Newspapers / Wilmington Morning Star (Wilmington, … / Feb. 1, 1921, edition 1 / Page 9
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THE MORNING STAR, WILMINGTON, N. C, TUESDAY, FEBRUARY, 1," 1921. NINE 1 COTTON vfW YORK, Jan. 31. The cotton kft was weak and unsettled today tvi all active months selling at lower . than at any time previously T' the culmination of the recent ,li n'ni-p March deliveries broke to !?nn or" -52 noints net lower and 260 1 -Vte below the high level touched r'n'sr the middle of January. That 6 nth closed at 14.00, with the gen r,oi market closing easy at a net de w of 45 to 63 points. The market was very quiet and flue nations irregular during the earlier flinir Liverpool was better than jo and prices here opened 2 points, i r to 3" points higher, but very soon f"r to sag off under scattered south- r selling- and liquidation. There was Vvorv general or aggressive pres r during the morning, but compara fivpiv slight bulges met increased of lrin"s which seemed to be promoted lv reports of a' further decline in the Tnndon market for bar silver, irregular in 'tuntions in foreign exchange rates mi reports that spot cotton was being 'ffored freely in the southwest. Trad also appeared to be paying more o'tteution to the statistical position, Au-iTie to reports that the bureau of fl kpts had nrenared a statement "on Th ,-otton situation in which the .nvUl's consumption for this season In, estimated at only 13.457,250 bales the world's available supply at ,- cod nno. The indicated addition to the carry nver wa" considered about in line with r,.Mires published by local authorities nrin" the ntfst month or so but they were "considered responsible for some r.f the Wall street selling on tile after noon lfreak. This found the market Hith verv little support and carried t,-1v or 4S to 62 points net lower on active positions, within a point or Futures: Jiarch May July October Closing prices were two of the lowest. High. Low. Close. . 14.52 14.00 14.00 . 14.85 14.20 14.23 . 15.18 14.50 14.55 . 15.35 14.75 14.83 NEW ORLKANS COTTON NEW OltLEANS. Jan. 31. Selling prMire was felt by the cotton mar ket durin? the greater part of the ses sion todav following rumors thatV the German government would reject the reparation Proposals framed at Paris. Heaviest selling- came late in the . day on reports that the reichstag had taken in a very unfavorable manner the pro posals and there were even rumors that they had been instantly rejected. Closing: prices showed net losses on the ilav of -IS to 59 points. On the opening, there was a rise on the more active months of three to 11 points, hut when March touched 14.28 offerings increased and from then on the market got next to no support. The initial rise reflected the favorable opin ion reported in England and France of the tortus offered uermany ana wnicn paused short covering in the Liverpool market before the American markets opened. ' ' The better English prices than due holopd to give the market here a very steadv tone on the first call. Total foreign exports from all ports were heavy, 42.270 bales against 26, (i6D this day last year, but while these end of Julv clearances were larger than expected, bullish traders found themselves unable to put them to any use. Futures: High. Low. Close March 14.29 13.65 13.69 Mav 14.44 13.82 July . 14.65 14.00 October . .. . -14.8414.25 13.85 14.09, 14.26 DAILY COTTOXv TABLE Port Movement Xew Orleans- -Middling 14.00: ceipts 1.065; Ftock 436.633 exports 6,941; sales Galveston Middling 13.50; receipts 12.041: exports 26,841; sales 710; stock 332,645. Mobile Middling 13.75; " receipts 1,463; stock 23,939 Savannah Middling 15.00; receipts 1.112; exports 4.683; stock 149,566 Charleston Middling 15.00; receipts 12S; stock 245,502. Wilmington Middling 13.50;. re ceipts 149; stock 38,813. Texas City Stock 3,501. Norfolk Middling 13.75; receipts 1.119; sales 455; stock 73.784 Baltimore Receipts 1,364; stock Boston Middling 14,78; stock 16,- 400. Philadelphia Middling 14.55; stock 4,743. Xew .York Receipts 14.30; receipts i.!i4; exports 800: stock 100.728 Minor ports Receipts 11,361; exports ii.bll; stock 2.577 Total today Receipts 41,316; exports bU.fcfb: Stock 1.434.719 Total for week Receipts 64,565; ex- pons 112. 694. Total for season Receipts 4,070,967 exports 2,947,739. Interior Movement Houston Middling 13.00; receipts lo.