Newspapers / Wilmington Morning Star (Wilmington, … / Feb. 19, 1921, edition 1 / Page 11
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THE MORNING STAR, WILMINGTON, N. C., SATURDAY, FEBRUARY 19, 1921. ELEVEN ana : vommerqial Me inancial ws and Comment IM II II III J COTTON STOCKS XT.W YORK. Feb. . 18. -The cotton market wa seasier today With March contracts making a new low record ior the sea son, while May told off to l 50 or within 20 of the previous low iVj.-e. That delivery clotted At 13.60, tjth the general market closing steady ,t a net decline of 13 to 29 points. 0 fre6h news factor of Importance Was discussed as the cause of the. sell ing w hich local brokers most generally Attributed to discouraged long ac counts or scattering pressure from the Toiitb. Liverpool was slightly under expectations and 1 the market here opened at a decline of 2 to 16 points. Selling was held in check at the ftart b;- the firm opening of foreign exchange rates and estimates that Fall p.iver sales of print cloths for the wek bad amounted to 150,000 pieces, slight rallies met offerings from one source or another, however, and liq nidation became more Reneralduring the early afternoon owing to dtSap lio'nting reports from the stock market and the easier turn in foreign exchange rates. Wall street brokers were among the more active sellers oil the decline vhlch carried March contracts off to 13.02 and July to 13.91 or 27 to 31 points net lower on the active months. An idea that advances were meeting Increased spot offerings was consid ered largely responsible for the liquida tion of recent purchases, tout the de cline was checked by trade buying orders which were in the market for expectation on a scale down. Last prices showed rallies of a few points from the lowest. Boston advloes said that cotton speculators were asking for bids on consignments and were wiilins: to accept low prices ana south w estern selling here, was accompanied by rumors of increased spot offerings in the belt. - Futures: High. .Low. Close. March 13.30 .13.02 13.10 Mav .. 13.S0 , 13.60 13.60 juiV 14.22 13.91 14.02 October.. 14.58 14.31 14.45 M3W ORLEANS COT TO (Furnished by H. G. Latimer, Jr., 401 Southern Bids.) NEW ORLEANS, Feb. 18. The trend of values continues downward, owing to the reactionary tendency of foreign exchange, fear of curtailment by ,Amertcan mills if business does not improve, and because of the absence of any demand of consequence for spots at the ports and in the interior. The easier tendency of the goods market is having a depressing influ- fre on sentiment and values afso, as concessions are reported in the effect' ing of sales of some! descriptions. A ti if.eatening strike of mill hands at Koubaix, France, is said to have been averted, where master spinners de cided not to reduce wages because of ',-, short time already existing, and owing to there being practically no decline in the cost f living. The spinners' takings of American the past week werej larger than last vear for the first tifrne, 241,000 bales npainst 234.000, makiing total -thus -far this season. 5.946.000 against 8.272.000 By reason of the larger takings for t h f- week and the mall weeks into s;s?iu. 170,000 against 2415,000. varia tiVins in thp world's jvfsi.hl nf A m or-i . rail showed a decrease of 71,010 bales- lof only 56 bales peculiar position. rpainst a decrease unie year ago !The market ls in ai f'-f notwithstanding: the world's visible ofj American being 60,000 bales less ihivi last year, 4,380,000. compared wb -4.640.000 ,the zjnice of middling is .'h.,5e lower 13c against 39.75 riiis is attributed to poor trade the ivoild over and because of the south halving about 3,226,000 bales more to marke today than lat this time one year ajo, or about 8.336,000 against i.lio.ocro, as Is -indicated by the roi lowing comparison: Interior spots Auciyu 1, 2,408,000 ajrainst 2.909,000 last season; crop, mciucung unters. esu- m.V.rd 13.500,000 agailnst 11.936,000 last year: total Supply jiE.918,000 against j!