Newspapers / Greensboro Daily News (Greensboro, … / Dec. 21, 1922, edition 1 / Page 19
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GREENSBQEO DAILY NEWS. THURSDAY, DECEMBER 21, 1922 j Pre-IIoliday Profit Taking Is I ' , Strongly: FeUBf the 'Market) Leaders n Wall Street Feel That Too Much Enthidasm Was bhown Recently Over Prospects For An Adjustment of the Situation In European Countries. Sr Wirt to nnr imii (Owrtiht, 111. r ruiicilnUt ruUla Mnr.) i Nx Tort, Dec JO. Pre-holldey profit taking became more pronounced today, and thui Imparted an Irregu larity that furniahed the leading ' eharaoterlstls of today's market. The temptation, to avan up eoromltmanta and reduce lines waa a speculative, faotor that dominated all other - In fluences. There waa a fair, amount 'of new In circulation, and an abun dance of conjecture, These elements, however, were subordinated to tha customary ore-holiday consideration of reducing markat engagements, underlying tha general sentiment of tha street, however, waa the con-1 vlotlon that In tha first flush of die cusalon over reparations prospects, and tha plans being laid for Eurpoean ' reconstruction, too much enthusiasm had been engendered. The Quietus rsoently put onsforecasts involving a loan to Germany or any tangioie as sistance to he furnished by this cuun "try has caused sentiment to turn de cidedly less hopeful. Thus far, the reaction of tha stock market to this . view has been largely in tha nature of apathy. , There Is little doubt, however, that tha setback In wheat way ba traced to tha changing view over tha outlook for progress In Eu- rooean reconstruction. It la significant, however, that do mestic industry la moving at accel - crated pace. Tha weekly review of ' tha Iron Aga represents something mora than US conventional summary. Tha accumulation of orders ia calling for sharply Increased activity In tha steal mills, despite the approach of tha holiday aeaaoki. Tha shortage of metals received further confirmation; today through tha Advance In copper to tha 'new high level of 14 cents. Tha week thus far hakbeen a big one in all metal markets. Including sine, tin and lead. This is the sort of. activity that furnishes the best evi dence of Industrial revival. From the standpoint ofprice move ments., today's markety'wBs not par ticularly Interesting, .although several issues were active Ojver fairly wide range. California Petroleum went to .new hlgn. levels, wlm a gain of nearly seven points, the two Pan-American Issues were Arm, with a turnover that furnished considerably' more; than 10 per cent of tha totaUfor the whole market - Tha steals were sluggish (n spite of tha favorable mdiKtrlal re ports, the equipments sagged under profit taking, and tha motors were erratic, with Btudebakar reacting after aa early two-point rlae. Quite a guying movement developed In tha rails, but It apparently was without special Influence, unless MUs might hay been Supplied by tbe expecta tion -of an Improvement ts ba fur nished by November earnings.1 Thus far only one road has reported-. The recovery in Delaware and Hudson may be considered largely In the na ture of a reaction from 'yesterday's selling movement ' koiitor's waxl strbbt gossip. (By lewo Win te Ditlr gnu . , (fwUW, 1922, br rMUdeliihit Mbllg Avt.S New Tork, Deo.iO. With copper metal op to HH to 14 cents, new high levels for the year, .domestic de- Sand Is axceptlonably good. Wire Ills are running at capacity, brass foundries are" operating at as high a rate aa consistent with the supply of labor, and, In short, a moderate Used boom Is apparently on In the copper Industry. Naturally (.lila has had a very beneficial effect on sen timent regarding the copper stocks In Mechanical, Laboratory and Precision Machinist, .., Inwrtlons Developed and Models Made Drafting neaiaralng aad Tool Ins: ".Vl" ! Automatic Machinery, gciratlfle lastrnaeats 2Wz W.Market St. J. A. Willard, Asme. J. D. HIGHTOWER , Certified Public Accountant t (North Carolina and Louisiana) Member American Institute of Accountants - dooms 4-5-6 Real Estate and Trust Bldg. ' Telephone 1331 Rucker Bonded Warehouse " Cotton Storage Cotton Factors' "" V" ''" Greensboro, North Carolina v;- -, - - One