Newspapers / Wilmington Morning Star (Wilmington, … / Feb. 5, 1921, edition 1 / Page 13
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THE MORNING STAR, WILMINGTON, N. C.f SATURDAY, FEBRUARY 5, 1921. THIR' Inamcial ' ll III nil, '" I I COTTON .".rn- VOTtTC. Feb. 4. Tontrants March delivery sold at a new record for tlie session in the cotton market here tll4s morning-, but early declines "ere followed by rallies with March advancing from 13.10 to 13.57 and dos'ng at 13.40. The general market clof steady at a net advance of 22 to 3d points. . The parly market was unsettled by the action of Liverpool. The announce ment that the British government would discontinue the excess profits tax this year was considered respon sible for an early advance in the Eng lish market, but Liverpool reacted be fore trading here started and private cables said the advance had met Man cluster and American selling:. . The local, market opened barely teaJy at an advance of 4 to 11 points but quickly eased on the lower late f?bles with May selling off to 13.50 and July to 13.90 or two to five points rer lower. There was buying on this decline attributed to both foreign and domestic trade interests, and the mar ket rallied-during the middle of the day on covering. May sold up to 18.95 and July to 14.33, making; net advances 0f ss to 43 points and the advance was accompanied by reports of a bet ter snot demand in some of the east ern "holt . markets. The volume of Minnoss tapered off sharply at the hiplior prices, however, and the close was 10 or 15 points off from the best under realizing by early buyers. Notwithstanding the reaction in Liv erpool and unfavorable Manchester traile advices, the British tax news inde a favorable impression in s.ome quarters here, and probably promoted realizing- by recent sellers. Sales of print cloths in the Fall River, market ,im wt!.- u-irA sMms tttrl at nnli, J l I j l I I V ......... ' - " . t.V. M ifl.ooo pieces, but it was reported that inilis nau- ncii bwiu up iiieir .stocks of goods during January. Southern selling was a feature early but very little pressure was reported in timt source durins: the aftirnonn Futures: .ign. ijow. uiose .'. 13.57 13.10 13.40 13.95 13.50 1S.R0 March' . . May .. .. July . . . . October . , .. 14.33 13.90 14.20 14.62 14.20 14.52 NEW ORLEANS COTTON WW" DRT.KANS. ITph. 4 A irnnorol covering: movement among shorts put " Ul, nnttttn market hie-hr tnrtav nrinoa standing: 42 to 48 points up in tho nn tho rinse offerines were mo-r lihrl n-il rh. I'nnspnnene.ft wn thnt loo puces were at net gains of only 26 to Z: points, with March at 13.15. No great volume of fresh buying for long account' appeared at any time and the narxet rose maimy on lis xecnnicai Bettor cables than due opened the Market at nigner levels and the ad- vanre was crmtimifd on nrivata ma a. pages from England stating that the uriu.-n s.-i)v t-1 iiuifiii uaa removed ex cel' profit taxes. Reports from the eafN-rn belt that no nroerress at all had been made' toward pitching the new crop and claims or a better spot di man d from points both in the east ern and western belts increased the buying power' of the market and in ;ir v nftprnnnn hi-rhpst levato were reached following the posting of flit, uoolclv stn i istrMfn 1 atatomemt ft showed mill takings for the week of Z" ihiii oaies against 3U4.UUU tnis week iasi year anu j:s,uuu tnis wee-K-- two ynars ago, figures that were far above efneral exnectations. The local spot market was quoted steady and unchanged at 1&25 for middling. Several firms told of more 1 11 p 71 ' r T f rnni Vni-nnn anH f - hovlnw put through transactions over night by .ttillC, Futures: High. Low. Close March .. ......... 13.25 12.94 13.17 Mfy . 13.53 13.07 13.36 July .. .'. 13.80 13.36 13.61 October .. 