Newspapers / Wilmington Morning Star (Wilmington, … / Feb. 18, 1921, edition 1 / Page 13
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THIS MORNING STAR, WILMINGTON, N. FRIDAY, FEBRUARY 18, 1921.- THIRTEEN : .! -t i V . v, ' . 1 . ... . Financial asud Commercial News and Gommegit COTTON EW YORK, Feb. 1?. After holding oady during the greater part of the morning, cotton turned easier owing to the decline in sterling exchange rat(s. less favorable reports from the stoi-li market and southwestern sell ing. May contracts broke from 14.20 to 13. R2, and closed at . the lowest with tiio general market closing barely fitrady at a net decline of 20 to 30 points- The market opened steady at an ad vance of 3 to 8 points and sold about $ to 15 points net higher during the early trading on the relatively steady cables and continued covering which (Mine largely from Wall street and local sources. The market was narrow and respon se to comparatively small orders and nut some selling around- 13.73 for Miirrh and 14.60 for July. This caused reactions of several points, 'but no weakness developed until well along j the afternoon when the appearance of selling orders from the south and reports of an easier basis for the bet ter grades in eastern belt sections led to liquidation by recent buyers for a irai tion. MaFch sold off to 13.32 and .m y to 14.21 or 24 to 30 points net lower and about 35 to 40 points elow the lilsfh level of the mornine. Claims that new grades were selling at too low a price compared with mid dling: and would appreciate suffioientlv to meet carrying charges for fully a ytar came in for considerable discus sion around the ring, but were not generally consiaerea a factor in the dav's market. The passage of the emergency tariff bill by the senate , was another of the features discussed without, apparently. stimulating business. A private cable from Liverpool reported a very small market there with some ' nervous ness over the possibility of renewed troubles in in untisn coal mines. Futures: Open. iHigh. Close March 13.73 13.32 13.32 May 14.20 13.82 July 14.60 14.21 October 14.92 14.58 13.83 14.22 14.58 XEW ORLEANS? COTTON NEW ORLEANS. Feb. 17. ExeeDt for a short period on the early trading the cotton market today stood de pressed below the level of yesterday's (lose and last Quotations were at the lowest levels showing net losses for the session or 21 to 29 points. Heav iest felling came toward the close following the receipts of reports that England had declared an embargo on export of gold and silver. March traded down to 13.19 and July down to 14.3?. Futures: .March 1 3 J July October High. Low. Close 13.65 13.19 13.19 13.85 13.51 14.11 13.79 14.44 14.20 13.51 13.79 14.14 DAILY COTTON TABL12 Part Movement New Orleans Middling 13.00; re ctipts 4,541; exports 200; sales 1,643 stork 418.727. (Galveston Middling 13.25; receipts :..:(; exports 11,121; sales 376; stock Mobile Middling 12.75; receipts 100 stork 14,715. Savannah Middling 14.00; receipts .fir&; sales no; stock 156.756. Charleston Receipts 163; stock 246,- ;nx. Wilmington Middling 13.00; receipts 263; stock 22,003. 4pxas City Stock 5,115. Norfolk Middling 13.00; receipts 4S1 sales 409; stock 79,972. Baltimore Stock 4,210. Boston Middling 13.90; stock 11.800 Philadelphia Middling 13.90; stock 5.29. New York Middling 13.65; - exports 10O- stock 111.129. Minor ports Receipts 3.000; exports S.nno- stork 2.295. Total today Receipts 14,079; exports 14.432: stock 1,400,954. Total for week Receipts 8$, 350; ex ports 102.752. Total for season Receipts 4,380,026 exports 3,261,295. Interior Movement Houston Middling 12.75; receipts 4. SIT; shipments 5,612; sales 4,683; stock 3.S7.710. Momphis Middling 13.50; receipts FP64; shipments 4,530; sales 1,400 Ktock 350,243. Augusta Middling 13.00; receipts 661; shipments 1,791; sales 392; stock 158.725. St. Louis Middling 13.50; receipts 4.'JS9; shipments 3,273: stock 27,640. Atlanta Middlinsr 13.00. Little Rock Middling 13.50; receipts RIO; shipments 740; sales 3,067; stock 63.(27. Dallas Middling . 