Newspapers / The Charlotte Observer (Charlotte, … / June 19, 1921, edition 1 / Page 16
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THE CHARLOTTE NEWS, CHARLOTTE, N. C., SUNDAY MORNING, JUNE 19, 1921. 16 CURB G R A I N- ARKET FINANCIAL BONDS COTTON- THE MOST COMPLETE MARKET PAGE PUBLISHED IN THE CAROLLNAS, TOCKS LIVESTOCK- EDITED BY STUART P. WEST For 15 Years Financial Editor of The New York Globe. QUOTATIONS; NEW TRADE'S STATUS IS VERY SPOTTY Review of Past Week Shows Both Improvements and Setbacks. New York. June 1 TTTrj;?S,, TAn tinns during the week nave Den sootvt " some lines reporting im rrovements: others suffering fresh Setback?. Money was more plentifu nnri rail loans were made in u an Street at the lowest rate in some time. r-Tnk clearings for the whole country Sfwrt aA increase, revealing biggor bulk of financial dealings than in the PrThereSwasean increase in commercial faTheeSstock market was under ter- alfo July and October contracts sell fnl'$10 on the bale lower than after the May crop report. The independent steel companies cut wages and an nounced another forthcoming cut next month A banking group completed clans to lend $50,000,000 to cattle growers to help that industry. Im provement is noted in the demand f0r pending materials. No new labor trou- a'SHngs of the whole coun; a?ain6.6Tie6l2.5r!ast$7;rek98k'n5i $Ooi,S60,653 this week last year. COMMERCIAL FAILURES. having liabilities of $5,000 or more. STOCK MARKET. Tha average price of 15 represen tative of industrial issues on last IS ffeon the New. York stock ehane was ?4.03 against 64.41 ies.eraay and 66.57 last week., rhe averae p?ice of 15 representative railroad pues on last sale was o0 .93 against 51.S8 yesterday and o2.20 last wee. MONEY. Call money on the New York stock exchange ranged from b to o per cent, the lowest rate since the first of April. Some loans were made out side of the exchange as low as 3 per cent, the lowest rate since August. 1919 At one time there was $14,000, 000 on the money desk of the stock exchange available for call loans with no takers. GIlAIXi Fine growing weather is reported from the northwest. Convplanting op erations were ended about two weeks earlier than in most years. Cutting of winter wheat is making good prog ress although wet weather has inter fered in some sections of Oklahoma. The market was under pressure and prices for cash wheat fell approximate ly 15 per cent. There were heavy re ceipts of corn at Primary points and a subsequent increase of o,102,000 bushels in the visible supply . COTTOX. The bears were in control of the cotton market this week. On Friday spot cotton in the South broke from Eo to 50 points. At Dallas and Fort worth middling sold below 10 cents a pound with low middling at Dallas as low as 7 1-2 cents. DRYS CONFUSED OVERNEW BILL Volstead's Additional Re strictions Bring Decided Differences. BY HERBERT W. WALKER, T'nited Press Staff Correspondent. Washington, June 18. Dry Con gressmen and prohibition workers to night were fighting among themselves over Representative Volstead's latest prohibition proposal his so-called sup plement to the original Volstead law. Wayne B. Wheeler of the Anti-Saloon League and E. C. Dinwlddie, for merly with the league, but now con nected with other reform organizations clashed in hearings before the House Rules Committee today. Dinwiddie sided with leading chem ists and industrial alcohol manufac turers of the country in their position that the additional restrictions placed upon their interests by the Volstead bill should not be rushed through Congress under "a gag rule." Thi3 aroused Wheeler, who In a for mal statement, said: "Mr. Dinwiddie has not been with !he Anti-Saloon League for more than a year and in assuming to protect cer tain phases of the trade, he is unwill ipclv protecting the illegal traffic." WANT IT SEPARATED. The House rules committee probably will demand that Volstead separata his bill and rush through Congress only that section prohibition the pro scription of beer as medicine. This hm angered Representative Volstead and he charged before the rules com mittee that Chairman Campbell, Kan sis, who has always supported prohibi tion, was endeavoring to delay his bill. "I can convince you in five minutes that the entire bill should be passed at once," said Volstead, seeking to pre vent a continuation t of the hearings until Monday. "Well, you talked for half an hour last week and failed to convince us re garding .some of these controverted points," replied Campbell, after which I he committee adjourned until Mon day. Representatives of the chemical and Industrial alcohol