14.10 13.65 13.91 DAILY COTTON TABLE Port Movement ew urieans Middling 13.25: re ceipts 4.45S; exports 7,675; sales 979: Ftock 427,518. Galveston Middling 13.00; receipts S.43H; exports 8.129; sales 580; stock 32S.941. Mobile Middling 13.00; receipts 212; hock .'L',b84. i Savannah Middling 14.00.; receipts 3,072; sales 33: stock 143.537. Charleston Receipts 945; stock 246, 4 1 0. Wilmington Middling 13.00; receipts ii.i: stoCK 3U.ZU4. cTe.as City Receipts 758; stock 4, -Norfolk Middling 13.00; receipts a: sales 93; stock 75,565. Baltimore Receints 937: stock 4.1 7K Boston Middling 13.60; receipts 66; "Iuck 11,14. Philadelphia Middling 14.10; re reipts 32; stock 4,835. N'ew York Exports 53,6; stock 103, vJ., Minor ports Receipts 14,060; exports 11.361; stock 2,275. -Total today Receipts 32,886; exports n.701; stock 1,412,013. Totat for week Receipts 157,382; "puns ZUU,8Q3. Total for season Receipts 4,176,299; exports 3,045,797. 1 Y1 1 rf or f nrvMM n Houston Middling 12.65; receipts , "iuijnieni.a zi.ou; sales z,ua; 'took 364,094. utmph is Middling 14.00; receipts 'SIR; shipments 4,528; sales 550; Stork 3R2.875. ..Augusta. Middllner 13.00: receipts :r'0' shipments 1,432; sales 666; stock St. Louis Middling 14.00; receipts Jfi'i; shipments 11,261; stock 25,850. Atlanta Middling 12.60. ;.:uie Rock Middling 13.75: receipts i, Sn,pnients 409; sales 804; stock PallaB M MlUino 19 5(1" oilan 9 1 Krt Montgomery Mjiddling" 12.50; ' sales Y,J').,aLtoday Receipts 25,118; shtp- ".- uy.iia; stock 993,262. EW YORK COTTON (Special to The Star) . NEW YORK 1. , ' ' WV1CJ K7 AUW. - Was a rather niiitt nffal with PriCPS recisterinc an nAvanna linger ftrP,inuUence -of short covering. The PriVi u Juiverpooi was aue to me h Pvernment discontinuing sur r pronts taxes. Some- think this van iy',da to other countries, sa lr , reDorted the best spot demam 1 Me,,5ks With ownprn nt nnttnri hold ,nS firm. ORVIS BROS. AND CO CHICAGO "LIVESTOCK , tivIHl,CG0, Feb- 4. Beef steers ac tnn liy nigner; to heavies 9.35; 7, Ii,-e flings 9.00; best beef steers ativ. ' Dutcner cows and heifers c&rin , Zi,c higher;, bulk 4,75 6.00 . "hits draggy. bulk cannera anH cut iuLi00,4-00; bulls and veal calves ii.Tl- D,8St veal calves 10.00 011.00 othi5s; Lights steady to 'lQc . loweu u '6r.s 10 to 15c lower: closed -'active inVn,Jl: hulk 200 pounds down' 9. "9 5 i''-?' fculk 220 pounds up 9.3009.60; b L 15c lower; bulk desirable f J20 pounds 9.5010.00. ....... ric u- -u JV""UB ciitBsea eirong i lo'7-llc,." r tnan yesterday's close; 50 t,. ;snw tnan yesterdays general hni..' tor i-2o; DUlKv9.00(S'9.&: t -r,L'c '0-po-und yearlings 6.75; bulk !9.75 iloi.i i . cnice wethers 5.00; two -iu-dccka feeder lambs 8.25. steady. Go STOCKS NEW YO-RTT "trv. a mi. . - thMt?". reactionary trend at revers it- rtlouay8 session,. t)ut soon covering JS?-52a of n gaw some'orwhich attaine" to material propprUojis. v fi ne day was of moreiope- Ti caracter, embracing the reassur- nf th f Pment, or governor Harding 01 tne federal reserv hnoni k commercial advices and a decision of V. appeals granting a two. rare rate tn ono v. t- iri . , ley lines. iro1" EnCOUrae-Amant Tiro a I , . i,i.. r?" "" muustriai VA the Progress reported in the proposed sale of 400.000,000 pounds of cepper to foreign Interests. TLIieiary conditions were also better fv. senso that call loans renewed into the coming. week at 8 per cent holding -at that figure throughout the day, in contrast to recent late ad vances to 9 per cent. t?I QWing , the usual course. Dils, steels, shippings and several of the better known railroads comprised the day s moderate nffcr-tn ., m t ana 1 an-American Pttrniaiim. r,. H!fwlatic-Qulf, and ReailnK -nd boathern Pacific closed at gains of i to 1 points, but Northern Pacific, recently th Wrnnp-Aot faat,,- -on.i ears Roebuck led the specialties, ad- v anting 4",. dullness ruled in the foreign ex change market. xtriinc ami mc tinental bills easing, with the' excep tion of remittances to Holland nnH Spain, The Saangjiai rate also fell Uck on bar silver's. decline in London. jjioeriy issues were Irregular, but closed mostly at gains. Total sales, par value, $10,375,000. Old U. S. twos were off per cent on call and the coupon fours per cent. NEW YORK STOCK LIST Stock High Low Sale 4l 41 42 29 28 29 120 120 120 43H 40 42ft 44 42 43i 81 81 81 57 66 57 42 40 42 92 90 92 79 76 78 99 99 99 66 64 65 38 SS 38 81 81 81 64 61 63 87 85 87 33 32 33 56 54 65 115 114 115 40 39 39 70 68 70 58 57 58 26 26 26 25 25 25 22 22 22 21 20 21 27 27 27 69 68 69 92 87 91 21 21 21 13 13 13 127 125 126 14 14 14 76 75 75 32 2 SS 34 34 34 51 50 51 15 15 15 57 55 67 19 18 19 99 99 99 155 153 155 18 18 18 13 13 13 30 30 30 18 18 18 71 70 70 19 18 19 98 98 98 85 83 83 3 3 3 73 71 73 40 39 40 28 28 28 34 34 84 13 13 13 82 80 82 32 32 32 65 63 64 61 59 60 ,20 20 20 6 6 6 41 40 41 23 22 .22 50 50 60 96 95 96 21 21 21 67 67 57 108 108 108 56 55 66 8 8 8 42 42 . 