Newspapers / Wilmington Morning Star (Wilmington, … / Feb. 12, 1921, edition 1 / Page 11
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THE MORttLNG STAR; WILMINGTON, N. C, SATURDAY, FEBRUARY 12, 1921. ELEVEN 29 - . I I 4" Financial COTTON YORK, Feb. 11. The cotton! I ' - . i i . ,Vas irrearular today with prices 11 in, An early decline to 13.28 1 'Via v "'was followed by a rally to fr . -t that position closed at 13.97 r..if-ral market closing steady 11 l'" nf J tn 11) nnlnta T a.rvance of 3 to 10 points 11 market opened steady at an ad- I'"-' j, m ,,lnU to a. dM.lina of a Ta"c,'L generally a shade higher, but poinihi ..aster on weakness in oon i Hap continued unfavorable w". f Manchester trade advices I ciiaraett'i; , lidiiiilatio.n by i f'VVr ion- Active n i ,, VI points below u tho market then v' - - i by recent ouyers lor months sold about last night's. close steadied on cov in11 1 wfni hv the steadier tone in erinu lir m vm--- - - - M.l..nna u n f 1 reports of a better - -i f,,r low grades in the south. ,K-manu from 13.43- to 13. bi and jiaren 14.20 to 14.40 or about 8 Ju- ,.,.nt! net hicrher. but business '.'LVi, mi-ount was held In ' ,' ij.iav considerations and closing b.v ll0UU. ' a f,w nointa off from tho f it undt r renewed realizing. lineal iiiok'ers attributed much of the j,v-q business and irregularity to a 7,,'ther reduction of outstanding in- rU over alia Lincoln day adjourn 'Tnt as a4l futures markets will be "L.-vd from tonight until next Tues V' morning: The mid-day advance :,; nrobaWy promoted by estimates iiat Ule" f P'int cloths in the Fall t'ivor market for the Wee kwould. .mount- to 120,000 pieces, compared ith "io 'POK" -for the previous.- week. Ki t the 'news feature mostly discussed as 'the better .spot advnees from New nnean According to private wires demand oame from American mills iii.Rv although some inquiry was rpnnrted from Germany. Tiif '"cal certified stock as- of Feb rar 10. amounted to 93.146 bales, in- ,-indinE 4.4S-J bales inspected since February :. Futures: jlarch .May July .. October .. .'. High. 13.63 14.06 14.40 14.90 Low. 13.43 13.28 14.20 14.65 Close 13.56 13.97 14.35 14.84 K,W ORLEAXS COTTON XFAV ofrliEANS, Feb. 11. Small ad vances nersisted during the greater part of the session in cotton today, moderate buying being stimulated by a '-iuinevat -better feeling in the spot department locally and at some in the interior, while highest e points in thp interior, wnne nignesc prices vere rearnea .on icb'" 1 L5:Atta stating nwi reiuma tu -iv, , ?. ""tid from Doin icids anu uaiauunu in botn Texas ana uKinnoraa dicated a reduction ol it per cent m. the acreagf this spring. At the high en the leading months were 9 to 13 points over the level of yesterday's close with March at 13.3. Prices gradually sagged toward the end of the day and closing quotations were at net sains of 2 to 7 points, March closing at 13.26. The trading of the opening was af fected by better cables than due, but after advances of to 8 points offerings increased, evidently coming from trad ers who expected bearish January American consumption .figures from the census bureau the first thing Mon day mornins- The market gradually fell off until it stood at net losses of 6 to 10 points, with March down to 13.12, but after the middle of the morning its tone was steadier'. Mill takings for the week of 213,000 bales against 289,000 last .week seemed to have the effect Hesseninff'-the-de- raand in tne late trading Futures: High. Low Close 13.26 13.55 13.80 14.20 Jlarch 13.36 Mav .. . 