r T -T ,c t vA" : -; .rwjfrv .vwr
X-
THE ASHEVILLE CITIZEN, MONDAY, JANUARY 5, 1920. .
8
MARKET TSJEWS
OUTLOOK FOR THE YEAR
ON THE STOCK EXCHANGE
Financial Interests View
the New Year With
Equanimity.
BUSINESS REPORT GIVES
NEW YORK'. Jan. 4. Taking sur
face conditions as a criterion, last
wwk In the stock market ruggwlri
that th financial community vlnwra
the outlook for the New Year with
equanimity, tinged with encourago
nicnt In no conservative qunrtom, how
ever, wan there any disposition to
regard tho manifold uncertainties
which still attach to domestic Indus
trials and economic conditions and
the unsettled foreign exchange mar
ket. The high prices prevailing for com
modities, attributed mainly to under
production and tho many cross cur
rents of International trade are re
peatedly emphasized as the chief ob
stacles to even a partial resumption
of pre-war conditions.
The local money market Is In pro
cesM of readjustment from Its re
cent severe tension, but time loans
are likely to he negotiated until most
of the January intercut and dividend
disbursements, approximating $400,
000.000 find their customary invest
ment channels. Of the more Impor
tant domestic problems tho prospect
for the railways seems to sound the
only note of discouragement. Aside
from the- further heavy deficits re
ported by tho roads, the various plans
now under consideration for their
return to private operations are held!
to otrer mtia nope or early solution.
Influences which are expected to
shape the' course of the country's
principal industries during the year
are already clearly doflned. Advices
agree that, barring unforeseen labor
difficulties, production of steel and
iron will run, far beyond previous
records.
These conditions apply almost with
equal force to copper and other basic
metals, as well as oils, tobaccos,
leather and textile products, in which
maximum prioea are expected to be
firmly sustained for months to come.
Highest Levels Reached in
Closing Session of Cotton
Market.
NEW ORLEANS, Jan. 4. Some
thing of a revival In the spot demand
and reports of the largest buelnesH
aver known among the m.lls gave the
cotton market an upward trend last
week. Highest tovels were reached
on the closing session when the active
months were 96 to 217 po.nta over
the close of the preceding week. The
net results were gains of 81 to 219
points. January closed at 39.80, which
compared with 40.26 as the closing
price for middling spots. One of the
features of tho week wan tho narrow
ing of tho discount on tho near
months.
Further breaks in foreign exchange
rates, continued high call money rates
and a disposition on the part of the
banking authorities to curb specula
tions were, in some measures, a re
straining Influence on the market but,
in the end, the evidence of a somo-
scarcely reach the statute books In
much less than four to six weeks
but from now onward progress of
the debate will be full of significant
bearing upon the speculative and In
vestment outlook. On tho other hand,
tho announcement of definite ac
tion under the term of tho Kdge act
will have some Influence In clear
ing up the foreign situation und mak
ing certain the extent to which it
may be posnlblo to expect the financ
ing of international trade upon a
boutW raals. Jn this respect some
encouragement Is already found In
tho better demand for copper metal,
large sules having recently boen re
ported at 19 1-4 c. for delivery dur
ing tho next three months, with 20c
being asked for the second quarter.
FIRMNESS ON THE
DRY GOODS MARKET
NEW YORK, Jan. 4. With a very
moderate demand being pressed, the
cotton goods and yarn markets have
remained firm over the end of tho
year, closing with tho average of
prices far above any hitherto reached
since Civil War days.
1'rlnt cloths havo been especially
strong, but other goods have also
shown a tendency to move higher.
Htapln ginghams were advanced to
23 l-2o a yard by ono house and "at
value" orders In hand were confirmed
at that figure, leaving very few goods
available at the new prices for somo
time to come It Is expected thut
branded bleached cottons will again
be advanced. Home of the slap e
brown cottons are selling at 30c a
pound, above the lovel of prico fixed
by the governmont during the war.
