17
GRAIN-
ARKET QUOTATIONS; FINANCIAL NEW
THE MOST COMPLETE MARKET PAGE PUBLISHED IN THE CAROLINAS.
EDITED BY STUART P. WEST
x For 15 Years Financial Editor of The New York Globe. '
CURB
COTTON-
BONDS
LIVESTOCK-
TOCKS
M
STOCK TRADING
IS VERY LIGHT
padlock Exists Between
the Hesitant Bears and
Badly Frightened Bulls.
it, vti'aht wkst.
Muff orrrtiondent of The Nfw
,-jiij;li. J'1-1 '.v Aevvs Publishing t o.
street. Now York, June 24.
,,-i!iiv:l feature in the stock
' i. t toJav was tne greatly reauceu
;., fenerations were smaller
ti",n !.:.a.-vu'ls whore trading was al
'Vl'1, !i'i'iienilei1. What this indicated
:, t'l.,-.' otttino unci-rtainty in the
,vli of speculative element regaid-
tin
one nana mere whs mr
!iv, price level, mere was me
v-niiwi that a decline so severe
rr,itiatod as that of the past
..v-iith
usually fans iur ui itasi euiiie
,:!!iora''v
ranv; and mere was mo
... t 1I V....1 V.A-.. .
.( t'i;il oaris (i( me hh nai( ucsuii
l:nv yi'steniay and the day b;
ilistiii' t ly netier resistance,
t ether hand, stock traders
i,t( i s. thoroughly Intimidated
0:-
'MM'
: V t.
vfk:
like
Jin::!
.Mill'
j experiences or tne last lew
timt while tney may not ieei
;, I'um. thev are very cautious
ril lowing the buying side. Tho
: k liet ween these two attitude?
vivit the market mainly showed
T:r: (lit. ('An n-.'i ....... '"
'-r
ti-e week ininnsnui msi iiiil, n is
nii.iei stand why call money
;v,v!r hesging in Wall Street, and
v " i.'.'.rrowei's are not willing to pay
!; siX ai.il a half per cent for time
demanded by lenders.
I I'.f lCiierai reere s sirm as
e t he reserve ratio of 60.4 as
S last weeK ana 4j.u iasr
l.lk-ates the most rapid progiess
,,.t MiaJe along the path oi donation,
j-'means that the bank position has
bie ,-estored to whre it stood three
jkio ine percentage or i
e IVston district. 6S.9 at New
n
Tyk a?;fl '' ai if vfiuuu, reprcem
.r. localities a recovery of more
v. ', tw-t'airds the entire decline sine0
outbreak of the war.
Thrtv was very little in the way of
upws hearing on any of tlie markets,
fiterihik went lower again but there
iv:i n- suggestion that this was due
t,i aiiv renewal of operation fo
rmmi indemnity accounts. The de
it Italian lire appeared to have
r'vrtv well run its course yesterday.
r-e main trade continued to stress
; '.- unfavorable weather reports from
the nortluvest and wheat options had
a furt'af-r advance. Cotton was unde
," i as in which to regard of greater
. :'.ti an f the settlements of the
Enclish cotton mill strike or the
,i ounts of good growing weather for
t': i:piv crop. A firmer tendency for
i e nrst time in the raw sugar
--.arket was a tavorable incident which
!'- n i s'.ine reflection in the sugar
ihr.its. t'oal stcoks were weak on
somewhat belated recognition of the
f ot that the business of these com
par.:'- has suffered with the slump in
!: sieei iraue.
Mercantile Marine preferred broke
sharply at one time and so did Interna
tional Harvester while liquidation kept
f't? i:; ln iterl Sates Rubber in antici
pation of a poor report for the half year
ar.il a crack m the dividend. But these"
V(2.a spots, although by no means as
r'.r.cnms as on previous day, were more
than offset throughout by the points of
Mr;ian Petroleum and Pan-American,
.Dtif.rming signs of the two preceding
iaystr.at their situation had taken a turn
for better had a sharp run up. Other
. y. stock held the ground gained yes
if.-'oy. reflecting again the good affect
iod by the disclosure tlia tthe re-
irr.chiiv -in of output is well under way
an'I that the surplus produiUion will
probably bo cleared up by September.
American Tobacco responded to the
vri that earnings for the first five
months of the year had run well ahead
rif tlioH? in the same period last year.
The steels were better supported and so
tiio equipments and rails. The day
not. of course, a conclusive test
iv'r.'ther the selling movement was deft
it-!; over. But stronger market situa
'0 ofrtainlv wa3 shown than on anv
ay this month
'orn Products ran up sharply in the
last hour on the declaration of the re
suiar dividend, with the usual half per
r.v extra
RESTORATION AT
HOME IS NEEDED
Railroad and Agricultural
Problems Discussed by
the Bankers.
Washington. June 24. Discussion of
railroad and agricultural problems were
"a today to have occupied the ma
jor portion of the time last night or
President Harding and the Western
wnlws, who were dinner guests. i)r
'n traclf expansion also was taken up
ami tho President's guests were repre
seRtrr as taking the nosition that b.tsd-
js restoration at home would le tho
"f!;t means of enlnrging American
trade.
fu' that the recent organization of. a
'inking pool for the relief of cittli
rats-crs would soon show srood resides
anr tide the industry over its present
n-jarrassment. The consensus of
opinion, it was said, was that, with
tli" harvesting of this year's crops, the
farming industry will lie much improv
ed. in the general discussion of th rail-
rHrJ Pi'ildein, the bankers were said to
nave expressed the view that, unless
"m" relief plan was worked, out for
s"itinpnt of the government's otli-
vKions to the railroads, transported on
lin
not only could contribute nothing
a revival of business, but would
Si'catly haninered in their own ie-
' 'rip' n'om war conditions.