13.65 July 13.92 October 14.30 13.12 13.42 13.72 14.13 DAILY COTTON LETTER (Furnished hy II. G. Latimer, Jr. 401 Southern Bldjr.) . NEW ORLEANS, Feb. 11. No Im portant developments having occurred overnight or .recently, market con tinues to rule comparatively steady in the face of unfavorable foreign trad .advices. The only feature for consideration of late is the better demand for low grades, the discount on which is gen erally narrowing, and it is predicted that differences will continue to nar row as the season grows older, as American mills are taking more liD rally of the poorer qualities, which were neglected during the war. This has been a big help to the in terior since the major portion of the largp surplus consists of all colored cotton. N'umcrious important events of in terest to the trade and political world an scheduled for the last half of February and early March. The allies are to hold a peace conference with Turkey within the next week or so and the London conference in early March to consider Germany's attitude regarding. 'the heavy reparation im posed will ?be productive of unusual interest as to the final penalty to im pose on Germany. -ueanwmie', the March opinion will "e in process of final liquidation, and "uportant developments which are ex- looted in New York where rumors are afloat to the effect that there is the Probability of more cotton being tend ered on March than was tendered in anuary, when 90,000 bales were de livered. Therefore, on the one hand there iS likelihood of fasnrahl fftrnim nn. 'icfi floveloDments which would make European trade and financial prospects "wre favorable, while on the other pand there is the possibility of heavy lenders of March r-nntra..tsi np.ar close of current month Alter tllAca -nnonl-VlA 4nAlnm.4ci , yvooiuic v ciu jmr n L(3 nave started in the early producing strict of the belt, and it is likely "at prospects for a "big reduction . in 'it cotton acreage will begin to have desired effect on the market. -uurh is expected in the way of con- fuctive proposals of the new ad- ministration after it is installed in au AIarch 4- ' ' AU American markets will be closed "morrow February 12, Lincoln's birth- H. AND B. BEER. M:w YORK COTTON I tinanlol rwv. o .MLYriDi,- Tn . t. i mi .t..i 3!ellout today's session was rather u'pt, and transactions chiefly of an -enins.nr nr. t iv j 4 (,,. ' "own; uvt.r trie reaujuuiu" "ent until ir-j C ' authnritv r.n v. i n '7'ntK out tlio v,- .trba Ji Amfr on t . A a. lh,l . " 'IWH i 1 1 LI I CUL WU11UJ rlpr,nt5-totne supplies here as ex- hn1P .sirahle. It seems nothing van,, nf sa1 observation to view a t cotton in one paTt of the S a Plethora in another.-In- 1'uman beings not having de- '"P'-rf. satisfactory means of moving imV-1,nr,SB- A condition of this kind tinhkcly tn last much longer. , ORVIS BROS. AND CO. -i , OttV GOODS MARKET . XRW vnntr in., j.- f,?0f market - x j. .- I tin Wl k were u i ' Vcliants are i fD i wool underwear opening -oa i n,hiB week an hopeful. " nr; r strong and better iney! 'ni'fi . n P'aictea. wooien gooas W,i A"ltlnK fall openings, in few rrrups prices were soft. lGAlt AND COFFEE ffm l.lwUiv- f. 11. Raw sugaa i..r "mprt ln active demand at 7c granulated. lint Rio 7s a;' arid Commercial Mews and Oommeti ii I ir i ' ' STOCKS NEW YORK. f?th 11 -mt..i ' - -' a A if Ctrl. V 111 ail other advera self sufficient to reduce operations In te siock market today to Insignificant Proportions and hai-- a-, . , , cnanges. excentlon& ta8the only outstanding sTocif hiL t0 the general rule, thai as a kr&wu nder Persistent pressure that th re?rt which Intimated unfavorable toco-v,"iI"v.e Ttitro.f.M snarenoiaers. were m.n,i u company ""a.o mriii i n sn tiri w . i ulated via it utu ueen iorm- fh. n e r ?f tho usual leaders : in ffivialiiwfJh fd .and lsceuIneois including ,a- nkling of utilities including People's Gas, Western Union lXfmnn?nd T.wl.n Cy rapidntransitn Minimum mints - . ferin.1 ?ur when increased of 10m orNrf 1ad,nf' which closed at a as win i?0,'"1,3, depressed other rails, T,y..a? l m the oil. metal f ""atcu BTOUPS. SuaVt LniLn nd changes in that stooliL t ik i the hesitant tone of stock, liberty issues were an excep tions virtually, all but the 38 ending 125.000nS' 1 SaleS' ar alue' mv1" 'eaa'n oreign exchange ,e "rm-io strong, dealers Jln-l sterling, igian irancs and remit lPS s to Switzerland, but Scandina vian rates registered little change. TVEW YORK STOCK LIST 1H i gh 1 JLo w CI