42 i 24 22 x 2 52 51 52 9 9 . 9 118 118 118 106 105 106 23 22 23 67 67 67 53 52 63 69 67 68 82 81 81 110 110 110 56 65 55 i 36 35 36 36 36 36 86 86 86 44 44 44 t 7 7 24 23 24 65 63 64 Am. Beet Sugar Am. Can . . . . ; Am. Car and Fdry., Am. Hide and L., pfd. Am. interna. Corn... Am! Locomotive . . . Am. Linseed Am. Smelt, and Ref. Am. Sugar Am. Sumatra Tobacco Am. Tel. and Tel.... Am. Woolen Anaconda Copper . . , Atchison , Atlantic Coast Une.b Atl., Gulf and West I. .Baldwin Locomotive is. and O. Bethlehem Steel "B" Canadian Pacific . . . Central Leather .... Chandler Motors . . . C. ,rd O. C, Mil. and St. Paul C, R. I. and Pac. . . . Chino 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 Inspiration : Copper . Int. Merf 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 . N. Y., N. H. and Hart. Norfolk and Western Northern Pacific . . . . Okla. Prod, and Ref,. Pan-Am. Petroleum . . Pennsylvania Pitts, and W. Va. ... Pure Oil Ray Con. Copper . . . Reading , Replogle Steel Rep. Iron, and Steel . Royal Dutch, N. Y. ,. St. L. and San Fran. . . Seaboard Air Line . . S. Air Line, pfd b Shell Trans, and Trad Sinclair Oil and Ref.. Sloss-Shef. Steel and I Southern Pacific Southern Railway .'. . Southern Railway, pfd std. Oil of n. j., pra. Studebaker Corp. ... Tennessee Copper . . Texas Co. Texas and Pacific . . . Tobacco Products . Tra.nscon. Oil Union Pacific United Fruit U. S. Food Products U. S, Ind. Alcohol .. U. S. Retail Stores . . United States .Rubber United States Steel U. S. Steel, pfd .... Utah Copper Vanadium Corp. . . . Vrrgina Caro. Chem Western Union W'house Electric . . Willys-Overland .. . Invinoible Oil 'Gen. Asphalt ...... Total sales, 570,000. NEW YORK TBONDS U. S. 2s, registered U. S. 2 s, coupon . U. S. 4s, registered b 98 b 98 b 108 U. S 4s, coupon b 103 Panama 3s, registered 89 90 Panama 3s, coupon Am. Smelt, and Ref. 5s Am. Tel. and Tel. cv. 6 a Atchison gen. 4s Atlantic Coast Line 1st 4s . Baltimore and Ohio cv. 4s.... Bethlehem Steel ref. 5s Central of Georgia con. 6s b Central Leather 6s Chesapeake and Ohio cv. 5 .... Chicago, B. and Quincy joint 4s Chicago, Mil. and St. P. cv. 4s. Chicago, R. I. and Pac. Ry. ref. 4s City of Paris 6s .' Colorado and Southern ref. 4s Denver and Rio Grande con. 4s Dominion of Canada 5s (1981).. Erie gen. 4s Illinois Central ref. 4s Int. Mer. Marine 6s Kansas City Southern ref. 5s .... Liggett and Myers 6s .... Louisville and Nashville un 4s. . Missouri, Kan. and Texas 1st 4s Missouri Pac. gen. 4s VArir central deo. 68 77 95 77 78 68 83, 86 ; 91 81; 97 69 67 96 73 64, 87 76 - 81 74- 82 81 68 55 90 Norfolk and; Western cv. 6s 103 Northern Pacific 4s Ti Pennsylvania gen. 6 s Reading gen. 4s . . . . . . - "J Rep. Iron and Steel 5s (1940).... 86- St. Louia and San Fran adj. 6s 64 Seaboard Air Line adj. 5s. 35 Southern Bell Tel. 6s b 81 Southern Pacific c v. 6s .......b 0 Soutnern Railway 6s Southern Railway gen. 4s Texas and Pacific 1st ? . . . Union : Pacific 4s . i U.K? of G. B. and I. 5s (1937) 86 U. S. Steel 5s . ... . . . . Virginia Caro. Chemical 6s ...b 9 Wabash 1st... ............. s Wilson and Co. cv. 6s , . f LIBERTY BONP PRICES NEW YORK, Feb. 4. Closing prices onV Liberty bonds: 3s .&f 48 86S0- second 4s 86.50: third 4s 89 90;' ioSi 4tti 87.00; Victory 4 mmercial News and Comment GRAIN CHICAGO. Feb. 4. Insertion,'' of 'higher wheat dutie in the emergency tariff bill together with an upturn in export bids helped bring about an ad vance in the wheat market today. The close was firm at to 1 net higher. Corn gained cent, and oats to cent. The finish in provisions was 10, to 15 cents down. Wheat Open. Hich. Low. Close. March. 1.63 1.53- 1.48 May .... 