Newspapers / Wilmington Morning Star (Wilmington, … / Feb. 3, 1921, edition 1 / Page 9
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i J THE MORNING STAR, WILMINGTON, N.Ta, THURSDAY FEBRUARY 3, 1921. . ' V ' . NINE Financial COTTON ..(W YORK, Feb. 2. The cotton arket tonay was in uiai , iuiiuwcu I" rallies. Alarch was relatively easy, inc to rumors that In addition to ws of some cotton taken up on ;eV,,,flrv contract, further supplies Janu ; i.. l.-rn.o-ht herA frnm the arviitH II ('It 1" v , a x m n oa . , nnil rlnnrt nt 13.84 nr nn a UI. i-,-pV while the eeneral mar. let closed very steady with later " ... 1 t-k 39 -nnlnts net hlcher. T 'J ru , ntitk Int.. t'io market opened at a decline of iiointM to an advance of five points nil s'on showed net losses of 9 to ?- points under liquidation, southern niV and Wall street pressure, There s also some selling of old crop ,n.,tii5 by Liverpool on the decline hit h carnea on. vo li.ou. irriueH i i . .3 X inirorini, Q n fl crhlrl 15 " nnints net higher during: the "riv afternoon in the absence of f' .v. ffrin p s which were verv lit- f!'u d,iAT,M after the first half hour. Vpports that a prominent British au thority was urging governments of l cotton producing: countries to buy f,u .surplus supplies in order to Prevent . reduction in acreage and stabilize Vh, industrv, were considered partly , rp.innsil)le for the advances which .rried March up from 13.63 to 13.98 ' ' iuly to 14.61. Local brokers at tributed the bulk of the deiftand to ),'.prins however, and the later mar vt was ouiet with last prices show rpti'nns under realizing. it was rumored during the day that about 30.000 bales of cotton were to , brought nere irom iea-as. uiver- nnol cables reported some export de mand but said some spinners were buy- orvarintrlv. Tortures- High. Low. Close. v,rrn 13.98 13.63 13.34 jlay .. July . October 14.61 14.30 14.50 14.90 14.58 14.82 NEW ORLEANS COTTON NEW ORLEANS, Feb. 2. Toward the end higher call money rates in New -.v- J"nrt the reDort that larre snot ,.prns were preparing to tender , ,ntiHo! n f R-rtnts on March con tracts 1 resulted in paring the gains , ' ,i Mia market was closed at net advances oill to 15 points, with March 8 S'he opening' decline was laid to the .,f nlosimistn that still liner - .red regarding the political situation in Euroe nut arter losses oi ii 10 x points a srood demand came from the short side and values commenced to Aloroh traded down to 18.25 and frftun that levelf gradually rose toi Market trossip had it. that several important lines of short contracts were covered during the day. For a while the market was helped, by reports of a much better spot demand, but these reports were finally offset r by claims that larger trading was, in some meas ure due to concessions on the part of sbot holders. Total sales in this iriar ket were 2,294 bales at a decline of "a points, middling .closing at 13.50.. Futures: High. Low. Close. March 13.68 13.25 13.55 Slav 13.92 13.51 13.78 Wv 13.77 14.01 14.17 October 14.36 14.11 14.29 DAILY COTTON TABLE Port Movement New Orleans Middling 13.50; re ceipts 9.163; exports 3,001; sales 2,294; stock 144.063. Galveston Middling1 13.50;" receipts 4.07; exports 13,624; sales 422; stock 337,022. Mobile Middling 13.25; receipts 77; exports 1.373; stock 22,455. Savannah Middling 14:00; receipts 1.43:i; exports 2.669; stock 141.232. Charleston Receipts 497; stock 246, 64. Wilmington Middling 13.50; stock Tpx'as City Stock 3,501. .Norfolk Middling 13.50; receipts r,;:; s;rles 34; stock 74.710. Baltimore Stock 4,621. Boston Middling 14.56; receipts 60; Ptnck lfi.400. I'hiiadelphia-7-Middling 14.40; stock 4.S03. New York Middling 14.50; receipts 160: stock 103.3H6. Minor ports Stock 2,576. Total' today Receipts 15,816; exports 20.SBS; stock 1,439.985. Total for week ReecTpts 110,335; exports 145,813. Total for season Receipts 4,116,737; exports 2,9S0,?58. Interior Movement Houston Middling 13.00; receipts 9, fl; shipments 8,099; sales 927; stock 377,324. 