-.h5.ooo last season, or wnien mar l:.ted to date 7:572.000 ae-ainpt 9.735.000 laft season; marketed 6,336.000 against .".T 1".000 last season.! This is the sit uation with which the south: is con fronted and its only salvation, so far a the southern cotton industry is concerned, lies in the making of a drastic reduction in i this year's acre- as the producing of another aver : ce size crop, much less a large one. vmim undoubtedly force values to a much lower level, whereas a small i rr,,, of about 8.000,000 or less would nerve to remove the present large sur pins and advance pTices eventually. Meow snow storms are reported in fiViaho.na today, 6 to inches of snow at some points. "Washington pre ii ts a severe cold wave for next v"k. probably the coldest Weather of th- -rinter in the Rocky mountain region, perhaps freezing to the gulf coast. Futures: High. "larch 13.15 Mav 13.48 .Inly 13.76 October s 14.07 Low. Close. 12.80 12.95 13.12 13.25 13.42 13.58 13.82 13.90 H. ANP B. BEER. DAILY COTTON TABLE Port Movpmfnt New Orleans Middliner 13.00; re ceipts 2,553; exports 3,258; sales 823; tock 410.835. Oalveston Middling 13.00: receipts 3.363: sales 222: stocK 424,684. Mobile Middling 12.50; receipts 507; fook 14.867. Savannah Middling 14.00; receipts 71 R: sales 96; stock 157,519. Charleston Receipts 49; stock 246, 237. Wilmington Middling 12.75; receipts F.0.1: stock 22,306. Texas City Receipts 217: - exports S0n: stock 4.107. - Norfolk Middling 12.75; - receipts 752: sales 284; stock 80,307. Haltimore Receipts 2,461;. stock 5, BS9. Hnpt'on Middling 13.65; receipts 25; nock 11,663. Philadelphia Middling 13.65; stock B.259. New York Middling 13.90; exports 30n: stock 111,109. " " ' . Minor ports Receipts 1,548; exports 3.548: stock 2,145. Total today Receipts 12.494; exports 5.206: stock 1,396,757. Total for week Receipts. 101,844; ex ports 1 08.590. Total for season Receipts 4,392,520; Exports 3,265,574. Interior Meremfat Houston Middling 12.75; receipts l(,fw; shipments 3,579; sales 3,369; tock 859,198. Memphis Middling 13.00; receipts shipments 4,312; sales 500; stock AiiKusta Middling 13.25;. receipts 1, r,: shipments 674; sales 424; stock J.'M17. " St. Ix)uis Middling 13.60; recedpts '.43; shipments 9,240; stock 27,738, Atlanta Middling 12.60. . UttJe Rock Middling 13.25; receipts 3 010; shipments 402; sales 425; stock S4.235. Dallas Middling 12.85; sales 3,186. Montgomery Middling 12.25. Total today Receipts 20,456; ship 'nts 18,207; stock 989,047. COTTONSEED OIL .NEW YORK, Feb. 18. Cottonseed D)l scored a slight . advance early through covering operations, but sup port was lacking and prices slipped oft later under selling by refiners and liquidation on the reversal in 'other commodity markets. Closing fcids showed net losses of Ave to ten points. als 14,600 barrels. Primo oi-ude MO. als; prime summer yeUow spot 7.50 8.00; March 7.65; May 80 Jul? t.42 U bid. othejr articles undin4. rar; ir"Sl.?- .18 The further Z ,9 in tne stock market idl:?.Wa'lP5lmariljr due to the same whinl c,rCttmstances and factors wnicn nave rnvtm ii tions sincn th . . "tni,ji4 vi Lite J . trl.f " "u, ng power or publlo in Vnfif ndickted by the meagre huiSS, reported by commission and fnAmf J-,0r earnln" of railroads ?iWevIvalof general business con efforts militate against constructive tJthetMfn'y,. T esle' to the ex tent that call loans dropped from 7 to 6 Der pit a ji.jx nOted for r-n-mnx.-.!.. - . accpntari i uiai paper and batik waMaTnahl XZVW "me mon unsettT Vit en change was. more of thii- i , greaier part the contin.fJ?? i11"' Remittances to were lowtnt w tn,ut exception, also thVilWS' 5Jvin 3Pcai point to credits VocenTrir'lurVe 1r in such ia,,V. "uriy aggressive . snipping and 6lls at Price's 8fn -a sTorthcOmin"g. foweYt oeing registered in many in- Atlanta nMf. 4 Tfr close Tvrt , 4X " wuu vvest xnaies com rW,af.. h5. weakest and the mt U n-Vlemersdcc,l.ina & t loss of tlon6 lSefXCeS8 0t 2 capital fep5fenatiYe rails' such as Nor- trXi v;esiern, a-nd Reading, fea loints nS' bth advancin f?llnss' liberty and Victory 'but other aomestio Issues as well as international flotations were inclined tO react, esnernnllir PrdnAi, : j , Total sales, par value, $9,310,000. NKW YORK STOCK LIST Am. Beet Sugar Am. (Jan High Low Close .. .b Am. Car and,Pdry. ... Am. Hide and L., pfd Am. Interna. Corp. .. 