million bales of cotton bought annually within a - radius'of 100 miles of Greensboro. " Store youi' cotton in one of the best markets in Amer. ' '; ica. Liberal money advances on cotton stored. For Sale At Prices That Will 1 - - f E. F. Craven 'Tha Road Machinery Maa SIS S. Basjteas tt. tha market. Vradara who believe mat tne long expeoted move Is at last under way are accumulating the leadera of this group, and probably in many cases tne buying power be coming evident In the ooppars rep resents tne profits made In motors ana other industrials which are be ginning to show signs of liquidation. California Petroleum waa tha strongest of tha oils, and along In the middle of the afteriroon waa up seven points from leatsrday'a olose. For lack of better Information, tha rise was attributed by street gossip iu iiuying up tne uoneney interests. This met with denial. It would seem that as tha company has flush pro- auction of 46,000 barrels a dav. stupendous output for a domestic oil company, would be sufficient to fur nll amplS basis for the etr.nath Mallinson assumed the leadership ' sua ana textile stocks today, crossing IS into new high ground. In connection wljfc the firmness dis played by this and other silk atnnira It Is said that large blocks have been taken out of the street presumably iur vue account oi textile man up town. Kecent reports concerning uauinson nave oeen decidedly prom- ana me company la In a post lion to operate well Into next year on the basis of orders now in hand. Th sluggishness of Mldvale in the market and ihe fact that this Issue win not sen in line wltl Bethlehem a is laaen to indicate the uncer. tainty of traders over the attitude oi tne federal trade commission re garaing the acquisition ot Mldvale by Bethlehem. Bulls on Mldvale ap pear certain that tha -federal trade commission can rind no flaw In the peinienem-Mldvale deal . as this Is practically the same as the acquisi tion oi ivacsswanna by Bethlehem earlier In the year. Furthermore, tha commanding ' position In tha steal trade held by the United States Steal corporation is accepted as proof In itself that the Bethlehem-Lackawan-na-Mldvale combine cannot be con strued as any combination In re straint of .trade. These traders overlpok the obvious fact that all of these arguments applied with equal force to the probabilities regarding the big Independent steel merger at tempted earlier In the aummer by other interests. This merger started out with aeven prominent companies lined up, and droped gradually until pnly the Mldvale, Republio and In land were left. When this plan was finally abandoned, Its failure was at tributed to the advarm atHt,i the federal .trade commission. Weakness of the Canadian dollar la reviving talk of a Cinadiin i. to be placed here and In London. Only a few weeks ago Canadian dollars sold at of "above par. This strength terminated abruptly when Canada began to draw gold and other re servesJrom this country. This da. .mand was due to the fact that Can- aa nao an internal loan of 1U7.000, 00 maturing on Deoember 1, and only about $110,000,000 of these bonds were converted into tha rarundin. issue, requiring that the difference of some $07,000,000 be raised immedi ately. J. Strength In all of tha rail stocks today Is attributed largely to the ex pectations of a big rail market dur ing HIJ. For soma time ralla h. been irregular, and such mild en couragement as was given , to the constructive side by the activities of the Van gwerlngen was more than offset by the action of Great Narth arn directors In reducing the divi dend rats to five par cent after a dlv- ration . Interest You One IH-toa ' Kelly Ssrtngfleld vara, dive Woter traek. (This track haa WV ' leadrag space (reaa back el driver's seat ts cad ef ebassls. ' Oae . SH-tes) Kelly. RpriagSeld v r at a drive meter track, wltk three-re rd steel ' 4ump keely aad Weed's hydra alls kelat, . .. Harlag dlseeattaaeeV kaadllaa the Kelly.' SprlagSeld tracks I asa efferlag tke above ttnrks at aaerlSee prices. The Kelly .line la haadled hare, as tall repair service Is available. Cease te aee am. OreeaaketWk R. (V BRINGING UP FATHER : 'U .Lj WE. ARE. ON OOR. WAV 'TO INDIA- MUTT ANtT JEFF Idend record