1. Memphis Middling -14.00; receipts; 5.237; shipments 5,461; sales 1,250; stock 383,046. Augusta Middling 13.50: receipts 263; shipments 166; sales 550; stock 161.424. St. Louis Middling 14.50 T receipts 2.74!) ; shipments 3,644; stock 24.159. Atlanta Middling 13.15. Little Rock Middling 14.00; receipts S12; shipments 442; sales 1,325; stock 62.1 20. Dal'as Middling 12.45; sales 2,334. Montgomery Middling 13.00; sales 16."" Total today Receipts 18,816; ship ii'iits 17.S11; stock 1,008,082. oitvrs cotton letter NEW YORK, Feb. 2. The cotton market was verv dull throne-hout to day's session, with fluctuations rather narrow and final prioes practically un i'hangred from last night. The follow ing dispatch was received from Wash ing-ton: "According to the American chamber ui commerce in London, Sir Charles Macara, the well-known authority on cotton industry, believes a serious sit uation will arise in th world's cotton industry, if the threatened curtailment of the American cotton area Is carried out and it can be avoided If the dif ferent governments interested will Purchase all surplus cotton and store 't until required. A leading American cotton grower is reported as saying a a0 per cent reduction has been openly advocated. The message -urged calling Werner without delay of a world cot ton conference" Tnfs should be a warning against felling cotton short althdue-h- it'seems very improbable that such a plan. may oe consummated. The market is-in a aiting attitude for fresh develop ments with the technical pqsition o"ung OK VIS BROS. AND CO. I CHICAGO LIVESTOCK CHICAGO. Feb. 2 Cn.tt.lA heef steers steady. Cows and heifers 4.606.00; anners and cutters mostly 3.00 4.25. test heavy bologna bulls 5.50: bulk 4 o.25; sales unevenly lower: bulk soou and choice vealers 10.2511.50; neavy calves largely1 6.00 8.00; tockers and interiors alow lower? Rog3: Opened steady to 10c higher, e losing weak to 10c lower than yester day s average; top 10.30, out -of line; practical top 10.20; bulk 200 paunds "'.'n. u.8510.15; bulk 220 pounds up; pisrs 15 to 25c lower; bulk desirable 90 Sheep strictly choice handy -lambs '.arce, steady all other killing classes -'C lower; feeder lambs 50c lower; Jflmb ton 10.00, bulk 9.509,75; -top rs -j.xo; no choice yearlings ..sold, '"Ik 7.00 7.60. . SUGAR A1VD ; COFFEE , YORK, Feb. 2. Raw sugar ,veak. refined lower tat 6.86 ; for.-flne granulated: Spot in moderate demand; 7s-(gi6;Santo-4s 5541014o. . CTnoiri. 1 i-. inn - ii 4 NEW YORK. Feb. 2.. Sentiment In the stock market today was unmis takably bearish, that feeling finding frequent expression in the pressure di rected against almost every Important division at the list. The money market was a powerful factor, call loans opening at 8 per cent, the highest initial rate eince the middle of last November and advanc ing to 9 per cent in the final hour. Quotations for time funds and com mercial paper were unaltered, but of ferings were in small supply. Further unsettlement In the commo dity markets, indicated by an exten sion of price reductions for crude and refined oils and the sharp .competition irmiA Ssa ,trade werevamong the cant sidelights thrown upon pre- -rlins lndustrial conditions. 5?lfse ,develPments coincided with additional announcements or wage re ductions, more retrenchment of opera 1 ?s b7 the railroads and a budget of railroad earnings which were not cal culated to stimulate a demand for transportation securities. Rails in point of fact, were the only 0, 0 iv tly . JtrnS issues especially Great Northern and Northern Pacific, those stocks rising briskly in the last nour and adding materially towr4 reducing losses elsewhere. In the foreign exchange market a radical change for the better occurred, Dased, according to reports, on short covering. . , The London ra,t& made up more than yesterday's loss and substantia;! strength was evidenced byv quotations to France, Belgium. Italy, Switzerland and Sweden, also to China. Liberty issues featured the harrow dealings in the bond market, recovering-the greater part of their recent de clines, but rails, industrials nd equip ments were disposed to ease moderate X; Tl011 sales (Par value) $13,300,000. Old u. S. government 2s rose half per cent and the 4s three-fourths per cent. IVEW YORK STOCK LIST Stock High Low Sal e 43 42 42 30 29 29 121 121 121 41 40 41 46 45 45 82 81 81 59 58 5S 41 40 41 91 89 90 79 79 79 99 99 99 66 65 65 38 38 38 82 81 81 ! ii 43 43 88 87 88 34 33 33 56 55 86 116 115 116 39 39 39 71 69 70 58 58 58 27 26 27 26 26 26 22 22 22 23 21 22 29 29 29 70 69 70 . 