10
THE ASHEVILLE CITIZEN, MONDAY MOKNINO, JANUARY 19, 1S20.
MARKET NEWS CLEWS' WEEKLY REVIEW OF MARKET
EREAT DEMAND FOR SPOT
COITON THE PAST WEEK
PERIOD OF LIQMON
ASHEVILLE DONATES
INCETON FUND
Fluctuations Comparatively lEmboldenel Short Interest
Narrow Trading Was
. Active.
NKW ORLRAX8. Jan. IS. While
trading was actlvo In cotton lust
I NEW YORK. Jan. 18. News of
varied and conflicting character from
! Kuropean centres shows that their
j progress toward tho dqflnlto introduc-
tlon of a reconstruction em is as yet
; on'y tentative. Revolution In C5er-
many or what appears to border upon
i it coupled with discouraging reports
j from Houthcrn European nations have
tended to offset tho satisfaction due
j to the definite putting Into effect of
Clivoa A eciatanro tr trio the treaty of peace which became op-
UlVeS ABSlBianCe IO Uieratve January n. Keeonstruc-
. .. tlon appears to be making far better
Decline. process In Great Britain and Belgium
j than It is In other nations, while It
will evidently bo a Ions; process to so-
! c ure the entire reorganization of the
MAV Ol:K, Jan. 16. In the ab-1 system of the Central Powers upon
uence of constructive developments, I an effective economic footing for the
funds in comparatively short supply.
There has been much complaint of
the action of tho banks in thus main
taining rates, a complaint which 1ms
been met by the positive statement
mat action was expected at reserve
Large Contributions Made by Alumni
Living In Tula City.
(Special to The Citizen.)
CHAPEL. HILL, Jun 17. Dr. George
Howe, chairman of the Princeton en
dowment fund campaign in North
hinb. SI.' . ..,. ""''
i u ui 1 1 1 . IOUIBCUUII1 UK UlfH mill I . . I I . . . .
hih. ,h. ,,,. , ,c . v,uMjuntt, unnounceu loaay mat con-
time tl th7, n 1 'h Dr(;8ent tributions amounting to 2,800 had
?X?tn2if.1l2Sn. "u "".l1 T". bo-n made thus fir by Princeton
ii.h, alumni ifvlmr in this tnto A
week, nuciuations wore comparatively H(.c-urltles market last week en-, future. Announcements by the secro
narrow ror wnicn tne connici or inp . u,ri!li upon n,)tnMl ,)f.ri,M of llqulda - Urv of tho treasury Just before leav
maln Influence was responsible "'tin. , ,PCnt, receiving substantial i ing office show that there has been no
the one hand there were highly fa-1 nm,iHtanco from an emboldened short : change In the attitude of our admlu
vorable trade conditions ami a good : lntPr,,st. i istratlon as to the question of eov-
demand for spot cotton, which many Helling was most active and price , ernmental relief to Europe and once
people cluimud was extending to iho , lmpalrInf,tlt lnit ,,V(,,.,. )n number j more throw this Issue back into fhe
uraiior. mi in of low grade "promotion issues, es- hands of private Individuals. Mean-
there was almost constant t;ilk of
Governor Harding of tho federal re
serve board some days ago. but that
It is now being considered has been
authoritatively denied.
Foreign Leans and Credit.
Two foreign loans, one In favor of
Italy, tho other In favor of Belgium,
have been announced during tho past
week Discussion of the basis of for
eign credits has also actively con
tinued. Representatives of British in
terests now In this country have been
large
part of this amount was given by tho
estate of Arthur Blucthenthal, of Wil
mington, a Princeton alumnus who
was killed In tho war. Bluethenthal
served with the French before the
United States entered tho war, later
Joining the American air service. He
was well known at the university
where In the fall of 1914 he was one
of tho football coaches. President
Hibhen, of Princeton, 'announced re
cently that one of tho Princeton me- I
strong In their belief that very largo I moria' scholarships would be namod
assistance must be expended If Europe 'n n's honor.
is to recover lost ground. The state-) Notable progress has been made in
peclally oils and a few shim-H of no; time the prospects for ratification of
ugni money una imo in toe . "", special claHHitlcutlori. Tho reaction i the peace treaty in the United States
new tangle in European polities ultimately affected other stocks of I continue in a doubtful position and In
This latter feature caused romo ofm,.. , ,;hln ,,.,..,. 0it .ui,,nu.rHnn.
the heaviest selling of the week. , A ,.. Ih t1K1I ' vmr.t vm .vwJn,,n m i7,i i.hi ,, ,-..