cf 23 years at the rate of seven per cent. This latter de velopment struck deeply and caused considerable liquidation, much of which came before the meeting of Great Northern directors waa ac tually held, as their Intended action was taken for granted In advance. While railroads will be forced to make large outlays for maintenance of way and structure and purchase of new equipment over the coming year, this necessity Is the only really bear ish factor looming up. Adverse leg islation 'Is a threat which may be half forgotten before the new Con grass comes Into power. MONITOR. C. B. RVANS CHICAGO LETTER. (Br Uute win to Dally Nw.) Cowriht, Ills, tr ruueilpkU rubUs Udrtr.) Chicago, Dec, 20. .A nfan or a world that Is doing somsthlng It never did before should do It carefully and on a small scale, knowing the fallibility of judgment and fearing lest ha or it should get into a deep hole. True, the present declarations of stock dividends are not without precedence, but they are on such grand scale as to ba in tha nature of a new thing, eertalnly. Involving con aequencoa waicn the ord narr man cannot foresee clearly. Tha declare lion oi stock dividends by American corporations running above 11,000,- vvv.vvv tnis year la not in pursuanoe oi a poncy but In response to ormae ana witnout anything ilka a aennite and adequate reason. It Is Ilka the Inflation of tha vaara 1!9 and 1110 though on an entirely different line. .The inflation of those two years was caused by a lot of snort-sighted consumers of goods and the merchants supplying those goods. It waa country wide, and tbe foroe back of It was made up of a large number of people, the majority of wnom oia not know what they were about They and tha rest of the country paid for It In llil and tha full payment of the penalty has not yet been achieved, aa we aee by an occasional . failure, tha causes of which run . back s soma years. The irainea nnanciers of which the boards of directors of corporations are sup posed to ba composed should know ueuar. It is net surprising that If great corporations set the example a lot of me smauar ones follow. That ts wnat is happening. Tha Standard Oil companies may be exoluded from this category, for their history haa .v may can get away with almost anything In that Una and soivsnt. They are 'axcep. tlonal. Wa may turn to certain other great corporationa and And that they alt tight. The United Stat.. nt..i corporation, tha Texas company and isanionea national Lead are not Indulging in this dangerous sport Jt might be aaked what difference it makea whether a surplus is ex pressed by a stock Issue or a treas ury surplus, which would Include a good deal of oaah. Tha answer Is ready to the tongue of any fairly wall informed parson If you gat In a tight 'place you can pull yourself cut with your cash or if you have mer chandise or squlpment you can sell, but you canno, help yourself out ordinarily by selling mors stock, for the investor does not love his neigh bor In that particular way. ia too late to warn anybody u... mvn oi tmng and It has been too lata all the way along, tor nobody had any Idea of such an out pouring of additional stock as we have already aean, but It ia nof too lata to say that some time in the future thla Is going to have a weak ening effeot on the whole syatem of corporate and general financial af. fairs.- It Is not .likely that .he af fects will be seen markedly ,ln tha ,..utu u ' '.'. through tha gain in business and the enthusiasm over atock buying, ws shall have a good market after tha nrat or January. Many corporationa .. . ... "'n Put tha proaper- lty of llll on the griddle which wa call tha calendar long before it la ready to become a repast to the business community. But already tha tracks made on- the sands of time by stook quotations are ahowlng much uncertainty of movement and It has doubtless occurred to many that ws have gone too far In tha illusion of putting, the gold of 192 in our pockets. Remember thkt these perfprmancss have coma on with a rush and with out adequate thought and In tha case sf a majority of tha corporations tew people on the outside really know what the surpluses are. some of the companies may be giving, away more than