92 91 92 28 28 28 13 13 13 127 127 127 14 14 14 77 75 77 34 34 34 89 88 88 34 34 34 . 62 51 51 15 15 15 58 58 58 19 19 19 99 99 99 156 154 156 18 18 18 13 13 13 31 30 30 18 18 18 71 71 71 . 20 20 20 1 99 99 99 88 85 88 3 3 3 . 74 73 .74 , 40 40 40 . 29 28 28 . 34 34 34 . 13 13 13 . 83 82 83 ) ... ... 32 . 65 64 65 . 63 62 62 1 21 21 21 ) 6 ... ... ny . 41 40 40 . 23 23 23 . 51 61 51 . 96 95 96 . 22 22 22 . 58 58 58 , 108 108 108 , 57 66 56 . 8 8 8 . 43 42 43 . 21 20 21 . 53 52 53 . 1Q 9 9 . 119 118 119 . 107 106 106 . 24 23 23 . 68 67 67 . 65 63 54 . 68 67 67 . 82 81 82 . 111 111 111 . 56 55 56 . 37 36 36 . 87 36 36 . 8a 85 .85 . 45 44 45 8 8 8 . 25 24 24 . 67 64 65 Am. Beet Sugar . . Am. Can Am.ide and L., pfd. Am. interna. Corp. Am. Locomotive Am. Linseed Am. Sugar Am. TeL and Tel Am. "Woolen Anaconda Copper . . . Atchison Atl. Coast Line ....b Atl., Gulf and West I Baldwin Locomotive . B. and O Beth. Steel "B" Canadian Pacific Central Leather Chandler Motors C. and O C.. M. and St. Paul . . C, R. I. and Pac. . . . Chjno Copper Coca Cola Colo. Fuel -and Iron .. Corn Products Crucible Steel , Cuba Cane Sugar . . . Erie .... General Electric ...... General Motors G. Northern, pfd. Gulf States Steel .... Illinois Central InspirationCopper . . . Int. Mer. Marine, pfd.. International Nickel . International Paper . Kennecott Copper ... L. and N Mexican Petroleum . . Miami Copper Middle States Oil . . . Midvale Steel Missouri Pacific New York Central . . . Northern Pacific Ok la. Prod, and Ref., Pan-Am. Petroleum Pennsylvania Pitts, and W. Va. . Pure Oil Ray Con. Copper . . . Reading Replogle Steel 1 Rep. Iron and Steel . Royal Dutch, N. Y. . S. Air Line, pfd 1 Shell Trans, and Trad Southern Pacific ... Southern Railway .. S. Railway, pfd. Std. Oil ofN. J., pfd. Studebaker Corp. . . Tennessee Copper .. Texas Co . . Texas and Pacific . . Tobaeco Products . . Transcon. Oil Union Pacific United Fruit ....... U. S. Ind. Alcohol . . U. S. Retail Stores . United States Rubbei United States Steel , U. S. Steel, pfd Utah Copper ... Vanadium Corp. Virginia Caro. Chem. Western Union W'house Electric . . . Willys-Overland .. Invincible Oil Gen. Asphalt Total sales, 654,300. NEW YORK BONDS U. S. 2s. registered b U. S. 2s, coupon b U. S. 4s, registered w.b U. S. 4 s, coupon . .b Panama 3s, registered Panama 3s, coupon ......... . Am. Smeltng and Refining 6s... Am. Tel. and Tel. cv. 6s Atchison gen. 4s t.... Atl. , Coast Line 1st 4s... .. Baltimore and Ohio cv. 4s.... Bethlehem Steel ref. 6a. Central of Georgia Con. 5s..... Central Leather 5s Chesapeake and Ohio cv. 6s ... . Chicago, B. and Quincy joint 4s.. Chicago, Mil. and St. P, cv. 4s. . Chicago, R. I. and Pac Ry. ref. 4s City of Paris 6 s . ..... . . -j Colorado and Southern ref. 4s. Denver and Rio Grande con. 4s.. Dominion of Canada 5s (1931).. Erie gen. 4s Illinois Central ref. 4s Int. Mer. Marine 6s yil" Kansas City Southern ref. 5s;. Liggett and Myers ....... w... .b Louisville and Nashville un. 4s. b Missouri, Kan. and Texas 1st 4s. Missouri Pac. gen. 4s ......... New -York Central deb. 6s Norfolk and Western cv. 6s. ... Northern Pacific 4 Pennsylvania gen. 5s Reading gen. 48.-j':;vv0';.'V Republic Iron and S. 5s (1940) ..b St. Louis and San Fran. adj. 6s. Seaboard Air Line adj. 5s...... Southern Bell Tel. 5s. ;.b Southern Pacific cy. 5s. Southern Railway 5s ........... Southern Railway gen. - 4s. . . . . . Texas and Pacific 1st .D Union Pacific 4s U. K, Of G. B.,and Ir 5s (19S7) U. S. Steel 5s .... .............. Virginia Caro. Chemical 5s Wabash 1st . . . . . ....... . ....... Wilson and Co. c v. 6s. nnut 99 995 -03 103 89 90 77 95 78 77 69 8 8 91 81 97 69 68 95 73 63 86 42 76 SI 74 82 80 58 55 91 103 77 89 81 85 - 65 35 81 90 "87 59 78 82 86 94 93 89 36 CHICAGO. Feb'. 2. Belief that fnr- at leaRt the timcT .hAinv all K.grl.1, conditions had been discounted led to material upturns today in the price of Wheat. Ciosine: prices, although un steady were 1 to 3 higher; oats 7B, ana provisions luevzuc. Wheat Open Hisrh. Low. Close. 