Prices of contracts ranged over general decline were the rails, me-: time It would uonwir that no Inune-
tals and representative Industrials -of I dlate results are likely to he obtained
only 128 to 168 points and closed
at net declines for the week of 2 to
8 paints, tho most insignificant net
changes of any week in years. The
March position closed at 37.50. In
the spot departments prices lost 76
points, middling cloning at 40.25. At
the highest the trading months in the
contract market wore 2 to 90 points
over tho close of the preceding week
and at the lowest they wcro CO to
86 points under.
This week It Is hardly likely that
the trade will be able to get as far
away from outside Influences, and
tho stool division. United States
Steel, for example, continuing to re
Meet its strong tonnage position.
The money and foreign exchange
markets contributed largely to the
shrinkage of quotations. Heniand
loans manifested marked relaxation,
but lime money was almost unob
tainable, even at 8 1-2 percent for the
short dates. There was cumulative
evidence that drastic in can u res are
contemplated, if necessary, for the
further restriction of credits.
Partly because of latest and more
but that delay will continue for how
long no one can at this time predict.
These factors combining with difficult
financial conditions in the United
States have undoubtedly tended to
create a discouraging basis for stock
and Investment operations during the
past weekTho early part of the week
was one of decided liquidation and
downward tendency In the market
untl' Thursday, when the process was
arrested and some improvement set
in.
ment of Secretary Glass concerning
the condition of the treasury to date,
however, rolterates the opposing view
and furnishes good evidence that the
present administration cannot bo
looked to for much further assist
ance This State Of thlnim natnrnllv
the campaign in Ashevllle, Dr. How
said, where Dr. Thompson Frazer is
local chairman. Several large "con
tributions have come in from Prince- ;
ton men In Ashevllle and there are in
dications that more will come Ap
proximately 4,uuo,ooo has been
particularly political matters as many menacing conditions in western En
traders would liko and any further rope, but mainly because of continued
unfavorabln news nrohahlv would rielnv in .'inVctfnir rnniorlinl mDasumi,
cause quick and extensive selling, i foreign exchange more moved strong-1 formation on the topics which are now
just as favorable news would rcsultlly against London and European cen- "PP'niost In the public mind. None
In buying. Left to Itsoir, the market ters. The sterling rate fell to
would get back to consideration of ' $3.68 1-4, or within 4o of the low rec
trade conditions and tho spot de-lord made last December,
mand also, probably would devote a I The receptive altitude of Amerlaan
little more attention to the problems! Investors and bankem tnwnr.lu for.
connected with the new crop, for thelelgn offerings was strikingly Illustrat-
A Waiting Market. I"" ' ''" uncertainty m
The market for the week has un- " 'vestment securities of
mlstnkably been awaiting definite in
time of active preparation for the
new planting is now not far dis
tant.
In tho spot department tho main
question Is regarding the lower
grades. Interior advices claim that
supplies of tbo better grades rapidly
are becoming exhausted. Any fur
ther that buyers are taking hold of
the low grades would be regarded
as a highly constructive development.
WEEKLY REVIEW OF
THE COTTON MARKET
HEW YORK, Jan. 18. Since sell
ing up to 37.05 for March contracts
on Monday, the cotton market has
been nervous and unsettled, owing
to disturbing reports from Europe,
the easier ruling of foreign exchange
and Hurries in call money rates. Th
early week break curried March off
to 85.58 with prices later fluctuating
around 38 to 36 1-3 cents for that
, delivery, compared with 87.26, the
high level of the season and 31.84,
' the lowest point reached on tho re
actions of last month. Reports
that labor, riots or other disturbances
had led to a declaration of martial
law In Germany seemed to bo large
ly responsible for the break from
Monday's high level, but tho decline
was checked by reports of an improv
ed demand for foreign and domestic
trade account.