-)10; shipments 12,504; sales 3,017; block 3(4.915. .Memphis Middling 14.50; receipts ; 31fi; shipnients 4,810; sales 600; stock Augusta Middling 13.75k receipts ?uo; shipments 700; sales 277; stock ht. Louis Middling 14.50; receipts .a;n: shipments 2,276; stock 24,064. Atlanta Mi-ddliner 13.15. - l-ittle Rock Middling 14.50; receipts shipments bz; sales 320; stock 62, 000. Dallas MidrlUriD- 1. fi5- nsl.a R 3fi1 -uumgomery Middling 13.50; sales ei. Total today Receipts 24,827; nts 20,362; stock l(007,655. SEW YORK COTTON ship (SiM-efal to The Star) -nu i ORK, Jan. 31. Uncertainty wer Germany's attitude toward the Indemnity J and PAntral TTiiirnnenTi financing, '.brought selling into - thai ' .v today. Also of great Influence 7 i , reDrt Dy the Market Reporter, R Publication by the bureau of markets dsnmgton, in its issue of January -snowing a world's carryover, at the f-nrl of this season to be 9,866,208 bales. Atter numerous calculations, iri these "-"res, the supply of Indian cotton is pnown to be 4,876,000 bales of 500 "unas, Indian bales are 300 pounds, , deduction of 20 per cent, or .000 bales should be made. These "'fnires were construed very bearishly f nd as practically one million' bales of a,re imaginary, it is an important vonsid ration in arriving at the avau - PPlies. i ( ORVIS BROS. & CO. CHICAGO LIVESTOCK .hJUCAGO- Jan. 31. Cattle Beef v " ,7 unsteady to 25 cents lower; top Jfiarlings 9.50; heavies 9.25; bulk 7.25 2't. ' she stock mostly steady, spots , 8i ouik cows and heifers 5.00 l'--: ?ulk 6.25 6.00; best bolognas - iicdyy caives about steady; veal ,Yes 25 to 50 cents lower; bulk to er3 ii-oo 11.50; stockers:and feed wogs active, lights 10 to 15 cents "-wer. ntHpro tn nnn tr tr?ns. bulk desirablo 80- to 120 f -. ua pigs 10.0010.15. r-neep; Killing classes mostly 50 '"is lower; lamb top $10: -tulk,8.B0 ;'. choice handyweight -ewes 4.75 "k 4.00 4.50; ton wethers 5.25: n i inayeight yearlings sold; feeder n, 1,?iurday s average; lights scarce; i?.1iri6;.bulk 200 pounds down 10.00 J'l.lb; bulk 9.9( nminrla n Q QZfffQ amid STOCKS NEW YORK. .Tan 51 !&nStc.OC m,arket today was again "very .Viliandi alt8rether inclusive. Inter ruption to wire service hv the. Etr contributed tn tv,aa.y it.. there was littia in r u.fi.. weeli"end to effect any change in sentiment. tiVlcfs . I?Ia Principal railway terminals indicated a. slight in in th movement of tonnage and the middle wcol reported a better demand for coupied ,with heavy sales of IOOdStUftS. the latter rsaiiHIno. In ten-slve liquidation of loans. Further CUtS werfl nnniimil In crude and reflnoii tne trend of general industrial condi tions, almost without exception, was marked bv mnv nrMittnnai auctions and similar retrTiihtTiAnt features. Declaration of th Tt o-ii lot A tri A An A on btudebaker common Infused a meas- Z s.trenEth to motors and their subsidiaries. This was accelerated by news that several of the largest motor companies in the Detroit district had resumed operations on a 50 per cent production basis. Oils, notablv finners.1 Aanhalt At. soclated, Mexican Petroleum and Hous- ivu, several oi the food - and rubber specialties and cooDerii. as ronrc. sented chiefly by American Smelting, made up the better part of the session's proressionai operations. Prices tended upward in the last hour, Smelting leading the way,' but gains were largely if not entirely for feited on the rise of call money to 8 per cent, the market closing with an easier tone. The 8 per cent demand rate naturallv strengthened suggestions of tighter local money in the coming month. Re mittances to London, Paris and Brus sels reacted nercentihlv. likewise th German quotation and Shanghai rates broke five cents on another decline of bar silver in the London market. The bond market showed several new domestic and foreign issues being over subscribed. Liberty bonds, however, were moderately lower. Sales, par value, $12,650i000. Old United States 4s registered rose one half per cent on call. NEW YORK STOCK L.IST Stock High Low Sale Am. Beet Sugar 45 45 45 32 .31 31 123 123 123 44 43 44 47 -46 48 83 83 83 62 60 60 43 39 43 93 93 93 81 80 80 99 99 99 67 67 67 40 38 39 83 82 83 84 71 68 70 90 88 84 35 34 34 58 56 57 117 117 117 41 40 41 74 72 72 59 59 59 28 28 28 27 26 26 22 22 22 23 23 23 29 72 72 72 95 93 93 23 23 23 13 13 13 128 128 128 15 14 14 78 77 - 77 29 29 29 0 90 90 35 34 35 . 