The toreisrn Mrhan?p situation also
"as rliscussed and, while thi bankers
Wnr-raHy fcit that revival of domestic
"usiness was the first concern of the
jovernment. they were said to have
'ten agreed that any steps that could
wKon to discourage or prevent spec:
uiatinn in exchange would be timely
f'J helpful. They also were said to
Have gtatwl tv., u ovnnrt nf r-vfm
n,e and that such exports should be
ncouragpd lw tho Tri7t:ir.n fnr f-l-PilitS
of
some character not now available.
CHICAGO I-OTATOES.
"hi
'.r'Arrrs 7 . .
24. Potatoes, old
;;;"inern white 50 to 55 cwt.
v 1 "la 3.25 to 3.65 bai
barrel.
"'"tn Carolina 2.p
barrel.
Paul Arrington & Co.
Manufacturers
Cost Accountants
Audits Systems
Investigations
217 Piedmont Building
Phi
one 653. Charlotte, N. C.
Paragraphs
. .B" STLAKT P, WEST
Copyright, iai, hyen,, 1'ublisblnK Co.
PITTSlIUMCiH COAL.
Pittsburgh Coal was one of the
V Oak SOOtS in tllf inmlrol t.Ar '-l.
I tuation in Pittsburgh t'oal has chang-
r I siunip in the business xf
the steel industry. A large part of
the company's busintss is derived from
ine Steel nluntu li, Dm.,i i.
district 1 he Steel cnrnnvatlnn i th
biggest customer. ;nyl ns the steel cor.
I-oration tls buying very littl coal rh
(imiuiui v k pa.l'llln"a n l, t a
suffered
i nt; "lvicenu
as safe.
II i. .. . ' - - ' ,u.,v
however, is
regarded
STHIil,' CUMMOX.
Por)le look
oeiieve that this a Yt- t
tlieunnouncement of tie seaoud gn
erar price cut if not hefnro thev
reason that the bud hmvs h ion?
overhanging will then be uut of the
wa. while the compensating uoou
news, in the shape ot another wage
reduction will remain to be discount
ed. Moreover it is also ilt th:t
buying Will follow the aton,l nrlcs
cut where it did not follow the first be
cause consumers will feej much more
lonrident that ihis seconu lowering of
ai-weuuies means the virtual boit,ni of
the market.
KEPI BL1C STEEL
The dejection a mono: Renublio Stpl in
siders over the state of the trade is
something jquite well known. They appear
to nave oeen indifferent as to hnw loa
the stock might be forced down, making
no effort whatever at support. As a re
sult of Republic has reached prices that
are lower than warranted bv anv fair
estimated of asset values, whether or not
ine company is making a cent out ot
current business. Kepuolic preferred ha.3
been quottd 73 bid, which was its ab
solute bottom ,n the war panic of 19 U.
and yet at the cloe of 1 y J 4 the com
pany had a working capital of only $10.
i65,OUO whereas at the close of 1920
it had a working capital of $23,593,000.
mce organization in 1S99 some $a4,000,
J00 has been extended tor additions and
b.i:terments to property. Bonds and
rotes amounting to 8,000,000 anl stock
amounting to 7, 700,000 were i-i;es to
cover thesev expenditures but nearly "26,
000.000 of the bonds and notes have been
aid off. t'onsttjuently. Republic has paid
out of Accumulated earnings so-ne i34,
000,000 lor new property and improve
ments to old. If lt $30,000,000 common
stock had been aU water in it no v
represents a cash investincut of well over
$100 a share.
BETIIELEHEM STEEL
It is learned from, authoritative sour
ces that the Bethlehem Steel Corpora
tion is doing a very good business and
that $5 diviuend on the class B stock can
be considered secure. Directors of the
company meet to act on this dividend
next month and will declare the regular
rate, it is expected. The diversification
of the business of the Bethlehem Steel is
called its best-asset at the present time.
It was said by those in a position to
know that the next quarterly report would
furnish a surprise for people who have
been figuring that all of the independent
steels were heavy lowers.
STROMBERG
The business of Stromberg Carbure
tor has benefitted materially by the In
creased output of "Studebaker . in the last
quarter, according to those in close touch
with the situation. For the first quar
ter for this year, the company showed
net earnings of 45 cents a share com
pared with $2.73 in the same period last
year. However, during the first quarter
last year, passenger car shipments of
all other manufacture than Ford were
299,135 ears compared with 85,794 this
year and commercial car shipments were
45,695 as against 13,714 this year.
SILVER, (
New York, June 24. Bar sliver, do
mestic 99 1-4; foreign 58.1-4.
Mexican dollars 44 7-S.
CHICAGO PROVISIONS.
Chicago, June 24: Butter lower;
creamery firsts 28 to 31 1-2.
Kggs higher; firsts. 24 to 25.
Poultry, alive, higher; fowls 27;
broliers 35 to 44.
MOSBV.
New York, June 24. Prime mercan
tile paper 6 1-2 to 3-4 per cent. -
Exchange easy; sterling 60 dav bill's
and commercial 60 day bills on banks
3.68 1-2; commercial t0 day bills 3. OS
1-4; demand 3.72 3-4; cables 3.73 i-2.
Francs, demand 7.98; cables 8.00.
Belgian francs, demand 7.95; cables
7.97.
Guilders, demand 32.87; cables 32.S7.
Lire, demand 4.74 1-2; cables 4.76.
Marks, demand 1.37; cables 1.38.
Greece, demand 6.05.
Norway, demand 14.25.
Brazilian, demand 11.50.
Montreal 12 3-4 per cent discount.