Houses with Liverpool connections
were good buyers here and a better
spot demand was also reported from
the" south Including purchases for
Japanese account. This, combined
with the absence of spot pressure
. ana tne continued bullish news from
the goods trade, served to check
speculative selling after liauldatinn
had run its course and there were
rallies later In the week on covering.
The trade buying was Ipse active
during todays trading, however,
when sentiment seemed to be dis
turbed by reports that an allied con
ference had been called to discuss
the menace of bolshevlsm. Private
cables attributed a break -In the Liv
erpool market to the situation in this
respect although prices there earlier
were higher on the reported settle
ment of the English railroad troubles.
The census report on supply and
distribution for December showed do
mestic mill consumption of 611,585
Dates against 472.908 last year which
was higher than expected. Domes
tic consumption for the first five
months of this season has amounted
to 2,651,000 bales and some local
authorities expect it to aggregate 3,
760,000 bales for the remaining sev
en months of the season. A nmmi.
nont English statistician estimates the
American crop ot 11.700.000 bales,
In eluding linlers nnifc tho world's
consumption at 12,500,000.
ed In the success which attended the
J25.000.000 Uielgian loan, a moderate
offering of Italian government bonds
and the renewal of several commer
cial credits for round amounts.
FIRMNESS SHOWN
IN COTTON GOODS
of Importance has come with respect
to tho railroad situation which has
continued almost unchangod, polit
ically speaking. There has been some
consequent anxiety In sundry quarters
based upon the belief that action
would be so long deferred as to shift
the question over Into the political
campaign. There is thus far no good
evidence of any such prospect but
on the contrary what has been done
up to date by the conference commit
tee of the two houses appears con
servative and likely to be ho'pful. This
strengthens the belief that, in opposi
tion to the more pessimistic forecasts.
Borne definite legislative action will
really be had In the near future with
respect to the railroad question.
Business Outlook Hood.
The decline of stocks which was so
NEW YORK, Jan. 17 Cotton goods
markets during tho last week con
tinued firm and further price ad
vances occurred. Tho demand Is in
sistent hilt not n a cmoni .A.,L.
ago when many substantial contracts "nPraI early in tho week, did not,
were entered Into, carrying to tho end "owpver- reflect a condition of dis
of the crop year In some instance 'ouraeement In the business world.
kjobbers have been In tho markets Renor,s multiply to the effect that
In large numbers and they generally! n""" men me country over are
express great confidence In the hold- ''"" i ."- !.-..--ing
power of values for bIx months to I " business on a large scale. Many
come. They are willing to bid and 1 ,nem bPl''ve that nrlces will con
pay higher prices for goods for snoti"nue to r'8e throughout the year.
every kind. It is to be expected that
a more or less tight money situation
win oe protracted for some time to 1
como pending tho readjustment of
credit which is inevitable as a conse
quence of the effort to contract obli
gations and restore reserve percen
tages. Good business conditions tend
to offset the depressing effects of po-I
Iltlcal delay and credit contraction I
Many shares and bonds are now at
levels which mako them bargains to1
the permanent investor and which In- I
dlcate that those who can protect!
themselves in buying against tempor- I
i.. ;"''' uw F'se W1" nave
jjiuspects or
profits in the long run.
speculative
tends to depress prices of foreign raised thus far by Princeton men the
uuiius in mis market and to nccen- country over. i ne total aimed at is
tuato the rate of Interest which for- $14,326,000. a large part of which
elgn buyers must pay to hnvo their wi:l ,)c ust'tl fr increaso of salaries for
wants provided for here. j professors.
The Outlook. j .
Tho immediato outlook is thus un
certain, chiefly ns regards political
conditions, and revival will he greatly
aided by the adoption of definite poli
cies by congress so soon as possible
or at least by the furnishing i,t infor
mation tending to show what may be :
Vt-i;u:U. ueiay on railroads and
foreign relations Inevitiii. .i......
m'? iiia.i:ilviY nru
KISSEL
"EVERY INCH A CAR"
Repairs Accessories
Tires and Tubes
Vulcanizing and Weld'ng
"Service That
Satisfies"
PHONE 136
Coston Motor
Company
65-67 Biltmore Avenue
3T
Are You Ambitious?