54 53 54 15 15 15 62 60 61 20 19 20 101 101 101 160 157 158 19 19 19 14 13 14 31 31 31 19 18 18 72 71 71 I 21 20 20 100 100 100 87 85 85 3 8 3 ! 76 75 75 I 41 41 41 29 29 29 35 34 35 13 13 13 84 83 83 34 67 66 66 66 65 65 21 20 20 6 6 6 11 43 43 43 24 24 24 54 98 97 97 .23 22 22 68 58 58 108 108 108 '9 56 57 8 8 8 44 43 43 22 21 21 54 53 53 10 10 10 120 119 119 108 107 107 26 25 25 69 69 69 56 55 56 70 68 68 83 82 82 111 110 111 67 66 67 37 37 37 37 37 87 85 85 86 45 44 44 8 8 8 25 24 24 71 68 69 Am. Can Am. Car and Fdry. . Am. Hideand Lea. pfd. Am. Int. Com. Locomotive Am. Linseed Am. Smelt, and Ren... Am. Sugar Sumatra Tob. . . Tel. and Tel "Woolen Am. Am. Am. Anaconda Copper Atchison A. C. L. b Atl., Gulf and W. I... Baldwin Locomotive . Baltimore and Ohio . . Bethlehem Steel "B" . Canadian Pacific ..j.. Central Leather - Chandler Motors. Chesa. and Ohio Chi., Mil. and St. Paul Chi., R. I. and Pac. . . Chino Copper Coca Cola Colo., Fuel and Iron . Corn Products Crucible Steel . . . . . . . Cuba Cane Sugar .... Erie General Electric General Motors Great Northern, pfd... Gulf States Steel Illinois Central Inspiration Copper . . . Int. Mer. Marine, pfd. Int. Nickel Int. Paper Kennecott Copper . . . L. and N Mexican Petroleum . . Miami Copper Middle States Oil Midvale Steel . v Missouri Pacific N. Y. Central .... N. Y N. H. and Hart. Norfolk and Western. Northern Pacific Okla. Prod, and Refl. Pan-Am. Petroleum Pennsylvania Pitts, and W. Va. ... Pure Oil Ray Consol. Copper . . Reading Replogle Steel b Rep. Iron and Steel .. Royal Dutch,N. Y. . . St. Louis and S. Fran. S. A. Xj. S. A. L.. pfd b Shell Trans, and Trad Sinclair Oil and Refl. S.-S. Steel and Iron .b Southern Pacific . . Southern Railway Southern- Railway pfd. Stand. Oil of N. J., pfd. Studebaker Corp. . . Tenn. Copper ...... Texas Co Texas and Pacific . Tobacco Products Trans. Oil Union Pacific United Fruit U. S. Food Products U. S. Ind. Alcohol .. U. S. Retail Stores . U.-S. Rubber U. S. Steel U. S. SteeL pfd Utah Copper Vanadium Corp. . . . Va. Caro. Chem. Western Union Westingnouse juiec. Willys-Overland . . . Invincible oil General Asphalt . . Total sales, 674,300. NEW YORK BONDS 2s, registered b 2s, coupon 4a. registered b s. s. s. 99 99 U. U U. S. 4s, coupon .j. ' F - w .b 103 89 90 Panama. 3s. registered ..... Panama 3s, coupon Am. Smelting and Refining 6s 77 Am. Tel. and Tel. cv. ts Anglo-French 5s Atchison gen. 4s .............. Atlantic Coast Line 1st 4s Baltimore and Ohio cv."4s .... Bethlehem Steel ret . 5s Central of Ga. Consolidated 5s.. Central Leather 5s Chesapeake and Ohio cv. 5s .. Chi., B. and Q. joint 4s ........ Chi., Mil: and St. P. cv. 4s Chi.. R. I. and Pac. Ry. ref.4s.. 95 78 79 68 85 87 ' 92 82 '97 J 68 96 7fA 64 City of, Paris 6s ; . j ...... . ... . . 'TColo. and soutnern rei. .... I Denver and R. Gr consol. 4s ...... 87 Dominion of Canada 5s (1931). . 3 Erie gen. , s IlliflOis Central ref. 4s ,.... . Int. Mer. Marine 6s .. Liggett and Myers 6s ; .... Louisville and Nashville un. 4s Mo., Kan., and Texas 1st -4s .... Missouri Pac. gen. 4s N. Y. Central deb. 6s Norfolk and Western cy. 6 ..... Northern Pacific 4s . . . ... ......... Pennsylvania gen. 5s .......... Reading en. 4s . ... . Rep. Iron and Steel 5s (1940).. b St Louis and San Fran. adj. 6s. . Seaboard Air Line adj. 5s Southern ,Bell Tel. 5s . ... . Southern Pacific cv. os . . . , . o Southern Railway 6s ....... .b Southern Railway fen. 4s . . . , . Texas and Pacific 1st ........... Union Pacific 4s ---. . . U K. of G. B.' and-LBs-1937)y 7 81 74 83 81 69 65 80 104 77 -90 -31 '88' 65 39 ,81 '90 87 60 80 82 86 94 Virginia-Carolina Chemical 5s. b j3 Wohiish 1 St 88 7 WUson and Co, y-.-- 6 .85. Commercial News I I , - ' -,' , -, GRAIN CHICAGO, Jan. 31. Predictions that Germany would refuse the allies' terms led to a sharp setback in wheat prices today in connection with acute weak ness at Beunos Aires, The close was heavy, at .2 to 2. net. lower. Corn finished to 1 down: oats off to and Drovislons at a. declina oi o to 6U cents. Wheat Open. High. Low. Close. Mar. 1.62 1.64 1.60 1.60 1.53 1.63 1.48 1.48 May . . . Corn May . . . .65, ,67 .41 .66 .68 42 -42 .64 .66 .41 .41 .64 .66 .41 .41 11.25 July ... Oats May . . . July .42 Pork nominal! lard 12.62! riha 12.25. CHICAGO GRAIN LETTER (Ftornlahed by II. G. Latimer, Jr., Correopondenst ) CHICAGO. Jan. 31 The wheat Drices started out on a climbing movement and made a four-cent advance before it was checked by the selling. The de cline was continuous with all the gains wiped out. The visible report was bullish with a decrease of 1,660. 