1.66 1.46 .65 .67 .41 .42 March 1.67 1.69 1.65 1.46 1.49, 1.46 .64 .66' .64 .67 .67 .66 .41 .41 .41 .41 .42 .41 May . . . Corn May .... July . . . Oat May July CHICAGO GRAIN LETTER (Fiiralked by II. G. Latimer, Jr., Correspondent) CHICAGO. Feb. 2. .The bearish tone of the wheat and other grainy under went very little change. Covering op erations were on a large scale in the Wheat market, and at on time nrnm- ised a sensational waik away, but after a four cent advance, the market drop- pea Dack 2 and the close was with an uncertain tone. It will take a lot or foreisrn buyinsr to revive the latest hull-sentiment which has not yet fully recovered from the big break. An evenly matched market for a day or two might develop good buying. The entire grain liBt looks to me like a sale on the advance. CLEMENT CURTIS AND CO. WILMINGTON MARKETS SPIRITS OF TURPENTINE N. D. ROSIN N. D. TAR J 3.2 5 and 14c. VIRGIN $5.00. YELLOW DIP $4.00. HARD $3.00. COTTON WILMINGTON SPOT $13.50. PRODUCE MARKET NCORN $1.15 to $1.50. BEEF 10c to 15. VEAL 15o to 16c. BACON (H. C.) Hams 40c: sides and shoulders, 30c to 83c CAKE TALLOW 5 c. BEESWAX 25c. HIDES -3c. WOOL No market. HENS $1 to $1.25. LARGE FALL CHICKS 75c to 80c. SMALL SPRING CHICKS 35c to 50c, dull. EGGS Steady, 50c to 60c. BUTTER 35c. POTATOES $4.00 bag. SWEET POTATOES $1 to $1.28. CABBAGE $2.00 to $3.00 cwt. APPLES $6.00 to $7.60 bbl. WILMINGTON PEANIT MARKET (Reported by J. S. Funchess & Co.) White Snaniah. - farmers' stock, new crop, primes, per bushel, 30 ppunds, $1.10. North Carolina, anner5 stock, new crop, primes, per bushel, 28 pounds, c. Vireinia Runners. farmers StOCK, new crop. primes, per busheL 22 pounds, 88c Virsrinia Jmnhoa. farmers' stock, new crop, primes, per bushel, 22 pounds. 51.00. PETERSBURG PEANUT JARKET (Reported by Rodger, Plumper and Company, Inc) Span-sh (farmers' stock), market auiet. SI. 00 Der bushel. - Virsrinias (farmers' stock), market weak, Fancy Jumbos, 5 c to 6e per lb.; extra prime, 4c to 5c per lb.; prime 3c to 4c per lb.; shelling stock, 3c to 3c per lb. - DAILY COTTON LETTER ' (Furnished by K. G. Latimer, Jr 401 Southern Bldg.) NEW ORLEANS. Feb. 2 The un dertone Of market was steadier today as result of better cables than due slightly larger sales of spots in Liv erpool, 5.000 bales aud because of more inauiry for the actuaiy locally. A rise of 1 pence in London silver probably had a favorable ettect on the English market, causing shorts to Press advices indicate that Germany will refuse to accept the reparation plan of the allies and will likely ask for further conierences. Already the allies have agreed not to make any concessions of importance, and if the terms are violated to enforce the dictum, by force of arms if nec essarv. The next political move of import ance will develop at the conference called for the near future with the view of establishing peace between the allies and Turkey, invitation to which Turkey has accepted, and 11 fa vorable results are obtained, the out look for British trade will be made brisrhter. Of late, there has been improvement in exDorts. . Compared with last sea son shipments from the United States to Europe today were 21,000 against 16,000, since Friday 146,000 against 97.000, but the total since August first . Annnnsisv 3 ; j 1 n Oil IS only Z,ao,UUW compared wim a,ai, 000. . " More interest is centered in the spot situation in the south and in JLiver pool than in any other feature, as it would onl yrequire some indication of a revival In the demand to advance nrinea. The supply in the interior is large, of this there is no question, but the value of the staple is comparatively very low, far below the present cost 01 pro duction. Therefero.e the surplus has about lost Its influence as a market factor owlne to prospects for a dramatic re duction in the acreage this year, and if realized, a small crop will be pro duced this year, especially if climatic conditions be unravoraDie or tne wee vils destructive, which, in time, would probably create a shortage of the com mtwnt.v. narticularly should there be world-wide improvement , in trade eventually. Daily the number of textile mills re tne- operations in America is in creasing and as their stocks of raw cotton are low, they must of necessity replenish their stocks in tne near iu. ture. H. AND