Government bonus steady; railroad
bonds irregular.
Time loans r'irni ; SO days, 90 oays, 6
months ti per cent.
Call money . oasier; ruling rate &
bank acceptances 4 1-4.
WEEKLY LIVERPOOL STATISTICS,
Liverpool, June 24. Weekly cotton
statistics:
Total forwarded to mills 12,000
bales, of which American J. 000.
Stock, l.)S9,000, American 689.000.
Imports 25.000, American 22,000.
Kxports 7,000, American 4,000.
SUGAR.
New York, June 24. Raw sugar
steadv and unchanged at 4 cents tor
uentrif usral.
Refined was unchanged at 10. points
lower at 5.40 to 5.u0 lor nne granu
lated.
RIFLED MAIL-POUCH
FOUND ON CATAWBA
Meager information from the post
master at Belmont to J- H. Weddington,
postmaster of the Charlotte postofflce.
contained news of a mail robbery near
that place Wednesday. A mail pouch,
which was said to have been rifled,
was reported to have contained valuable
registered letters. '
According to reports, the puuch was
taken to the Belmont station Wednes
day to be placed on train No. 138 for
Charlotte, the local post office . having
been notified to look out for the ship
ment. It failed to show up in Char
lotte. Investigation disclosed that the
pouch had been placed on the station
platform at Belmont as usual then
disappeared.
Thursday morning, a search resulted
in the finding of the pouch a mile this
side of Belmont beside the Catawba
river, according to the report. It was
cut open and the contents gone. Wheth
er the pounch was ever placed on train
No. 138 could not be learned here.
JOCK HUTCHISON AND
WETHERED ARE TIED
St. Andrews, June 24. (By The Asso
ciated Press.) Jock Hutchison, of Chi
cago, and Roger Wethered, the Oxford
amateur golfer, were tied for first place
at the conclusion of thS fourth and
last round in the British open golf
championship here today with scores of
296. They will play off the tie tomor-
Hutchison's" 70 for 'the fourth round
equalled the record for the old course.
Other scores were:
J. Douglas Edgar, Atlanta, 309.
Charles Hoffner, Philadelphia, 318;
Frank Ball, England, 307; W. M. Watt,
England, 307. - . - - . - :
COTTON LOWER
AFTJER A BULGE
Early Rise Nullified by Of
ferings - Trading Dull
and Prices Irregular.
By St CART P. H'KST '
Statt ( orrpxpondpnt Ot The TScwb.
Copyright, 15)21, h) Acn8 Publishing Cv.
New York, June 24. The first of the
end-June crop reports made their ap
pearance in the cotton market and, if
anything, suggested rather a less pro
nounced improvement for the month
than had been anticipated. trading
was comparatively quiet and riuetua
tions irregular.
The report of J. W. Jay and Com
pany made the condition of the cron
69.5 compared with 65.4 last month,
indicating an impicvement of about
four points. Last j ear the crop im
proved more than 8 points between
the end of May and the end of June
figure, and the improvement for ihe
past ten years lias averaged aoo it
points,
A condition f 69.5 would comoare
with a ten-year average of 78.8, and,
according to this firm, who placed the
decrease in acreage of 30.5 per cent,
points to a yield of 8,300.000 bales
with average weather conditions here
after. The report of the NaUmal
(dinners Association was said to make
the condition 70 compared with .:.s re
port of 63 last month, and tho de
crease in acreage 29 per cent.
The market opened firm owing to
relatively steady cables and reports
that Manchester mills would reopen
next week. Press advices indicating
that the coal strike was hearing its
end probably contributed to the open
ing, bulge but the market met con
siderable cotton and later reacted to
nearly- last night's closing figure.-;.
There was further switching from July
to October and the October premium
increased to about 89 points. There
has bten a good deal of this switch
ing which has included hedges against
the loial stock, but the market Miil
Hntionates that considerable eoUo?i
will oe tendered on Monday, which N
first notice dav in the niHikct.
- irrow will be the first notice dav
in New Orleans and large tende.d are
xpected there also. Karly weather ad
vices suggested that the Southern
storm was steadily abating and that
no harm of consequence had ben
done to crops in the southeast.
CHARLOTTE COTJON.
Receipts today, 4 bales at lot:
. NEW YORK COTTON.
New York. June 24. Hisher Llve--
polo cables and a more favorable view
of British labor conditions led to a
firm opening in the cotton market to
day. The inactive month of Apiil
was 11 npints lower at the star.t but
other months were 8 o 14 noints
nigner on covering, "Wall street and
locad buying which was promoted by
the better opening tone of the stock
maret and reports that Lancashire
mills would re-open next week. There
was Southern sellinsr on th, advance
however, while early advices from tlia
South reported favorable weather cotv-
citions, and prices soon turned easier
under scattering liauidation. Julv sold
off from 11.00 to 10.92 and October
from 11. S9 to 11.77 before the end of
tne nrst nair nour or back to within
a or 6 points of last nisrht's closins
etuotations.
Ihe market sold off to 11.65 for
October during the early afternoon
or about I points net lower, but trad
ing continued quiet and the price latr
rallied to about last night's closing
quotation on covering.
the first of the private end-June crop
reports to make their aooearanef
onoweu ratner a less pronounced nn
provement in condition than expected.
One of them made the condition- 69.5,
muicaiing an improvement or about
4 points tor the month and a. ' vilrf
oi eiKin mnnon tnree nunared thoji
siihu uaies. ine otner made the con
dition 70, a'.so pointing to an im
provement of about 4 points for thp
iiionui. mere may nave been somp
scattering demand on these figures, but
mfi marKet seemed to be chiefly influ
enced by the evening up TN July con
tracts in anticipation of large notices
on jxionaay. . the October premium
widened out to 39 points and there
was a good deal ot switching frnm
Jub- to later months. October snlrl
off to 11.70 around midday or about
2 points net lower.