000 but the selling was on the small foreign demand the longer view of the market. The forced rallies will give good selling places. ine coarse grains showed heaviness and fair losses. The corn surplus is piling up in the orimary markets. The visible Increase was four and half million. The government farm animal report showed decline of over ! per cent in hogs and 11 per cent n cattle, total farm animal loss 6 per cent. The figures agree with our estimates of December and last week. With a 12 per cent gain in the corn And oats crop the loss in farm ani mals, the market will be heavy. CLEMENT - CURTIS & CO. WILMINGTON MARKETS SPIRITS OF TURPENTINE N. D. ROSIN N. D. TAR $3.50 and 15c VIRGIN $5.00. YELLOW DIP $4.00. HARD $3.00. COTTON WILMINGTON SPOT- -$13.50. PRODUCE MARKET CORN 11.15 to J1.50. BEEF 10c to 16. -VEAL 15c to 16c. BACON (H. C.) iiams 40c; sides and shoulders,. 30c to 33c. . CAKE TALLOW 5c BEESWAX 25C. HIDES 3c. " WOOL No market. HENS ?1 to $1.25. - J LARGE FALL CHICKS 75c to 80c. SMALL SPRING CHICKS 35c to 50c, dull. EGGS Steady, 50c to 6ffc. BUTTER 35c. POTATOES 4.00 bag. SWEET POTATOES 11 to $1.25. CABBAGE $2.00 to $3.00 CWt. APPLES $6.00 to $7.60 bbl. WILMINGTON PEANFT MARKET Reported by J. S. Funchess & Co.) White Spanish, farmers' stock, new ,rop, primes, per bvanel, ssu paunos, $1.10. North Carolina, larmer.r stocK, new .rop, primes, per bushel, 20 pounaa. 90c. Virginia Runners, farmers stocK, new crop, : .-.primes, per Dusnei, pounds,, 88c Virginia Jumbos, farmers' stocK, new crop, primes, per bushel, a pounus. $1.00. ' . . PETERSBURG PKANTTT -IARKET (Resorted bv Rodeera. Plunomer and Comnanv. Inc.) SDansh (farmers' stock), market steadv. $1.05 Der bushel. Virginias (tarmers stock), mancet steady, Fancy Jumbos 6c to 7c per lb. extra prime, 5c to 5c per lb.; prime, 4c to 5c per" lb.; shelling stock. 3c to 4c DAILY COTTON .LETTER (Furnished by H. G. Latimer, Jr., 401 Southern Bide.) NEW ORLEANS, Jan. 31. Tne ex acting of a heavier reparation and war indemnity by the allies of Ger many than generally expected tend ed to weaken rather than strengthen the market today owing to the dis satisfaction It created in Germany where it is claimed the terms will be impossible to meet. ' A toll of 65 billion ana a tax 01 iz per cent on uerman exports is me nenalty imposea, payame witnin hi vears. Advices from iseriin are to tne errect that the terms are to be resisted. However the allies have already agreed to make no important concessions, and if the reparation plan is violated, to enforce the dictum by military opera tions if necessary. Therefore, while Germany may kick in the traces, she will be obliged to toe the mark by making tne payments de manded, or suffer the consequences of having her territory invaded, perhaps seized. The' next meeting of the supreme council of the allies will be held in London February 28. Meanwhile an effort will be made by the allies to come to an understanding with Turkey as a means 01 estaoiisn Ine neace with that country, the solu tion of which means so much for "British trade. . Now that the reparation question 1b out of the way. that ' much has been accomplished in creating a definite status of the European situation, and if peace is arrived at in the near fu tnre with Turkey, the last of the poll tical conditions affecting unfavorably Euronean trade will be removed. In the meantime the industrial and financial situation In the United States is gradually improving", more plants, including textile mms, resuming- opera tlons. many on full time, and more ar scheduled to open in the future. assuring - increasing consumption of raw material in which cotton will hare larerelv. Tn view of the more favorable out look for a revival of trade and further improvement in the European political situation, coupled with prospects for a drastic reduction -in tne conon acre age, we are disposed to take a hope ful view of the cotton situation, as thr is every