The manufacturing trades continue
to manifest a large degree of confi
dence In tho business future, as the
are ordering goods ahead for deliv
eries carrying through Juno, and sup
Money to Loan
at 6 Simple Interest
ON THE EQUITABLE HOME PURCHASE PLAN
No Bonus. No Attorney Fee.
J. J. CONYERS & C. B. LYNCH, AgenU.
Phone 682 Room 27, American National Bank Bid.
1
I
We Deliver Your
Coal Speedily
And the right kind of Coal you
need at the right price. Our
MONARCH is quality coal, and tl
our service Is quality service.
MONARCH Coal will give you
tho greatest poxsiblo heat per
ton and per dollar. Why not
have us supply you?
SOlIIBlENCOALCo.
PHONE 760
I
10 X. Pack Sq. H
wuui i uvmi qnn ueni.inu m ou.iiu- ,-,, mo,ii -nnfrnnt orders
what higher prices proved stronger,, ,im (.-mi-hera.
than the features against the market.
This week the spot situation will
be watched more closely than ever.
Most week-end market circulars
agreed that spot news would govern
the course of prices in the contract
department and that a bull market
could hardly be avoided should an
actual revival In the spot demand oc
cur. On the other hand, should the
spot Inquiry not remain actlvo the
market would. In all probability, feel
liquidations of much of the cotton re
cently taken on for speculative ac
count. Continued favorable reports from
mill centers would tend to enable the
markets to return a steady feel ng.
Many traders and brokers watch with
the greatest Interest the various moves
the situation in the senate regarding
the ratification of the peace treaty
ana any signs of definite progress to-
placed some time ago. Finishers,
printers and bleachers arc being:
pressed to hurry dollveios. .
The curious condition exists because
of the rapidity of the riso in values
last year, In many retail houson in
New York offering cotton goods at
or below agents' prices. It Is be-.
llefed that this policy will hasten the
distribution of the limited quantities
of low priced stocks now owned In j
retail houses in New York offering!
cotton goods at or below agents' i
prices. It Is bellevod that this policy I
will hasten the distribution of thej
limited quantities of low priced
stocks now owned in retail channels. I
Prices current are: Print cloths, 28
inch 4x64s. 14 l-2c; 64x80s, 14c;
38 1-2 inch 64x64s. 21 l-2c; brown i
sheetings, southern standards, 29c and
30c; denims. 2.20; southern Indigo.'
42 l-2c; tickings, g-ounce stap es.
45c (last two nominal); prints, 21c;
OLEWS' WEEKLY R EVJEIV OF MARKET f
nT.wTh Z K..Vrf I hams, 27 l-2c and 80c, nominal
WEEKLY REVIEW OF
THE COTTON MARKET
NEW TORK. Jan. 4 So far aa
the holiday season has been pro
ductive of definite news develop
ments, they have been of an optimis
tic nature. The fact that thero Is
closer approach to agreement among
the different factions that are at
work on the peace treaty gives prom
ise of some accommodation before tho
; new year is far advanced ; and the
resumption of discussion among rep
resentatives of the Allied Powers in
Paris rogardlng the adjustment of
terms of peace means tho develop
ment of important arrangements at
an early date. Congressional atti
tudes on the railroad' question are
on the whole promising. The Indus
trial conferenco named by tho Pres
ident appears to be approaching an
understanding with reference to a
program that may appeal to the
best sense of the country and may
thus beoome tho foundation of leg
islation designed for the promotion
of Industrial quiet Abroad, encour-'
aging symptoms of recovery from war
conditions are visible in Great Brit-1
ainrand there is promise of a bet
ter situation in , France and else
where. The Money Situation
Of such problems possibly the most
serious and pressing is afforded by
the. money situation. The Federal
lie serve system has raised It discount
rates In such a way as to wipe out '
entirely the so-called "alfferentlal"
which has existed between rates
charged for the rediscounting of pa
per collateralled by governmont bonds
and certificates and the rates charged
for commercial rediscounts. At the
Mime time the treasury has announced 1
that its next certificates of lndebt-1
edness will be issued at a rate of
4 1-4 per cent. This quite plainly,
recognizes a higher rate for money,
as having been established In the,
commercial loan field. At the cam
time the rales for call funds have'
gone as high as 26 per cent during I
the poet week, with daily renewal j
rates on standing loans of 16 per!
cent, une tact that tho Reserve
bank percentage has fallen to the
lowest point In Its history, and that
still lower ranges may bo expected
In the near future indisates that there
is little or no prospect of a reduction
of interest rates for any consider
able period In the future.