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 At I., 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. Paul . C, R. I. and Pac. . . r. Chino Copper Coca Cola Colo. iTon and Fuel .b Corn Products Crucible Steel Cuba Cane Sugar . . Erie General Electric . General Motors . ... , O. Northern, pfd. . , Gulf States Steel . Illinois Central. ... Inspiration Copper . Int. Mer. Marine, pfd. International Nickel . International Paper . Kennecott Copper .... L. and N b Mexican Petroleum Miami Copper Middle States Oil Midrale 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 ...... b Rep. Iron and Steel . Royal Dutch, N. Y. .. St. L. and San Fran... Seaboard Air Line ..b S. Air Lino, pfd b Shell Trans, and Trad. Sinclair Oil and Ref... Sloss-Shef. Steel and I Southern Pacific Southern Railway So. Railway, pfd. . .b Std. Oil of N. J., pfd... Stude'baker Corp Tennessee Copper . . . Texas Co Texas and Pacific Tobacco Products .... Transcon. Oil Union Pacific United Fruit I U. S. Food Products . . XJ. S. Ind. Alcohol' U. S. Retail Stores ... United States Rubber United States Steel .. U. S. Steel, pfd ' Utah Copper Vanadium Corp. Virginia Caro. Chem.. Western Union ....b W'house Electric .... Willys-Overland . . Gen. Asphalt Invincible Oil 48 48 48 30 29 30 124 123 124 45 44 44 46 45 46 85 84 84 50 50 50 42 41 42 94 98 93 85 82 85 100 100 100 66 66 66 t 89 39 82 82 82 64 64 64 90 89 90 34 34 34 58 61 57 117 lls 116 37 86 37 72. 70 71 59 58 59 2734 27 27 28 27 27 23 22 22 22 21 21 27 71 70 70 94 93 94 25 24 24 13 13 13 131 131 131 14 14 14 76 75 75 32 32 32 89 88 88 35 35 35 54 53 53 15 .14 14 57 56 56 19 18 19 100, 161 159 160 ... ... 18 13 .13 13 30 30 30 19 18 18 72 71 72 20 19 19 103 102 102 84 83 S4 3 3 3 l 77 76 77 40 40 40 29 29 29 I 34 34 34 13 13 13 76 74 76 32 69 67 67 68 61 62 21 21 21 6 10 40 40 40 24 23 24 50 50 50 " 78 78 78 22 22 22 ... ... 56 109 108, 109 61 59 60 8 8 8 43 43 43 22 22 22 56 53 54 9 9 9 121 120 120 107 106 106 24 23 24 70 69 69 56 65 56 70 68 70 83 8J 83 111 110 110 55 65 65 37 36 37 36 34 35 86 46 45 46 77s 7 7 68 65 67 22 20 21 Total sales, 573,600 . NEW YORK BONDS .b .b .b .b .b b U. S. 2s, registered ... U. S. 2s, coupon . U. . 48, regw U. S. 4 s, coupon Panama 8 s, registered Panama 3s, coupon ....... Am. omeii-iiijs """o - - - Am. Tel. and TeL cv. 6 s Atchison gen. 4s Atlantic Coast Line 1st 4s Baltimore and Ohio cv. 4s .... Bethlehem Steel T$t. .5s Central of Georgia Con. 6s ....b Central Leather 5s Chesapeake and Ohio ov. 6s ... . Chicago, B. and Quinoy 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. Au. . Dominion ot Canada 6s (1981).. Erie gen. 4s Illinois CentTal ref. 4s Int. Mer. Marine 6s Ka,nsas City Southern ref. fts Liggett and Myers 5s Louisville and Nashville un.4s. . Missouri, Kan. and Texas 1st 4s Missouri Pac. gen. 4s.... New York Central deh. -6s NorfolK and Western ov. 6s .... Northern Pactfo 4s Pennsylvania gen. &s IS Ironed SteU 'U 'iiiiii: .b St! PLouls and San Fran. adj. 6s. . Seaboard Air, Line adj. 5s Southern. BeN TeL .6s Southern Pacific cv. 6s Southern Railway 68 Southern Railway gen. 4s Texas, and Pacific 1st J Union Paclflo ' VJ-jV U. K o G. B. and I.. 6s (17 ti s . steel 5 ,;; C Virginia Caro. Chemical 5s . . . Wabash 1st .t'.T.. .' Wilson ad Ot. cv, GRAIN CHI r. A fin Vm-k i -- - ' ' r " mi'j. rain west nd southwest with predictions of the coldest weather of the winter had a depressing influence on the wucav marKsi toaay. ma closed weak, half to 1 cent snet lower. Com finished to .c down and -i8l!in3hr!6a t0 c Wghar. In prorisions the outcome ranged from 10 cents decline to advance of 2 cents. March . May . . . Corn May . . . July . . . Oats Mav . . . July ... .font May ... Lard May . . Ribs May l.S 1.58 .69 .71 .46 45 High. Low Close. 