Newspapers / The Charlotte Observer (Charlotte, … / June 6, 1921, edition 1 / Page 13
Part of The Charlotte Observer (Charlotte, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
THE CHARLOTTE NEWS, CHARLOTTE, N. C, MONDAY AFTERNOON, JUNE 6, 1921. . 'grain- QUOTATIONS; FINANCIAL NEW CURB C O T T O N- THE MOST COMPLETE) MARKET PAGE PUBLISHED IN THE CAROLINAS. v EDITED BY STUART P. WEST T 't-LT " V' '- For 15 Years Financial Editor of The New York Globe.; - r B ON DS L I V EST OCK- TOCKS ARKET -- - V. :..-..--,' - FOREIGN MONEY AT LOW LEVEL Sterling Loses Entire Year's Change in Big Break on Monday s Exchange. Hv STUART P. WEST. tff correspondent of Th.. ws.'; r '..vrijiht. 1!2l. b.v !fK PlibliMlllitK 'o. W'll Street, Now York, June 6. Anoth t!',i;itinnal break in the foreign ex- LiiL'ts lirovUled the leading incident in ' , . v- tinaiicial markets. The entire fall " ,' rr, tl directly at the start of business. Wi meant wiping out the whole gain of " , 'vo:,r and bringing rates back to where ':y Jtimd in December, before the for- ,L trade had changed so radically in I'"' ,. favor and before the transfer , United States of some $300,000,000 r."l t b- assumed that the twenty ', jrep ' sterling within less than a '. ,,ii,t is indicative of a lasting turn for t'1 i, Prt . n ll r I 11 1 1 lis iiicli Lflll- ..flp-ir i"1 -" --v. I 1 tv recovery or ine last six monms LM t.. ri.r tn kt mi thf $33 non nan "rV(. IiihaS and in the course also of fr ,,.,rinir to meet the $200,000,000 odd. .'' 'in another three months, Oermany 1 ' 1,0,1 i,i convert its' credits everywhere ,t.,c TUiq invrl-iwl o vfnlAnt .n ((Oil"!.-. ' . ..W.X..... ....... rt. 1 -.. i . n tVrtl ll .1 -i , 1 n a in -MTUtMLcl ll u i tii.t nuiuau, aim a. 111 -t : . : : .jTlstnorMins ucpreuiaiiuii in uiiit'r cur- i'.IiMiewed collapse in the exchange .i..i tlin frirpitrn pnvprnmpnt section j lioml market an dadded somewhat .: .ntimental influences operating ,f '-ist tlit share list. So, too, the stock ,1. s in money. The call loan re ;,vil as Hxed again at 7 1-2 per cent, "til! further tests were afforded by the JVn" "f refined sugar prices to a new vv Itvrl an dfurther price reductions the 1'arT Ot cne oi uii luniimuico. t-,t of the susjar stocks were dri -.arply as trading began. The f'r'w were almost equally weak, oil with lu.i viost in Pacific Oil, Texas . . i i i : at .ivil ?nd American International forced to a new low for the year. Kelly ri""rield, American Agricultural Chem ,Vi i;,r,noral Asphalt, Virginia Chemical, j,Hjnoa ami jireifrrrn, oLcnuu-'iauici ;n.l Amri'ie.m i.mseeu were arnon "-l- w that surteren. Kut rVfll v:cir iMicowre'l. one aftr another, the T.i-pr-J UlU IIT-'u . ' ' ' " v,iv ... 4.1 : . u .1 .. ; . , i I., i- Wek Here anci mere nquiuaiiuu ay--r,a hut it was not large. New York. June 6.--Aiter a tem-w-a'i-v rallv early in the day. steri- iV'r.i ha gne became more demoralized ever. ti si uo,v" umin n the i! Minni; hiu lug cin ll L.' ' . m . t .. T t - the yourul rroin oauuruay. n j by no means lnipruuauie mai uh X o violent as this will alter the ro'.iey of the Allied governments, so 'hat thev win not insist, upon pay t,?'U exelusivelv in dollars, but will take francs and sterling as well. It without saying mat n suen a haijo were announcea a rapia recou 1 ta- fcn.uise huuiu imww. n the afternoon, selling operations were even extonaea to tne railway list, despite the general conviction that thp railway ouuok onas uenniuey change 1 for the better. Professionals were emDoiflenen to attsrk the rails by the success of 'their "ai'ihi? elsewhere, and also by trie jijity inference that the reTerenrtusii reduction sent out to mamte- ji'.nce "t way employes linpiiea tne th"cat of h strike. : Shares of paper companies were ac tively sola ami tne rresn cut an- Mi'j;i"ei both in this country an-I in 's".;i'a in the price of newsprint- pa- nr. !,eiHKtton in tne cnanaier Motor -!H from a ten dollar to a .six 00 h.r basis, nau no particular eirec: bf.use it had been well anticipated. The president's accompanying state- mint that the automobile business had :.vrr.ve'i considerably during the see on! ouarter of the year was impor tant enough to have attracted at- r"tion had Wall Street been m a iM'i to take note of any favorable t of news. XEW YORK PROVISIONS. X'w York, June G. Butter firmer; wsniery firsts 27 1-2 to 2. Hjls irregular; fresh gathered firsts 5 to Z. eese steady; average run 14 1-2 to is. Live poultrv firm: broilers 40 to 55: Wis tui-k-'vs 20 Lress-(i weak: western chickens. poxes :: to 50; fowls 25 to 35; turkeys l.iBRHTi- nnvnti. New York. June fi. Liberty bonds toed: ?, l-2s. fiS .20: firat 4s. N7.fi0 hid: c':'nJ 4s. S6.54: first 4 l-4s. 87.52: worvl -1 1 -4s, S6.72; third 4 l-4s, 90.80; i'i 4 f.4Si 86.70: victory 3 'i-; victory 4 3-4s, 98.10. i-IUCaso. June R Rittter hin-her- aiii'rv fifta oo io f--'s higher; firsts 22 to 22 1-2. "OUltrV. ;iliv 1n,liu n rroA fAiirla OR. --1.1 -til ro 50. PORTER RESOLVE WAS INTRODUCED Substitute for Rnrah Dis armament Resolution Re ported in House. J' aington. June 6. As a-substitute ti," ,rt0 the naval appropriation bill.i He Hmisa t, : m.. 1 rnn . - lu'ifiii attains cuirwiiituee spited today a joint resolution con uMng in "the declared nurnose" of tu., nt Harding to call an interna- ai conference to limit armaments. A P.,,ui: , , .. "M'uuucan memoers votea lur MV, "solution. Democrats either oppos- or voting present. asure. Representative Flood, . Vir Imi ranking Democrat on the com- offered a resolution authorizing 111 natir.n,. - ivoiuig Lue rresiueni to mvn.; " "n -u send aeiecrates to a con 'WtlOn tn nrvM Jl. J. m,! " r'iuc iui uisdi inaiiieiii. o-nu itrs ar? appropriation therefor, but Hlt ?. 