ose Am. Beet Sugar , Am. Can Am. Car and Fdry. . Am. Hide and L... pfd. Am. Interna. Corp. .. Am. Locomotive . . . Am. Linseed Am, Smelt, and Ref. Am. Suear Am. Sumatra Tobacco Am. Tel. and Tel. Am. Woolein Anaconda ?Copper Atchison . . Atl. Coast Line . Atl.. Gulf and "West I. waidwm Locomotive B. and O Bethlehem Steel "B" Canadian Pacific Central Leather . . . Chandler Motors . . C. and O C, Mil. and St. Paul C, H. I. and Pac . . Chino Copper . . coca Cola Colo. Fuel and Iron.b Corn Products ...... Crucible Steel Cuba Cane Sugar 13 11 '-& General Electric General Motors G. Northern, pfd. . . . Gulf States Steel . . . Illinois Central Inspiration Copper . . . Int. Mer. Marine, pfd. International Nickel . International Paper . Kennecott Copper . . . 70 93 224 1 128 14H 75 34 8S?4 36 52 15 58 19 L. and- N b 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 F. . . 21l 21 Seaboard Air Line . .b S. Air Line, pfd b shell Trans, and Trad. 42U 41 24 Sinclair Oil and Ref. Sloss-Shef. S. arid I. .b Southern Pacific 78 21 57 Southern Railway . . . S. Railway, pfd Std. Oil of N. J., pfd. Studebaker Corp.' Tennessee Copper . . Texas Co Texas and Pacific . . Tobacco Products . . Transcon. Oil ........ Union Pacific U. S. Food Products .. U. S. Ind. Alcohol . . . I. R. Retail Stores . . U. R. Rubber U. S. Steel .... U. S. Steel, pfd. . Utah Copper Vanadium Corp 21 57 109 108 5634 8 43 23 53 9 108 234 68 55 69 82 110 67 37 55 8 42 23 53 8! 1081108 68 55 69 82 110 56 36 6814 55 69 82 110 56 37 Virginia Caro. Chem.. western Union 87 44i 7 68 24 86 44 87 WTiouse Electric 44 Willys-OveTland . 7l 66 23 I 7 Gen. Asphalt 67 invincible Oil 23 Total sales, 429,100. NEW YORK BONDS U. S. 2s, registered b 99 U. S. 2s, coupon b' 99 TT. S. 4s. registered b 103 U.S". 4s. coupon p 103 I TnTitrio Ss registered o 79 79 I Donomo 3a yiimon .b A O 1 ! rr a Tl r HoflnlnF SS . . oulCHiiig J---- - - - Am. Tel. and Tel. cv. 6s Atchison gen. 4s Atlantic Coast Line 1st 4s .. Baltimore and Ohio cv,. 4S Bethlehem Steel ref. 5s Central of Georgia Con. 6s Central Leather 5s b Chesapeake and Ohio cv. 5s .... Chicago. F. and Q. joint 4s..;i.. Chicago, Mil. and St. P. cv. 4s Chicago,' R. I. and Pac. Ry. ref. 4s City of Paris 6s ;; 95 77 78 69 83 85 90 81 97 69 68 96 Colo, and Southern rer. 4js.... 73 63 90 41 74 Denver and Rio Grande con. 4s . . Dominion of Canada. 5s (1931) . . I TT't'Io o-sn 4 s uilnnl, CantrHl ref. 4S ......... Int. Mer. Marine Cs ...... Kansas City Southern ref. 5s.... t t.-oif' anil- ATvers OS 80 74 83 4jjss-' - ,-r-v. t n,..vil1s and NaKhivlle un.-4r.t) ' 81 I ti amirl Tv an. and Texas 1st 4s 69 MUxmir PaC. een. 4S 54 I - Pontrfll neb. oS. . . . b jiv w - ... C Norfolk and Western cv. 6s.... Northern Pacific 4s Pennsylvania gen. 5s Reading gen. V Rep. Iron and Steel 5s (1J40 I. .h St. Louis and San Fran adj. 6s.. Seaboard Air .Line adj. 6s Southern Bell Tel. 5s . ..d Southern Pacific cv 5s Southern, Ra lway 5 .......... . Southern Railway gen. 4s Texas and Pacific. 1st 4 ........ 103 77 88 ,82 6 65 34 82 91 86 59 80 81 it tt nf (?. B. and I. B (1987 85 95i 93i T H " ' - . - - , 88, 85 Wilson and Co. cv. 6 JACKSOjrVILLEJfAVAL STORES , Terk'rvrvTT.L-R. Fla..' Feb- 1L . ilcelpts 105; HIIIUIUVIIVW I .- cw, . j . .ale, nnn' 0 a re itosin . .v 1 8). ceipts 585i S4rt B." D. Tj, F. G,. II. I. K, M, GRAIN CHICAGO, Feb. 11. Pre-holiday profit-taking by longs had a good deal to do today w4th bringing about de clines In the wheat market. Closing prices were unsettled at 14 to 2 net lower. Corn finished unchanged to w higher; oats to 4 down, and pro visions off 12 to 25 cents.- Wheat ODen- Hitch. Low. Close. March . 1.68 1.66 Yz 1.6314 May ... 1.55 1.55 1.52. 1.65J4 1.54 Corn May . . . .67 .69 .44 .45 .68 V4 .69 .44 .45 7 .69 .43 .44 .67 July ... .69 Oats May- ... July , .. .44 .44 WILMINGTON MARKETS WILMINGTON MARKETS SPIRITS OF TURPENTINE N. ROSIN N. D. TAR N. D. VIRGIN N. D. YELLOW DIP N, D. HARD N. D. D. COTTON WILMINGTON SPOT 13.00. PRODUCE MARKET CORN Jl.lb to 51.50. BEEF 10c to 15s. VEAL 15c to 16c. BACON . C.) Hams 40c; sides and shoulders, 80c to 33c, CAKE TALLOW 5C. BEES WAX 2 5 C. HIDES 3c. WOOL No market. HENS U to $1.25. LARGE PALti CHICKS -75c to 80c SMALL SPRING CHICKS 35c to 50c, dull. EGGS Steady, 50c to 60c. JJ UTTER sJ5c. POTATOES ? 