1.72 1.67 1.67 1.62 1.57 , 1.17 .71 .69 .69 .73 .71 .71 .46 .44 .46 .46 .45 .45 13.15 12.27 11.87 12.07 11.22 12.15 11.30 WILMINGTON MARKETS SPIRITS OF TURPENTINE N. D. ROSIN N. D. TSAR $3.00 and 13c. VlRGir -a. s. -YB5LLOW DIP N. D. HARD N. D. CJOTTON WILMINGTON SPOT 13.00. PROUCCE MARKET CORN J1.1E. to 11.50. BEEF 10c to 15 VEAL 15c to 16c BACON rr r.Anivx sides and shoulders, 30o to 33c VJAJS-iLi TALAAJW iC BEESWAX JSC. HIDES c . WOOL No market. . HENS $1 to $1.26. LARGE FALL CHICKS 71c to 80c SMALL SPRlNfl CHICKS 35c to 5ftc. dulL EGGS Steady, EOc to 69c. BUTTER 35c. POTATOES 14.00 bag. SWEET POTATOES $1 to $1.26. CABBAGE $2.00 to $2.00 cwt. APPLES $6.00 to $1.60 DbL wiLstiNGTorr pBLAJrrr market (Reported by J. 8. Funcheas s Co.) White Spanish, farmers stock, new crop, primes, per bvsheL 30 pounds, $1.10. North Carolina, larmeru stock, new crop, primes, . per bushel, 28 pounds, 90c. Vir-tl. T?tmncM farmers' Stock. new cron. nrimea. nr bushel. 22 pounds. 88c . Virginia Jumbos, farmers' atook, new crop, primes, per "bushel. 22 pounds, $1.00. PETERSBURG PKANXTf -MARKET (Reported by RaAgers, PInni and Coiaiinnr. Inc.) SPANISH (Farmer's Stock) market firm, 92 c to 95c per bushel. , VIRGINIAS f armers Stock) market v can.. ... Fancy Jumbo 6c per lb.; extra prime ?sc per - id.; pnm iu wn . ii , ii "I i . SOUTHERN MILL STOCKS (Quoted by R. S. Dteksoa and Com pany,- (a stoma, n. c Stock Acme Spinning Co Aileen Mills .. Am. SLinninor 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. uo. Clara Mfg. Co. Clifton rMfg. Co Cabarrus Cotton Mills ...... Chadw'k-Hoskins Co. par $25. Chadw'k-Hoskins Co. pfd Cannon Mfg. Co. Clover Mills Cash Mills Climax Spinning Co Crescent Spinning Co. ...... Dixon- Mills Drayton Mills . . Dresden Cotton Mills Dunean Mills Dunean Mills, pfd. ... Durham Hosiery, pfd Durham Hosiery "B" ....... Eastern Mfg. Co. Eastside Mfg. Co Efird M.fg. Co Erwin Cotton MillsCo Erwin Cotton Mills Co. pfd.. flaffnev Mfar. Co iTlint Mfg. Co Gibson M.ig. t;o Globe Yarn Mills (N. C.) Grace Cotton Mill Co Gray Mfg. Co Hamrick Mills Hanes, P. H. Knit Co........ Hanes. P. H. Knit. Co., pfd.. Imperial Yarn Mill (N. C. ) . . Jennings Cotton Mill Judson Mills Judson Mills, pfd. Lancaster Cotton Mills Limestone Mills Lola Mfg. Co. Locke Cotton Mills Co Majestic Mfg. Co Marlboro Cotton Mills ....... Monarch Mills (S. C.) Myers Mill .. Myrtle Mills National Yarn Mills Newberry Cotton Mills Norcott Mills Co Orr Cotton Mills Osceola Mills : Parkdale Mills Pacolet Mfg. Co. Pacolet Mfg. Co., pfd ...... Pelzer Mfg. Co. ............. Piedmont Mfg. Co. (S. C.) .. Ranlo Mfg. Co Rex Spinning Co. gex Spinning Co., pfd. idge Mills ....... Riverside Mills (par $12.60) . . Riverside and Dan River Rowan Cotton Mills Co. .... Rockyface Spinning Co. .... Rhyne-Houser Mfg. Co. Saxon Mills . . - v Seminole Cotton Mills. Co. ... Spartan Mills ............v.. Sterling Spinning Co. ........ Superior Yarn- Mills Toxaway Mills (par $2$) .... Union-Buffalo-Mills ........ Union-Buffalo Mills 1st pfd, . Union-Buffalo Mills 2nd pfd. Victor-Monaghaa , Co. . ........ Victor-Monaghan Co., pfd. . . Victory Yarn Mills Co. ...... Ware Shoals Mfg. Co. ... Watts Mills ............ ; . . Watts Mills 1st' pfd. ......... Winget Yarn Mills Co. ....... Wlscassett Mills Co. .... Woodside Cotton Mills . . . . . . WoQdside Cotton Mills, pfd.. Bid Ask 74 85 ... 75 ... 300 12$ ... 161 355 ... 115 110 ... ... 125 290 ... ... 145 200 ... 115 ... ... 120 170 ... 1$ 15 ... 100 185 ... ... 136 ... 40. 120 135 79 86 99 106 60 ... 240 290 ... 185 78 ... 90 95 30 35 95 111 35 60 120 141 S20 375 97 ... 78 85 200 250 176 ... 75 85 ... 425 ... 176 15 17 98 101 ... 175 240 ... ... 325 80 ... 225 ... 176 110 ... 124 130 ... 175 45 80 ... 130 47 5 180 ... ... 151 ... 225 200 ... ... 186 ... 275 ... 171 ... 200 89 95 ... 125 ... 165 ... 110 ... 151 ... 96 , 92 96 ... 16 276 ... ... 85 ... 101 $6 . . . 110 110 ... ... 140 79 36 120 .140 ... 