'ejected. Mr. Flood explained this was preciselv the ime as the nffered last year by Represent Wit! the committee after extensive Houto - and never taken up in the .1. e Object Of f ho rnmmite0 reROlll ,3 Which i- .v,0 iiiirman 'orter, was t-o 1 SS to Hniiso pnrfnriuDu rn the "avai a .. r. r"t-.r " . . - th i . 1 1 "Priation bill the attituae oi fm;im i B wno1 question uw -"itui. Hevote LUNCHEON HOUR TO BUSINESS Gnr, ... hPBinnt, and a general discussion of atomnv-,conditions as they effect the tta,r; '"uustry took un tne great- (,.-, nt the tlmo nf tho ririilar iotiv!yJUnchen of the Charlotte Auto Uresis.., . 'at"s association, J. P. Harris w 11 -1. - . , A TT !, w..M ' t,Je aosence oi t'resiaent rj '"-'lace. O T r.U.lla urVin " Nfil , , . w- '-'"nc JCiUllTl lUfcti, " Motor s interest 4n the Pyramid "van A,(;0,mr)any and purchased the Hbtyii... ulors comnanv. was elected a hiMi,!, of the association from the Dinn0:,e Aiotor comnany.. the new Paragraphs .. By STUAHTR f WRST ccJ'n. i lHVyV -HORT JNTKKBST.. the chief nil n ,,,i i i .1. - , . ij,,. auuut me maricet I rom a technical standpoint, was mat where stocks declined tvv iiri K in'ess wiFif FatIvely smal1 vohime" of bus iness. vVnile numerous isnmc ,u"o "urine tne nrst hnur nr o n, 1,.,.. .1 . ... .. " v J'"i' ilCW wn V; :k1. "?cime-l. lt was all very ;; "uers to oner aown prices thi ilf' U Avias Panted, out. would do them no e-ood in tim t u.. t.n.j cove? fHar?UPplr . stocks Bufflcient to whW, rllhr 0ne o the lare wire houses, 's, a specialty of keeping tab 52VU1S shtort interest, told its clientele that tv,T0 avount was almost as large mis morning as it had heen nnv tima tMo r st' While the statement might rvm,6611 disputed- there was ery httl doubt in the minds of experienc ed observers that the short interest was out of proportion to the available supply ot stocks that have been coming on the market for the last week or more. . ri'RTHEK DECLINE IX SUGUAKS. Another break in enp-ar ctiro the anouncement that the leading refiners liad acain cut the price of refined sugar, his time to 6.25 cents a pound. Word received from Cuba that the cabinet there had decided to continue the sales commis- oiuii, nau no stimulating effect, because It IS Still an Olien- aUestion in the enrfr- trade, whether or not this regulative body 0 b.iii, m niu uui in me enu. xnere were rumors of another imnortant hunt fail ure in Cuba, which migrht be announced at any time and this contributed to the unsettlenient in the sugar group. Punta Alegre furnished a remarkahiA exceptnon by going up sharply, while American Sugar. Cuba Ca Tl p and Nnmn of the others were Aveakest. The recovery in I'unta Alegre was regarded however. as being more than a technical movement. It was aparently a case where profits 6n the short side were being covered, taking in the opportunity afforded by the other members of the group. COLORADO AND SOUTHERN. The only positive reflection of tho Col orado flood in the market of the day, was an overnight drop of two points in Colo rado and Southern. The stock has a very narrow market and today's transactions in it were too triHing to be taken very seriously. With the utmost allowance for the losses which the road may suffer from property damage and temporary reduc tion in traffic, the fact remains that Colo rado and Southern has been making one of the best showings of any of the rail roads since the termination of government control. It has, therefore, an ample mar gin to absorb such losses as may occur from Saturday's disaster. During the eight months ended April 30, earnings ran at an annual rate of nearly 07,1)00,000, which was the equiva lent of ?! a share on the common stock. These results were achieved while keeping maintenance up to the normal. During the first quarter of 1921 the proportion of gross earnings devoted to maintenance was S4.7 per cent, as against 39.4 per cent for conducting transportation. AMERICAN CAR AND FOUNDRY. The annual report of the American Car and Foundry-Company for the fiscal year ended April 30th is due to be made pub lic shortly, and despite the fact that, or ders for new cars were - few -and opera tions were largely repair work anil cut side lines, the company is expected to show the $12 dividend covered by a fair margin so that it will not be necessary to draw on the $10,800,000 dividend re serve fund set aside for three years divi dends. In a circular put out 'today by a Bt-padway house in which the position of the company was discussed it was said: A year ago inventories were only$li.- 000,000, and probably will not now excOTU this .amount. At - the close of the 1920 fiscal year, the company had cash and government securities of $43,771,000 com pared witn total current liauuuies oi 3 1,353, not). Iset quick assets were over $39,000,000 and should now approximate this amount. The forthcoming annual re port should show a material reduction m current liabilities and: so an increase in ratio of current assets to liabilities re sulting in a strong financial statement." AMERICAN CAN. Despite the depression in the can ning industrv, and the expectation that the Continental Can directors, at their meeting tomorrow, will discon tinue the $7 dividend on tne issue, tan has given. a very good account ot itself in the recent market. bince 1914, American Can has put bacK into the property - $23,500,000, which is equivalent to $57 a share for the -com mon stocK. l ne resun