4.00 bag. SWEET POTATOES ?1 to $1.25. CABBAGE $2.00 to $3.00 cwt. APPLES $6.00 to $7.60 bbl. WILMINGTON PEAKFT MARKET (Renorted by J. S.. Funchess st Co.) White Spanish, farmers' stock, new ... v. . l OA n'.nnile pounds, crop, frames, per uvtuei, 41.10. North ; Carolina- Aarmerj" stock, new crop, 90c. primes, per bushel, Pounus- Virginia Runners, new crop. primes. noundn. 8Kr farmers ; stock, iter bushel, 22 Virp-inlii'.Tnmhn. farmers Stock, new crop, primes, per bushel. 22 pounds. $1.00. PETERSBURG PEANUT -MARKET (Reported by Rodsrcrs, Plumper and fnmnBiiT. Tnl.l SPANISH (Farmer's Stock) market tweak. 90c to 95c per bushel. VIRGINIAS .vrariner s stocK) market weak. iancy JumDo ec per id.; extra prime tvnc per id., prime c u m shelling stock 3c to 4c per lb. DUN'S WEEKLY REVIEW NEW YORK, Feb. 11. Dun's tomor row will say: The irregularities which still char acterize the business situation are a natural accompaniment of the process or economic readjustment. witn con- flicting forces in operation commercial revival -has not come in all quarters simultaneously and a deflfiite turning point is yet to be reached in some leading' trades and industries. Unset- tlement in prices, with tne trend con tinuing downward, remains a cause for hesitation in different lines and such new development that does not indicate that 'buyers are disposed to commit themselves extensively for the futures. At prices - much below the highest basis, there is not the volume or purchasing- that might be expected, because various markets lack,, stability and orders are deferred to take ad vantage on probably further reduc tions. The numPer or small lot trans actions, however, is increasing in cer tain directions, suggesting that some stocks are beginning to need replen ishing, and not a little machinery that was idle has started up again on part time schedule. Weekly bank clearing $5,891,893,685. CHICAGO LIVESTOCK CHICAGO. Feb. 11. Cattle: Beef steers and she stock steady; top steers 9.50: bulk beef steers 7.508.75: qual ity plain; bulk butcher cows and heifers 5.00 6.50; hulk canners. and cutters 2.753.75. Bulls . weak to 25 cents lower: veal calves strong to zt cents higher; bulk vealers 10.50g11.50; stockers and feeders steady. Hosts: Mostly 15" to 2o cents higher; lights and light butchers up most, top 1000; buiK zuo pounas aown . outgo. as; 220 pounds up 8.859.20; pigs 15 to 25 cents higher; bulk desirable 90 to 120-pound pigs 9.50 9.90. Sheep: Lambs 50 to (i cents lower; top 9.25; bulk 8.009.00; choice 98 to 100-pound yearlings 6.00; handy weight held higher; sheep weak to 25 cents lower; top 4.75; bulk 3.504.50; on double-deck choice 75-pound feeder lambs 7.60. LIBERTY BOND PRICES N1CW YORK. Feb. 11. Liberty bonds closed: 3s 91.24; first 4s 87.30; second 86.30: first 4s 87. iu; second 8G.&4; third 90.02; fourth 87.00; Victory 4s 97.24; Victory 3s 97.18. DAILY COTTON TABLE Port Movement "Mow Orleans Middling: 13.00; re ceipts 5.173J exports 3,543; sales 2,419; stock 434,748. . Galveston Middling ld.zo; receipts 8,464; exports V6.694; sales 937; stock 337,050. Mobile Middling 13.00; receipts 259; stock 23,920. ' ' Savannah Middling 14.00; receipts 1,078; sales 568; stock 150,414. Charleston Receipts 200; stock 247, 857. Wilmington Middling 13.00 ; receipts 44; stock 20,660. Texas City Receipts 1,286; stock 5, 115. Norfolk Middling 13.00; receipts 827; sales 50; stock 78,281. Baltimore Receipts 972; stock 4,210. Boston Middling 13.85; receipts 50; stock 11,784. Philadelphia. Middling 14.10; stock 4.835. New York Middling 13.85; stock 108,847. Minor ports Stock 2,295. Total today Receipts 18,355; exports 19,237; stock 1,430,010, Total for week Receipts 114,377; ex ports 89,452. Total for season Receipts 4,290.676; exports 3,158,543. x Interior Movement FTmtaton MiddMner 12.80; receipts. 