reason to anticipate revival in the spot demand and in the export" movement owing to the recent sham rise in foreign exchange and lower ocean" freight fates. . H. AND B. BEER; NEW YORK LIVESTOCK NEW YORK. Jan. 31. Cattle quiet Steer 6.009.15; bulls 4.507.00; cows 2.006.00; helfers4.006.60. Calves lower. Veals --11.0017.50 culls ' 7.fl010.00; little calves 6.00 7.00. .. Sheen and lambs irregular. Sheen, ewes, 8.50 5.25; culls 2.50 3.00 ; yearl ing 7.00(0)9.00: lambs 8.00: culls 8.00. i-Hors teadv. Light to " medium weights 11.00; pigs 11.00; heavy hogs 10.50; roughs 8.75. , . : COTTONSEED OIL NEW YORK; Jan 31. Cottonseed oil was lower with cotton; and lard for want of. consuming demand. Closing Aids showed net losses ,01 16 to 18 boints. Sales 10,600 barrels. Prime crude 6.00(5)6. 25; prime summer yellow spot 8.00; March 8.87: May 8.78; July J.0 cUJ. bid. and usiness Today Reovery Already Under Way "The packing .'tdustry waa-one of the first in the country to feel the com ing of industrial depression," said a representative of one of the big Chi cago concerns yesterday. "Unlike cer tain other businesses, the packers could not shut down their plants and wait for the storm to blow over. The stock growers keep sending the ani mals to the yards and they must be disposed of in the best way possible. If the big packing plants should close, the live stock industry would become so demoralized that it would be use less for them to attempt to open again wnen Dusiness conditions took a turn for the better. American packers lost their European market over avyear aeo and for many months they had practi cally no market for their hides, which naturally kept on accumulating re gardless of the lack of demand. This has necessitated the writing off of heavy inventory losses. We feel, how ever, that all these troubles are now behind us, and that we are ready to start the new year with a solid foun dation on which to build up the busi ness again. Just as we were among the first to feel the depression, so we believe we are among the first to sense the recovery. We do not expect, how ever, this recovery to be sudden. We rather prefer that it should be grad ual, a process of normal growth, and not the mushroom expansion of a boom period." Interpreting- the December Exports Details with regard to our Decem ber exports, which registered an in crease of $43,000,000 over the. Novem ber figure, reveal some unsuspected facts with regard to what other coun tries have recently been taking from us and show that most of the surmises as to the causes of the increase have been wrong. The value of wheat and flour exports fell off $9,000,000; that of bituminous coal $13,000,000, and cotton gained only $1,000,000. It was to these items that the increase was generally attributed. The greatest increase, how ever, was in iron and steel products, whose value was $123,000,000, the larg est on record for any single month, and $18,000,000 above the figure for Novem ber. The December increase is attrib uted to the cleaning up of old orders. Business observers see in these figures as thus analyzed, more ground for op timism than was-apparent when the sta tistlcs were first published. It is point ed out that the increase was due to the heavier movement of materials to be used for production rather than of materials for immediate consumption. If this really means that the rest of the world is beginning to buy more tools and machinery and less food from . . . m m - 1 I - J A. Z jS . m us tne nopeiui ieeimg is jueuuea. Hovr to Curb Profiteers Representative John Wesley Lang- ley, who receives his mall at Pike- ville, Ky., when congress is not in ses nvestor Real Estate Mortgage Roads The development of real estate mort gage bondsvin recent years has opened a field o"safe and profitable invest ment for- invstors in all financial cir cumstances. In this class of security the man of limited saving ability may be initiated as an Investor probably more quickly than if he waited for op portunities in the market for corpora tion bonds. The principal reason ror this is the familiarity which most per sons have with the first principles of the real estate mortgage. Another reason Is that real estate mortgage bonds are conveniently obtained in de nominations of $100, $500 and $1,000 at face value. There is no question about