nas ueeu a $3,215,000 reduction of funded debt, an increase of $12,000,000 in working cap ital, besides an improvement and in crease in plant capacity. For the three years previous to tne w"ar. earnings available for Interest averaged $5,543,000. Allowing for pre ferred dividends and present Donu in terest, this would leave $2,240,000 available for the common or $5.40 a share. The earnings for 1920, after all taxes and . charges, were equiva lent to $4.71 a share. The balance sheet of December 31st showed cash and receivables of nearly $15,000,000 or $277,000 in excess of all current liabilities. Lxjwer prices for tin plate will eventually allow a reduction oi seasonal borrowings which now call for the sale of some $12,000,000 eight to ten months notes each spring. The decline in business, wnicn oegan in the iourtn quarter msi yeai- uas ex tended into this year and operations are now far below the average. News that the government nau aroppea its .suit for- dissolution brought against the company unaer tne mrrnian iaw had no effect particularly upon the market. OVENS WILL SPEAK Al STATESVILLE MEETING David Ovens, former president of the Charlotte Chamber., of Commerce, and manager of the lvey department store here, will be one of the speakers at the annual meeting of the Statesville Merchants' Association Wednesday niirht of this week. His subject will be a discussion of policies connected with store management as tney arisa fpnm rlnv to daV. It is likely a number of Charlotte m.hantH -u.til- Mrs. Mayme Moore ciffArri Ycntive secretary of th rharinttf association, will attend the aooaviiit meeting. J. Paul Leonard orMiirv nf the Statesville local and secretary of the State Association has sent an invitation to Charlotte mer chants to attend the annual meeting of the Statesville body. Some of the merchants who expect to go from here r wr Porkpr. oresident ox Oh Merchants' Association.;, A. B. Justice attorney for the local association, B Si xy.,-ir nd .T. N. McCausland. Mr Leonard and one or two other Statesville people were guests of tn Charlotte Merchants' Association at its annual meeting m rewuau. AT T. FORMS OF. HAZING HAVE BEEN ABOLISHED .Time 6. All forms 0 haSe'bbohed by the stu- SS" severe" injury" of,-eight .freshmen S sophmores Saturday night in a Hais fight. The historic green cap was vote Put along with the annual class rush and cap gtg . freshmen and soomre class Vill g trial bef ore f student self-governing ody this SSk to ?JS Varies of inciting trouble. e . Ln will be followed by expul "nlnolMore than 1000 ..stu- b'uii ,"ated in Saturday's fignt. 22L -SSSSae annual burning of OLD LONGS ARE DISAPPOINTED Failure of Bullish End of May Crops Are Given Blame. By STUART P. YVKST. Staff torrfupondeut of Tlie News. New York, June 6. The cottn.tf to days cotton market rer'fcsented rather a divided sentiment. News from London was rather encouraging regarding pros pects for a settlement of labjor troubles and was reflected by a late advance in the Liverpool market. On the other hand, the weakness of , foreign exchange, the unsettled tone In the. stock market, and a belief that the new crop is improving, were discouraging features from the bul lish standpoint Old longs were disappointed by the fail ure of bullish jend-of-May crop reports to stimulate trading and with the crop news improving, showed a disposition to liquidate their holdings. This accounted for ratlter heavy selling by western. Wall Street and local interests, during the ear ly trading. 'There was also selling for southern) -account,' but the offerings were pretty well absorbed on break of 10 to 14 points from -Saturday's closing fig ures.1 , Following the opening advance of five to 18 points on the better English labor news, this made a decline of about 20 points from the best prices of the morn ing and of over $4 per bale from the high prices touched on, the low crop. and. con dition figures of late last month.. It seem ed, however, that tired holdings have bfren pretty well liquidated on this break, and the market later was quiet with .prices showing slight rallies. There have been so many disappointments with reference to prospects for a settlement of British labor troubles, that the trade is becoming cautious about accepting improved re ports in that direction. There was a feel--f ing this mornjng, however, that between the gradual exhaustion of the strikers' re sources, and the government notice that promised aid to break the force of the wage reductions would be withdrawn, if the coal strike was not settled within a fortnight, the outlook was more favora ble for results from the coming confer ences. Awother conference between Lan cashire mill me nan doperatlves was also in prospect, and Liverpool cables report ed favorably on the outlook for a settle ment. No change was reported in the Carolina ltiill situation, but the troubles seem pretty well confined to one county. The weather may showed beneficial show ers in the southwest. More general rains would be considered favorable, zut the dry weather has not lasted long enough to cause much anxiety. 