industries told the committee that Sections 3 and 4 of the bill threatens their legitimate busi ness with destruction. It was pointed out that Industrial alcohol is used In many manufactured products, one representative of an or liflcial silk company stating that his concern consumed three million gal 'ons a year. The large amount of in dustrial alcohol in the country was a 'g asset during the war, it was said, 5) nee it was used in the manufacture jf gun cotton, smokeless powder, pois on gas and other products. FATHER -AND. SON IN BAD AUTO MISHAP Statesville, June 18. -William Sigmon )f East Monbo was probably f a tally in ured and his son, Ralph, aged seven een, was badly bruised when their car verturned yesterday evening. They were coming to Statesville and tear Barium Springs, Mr. Sigmon lost ontrol of the car and it left the road verturning and pinning him and son xnderneath. They were brought to the Carpenter .)avls hospital here and it was found hat Mr. Sigmon had suffered a severe :ootusion of the brain and was injured nt-arnally, being severely shocked. The ion had numerous cut and bruised but lot serious. Mr. Sigmon Is sixty years r age- Jle remains in an unconscious te and his recovery is doubtful. Financial By STUART P. WEST Staff Correspondent of The News Copyright 1921, By ws Publishing Co. New York, June 18. Reduction of the Federal Reserve Bank rate to six per cent the second cut within tw months came this week, as expected. It served to make very clear that whatever else is the matter with the business and financial situation, restriction of credit is no longer a factor. The lowering of the rate on commercial discount is, on the one hand, proof that the banking authori ties are satisiiea with the progress made during the last six months in deflating loans and note issues, and, on the other hand, it is a notification to the business community that the credit strain has passed and that it is safe to let down the bars which wer raised against loan expansion a year ago. CREDIT TENSION OVER-RATED. That this assurance has had so little effect either upon the trade movement or upon the situation in Wall Street, simply goes to show that the part which the credit tension has been playing in the great decine of the past eight months, has been a good deal over-rated. Raising of the federal reserve discount checked the wild speculation in securities and in commodities a year and a half ago and the difficulties placed in the way of commercial borrowers accelerated the business decline. But the credit . troubles were not the supreme influence in the markets of 1920-21 that they were in the crisis of 1907. The banking difficulties were of subordinate importance to the com mercial difficulties. The foremost prob lem was to restore an inflated indus trial price level and an inflated pro duction to a normal peace' basis with out involving a crash. MONEY GOES BEGGING. Not being the prime factor in the situation, the passing of the money stringency has not availed to turn the tide in business affairs or to stop the break in stocks. Money, during the last few days, has literally gone beg ging in Wall Street. It is a reminder that very low call money rates are more often than not an accompaniment of slack trade. For instance, during the acut depression in the steel mar ket of 1903 a situation somewhat like the present one call funds were offered on the stock exchange at 2 per cent and were pressed upon bor rowers at this figure while stocks were tumbling precipitatelv. There have been several times this year when it has looked as if the worst that had happened or could hap pen in trade conditions . had been discounted by the enonvous shrinkage in security prices. Those who have ventured an assertion to this effect have not been wrong simply because Grain Market Copyriffht 1921, By News Publishing Co. Chicago,- June IS. Wheat started out strong and higher but a- reversal of the price trend was recorded at the end of the first hour which was followed by some reaction later. There was good buying at the start by houses with eastern con nections and the pit crowd tailed on. Shortly before the end of the first hour heavy commission house selling developed and this was followed by liquidation. Later there was some buying by shorts for profits. Southwest advices were bear ish telling of favorable harvest and free selling of old wheat by growers to make room for the new crop. Northwest advices were mixed but some deterioration is be lieved to exist. Cooler weather is forecast and this tended to relieve apprehension. Export bids are 10 to 12 cents out of line and some reselling at 