they have. This although these trustees ot tha people's Investments are presumed to snake their plans not for a month or a year but for a long period. In many instances these Issues pf stocks will demonstrate ef I I II irsr-U A A 1 v -- ' l i CW1J ANVtW ' 1 11 t WANT T ''''ilfteTf tt THPOUU A FIT SSlY. I VONkSIti AT 0U1 ' ?l IHv ' ' ' -aJ ' ' " ' ' U DON'T KNOV HOW PA INOlMt)' eve nr THCRE-TH to THE L,ONE-T RIDC EvEH TOOK! Mutt Pulls Off a fects unpleasant' to the security hold ers years after the distribution haa occurred. This oountry is not yet through with tha ups and downs of business. There will be many In the next century. The railroad companies have not declared stock dividends. They have no surplus, generally speaking, ex cept surplus of troubls, and our rulers la Washington are caetlng about for means of making more trouble for them. Buttthe railroad stockvexrent up today. They didn't know any batter. C. B. SVANS. ' reamer A Bean Market Letter. Swell! to DtUj Nai) New Tork, Deo. 0. Profit taking and professional pressure gave gen eral market a heavy tone In last hour although call money was lp plentiful supply at four per cent against re newal of i. Baldwin broke over two points and similar recessions took place In other leading indus trials. Closing dealings were en livened by sharp run up In California Petroleum; which jumped over eight points to 65 U on stock dividend re ports and merger talk. Although official confirmation was lacking, earnings of company warrant the strength of tha stock. Net profits for nine months were equal to over tt per share and should exceed tit for full year with increasing produc tion. ... Ra4'nS declared regular quartarl dividend of two ner rant. k?a..k.- Paolflo declared regular 114 par cent Corn Products acts as though It had discounted any distributions to be "oay, out tne insiders feel bullish and exoect to aaa H n,,,h higher. Talk that they will put the si per cent oasis and pay tt extra in cash. If they do that it Is a question as to how It would be considered with the stock selling around tlto. It means 19 for the rnLn,,D.th"7 ar ln "P'endid con dition. Plenty of cash and orders well aa coma ex, Pec'ed. FENNBR a BEANO. Chicago Cattle. Chicago. Dae to n.i.. n. jslpts 30,000; beef steers of value ? 1 ' nd above; fairly ac hiVh... dippers: strong to 26 cents Zr.i?.y ,roni 'p matured steers, 11 f 6; several loads. 10.00B 11.60; hulk K.. ... . - other killing classes generally steady to strong; stockers and feeders slow, weak: bulk daair.hi. ...","' around 9.60 to packers; few t.Tl and above; upward' to 10.60 to shlnn.r.- its. bologna buII, ''M 4.26; hulk stocks anH f..... t fc 0.60; bulk canners, 363.0.' ' Hoars: Ran.int. iima. . fe.t (,.. . , ' ..yv, ny mar aat rive to In n.nt. ki.h . , j about ataady; hulk. 310 to J7S-pound watC.h'r?U, M! " 3 30; "bulk ton sin. "I.. mv,rmse. S.2681.I0; desirable pigs. 8.003.2SS i.rt liberal at noorv Bheep: Reoelnta. M ttnn- - weak to Ji cents lower; top, lt.oo to dlsUnl': ?Y V U 7f i P" bulk desirable fat wooled lambs, 14.269 lull'?1, ' mo,tly HOO012.OO; fresh .h,P .J""11?' "ia5; summer I?..H."PW.rd to, 14 0: othr "'"e li tf&i sw"IW . '"" lambs. fiaViS."'' tou'oublss desirabl. feeding ewes, 6.60; two loads. 4.60; 6ltl.00; lighter Veaaer aad Beaae Cottee Icttrr (SpnUI u DaUr Ntvi) New York.. rn an . .- . , tlal advance, the market haa been un der liquidation from the south rlnir lT.1uV? 6" ,M Pu'ls Short h.iii.K ..P.l lnn,n fsuras were bullish and there was no news to as oount for the HnnM.tlAn s..n. .... tlons i are natural and kept the mar-' i i . muiating an unwieldy long Interest. Th. flr.t ' January, being Friday caused some to sell out and wait until after the holi days. The buv ne w.a r v..... character than the selling, and Jao aness Interests were reported as buy ers sll the way down. ' tenders are exoactad mi i.nn. ry, and those Issued will be put out with the Idea and hoia nf v. them back at a wider dlrfarenf.a Thabest Informed nennla rnA.M. tha buying aide the Safrst. "EK AND BRANS. Suable on Istereaaes Capital, Austin, Texas. Dec 20. Th. Mm. ble Oil and Refining company, of Houston, today was grsnted author ity by the secretary of state of Texas to Inorease Its ap(al stock from 326.000,000 to 343,060,000. Amendments also were annrnv.rf changing tha par value of each share of tha company from 1100 to 126.' ' Eqaltahla laereaaee Capital. New York, Deo, 20.