1 CHARLOTTK COTTON. " Receipts, today, 8 bales at He NEW YOUli COTTON. New York, June 6. The cotton market opened at an aavance'ui 18 points owing to a late rally in Liverpool, accompanied by reports oi better prospects for a settlement of the coal strike and renewed conier ences on the Lancashire wage scale. October deliveries sold tip to 13.35 on covering and some Wall Street buving, but the advance met Southern selling and a . renewal of Wall Street ani western liouidation after the call. July soon ..sold off to 12.38 . and October to. 13.14 or about 12 to 1 points net lower with the market unsettled in the second hour. Houses with foreign connections had a few selling orders, but the bulk of the pressure was at tributed to the liquidation of tired Wall Street and western longs who may have been partially influenced by the decline in foreign exchange, and reports of an unsetlted ieellns in tne stock market. Reports of beneficial rains m tne western belt probably increased tne disposition to liquidate long contracts and." the' decline extended to 13.05 for Ootnhor before the end of the morning This made a net defcline or zz points and the lowest level touched since October sold at 13.95 on the bullish private crop reports of late last month. Stop orders iwere uncovered on the break After their execution the raar kpt was less active and prices showed rallies of 10 to 12 points irom tne lowest. Comparative slight rallies met re newed Wall Street liquidation during the mltldie of the atternoon with uc tober rulling around 13.12 or about 15 points net lower. : NEW YORK SPOT COTTOS. New York. June 6. Spot cotton steady; middling 12.60. CLOSE NEW YOHK JCITUKKS. New York. June 6. The cotton market closed steady. Open High Low 12.35 13.08 13.54 13.63 13.90 Close July . Oct. 12.65 12.66 12.44 13.35 13.73 13.83 14.10 13.35 13.73 13.83 14.11 13.15 Dec. . 13.58 13.67 13.95 Jan. March NEW ORLEANS COTTON. New Orleans. June 6. Enough buy ine developed on tne openins can in cotton tndav to put the price 3 to 6 points -higher, but almost immediately the market fell off under sellinur en couraged bv the weakness of foreign exchange and at tne ena oi tne nrst hour of business the trading months Were 8 to 10 points under the close of last week. July rose to 12.07 and fell bacK to 11.94. The weather over the belt, was con sidered- favorable and it increased of ferine-s. Official returns from the in terior told of only scattered showers with temperatures or about norma-. In the trading up to 11 o'clock prices were sent 11 to 15 points, under the close of Saturday.. July, falling to 11.87 Earlv sellers started to tame tneir profits and created 'a better demand on which the market made partial re coveries, standing at net declines of 6 to 7 points toward ttneo lose. NEW ORLEANS SPOT VCOTTOW New Orleans. June 6. Spot cotton steady to lower; sales on the spot 944 bales; to arrive 241 Low middling 8.75; middling 11.21; good middling 12.75. ' iveceipis t.iot, o, ..&. CLOSE NEW ORLEANS FUTURES New Orleans, June 6. The cotton market closed steady at net decline nf R tn 7 ooints: ' Open Hign low cioss Tulv ....... . 12.05 12.07 11.87 11.95 OCt. tZ.0 l&.i 1.38 i.oo nee 13.13 13.14 13.00 13.00 Jan. 13.26 13.26 13.17 13.20 March 13:50 13.50 T.IVERPOOL COTTON. Liverpool, dme 6." Spot cotton, limited reauest! prices steady. Good mWitlin? 8.55: fully middling 8.10 middling 7.45; low middling 6.45; good ordinary 5.20; ordinary 4.45. Sales 3,000 bales, including '2,800 American. Receipts 8,000 bales, inciud ing 7,500 American. , Futures closed steady. June 7.93 July 8.12; October 8.51; December 8.67 January 8.73; March 8.82; May 8.89. MONEY AND -EXCHANGE. New York, June, 6.Prme mercan Exchange weak; sterling 60 day bills and commercial 60 day bills on bank 3.74; commercial tu oay dius o.io demand 3.78 1-2; cables 3.79 1-4. Francs, demand 7.99: Cables 8.01." Belgian francs,-demand 7.98; cables 'Guilders, demand 33.55; cables S3. 85, Lire, demand 4.b; caoies .(.-. Marks, demand 1.50; cables 1.51. Sweden demand 22.45. Norway, demand 14.85 Arirpntlne. demand 31.62. Brazilian, demand v.13.12; Mooti'eal it uifi Tier- cent .discount. Government bonds easy; railroad bonds irregular. , Time loans steady, 60 and 90 days and 6 months 7 per cent. w Call money firm; ruling rate 7 1-2; bank acceptances, 6. 1 - ... , 1 , V . ' v.,:- NAVAL STORES. '; Sarannah. Ga.. June. 6.Turpentine firm 52 1-3 to 53: sales 480; receipts 426-' shipments 687; stock 8,535. Rosin firm; sales 1,046 receipts 293; Shiprnents 3,755; stock 74,786 Quote: B 3.40 to- 50; D 3.40 to 5o E 3 45 to 60; F 3.50 to 60; G 3.55 to 65- H 3 67 1-2 to 70; I 3.80 to 85; K 4 25 to 40: M 4.75: N 5.40 to 50; WG flOO to 12 1-2: WW 6.50. I Wall Street ) New York, June 6. Business on the stock exchange - tosay ; began with a resumption of last week's reaction. The movement was intensified by another sharp break in Britiafc . exchange. Loss- es OC X to - almost pumis niiti ijLeii the early offerings of Atlantic Gulf, American International, ueneral As phalt, California Petroleum, Royal Dutch, CruciDie nieti inu jeiieru.i Ktprtric. The "Shares of railroads tra versing, the flooded section of Colorado were dull and not materially changed. American Tobacco, tiosen jviagneto, Chicago Pneumatic Tool, Continental Can and Standard Oil fo New Jersey were among the various stocks to show extreme losses of 2 to 4 points during the dull mid-session. Short covering in the motor group effected allies of i T0 1 P",'-s- , Thft closing was wean. Sales ap proximated 700,000- shares. KtuXY lUHiv anvn, ijisi. Last Sale. Allis-Chalmers . . . - . 1-4 American Beet Sugar 31 1-2 American Can - - 29 - American Car & Foundry . .-; . 124 1-4 imtriraii Wide & 'Leather pfd 50 1-2 American International Corp. 36 7-8 American Smelting & Ref. 39 American Sugar .. American iftimatra . 