B. BEER. . COTTONSEED OIL s wajs heavy in the face of higrher lard, AWi llnnirlatinn hv nil t si fl o 1 on era f W A WW lluiww ww - --o and hedge selling by neflners. Closing .prices were xi to aw vuiuw n t iu w 01 . Sales 17,900 barrels. Prime crude 6.00, asked; prime summer yellow spot 7.50; March 8.18; May 8.57; July 8.88; all bid. DRYGOODS MARKET NEW YORK. Feb. 2. Cotton goods markets in finished lines held steady. Some advances have been '.made on fine lines of cambrics. Gray, goods were slightly easier. Yarns were quiet. Knit goods were not being bought freely, hosiery markets being less ac tive. Worsted yarns were firmer in the finer end and knitters were buying a little. Burlaps remained quiet and un changed. NEW YORK LIVESTOCK NEW YORK. Feb. 2. Cattle: Steady. Steers 6.508.85; bulls 4.607.00; cows 2.26 6.00; heifers 4.oope.au. - Calves: Firm. Veals. 11.0017.50; culls 8.0010.00: little cajves 6.50 7.-00. Sheep and. lamos: biow. sneep, ewes, 3.005.00; culls 2.00 2.50; lambs 8.0010,00; culls 6.007.00. Hogs: Steady. Light to medium weights 11.25; pigs 11.25; heavy hogs 10.50; roujehs 8;.7&. News and Comment Today usmess Buying Little, But Buying Often ' Reports from the wholesale dry goods trade in all sections of the coun try mention the. unusual number of buyers in the market. The number is said to be greater tharf at any time last year. The increase is out of pro portion to the increase in sales, though in the latter there has been a steady gain during the past month. Marshall Field & Co. in their weekly letter at tribute the increased number of buy ers to a change in the policy of retail stores. They are now buying in smaller quantities thn has been their custom, and thev are buying more freauentlv. This firm commends this as a wise pol icy, inasmuch as it enables retailers to maintain their assortments and at the same time to avoid becoming over stocked in anv lines while the market is in a state of transition. A Puzzle In the Packers' Bill A student of the so-called Gronna bill for the regulation of the meat packing industry, which passed the senate on January 24, calls attention to a feature of this measure which seems to, Tiave escaped general obser vation. The bill defines "live stock products" as all products and by-pro ducts of the slaughtering and packing industry derived Afrom live stock. The term "packer" is also given a very broad meaning, embracing those who market "live stock products" as a sub sidiary of or adjunct to any slaughter ing and packing business. The evident purpose of the bill is to extend the jurisdiction of the federal live stock commission which It creates to aH op erations in the by-products of the pack ing industry, including, for example, the manufacture of glue, soap, and fer tiliser. The point Is raised that this measure would subject to the regula tion of the commission not only the packers but also all other manufac turers of these products, and it is maintained that the federal govern ment cannot constitutionally regulate the manufacture of soap or fertilizer by one group of producers without ex tending the same regulation to all. While this provision may be suscepti ble of other interpretations than the one here given, it appears at any rate to be ambiguous and to'open the way for much litigation in the event that the measure should become law. One suggested method of. eliminating the ambiguity is to exempt the by-product departments of the packing houses from the jurisdiction of the act. Would Burn the Liberty Bonds The suggestion of Dean Johnson of New York university that the Ameri can people make a bonfire of their Liberty bonds on a set date as "a fit ting sacrifice on the altar of economic readjustment," will not be adopted, but it will perhaps serve a useful purpose in promoting discussion of the nature of this form of wealth. If all these bonds were destroyed the nation as a whole would be neither richer nor poorer. The individual holders would of course undergo a 'heavy sacrifice, but what they loe would be exactly offset by whafr -thteyJOiita '.others would gain -fT II ksr investor Some 'More Railroad Figures A remarkable Improvement is noted in the net earnings of the first sixteen railroads to publish their December