12.65; sales 5,722. Montgomery Middling 12.75. Total today Receipts 16,941; ship ments 15,946; stock 987,865. NEW YORK COTTON (Special to The Star) NEW YORK, Feb. 17. Although n!ws items show that the improvement !n Manchester continues and more prominent eastern mills have resumed operations on full time, giving as the eause the receipt of a seasonable order, nevertheless selling was sufficient to rlrlve prices down. It was put down to short operations for western ac count. ORVIS BROS. AND CO. CHICAGO LIVESTOCK 'MIC AGO.- Feb. 17. Cattle: Beef Mf'rs mostly 25 c higher; top 10.40; bulk s. 0089. 50; butcher ehe stock 25c higher; bulk cow and heifers 5.00 T5; canners and cutters about steady; eanners mostly at 5.303.25; cutters a. 253.75; bulls genarlly 25c higher; hulk bolognas 4.505.00; fat bulls r'.f0a 5.75;-veal calves 25 to 50o higher; bulk top packers 10. S011.00; stockers and Orders 15 to 25c higher. Hogs: Active, opened mostly 10c lower, closing with loss regained on medium and heavyweights; top 10.15; hulk 200 pounds 9.7510.00; -bulk 220 pounds up 9.009.50; pigs steady to IS" higher; huik desirable 90 to 120 pounrl pigS 9.65(g10.00. Shep; Lambs and yearlings general y 25 to 50c higher; spots up more; Rheop generally 25c higher; lambs top P-25; some held higher; bulk. 7.75 fr.nO; prime ,86-pound yearlings 7.85; hulk 6.00 ( 6.50; choice 111-pound weth ers 5.50; choice 120-pound ewes 4.90; hulk fat ewes 4.004.75. DRY GOODS MARKET NRW YORK. Feb. 17. Unfinished ot ton eoods ruled auiet In today s dry eoods market, with a softening tendency in brown sheetings and print eiotns. Jobbers did a moderate dusi ip5s in small lots for quick shipment. Yarns and raw silk were dull, ve.r; Ratings and dress goods fdr fall will h opened by the American Woolen company on Monday. COTTONSEED OIL N'KW voTtTT. ' TToh. 17. Operation in cottonseed oil was small and local in r naracter, prices being easier in re.i iwaus bi is 11940) .b flection of lower crudo and the poor f Rep. Iron and Stoarss. fhowinc in TiTftr.ticn.ilv all commodity markets. Closing bids were generally l'J points net . lower. Sales 6.300 vbar rels. Prime crude 6.50, sales; prime furnmer yellow spot 7.00; March 7.60; May R.20; July 8.52; all 'bid. LIBERTY BOND PRICES NEW YORK, Feb. 17. Closing prices nn Liberty bonds: ,3s 91.20; second 4'4s 86.90; third 4s 90.00: fourth 87,06; Victory 4 97.32. ? 1 STOCKS GRAIN I I P: TwJ.. mWvfV I " : ill HIBlll1 II lem nmt f nrrfnt II 1 1 Nnw "Vr-Qtr stahle influence whi "1"" Y"; - j v 1 1. n. nun l . i . n i 7, -". """'"ini or Quoted values in I Xtw. market for weeks past were ffi19. again today, the trend of leading ISSUes nr mulUr j nL lost ,non of lts Professional rrr""' Bhy,a n certain isolated in- Stances Whr nciaf.. i I f-i! 8 of voluntary liquidation its "0"? fresh industrial unsettle- merit or dubious dividend prospects. L Mon ot a Protective com- "mico u v nrnm nont t,nii.. i holders directed renewed attention toL V.seera-1 dissatisfaction resulting irom the nrnnncorl i;.... 1 i he Reading group more or less ub- t.' wfvs. v inaui ii i iiiii i . ii ntif, y xnded recent declines Ia7 ana other shares of tH sim. nina i-alJuly acted excepting Norfolk and Wwtsm vveajtneSS Ot SDeclfle, Isruas. nntaWr Ir 1 . Central Leather common and nre- jerrea, Ajax Rubber and some of the less prominent specialties at extreme luoaes oi X V to h nnintu worA ucontri. Panied . bV Cirr.limstn.nl-inl r-onnr a nf uxviuena -readjustments." existing conaitlons in the steel trade were reflected in th reduced dividend declared by -the Cambria di rectors, and a further increas of idle railway equipment evidenced the gen eral curtailment of manufacturing ac- li vi Lies. Reversing its rd ftp of tVi nrtvlAnt ciay, the market registered lowest prices in the last hour. Maintenance of call money at 7 per cent as against jesieraay s b per cent, provoked fur ther bearish aggreslveness, in which practically all gains were effaced at tne neavy close. A" the foreign exchantres weakened. notably French. Belarian. Dutch and Spanish remittances, and Scandinavian rates aaaed to their recent setback. The Bank of England, however again Btrengmenea us iiaDUity reserves. jj'ueriy issues ana mosi omer ao- mestic bonds, includine: rails, were easier, the foreign division also mak ing, fractional recessions. Total sales, par value. $io, 175,000. NEW YORK STOCK LIST IHighl Low IClose Am. Beet Sugar 49 49 . 