1 obacco 75 1-4 57 3-4 104 1-4 '72 lrS 38 78 80 1-2 35 1-4 17 5-8 39 1-2 54 5-8 110 36 1-4 61 57 1-2 27 31 1-2 23 1-2 American T. &t i. - American Tobacco fcec. . . American Woolen .. .. .. Anaconda Copper . . . . Atchison .. Atl.. Gulf & W. indies . . Baldwin Locomotive . . Baltimore & Ohio - - Bethlehem Steel "B .. .. Canadian Pacific .. .. .. Central Leather Chandler Motors Chesapeake & Ohio . . Chicago, Mil. & St. Paul Chicago, R. I. & Pac . . Chino Copper rr-ninrnrin Fuel& Iron . . .. 28 1-4 Corn Products bi Crucible Steel 63 3-4 Cuba Cane Sugar ll ' a Erie .. 12 7-8 General Electric .. .. .. .. 132 1-2 General Motors . ,, . 10 Goodrich Co -.. 34 3-4 Oreat Northern pfd .. .. .. 67 1-2 Great Northern' Ore Ctfs . . 27 1-2 Illinois Central 90 1-8 Inspiration Copper i-a Int.VMer. Marine pfd 48 1-2 International Paper ' . . .... 621-2 Kennecott Copper 19 1-4 Louisville & Nashville . . .. ... 109 1-2 Maxwell Motors .. .. .. 4 Mexican Petroleum 147 1-4 Miami Copper . . . .' 22 Middle States Oil 11 7-8 Midvale Steel . - 25 5-S Missouri Pacific , 21 New York , Central b8 1-4 N. Y.. N. H. & Hartford .. 17 5-8 Norfolk & Western . . . : . . 93 1-2 Northern Pacific . . 69 1-2 Invincible Oil 14 Oklahoma Prod. & Ref. .... 2 Pan American petroleum . . bz x-z Pennsvlvania 34 o-S People's (ias . . . . . . . . . . fittsbxirg & W. Va. 28 Rav Consolidated copper .. .. i& Reading .............. 68 7-8 Rep. Iron & Steel 54 5-8 Royal Dutch, jn. x Shell Trans- & Trad Sinclair Con. Oil Southern Pacific . . . . Southern Railway . . . . Standard. Oil of N. J., pfd Studebaker Corporation 55 3-4 41 3-4 21 5-8 73.1-2 2tt 1-8 106 1-8 70' r-8 Tennessee . Copper . . . . . . 8 1-8 34 1-8 21 1-4 54 1-4 9 1-4 115 3-4 18 3-4 Texas Co Texas & Pacific Tobacco Products Transcontinenta Oil .... Union Pacific U. S. Food Products . . U. S. Retail Stores . . . . 56 1-2 60 5-S 61 3-8 U. S. Ind. Alcohol .... ... U. S. Rubber U. S. Steel 79 51 45 8 Utah Copper Westinghouse Electric . . . Willys Overland, , . Pure OH 29 3-4 S7 7-8 Atlantic Coast Line .k .. Coca Cola .... .... 27 Gulf States Steel 30 1-2 Seaboard .Air Line .. .... 6 38 Sloss, Shef. Steel & Iron . . United Fruit .... 103 1-2 Virginia Caro. Chem. . . American Tobacco . . .... 28 1-4 120 5-S American Zinc 9 General Asphalt . . .... v59 3,-4, TIME ALLOWED TOMAKERETURNS - Tax Listing Period is Ex tended Until June 15 '-by-County Commissioners. The board of county commissioners at its morning session Monday auth jr- ized . the time for making tax returns in the city alid county to be extended until . June 15. This means that the property owners of the county -ind those liable for poll tax ' will have a little more time in which to come for ward and make their tax returns and list their polls for taxation. The month of May was provided as the-xtime within which the return of property for taxation might be mado. The time was set by the Corporation Commission but it is left optional -wkh board of county commissioners' as to whether the time may be extended; in the individual counties. Although the books have been open here since the second day of May thsr. remains considerable work to be; done yet before citizens of Charlotte and the county have all made their returns. All maie citizens under a specified age must enroll for poll tax whether 1 they have any property or not. Women &o not enroll for poll tax but all women who have property must make return of the property. "Whether the time from now until the 15th of June will suffice for all others who have not made returns to-3o st remains to be seen. There was' no in timation by the board that a further extension of time would ' be made. COMMISSION DESIRES NEUTRALARBITRATION Paris, June 6. (By the Associated ress) The Reparations Commission las presented to the Councils of Am bassadors a .proposition that the com mission be authorized to refer to a neu-r trial ir? ltrator ..uestirns upon whfoli t is unable to agree. The proposal has provoked consider able criticism in French quarters since it virtually amounts to decisions being given . on important etuestions. concern ing the reparations' by a neutral. . The peace .treaty provides that the Reparations Commission . may refer questions of procedure to a neutral ar bitrator but dbetf not mention ; arbitra tion on questions of policy. - - - FOREIGN EXCHANGE DROPS MANY POINTS New Ybrk, June 6 Foreign exchang was feverishly . unsettled today, . M European remittances showing in creased pressure on pessimistic ad vices from abroad," ' During the early selling of sterling,, demand bills were quoted at $3.79 Z, a loss of nearly 5 cents over the week end and fully 20 cents below the re cent high quotation. Paris bills reacted 17 points; Belgian and Dutch rates broke 20; Italian ex change fell 34, and German, Danish. Norwegian and Swedish remittances were heavy. ; ' " Grain Market Cbpyrigflif, if21 by News IDhHshing Co. Chicago, June 8. The. wheat" market was queit after . .mid-session today. There seemed- to be an absolute lack of support; dUTiri!? tlv latter trading and this, more than the selling .pres sure, was the cause for the weakness shown. .The start -wax lower, but the market rallied . immediately on Crop Expert Snow's pessimistic report on Nebraska conditions. On the bulge, commission houses had wheat for sale, and after the first hour there was some selling which some of the. trade credited to Eastern account but most of them credtied to a local leader re-H cently: identified with the long side.' A crop estimate, showing a yield , of 180,000,000 Hushels, against pre-war average of 1S3.000.000 l,ushels caused some selling- and there were numer ous private reports frcm Kansas tell ing or the wonderful-improvement in the crop outlook