statements'. " Net revenue from opera tion, after deducting air operating ex penses, taxes (less war taxes.) and un collected revenue, amounted to $9, 993,000 for theEe roads. In the corre sponding month of 1919 the total was $2,107,000. Goine back over the first four months following Inauguration of the increased freight and passenger rates, it is found that these roads re turned net earnings of $43,795,000, compared with $26,460,000 in the cor responding period of 1919. These fig ures should be accepted as a guide to what the carriers will realize from the higher rates only after allowance is made for certain influencing factors, the more important of which are: the shrinkage of traffic, owing to trade re action; the necessity for heavy ex penditures on lonj? delayed improve ments in rolling stock and other prop erties; the increasing efficiency of rail road labor. When the railroads' earn ings have thus far fallen short of giving the 6 per cent return provided for in the transportation act. consid eration of separate systems will show that not a few are earning so well that a division of earnings with the government will be necessary if their present earning ability is not impaired in the future. Some of the Prospering Roads The statement that, for investment purposes, each railroad must be con sidered on its own merits will bear repetition. Some of the bigger sys tems which enjoy a high credit stand ing and the bonds of which are selling at comparatively high prices have yet to show ability to earn fixed charges, under the higher rates. On the other hand, the scheme of rate making is working greatly to the advantage of some of the smaller roads. Among the latter is the Colorado & Southern. On the' basis of earnings during"" the three months ended November 30 it Is fig ured that this road should return 11.50 per cent on its common stock after paying all- fixed charges. On the same basis of calculation the Kansas City Southern should earn 9 per cent, the St. Louis & Southwestern 10 per cent, and the Pere Marquette 4.35 per cent. In the same three months the Chicago, Milwaukee & St. Paul failed to earn fixed charges. The Erie, New Haven, and Southern R.ailroads were in the same position as the St. Paul. If there is no change in the ratio of earnings the Rock Island - system ; will earirnothing on its common stock' and will return only 2.4 per cent on its preferred stock, the Missouri Pacific will earn only 2.79 per cent on its pre ferred, and the Wabash only 1.22 per cent on Its preferred. Even in in dividual cases, however, special factors may vitiate these or any other esti mates. Coal roads, ror instance, may not prosper as greatly in the next few months as they did when ' the fall and early winter demand for ex port and domestic fuel was sustaining their traffic. i The Essential System High-grade bonds of the big sys- Merchant's Prob lems and Current Trade Conditions through the ..reduction in taxes now necessary to pay the interest and prin cipal. The wealth of the nations as an entity would be neither more nor less, but its method of distribution would be changed through the 'elimination of what ''Dean Johnson calls "the wear and tear from taxes." A Reward for Extravagance Two distinct classes would be ad versely affected if the proposal for the destruction of the bonds were adopted. First there are the persons of" small means and great thrift who bought the bonds during ; the war, often at a sacrifice, and . since then have held on to them from motives of both thrift and patriotism. In the second place, there is the group of well-to-do who took large quantities of these securi ties after the war when they were sell ing at a heavy discount, not only be cause they were a good investment, but also because they offered a haven of .refuge from Income taxation. Both of these groups would suffer heavily If the bonds were destroyed. On. the other hand, those who used their bonds as currency for the purchase of automo biles, jewelry, and other luxuries, and by their extravagance imposed heavy burdens "on others, would actually be rewarded by this sacrifice of the in terests of the more deserving groups. Any plan that penalizes thrift and re wards extravagance is