOCKS BONDS SECURITIES R. L. HENLEY, President 903 Murchison Bank Baildins-Telephone 290 STOCKS and BONDS COTTON, GRAIN AND PROVISIONS IE G. Latimer Jr. ' : I " ..If'emher JTew Orleans Cetton Exehaage Direct private wires to New Orleans New fork, Chicago - ' and all principal point... Orders solicited for future delivery in Cotton, Grain, Provisions, " Cottonseed Oil, Coffee and Sugar. - Seourlttea bought and sold for cash, or carried on conservative margin.. ' - . ' " Correspen Sent, RVr and B. Been 401 SOUTHERN BTJILDUTQ NevcOrleana, La. FHONB 8 . What Do You Think Of Thlst AN IVER-JOHNSON BICYCLE . For 1 Your Boy erGirll QUEEN CITY CYCLE CO, 209 Market Street TELEPHONE 868) NOT TOO LATE TO PLANT RYE ; WE HAVE X00 sacks Rosen Seed Rye. 20 sacks Abruzzi Seed Rye. DONT FAIL TO PLANT OATS 500. sacks Burt Seed Oats. io6 sacks Rust-proof Oats. Bg stock of all kinds of Feeds and Canned Goods Prices on basis of present costs D. L. GORE COMPANY Wilmington, N. C. '.Your Bdy Wants A CROWN MOTO-ME Gash or Weekly Payments Wiliim Co. 215 Market Street Phone 526 SHARKEY & GOLDBERG STILL LEAD THE WAY BACK TO 1914 PRICES NEW v AND FRESH ' ARRIVALS Sua:Klt Sliced and Grated Pineap ple, Asparagus Tips, - Yellow Cling Peaches, Oscar Mayer Brand Canned Meats, Carnation Milk. JtL kinds of Canned Goods. B lackeys Peas, Apples, fresh and dried. Complete line of Candies. Bear Produce and Merchan dise Company (Wholesale Only) X CSv. Nutt and Grace Streets Phenes 453 458 ' X W Have a Good Supply Of Coal : Cement ; Wood A trial order will eouvfnee youxef . Quality, fuel and service , . Phone 2321-W BECKER COAL AND BTTILDER , StPPl Y COMPANY -, Castle, Sgera u4 Surry Street. ' .Telephones '-' - CORNZR iSoa)Os t W E. & J. H. TAYLOR BIAMILY GROCERIES AND CJOTlf : . TRY PROD tJCE . ' Pruits; Candle, Cigar and Tobacco Chicken. Era. Meat, etc. , North Carolina Meats a , ... Specialty - -' J 612 Caatle St. - Phone 1S10 WILMINGTON MATTRESS AND ; UPHOLSTERING CO. FOURTH AND. WRIGHT STS. , Upholatering and Repairing- y, ; rurnlture Packed and Crated " , PHONE 1S51-L3T Pott REStODELiNG AND. GiSZf ERAL HOUSE REPAIRS SEE S. PRIDGEN -, 806 S. Seventh Street Abdominal Belts p Spedat to Order. The Rexall Store v ' CITY ELECTRIC CO: 206 .Prtneess.Bt. Phone 90S .. r i i , , . it , APPLIANCES TXAZDA LAMPS . WIRING I SUPPLIES - oo ' - - - . .00 : i " " ' .oo -.V-.' .I: rf" ' - r.00 , ,V ' 'S Jt- UNION METAL WORKS Til nnd Sheet Metal Work Radiators and Fender Repaired Het Air Furnace Installed '' Id s ImsmmI SC Teienhoaf Qttt , J - i. y'--, J -' . -r .... ' ' 8m Cnyni Fitai DIXE BREAD . They Are Valnahto ;lllantic BaWasCo .- i i I r. v. . . e. '
Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 18, 1921, edition 1
11
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