12 cents under pres. ent cost was reported. Cash premiums started unchanged. Shipping sales were 7,000 bushels. Market closed 1 to 2 3-4 cents lower; July $1.28 1-2 to 3-4; Sep tember $1.23 1-2 to 3-4. Corn was easy from the start. There was pressure on the market from the opening while buying power was limited. The depressing factor is the' continued heavy movement and the poor outlet for the cash corn aside from that in the pit. Sales of 500,000 bushels of 'contract corn were made to go to store. There was very little domestic demand while export demand was dormant. Cash basis was unchanged. Shipping sales were 7,000 -bushels. Market osed 1 3-8 cents to 2 l-s cents lower; July 64 1-4 to 1-8 cents; September 64 " 1-8 to 3-8 cents. Oats were weak. Selling out of long oats and pressure induced by the weak ness in other grains were factors. Crop reports were mixed but those telling of deterioration were in the majority. Cash basis was unchanged. Shippirtg sales were 133,000 bushels. Market closed 1-2 to 3-4 cent off; July 38 1-8; September 39 3-4 to 5-8. Provisions were quiet. Weekend short covering for profits and higher hogs were factors. Pork closed unchanged, lard un changed to 2 1-2 cents u pand- ribs 5 "to 7 1-2 cents higher. CHICAGO WHEAT July .... Sept. . . . CORN July Sept. . . . OATS July .... Sept. ... PORK July .... Sept. LARD July .... Sept. . . . RIBS uly .... Sept. . . . GRAIN Opsn . .1.32V6 ,.1.26 AND iiigh PRODUCE. Liow Close 1.33 1.264 65 66 o ; ! 4 41 1.27 1.28 ,i 1.23 1.23 65 ii 65V2 39 40 17.60 17.80 9.95 10.30 10.37 10.62 02 63s 37 39 63 Va 64' 39 17.60 17.80 9 ')2 10."25 10.37 10.62 9.97 10.32 9.92 10.25 10.62 10.60 By STUART P. WEST. Staff Correspondent of Tit e IVeTTa. Copyright 1921, By News Publishing Co. NEW HAVEN. Peaking 14 3-4, New Haven stock established a new low record for the year and this meant a new low for all time. The decline did not have the appearance of a bear raid primarily It occurred on uncommonly largo transactions. In the balance sheet at the close of 1920 New Haven showed a profit and loss deficit of $3,184,000 and here is the main trouble. New money is badly needed and it is of course, impossible for New Haven to float new securities on any but exorbitant terms. Interest is due on $38,000,000 con vertible debenture six per cent bonds in July, and it was this which formed the principal topic of discussion today. SINCLAIR OIL. Sinclair Oil was one of the stocks selected as a special object of attack this morning. The Idea is that this is one of the companies which could not write down its inventory and charge off for depletion and depreciation and show any. balance to the good from current earnings. . , NEW YORK MONEY. New York, June 18. Call money ranged between six and fixe and a half per cent on the stock exchange during the past week. Time money was quiet with offerings scant. Borrowers bid 6 1-2 per cent. Renewals . were : ar ranged at 6 3-4 on mixed collateral an 7 PrtIcent on all industrials. Mercantile paper rates ruled at 6 3-4 per cent for the- best known -names and 7 per cent for names not so well known. . . wc" Keep two pairs of shoes in use at the same time. This is better both for the shoes and your feet. t . Paragraphs Outlook the stock market has kept on going down. What we are seeing now is not a reasoning process of adjusting securities to the striaghtened business conditions. The movement of the last few weeks has been unreasonable and largely artificial. TRADE DEPRESSION OVER-DISCOUNTED. It has been the market over-discounting trade depression, in precisely the same manner, and to precisely the same extent, that It exaggerated the prosperity of two years ago. Short selling has been conducted with the same recklessness that characterized the speculative buying of October, 1919. The sequel cannot be doubted although nobody is able to tell just when the turn will come. Whether or not the activities of bear traders will be able to make a further im pression, there is no hesitation in calling the present price level very low, in saying that it has, in many instances, over-measured the reduc tion in company profits and the lower ing and passing of dividends, and brought stocks below their intrinsic values One of the remarkable features of the situation is that investment bonds should have responded so little to the rise in the purchasing power of the dollar and to the decline in money interests. Other things being equal, these changes ought to lower the in come return from securities of fixed rate, that is raise their cost to the investor. Ultimately this must be the consequence of the deflation in commodity