32 ... 40 80 ... 28 32 . 92 93 ... 90 ... ... 270 ... 118 ... 81' ... 90 180 ... 46 a S3 usiness Today Merchant's Prob lems and Current Trade Conditions ImBUSlNESS TOD AT No UBdet-protfuetlon f Staples Throughout the greater part of -If 20 there was a notleaahi attribute most of the ills from wh ten the country was then suffering to underproduction. . Ac tim.. ,v. . wuwr for more production bordered on the uj.i-erieai, i n is was espically true last SDrinar. when sandras were freely predicting famine and food tickets in the United States mis winter, in spite of assurances i to the contrary from the department of agriculture. Now that the statistics or production are at hand th real story can be told. Tn a.A 19 out of 28 from products for which figures are available the yield in 1920 wa greater than in 1919, and the latter was by no means a bad year. inere was an increase in 1920 of 13 per cent in corn, 2$ per cent in barley, 25 per cent in rice, 20 per cent In white potatoes, 63 per cent in onions, 130 per cent in cabbage, 57 per cent In apples, 63 per cent In sugar, and 14 per cent in cotton. Among the products showing a decrease, wheat was. the only one of importance, but the de cline in this case represents merely a return to normal after the highly stimulated war production. Among the mineral products pis iron, coal, petroleum, and copper also registered increases over the previous year. Fig ures prove, therefore, what has already become" apparent to even the casual observer, and that is that last year's fears of underproduction were ill-founded. Not Overproduction but Undercon sumption The revelation of this enormous out put of staple commodities last year has started talk of overproduction, and in some instances It has led to move ments to curtail output. That there has been overproduction in cent&ln specialized lines, as for example in ships and automobiles, no one will deny, it seems, however, that the dif ficulty in the case of raw materials is' not; due so much to overproduction as to underconsumption. This to many may seem to be a distinction without a difference, but such is not the case. If the countries of Europe, and par ticularly Russia, Germany, and Aus tria, were able to carry cn their nor mal amount of consumption they would offer an outlet for our surplus products, and our production would no longer appear to be excessive. For nearly six years central and eastern European countries have practically disappeared as buyers m the world's markets! Their populations lack some of the necessities of lire,' and we have the situation of one continent over loaded with goods and another facing hunger and privation. Just as last year's earlier troubles were not due to underproduction, so its later difficul ties were not caused by overproduc tion. The remedy is not to be Obtained, by general curtailment, but by taking practicable steps to further the eco nomic rehabilitation of the nations with a subnormal consumption. a Offering Views Ooseornlns Novelties Considerable diversity of opinion is to be found among different classes of dealers with regard to the introduc tion of novel designs In .the coming; seasons goods. Among jewellers and dealers in millinery there is a strong belief that the reluctant buying pub lic will have to be tempted with some thing new and original. -x Clothiers, however, appear to be more conserva tive, especially those who are still struggling with heavy stocks. Any radical departure from existing lines, j they believe, will fender th stocks on i hand obsolete and add still further to their financial sacrifice. There is a has little taste for novelties in cloth ing in the present state of his pur chasing power, and that to attempt to stimulate demand by such means at this time is not advisable. SUBURBAN SCHEDULE TIDIB WATER POWER COMPANY"' , ' Wixtey Park. saat. WrWrktsviUe, WrlktavUle Beach and Imterae4late Poftata . Bgettv nutxaaar. October 7,13. - Leave Wllxetagtoa For WHgktavtlle 6:50 AT M. 7:20 A. M. I 8:00 A. M, ' 1:80 A. M. t 9:80 A. M, 10:00 A. M. 11:30 A. M. 1:05 P. M. 2:06 P. M. 2: 30 P. M, 1:00 P. tt 8;80 P. M. t 4:00 P. M. :39 P. M. 6:00 P. M. 5 -.30 P. M. 6 :10 P. M. . :40 P M. 1:15 P. M. (5:15 P. M. V:l P. M. 10:15 P. M. ll:l P. M. -. Leavo -Wtlitasrtoa Fot Beaetl Beaeh ; For, . Wflmlagtoa. v J6: 50 20 8:10 9U0 20:00 11:30 1:05 2:00 2:90 8:00 3:30 t :00 4:30 6:60 6:80 6:10 6: 7:15 8:15 :lft A. A. A. A. P. P. P. P. P. p! p. p. p. p. p. p. p. p. M. M. M. M. M. M. M. M. M. M. M. M. M. M. 6' M. M. M. 11:15 P. M. 6:00 A, 28. - 16:35 A. M. 17:05 A. M. 17:11 A. 28. 