Secretary Wohler, of. the Kansas board of agriculture, re vised his estimate on the acreage to 1,000,000 acres, or 90,0000 more than his preliminary estimate. ' . Cash premiums were one cent lower. Export demand was curtailed by un favorably exchange rate. Corn acted independently of wheat. and the stubbornness. off the part of the market was hard to explain. Bulk of the news : was bearish but buying power jyas.gooa. aunougn pit traders were inclined to credit fare-el local. Receipts were heavy but cash basis was unchanged. Both the do mestic and export demand was slow Crop news was generally bearish. uais were a shade easier. The break in wheat being offset partly by the steadiness in corn. Locals were trad ing and were the nrincinal hnvers Selling by cash houses featured the early trading. Cash basis was un changed. Shipping demand was mod- Provsions held steady. Trade was unusually slpw and featureless. Buying by export houses the last fif teen minutes caused a good bulge in wheat and at the close July was. 1 1-4 cents lower at $1.30 1-4 to $1.30 and September 3-4 cents higher at $1.16 3-4 to 1-2. Corn 1-4 to 3 cents higher;- July '64 7-8 to 65; September 66 to 65 7-8. Oats 1-4 to 3-8 lower: July 39 1-2; September 41 1-4. Pork declined 30 cents; lard off 5 cents and- ribs steady. Local cash sales were o,000 bushels of wheat, 20,000 bushels of corn nad 94,000 bushels o foats. Seaboard , reported 500.000 bushels of wheat, and 200,000 bushels oj. corn worKed ior export. Chicago, June 6. Active buying on the part of a leading commission firm brought about advances in the wheat market today, notwithstanding that opening prices were lower. Openin quotations, which varied from 3-4 to 1 3-4 lower, were followed by a. general upturn to wen above Sat urday's finish. Corn rallied with wheat, despite bit arrivals of corn. After openfne- nn changed to 3-8 cents lower the market scored moderate gains all around. jais were governed by the action oi otner cereals. -Provisions held steady but v trade lacKea volume. Wheat elosed unsettled 1 1-2 cents net advance. . -y... . orn closed nrm l- ; to 1-2 cnt net nigner. CHICAGO CASir GRAI.t. umeago, June 6. Wheat: No. 2 ;xed i.oj to i.oj; xno. z hard 1.58- to 1.58. Corn. No. 2 mixed 64 1-4 to 64 3-4; VTrt il ...11 f 1 n a. n ' iu. JCUUVV 91 to bo. Oats, No. 2 white 39 to 40; No. white 57 3-4 to 1-4. Rye, No. 2, 1.39. Bailey, 69 to 72. Timothyseed. 4.50 to ' 6.00. Cloverseed, 13.00 to 18.00. Pork, nominal. , Lard, 9.50. Ribs, 9.25 to 10.25. . CHICAGO GRAIN AND ' Open High WHEAT July 1.29 1.32 Sept. 1.14 1.17 CORN July 64 65 18 OATt- 65 66 July . . 39 . 40 Sept. 41 -41 PORK - July .. 17.00 17.10 LARD July '-. 9.65 9.70 Sept. ,. 10.00 10.00 niBS July .. 9.85 9.90 SepL 10.10 10.10 Low Close -1.30 64 65 894 41 b4 's do ;s 39 4lfc 17.00- 17.00 9.65 9.97 9.85 10.07 9.65 9.97 9.90 10.10 FEW CHANGES IN LICENSE RATEB Commissioners Will Prepare List of Rates But Will De lay Annual Budget. Only a few changes will be mad-2 in license fees for the coming year, May or J. u. Walker said. Monday in an nouncing that the commissioners are preparing for the special li.-ensa. The commissioners have held ;ip the arranging of license tax rates along with the preparation of the budget pending ..the fight of mayors cf North Carolina, cities to secure relief from the financial situation broUgnt on by he invalidation of the hiunicipel finance act. ' v : . No effort will be made to prepare a budget for the time being: flie com missioners will spend as litt'.e money as possible until they find - out what amount will be available to wivee ex penses during the coming year. Word from Asheville that Governor, Morrison u does .noi, propose to can a special session of the . leT-alature to remedy the financial 'situation has caused Mayor Walker to virfially gve up hope of obtaining relief. Owing to the invalidation of tl:e f ihance act the city's revenue will be cut This year between 25 and 40 per cant. The commissioners see no reason for delay in arranging the license tax rate, however, and they expect to announce the list of rates within the next few .days,. ,. . ... GUY NIKALLS QUITS AS ELI CREW COACH New Haven, Conn., June 6. The resignation of ' Guy Nikalls, English coach of the Yale crews, was announc ed last night at the training quarters at Gales Ferry. ' .There had --. been many reports of his resignation as. the result of friction following Yale's de feats this spring' by - Pennsylvania; Co lumbia, Princeton and . Cornell, but it was believed he would wait .until af: ter the Harvard races before relinquish ing -his post. Witlfj the Harvard regatta only eigh teen days away, P. J. Corderi-y, anoth er English oarsman, has been appoint ed Nikalls' successor. CITY SUMMER SCHOOL HAS 200 IN CLASSES The city summer school opened .tot an eight weeks course in the Junior High school : building- Monday morning with about 200 students in attendance. A faculty of 12 teachers is engaged in reviewing with students between the third and-- tenth grades studies orH which they failed during the. last trm The school is expected to , enable stu 1ents to "make up their studies" sc that they may be promoted at the open ing of the next terrm Stock Copyright 1 921, by News Publishing, Co. Union Stock Yards. Chicago. June 6. Heavy runs;we,re ; reported in all branches of the live stock trade today. Bids were off e van -for the best steers from, the start, .wnue nogs aiso sunereo. ljast week's average price for good beef steers was placed at $8.15, which, on account of the stronger market at the opening of the period, was a nickel higher than., the figure .. noted ,for the previous t week. A year ago the average was $13, with $13.50 with corresponding week in 1919. : The average Weight - of hogs at the Chicago market last week was placed at Z6i pounds, : which was comparatively light. The supply showed more, weight , today, however. Receipts today were stimated at. 25,000 cattle. 