prices and the piling up of a money surplus. . FLOOD OF SECURITIES. But at the moment these forces are counterbalanced' by the flood of new secuiities which has been pressing upon th market during the hi3t year, representing the rush of foreign gov ernments and home corporations to raise money which they could not do while war loans had the call. These demands have been so urgent .hat, so far from the borrower getting better terms he' has had to make more con cessions to the investor. Still, there is no suggestion that the investment resources of the coun try have been unduly taxed. A most encouraging incident of the week is the heavv over-subscription to the $500,000,000 joint note and certificate issue of the government. The Treas ury Department has found that it can readily sell three year notes, and if this demand continues in the sama way for subsequent offerings the prob lem of distributing and postponing settlement of the- $7,500,000,000 flout ing obligations maturing in 1922-2?, will have been solved. This problem was quite as vexing a . one as that of the new revenue bill. L Curb Market By STUART P. WEST Staff Correspondent of The News Cop j rljjht, 1021 by News Publishing Co. New York, June 18. New York traders were absent from the street today and as a result dealings were unusually small on the curb market. Commission houses had few orders, but it was reported that what little business was transacted for these firms was on the buying side, whereas for some, time, outside participation ha.- been almost entirely on the selling side. -Trading was chiefly prfoct' sional and price movements were un usually small. TheN tone was barely steady. Carib Syndicate was the feature of the oil list. The publication of the detalis by which the Texas Company offers to take over the company caused a buying spurt, but after moving up a small fraction there was consider able profit-taking and the stock re acted to below its previous close. Other oil stocks were inactive. Interna tional Petroleum nad Maracaibo held steady. Zapata preferred led the low pneed issues, outside buying taking several hundred shares. The Standard Oil shares were quiet with bid and asked quotations about unchanged. The miscellaneous list was steady iu cludmg United Profit-sharing, Sweets Company and United States Steam rl ihor5 was one sale of United Retail Candy at a small fractional advance. Mining Issues were less active than heretofore and price changes . were small and irregular. National Ti-i dull bestead"? Str0n BndS we" BIG EFIRD SALE OPENS WITH ItUSH Reports from the 31 Stores Tell of Tremendous Vol ume of Business. Tha tremendous volume of sales at the 31 stores in the Carolinas and Vir ginia of the Efird chain during Sat urday, the first day of the annual eight day chain sale of this organization gave definite evidence that the offer of unusual values quickly puts money into circulation. Reports received here last night from the various units of the great Efird chain of stores uniformly were satisfac tory t J. B. Efird, president. At the Charlotte store a jam existed through out the day and the sales total climbed high into the' thousands of dollars. A throng, which overflowed into the street, gathered at the Efird Charlotte store before 9 o'clock yesterday, and when the doors were opened a rush en sued that almost swamped the sales force, which had been augmented in anticipation of unusually heavy busi ness. ' . Each of the 31 stores was thrown open at the same hour, 9 o'clock, and this 'festival of bargains" will continue through next Saturday. Mr. Efird did not announce the total value of the merchandise on sale by the chain, but it was explained that a goal pt, $2,000, 000 in sales has been fixed. The totals represented by estimates based on; the opening day's business indicated that this end will be attained. So great is the importance attached to this sale, and the resultant interest of Mr. Efird assuring himself in ev ery detail of the sale plan would be worked out, a meeting of the store managers and assistant managers -was hed here last-Monday, At that time, important phases of this big merchan dising event ' were discussed fully. The meeting assured a uniformity of policy arid price which otherwise could riot have been, attained. . An intensive advertising- campaign was conducted just; prior .to the open ing of the sale, unusually liberal space in '.