9:18 A. U. 10:15 A. M. 10:45 A, U. XS:15 P. M. 1:48 P. M. J Hi P. My :18 P. - j 8:48 P. ic . 4:15 P,; M. i 4:45 P. UL 5:15 P. M. 8:45 P. M. k',25 P. M. 8:65 P. M. 7:26 P. M, 7:i6 P. M. 8:80 P. M. 9:30 P. M. Leovo " WtVktsvixie) ' 3 .'--;-F ' 16:10 A. M. I 9:50 A. M. I T:20 A. IL m 7:60 A. M, 8:30 A. Sl 9:25 A. M. $10:26 X M. 10:56 A. M. 12:26 P. M. 1:55 P. M. 2:66 Pi M. till P. M, 8:65 p. M. 4:26 P. IL t 4165 P. 24- 6:26 P. M. 6:66 P. St 8:86 P. M. 7:06 P. 24 7:36 P. M. 8:06 P. 24. 8:46 P it , 9:45 P. AL . 10:4 P. U. 11:46 P. M. P DAILY liXCEPT SUA DAY. 1. ROM STATION No, 1. This car connects at WriEhtsvllle on special reauest to transpor tation office. Phone No. 2701. - This car will go through to beach on special request to transporta tion office. Daily except Sunday. f Saturdays and 8undays only. Sundays only. FrelSkt Schedale Daily Exeept Sunday. Leave Ninth and Orange streets 3:00 P. M. Freight Depot open daily except Sundays froi 1:00 to 3:00 P. M. . Life Insurance and Thrift It is always a pleasure to record anything good of the year 1920. It is in need of whatever can be entered on the credit side of its ledger, tt has a very good record In ie field of life insurance. In 1920 the American com panies took on new policies aggregat ing $10,000000,000. Ths is an in crease of 21 per cent over 1919, and of more than 100 per cent over 1918, and it is an evidence of thrift which helps to offset the widely advertised and la mented extravagances of the recent past. Perhaps we shall in time revise our estimate of 1920, wnen the pains of deflation have been forgotten, and recall It with less displeasure than its predecessor, 1919, whtcn, as a year of wild extravagance, was the period in which the mischief was really done. Americans, in spite of of their alleged thrlftlessness, carry a greater volume of, life insurance than all the rest of the world combined, and yet life in surance in this country is a newer business than in somes foreign lands. The total volume of life insurance carried in this country exclusive of the government war risle insurance is more than $40,000,000,000. Such a fig ure means little unless one attempts to visualize it in some concrete way. It would purchase all the railways in the country twice over. If this sum were all in silver dollars they would be sufficient to pave a pathway six inches wide from the earth to the moon: (Copyright, 1921r y N. Y. Evening Post, Inc.) The I nvestor His Present Opportunities and Problems STATE SECURITIES COMPANY INVESTMENT BANKERS STOCKS BONDS INVESTMENT SECURITIES R. L. HENLEY, President 903 Murdiison Bank Building Telephone 290 STOCKS and BONDS COTTON, GRAIN AND PROVISIONS H. G. Latimer, Jr. Member New Orleans Cotton Exchange Direct private wires to New Orleans. New York. Chicago and all principal points. Orders solicited for future delivery in Cotton. Grain. Provisions, Cottonseed Oil, Coffee and Sugar. Securities bought and sold for cash, or carried on conservative margin. Correspondent, H. and B. Beer. 401 SOUTHERN BUILDING New Orleans. La. PHONE 230 DRY GOODS MARKET : NEW YORK,' Feb. 18 Cotton jjoods. unfinished, continued weak and quiet in today's market. Cotton yarns were lower. Wool markets showed a little more activity.- Silks were in better demand than . for some time. Knit goods were quiet. . j , . 