inherently vici ous. Will the Next Generation Pay? Another proposition frequently heard in discussions of the Liberty bonds and Victory notes is that the government should refund rather than redeem them as they mature, in order that the next generation may share with us part of the burden of the war as well as the benefits that may come- from the vic tory. Refunding for fiscal reasons may be desirable, but the point is made and evidently well taken that the financial burdens ,of a war cannot be transferred from one generation to the, next. If the nex, generation inherits our -present war debt and undertakes to pay it, it must obviously pay itself out of its own pocket. The redemption of the obligations will make it neither richer nor poorer, though it will have an ap preciable effect on the distribution of wealth as between individuals. If it should so "happen that the bulk of the government securities should fall into the hands of non-producing classes and redemption of the debt should result in the transfef of funds from the pockets of efficient producers to this quasi -parasitic" class, the nation as a whole would suffer economic loss. . Such a contingency, however, i riot at all probable, as the producing classes are most likely to be the ones holding the greater part of the government ob ligations. What they receive as prin cipal and interest they will first have ! paid In as taxes. The present genera I tion has already met the cost of the I war through the destruction of a vast quantity of its liquid capital. (Copyright, 1921, by N. Y. Evening Post, Inc.) His Present , i Opportunities and Problems terns have not suffered in consequence of poor earnings statements. This may be taken' as a recognition of the plain fact that if the new scheme j of rate making does not solve the ' problemxof the big, essential systems, the scheme itself must be changed. ) Their welfare is too closely linked with ' the industrial prosperity of the coun- i try to permit of carrying experiments too far. Corn Products 5s Yield 6.1 Per" Cent Corn Products Refining company first mortgages 5s, due in 1934, give a current return of 5.5 per cent or a yield of 6.1 per cent to maturity at their most recent sale price of 90. They have a lare margin of safety and en joy a high rating among industrial mortgage bonds. The floating sup ply is small, only $2,251,000 being in the hands of the public. Security is a first mortgage on three plants in.Illi noise and one in Iowa, together with a "first lien on all the capital stock of ten companies owned and upon $1,847, 500 first mortgage bonds of a sub sidiary. The total funded debt out standing, including this issue, is $3,- 646,000. Plant and properties were carried at $78,931,000 on December 31, 1919. Bond interest has been earned many times in each year snce organ ization in 1906. After paying all charges and interest net income was equal to. 45.99 per cent on the $29,826, 000 preferred stock in 191S and j3.83 per cent in the year ended September 30, 1920. (Copyright, 1921, by N. Y. Evening Post, Inc.) LIBERTY BOND PRICES 3 Vis . .91.80 o 0 tr 1 First 4Mb ...... oo.uu Second - 4 M s 86.24 Third 4"&s 89.54 Fourth 4 Vis 86.68 Victory 4s ...97.20 ... , NAVAL STORES JACKSONVILLE, Fla.. Feb. 2. Tur pentine unchanged; sales none; re ceipts 164; shipments 10; stock 26,213. j Kosm unchanged; sales none; re ceipts 1,690; -" shipments none; stock 175,287, Quote B, D, E, F, G, H, I, K, M, N. WG. WW. 11.30. MORE COAL AT NORFOLK NORFOLK, Va., Feb. 2. Coal dump ings for January at Hampton Roads ports- total 1,425,209 tons, approxi mately 100,000 tons greater than last year. The Norfolk and -Western dump ed 654,383 tons, the Chesapeake and Ohio 440,767, and the Virginian 330,069. New series stock opens Saturday, February Bti. Subscribe now. Orton Building & Loan association. Office James & James, Inc., Southern Build ing. (Adv.) RES) FOAM SUBURBUNI SCHEDULE ' TIDE WATER POWER COMPANY Winter Park, Seagate. WrightviUe, WrightsvUIe Beack and Intermediate Polata ? . , Effective Thwraday. Oetaber 7, 13. ' Lcnvd Wilmington Wrlsbtavllle " 6:60 A. M. 7:20 A. M. I 8:00 A. Id. 8:30 A. M. t 9:30 A. M. 10:00 A. M. 11:30 A. M. 1:05 P M. 2:00 P. M. 2:30 P. M. :00 P. M. 8:30 P. U. t 