"EVV YORK SPOT COTTON
ork, June 24. Cotton: Spot
quieL; initialing n.us.
CLOSE NEW "YORK FUTURES
isew vork, June 24. The cotton
rnarnet closed Darely steady.
Open Hisrh Low
July 11.00 11,00 10.77
Oct, 11.89 11.80 11.65
Dee 12.33 12.36 12.18
ClOSa
10.S
11.
12.26
Jan 12.48 12.48 12.25
March 1287 -12.87-12.69
i u.oO
3 2.72
NEW ORLEANS COTTON
New Orleans, June 24. Advances of
a to. i& points were made by cotton
today in the first hour of the session.
mainly because of a better Liverpool
market than due and English messages
stating that 200,000 - mill operative-:
would return to work Monday. Julv
traded up to 10.50, and October up u
1 1 . 4 7.
The advance persisted until it- am
ounted to 13 to 16 points hut :
private bureau report showing a crop
condition of 70 per cent of normal
was not well received, especially after
it was followed by another report of
c.i, niiu mqicaiea crop ngures oi
8.300,000 bales. Toward 11 o'clock
the near months lost all their gains
and fell 1 to 5 points under the close
or yesterday, July dropping to 10.34
ai us oest July traded at 10.51
In the late trading the market had
a steadier tone owing to exports from
an ports ot 49.aa bales against onlv
4,530 this day last year. Prices came
back to a net advance of about 10
points. t
CLOSE NEW ORLEANS FUTURES.
New Orleans, June 24. ThP cotton
market closed steady at net advance
oi a to ii points.
Upen
July 10.42
Oct 11.20
Dec 11.63
Jan. . . 4. '11.83
March . 1J.19
High
10.51
11.31
11.70
11.90
Low
10.34
11.10
11.59
11,80
Closa
10.4.1
11.2!
11.6.S
11
12.22
12.18
12.1:
NEW ORLEANS SPOT COTTON
New Orleans, June 24. Spot cotton
steady and unchanged. Sales, on ths
spot 1,13b bales; to arrive none.
Low middling 8.13; middling 10.38
good middling 11. S3.
Receipts 1,844; stock 450,322.
LIVERPOOL COTTON.
Liverpool. June 2"4. Spot cotton
Limited request; prices steady. Good
middling S.5; fully middling 7.65
middling 7.00; low middling 6. Of
good ordinary 4.75: ordinary 4.00.
Sales 2,000 balas, . including 1,500
American. Receipts 2,000 bales, no
American.
Futures closed ouiet. June 7 14
July 7.49; October 7.93; January S.14
jviarcn a.ze; May 8.34.
COTTONSEED OIL.
New York, June 4. The cottonsee.
oil market closed steady. Prime sum
.ner yellow 7.35; prime crude 6.00; June
Y.35: July 7.43: August i.tv: septenr.be
7.85: October 7.94; November 7.75; De
cemter 7.80; January 7.85 Total sale
8.300.
NAVAL STORES.
Savannah. Ga.. June 24. Turpehtin
firm, 52 1-2; sales 258; receipts 569
shipments 1,349; stock 7,677.
Rosin firm; sales 724; receipts 1,853
8hipmnta 1.300; stock 8,038.
. Quote: .-"H 3.67 -1-2; D 3.67 1-3:
3.70: F 3.70: G 3.80: H 3.85; I 3.85: K
4.15: M 4.70; N 5.25; WG 5.80; OW
6.50.
Market steady.
LIBETtfY BONDS.
tcpw York. June. 24. Liberty bond
closed: 3 l-2s, 87.80; first 4s. 87.30
bid: second 4s, 86.64; first 4 l-4s, 87.40
nl 4 l-4s. 86.70: third 4 l-4s, 91.8
fourth 4 l-4s. 86.S6; vicory 3 . 3-4d,
9S.40)l -victory 3is, 98.40.
Wall Street
New York, June 24. Short cover-
ng in the popuiar oils, steels, mo
ors and chemicals imparted a de
gree of strength to the general list
t tho opening or today's stock mar
ket Mexican Petroleum, General As
phalt. Crucible' Steel, Studebaker, Al
ien unemicai anu American Agricui-
ural Chemical preferred scored eaiiy
ain' of 1 to almost 4 points. Ame:?
ar 'Tobacco. Sumatra Tobacco and
Puninan were firm. Kciuipments and
motors were lower, howevejf United
tales ituoijer reaiuug iwo points to
new low Heaviness was shown bv
Bethlehem Steel, Baldwin Locomotive,
merican Sugar, and American Inter
national.
Mercantile Marino preferred featured
tho furfher offerings fo various prnf-r
erentiar shares at midday, declining
almost 5 points. American Writing
aper proferred, Central- Leather pre-
erred and Columbia Granhonhone pre
ferred were lower by 1 to 2 1-2 points
Oils and steels were unaffected bv
these reactions.
fhe closing was firm: sales ap
proximated 500,000 shares.
ftM'.V lOilK STOCK IAST.
Last Sale.
Allis-Chalmers . .
29 3-S
27 1-4
24 1-i
118
46 3-4
31 3-8
76
34
71 7-S
48
102 5-S
67
S5 7-S
78
o
ll 1-4
34 5-fc
43
105
33 3r
60 1-4
47 1-V
24
28
20 3-4
25 1-2
64 3-t
54 1-
9
11 5-8
123 3-i
9 3-4
28 1-2
64 1-4
26 1-4
88 1-2
31 1-2
42 3-4
50
18 1-i
106
b3
113 3-1
19 5-t
10 7-8
22 1-4
17 3-8
66 -1-R
16 1 -8
91 7-!