Do You Lack Capital?
Why not come to us for
counsel? Our officers will be
glad to help you in your
enterprises by their resources
and advice.
2C
Battery Park Bank
Member Federal Reserve System
5
r
tooks Opened and
11 used
Public Accountant
Rooms 803-204-205 Drbumor Bldg.
J. E. WILSON "SJ
Phone 1ST
THE SMALL STORE
With The Big Punch
NAIMAN ELECTRIC CO.
29 W. College St Phone 340.
and nearby delivery.
Advances In branded bleached mus
lins have reached four cents a yard
in a week, and 10c a yard has been
added to the prices of some fine
combed yarn eottons. Colored goods
are firmer and higher. Percals have
been advanced to a basis of 29c for
4-4 C4x(IOs, and some stanle tickings
aro selling on a basis of 11.10 a nound
There has been an active business
in wash fabrics of all kinds, for anrinn
and fall delivery and some lines of
novelties Tor the spring season of
1921 have been shown. There has
been an active trade in printed goods
for export, business being limited only
by an Inability to meet all demands.
Brown sheetings and print cloths
have advanced and rule very Arm.
(Quotations are as follows: Print
16c; 38
cloths, 28-lnch 64x64s
inch 64x64s, 24c: 28 inch fUxfiOH
13 l-2c; brown sheetings, southern
standards. 30c; denims, 2.20; indigo.
c; ticKing n oz. 62c; prints 21c;
staple ginghams 23 l-2c; dress glng-
iiunia, a x-zc ana aua.
SI
Acting upon this opinion retailers are
buylmr goods far In advance and mills
are booking orders well Into the 'af
ter part of the year. In spite of un
favorable conditions of fore'irn ex
change, the demand for our goods In
Europe continues very" strong. The
year 1919 has y'elded ti n net balance
of far over $4,000 000 000 neenrding
to the latest returns, jtvhile. there
would thus far appear . to be little
slackening in the value of our ship
ments for 1920 even under existing
conditions, decline In quantities being
more than made up in value as meas
ured In money. Industrla' plants are
running run blast and are giving full
employment to labor.
Money and Interest
As to money there has been but
little if any Improvement. The re
BRADSTRKETS REVIEW.
NEW YORK .Inn it n,.,
tomorrow will say: -"""
Activity shows signs of shiftintr
from final distributive ,1
and retail trade, with the passing of
HtJSy..?!.'la"ce tend, to
,-.v,v uuying irom and by man-
ufacturers. Jobbers' and wholesale
agents seems expanding very much
w.y ou.ub cumpiaints of backward
nc8f orders by manufacturers and
?i 'naieluate of merchandise
in Jobbers and retailers hands are
heard but there are somo reports that
manufacturers fire .finding labor a
bit more tractable and are increasing
output Reports as to wholesalers and
Jobbers trade are good while those as
to retailers point to a slowing up i
partly because of mild weather at the ;
west while manufacturers despite bet
ter coal sunolv and nlv .,, ;
catch up with orders are not yet at
full speed.
AT
MOXEY TO LOAN
Ave. Phone 268.
48 Pat ton
McFadden
TAXI SERVICE
Hudson and Cadillac, Open aud
Closed Cars. Day or Night.
Phone 60 and S274.
GENERALS PREPARE
SCHEDULE FOR 1920
BICKETT TO SPEAK.
TUSKEGEE. Ala., Jan. 18. Gov
ernor Bickett, of North Carolina, and
Kate Superintendent of Education
1 H. Harris, of Louisiana, have ac
cepted invitations to discuss racial re
lations In the south during tho annual
TuHkegeo negro conference, which
opens here January 21.