42,000 hogs, 14.C00 sheep and 2,500 calves. ' Cattle trade was uneven for all grades. It was found that the big part of- the run consisted of steers. Quality was also more or less plain and few steers sold above ?S.75. One load, weigmng i,uuu pounos, sold at $8.90, while yearlings, Steers and heifers went at $S.25 to $S.75 for best lots. Bulk of steers went at $7.50 to 08.50, and the market was generally slow and 25 cents lower. Some spots showed more decline late in the day. Cows -were weak to 25 cents off, while-canners sold about Steady. Bulls and calves also sold at un changed levels. PackeTs paid $9 for good vealers, with best snipping calves quota ble at $10. - . - . . , . n 1 1 i c ilOgS sold mostly a uime luwer. iauiue dealers were nearly steady at the best time of the day. Top hogs made $8.15, which was paid for one load- of prime light animals. The trade was fairly ac tive at the, decline. Rough packing hogs went over at $6".90 to $7.40, generally, while good lots made $7.65. Pigs of good quality sold ul to $S to $8.10 on a gen erally steady market. . . . Lambs were strong .to 25 cents nigner. Good natives went at $13.25 to 013.50. with some fair quality stuff at $12.50 Culls sold at $8 and up. Clipped lambs which willvbe classed as yearlings after next week, made $12.25 to $12.40. Texas wethers at $5 and native ewes at s. to $4.50 Tor. the best were steady to strong. CHICAGO LIVESTOCK. Chicago, June 6. Cattle; Beef steers and butcher she stock 10 to 25 cents lower: exporters and shippers buying freely; top yearling steers 8.90; some held higher; buiK beer steers y.oo to S.S0: Hulk fat cows and heifers 4.75 to 8.50; canners and cutters largely 8.25 to 9.00; stockers and feeders .dull and lower. Hosrs: Active 'steady to10 cents lower than Saturday's average; part load 8.50; practicaly top 8.10; bulk 7.70 to 8.05; pigs steady; bulk desir able 8.00 to S.10. Sheep: Lambs strong to 25 cents higher; some springs up 50 cents; shorn lambs steady to strong; shorn lamb top early 12.40; best native springs 13.50; California -springs held higher; Texas wethers o.oo; iat ewes mostly 3.75 to 4.50. . L Bond Market By STUART P. AVE ST. Staff Correspondent of The News. Copyright 1921, by ...News Pnblishine Co, New Yjrk, June 6. Lower prices were pretty much the rule in the bond market today. High money continued to have depressing effect, and the break in ex. change was a factor in the foreign gov eminent group. Belgian 6s of 1925, the speculative! value of which is closely con nected with the price of franc exchange dropped down over a point to 92. This was a decline of nearly six points from the high made several weeks ago when -1 Belgian francs were at their top. Belgian 7 l-2s were a traction - lower at 8 1-4 and French Ss were down a bit at 98 314. The new French loan was effectively supported at 95. Swedish government 6s dropped below 8.3 and were pretty close to their low for the year or 82 l-z. Mexican government 5s were off an other two ponts to 46 1-2. They have now lost more than eight points from their extreme high, at the tim an immediate anouncement was expected regarding rec ognition of Mexico and the resumption of payment on the Mexjcan debt. The re covery in liberty 3 l-2s had evidently run its course on Saturday; the bonds were lower today. There appears to have been a good deal of speculative selling of this issue, on the talk that the new revenue legislation would deal more kind ly with the surtax on the larger incomes. The latest word is, however, that a dis tinction wil lbe made between earned and unearned incomes and that the latter will be as heavily taxed as ever. This being the case tax exempt securities wouio lose none of their attractiveness and the sharp r-aiiv in the liberty 3 1-Zs at the close or last week was due to a recognition of this fact. . The new offering or $i5,ouu,uuu uniieo Drug 8 per cent gold bonds was reported qb friinsr moderately well, but with no prospect of any quick closing of the cub scription list. Railroad bonds, as a rule, were fractionally lower, following the de cline . in railway stocks. Louisville and Nashville 7s,' which had sold at 102 Sat urday were down to 101 1-4. New Orleans, Texas and Mexico os oroppeu a yuun io 58 1-2. LEHIGH VALLEY HELD LIABLE FOR DAMAGES Washington, June 6.-rrThe Supreme Court refused today to review decision- of New York courts holding the Le high Valley Railroad' Company liable for damages resulting to certain freight shipments in the "Black Tom explosion on July 29-30, 1916. Suits aggregating $10,00,000 have been filed or are pending as a result of the disaster, when . cars carrying barges loaded with munitions, explod ed, bombarding New York city and ad jacent communities. The appeal brought by the Lehigh Valley was from a decision in favor of John Lysaught, Ltd.,: a Eritish corpora tion, and was considered somewhat "n the light of a test case, although other smaller suits have been variously decided. WOULD RETURN PURCHASE. Washington. June 6. Transfer to ther State of Georgia of the Point Pe ter military reservation at the mouth of the St. Mary's river, purchased by the government in 1818 but never . util ized, was proposed in a bill . introduced today by Senator Harris, democrat. Georgia. " . r PAUL W. KEAR NOMINATED. Washington. June 6. Paul" W. Kear, was nominated today - by President Harding to be Federal attorney for the eastern Virginia district. Paul Arrington & Co. Manufacturers Cost Accountants Audits - Systems v Investigations '217 Piedmont Building Phone 653. Charlotte, N. C. Curb Market v. i the market : for outside securities to day were on a fairly liberal scale, with price movements continuing ir- . icguicu. - : liut-icsi iur ine : nival part WU a nantanflil 4. 