Price and I tux I new
The price situation throughout the
country is evidently In a state of un
stable equilibrium. Shrinkages have
occured In basic farm commodities
such as meats and meat products,
while farmers who have bought land :
at the speculative prices lately pre-1
valent still have upon their shoulders
the necessity of carrying their obll-'
gations and of liquidating, them as
they fall due. Business men and in
dividuals who have flnancod them-'
selves upon a paper basis, in the be
lief that prices and profits would
continue as at present, can make good
their commitments only in tho event
that they are able to go on with
much the samo volume of business
and the same rate pf profits as in I
the past There has been a tremend-1
ous inflation of credit all over the
country; and to keep things up to'
their present level of values It would '
he essential to havo this outpouring;
of credit and currency continue. As
just noted, however, such a contin
uous supply of resources can hardly!
be looked for; but on the contrary i
there must almost inovitably be :
a period of reduction and contrac- j
tlon whtoh will' tend to carry oper-'
ationa to much lower levels. This
is a situation which points strongly
to the need for business caution and
for the establishment of all possi-,
ble protective and safety devices In '
the financing of Industries. I
Financial Outlook
The shrinkage of prices in the
market which occurred during tho
early part of the present week and
was followed by a partial recovery
Is likely to be onlv onn of a nnrl
of such occurrences, should like con-j
uiuuiiB recur irom ume to time. ;
While conditions Just at the year end
are probably characterized by greater
strain than at other dates. It remains
true that the immediate causo of dlf-j
flculty such as the reduction of re-
servo percentages, followed by .ris-p
ing rates for call money, and the ad-!
vance In Reservo bank rediscount1
rates, are likely to rocur at almost'
any moment and must be reckoned
with as elements In the future situa-l
tlon. The conditions thus develop-;
Ing, however, present unusual mar
ket opportunities for Investment and
for the use of Idle funds.
Important Events In Prospect
It will be some tlmo before the po
litical and general ccomomic situa
tion will greatly altor, but somo im
portant events that may be looked for
as probable features, of the early
weeks of 1920 should Bo looked to
as affording landmarks. Foremost
of these Is the action to be taken
on the peace treaty. Perhaps second
In importance Is the adoption of rail
road legislation. Such legislation can
NEW TORK, Jan. 4. ,Whlle some
what unsettled by advancing money I
rates, the cotton market made a gen
erally firm showing during the holi
day week. Business as usual at this
season of tho year was in no great
volume, but a feeling of opt mlsm
appearea to prevail as 10 me eariy
New Year prospects and contracts for
January delivery made a new high
record for the season during today's
trading. Washington adv.ces received
during the past few days evldenly
created an Impression that ratlncat.on
of the peace treaty was likely In the
near future. The trade appears ' to
expect that this will be followed by
an Improvement in International bus
iness conditions, and there was also
a feel.ng that experts would be fa
cilitated by financing under the pro
visions of the Kdge law. Such opin
ions as those served to strengthen the
Influence Qf bull.sh ro ports from tho
goods trade abroad, particularly from
Manchester. There was some com
ment early In tho week on the In-1
creasing importat.ons of textiles as
likely to unsettle domestlo markets.
Liverpool advices however, stated that
Manchester manufacturers have book
ed all the orders they could handle
from tho far eattt at more profitable
prices than they could secure In this
country, and It is reported that Man
chester has been calling cotton freely
In the English market. One of the
most sensat.onal features of the week.