1 i 1 " " SUGAR ANP COFFEE NEW YORK, Feb. 18. Raw sugar easier; refined unchanged at 7.60. for fine granulated., Spot ooffet. -ateadyi JUo 7a 7 to 7ci Santos 4s 9, to 10. Simplifying Railroad Debts Simplification of bond descriptions through the consolidation the prin cipal items of funded debt into one general mortgage is the aim of all the large railroad systems. . Plans to this end were jxut into operation years ago when blanket mortgages were created, and some progress has been made to ward a reduction of the number of issues outstanding. But the advent of a period of dear money acts as a setback to these plans. The issuance of general mortgage bOnds either tor the retirement of old issues or to ac quire new capital or to reimburse a road for capital expenditures out of earnings is not feasible in times of high money rates. Most of the gen eral mortgages are restricted as the coupon rate that may be attached to bonds issued under them, the maxi mum rate being in a great many cases 5 to 4 Per cent, and this restriction makes necessary the issuance of notes or bonds of another class bearing a rate which conforms to the ruling rate for short-term money. A year ago the best roads were reauired to of fer securities yielding in excess pf 7 per cent. Today the rate is slightly over 6 1-2 per cent for the stronger systems and about 7 1-2 per cent tor those in an inferior credit position. Are- Consolidations Desirable? There are two angles from which the desirability of simplifying bond descriptions by reducing their num ber may be viewed. In a time like the present when so much big money is being diverted into tax-exempt securi ties and when, therefore, the small investor is relied upon as a substi tute for this support, it is desirable v,ot tha element of confusion be re duced to a minimum. On the other hand, the investment that is suitable for one person may not be suitable for another. The element of chance cannot be the 'same for the dependent person, the trust fund, or the savings bank as for the business man or pro fessional man who Invests surplus earnings. Consolidation of loans would make diTersincain or proper choice the more difficult. The same objection applies to consolidation of thegov ernment war issues. Atchison' 4 l-2s Yield 6.85 Atchison, Topeka & Santa Fe's CaH f ornia-Arisona lines, first and refund ing 4 1-28,, due in 1962, give a current return of 5.70' per cent at the present price of .79, or a yieM of 6.85 if held to maturity. The 17,964,ooo outstand ing is secured hy a first mortgage on 289 miles of road lying primarily in Arisona and a first collateral lien on sixty-seven miles, representing a rate of 152,046 per mile. They are further secured by a second mortgage on 463 miles, subject to prior lines at the rate Of $20,074 per mile. Atchison's 1930 net earnin after rents were, 124,266, 000, Bonded debt Interest require ments totalled about-811,654,000. The system earned 4.23 times " all interest charges during 1919 and between, 2.44 and 4.24 times those charges during 1911-18. The above bonds are issued in denominations of 21,000. only and are redeemable as a whole-at 110. They sold as high ;as 100 in 1917. 85 in 1919, 82 in 1920, and have been as high as 84 1-8 in 1921. Phoenls first mortgage 5s, due in 1942, are another well-secured issue giving a current return of 5.69 at the present price of 8, or a yield of 6.01 if held to maturity. The 34,940,000 outstanding are secured by a first mortgage on 195 miles of road between Ash Fork and Phoenix, which is at the rate of 325.333 per mile. They are further secured by an agreement with Atchison whereby Santa Fe, Prescott and Phoenix receives 5 per cent of gross earnings of all business inter changed, to be applied to the payment of principal and interest on ' these bonds. Bonds are issued in denomina tions of ?1,000 only. They sold as high as 106 3-8 in 191 and 87 1-2 in 1920. We Handle "STAR BRAND" Shoes KOSCH'S DEPARTMENT STORE Corner Sixth and Castle Streets All Cars. Transfer Over Here REBUILT RADIATORS ALL KINDS FOR SALE Less Than Half Price of New Radiators Radiator RepairiBgw .prices , Reaaoaable W. B. KLANDER & CO. 132 