the proper time to buy; no incentive for waiting in expectation of a more favorable price. Having made up his mind that this is the form of security best suited to his purposes, the invests- oVimiiH hnv when his funds are available. Real essate mortgage bonds have an advantage for the very small investor in that the smallest denomi nation is obtainable at the same price as the larger amounts. "Baby bonds" of corporations, on the contrary, are bought at a comparatively higher price than the larger pieces. In the Present state of the mortgage market in this section real estate mortgage bonds are obtainable at a uniform rate of 5 per cent. I low tne Bonds Are Created ' Real estate mortgage bonds are split up into convenient denominations in somewhat the same fashion as corpo ration bonds arte brought into the public's hands. The issuing corpora tion buys up selected mortgages on income producing city real estate and deposits them with a trust company which acts as trustee The corpora tion then Issues bonds of the $100 $500 and $1,000 denominations, backed dol lar for dollar by all the mortgages . de posited with the trustee. The total value of bonds Issued cannot exceed the amount of the mortgages. The Sstee attends to that detail. Each bond has as securlty.not one of the deposited mortgages but all of them Thus the margin of safety on each bond is, equal to the combined .mar gins of safety on all the mortgages deposited, tl is important that the n vestor going in for this form e of in- T,Atiir of the guarantee as to principal . interest The best sort of guar- nr T - one given by a corporation ante is Ul ' issuing the bonds, othe than o . corporation Is But rtTllWiy and ues. An"wi - z , one "J- " ... ti .,ont financial strengwi, u is satisfactory. , CiMWlK Matketahlllty - ri estate mortgage bonds as now issued lack the marketability WJ, corporation bonds possess. But then vestor may select-an issue of any ma turity under ten or 15 years accord ing to "he period ofr which his funds arf availabiVfor investment. There ,.U no chance of pr otfit, on appreciation or principal, but In this respect it is worth nothing that the 6 per en re turn is greater than can be obtained on high- grade first mortgage railroad bonds even when appreciation of the latter' is figured in. ,The higher figure v . - (: ri.r-i liiOli . Gemmenl i 1 II fl Merchant's Prob-lems- and Current Trade Conditions sion, has a new plan for curbing the profiteers. He maintains that the con tinuation of the appropriation for the free distribution 'of seeds Is a whole some and necessary restraint upon those who would extort-swollen profits from our amateur gardeners and pro fessional agriculturists. "If we dis continue the congressional distribution of seeds," he says, "it is my opinion that the private seed dealers will im mediately advance their prices 20 to 25 per. cent, and perhaps more." The congressman, however, bas also a word of comfort for the seed dealers, who, he says, are being aided tvithout real izing it, inasmuch as the congression al distribution stimulates an Interest in gardening and thus increases the demand for seeds. This is probably true,"" the gardener or farmer wants seed that will come up. On turning from the details of this plan and discussing the general prin ciple enunciated by the Kentucky con gressman, it would seem that if free distribtulon of products is a remedy for profiteering in seeds it should be a remedy also in the case of other com modities of equal importance. Take sugar, for example. When the price soared to 25 cents a pound, why didn't the members, of consress mail out free packages of this household necessity to their sorely pressed constituents, thereby earning their eternal gratitude and throwing consternation into the camp of other malefactors of great i wealth, who might be subjected to the same treatment as the sugar people if they persisted in their nefarious prac tices? ' The Prices of Hides and of Skoes "The question is often asked," says a dealer, 'why .the decline in the price of shoes does not correspond with that in the price of leather, and why the decline in the price of leather is less than that In the price of hides. This is a natural query, and the consumer fails to be satisfied when he is told, as he often is, that he must wait for a decline in