-Atockholdrs of the Equitable Trust company to day approved an Increase of capital of from (12,000,000 to 320,000.000 by issuing a stock dividend of t4.000.000 and offering 14,000,000 In new atock for subscription at par. London Meaey Market. London. Deo. 20. Bar silver, M panoa per ounce. Money, m per cent. Discount rates, short and three months bills, 102 par sent I ISC NEITHER DO TOO HERE, COMEt40Y THAXCAN iPrI,X HIM- Dirty Trick 9,493,296 Bales of Cotton Ginned Prior to December 13 Washington, Deo. to. Cotton gin ned prior to Deoember 11 amounted to , 4(1, ttt running bales, including 161,191 round balsa, counted aa half bales; 14.818 bales of American-Egyptian and 6,166 bales of sea Island, the oensus bureau announoed today. To Deoember U.last year ginnln tings clud- were 7,Yu,ets running bales, lnc Ing 122,049 round bales, counted half bales; 25.127 bales of American Egyptian, and Mi bales of sea Island. Olnnlngs this year te December It by statea follows: Alabama, 311. 161; Arlsona, 11,401; Arkansas. 990, 101; California, 10,401; Florida, 27,. 0H; Oeorgla 714,179; Louisiana, 141,- 810 ; Mississippi, D70.024; Missouri, 11.700; North Carolina, HO, 106; Okla home. 010.171; South Carolina, 608,. 694; Tennessee, 373,060; fexas, I, 006,972; Virginia, 24.373; all other states, 1S.133 3. , . New York Mostey. New York, Deo. 30. Call money easier; nign, 4; low, 4; ruling rat 4; closing bid, 4; offered at 414; last loan, 4; call loans against ac eeptanoes, 414. Time loans steady; mixed collateral, so-ao days, 4tt6 four-six months, 4Ktft. Trims com mercial paper, 4. Naval Sterea. Savannah, Dec. 20. Turpentine, dull, 1.30; sales, none; receipts, 306; shipments, lit; stock, 14,781. 1 Rosin, firm; sales, 1.193; receipts, 1,176; shipments, 600; stock, 110,011. Quote! B. D, B. F, 4.3IH04.t(; 6. e.se; h, illiri.liti; i, 4.b4.0: K. e.setyt.iit; H, t.iof6.6; N, i.40 WO, 6.40 C 6.70; WW, 3.40. VIRGINIA'S SUPREMACY. Marylaad'a Neighbor Has Tory Rich Aarrlealraral Interests. (John Garland Pollard, In Peninsula Enterprise.) While the constant and steady trend of population In the United States has been from the country to tha olty, Virginia remains an agricul tural state. Three-fourths of her pop ulation live in tha country. Virginia haa 100,000 farm owners, and last year tha total value of bar land, crops, livestock, etc., minerals, forest prod ucts, fish and oysters' waa far up toward the two billion mark. In tha last ten years tha value of her crops has jumped from about ninety million to nearly three hundred million, and the value of her land per acre from 320 to 340. Only two states, California, and North Carolina, havs a greatar crop value par acre. In 1930 Virginia waa the largest producer of early Irish potatoes, the third largest pro ducer of tobacco and the fourth larg- J eat producer of peanuta and apples. rvmie a aiaiss nave more sores under cultivation, there are only 30 ahead of Virginia In tha total value of all oropa Virginia has the honor of having within her borders the two richest agricultural eountiaa In the United States Accomack and North ampton. The advancsmsnts of our agricul tural Intsrssts ars committed to a board of agriculture and Immigration, and the commissioner. The board consists of ten members appointed by the governor from each of tha ten congressional districts, while the commissioner Is elected by tbe peo ple. It Is Interesting to know that Acco mack leads tha state In the annual value of Its crops, that Augusta leads In the value ot Its livestock. Fairfax In dairy . products, Rockingham ln poultry, Highland In sheep, South ampton In hogs, Scott In oats, Roa noke In alfalfa and Pittsylvania In tobacco. Excluding th 3240,000 whloh the state appropriated for this year tor the Virginia Agricultural and- Me chanical college and polytechnlo In stitute at Blacksburg, the state Is to spend during the surrent year the total sum ot I6T7.333.30 for the ad vancement of agriculture. In sound numbers this Includes 3178,000 for conducting demonstration work In connection with tha United States department of agriculture, 160,000 for the experiment station at Blacks burg, 343,000 tor dairy and food In spection. 