Market St. Wilmington, N. C. (Copyright, '1921, by N. Y. Post, Inc.) Evening What DO Ton Think Ot ThUt r AN IVElt-JOHXSON BICYCLE For Your Boy or Glrll QUEEN CITY CYCLE CO. 209 Hnrket Street TELEPHONE 862 SEW YORK COTTON (Special to The Star) NEW YORK. Feb. 18. Dullness in markets, continued feeling of uncer tainty over foreigrn political develop ments, and the strong representation of Lloyd George upon the'necessity of bankers coming to the rescue of vari ous countries in need of credit for the maintenance of international trade relations, were dominant features in the minds of the trade today. It is notable, however, " that price reces sions were slow. Prices harden when pressure Is brought to bear. When we say harden we mean they do not give way with the sensitiveness that has prevailed in the past. This seems a clear sign of an important contest to the ill features temporarily dom inant and lends strongly to the view that when a favorable turn comes, the advancecan be quick. Investment buying while prices are under pres sure is advisable. ORVIS BROS. AND CO.. LIBERTY BOND PRICES NKW YORK. Feb. 18. L.ibertv bonds rclosedj Zhis 91.26;,flrst 4s 87.50; second 4s 86.70; flrst.4s 87.48; second 4b 86.92; third 4V9 9000; fourth His 87.12; Victory 4s 97.42; Victory 3s 97.34. - Santa Fe, Prescott A Phoenix Atchison's Santa - Fe. Prescott and Pfflsbury's Family Of Foods V The now have in stock, Pillsbury's whole; family: Pillsbury's Pancake Flour Pillsburys Buckwheat Flour Pillsbury's Bran Pillsbury's Wheat Cereal . All of the same high quality of Pillsbury's Best. Grocers' Specialty Co. 17 Market St. v ' Phone 65 W. Munroe AND COMPANY FURNITURE IS 8. Front St. TTosur Mo aey's Worth Always - Arrival nnd Departure of Train WILMINGTON. ST. C. ATLANTIC COAST LINE . Effective February 6, 1921 All Trains Daily When Not Otherwise Designated Depart. Arrive. 3:40 A.M.. Raleigh & North. 1:20 A.M. Sleeper to Raleigh open 10:00 P. M. 6:30 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 8:80 A.M Fayetteville 8:00 P.M. 3:00 P.M.. New Bern .12:50 P.M. 3:30 P.M South & West... 1:00 P.M. OBeepers to Col., Augusta, Atlanta G:iJ0 P.M. ..Fayetteville ..tll:05 A.M. 13:30 P.M.... .Southport. ...Jtl:00 P.M. 7:00 P.M ...North 9:45 A.M. Sleepers to Washington and Norfolk tDaily, except Sunday. JArrives 9-45 a. m. Saturdays. Daily to Ral eigh, but does not run north of Golds boro on Sundays. tTuesdays, Thurs days and Saturdays. Kor Information Phone 160 SEABOARD AIR LINE Effective November 28, 1920 Depart ' Daily Arrive 4:20 A-M..... Charlotte... ..12:50 A.M. Sleeper to- Charlotte open 10 P. M. 8:00 A.M...WI1. to Ruth'ton. .5:40 P.M. 3:40 P.M. 1:10 P.M. Parlor Car to Charlotte For Information Phone 178 BE AN OPERATOR OB A LINOTYPE, INTERTYPE OR MONOTYPE MACHINE Good pay. educational, pleasant work for men and women. Course Is short and least expensive schooling you can obtain. (Typewriter operators dxcel at once.) Address Typesetting Dopt, Georgia-Alabama Business College, Maoon. Go, for full information about American and southern Newspaper Publishers Typesetting School. Adv. Your Boy Wants A - CROWN pTQ BIKE Cash or Weekly : Payments Wilmington Cycle Co. 215 Market Street Phone 526 WANTED! V One good, vtell-built Dray Horse, 6 to 8 years old, weight 1,500 to 1,600 pounds, while in goad flesh; mare preferred. D. L. GORE COMPANY Wilmington, N. C. I A 1 rr.1 a. .7. . Pennsylvania Anthracite , -4 in value.' Other soft coal of equal quality. Try us. Phone 23?lW. Becker Coal and Builders ' Supply Company Castle, Queen and Surry St a. W. L. DOUGLAS L-l l..&M.L.Huraitzo fiffe Has!. rt4tia ! (".A W. L. DOUGLAS ir - WE SELL IT FOR LESS! THE BEE HIVE NEW STORE 717 North Fourth Street v Read Star Classified Ads, 1 1 ' , " mu '-'I ; ! i! - - . - ,. -V. i! : ' , ' s . ! U i 1 i I t ! I1 i ' ii , ;iti i1 I; J 1 If ' b f.; ) Ii I; Mi ?.;! IB r. ', . : - ' ' . v - , - "
Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 19, 1921, edition 1
11
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