49 30 30 30 134 13 123 45 45 45 48 47 47 86 85 85 52 49 49 44 48 43 94 93 93 83 82 83 100 100 100 68 66 66 ; 39 39 39 82 82 82 66 64 64 91 9D 90 34 34 34 59 58 58 117 116 117 39 36 74 72 72 69 69 59 28 27 27 27 27 27 23 23 S3 22 22 22 28 28 2S 73 71 71 96 94 94 25 25 25 13 1 13H 132 131 131 14 14 14 76 76 76 88 I 88 I 88 36 1 35) 85 55 54 64 16 15 15 58 56 56 19 19 19 100 100 100 164 161 161 18 18 18 13 18 13 31 31 31 18 18 18 72 72 72 20 20 20 102 100 102 84 83 83 3 3 3 79 76 76 40 40 40 29 29 29 34. 34 34 14 13 13 76 74 75 32 32 32 69 67 67 63 61 63 21 21 21 6 6 6 10 42 41 42 24 23 24 50 79 78 78 22 22 . 22 57 57 '57 109 108 108 62 60 60 8 8 8 44 43 43 22 22 22 57 65 65 9 9 9 121 121 121 108 106 106 24 24 24 73 69 69 68 56 56 71 70 70 85 83 83 110 110 110 56 55 65 37 86 37 38 33 84 86 86 $6 46 46 4 8 7 7 70 67 6f 22 20 20 Am. Can Am. Car and Fdry,-.. Am. H. and L., pfd... Am. Interna. Corp. i. Am. Locomotive Am. Linseed ,. Am. Smelt, and Ref. . Am. Sugar Am. Sumatra Tobacco Am. Tel. and Tel. . . . Am. Woolen Anaconda Copper .... Atchison Atl. Coast Line . . . .b Atl., Gulf and West I. Baldwin Locomotive - B. and O. Bethlehem Steel "B". Canadian Pacific Central Leather .... Chandler Motors C. and O C. Mil. and St. P C, R. I. and Pac. Chino Copper Coca Cola Colo. Fuel and Iron.. Corn Products. Crucible Steel Cuba Cane Sugar Erie .. i. . General Electric General Motors . . G. Northern, pfd. , Gulf States Steel .Illinois Central Inspiration Copper ... Int. Mer. Marine, pin International Nickel International Paper . Kennecott Copper . . . I j. and N Mexican Petroleum . . Miami Copper Middle States Oil ... Midvale Steel ... Missouri Pacific N. Y. 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 DutclON. Y. ... St. L. and San Fran.. Seaboard Air Line.... S. Air Line. pfd. ...b Hhfill Trans, and Trad. Sinclair Oil and Ref.. Sloss-Shef. S. and I.. I Southern Pacific Southern Railway ... So. Railway, pfd. . . Std. Oil of N. J., pra. Studebaker Corp. Tennessee copper . . Texas Co Texas and Pacific Tobacco Products . . Transcon. Oil Union Pacific United Fruit IT. S. Food Products U. S. Ind. Aiconoi .. XL S. Retail Stores . . U. S. Rubber. U. S. Steel U. S. Steel, pfd. Utah Copper Vanadium Corp. .... Virginia Caro. tnem Western Union W'house Electric . . . Willys-Ovetland .. . Gen. Asphalt Invincible OH Total sales, 680,000. NEW YORK BONDS tt a a pnnnnn ............. .b 99 U. S.' 4s. registered b 103 U. S. 4s, coupon -i" nn-.nmo 3c rpiristered b 79 Panama 3s, coupon to 79 Am. Smelt, ana .ei. os ......... Am. Tel. and Mei. cv. os S? 77 78 itohlann PP.n Aiantir rin&st Line 1st 4s Baltimore and Ohio cv. 4s . . . . iatviioViAm Steel ref. 6s b 82 87 90 81 Central of Georgia con. 5s b nntrnl icauier on ........... Chesapeake and Ohio cv 5s Chicago; B. and Quincy Joint 4s 87 Chicago, Mil. and St. P. cv. 4s.. 69 Chicalo.' R. I. and Pac. Ry. ref. 4s City of Paris 6s v:;; Colorado and Southern ref. 4s Denver and Rio Grande con 4s. . r-. i . rnnadn. 5s (1831).. o i 7 85 7 63 90 SriT . 4s $1 Illinois Central rer. 48 Int. Mer. Marine 6s Kansas City Southern ref. 6s... Liggett and Myers 6s . . ........ 76 80 73 83 83 Toulsvine aim xaau "".Ai Tfar!. and Texas 1st 4 69 - -64 S9 TV T I .anil iri.Dnri Par. s:en. 4s tt-. -v nvr fntral deb. 6s Norfolk and Western cv. 6s Northern Pacific 4s Pennsylvania gen. 5s ...... 14 76 S8 81 Reading gen. b 85 65 33 Seaboard Air Line adj. os. . . . . . Southern Bell Tel. 5s;. Southern Pacific cv. 5s ... ... Southern Railway 5s Southern Railway gen. 4s ..... . . Texas and Pacific 1st h Union Pacific 4s ";j;;:; U. K .of d. B, and-1, 5s (1937) 82 85 58 80 81 86 95 Virginia Caro.' Chemical 5s Wol-ianVf.lst ........ . . . . .b ...b 92 88 . ICAGO. Feb. 17 Wheat trader. "wvou iwuajr ujr mi- ?D&reni nae Hhood that the emergency tariff bill would be vetoed by President Wllso"n, nVArkiaVsW n itm.A - n-: i : . ' tnat. action by the President-elect "ufnt suaaeniy change the outlook. Vn Insi -f,. T -l. -m - and closed heavy at 2 to 3 cents net lower. Corn lost 1 to 1H and oats to liya. In provisions the out- cwme varieu rrom 3 cents decline to i epnrs nnvnrioa Wheat Open. High Low. 1.68 1.63 .69 i .71 .45 .45 Close. 1.68 1.59 .68 .71 .45 .45 fiarcn I Mav 1.71 1.72 1.62 71tt .73 .46 .46 1.63 .71 Y 73 .46 .4-6 i -j . Corn Oats W July WILMINGTON MARKETS SPIRITS OP TURPENTINE N. D. ROSIN N. D. T8AR $3.00 and 13c. VIHGl -i. D. YELLOW DIP N. D. HARD N. D. COTTON WILMINGTON SPOT X3.0Q. PRODUCE MARKET CORN $1.16 to U.B0, BEEF 10c to 15 VJCAJj 15c to lc. BACON (JJ. O Hams 40c: sides ana snouiders, 30c to 530. Ajvui xajlilajvv c. I ' b&P'P w C. HIDES sic. WOOL No ma-rket. HENS $1 to $1.25. LARGE FALL CHICKS 75c to 80o. SMALL SPRING CHICKS 35c to 50a .dull. EGGS Steady, 50c to 60c. BUTTER 35c. POTATOES $4.00 ba. SWEET POTATOES 11 to $1.25. CABBAGE $2.00 to $3.00 CWt. APPLES $6.00 to $7.60 bpl. WILMINGTON PEA NTT MARKET (Reported by J. S. Punches s Oo.) crop, primes, per bushel, 80 pounds. .19. North Carolina, t arm era stock, new crop, primes, per busheL 28 pounds. 90c. Virginia Runner, farmers' tocj; new crop, primes, per ousnei, a pounds, 88c. Virginia Jumbos, farmers" sxock. new I $1.00. PETERSBURG PEANUT JIAKKKT (Reported by Rodders, Plnnwer and Company, lacj SPANISH tFarmtr'a Stock) market weak, 90c to 9ac per busnei. VIRGINIAS (Karmers Stook) market weak. Fancv Jumbo 6c Per lb.: extra prime 4c per lb.; prime c ter id., SOUTHERN MILL STOCKS (Quoted by R. S. Dickson and Conv pany, Gastoaua, w. t.) Stock Bid Ask 74 85 . . . 75 ... 300 124 ... ... 165 . . . 355 ... 115 130 . .. 125 290 ... ... 145 200 ... 118 ... ... 125 170 ... 13 15 ... 100" 186 ... ... 136 . . . 40 120 ... 80 86 60 !!." 240 290 ... 135 78 ... 90 95 30 35 95 111 35 56 120 141 320 375 97 200 250 80 88 175 . . . ... 75 ... 85 ... 425 ... 170 15 17 98 101 ... 175 Alleen Mills Am. Spinning Co. ...... Am. Yarn and Proc. Co Anderson' Cotton Mills . Arlington Cotton Mills Arcade Cotton Mills .... Arrow Mills Belton Cotton Mills Broad River Mills Brogon Mills Brown Mfg. Co Clara Mfg. Co Chadw'k-Hoskins Co. par $25. Chadw'k-HosKins co. pra.. Climax Spinning Co. ; Dunean Mills Dunean Mills, pfd. . . . Durham Hosiery, pfd. nrham Hosiery istern Mfg. Co. . . . Gaffney Mfg. Co. Grace Cotton Mill Co. Hanes. P. H. Knit Co. Hanes. P. H. Knit. Co. Imperial Yarn Mill (N. 240 225 80 Judson Mills . . Judson Mills, pfd. 225 ... 175 110 ... 124 130 ... 175 45 ... ... 135 95 ... 130 ... ... 151 ... 225 200 ... ... 186 ... 275 ... 171 ... 200 89 . . . ... 132 ... 165 ... 110 ... 161 ... 96 92 96 15 275 ... 80 . . . ... 101 86 ... 115 110 ... ... 140 80 86 120 ... 32 ... 40 80 28 32 ... 93 93 90 . . . . . . 270 ... 115 85 85 SB 180 ... 345 ... $3 Lola Mfg. Co. National Yarn Mills Newberry Cotton MU VT-T-rkt f Mills COi ... iOrr Cotton Mills ... Pacolet Mfg. Co., pfd. . . . Pelzer Mfg- Co. . . Piedmont Mig. -o. w Ttaalo Mfg. VO t .- snlTininsr Co. Rex Spinning Co., pfd. I -aiArm. VTIIla .... Riverside Mills (par $12.50) . . Riverside ana wan 1 Dnon flotton Mills Co. Rocky face Spinning Co, ... Rhyne-nouser i. Saxon wins Seminole Cotton Mills Co. ... 5 nortsn Mills Sterling Spinning Co Superior Yarn Mills ......... Toxaway Mills (par $25) .... union-Buffalo Mills ........ TTfcion-Buffalo Mills 1st pfd. . ukiop-Butfalo MUls 2nd pfd. Mctor-Monaghan Co. ....... I victor "loiiitg "" " -Jietorv Yarn Mills Co. Ware Shoals Mfg. Co Kvntts i Mills Watts Mills 1st pfd Winget Yarn Mills Co i wif.nsett Mills Co, woodside Cotton Mills .... Woodslde Cotton Mills, pfd. SUGAR AND COFFEE NEW YORK, Feb. IT. Raw sugar less active; refined in fair demand at 7.60 for fine granuiatea. Snot coffee quiet; Rio 7s 66 Santos 4s 9m. . JACKSONVILLE NAVAL STORES JACKSONVILLE, Fla., Feb. 17 ceipts 147; shipments 258; stock 26,032 Rosin nothing aoing; saies none; re ceipts 126; shipmants stocit xw, KS7 V Quote B, D. E, F, G, H, I, K, M, N, WG, WW, The warden cress, the onion and peas all originate ifl EW$ I V Trade Conditions I Easy Money and tbe BusLnes Revival Business statisticians have dug up facts