- newspapers and,' . a! great distribu tion of house organs - being used. An order for 150,000- four-page : house or: gans, full newspaper - page size, was given The Charlotte News Friday a week ago and these were delivered the following day and shipped from, the mailing . room of The-News -to the stores in towns where larg- newspaper circulation 'could not be bought. There are 10,870 men and womri employed in the New York city " police department. RAILS AND WEAK STOCKS SLUMP But No General Liquida tion and thet General List is Not Upset. ' By STUART P. WEST Staff Correspondent of The News Copyright 1921, by News Publishing Co. New York, June 18. Speculation for the decline shifted Its attention this morning to shares of the so-called "weaker rails." The movement start ed in New Haven with the appearancv of large blocks of stock pressed for sale at new low record prices. Nat urally this revived the unfavorable rumors which have been circulated every time in the last year or so that New. Haven stock khas broken. The point was made against the weaker rails that the relief proposed from the wage reduction may not be sufficient to tide some of them over the present period of depression. On the strength of this argument of the low priced railway group were offered all around, and the demonstration finally involved dividend like Penn sylvania, Canadian Pacific, Reading and New York Central. Chesapeake & Ohio, not having fully discounted the second postponement of its divi dend, had another bad break. Among the industrials there were the usual collection of individual weak spots. Among these ivere some of tu-s low-priced oils, particularly Sinclair and Invincible, Harvester, American Sumatra and Coca-Cola. But the msr ket had precisely the same character istic as on previous days, namely, that the extreme weakness in these spe cialties did not upset in the least the general list. Short selling made head way only in these few quarters. It failed to bring out any general liqui dation and in the majority of the in dustrials there was a distinctly better tone. Sterling exchange was a bit higher but dealings were of no impor tance. NEW YORK STOCK LIST. Last Sale. Allis-Chalmers .. .. .. 32 American Beet Sugar 28 American Can 26 Va American Car & Foundry .. .. 117- American Hide & Leather pfd .. 48 V2 American International Corp. .." 35 American Locomotive 76 American Smelting & Ref 37 American Sugar 6S American Sumatra Tobacco .... 43 American T. & T 105 American Woolen 69 Anaconda Copper 37 Atchison 744. Atl.. Gulf & V.r. Indies 19 Baldwin Locomotive 67 Baltimore & Ohio 35 Bethlehem Steel "B" ,4S Canadian Pacific .... Central Leather 344 Chandler Motors 58 Chesapeake & Ohio 4s:'-s Chicago, Mil. & St. Paul 24 Chicago, R. I. & Pac 28 Chino Copper 23 Va Colorado Fuel & Iron 28 Corn . Products 92 Crucible Steel 55i Cuba Cane Sugar . 8 Erie .... .... 12 General Electric 123V4 General Motors 9?i Goodrich Co 32 Great Northern pfd 63 vi Great Northern Ore ctfs 27 Illinois Central 89 Ti Inspiration Copper 32 V Int. Mer. Marine pfd 47 i International Paper 52 12 Kennecott Copper 18 Louisville & Nashville 107 Maxwell Motors 4 Mexican Petroleum .... ;t. 107 -j Miami Copper 20 Middle States Oil 11 Midvale Steel 22 Missouri Pacific 18 New York Central 65 ?i N. Y., N. H. & Hartford 14 Norfolk & Western 92 Northern Pacific 67 Tnvincible Oil .... 11 Oklahoma Prod. & Ref 2 Pan American Petroleum 46 Vi Pennsylvania 33 People's Gas 47 Pittsburgh & W."Va. 26 Ray Consolidated Copper 12 Reading 65 Rep. Iron & Steel 45 Royal Dutch, N. Y 5i Shell Trans. & Trad 40 Sinclair Con. Oil 19 Southern Pacific 71 Southern Railway 18)i Standard Oil of N. J., pfd 105 Stulebaker Corporation 73 v, Tennessee Copper .... 7 Texas Co. 31 Texas & Pacific 20 Tobacco Products 52 Transcontinental OU 8 Union Pacific 114 J. S. Food Products 17 U. S. Retail Stores 53 U. S. Ind. Alcohol '53 U. S. Rubber 66 IT. S. Steel .... 74 Utah Copper 48 Westinghouse Electric 43 Willys Overland 7 Pure Oil ; . . . 26 Atlantic Coast Line .... ; 86 Coca Cola .... . . 23 Gulf States Steel 28 Seaboard Air Line 5 Sloss. -Shef. Steel & Iron ... 35 " United Fruit 101 Virginia Caro. Chem 14 American Tobacco 116 American Zinc ............. General Asphalt, 51 .'.-' ' ' it WEATHER CONDITIONS. i ft THE WEATHER Weather Bureau Office. Charlotte, June 19, 1921. Sunrise 5:09 Sunset.. .. .. .. 7:39 Moonrise ... .: .... .. 7:01p.m. Moonset ...... 4:41a.m. Moon phase .. .. .. Full on the 20th TEMPERATURE. Dry Bulb. 8 a. m. 10 , a. m. Noon . . 3 p. m. ; 4 p. m. 8 p. m. 32 84 S3 87 84 Wet Bulb. 8 a. m - 71 Noon .". '7? 8 p. m. .... 7i Highest .... .... 93 Lowest .... ,. 73 Mean ............. s- ...... 83 Normal ....... ..; 75 Mean same date last year 80 Excess for month .... .. 34 Excess for year 399 Highest of record for June, 102 in 1914 Lowest of , record for June, 45 in 1889. PRECIPITATION. Total for 24 hours ending 8 a. m. xotai ror month to 8 a.m 0.29 Normal for June, . . 