In fact, was Wednesday's advance of
158 English polnt,9 In the Liverpool
spot market which was attr.buted to
a squeeze of spot shorts for Decem
ber shipments to Manchester, and
yesterday's cables showed sharp ad
vances on near months. Other for
eign lnterosts have also been buyers
In the local market, particularly of
summer or early new crop mouths,
supposedly as a hedge againxt for
ward business In goods and reports
have been circulating of a demand
for spots from Germany in the south.
Only a holiday volume of business has
been reported In the domestic goods
markets but prices havo shown con
tinued firmness and the advance in
dictions of an increased demand from
futures has been accompanied by prc
domestic spinners this month.
THE UNIVERSAL CAR
The Ford Sedan, with electric starting and
Ugh ti ng system, demountable rims with 3 -inch
tires all around, is the ideal family car because '
of its general utility and refined and comfortable
equipment. Finely upholstered. Plate glass
windows. An open car in the spring, summer,
and early fall. A closed car in inciement
weather and winter. Rain-proof, dust-proof. In
the city or the country, a familv car. The low
cost of operation and maintenance is not the
least of its charms. Won't you come in and
look it over? RICHBOURC MOTOR
CO.
h-r r rri Ahvaie, n. c.
3&
YOUR EARNING CAPACITY
ought to enable you to do more than just make
your living. You ought to
Save Money
Then having saved, the next thing is to set
your surplus to work safely and profitably.
The best way for you to insure a steady, relia
ble income from your savings is to secure a
Certificate of Deposit in the , . ,
Battery Park Bank
(These Certificates bear 4 interest.)
Member Federal Reserve System
G AB R I L
SNUBBERS
Not an accessory but a necessity. Becoming as
standard as tops and windshields.
Snubbers make the car ride easier and
last longer.
Anthracite M. & W. Indian Coke
" WE
BUY
CERTAIN GRADES
OF
COAL
Because we have found what our customers want. Anthracite
clean, smokeless, scientifically prepared and economical. '
Phones 129-130. Terms cash.
CAROLINA COAL AND ICE COMPANY
SAWYER MOTOR CO.
18-20 Church Street
A TIRE SAVED
Is MANY DOLLARS MADE
We'll do ypur Tire Vulcanizing and
Retreading like veterans.
Our equipment is modernour
men experienced.
Asheville Tire and Vulcanizing Co.
12 E. College St.
AUDITS
Hooks Opened sad
( HHS
f I Public Accountant
I I Rooms 203-804-203 Drhumor Bldg.
J. E. WILSON 'Z2a
Pbooe 1ST
Stocks, Bond., Orals, Cotton.
CLESiKNT l CATES CO.
nor""
Prtvat Wires to sH Marks
Ctntsra
14-15 electrical Bldg.. ) 11tT
J. C, DAVIS, Manager.
SERVICE
STATION
ELECTRICAL
ACCESSORIES
ASHEVILLE BATTERY CO.
Phone 34ST Collcer & Market Sts.
"Threaded Robber" Insulation
A NEW WONDER LAMP
It provides bright, cheerful light, so well diffused that glare is
avoided an ideal lamp for the home.
NAIMAN ELECTRIC CO.
29 W. College St. Open Evenings Phone 340
MUT T AND JEFF Mutt, Old Thing, Makes One of Those Foolish Bets
BY BUD FISHER
FROM
M.4T,
YOU
fl 4VST HCAl ATTW WHAT A FOOU X Wrl To fwCt X 6CTTr fa KN0W T J00 fa A?TK S)
CtwB THAT MUTT AM IU4KS mt BeT WITH Mfc I IV TO fOO. YOO'VC .. Alt fOO UjOVJUMT a (iOOO f ; 71 ,
DAY. TH OM vaiHs lt 6o WHM MiM THE TW FROM K ) 5$ APPeTiTe J- I TASTC I
W -rTOSrV TrJy feSrJt r Jy c,
-r., -n., , ih. J I'll of roe a ceo Dve S A Pes c o Itc '
. 1