66 7-i
2
48
32 3-4
48 1-i
25 1-4
12 l-h
63 3-8
4: 7-8
50
40 1-S
20
70
18 1-4
105 3-4
72 1-4
7 1-i
32 3-4
20 1-2
,51 7-.'
8
114 3-S
16
52
50
53
71 3-4
47 1-2
42
6 1-4
25 l-l
7S 1-2
78 1-2
30
b26
b5 1-:
32 t-l
104
23 3-1
118 1-1
7 1-
50 1-4
merican Beet Sugar
American Can
American Car & Foundry . .
American Hide & Leather pf l
American International Corp.
American Locomotive ....
American Smelting & Ref. ..
merican Sucnr
American Sumatra Tobacco . .
American T. & T
Vmerican Woolen
Anadonda. Copper
Atchison
Atl.. Gulf & VY. Indies
Baldwin Locomotive
Jaltiniore & Ohio
Bethlehem Steel "B"
Canadian Pacific :.
Central Leather
Chandler Motors ....
Chesapeake & Ohio
Chicago, MiJ. & St. Paul
Chicago. R. I. & Pac.
Chino Copper "....
Colorado Fuel & Iron
Corn Products
Crucible Stele
Cuba Cane Sugar
Erie
General Electric
General Motors
Goodrich Co
Great Northern pfd
Jreat rsorthern Ore ctfs .
Illinois Central
nsnlration Copper .... .
Int. Mer. Marine pfd
International Paper
Kennecott Copper
Louisville &- Nashvilie
Maxwell Motors
Mexican 1-etroleum
Miami Copper
Middle States Oil
Midvale Steel
Missouri pacific
New. York Central
N. Y., N. H. & Hartford
Norfolk & Western
Northern Pacific
Oklahoma Prod. & Ref
Pan American Petroleum ....
bennsyivania v. . . ;
People's Gas .
Pittsburg & W. Va.
Ray Consolidated Copper ......
rteauing
Rep. Iron & Steel
Royal Dutch. N. Y '
Shell Trans. & Trad
Sinclair Con. Oil -
Southern Pacific ,
Southern Railway .:
Standard Oil of N. J., nfd
Studebaker Corporation 72' 1-i
xennessee copper .. ....
Texas Co
Texas & Pacific
robacco Products
Transcontinental Oil .:-.- .
Union Pacific ....
U. S. Food Products .
U. S. Retail tSores
U. S. Ind. Alcohol :
U. S. Rubber ...
U. S. Steel
Utah' Copper ........
Westinghouse Electric
wiuys Overland .
Pure Oil
Atlantic Coast Line .. ...
Atlantic Coast Line 'em div
Coca Cola ......
Gulf States Steel ....
Seaboard Air Line
Sloss, Shef. Steel & Iron .
united rult
Virginia Caro. Ohpm
American Tobacco
American Zinc
General Asphalt
NEGRO WANTS TO
HELP OWN RACE
Here from New York, He
oays Some Influences Up
North Are Bad.
Joseph A. Samson, negro, cosine- as
the commander-in-chief of the Legion
of Loyalty, an organization of negro
children, is in Charlotte for the an
nounced intention of speaking to local
negroes ana conducting a 'get-tog Sther
celebration" in behalf of the betterment
ai relations between the races.
Samson said he started out from
New York city four months ago and
is en route to Atlanta, Ga. He is, mak
ing the trip afoot. His mission is to
lecture to the negroes, urging them to
do more for themselves, to have self
respect, confidence and to work for
the uplift of their race The position
of the white man is also set forth by
Samson who recognizes that the negro
race must respect the white race, he
said.
Samson said that otlrer influences are
being brought into the south from the
north which will work to the injury
of the negroes and that he is trying
to head them off.
He had no program of speeches when
he reported to The NewV office short
ly after his arrival here but said he
expected to make engagements to speak
in the negro churches in behalf of the
betterment of relations between the
races, and to conduct a ,Vget-toget.her"
celebration at' the court house Saturday
July 9, at which both white men and
negroes will speak.
The Legion of Loyalty is a national
organization of negro choldren, Samson
said. He has made his home in New
York city and is canduscting his cam
paign through the southeast, expecting
to wind it up in Atlanta. He showed
letters from the chief of police of Salis
bury arid the mayor of Lexington stat
ing that he "had conducted campaigns
there similar to the one planned for
Charlotte- He also had clippings from
Winston-Salem papers showing he had
spoken to negroes tliere.
LOOSE HORSE RUNS
WILD THROUGH CITY
Traffic was disrupted, the "top and
go" sign disregarded and pedestrians
about Independence square startioa
when a bay horse dashed eastward on
Trade street Thursday afternoon with
the dangling ends of broken harness
flying in the air: A half -hour later
the horse walked across the square
with a negro upon nis back.
Reports at police headquarters indi
cated that no one was injurea, despite
the wild race of more than a mile.
The animal broke loose fpom his negro
owner below the Southern passenger
station, on East Trade street and was
stopped by pedestrians on East Trade
street near McDowell, police reports
indicated. The name of the owner
- was not learned. Tr;, v ' :-v.-.-
Grain Market
Copyright, 1921 by News Publishing Co.
Chicago, June 24. Wheat market was
higher today but in the face of all" bull
lews received the volume of buying was
not in the least nfcourag1ng to the older.