shoe prices until all the shoes made up of high priced materials have been marketed. He has heard a great deal lately about selling on the basis of replacement costs, and so that explanation will not go very far with him. Moreover, this explanation over looks a fundamental . factor. At each stage of the productive process the la bor cost becomes increasingly import ant. If liides fall below pre-war price levels, this is no reason why leather should immediately follow suit, unless wages are likewise reduced to a cor responding degree. It Is an economic axiom that wages lag behind prices, and therefore the finished product with its greater labor cost will not be so sensitive to price recessions as are the raw materials of which it is compos ed." (Copyright 1921, by New York Evening Post, Inc.) His Present Opportunities and Problems paid for railroad mortgage bonds rep resents the price paid for market ability. California Edison 6s Yield 7 Per Cent The fact that the Southern California Edison company is able to increase the dividend on its common stock at a time when so many industrial corpora tions are reducing disbursements to stockholders or have already done so calls attention to the company's bonds as investments. The general and re funding mortgage 6s, due in 1944, are selling around 88 for a current return of 6.8 per eent or a yield of 7 per cent to maturity. Security is a mortgage on all the company's property, subject to prior liens aggregating $31,551,000. An amount of the 6s equal to the total of these prion liens is reserved for their retirement. While the $20,500,000 out standing may be increased ultimately to the extenjt of $83,949,000, these ad ditional bonds cannot be issued except to pay 75 per cent of the cost of future etxensions and then only If net earn ings for the preceding 12 months have been at least 1.75 times interest charges on all bonds, including those to be issued. The company, as its name signifies, operates in the southern part of California, serving a territory of 1,250,000 population. Earnings Are Improving f The prosperous condition of the Southern California Edison company at present and throughout the war period is due mainly to the fact that its product is generated by water power. This is the factor which has permitted the company to increase Its dividend rate from 7 to. 9 per cent annually while many steam power companies were worrying about the high price of coal. During the 12 months ended August 31, 1920, earnings available for fixed charges,, including bonded debt were equal to 2.36 times those charges. In the calendar year 1919 charges were earned 1.96 times, and in the period 1910-1918 they were earned 1.83 to 3.04 times. Total funded debt, including the bond issues of subsidiary compa nies was $59,966,000. Plant and prop erty were carried at $89,346,000 a year ago. ' (Copyright 1921, by New York Evening Post, Inc.) DRY GOODS MARKET NEW YORK, Jan. 81. Widespread reductions in retail dry goods were evident today in metropolitan depart ment stores, especially on lines of stapie and semijstaple ready-to-wear. cotton goods were quiet and prices in gray goods held barely steady. Some substantial inquiries for yarns were under consideration. Dress goods were ; more active. Silks sold better at first "u LIBERTY BOND PRICES NEW YORK, Jan. 31. Closing prices of liberty bonds: "this 91.90; first 4s 87.00; second 4s 86.30; first 4 Vis 87.20; second 4s 86.36; third 44s 89.20; fourth 4 Vis 86.60; victory 4s 97.36; victory 3s 97.26. JACKSONVILLE NAVAL STORES JACKSONVILLE, Jan. 31.--Turpen-tine unchanged; sales none; receipts. 154; shipments 109; stock 26,043. Rosin unchanged; sales none; re ceipts 1,298; shipments 194; stock 173,-019.- : - Qute B, D, E, P, G, H. I, K, M, N, WQ WW. 1140. SUBURBAN TIDE WATER POWER COMPACT Wlst rasfe, Soacte WrisfctavtUa. Wrlcatavilla ,i - Intermediate Palnta - BOv Tfcnraday, Oaf bat T. lK0w - Leava Wilmington ' - - wrmr Wrtarhtavtlla Laava ' Wllmlncta Far gaaan i:60 A. K. fiZ9 A. U. 1:30 A, U. :J0 A, 24. 20:00 A. 11:30 A. M. 1:06 P. IL 1:00 P. M. 1:30 P. M. :00 P. M. :0 P. M. t 4:00 P. U. 4:30 P. iL 6:00 P. M. t:S0 P. M. 6:10 P. M." :40 P. XL 7:16 p. 24. 1:15 P. M. :l P. M. Jll:15 P. M. 6:50 A. M. . 