which show that during the last thirty years there has teen a sharp drop in the rates on commercial paper after.. each period of industrial depres sion, and that these periods of cheap money lasted from fifteen to twenty nine months. This easing of the money market in times of dull business is to be expected, as Interest rates normally tend to decline with recessions in com modity prices. The present period, however, offers an exception. While prices have beefalling for nearly a year, interest rates at the same time have reached a level equalled only once or twice- before since the Civil war. In previous periods of depres sion falling prices and dwindling prof its have reduced the'demarid for capi tal. This , time the World war has up set the rule; the United States has granted enormous credits to the rest of the world, and the demand for capital seems insatiable. A study of earlier periods of business depression reveals another interesting and perhaps sig nificant fact. In all other cases inves tigated there wag no real business re vival until there had been a period of easy money lasting for a year or more. Will the present period offer an excep tion in this respect as in others? That s what business men would like to know, but it is a matter on which no careful statistician would care to risk Ms reputation by prophesying. Tke Prosnct of Easier Money Signs in the financial centers are pointing in the direction of easier money. Its advent has been frequent ly predicted in past months, but, save for a temporary easing in rates early In January, expectations have been dis appointed. While loans on the New York stock exchange at the beginning of the week were made at 7 per cent, money was available outside at 6 per cent. Still more significant is the steady improvement in the reserve ra tio of the federal reserve system. The ncrease has been gradual but contin uous since the last week in December. Four- of the twelve reserve banks, how ever, are as yet unable to maintain their legal ratios without borrowing from other banks. These are the banks at New York, Atlanta, Minneapolis, and Dallas. Nevertheless, the interbank borrowings are decreasing, and, ac cording to the last reserve bank state ment, issued on February 11, their to tal was the lowest since March 19, 1920. The heavy borrowing by the Minne apolis, Atlanta, and Dallas banks was due to the credit strain in the wheat and cotton regions. The recent increase inter-bank borrowings by the New York bank is attributed to the calls by country banks upon their New York correspondents after the reserve banks had begun to restrict their lend- ngs'to member banks. Securities Based on Commodities A new and highly important phase of the credit situation developed with the successful flotation last week of the $40,000,000 note, issue to take care of the stocks of surplus copper in this country untifnf rriarfcet for them can V. J. .. . J . l'.. U'-.'i. 3 ? . a4. J .1 tits nti luuna auruau. xwuuicu iv no simplest terrhsVThls transaction means that the strain of carrying frozen credits was shifted' from the banks to Th e Investor Earning Power aa Security Investors cannot he remmd tooimenfs guarantee during: the first six! often of the fact hat it is the earn- ing power of a corporation more than the general classification . of a bond that gives a security its . investment position. A mere debenture, or prom ise to pay, well covered by earnings, past, present and prospective, is bet ter than a first mortgage on operat ing property that barely pays its way. It is not necessary, therefore, that the investor seeking a bond backed by geed security consider only nrst mort gages. In many cases it is not only unnecessary, but also undesirable, and a waste of the investing power of monev to take a low yielding nrst mortgage when a higher yielding de benture or thinly secured (as to phy sical property) junior lien is obtain able. In back of all discussions or considerations of the relative prop erty security of two or more bonds of a eiven corporation is a mental soeculation on priority payment. Whether he admits it or not, the in