4:00 P. M. 4:30 P. KL 6:00 P. M. 5:30. M. 6:10- P. M. 6:40 P. M. 7:15 P. M. '8:15 P. M. 9:18 P. H. 10:15 P. M." 11:16 P. M. Leavo , Wilmington For Beach 6:60 A. M. :20 A. M. 8:30 A. M. 9:30 A M. i0:00 A. M. 11:30 A. U. -1:05 P. M. 2:00 P. M. 2:30 P. M. 3:00 P. M. 3:30 P. M. t 4:00 P. M. 4:30 P. M. 6:00 P. M. 6:80 P. M. 6:10 P. M. 6:4U P. M, J:16 P. U. 8:15 P. M. 9:16 p. 111:15- P. M. 8 DAILY KXCKPT SUNDAY. KKOM STATin iw 1. This car connects at WrightavilU on special request to transpor tation office. Phone No. 2701. Thi car will go through to beach on special request to transporta tion office- ' ' SDaily except Sunday. f Saturdays and Sundays only. Freight Schednle Leave Nlnih and Orange streets Freight Depot open daily except STATE SECURITIES COMPANY INVESTMENT BANKERS STOCKS : BONDS : INVESTMENT SECURITIES R. L. HENLEY, President 903 JVIurchison Bank BuildingTelephone 290 STOCKS and BONDS COTTON, GRAIN AND PROVISIONS H. G. Latimer, Jr. Member New Orleans Cotton Exchange Direct private wires to New Orleans, New York, Chicago and all , principal points. Orders solicited for future delivery in Cotton, Grain, Provisions. Cottonseed Oil, Coffee and Sugar. Securities bought and sold for cash, or carried on conservative margin. Correspondent. H. and B. Beer. 401 SOUTHERN BUILDING New Orleans. La. PHONE 130 S jSEED POTATOES ONION SETS We are now booking orders for Irish Cobbler and Red Bliss Seed Po tatoes and Red, Yellow and White Onion Sets, prioea on 1 application, Just received car of extra fancy No. 1 Irish Potatoes, Onions, Cab bage and Apples; Complete, line Of Canned Goods, Candies, etc. Bear Produce and Merchan dise Company (Wholesale Only) Cor. Nntt and 'Grace Streets Phones 4-453 What Do Yon Think Of This? AN IVEll-JOHNSON BICYCLE For Your Boy or Girl! QUEEN CITY CYCLE CO. ao Market Street TELEPHONE 83 W, Munroe AND COMPANY FURN ITURE 13 S. Front St. lour Honey's Worth Always Del Monte Stock We have on hand for immediate delivery: Del Monte tomatoes, Del Monte ap ricots, Del Monte tomato sauce, Del Monte honey, Del Monte' catsup, Del Monte Maraschino cherries, Del Monte sweet potatoes,, Del Monte peaches, Del Monte Maine corn, Del Monte pineapple, Del Monte sauer H kraut, Del Monte Bartlett pears. At this time th merchant wants goods that wiU move readily. This brand of goods is known by every one and will sell on sight. Grocers Specialty Co. 17 Market t. Pfcone No. 65 fcjganssanssnasaasamnm-a- II n conmR Telephones coKbtDomSfi Leave Beach For Leave WrightavlUo For v WllaUagtoa Wllmlagtoa 6:00 AM. 16:35 'A. M. 17:06 A. M. 7:35 A. M. t:lS A. M. J10:16 A. M. 10:45 A. U. 12:16 P. M. 1:46 P. M. 2:45 P. M. 8U3 P. M. 2:41 P. M. 4:15 P. M. f 4:46 P. in. 6:15 P. M. 6:45 P. M 6:26 P. M. 6:66 P. M. 7:25 P. M. 7:65 P. M. 8:30 P. M. :30 P. M. 16:1 I 6:1 7:3 :10 A. M. :50 A. M. :20 A. 7:60 A. M. I 8:30 A. M. 9:26 A. M. 10:26 wA. -M. 10:66 A..M 12:25 P. 1:65 P. 2:55 P. 2:25 P. 2:58 P. 4:25 P. t 4:55 P. M. M. M. M. M. M, M M. M. M. M. M. M. M. M. U. M. 6:25 P. 6:56 :S5 7:06 7:35 8:05 S:45 9:45 10:46 jll:46 P. P. P. P. P. P P. P. P. (Sundays only. Datly Ex cent Sunday. 3:00 P. M. Sundays from 1:00 to 8:00 P. M, Your Boy Wants A CROWN M0T0-BIKE Cash or Weekly Payments WBmington Cycle Co. 215 Market Street Phone 526 - FOR IMMEDIATE SHIP MENT: Good stock Abfuzzi Rye and Rosen Rye. Tw6 cars Burt Seed Oats. Two cars No. 2 White Oats. One car Velvet Bean Meal. 2,000 sacks 7 per cent C. S. Meal. 100 tons, 16 per cent Acid. Twenty tons 14 per cent Kanlt. Big stock Wire and Cut-finish Nails. One car Serv-Us Flour. D. L. GORE COMPANY Wilmington, N. C. ' W; E. & J. H. TAYLOR FAMILY GROCERIES AND COUN TRY PRODUCE' t Fruits, Candles, Cigars and Tobacco Chickens, Eggs, Meats, ete. North Carolina Meats a Specialty 612 Castle St. - Phone 110 COAL THAT IS ALL COAL TRY US! ' "' Becker Coal and Builders' . Supply Company Telephone 2321-W Castle, Queen and Surry Streets CITY ELECTRIC CO. SOU Princess St. Phono 09s APPLIANCES WIRING I MAZDA LAMPS ' f SUPPLIES V STARKE Y & GOLDBERG STILL LEAD THE WAY BACK TOX914 PRICES i - 4V A .. ..i.'iT .;,. . , V X - t D ' Ik f ' 1 I
Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 3, 1921, edition 1
9
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