LEXINGTON, Vn,, Jan. 18. Two
new opponents appear on the 1920
football schedule of Washinirt on iinrf
Iee university, which was announced
here tonight by the athletic cnnnpil
and faculty commltteo. They are
Princeton and Auburn, tho first a-.nmn
to be played at Princeton, and the
latter at Ulrmingham. Tho sched
ule follows:
October 2, Davidson college at
Lexington; October 9 Wake Forest
collego at Lexington; October 16 1
j-nnceton univers.ty at Princeton;
October 23 at Roanoke college at
jex.ngion; October 30 Virginia Poly
technic institute at Lynchburg; No
vember 6 West Virginia university
at Charleston; November 13 Alabama
Polytechnic Institute at UJrming
h.am; November 20 Georgetown uni
versity at Washington.
1-2 serve percentage reported at the fed
eral reserve bank for the week end
ing January 10 showed a trifling In
crease li strength as compared with
me weeK oerore. The reserve ner-
centago of the federal reserve bank of
New York declined slightly. These
changes. In either direction however,
were not sufflclent'y pronounced as
to be of importance. a situation
which means that tTa usual "January
liquidation" has not been Slifflplent In
affect the situation materially and that
ino urne nas now passed when It can
be expected to exert any influence
upon the rates for money. Recogniz
ing this stato of things call money
ruled high during the week, rates
ranging from 8 to 18 per cent with
SERVICE
STATION
ELECTRICAL
ACCESSORIES
ASHEVILLE BATTERY CO.
Phone 3437 College MnrLet Sis.
"Threaded Rubber" Insulation
Also Tire Repairing Satisfactorily Done
A Tire Or Tube for Every Car
SAWYER MOTOR CO.
18-20 Church Street
A Tire Saved Is Many Dollars Made
We'll do your Tire Vulcanizing and Retreading like veterans.
Our equipment is modern our men experienced.
Asheville Tire and Vulcanizing Co.
12 E. College St
ADMINISTRATRIX NOTICE.
Having qualified as Administratrix of
the estate of Horace S. Weeks, this Is to
n?.LiV ?i credl,ors to present claims
., ... or mis aate. or thlj
oovery Pleaded In bar of their re-
Thls December t7th. 1919
ELIZABETH 8. WEEKS,
i2-l-ZS-l--16-;j
Diamonds, Watches, Jewelry, Trunks, Hand Bags and Suit
Cases
H. L. FINKELSTEIN
23-25 Biltmore Ave. V Phone 887
The Washington and Lee University
Alumni Association of Washington, D.
C, is to give a bunquet tonight in ob
servance of tho birthday of Gen
Robert R. Lee, who at tho tlmo of his
death In 1S70, was president of tho
university.
Stock. Bonds, Grain, Cotton
CLEMLA'T D CATKS A CO
roc -ns
Private Wires to all Marks
Cint.re
14-IS Khtctrlcsi Bide-. !! I'M?
J. C. DAVIS. Manager.
MLJ1 T AN DJ EFF-Hi a Wonder Jeff Ever Got Out of the War Alive
I
mr fHONStt tots
W THKAT TtWB LAOUHt WHITA.
BY
Stenographers! Bookkeepers!
Do You Want a Ppsition?
We are receiving more than a hundred calls a month that
we are unable to fill. We shall be glad to place you in a po
sition and make no charge for this service.
We guarantee a position to every graduate of our school
EMANUEL BUSINESS COLLEGE
15 Haywood Street
I
11 I W. C. HAWK. Mgr.
THE SWANN AM OA-BERKELEY
A Modern lir.ck and Concrete Hotel
Ooe Mock from public sqnara AsbeTille. IV. a
European Plau Table de Mote Breakfast
Rates $1 per day and op Dinner or (supper 70s
w. c. hawk. Mgr.
BUD FISHER
I Hello, mt t
OLD DeMi'.
Tee Hee
KMerce Jit You Ger
T"H SAR-jiMe CAM?
T
,T BELOMGCD TO A 6R-mAij
toe OP A TCRRlBLt MIGHT E SPeuTl
iwTHe APSoMivje forest, r wa
CVT OPF FROM OUR TEOoF -
GROUND rAE. SO X
NnGrtT .
r S
Backward?
(AHAT
I AjX . I -w-. rwuM ITOOr'- f I . J " I
T -r . . """V . j
so r. could
see IF AMYOfVje
WAS COAAIMG
If:
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