1.43 1.45 1.40 1.62 1.44 corn May .64 .65 .63 .65 .66 .67 .65 .66 July . . . Oats May .41 .41 ,40 .42 .424 .41 .41 .42 July roric, zz.it to zz.25; lard, 13.16; ribs, 11.95 to 12.05. 13.00 to WILMINGTON MARKETS SPIRITS OF TURPENTINE N. D. ROSIN N. D. TAR $3.50 and 15c. VIRGIN N. D. YELLOW DIP N. D. HARD N. D. COTTON -WILMINGTON- SPOT $13.00. PRODUCE MARKET CORN $1.15 to $1.50. BEEF 10c to 16v VEAL 15c to 16c. BACON (U. C.) Hams 40c: sides and shoulders, 30c to 33c. CAKE TALLOW 5c. BEESWAX 25c. HIDES 3c. WOOL No market. HENS $1 to $1.25. LARGE FALL CHICKS 75c to 80c; SMALL SPRING CHICKS 35c to 60c, dull. EGGS Steady, 50c to 60c BUTTER 35c. POTATOES $4.00 bag. SWEET POTATOES $1 to $1.25. CABBAGE $2.00 to $3.00 cwt APPLES $6.00 tc$7.60 bbL WILMINGTON PEA.TT MARKET (Reported by J. S. Funchess Sc Oo.) White Spanish, farmers' stock, new crop, primes, per bushel. 30 paunds. $1.10. North Carolina, larmerJ stock, new crop, primes, per bushel, 28 pounds, 90c. Virginia Runners, farmers' stock, new crop, primes, per bushel, 22 pounds, 88c Virginia Jumbos, farmers' stock, new orop. primes, per bushel, 22 . pounds. $1.00. - PT.TER S BXTR G PEANUT MARKET (Reported by Rodsers, Plnnimer mud Company, Inc.) Span-sh (farmers' stock), market quiet, $1.00 per bushel. Virginias (farmers' stock), market weak, Fancy Jumbos, 5c to 6c per lb.; extra prime. 4C to 6c per lb.; prime 3c to 4c per lb.; shelling stock, 3c to 3c per lb. DRADSTREET'S LOQAL REVIEW NEW YORK, Feb. 4. Bradatreefs tomorrow will say: "Improvement, slow and cautious, but nevertheless sustained, is still the keyword in the distributive branches of the leading apparel trades, which led in the turning of the trade corner in January and are still in the van on what progress, is visible in 'the general trade and industrial situaUpnx Less decided progress or ' actual .reces sions, however, still characterise some of the big basic lines,, as for instance, iron and steel, coal and lumber, and impart an irregular tone to the gen eral situation. Mail order trade is not equal to a year ago. Industry still suffers from the blight of unem ployment, an aftermath of last year's lessened demand, and numerous re ports of resumption or pf increases in time worked in some lines are partly balanced by reductions in employment In others, notably the railroads, due tc lessened traffic. "Weekly bank clearings $7,453,006, 000." COTTONSEED OIL NEW YORK, Feb. 4. Cottonseed oil dropped 14 to 24 pojnts early under cotton house liquidation and local sell ing, but'a good rally toiiowea tnrougn buying by the west. Closing h3da were four to six points net lower. Sales 8,900 barrels. Prime crude 5.75, sales: prime summer yeiiow spot i.au: March 7.93; May 8.45; July 8.75, all bid. NEW YORK LIVESTOCK NEW YORK, Feb. 4. Cattle, irreg ular; steers 6.50 8.75; .bulls 5.006.75; cows 2.2 5 6.00. Calves, irregular; veals 11.00 17.50; culls 8.00i0.00; little calves 6.00 7.00. Sheep and lambs, weak; sheep, ewes 3.00 5,00; culls 2.00 2. 50j yearlings 6.00(6)8.00; lambs 7.5010.00; culls 6.007.00. Hogs, steady; light to medium weights, including pigs 11.25; heavy bogs 10.50; roughs 8.75. JACKSONVILLE NAVAL STORES JACKSONVILLE, Fla., Feb. 4. Tur pentine unchanged; sales none; re ceipts 69; shipments none; stock 26, 174. Rosin, unchanged; sales none; receipts 480; shipments 2; stock 176,- 95S. Quote B, D, E, F, G, H, L K, N, WG, WW, 11.30. DRY GOODS MARKET M, NEW YORK. Feb. 4. Cotton goods were quieter with prices softer. Yarns were slightly lower. Wool goods ruled generally quiet, dress goods being in better call than men's wear.' Knit eoods were quiet. Silks are showing teady improvement kefs were steadier. Raw wool mar- S IT GAR AND COFTEE NEW YORK, Feb. 4. Raw sugar firmer; refined unchanged at 6.85 for fin granulated. spot coffee dull; Rio 7s 66; Santos 4s 910; SEA ISLAND COTTON SAVANNAH, Ga., Feb. 4. Sea Island fancy 42; extra choics 40 42; choice 40; extra fine 38; sales 60. Market auiet and steady. Receipts 20; ship ments none; stock 1.411; crop in sight 1.S61. " WOULD INTEREST BDDDLES IN DUNN HOTEL PROPERTY (Special to The Star) DUNNV Feb, 4. An effort Is being made to interest the Biddies of Phila delphia' In a hotel venture here. A member of the family, who married a daughter