vestor is asking: Which would be paid off first (as to principal) in ease of dissolution, and which would receive first consideration (as to in terest) in case earnings were not sufficient to meet all bonded debt in terest requirements? The existence of a high ratio of earnings to interest reauirements dismisses the ' tormer question rd makes th( second a minor consideration., Falling Back on Dividend Cwts In considering a debenture on the strength of a high earning ratio the investor should inquire into dividend records. Dividends on common and preferred stocks come after the fur thest deferred funded debt obligation. Where stockholders consider their stocks safely enough secured (as to earnings) to place them in the class of investments, debentures become good investments. In case of a shrink age fn earnings, surplus reserves could be tapped. If that did not suffice to pay interest on bonded debt, common stock dividends could be sacrificed. Again, if enough were not realized from breaking, down this outer line of defense, preferred dividends could be curtailed. All this could happen be fore bond interest would be endan gered. 1 The. Norfolk & Western rail road earned its bond interest in 1919 and then paid out in dividends a sum sufficient to pay bond interest 2.02 times over again. Thex year 1919 is taken because it is the latest year for which a full earnings statement is available. The Chicago, Burlington & Quincy in tnat year paid its interest and then paid in dividends earnings equivalent to l-3 times that interest. Union Pastfic after paying Interest in 919, disbursed enough in dividends to pay 'interest 1.74 times. Atchison, To peka & Santa Fe paid dividends equal to 1.69 tiroes its interest requirements. It should be remembered that in all these cases there were surpluses after dividend payments. Southern Railway Earnings Southern railway is one of the fe-w the shoulders of investors. Tha opera tion releases the bank's funds and makes them available for transactions of greater fluidity. It has afforded the investing public with a safe, high yielding, short-term security, and last ly, it has saved the copper Interests from the necessity; of throwing their enormous stocks on the market at a heavy sacrifice.. All these things are highly desirable, and in tha case of copper the plan appears to be more practicable than it would .be in the case of any other commodity, for the reason that deflation came earlier In copper and was more drastic than in other materials. Even at prices below the pre-war level copper could not find a market. Nevertheless, the success of this new plan is bound to bilng pressure on bankers from the holders of other commodities for the adoption of sim ilar expedients In their behalf. Already there are stories afloat concerning a proposed note issue to finance the hold ing of cotton, and tobacco, grain, and cotton growers are naturally asking why they should be forced to toe the line of deflation while the big baitks seem to be able to find a way to take care of mining andV smelting compa nies. This is the first big issue of se curities in this coJWtry based on aj commodity, and its sequel will watched with especial interest. be Deceiving Whom You Cannot Gratify In his recent hook, entitled "Democ racy and the Human Equation," Al leyne Ireland declares that the effort of politicians, to run the government under the two-fold system of "gratify ing those whom you cannot deceive and deceiving those whom you cannot gratify" has run its course. It would be pleasing to know that this is true, but the lata developments at Washing ton tend to Inspire one with doubt. Whep the distressed farmers went to congress asking for bread the law makers gave them a stone by reviving the War Finance corporation, and they are now planning to offer them an equally hard and tasteless contribution In the shape of an emergency tariff bill. The prospects of the latter meas use being placed on. the statete books during the present session are some what remote, but the War Finance cor poration has been duly revived, and some time ago announced that it was open for