7:10 A. M. i 8:00 A. L :I0 A. M. S:to A. M. 10. -90 A. M. 11:80 A. M. 1:0 P. M. 2:00 P. M. 2:S0 P. M. :00 P. M. S:30 P. M. t 4:00 P. M. 4:39 P. M. 1:00 P. M. 6:39 P. M. f:10 p. M. 8:40 P. M. 7:15 P. M. 1:15 P. M. 9:15 P. M. 10:15 P. M. 11:16 P. M. II DAILY EXCEPT SUNDAY. FROM This car connects at Wrlghtsvlll on apaclal request to transpor tation office. Phone No. 2701. IjThls car will so through to beach on asocial request to transporta tion office- Daily except Sunday. - - f Saturdays and Sundays only. (Sunday only. . Freight schednl- Dally Bxeevt 8 an day. Leave Ninth and Orange streets 2:00 P. 24. Freight Depot open daily except Sundays from 1:00 to 2:00 P. 24. STATE SECURITIES COMPANY INVESTMENT BANKERS STOCKS BONDS R, L. HENLEY, President 903 Murchison Bank Building Telephone 290 STOCKS and BONDS COTTON, GRAIN AND PROVISIONS H. G. Latimer, Jr. Member New Orlaaaa Cottan ISxeaaaga Direct private wires to New Orleans, New York. Chicago and all principal points. Orders solicited for future delivery in Cotton, Grain. Provisions, Cottonseed Oil, Oofltea and Sugar. Securities bought and aold tor cash, or carried on conservative margin. Correspondent, H. and B. Bear 401 SOUTHERN BUILDING .New Orleans, La. PHONE 139 NEW, AND FRESH ARRIVALS Sun-Kist Sliced and Grated Pineap ple, Asparagus Tips. Yellow Clin Peaches, Oscar Mayer Brand Canned Meats, Carnation Milk. All kinds of Canned- Goods Blackeye Peas, Apples, fresh and dried. Complete line of Candies. Bear Pnxhice and Merchan dise Company (Wholesale Only) Cor. Nntt. and. Grace Streeta Paonea 453 463 What Do Yon Think Of This? AN IYER-JOHNSON BICYCLE For Your Boy or Girl! QUEEN CITY CYCLE CO, SOB Market Street TELEPHONE 863 W. Munroe AND COMPANY FURNITURE 16 a. Front St. Tear Memeya Worth Always Del Monte Stock We have on hand for immediate . delivery: Del Monte tomatoes. Del Monte ap ricots, Del Monte tomato sauce, Pel Monte' honey," Del Monte catsup, Del Monte Maraschino cherriea, Del Monte sweet potatoes, Del ' Monte peaches, Del Monte Maine corn, Del Monte pineapple, Del Monte saver kraut, Del Monte Bartlett pears, ' At this "time the merchant wants goods that will move readily. This brand of goods is known by every one and will sell on sight. Grocers Specialty Co. 17 Market St. Phone No. 65 Telephonaa 123-139 SCHEDULE 1 Leava - Laaya Wrlgbta villa Wllialag Wltmlnytan aTIT 16:00 A. H. I:J6 A. M. 17:06 A. U. 7:35 A. 2d. ttlB A. M. 10:4 A. M. 1J:U p. M. J:4i P. M. :46 P. M. 3:18 P. 2d. S:4I P. M. 4:16 p. M. t 4:45 P. M. f:l6 p. M. :45 P. 2d. 4:35 P. M. C:55 P. M. 7:35 P. M. ' 7:65 P. 2d. t:30 P. U. t ;30 P. 24, tC:10 :0 A. M. I I i 7:10 A. IS. I A I 7:50 A. M. .1 : f f j t:z5 a. 11. 51 110:25 A, M. I V f 10:51 A.. It-' 1 .'' f fif! I: fc i-jV p; 2:55 P. 2a. . , W-'l -V' 2:25 P. 24. - Vl V - V - 2:55 P. 24. " hLW.. 45 P. 24. SI U t 4:56 P. 24. i 6:25 P. Id. . Vi -l 6:66 P. 24. liJ-X;; 1:36 P. 24. li-, , - 7:06 P. 24. -.: -. list P. M- VI ' :06 8:46 0:45 10:46 11:46 P. , al STATION im 1. P. 24. I !f aa ft !' 1 '4 & INVESTMENT SECURITIES Your Boy Wants A CROWN MOTO-BIKE Cash or Weekly Payments Vilminglon Cycle Co. 215 Market Street Phone 526 FOR IMMEDIATE SHIP MENT: Good stock Abruxzi Rye and Rosen Rye. Two cars Burt Seed Xats. ' Two cars No. 2 White Oats. One car Velvet Bean Meal. 2,000 sacks 7 per cent C. 8. MeaL 100 tons 16 per cent Acid, Twenty tons, 14 per cent Kan it. Big stock Wire and Cut-finish Nails. alls. One car ServUs Flour. D. L. GORE COMPANY Wilmington, N. C. W. E. & J. H. TAYLOR F.AHILY GROCERIES AND COUN TRY PRODUCE Frolts, Candle, Cigars and Tohaeee Chickens, Eggs, Meats, eta. North Carolina Meats a Snecialty ' 13 Castle St. - Phena 1010 Wo Have a Good Sapply Of Coal : Cement : Wood A trial order will eoavtnee yaw mt quality, fuel and service - . . Phone 2S21.W BECKER COAL AND BUILDama SFPPI Y COMPANY Castle, ttoeen and Barry fltreeta CITY ELECTRIC CO. 208 Princess St. Phone M5 APPLIANCES WIRING I MAZDA LAMPS i SUPPLIES ' STARKEY & GOLDBERG STILL LEAD THE WAY -BACK TO 1014 PRICES , -- sr. t f te 'II 1 ' f'i n .a ..-.Hf Ik - i f;fi V 1 1 mi kit i ! it ; i ! ?! ills! .It n , ft; ! ,5, Hi i-'.f i if i'.n i ' , S I .? , . i i ti n , (.'.'J ! mm mum m 1 IV hM tt i I,:- I '! Si" J,1 '4, 111, it 1 ' ; t. ( n i'. t-1 : .'V ."(, :!Jt -f ill it ' 11 t , i H m f ' 4 t ' It 'i:
Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 1, 1921, edition 1
9
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