6.- 218: shipments 6,69T; sales 4,815; stock 356.864. Memphis Middling 14.00; receipts 2.92S; shipments 3,719; sales 2,150; stock 380.098. - Augusta Middling 13.00; receipts 609; shipments 478; sales 1,300; stock 160,078. . Stf Loujs-Middllng 14.00; receipts 7,892 ; stock 28,898. Atlanta Middliner 12.90. Little Rock Middling 13.75: receipts 231:' shipments 606; sales 375; stock 61,0. Dallas-i-Mlddling 12.50; sales 3,652. . Monteomery Middling 12.50; sales . Total' today Receipts '-17,873 ; ship- ' . . . n n r- rt n menu i fixv nrnr.K I1L029. Business T oclay "Fmtn" and "Protective" Credits The persistence of high money ! rates is due in considerable measure to the transformation of liquid credit into two other forms, "protective" and "frozen." Between these two It is sometimes hard to draw the line. Protective credit may gradually shade off into frozen. The former may be defined as credit extended by banks to clients temporarily embarrassed through conditions unforeseen or be yond their control and required to prevent possible failure and the atten dant unsettling: in other lines of busi ness. Where credit is extended for an unusual period to permit the withhold ing of goods from the market for the sake of higher prices it is said to be 'frozen." Both forms of credit tend to prevent liquidation, but the purpose of purely protective credit is to pre vent sweeping financial disaster, while frozen credit is intended mainly, to pre vent loss of profits. If protective credit fs granted with undue liberality it tends to pass beyond the line of pro tection and may be more aptly de signated as! frozen. Just where to draw the line is one of the big problems confronting bankers today. Ari flrf Repelling a Good Customer f Canada is one of our best custom ers. Canadians buy two dollars worth of goods from us for every dollaf's worth that we buy from them, and their total purchases from us last year were very close to the billion dollar mark. This occurred, too. in spite of the fact that Canadian dol lars for most of the time were t a discount in this country of approxi mately 15 per cent. Although this unfavorable trade balance against Canada and the discount on her money act as a deterrent to imports from .that country, the emergency tariff bill, now before the senate, contemplates duies which will be tantamount to an em- bargo on the principal articles of . ex- I port. rne Canadian tariff system is likewise in course of revision, and the threat has been made by the minister of agriculture, Dr. F. S. Tolmie, that in the case of discrimination against Canadian agricultural products by the United States the dominion government will retaliate. Already there are si.erns in Canada of a concerted campaign against the Purchase of soods in the United States wjiue tne exenanpre rates remain un ravoraoie. tn tne latest issue or ca nadian Finance, a weekly journal pub ished at winnipee:, the. publishers make this statement 5n the first page over their signature: "The good Ca nadian dollar is worth about 85 cents as soorr as it crosses the imaginary boundary line to the south of us. Jn view of this fact we cannot under stand why Canadians, who claim to be hard-headed and businesslike in their actions, continue to purchase goods from the United States at the rate of ?'J2i,buu,uuo per annum. wake .up, Canadians! Insist on getting futl value for your money. Buy Canadian and British goods." The I nvestor Scaling Down Margins of Safety The great aggregate of new financ ing that has been done since last fall has an interest for the investor aside from the part it has played in imped ing the market for old bonds, or as an indicator of the worth of money. It calls attention to the fact that past ratios of earnings to bond interest re quirements must be scaled down to make allowance for increased debt. From this general proposition the in vestor must come down to particular cases. If the purchase of a bond is contemplated inquiry should be made into the financing operations of the issuing company since the date of the latest earnings statement. Take the American Agricultural Chemical com pany, for example.