business. It has so far made only one loan, but large numbers of farmers, taking the promises of poli ticians at their face value, are still looking to it for "constructive meas ures." The only persons who can ob tain any direct benefit from the War Finance corporation are those who are engaged directly in the export busi ness, and in this group the farmer is not to be found. In other words, the plain purpose of the law creating the corporation is to promote the export trade, and any benefit that comes to the farmer is merely Incidental. An examination of the emergency tariff bill discloses the same principle; the direct beneficiaries will not be the farmers but the manufacturers. And so it appears that the politicians who make our laws, not being able to fulf ill impossible promises, are Btlll ad hering to the principle of deceiving those whom they cannot gratify. (Copyright, 1921. by N. -Y. Evening Post, Inc.) His Present Opportunities and Problems roads which declined the govern- , . months of private control, and the system's earnings even during the first eight months of 1920 aggregated J15 S5a )?(! airalnct Q A1K fnr- thnco monins in iis. aince septemDer l, when the new rate schedule went into effect, however, the system has showed considerable improvement. Net earn ings after rents during the last four months in 1920 totalled $5,286,9S9, as compared with $2,64S,593 for those months In 1919. The government guar antee was sufficient to pay interest and charges of the system 1.46 times in 1919 and 1.51 times in 1918, at though net operating- revenue in 1919 equalled only 99 per cent, of interest charges. In 1918 such revenue was 2.04 times the interest requirements. Bonded debt interest was earned from 1.18 to 2.28 times during 1910-17. The total funded debt is 2253,611,693, against which the property investment at the close of 1919 was calued at $506,849,340, Atlantic & Yadkin 4s One of the Southern railway's best secured small issues, which still sells to give a good return, is the Atlantic & Yadkin first mortgage 4s, due in 1949. These bonds gives a current re turn of 5.93 per cent, at the present price of 67 1-2. or a yield of 7.2 if held to maturity. The $1,500,000 outstand ing, are secured by a first mortgage on 163.1 miles of roadway in North Carolina, representing a rate of $9,190 per mile. These bonds are issued in denominations of $1,000 only. They ranged last year from 60 1-4 to 87. ftlemphla Ss Yield 6.05 Per Cent Southern railway's Memphis divi sion 5s. due in 1996, give a surrent re turn of 6.02 per cent at the present price of 83. or a yield of 6.05 if held to maturity. The $6,883,000 outstand ing are secured by a first mortgage on 259.1 miles of road, representing a rate of $23,368 per mile. They are fur ther secured by a first collateral lien on 34.1 mtlea, and by the 42-mile road now under construction from Steven son to Chattanooga. These bonds are issued in denominations of $1,000 only. They sold as high as 104 In 1916, and last year ranged between 71 3-8 and 90. (Copyright, 1921, by N. T. Evening Post, Inc.) Kansas leads all states In the pro duction of alfalfa. In England Episcopalians approve of card playing on Sunday. CARDS OF THANKS I take this metnoa to tnank my many friends for the kindness shown, and their expression of sym pathy, especially Mrs. W. . P. -Monroe and Miss Gertrude Pottle, in the illness and death of my dear sister, Mrs. Mary A. Bryant, who departed this life Feb ruary 14, . MRS. HANSON- W. COLLINS. SUBU RBAN SCHEDULE TIDB W&TEB rOWBB COKPAKT Winter Parld Seagate, WrlghtavlUe. Wrtshta-vUIe Baack and Iatermediat points gtgaetlve Thwraday. Otobea 7 t2. " ' Leave Wilmington - vKair . Wrifffetavllle Leava ' Wilmington Far Reach $6:50 A. M. - 7:20 A. M. S:S0 A. M. 9:30 A. M. 20S00 A. M. 11:30 A. M. 1:05 P. M. 2:00 P. M. 2:30 P. M. 2:00 P. M. 2:30 P. M. t 4:00 P. M. 4:30 P. M. 6:00 P. M. 6:30 P. M. 6:10 P. M. 6:0 P. M. 7:16 P. M. 8:15 P. U. 9:15 P. M. 11:15 P. IS. $6:50 A. M. 7:20 A. M. ;00 a. .M. 8:80 A. M. X :30 A. M. 10:00 . A. M. 11:30 A. M. 1:08 p. M. 2:00 P. M. X:30 P. M. :00 P. M. 8;30 P. M. t 4:00 P. M. 4:39 P. M. 8:00. P. M. 6:30 P. M. e.io P. M. 6:40 P. M. 7:16 P. M. ?:15 P. M. :J6 P. M. 10:15 P. M. 11:16 P. M. I DAILY UXCEPT SUNDAY. VHOU STATION No. 1. This car connects at Wrightsviile on special request to transpor tation office. Phone No. 2701. TjThis car will go through to beach on special request to transporta tion office, Daily except Sunday. f Saturdays and Sundays only. Sundays only. Freight Schedule .DbIIt Except Sunday. Leave Ninth and Orange streets 3:00 P. M. Freight Depot open dally except Sundays frou. 