There was a little' commission house, buy
ing at the opening, mainly by commis
tion houses that received unfavorable re
ports from their crop experts. After this
buying had subsided the market reacted
but locals lea-md of the bullish crop
experts and their buying lifted prices
substantially. Later a reaction followed
because of the failure of the outside, trade
x respond to the bull news and the sellf
ing by some of the earlier buyers.
Secretary Mohler. of the Kansas Board
of Agrlsulture in his estimate of the wheat
crop of that state made the total 112,
000,000 bushels against the government
figures of 103.000.000 bushels in the June
report. B. W. Snow discovered serious
black rust infestation in South Dakota
m the 'vicinity of ankton. Cash wheat
premiums firm. Seaboard some export
business worked overnight but gave no
totals.
Corn was dull and easy. Local shorts
accepted profits but hedgers continue to
put corn in the pit throughout the ses
sion. Shipments of 293,000 bushels ot
corn out of this market yesterday made
some extra storage room and this result,
ed in broader buying of spot corn, dis-
ounts were again 1-4 cent narrower.
Receipts continued heavy. Exporters bid
S 1-2 cent over July c 1. f. Montreal lor
number 2 mixed corn but there is no
vessel room available until July 1.
Oats were steady. There was some buy
ing on bad crop news but every bulge un
covered realizing- sales by local longs.
There was no change in cash oats. &nm
nlncr demand was slightly better.
Provisions made good gams oecause oi
i lack of offerings and coverings by
shorts. .
Ohieaaro. June 24. Wheat prices
Innk a new upward swing today owing
to continued unfavorable crop advices
from the northwest. Opening quota
tions ranged from 1-4 cent to I 1-4
cents higher, followed by noderate
further srrJns and then something of a
reaction. :
Corn opened 1-4 cent off to a like
advance.
Oats started unchanged to a shade
hierher.
Higher quotations on hogs helped
to lift provisions.
Corn closed weak, 5-8 to 3-4 cent
net lower.
Wheat closed unsettled at exactly
the same figures as yesterday.
CHICAGO CASK GRAII.
Chicago, June 24. Wheat, No. 2 rtl
1.43: No. 2 hard J.4& i-z
Corn, No. 2
mixed 61
to
to
No. 2 yellow 61
to 62 l-
Oats, No.
white 38
39;
No. 3 white 37 1-4 to 38.
Rye, No. 2. 1.28.
Barley, 58 to 67.
Timothy seed 4 5C to 600.
Clover seed 13.00 to 19.00.
Pork nominal.
Lard 10.10.
Ribs, 9.87 to 10.87.
CHICAGO GRAIN A
ND PR
PRODUCE
Low Close
WHEAT 1
July ..' 1.3114 1.33 U 1.30 1.30t
Sept 1.24ii 1.26 1.23 Vi 1.23 ?4
CORN
July 63 031,8 62 62
Sept. 63 63 62 62
OATS
July 38 38 s - 3S 38 Vi
Sept 40 Vs 40 ?i 40 40
PORK
July 17.75
Sept 18. Oo
LARD
July .. 10.10 10.22 10.10 10.17
Sept 10.47 10.55 10.47 10.50
niBS
July 10.40 10.40 10.37 10,40
Sept 10.70 10.70 10.60 10. 70
NEW YORK PRODUCE.
New York, June 24. Butter firm
er; creamery firsts 31 to 33 1-2.
Eggs firmer; fresh gathered firsts
25 1-2 to 28.
Cheese firm; average run 14 1-2
15 1-4.
Live poultry firmer; broilers 32
50; fowls 33.
Dressed poultry, irregular.
to
to
SALE OF GOVERNOR'S
MANSION ADVISABLE
Atlanta, Ga., June 24. In a special
message, to the lower house of the
General Assembly today. Governor Dor
sey recommended the sale or exchange
of the ancient Governor's mansion
here, the proceeds "to be used to buy
or build a new home "for the state
executive and renovate the state capi
tal.
In the Senate, a resolution was adopt
ed, to be concurred in by the house
providing for a committee to launch
an investigation of state finances. New
bills presented included several reviving
the capital removal question and pro
posing a constitutional amendment to
provide for taking the capital from At
lanta to Macon.
' Another bill would create a new
county in Georgia's peach belt, to be
known as Peach county, with Fort v al
ley as the county seat,
LINKER IS BUILDING
HOME ON E. SEVENTH
Th( prprtion of a two-storv nitn-
room house at 1540 East "Seventh street
by Z. V. Linker has been authorized
by the city building inspector. K. J
Connelly. The house will cost $9,500
j. A. Newton is the contractor. Other
permits have been issued by the buiid
ing inspector as follows:
McManus and Prager, cold storage
building besive the Seaboard Railway
tracks .in Ward 11, cost $5,000.
J. S. Squires, two 5-room houses on
Beaumont to cost $3,750 each.
H. O. Howler, 6-room house at 1502
South Mint street to cost $2,000.
NEGRO HOSPITAL IS
CHARTERED BY STATE
The Secretary of State has granted
a charter of incorporation to the
Good Samaritan hospital, located at 453
West, Hill street and devoted to t.-ie
care of negro patients. Thex hospital
has been in operation for year, but the
move to incorporate, it is just made.
The names of the incorporators as
contained In the copy of the chatter
filed Friday in the clerk of the court "s
office are: 'Mrs. F. . W. Glover, Mrj.
M. M. Murphy, Miss Emma J. Hall,
Mrs. .W. Avant, Mrs. George W. Rur
ler, Miss eBttie Nash, Mrs. Hamiltpn C.
Jones, Mrs. F. M. Shannonhouse viul
Mrs. Lock-wood Jones. Most of tlvi
names are those of women members of
Episcopal churches of the city, which
exercises supervision over the hostrcal
and its operation.
INVESTIGATION ORDERED.