4.46 4.'76 Deficiency for year Greatest of record for June, 11.04 in 1886. Least of record ' for June, 0.52 in 1890. . HUMrorrr. 8 a.vm. .., Noon . . . 8 p..m. . . . . 58 . . 50 BAROMETER. 8 a. m. , , 8 p.. - m. .. , 29.92 29.78 O. d. LINDGREN, . ' . Meteorologist.- i- . ; !i Southern Stocks & Bonds QUOTATIONS FURNISHED EY American Trust Company, Charlotte, N. C. A. M. Law & Company, Spartanburg, S. C. Hill, Clark & Company, Charlotte, N. C. R, S. Dickson & Company, Gastonia, N. C. and Greenville, S. This service, which is published every Sunday, is a co-operative ef fort between l The News and the dealers . mentioned above to present a i,vod nt of ouotations on various Southern securities. These S'atfo the latest available figures. COTTON MlibX. SXOCKw. Bid IhVtAvmn fnttn-n 'Mills Ask 105 80 55 300 125 69 230 115 Acme Spinning Co , 71 Aileen Mills, lnc A mnrif n n Wn'nn!r.(T CO. . ... American Yarn & Proc. Co. 109 Anderson Cotton Mills .... 67 Aragon Cotton Mills zou Arcade Cotton Mils Arcadia Mills 200 Arkwritrht Mills 200 Arlington Cotton Mills 275 140 150 50 235 100 98 82 170 71 1S5 250 "25 10 100 275 235 73 120 110 120 250 iii ' 175 20 85 76 455 115 72 93 84 31 92 95 90 55 125 306 103 220 200 69 125 66 90 70 375 i35 97 160 13 13 100 350 660 160 251 250 94 265 Arrow Mills, lnc i Atherton Mills Augusta Factory, Ga 40 Avondale Mills, Ala 500 Beaumont Mfg. Co 225 Banner Mills Belton Mills Belton Mills, pfd , Blue Buckle, pfd (per 100) 17 H Broad River Mills 140 Brogon Mfg. Co Brown Mfg. Co 27 o Cabarrus Cotton Mills 170 Calhoun Mills Cannon Mfg. Co 185 Cash Mills Chadwick-Hoskins Co. (par value ($25) 6 Chadwick-Hoskins Co. S per cent pfd Chesnee Mills Chiquola Mfg.. Co. 125 Chiquola pfd - 71 Clara Mfg. Co 100 Cliffside Mills 500 Clinton Mfg. Co 104 Climax Spinning Co. 110 Clinchfield Mtg. to Clinton Cotton Mills Clover Mfg. Co Columbus Mfg. Co Consolidated Textile Corp. Converse (D. E.) Co Crescent Spinnig Co Dacotah Cotton Mills Dixon Mills, lnc Drayton .Mills Dunean Mills Dunean Mills pfd Durham Hosiery Mills, B. . . Durham Hosiery Mill, pfd 200 165 IS 71 425 101 60 90 76 24 S5 Eastern Mfg. Co Sj Kastern Mfg. Co SO Eastside Mfg. Co 3 a Efird Mfg. Co. 110 Enterprise, Mfg Co 100 lrwin Cotton Mills 300 Erwin Cotton Mills, pfd. . . 102 Flint Mfg. Co. Florence Mills Gaffney Mfg. Co. . Gibson Mfg. Co Glen wood Cotton Mills . Globe Yarn Mill Gluck Mill Grace Cotton Mill Co. . Gray Mfg. Co Greenwood Cotton Mills Grendel Mills Grier Cotton Mills . . . Hamrick Mills 175 66 175 120 64 . 89 . 200 . 130 Hanes Knitting Co. A . 12 Hanes Knitting Co. B 12 Hanes pfd Hartsville Mill Henrietta Mills Highland Park Mfg. Co. Imperial Yarn Mills Jennings Cotton Mill . . Judson Mills Judson, pfd Lancaster Cotton Mills . 97 305 . 215 , . 225 . . 84 , . 220 Live Stock I Copyright, 1021, bylVews Pubiisliing Co. Union Stock Yards. Chicago, June 18. Light supplies were reported in all branches of the livestcok trade today in the cattle and sheep pens the trade was of little account as there was not enough stuff on hand to call many of the buyers into the market. Re ports from tha big packing, houses in dicate improvement in business. Con sidering the terrific strain through which business has gone and also the iccord of other post-war period, there is not much cavise for complaint. Pro ducers are still being hit hard, but there are s:gns of improvement. A renewal of English demand has im proved export business after support from this source has been practically cut off for several months as to the ready product. All kindr, of livestock showed a decline from the levels noted a week ago, with hogs taking the small end of the drop, while lambs suffered most. ' Receipts today were estimated at at 1,000 cattle, 6,000 hogs, 2,000 sheep and lambs, and 300 calves. Cattle trade was hardly more than a nominal one today. Of the reported 1,000 for the local yards about 400 were received by the big packers, leaving little in the hands of the sellers. Small lots sold at unchanged levels compared with the day before. All kinds of cattle closed lower for the week. Best steers were off 25 cents while plainer lots showed a decline of 50 cents for the period. Top yearlings sold, at $9.15 early in the week, while the best heavy steers were placed at $8.50 to $8.65 at thi close. Butcher stock dropped gen erally 75 cents but grassy stuff showed a decline of $1 in many cases. Good cannres at $2.50 to $2.60 and cutters at $3 to $3.50 were ox'f 25 to 40 cents while calves fell 50 to 75 cents during the week, closing at $9 