- Its statement for the fiscal year ended June 30, 1920, shows that earnings were sufficient to pay the bond interest 9.7 times. In the period 1911-1919 earnings were 5.8 to 10.25 times these interest require ments. The question is whether these past figures are a good indication of the probafble margin of safety during the coming year. New Ratios of Earnings to Interest The answer is that past earnings In this particular case must be scaled down by taking into consideration the issue of bonds put out about two weeks ago. The task is usually per formed by the syndicate offering a new issue to the public and the informa tion, therefore; is available to . the in vestor who buys a bond on data con tained in the advertisement accompa nying the offering. It was done in the American Agricultural case, on June 30. 1920. this company's funded debt totalled $12,050,900 and Its interest re- auirements for the year were $607,zu4. Funded debt has since been increased to $36,959,000 and the interest require ments for a full fiscal year will be something like $2,600,000. Thus earn ings no greater than those for the last fiscal year would be equivalent to aJbout 2.75 times the interest require ments. That is a safe enough margin of safety under ordinary circumstances In cases where the ratio of earnings has not ibeen revised (by the syndicate, the investor should insist that the new margin of safety be established before buying a "bond of either the hew issue or one of the long outstanding loans. Why Debts Are Enlarged On the subject of debt increase, it is important that inquiries be made Into the purpose of any new bond issue. The investor should view in one light a debt increase designed to put the company in a position to increase its Hra T finarTclal . - - ., condition due to rauity judgment oi the trend of business conditions to ward the end of a trade Iboom is an other matter - and should toe viewed differently.. Much of the pew financing of the. past few months rhas been for the purpose of reimbursing corpora tions for capital expenditures out of current or past earnings. : Corpora tions simply replenish their -working capital sov that they will not be handi capped w-heh the time comes to renew operations' oh; a normal scale. - i . ' Atchtsdn, Rocky Mountain 4s Atchison. Topeka & Santa Fe rail- Merchant's Prob lems and Current Trade Conditions War as a Breeder of Panics Economic historians frequently have cited the fact that periods of Indus- j trial depression follow great wars, usu- ! ally after an interval of two or three years. This at least is true in mod ern .times under the capitalistic or ganization of industry. In earlier times ' when business relationships were not so complex, when industry, banking, and commerce were not so closely interwoven .and when speclal- zation was not carried so far as it is . today, panics in the modern sense were impossible. Industrial depression might come then, but it would be local in its causes and scope. The Napoleonic wars, which were the first great strug gle under the modern industrial regime, ended in 1815 and were fol lowed by the panic of 1818, which had its backwash in this country. The next gretat struggle wae our Civil War, followed by depression- in this, country in 1868. A panic in Continental Europe came, in the wake of the Franco-Prus sian war and had its counterpart in this country, which was still suffering from the economic disorders incident to the Civil War. The Russo-Japanes war. 