of W,' B. Duke, was here a few days ago in company with Dur ham ana Southern railway officials. After a to n" of the town he stated that he would not be. averse to build ing.a ,hotJ if Jh.o were convinced that the? Investment could be. made to pay a reasonable profit. The chamber of commerce has enlisted the aid of Sam Reams, general manage, of the T: and S who was here with Mr. Riddle, in its effort to convince the Philadelphia man that such a project would be profitable.' Fresh pork chops 28c lb. Friday and Saturday only. Nkirberger's Market Today usiness Persistence of "Tlht" Money Business forecasters am flnn that the easing of money rates, which-riously, and Is" urging that the buying they had predicted for this month, is j countries form a pool and lay In their very sliw in arriving, and this is ! necessary supplies now in anticipation causing them to modify Bomewhat?0 shortage and higher prices in tneir views witn regard to a ' revival of business during the spring months. They still look for a revival, but are now Inclined to believe that it will be less pronounced than they were led to expect some months aero. Six months after the country has passed the peak of the credit stringency the "se which they had already made be rate on call loans on the New York fore the holidays. This is especially stock exchange, which is regarded as : tne case with department stores and the best index of money conditions, ; tne larger dealers in dry gods and still ranges from 7 to 8 per cent, ready-to-wear. In fact, many dealers Money rates are said to have remained admit that they are now selling at higher than In any other period fol- lower prices than they could have ob lowing a financial crisis in this coun-; tained in 1920 if their reductions then, try. In spite of this, however, the i had been more substantial. The price reduction of federal reserve note clr-! recessions, which at first were most culation, of inter-bank . borrowings of pronounced in clothing and dry goods, rediscounting, and the increase in the are extending to such lines as furni ratio of the banks' reserves against ture and floor coverings. Country stores combined note and deposit liabilities ; whose reluctance to fall in line has f re point to fundamental improvement in auently been noted, are now realizing the financial situation. The persist-' the necessity of adjusting prices to the ence of dear money is attributed main-' altered purchasing power of their com ly to the record-breaking price reces- modities. One busin ess ohsfirver has at- 'sions and the consequent need of; leniency to certain classes of borrow- Uthe country merchant to meet the new ers. Moreover. the liquidation of j conditions to the influence yt traveling loans, under the reserve system doe-3 salesmen who. in order to sell goods, not necessarily make funds available have circulated stories of a coming for other purposes, but only enables , boom ln business, Such stories natur the member banks to reduce their bor- j ally led the dealer to conclude that if rowings from the regional banks. This a boom were in sight prices would soon has been done on an increasing scale! take a hiffher turn and he hesitated to since the turn of the year, and is one- make what he re&arded aa a sacrifice unmistakable sign that we are on the road, to recovery. The Move for Crop Redaction Remedies galore have been sug gested in order to save the American ; farmer from the "financial undertaker." , 11 suggested parsimonious landladies Many of these involve government aid seeking to maintain an even balance through the extension of credit, the between, grocers' bills plus overhead on lowering of 'interest charges, advances the one hand and the critical require to Europe to facilitate exports, and!ments wf an unreasonable clientele on protection from competing imports. In ' the other. That time has passed and the case of cotton it has even been! the prune, ' contrary to the postulates proposed to restrict next year's acre- of the Marxian philosophy, has risen age by law. As might be expected, , from the ranksf of the proletariat this suggestion has aroused no enthu-' among breakfast