to $9.5,0 for top lots. Hogs were a dime higher today. Choice light hogs and also the best medium weight butchers sold at $8.10 to $8.20 while few rough packing lots went below $7.50. Prices did not show much of a change from those noted a week ago. One load of light hogs today sold at $8.30 which was a little out of line with the general trade. No good lambs were on sale today. The trade was nominal. Choice lambs were quoted at $11.75 for the top and-the trade was generally $1 below a week ago. Yearlings were placed at $9.50 for the tops against $10.50 at the close of last week, while aged muttons showed a decline of 50 to 75 cents for the period. Receipts f o livestock Tor the week stand: 58,668 cattle, 172,692 hogs, 71. 166 sheep against 56,351 cattle, 162,737 hogs, 90,016 sheep last week and 57. 365 cattle, 161,522 hogs, 62,742 sheep the corresponding week last year. - "If you had an eye behind you, you might see more detraction at your heels than fortunes before you.'.' Shakespeare. Paul Arrington & Co. Manufacturers Cost Accountants Audits Systems Investigations 217 Piedmont Building Phone 653. Charlotte, N. C. Laurens Cotton Mills . 97 100 160 i on Limestone Mill Locke Cotton Mills 10L, Lola Mfg. Co. ,-i15 Majestic Mfg. Co. 125 Marlboro Cotton Mills .... o l Marion Mfg. Co. 125 Mills Mill Mollohon Mfg. Co. .... ... Monarch Mills, S. C 108 Myers Mills 75 Myrtle Mills II? National Yarn Mills 12o Newberry Cotton Mills Norcott Mills 250 Norris Cotton Mills Oconee Mills , 200 Orr Cotton Mills 96 Osceola Mills Pacolet Mfg. Co 125 Panola Cotton Mills Parkdale Mills Patterson Mfg. Co 18 o Pelham Mills ............ ... Pelzer Mfg. Co 104 Piedmont Mfg. Co 125 Poe, F. W. Co 92 Poinsett Mills Ranlo Mfg. Co 100 Rex Spinning Co. Rex Spining Co. pfd 92 Rhyne-Anderson Mills Co Rhyne-Houser Mfg. Co. : . 7 01 151 300 200 110 77. 136 141 ISO .190 98 250 130 190 145 ioo 108 125 103 95 1.25 ioo 81 73 8 110 76 81 100 110 55 114 76 92 26 230 30 77 31 76 100 85 160 170 110 80 95 80 115 71 Ridge Mills, inc Riverside Mills ($12.50) Ronda Cotton Mills Rocky Face Spinning Co. - Rowan Cotton Mills Saxon Mills Seminole Cotton Mills Sibley Mfg. Co. Spartan Mills Sterling Spinning Co. . : . . . . Siinarlnr Yam AfillS 74 100 '47 110 71 85 24 "23 73 29 74 98 75 Toxaway Mills (par $25) . . Tucapau Mills Union-Buffalo Mills Co. .. TTrirn.Tillffalr Mills 1st Tjfd Union-Buffalo Mills 2nd pfd Victor-Mcnaghan mius . . Victor-Monaghan, pfd . . . . Victorv Cotton Mills Ware Shoals MfST. Co Ware Shoals Mgf. Co Watts Mill Watts Mill 1st pfd Wottc AT 1 1 1 5nd nfd Winget Mills Co 71 Wiscassett Aims uo Woodside Cotton Mills 113 Woodside Cotton Mills, pfd 70 OTHER QUOTATIONS. North Carolina State 4s .SO 84 North Carolina R. R. stock ... 130 Carolina Power & Light .. 27 30 R J. Reynolds Tob A . . s J. Reynolds Tob. B .. 32 34 .1. Revnolds Tob. pfd. . . 98 100 R. R inrlorsnn Motor' ufd .... 3 4 Anderson Motor, common.. Hi Coca-Cola 27 Va. 27 CHABLOTTK BANK STOCKS American Trust Co. ...... 134 136 Charlotte National Bank.. 200 Commercial National .... 199 First National 210 ... Independence Trust Co 175 18o Merchants & Farmers .... 305 Merchants & Farmers .... 300 ... Security Savings Bank.... 100 106 Charlotte Morris Plan .... llu L Bond Market By STUART P. WEST. StftlT Correspondent of The Xews Copyright 1931, By News Publishing Co. New York, June 18. Railway bonis were generally soft in the market today accompanying the weakness m railway stocks. There were no very notable declines but prices were manifestly slipping. New Haven de benture 6s slowed down from 60 1-2 to 60 and the New York, Westchester and Boston 4 l-2s were off. a frac tion, this in sympathy with the drop in New Haven stocks. St. Paul gen eral 4s fell a point between sales from 65 to 64. Missouri Pacific v4s got down below 52. Denver refund ings lost a half point to 42 1-4. Erie convertibles felt the effect of the decline in Erie stocks and Chesapeake and Ohio convertible' 5s made a new low at 79. St. Loois and San Fran cisco incomes were heavily traded n, but were supported when they got down to 50 1-2. In the industrial division the ten dency was toward lower prices also. Goodyear 8s sold down from 99 1-S to 99 1-2. Cuba Cane Sugar 7s kept at their low of 69 and so did Cuban American 8s at 97 1-2. Sinclair 7 1-23 were supported at 92, and gave a good account of themselves on the day considering the weakness in the stock. T II l 1 i . I 11 uiueuy uuuus were aix.usia.iiLiu.iiy un changed, and so wprp fnrfle-n rnv.'rn CHESS AND CHECKERS PLAYERS MEET JULY 4 Lowell, June 18. The regular an nual meeting of the North Carolina Chess and Checker