Washington, June 24. Senate investi
gation cf th disturbances in the Mingo,
W. Vm coal fields, finally was ordered
today.. The committee on labor is ex
pected to begin the inqury next month.
Miss Chadwick to.
Give Birthday Party
Miss Katherine Chadwick, the attrac
tive young daughter of Mr. and Mrs,
F. R. Chadwick, " will ..entertain at a
party Saturday afternoon at 4 o'clock
at her home in Bromley Road in celebration.-
of ..her ,8th. birthday- ,
Live Stock
Copyright 1931, By Publishing Co.
Union Stock Yards, Chicago, June 24.
Shipping orders again helped the hog
trade today and values were higher. Lack
of demand from outsiders caused xnother
decline in values for lUe muttons, while
plain quality held the cattel trade dull,
ut without much change in price lewis.
heep supply was heavy, out light run
were reported in other branches of the
trade. -
Receipts today were estimated at 5.000
cattle, 28,000 hogs, 12,000 sheep and lambs
and 1.000 calves. '
Cattle : No prime steers were in the
market. Values were steady for dry fed
lets but nothings sold above $8.60. Plain
rarssy steers were dull at the week's
low point. Best cows and heifers steady.
Others unevenly lower. Cpiners and
cutters unchanged. Bulls easy. Calves
fully steady, with prices at the high point
of the week. Choice lots sold at 09.50
to $10.25.
Hogs: Values 15 to 25 cents higher for
lights and light butchers, with top lots
at $S.S0. Hulk of butchers and light hogs
at $3.35 to $8.75. Rough packing sorts
at $7.75 to $S.00. Pigs 15 to 25 cents
up at $8.25 to $8.50.
fcheep: Lambs mostly 50 dents lower.
Few sales only 25 cents off.t Bast lots
at $11.25, with good lambts at 010.50 to
$11.00 and culls at $5.50 to $6.50. Aged
muttons slow and unevenly lower. Good
ewes at $4.60 and wethers at $5.65. No
strictly prime stuff on sale.
CHICAGO LIVESTOCK.
Chicago, June 24. Cattle: Dull, few
early sales steady, early bids lower;
quality plain; bulk beer steers 7.00
to 8.00; bulk fat she stock. 4.25 to
8.00; canner and cutter cows mostly
1.75 to 3.25; bulk bolognas bulls 3.S5
to 4.25; butcher grades largely 4.75
to 5.75; bulk veal calves 9.50 to 9.75.
Hogs: 15 to 2o cents higher than
yesterday s average; better grades ac
tive and up most; others slow; hogs
practically sold out of first hands; big
packers 1 buying sparingly; top 8.80
bulk. 8.35 to S.75; pigs 15 to 25 cents
higher; bulk desirable at 8.50.
Sheep: Lambs 2o to 50 cents lower:
top natives and light Oregons 11.25;
cull natives 0.00 to b.00; sheep mostly
steady; some heavy ewes lower; best
Ugnt native ewes 4. 00; heavy 2.0t
to 3.00; Oregon aged wethers 5.65.
Bond Market
I
xsh.u "a xuvaxs
Staff Correspondent ot The Nevrs.
Copyright. 1021, byAewt Publishing Co
.ew York, June 24 There were no
new offerings of consequence in the bond
market today and the feeling was that
the activities of underwriting syndicates
would be curtailed for some time longer
in order to give the market a chance
to digest the issues which have been
brought out so rapidly during the past
month. The admission that not all the
new French bonds have yet been placed
has cast a damper upon projects for any
more foreign government loans at this
juncture. The bond market felt the ef
fects of the improvement in stocks and
also of the heavy gain in bank reserves
Railway Issues were very generally high
er. Pennsylvania 6 l-2s had a further
recovery to 96 3-4 and both fives and
sevens of the same road were up a tritle
New York Central debenture 6s rallied
across 88 again. Baltimore and Ohio
refunding 5s gained a half point to 68 and
ot. i'aui convertibles 4 l-2s a full point
to 154 1-4. Mlsouri Pacific 4s at 51 3
were up a point from their low level of
early in the week. St. Louis and San
'Francisco issues, especially the income
6s, were in demand at high prices, and
Brie convertible A's recovered to 36. Ches
apeake and Ohio . convertible 5s were
stronger at 79 1-2.
' Traction bonds were irregular, the In
tsrborough 5s holding firm at 53, while
Brooklyn Rapid Transit 7s lost a point
to 46. Following the excellent annual
report Pacific Gas and Electric 5s were
stronger, j Rubber issues were affected
by the decline in stock. The fives were
unchanged and the 7 l-2s were a trifle
firmer. Cuba Cane Sugar 7s were help
ed by the better tone in the sugar mar
ket. Packard Motors 8s got up to 95 5-8.
which meant a recovery of a point from
the 1 low of a few days ago. Libertys
were barely changed one way or the oth
er, neither were the leading foreign gov
ernment bonds. City of Paris 6s made
a new high at 99 11-16. "
PALMER CALLED
ONTOPAYI612
Verdict in Superior Court is
Rendered in Favor of
Jewel Ridge Coal Co.
.
In the suit of the Jewel Ridge Coal
company against C. V. Palmer, which
was taken up Thursday afternoon in
superior court, the plaintiff was award
ed a verdict of $612. The plaintiff
brought the suit to settle a contract
that was entered into during the war
period. The litigation arose because
of the confusion originating from the
joint attempt of a fuel administrator
and " the railway administrator of the
United States to operate the railways
so far as delivery of coal was concern
ed to the advantage of the government
and the public. Priority rights of ship
ment entered into the matter. Four
car loads of coal was the basis for the
suit. W. S. Beam was attorney for
the defendant and J. Laurence Jones
was attorney for the plaintiff.