fruits and invaded siasm among tne farmers themselves. Reports from the cotton belt indicate a reaction against state assistance and a realization that the remedy lies largely in the farmers' own hands. The War Finance corporation, for which the politicians raised such a loud clamor, has proved to be a broken reed. The so-called emergency tariff bill has little chance of enactment, and even if it should pass both houses of congress and receive the President's approval, it will prove to be more in the interest of manufacturers than, farmers. It now appears to be the accepted dictum of bankers and merchants that the cotton acreage must be reduced noxt year, owing to the large .crop and the carry-over from 1919, and they hold a strategic position as creditors. They are setting before the farmers the picture of half a cotton crp next year and a smokehouse filled with hams and bacon and cribs fuil of corn. Previous attempts at acreage reduction have not met with conspicuous suc cess, but farmers are beginning to learn the value of team work. Sir Charles Macara, one of the foremost nvestor Securities ona "When Issued" Basis A bond transaction conducted on a "when issued" basis represents an agreement by the seller to deliver a bond or a temporary certificate for a bond whn these documents are actu ally issuecTby the syndicate which has floated a particular loan. The pur chaser agrees to take the bond when it is ready for delivery, no matter how much the price may have fallen or advanced since the agreement .was made. Purchases on this basis are often the only means whereby the In vestor may secure a bond near the Issue price, for it often appears evi dent from the terms of a new loan and from general Investment condi tions that t,he. bond being brought out will advance in price between the time subscription books are opened and the time the actual bonds or certificates are to be distributed among sub scribers. Again, when there is the likelihood of a loan being greatly oversubscribed, as has been the case in several recent offerings, the investor who figures ojai securing a certain amount has no waj" of knowing how greatly his subscript, tion "will be scaled down If h.e seeks to get his bonds by participating in the first offering. Subscription to the re cent Belgian loan, for instance, were scaled down to as much- as 1 per cent on amounts of $80,500 or more. Delay in the actual issuance of bonds is dtte to uncertainty as to the number of each denomination required. A market for bonds en a "when issued" basis is es--tablished on the very day the offering is being made. The period, during TTrrSih m3yio. ias- Ann on this hasis VT 1.A7. V.. U". u " . I varies with the time necessary to disii tribute the actual bonds or certificates-. In some cases it is a period of weeks. Stock Deals Sometimes Cancelled V; The full designation of securities; traded in on this basis is, "when, as, and if issued." It applies to. stock (is well as bonds. The "if pertains more particularly to stocks which are not isv sued at the time of the transaction and which may not ibe issued if cej-' tain formalities are not cameo: out according to schedule. The directors of two or more corporations may def cide to merge their properties into one; company and they announce the basts on which the old stocks will; be ex changed for stock of the proposed enlarged company. - The stockholders must approve the merger, but eveii while they are deliberating on it the. new stock is being bought and sold on a "when,, as, and if issued" basis. If the merger is approved, the "wheft issued" stock transactions are carried out. If the proposition ..is voted down,, all deals for tW' sfbek'-are . automa.tli cally cancelled. Payment is made only when and if the securities are actually issued. A Investinent; houses "do not execute- this.: kind of f order without : re quiring a cash '.deposit vas a, guarantee that the customer will' take up his stock when Issued. , ' , ; -.. 