Association will bt held in Charlotte, on July 4. Much en thusiasm is being manifested anions the players all over the state, and the indications are that there will be a record-breaking crowd at this tourney. The association will convene at 10 o'clock, on the morning of July 4, wiih President H. C. McNair in charge. "All, players and lovers of . the game are ' urged to attend," says Secretary J. M. Wilson. "The state champion ship will again be played for, and a general good time is expected. Every player should make up his mind now to attend the1 meeting, and shouM make his plans beforehand,- and ar range his business so that there will be nothing in the way to prevent a full attendance." . J EVERYBODY Why not be a conservative farmer, makes no difference whether you live on a farm or in town? You can buy any size crop as low as ten bales of cotton or one thousand bushels of grain for less than you can produce it, and at a minimum carrying charge. We have in our office ROSE & SONS DIRECT PRIVATE M to New York quoting STOCKS, COTTON and GRAIN at every fash- Orders Executed by, Us Direct, in COTTON, Ten bales and upward. erSeJi; h J!ie thusand bushels and upward. ah AUli. ,Jen. shares and upward. . All Accounts Carried Directly With Rose & Son, Who are Financial , Responsible to Clients. Your patronage is solicited and our. very best services are at your command. J. RANSOM ETHERIDGE, Broker Local Phone 4482 Postal 27 West Fourth St. COTTON MAKES SLIGHT RALLIES Covering Active and Con smerame Evening Tin With Market Steady. JZ STUART P. AYE ST Staff Correspondent . copyrignt By Sews rnhii.V.?w - . . " i I v n V" . "tun j Cft ' J. Ills ITlnrw: report from the British i,, ' nin&' tion were confusing. Thpv , ,7 Us- that after voting against the settlement, many British coal are returning to work t. ,u. P1111 shire mill workers, were rfllo nea' fay? vote aJV I . w,lu x cumin closed li 126 by districts could be taken 150 I On he whnla K:n- ijuiio wuuiu remain closed iintn tnat a VOt , ports promoted d a tendencv- tHv? r yesterday's wH11 was active on br.k contracts arte and covering oi tnis morning. The niarke t BWI1 barely steady at a decline 7,? -nc-i points and sold 8 to ii to 15 lower right after the call Pu!ilts ot touching 11.07 or a new wlth J The market then rallied an,rec'i was some trade buying on ?, th vance, which soon carried tIhe ; IW3 " -to 17 points ahnec ciosmg rgures tj c last the domestic good! trade Sfew somewhat slower trade r3ened a past week, but a lenraliv"6 t! market.. . "erny 8teaJ oaies or print cloths ir, River market for the week Jile mg clearance at th end nf vt! aair- Lnvu u ii sninhnrt...i ! year. aainst 120,000 CHARLOTTE COTTOX. Receipts today, 33 bales at ... .101. CLOS.T 1VEYV YORK FlTlPlE, m a rl-ot ! c A XUQ cotton High Low July Oct. T)ec. Tan. March n jo V '-lose ;4 12-87 iU Jr? NEW YORK SPOX COTTOX New YntV T,, to quiet: middling T in iS Pt cotton - - j I v. NEW OKLEAXSSrOT COTTOX V VT '-''xeans, June IS. Snot ,.ntt quiet and unchnaged. P LOlim Sales 0n the SDot nono- .,. none. lu "-wt Low middling 8.50: middlin good middling 12.00. mJaaim? .io.;;: CLOSE EW ORLEANS Ft TI B New Orleans. June IS. The ofa-Sketl ft8ftd. 1tcudy at net a of S to 12 points. r-,i,r -nigh Lou- cIom jty 10.84 10.51 io f ?ae 12.10 iuo Am a -m. ....li. m - ?4 t 717 C u xuuie tpt-n-air snorts British women are developirg Iarer Waists and flatter xt,cf. fc LEXINGTON CUTS PRICES $200-; Sveeping reductions in the prices - 'o'" ncic uiiiuuncea by til" Lexington Motor Company cf Conors ville, Ind., Saturday. .The reductions, ranging from S200 to l.PYir0-tnTi oovo , , tuj, will be effective on, June 20 They cover all Series "S" and Series "T" moaeis, uie rormer being equipped with continental motors and the latter with tne Anstea Engine which was Uied in the Lexington specials that won both first and second hnnnro in It,..-. 111 nit; I 1 1 , J iliUj or events at the Pikes Peak hill climb A T 1 mat luitvvr uay. w.-w viuixin. utv A pert to give relief in cases of weak or ri 1 ST! nop n ro rl a i vti -r? V,v overstrained ieet. EVERYTHING In High Quality 'Building Materials WHITE Pine is the vv recognized standard for sash and doors. White Pine possesses qualities which render it particularly suited to that purpose. It is light and resists moisture. Ask any carpenter. He will tell you that white pine is the best. CITIZENS Lumber Company South Boulevard Phones 3472-3473 Phone Long Distance Phone 9935 riiiiRTTTE. c
The Charlotte Observer (Charlotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 19, 1921, edition 1
16
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