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 New Orleans Cotton Exchange Jjtrect 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. Bear. 401 SOUTHERN BUILDING New Orleans, La. PHONE 38 1 a We Handle "STAR BRAND" Shoes KOSCH'S DEPARTMENT STORE Corner Sixth and Castle Streets All Carp Transfer Over. Here REBUILT RAP14TQR3 ALL KINDS FOR ALE Less Than Half Price ot New Radlatom Radiator Repairing Prices Reasonable W. B. KLANDER & CO. 132 Market St. Wilmington. ST. C. w. unroe AMD COMPANY FURNITURE IS S. Front St. Tonr Money' Worth Alwayi Arrival and Departure of Train WILMINGTON. N. C. ATLANTIC COAST LINE Effective February C, 1921 AH Trains Dally When Not Otherwise Designated Depart. Arrive. 3-40 A.M.. Raleigh & North. 1:20 A.M. Sleeper to Raleigh open 10:00 P. M. 5:80 A.M South & West... 12:10 A.M. Sleeper to Columbia open 10:00 P. M. 7- 45 A.M North 6:05 P.M. Parlor Car to Norfolk 8- 30 A.M Fayetteville 8:00 P.M. 300 PM iew fstirn ii;ou f.m, 3:30 P.M South & West... 1:00 P.M. SHfcepers to COi., Augusta, quanta fi-xi P.M. ..Fayetteville ..fll:o& A.M. 13-30 P.M Southport. ...fl:00 P.M. i 7-00 P.M .North 9:45 A.M. sieepers to Washington and Norfolk- iDaily, except ouiiu. s Arrives 9:45 a. m. saturaayE. 'uany 10 itaj- eigh, but aoes noi run uui m ui jroias boro on Sundays. iTuesdays, Thurs days and Saturdays SEABOARD AIR LINE BfTective November SS, 1920 n.mrt Dally Arrive 4-20 A.M.. Charlotte 12:50 A.M. ; Sleeper to Charlotte open 10 P. M, 1 8:00 A.M...WU. to Ruth" ton. .5:40 P.M. 3:40 P.M. P.M. Parlor Car to Charlotte For Information Phone 178 BE AN OPERATOR OF A LINOTYPE, INTERTYPE OR MONOTYPE MACHINE Good pay, educational, pleasant work for men and womon. Course is short and least expensive schooling you can obtain. (Typewriter operators excel at once.) Address Typesetting Dept. Georgla-Aiabaina Business College. Macon, Ga.. for full information about American and southern Newspaper Publishers' Typesetting. School. Adf. WE SELL IT FOR LESS! ' THE BEE HIVE " NEW STORE " 717 North Fourth ftreet ' Read Star Classified Ads, mi r ?. V r ' v LTQ Wrights villa Far -: Wilmington Beach . :--Fa-: Wllmlnartaa :00 A. M. 16:35 A. Ml 17:05 A. M. 7:35 A. M. 9:15 A. M. JI0U5 A. M. 10:45 A. M. 12:16 p. .M. 1;45 P. M. 3:46 P. M. 8:15 P. M. f:4 P. M, 1:15 P M. 4:45 P. 14. 6:15 P. M. 1:45 P. M. :25 P. M. 6:66 P. M. Il26 P. M. 7:56 P. M. 8:30 P. U. 2:30 P. U. 16:10 A. JUL' ! 0:50 A. SC. r:20 A. M. 7:60 A. M. I 1:30 A. U. 2:25 A. M. Jltt25 A. M. 105 A, U- iS:25 V. U. 1:65 P. M. 2:56 P. W. I:2C P. M. 8:65 P. M. 4:25 P. M. 4:55 P. 84. 6:26 P. M. fc65 P. M. :35 P. U. 7:06 P. M. 7:35 P. M. 8:06 P. M. S:45 P. M. 8:45 P. M. 10:46 P. U. ,U:46 P. M. INVESTMENT SECURITIES What Do Yon Think Of This? AN IVER-JOHNSON BICYCLK For Your Boy or Glrlt QUEEN CITY CYCLE CO. 208 Uarket Street TELEPHONE 863 Your Boy Wants A CROWN MOTO-BIKE Cash or Weekly Payments Wilmington Cycle Go. 215 Market Street Phone 526 ARRIVED TODAY 1 Car Irish Cobbler Potatoes 300 Rolls Woven Wire Fence, 28 to 52 inches. 200 Coils 4-Point Barbed Hog Wire. 300 Coils 4-Point Barbed Cattle Wire. Another car of SERV-US Flour ex pected daily. Every barrel is guaranteed to give sat isfaction D. L. GORE COMPANY Wilmington, N. C. a. tjoni Taat rjxeeeas Pennsylvania Anthracite in value. Other soft coal of -equal quality. Try us. Phone 2321-W. Becker Coal and Builders Supply Company Castle. Queen and Surry sts. , W. L. DOUGLAS l.&M.L.Hurvvitz o 605 North Fourth St VV. L. DOUGLAS It W 1! 1 n i .u:-n t
Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 18, 1921, edition 1
13
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