323,000 for collecting snd disseminating market information, 319,000 for furnishing protection from crop pests, 921.000 for protecting livestock from disease, 124.000 for the Virginia Truck Experiment farm at Norfolk, 917,000 for other expenses of administering the affaire of the de partment and 160,000 for the agricul tural high schools. Walter Haven't you forgotten something, sir Departing .Diner I'm glad you spoke ot it. My wife told me not to apend any money foolishly, and I waa lust going te glvs reu a tip. 1 vyEUL - ?AT- KIN XOU TEL.L. ME. WHEN, WE'LL. e. 4N lNOA? ROAD FOR, TWO CO-OPS FORWARD A BATCH BIG CHECKS Atlantic Bank at Burlington Will Accept Certificates and Give Credit For Futi Amount Ballr H. He. t Wooesare Binding. . Raleigh, Dec. 20. Checks as seoond advance on their tobacco went to co operative growers throughout eastern North Carolina today and at co-operative headquarters tonight names of eastern growers who hare received for two advances more than the whole crop brought last year, are given out. C. B. Barnes, of Rocky Mount who last year received t!4l for 1,004 pounds, has taken tor the second ad vance 3018 dollars tor 3,200 thla rear. Thousand dollar paymenta were marry. H. U Brake received I1.4S7. M. T. Strickland's check lacked only 111 of reacmng 11,000, E. O. Battle was 31. 44, J. H. Lanier's 12,400 and 1?. C. Braswell's 33.833. Headquarters de clared one farmer who had nailed his participation certificates on ths wall as souvenirs, had to take them down to gst hla monay. Aa Illustrating tha Irrtareat of bankers, the offices here eay the At lantlo Bank and Trust company, of Burlington, has sent a message that mis bank win accept your oo-opera- tlve association certiftbatea and give you credit for the full amount of th first advance at any time before Christmas without Interest charge. Thla, the association submits, is de sirable credit Tke Sarsrtse. (Kansas City Star) A passsi of his neighbors gave Jnrd Lopp a birthday surprise party tuther night," related a resident of ths Straddle Ridge, Ark, region. Somehow tha word sorter punctuated around to Jurd that they were corn Ing, and on the morning of his. birth day he woke up with the grip. He got worse during the day and by night he waa feeling meaner than thunder and plumb hostile. Ha load- ad up hla old shotgun and 'lowed bgnd, If anybody surprlssd him they'd run thelrselves ragged get ting away from there," 'Wall, did they sure-enough sur prise him?" Ton bett They found oat haw he felt about it and didn't coma," (Thaage Immla-ratfea Lew, Washington, Dec. 20. The ssnats passed and sent to the President to day a measure permitting Immi grants who entered tha United Statea prior to last March 7 In ex cess of the Immigration law quotas and who were admitted under bond to remain permanently ln tha coun try. ' ' Oranges and Grapefruit, 65o ths peck. Plggly Wlggty. advt We Own 8 Preferred -Stocks Offering a Sound Investment At 100 and Interest Ask About It BY Ulur . i . i iSt ?KVt.. WHERE J t hV J is -."V J I II FT 111 I II "' Tl I 9 For Your Home OAK FLOORS y. , , Oak Floors are more Ideal for your home because , they are clean; 1 they don't require X: expensive floor cov- , v eringrs ; they are aU tractive ; they are; . durable; j They're Economical! , In a room 14 by 14 feet an Oak Floor will cost only $6.50 more than rift pine and think, of what v you get. Phone 2316 or 2317 now. II IL What Is in Your Safe Deposit Box? Have you ever stopped to con sider the advisability of examin ing the securities you own? Changing conditions affect the value of holdings and New Tax Laws affect your net income. We will take pleasure in making suggestions as to your presents holdings and your contemplated purchases. I Durfey&Marr Investment Securities Raleigh, N. C. GEORGE M1V1 ANUS By BUD FISHER We Own ' a 1st Mortgage Bond Selling To Yield 7 Circular On Request
Greensboro Daily News (Greensboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 21, 1922, edition 1
19
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