'ending in 1905, was followed by industrial depression in the belligerent countries, and this probably had some part in bringing on the acute financial difficulties experienced in this country in 1907. After all that has happened in the last hundred years one should hardly be surprised at the events of unpleasant memory in 1920. Another -Form of Projection Still another method of affording protection against foreign goods was suggested to the house ways and means committee this week by manu facturers of milliners' goods. It was stated that the present method of val uing imports by making allowance for the depreciation of foreign currencies nuumed tne intention of congress Tn imposing, tariff duties, and it was recommended that congress should in' sert a provision in the law that in no case should the valuation be made on' less than one-third of the face value. of the currency of - the exporting coun-JI try. Under present exchange rates such a provision would not affect im portations from Great Britain, Canada, France, Belgium, Scandinavia, or the tar east, it would, however, erect a virtual embargo against goods from Germany and Italy. At the present rate of exchange a commodity worth 100 marks would have a value at the, custom house of ?1.64, but if the recommended provision' should be at tached to the law the official valua tion for customs purposes could not ' fall below one-third of the par value of 100 marks, or $7.93 in terms of I American money. xnis wouia ie equivalent to s. duty of 380 per cent., so long as- the mark remains at its present low value. As one would ex pect, the chief competitor of those who advocate this amendment to our tariff ,la.w is Germany. (Copyright," 1921, by N. ST. Evening Post,. Inc.) i His Present Opportunities and Problems way Rocky Mountain first mortgage 4s, due in 1965, are selling around 67 for a current return of 6 per cent, or' a yield of 6.2 if held to maturity. They are outstanding to the amount of $3, 000,000, and are secured by a first mortgage on 106 miles of road, repre senting an average rate of $28,291 per mile. Coupon bonds are obtainable in. denominations of $1,000 only. These bonds sold as high as 88 7-S in 1916 and ranged between 64.50 and 72 last year. They are now selling within three points of their record low. The com pany . reserves the right to redeem the bonds at 105 and interest. This issue is selling on a higher yield basis than other first chiss Atchison issues, main ly for the reason that the floating supply is small, and. the market, there fore, is narrow. The bond lacks the marketability, possessed by larger is- ) sues. or tne same system. Atchison's - Earnings Interest charges of the Atchison system were earned 4.22 times during 1919, and during 1911-18 these charges were earned between 2.44 and. 4.24 times. Atchison does not sho im provement ln earnings since the new rate schedules went into effect, as do some other roads, 'because comparison is made with 1919, and that was a good year. The 1920 net earnings, after rents aggregated $24,872,322, as com pared with $42,255,656 for. 1919. Bond interest requirements total about $11, 654,000. (Copyright 1921, by New York Evening . , Post, Inc.) : HUNTER-ROUSE WEDDING Popnlar Conirie Wedded at Nevr Bern Friday MornhiK . (Special to The Star) NEW BERN, Feb. 11. At 8:50 this morning Miss Beatrice R. Hunter, o Rich Square, became the bride of W. B. Rouse, after Avhich the couple left for points in Florida f :r a ten days tour, when they will make this city their home. The bride is very popular here, having spent the last two years in school work, and last year as direc tor of community-service, in which po sition she has made an enviable record in the esteem of Craven1,? people. "She Is the daughter of Mr. and Mrs. Wil liam F. Hunter, of Rich Square, Mr. Rouse, a prominent member of the New Bern - bar and a candidate against William F. Ward in the recent ly contested election for the general assembly, following R. W. Lamb's res ignation, is a native of Dover, N. C, a . graduate of th. university law school S.TUI o worm war veteran. ha saw two years- active service and was wounded in action' over seas. . COTTON SEED OIL NEW YORK, Feb. 11. Cotton seed oil was- active and. higher on good huyingr by, . commission houses and short