'f Central Pacific Guaranteed 4s -Central Pacific ' "Railway j; Through .Shore Line 4s, due in 1054, axe guar Merchant's Prob lems and Current Trade Conditions cotton manufacturers of Great Britain, ! bas taken the half-cran Retailers Taking: Their Losses Retailers, all the way from Boston to Seattle are reported to be maklnsr neavy cuts in prices, in addition to trfbiiteri tho mmnaratim eic.mr.ogc f of his stock. Propaganda for Prunes Time was when a reference to prunes always provoked smiles, inasmuch as the realm of the battening bourgeoisie. It must be confessed, however, that it had outside assistance, and this may be offered as a rejoinder by those who find its sudden rise to fame and prosperity running counter to their social and po litical philosophy. The California Prune and Apricot Growers, Inc., did the work. By a system of nation-wide advertising or call it propaganda, if you prefer it has at last secured a full measure of justice for this deserving but much maligned fruit and has ele vated it vastly in the estimation of the great American public. (Moral: It pays to advertise a good thing.)" And now1 the California association plans an even more intensive adver tising campaign, aimed directly at the local consumer, wliich is to begin sim ultaneously In 13 cities on February 8. In each city a prize will be awarded for the best window display Cf prunes, and following this an inter-city con test will be conducted between the lo cal winners, the judges making their awards on the basis of photographs submitted by the contestants. (Copyright 1921, 'by New York Evening Post, Inc.) His Present Opportunities and Problems anteed as to principal and interest by the Southern Pacific company, which owns the entire capital stock of the Central and operates its properties un der, a lease expiring in 1984. The Through Short Line 4s, selling around 72, give a current return of 6.5 per cent or a yield of 5.9 per cent to maturity. They sold at 8J.50 in 1917 91.50 in 1918 and 94 in 1910. The smallest denomi nation obtainable is 11,000. The bonds are callable ait 107.50 on any interest date upon 60 days notice, but this clause has little significance in view'of the low coupon rate. The .39, 640,000 outstanding are a first mort gage on 103 miles of road. The guar antor company, the Southern Pacific, earned, its bond-interest charges in the calendar; year 1919, and in the period 19llJ918 earned them 1.68 to 3.09 times. Earnings under the first three months ofiincreased rates did not show any big increase when compared with the corresponding-period of 1919, 'but It should be e remembered ' that the Southern Pa cific;"ls one of the systems which made a good showing in 1919. (Copyright 1921, by New York Evening Post, Inc.) SINN FEINER CLAIMS SUB : SUNK BY IRISH SEA CRAFT NEW YORK, Feb. 4. The Sinn Feiner, . a local publication, prints a dispatch purporting to have been ca bled from Dublin, that the British sub marine K-5 which sank in the English channel off Land's End two weeks ago, was destroyed by "Irish sea craft." The destruction of the underseas craft, it said, was brought about, by an electrically-controlled projectile, recently Invented by; an Irish : engineer. Th6 dispatch read: "DUBLIN Ireland has struck her first blow, against the British . navy. On January 20 Irish seacraft operat ing1 near the. spofS-where Archbishop Mannix was, seized V jftst : year, sighted the enemyeubmarinjs X-5, and de stroyed lt.W. ThV submarine, 'one of the largest and; most' powerful in the Brit ish, Ceet was bHwn to pieces. How this victor-was acoomplishe"d it .was not permissible -te " tell at this time, other than,- te say th$.t , a 'new weapon somewhat m tne nature pi an eiec- trically-controlled projectile, recently! invented .by an -Irish -engineer, made' it possible : s"-' ; "The sinking .ofu the K-5 was its first practical test,;. The British army of occupation here continues Its cam paign of frightfulriees. Nevertheless, talk ;o.f,peacff continues but the pros pect .