1. nil Dlnnlr. Anvli. ' American Oil. which on Saturday was in Urgent demand, developed prononnc-: ed weakness today and on "free selling brought about by announcement of a. pronounced increase in the capitaliza- tiuii, ueciniea snarpiy. Ryan Consolidated held around its previous low mark. Simms Petroleum,. however. CIl small nnrrhasns rnlorl steady. Carib Syndicate rafter early. steadiness .. declined almost a point. Maracaibo Oil was under pressure Oil and a few of the .other low-priced Jiu?ijeiiuent issues were aoout un chang. The Standard Oil group was heavy. In the industrial department, there' was no marked feature. , Glen Alden Coal, on light dealings. eased frac tionally. There warn vor-ir Httl. I . quiry for the motor shares. United oiaies oJistriDuting was an exception to the list, and on rather light deal ings moved up sharply. United States' Steamship and United Profltsharing vcio uin-iinsu. tsntisn-American-Tobacco coupons, after easiness at the Start turnerl nteaHv TTnito n s 1 , Candy and vSweetS Company of. Amer- pio-cucuiiy negiectea. , - iJiinins snares were , easier, in sym pathy with the rest of the list. Eure ka Croesus was weak and on liberal offerings broke several points. Boston and Montana ; was an exception and Bonds were generally heavy, with fractional losses throughout the l'st Consolidated Textile 7s, after breaking three points, regained most of the loss SUGAtt New York. .Tune fi T?ow en 1,11 . i . m ... . , . - ' -. & u. i un settled at 4.od for centrifugal. caoicr ana uncnanged to 5 points lower with fine granulated at "SILVER. New York. .Time R T?o -. j mesltc 99 1-4; foreign 57 3-8. ' mexivan dollars 4 3 7-8. . CHICAGO POTATOES. Chicago, June 6. Potatoes easier. New southern Triumphs 3.50 cwt. Virginia. 5.50 barrel. South Carolina, 5.25. COTTONSEED OIL. "NT. WT Vllplr 1 Mil n c IT.1 . i i , . " ',lc me cottonseed oil market closed steady. Prime sum- - or J to b.wm prime crude d.25 to 6.00; June 7.00; July 7.55; Au gust 7 60; Septembed 7.74; October 7.82; November 7.75; December 7.80; January 7.85. Total sales 1,700. COUNTYBOARD TO EQUIP COTTAGE Mecklenburg Board of Coun ty Commissioners Give $2,093 for Training School The board of commission ?rs t 'Meck lenburg county, at the r.qu-.st of ihe Mecklenburg County Welfare Hoard ana J. P. Cook, chairman of the board of trustees of the Jackspn Training school, located near Concord, appropri ated $2,093.80 Monday to equip the Mecklenburg cottage at the school. It will be used exclusively as a place for committing delinquent , youths from Mecklenburg county who are tod young and plastic to commit to more severe correctional institutions. The Mecklenburg cottage, costing $22,500. . was erected by funds raised5 by public subscription in Charlotte, during & campaign sponsored by the Men's Class of the Second Presbyterian church. The contract was let to a builder in Concord and the cottage is now complete and ready for equipment. It is said to be one of the handsomest and most home-like cottages on the grounds. It will have a capacity for 30 boys. None over 16 years of age are admissable to the school and none under twelve. There are about 15 boys from the county there now and several more in the custody of the juvenile court here waiting for completion of the cottage and installation of proper equipment. -. Those ... appearing before the board Monday morning to ask for the apto priation were J. P. Cook, f Concord, chairman of the board of trustees of the school; Lucius Ranson, county welfare officer here; Baxter L. Baker, city probation officer; Wade W, Wil liams juvenile court judge and V.. J. Guthrey, president of the county wel fare board. Mr. Copk told something of the method of operation . of the school and of the high caliber of . men the institution has turned out during its history, while members of the welfare board told of juvenile court work here and something of the needs for a placa like the Jackson Training School, where boys could be sent for training that are classed as delinquent but that hav ing in them the making of worthy cijizens. i - Sam darling is dead. New York, June 6- News of the death of Sam Darling, noted English trainer of rae horses, reached here to day. He trained two derby winners, and another, the American filly,- Cap and Bells II, won the classic English Oaks in 1901. ;. . : EVERYTHING In High Quality Building Materials THERE are a dozen and one odd jobs around your place that can best be done with concrete. Once you use , concrete you can forget it, it's there to stay. We handle Lehigh Portland Cement. Call on us when you need it. ' CITIZENS Lumber Company South Boulevard - Phones 3472-3473 1 -1' i' i , i : it? '' i -.;- : f 'I'I - 1 It if ' i !' til' -ir .; ; I i r ' . I! t- HpanJ 6Ucceeding the Ryan Motors JrSp. : w yy freshmen- : ;
The Charlotte Observer (Charlotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 6, 1921, edition 1
13
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75