covering ahead of the holiday. Outside long oil came on the market on tho advance but offerings were well taken and the market -closed 10 to 15 po'ns net higher. - Sales 21.600 barrels. Cmdeoiltwas a shade higher Prime crnd-5.0 sales; prime summer .yellow spot, 1.26;'. March 7.80; May 8.38;-July $.65, ail Dia, SU BURBAN SCH EDULE TIDE WATER POWER COMPANY WIster Park, Seagate. Wricata-rlUe. Wrlsatavill 3eack aad Intermediate Polnta - ' - , - , Kffeetlve Thursday, October T, 1S20. Leav Wilmington For Wrlghtsvtlle Leav Wilmington For Bench 6:60 A. AL ?:20 A M. 8:30 A. M. 9:30 A. M. ;0:00 A. M. 11:30 A. M. 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. 6:30 P. M. 6:10 P. M. 6:40 P. M. 7:16 P. M. 8:15 P. M. 8:15 P. M. P. M. 6:50 A. M. 7:20 A. M. f 8:00 A. M. 8:30 A. M. X :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. M. t 4:00 P. M. :39 P. M. 8:00 P. M. 5:30 P. M. e:10 P. M. 6:40 P. M. 1:15 P. M. 8:16 P. M. fc::S P. M. 10:15 P. M. 11:15 P. M. tfUAXi, ttXiJJUPT St'MPAY, FROM STATION Ae, 1, This car connects at Wrightsvllle on special request to transpor tation office. Phone No. 2701. . . Tbis car will go through to beach on special request to transporta tion office. , Daily except Sunday. fSaturdays and Sundays only. ' JSundays only. Freixht Schednle Dally Except Sunday, Leave Ninth and Orange streets 3:00 P. M. Freight Oepot open dally except Sundays frot. .1:00 to 8:00 P. M. 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 Nctt Orleans Cotton Excbangv - JDtrect private wires toIew Orleans, New York, Chicago and all principal pointe. Order Heitd for future delivery in Cottc. Grain. Provisions, .' Cottonseed Oil, Coffee and SutV. Securities bought and sold for cash, or carried on conservative margin.- Correspondent, H. and B. Beer. 401 SOUTHERN BTTILDINO New Orleans. La. PHONE ?3 ni New Arrivals Washington Butter Beans Paris Succotash Tomato Herring Kippered Herring Del Jonte Beets Del Monte Pimentos Southport Shrimp "The Best Is Still the Cheapest" The Grocers' Specialty Company 17 Market St. Phone No. 65 vjsa STAR DRY CLEANING CO, 114 Princess St. Dry cleaners and nressers French style. Pain Beaeh and Kpot Klcth PHOjE 44t VthU btal Atopt fa lU COB THE RCUCF Of WMOOPIWQ COUCH, : HOARSEN889. BRONCHITIS. - THf MCMKPV CONTAINS HO NARCOTIC '"r Mairufsdrurecf by Chsinerfaih Ssdifs3 3. . Msaafsotttrlaf Pharmaclsss " Dec Moines. Iowa, V. S. A. I PRICE. THIRTY-FIVE CENTSC jjjj ii j 8 lllil; fefl I Leave Wrights TOM Fa-" Wllmlnxrton 6:00 A. A. A. A. M. ft' M. 6:10 A. 0:50 A. 7:20 A. 7:50 A. I 8:80 A. 8:25 A. J10:25 A. .10:66 A. 12:25 P. 1:55 P. 2:56 P. 3:2C P. 8:66 P, 4:26 P. t 4:65 P. 6:25 P. 6:65 P. 6:86 P. 7:06 P. 7:35 P. 8:06 P. 2:45 P, 8:46 P. 10:45 P. Tll:4a P. 16:2 7:8 :35 :05 :85 9:15 tI0:15 10:45 12:15 A. A. A P. M. M. M. M. 1:46 P M. 3s46 P. M. 8 US P. 8:46 ?. 4:15 P. 1 4:46 P. M. M. M. IX. M. M. M. M. M. M. U. 6:i6 p. 6:45 K:25 6:55 7:26 7:U 8:30 8:80 P. P. P. P. P. P. P. INVESTMENT SECURITIES What Do Yon Think Of This AN IVER-JOHNSON SICYCLB For Your Boy or Girl! QUEEN CITY CYCLE CO, 200 Market Street TELEPHONE 862 Your Boy Wants A CROWN MOTO-BIKE Cash or Weekly Payments Wilmington Cycle Co. 215 Market Street Phone 526 ARRIVED TODAY 1 Car Irish Cobbler Potatoes 300 Rolls Woven Wire Fence, 28 to 62 inches. . ... 200 Coils 4 -Point Barbed Hog" Wire. . 300 Coils 4-Point Barbed Cattls Wire. Another car of SERV-US Flour ex pected daily. Every barrel is . guaranteed to give sat- ' isfaction , D. L. GORE COMPXNY Wilmington, N. C. A Coal That Exceeds Pennsylvania Anthracite in value. Other soft coal of equal quality. Try us. Phone 2321-W. Becker Coal and Builders' Supply Company Castle,. Q,uesn and Surry Sts. W. L. DOUGLAS H l.&M.LHurwitz o - 605 North Fourth St. W. L. DOUGLAS ' Leave , Beach - For Wilmington 0H 1 ! hi 1 I; 1 ? toffef. quiet, 3 5fl0. N. WG. -JVAV. 1130.- LWVHW ,.w,j - " f- . ....... ':-.
Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 12, 1921, edition 1
11
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