--of i an , early cessation .. of police appears very remote.' ( . ' --. K- "y . DfJNN NEEDS MORE- POWER fSpeCJai ttt The SWar) . - DDNN;Feb.;-4.'r-.Faclng'-the necessity of spepding at least 10D,004)..?or recon struoen lf :lt .is to- eontfnue' serving the;. Ipomes; stores and industries pf Dunn-;. with eletric power and ' lights, Dunn. Is making one final effort to turn Hs plant over to the Carolina Power - company under -an agreement that would be satisfactory to the community SUBURBAN SCHEDULE . TTDEJ WATER POWER COMPANY" Wtter Park. Seagate. Wrtgntaville, WrlgktsvUle Beaea and Intermediate Petnta Effective Tfcwttoj, Ocf xr T. l3Qw Leave Leave Wilmington Per Beach Wilmington WrigktsvHle f6:50 A. M. 7:20 A- M. i 8:00 A. M. , 8:80 A. M. 9:30 A. M. 10:00 A. M. 11:30 A. M. 1:05 P. M. 2:00 P. M. 2:80 p. M. 1:00 P. M. 3:0 P. M, f 4:00 P. M. 4:30 P. M. 6:00 P. M. 6:30 P. M. 6:10 P. M. 6:40 P. M. 7:15 P. M. 3:16 P. . M. 8:1 P. M. 10 :15 P. M. 11:15 P. M. 6:50 :20 8:30 X 9:30 M. M. M. A. A. A. M. A. M. A. M. P. M. P. M. iv:vw 11:30 1:06 2:00 2:30 3:00 3:30 4:00 4:30 6:00 6:30 6:10 P. M. P. P. P. P. P. M. M. M. M. M. P. M. P. M. 6:4u. P. M. M. M. M. 7:16 P. 8:15 P. 9:15 P. fll:15 P. M. J DAILY KICEPT SliAfDAY. FROM STATION No. 1. Tkla car connects at Wrightsvillc on special request to transpor tation office. Phone No. 2701. This car will go through to beach on special -request to transport tion office ( Daily except -Sunday. f Saturdays and Sundays only. (Sundays only. Freight Schedule Dally Rxeept Sunday. Leave Ninth and Orange streets 3:00 P. M. freight Depot open dally except Sundays from l;00 to 2:00 P. M. STATE SECURITIES COMPANY INVESTMENT BANKERS STOCKS BONDS H. L. HENLEY, President 903 Murchison Bank STOCKS and BONDS COTTON, GRAIN AND PROVISIONS H. 6. Latimer, Jr. Member New . Orlenna Cetten Exchange EHrect 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 tor cash, or carried on conservative margin. Correspondent, H. and B. Beer. 401 SOUTHERN BUILDING New Orlenna. La. PHONE t39 SEED POTATOES-U)NION SETS We are now booking orders for Irish Cobbler and Red Bliss Seed Po tatoes and Red, Yellow and White Onion Sets, prices on application. Just received car of extra fancy No. l' Jri6h Potatoes, Onions, Cab bage and Apples. Complete line of Canned Good 3, Candies, etc. Bear Produce and Merchan dise Company t . (Wholesale Only) Cor. Nntt and Grace Streets Pbones 453 .. 453 What Do Yon Tbinfc Of Tnis? AN IVBR-JOHNSON BICYCLE For Your Bory o Girl! QUEEN CITY CYCLE CO. 308 Market Street TELEPHONE 883 W. Munroe AND COMPANY FURNITURE IS S. Front St. Year Money Worth Alwaya Del Monte Stock v. . WC have on hand for Immediate .-' ? . delivery: Del Monte tomatoes,. Del Monte ap ricots, Del ' Monte tomato sauce, Del Monte honey, Del Monte -catsup, Del Monta Maraschino cherries, Del Monte sweet potatoes, Del Monte peaches, Del Monte Maine corn. Del Mon pineapple,;' Del Monte sauer kraut bel 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 CORHLR - Telepkoaes Leave Beach Fa Leave WrlghtsvUle Fo -Wilmington) . Wilmington "6:00 A M. 16:36 A. M. 7:05 A. M. J7:85 A. M. 9:16 A. M. J10:15 A. M. 10:45 A. M. 12:15 P. M. 1:46 P. M. 2-46 P. M. 8:15 P. M. 1:46 p. M. 4:16 P. M. t 4:45 P. M. 6:16 P. M. 6:45 P. M 6:25 P. M. 6:65 P. M. ' 7:36 P. M. 7:65 P.-M. 8:30 P. U. 3:30 P. M. J6:10 A. M. :60 A.; M.;V I 7:20 A. M. 7:60 A. M. 8:30 A. U. 9:25 A. M. 10:26 A. M. . 10:66 A. M . 12:25 P. M. 1:65 P. M. 2:66 P. M. 3:26 P. M. 3:66 P. M. 4:25 P. M. t 4:55 P. M- 6:36 P. to. . 6:65 P. M. 6:86 P. M. '" 7:06 P. M. 7:35 P. M. 8:05 P. M. S:45 P M. 9:46 P. M. 10:45 P. M. , 11'.46 P. M. INVESTBIENT SECURITIES Building Telephone 290 Your Boy Wants A CROWN MOTO-BIKE Cash or Weekly Payments S Wilmington Cycle Co. 215 Market Street Phone 526 FOR IMMEDIATE SHIP MENT: Good , stock Abruni Rye uA Rosen Rye. Two 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 Fruit, Candies, Cigars and Tenaeee Cniefeena, Cgffa, Meat, ete. Nortk Carolina Meat a Specialty 812 Castle St. Pkone 1910 COAL THAT IS ALL COAL TRY us: ' , Becker. : Coal and Builders' Supply Company Telephone 2321-W Castle, dneen and Sorry Streets CITY ELECTRIC CQ. 20 Prince St. Pfcene 9S8 APPLIANCES I MAZDA LAMPS ' WIRING SUPPLIES : -V v.,- , -': STARKE Y & GOLDBERG ' STILL LEAD THE WAT BACK TO 1914 PRICES ii.i, i4 if.i -J ;S'I 1:! J?i'; I M ! ft m ! i is. J r 1 -?
Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 5, 1921, edition 1
13
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