At the conclusion of the case, the
court took up the suit of J. A- C ray
ton against Israel Schwartz, in which
the plaintiff is suing for damage done
to an automobile of his when a truck
belonging to the defendant and driven
by the defendant's son ran into it. Thad
deus A. Adams is attorney for the plain
tiff and J- D. McCall is atterney for the
defendant. The trial of the case is
expected to consume the larger part
of th eday. f
Tnonxas Glasgow, receiver- for the
Consumers Tire qpmpany disappoint
ment of the court several weeks ago,
rendered a final report in his capacity
as receiver. , C. H. Gover has been
named trustee in bankruptcy for; the
concern and will handle it affairs in
tho future. -;
At 4 o'clock Judge McElrpy will lay
aside the court calendar and hear argu
ments for and against a petition to
make permanent a temporary injunc
tion to restrain the county board of
education from carrying out its plan to
consolidate Carmel, Sardis and Oak
Dale rural school into one district, tak
ins- into the district territory whiclf
the people of the incorporated rural
community of Rama claim should be in
the Rama district! The case has at
tracted considerable attention by rea
son of ..some of its features and atten
dance at the hearing - probably will in
clude many citizens of both the Rama
neighborhood and the Sardis, Carmel
and Oak Giove neighborhoods.
READY TO HOP OFF
ON A LONG FLIGHT
Riverside, Calif., June 24. David. R.
Davis and Eric Springer, were ready
today to hop off -on a proposed non
stop airplane flight to New Yorfc but a
heavy fog delayed the start. They
planned to get away as soon as the tog
lifted.
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Curb Market I
By STUART P. WEST
StalT Cnrt-rsiinnilxnt at Tho r
Copyright 1821, by News Publishing to.
New York, June 24. Supporting or
ders by inside Interests caused - ad-
ances at the opening of the curb
market today, and this demand was -followed
by covering of shorts and a
moderate buying movement on" the
part of the commission houses. These
developments caused a firmer taae.
bspecially in the oil issues, which con
tinued the leaders.
Gilliland Oil, down 7 points yester
day, was in better demand. Small
buying orders from insiders caused an
upturn of. about a point, with offer-
ngs scarce. Cities Service issues al?o
were firmer, th old common nhowihg
a substantial gain on odd-lot buying
orders. Elk Basin, Producers and Re
liners, Slmms Petroleum and otheis
held steady. Merrltt Oil. wheih ws
the strong feature yesterday was,.n
supply and displayed a heavy tone.
The Standard Oils were steady, witn
cealirgs small.
Oealings in the miscellaneous list
were small. British-American Tobacco
was in comparatively good deniand
uround 12. United Retail Candy, dnit
ed Profit-sharing, United States St;am-shlr-
and otlurs wars ouit hut .-d'nd.
Glen Alden Coai continued easier .aiid
Acme Packing, on moderate offerings.
slowed down to its previous lew mark.
jne mining list was moderately ac
tive, but prices moved within a nar-
row range. Boston and Montana was
one of the active features with ftn
advance of 2 points from its lowest
opening. National Tin was quit active
and steady.
lnterborough Rapid Transit 7s con
tinued the active feature of the bond
market. Sales were unusually large
but the price mire was only fraction
al.
NOBODY INJURED IN
CHESTER EXPLOSION
Chester. S. C, June 24. While the
property loss last night was heavy,
when the oil switch of the Southern
Power company's sub-station exploded
the most remarkable thing about it as
revealed -by today's developments is
that no one was injured. The old
switch" can be repaired. Local officials
of the Southern Public Utilities com
pany have the current running one hun
dred per cent strong today just as if
no explosion had occurred. The explo
sion was tne most sensational tning
Chester has experienced in many years.
FEDERATION TO
(Contfnned From Page On.)
'
for government control of ihe meat
packing industry and urged. legislation
to limit "the spread between the rate
at which member banks of tho 'Federal
reserve system secure money not more
than one and one-half par cut; ' '
Equalization of wages of railroad em
ployes was urged by-' he convention.
A motion that adjournment be rixed
for Saturday was overwhelmingly de
feated. . . ..
The convention overwhelmingly de
feated a resolution Riving th-3 execntiv-j
council power to "arrange and decide
economic programs and policies for the
organiztion of workers of North Amer
ica." ' ; . .y:.
SEEK RE-TRIAL OR PARDON
The federation pledged itself to do
"all in its power to secure a re-trial
or pardon" for Thomas Mooney arid
Warren E. Billings, in prison .in con
nection with the San Francisco prepar
edness day bomb explosion.
William Randolph Hearst was de
nounced cn the floor of ths convention
by President Gompers as a "traitor to
the cause of America, to the :ause of
freedom, an enemy of labor and of Ire
land." MUST GIVE FARMERS
IMMEDIATE CREDITS
Washington, June 24. Congress has
"no alternative than the passing of this
bill", Harbert Quick, former member
of the Federal Loan Board, declared
today before a Senate committee con
sidering the Norris measure to create a
one hundred million, dollars government
corporation for farm exports.
"We must get some credit system to
work which will move surplus farm pro
ducts," Mr. Quick said. "If we don't,
hundreds of banks in the agricultural
districts are going to have their doors
shut. " .
"The people and governments of
Europe will mortgage everything
they've got to give us security on our
advances."
Senator Ransdell, Democrat, of Louis-,
ianna, asked if the proposed corpora
tion could find a market for securities
based upon credit of Poland and other
new European countries.
"Farmers, as a class, will take these
securities rather than see their pro
ducts rot in warehouses," Mr. Clark
said. '
Chairman Norris and Senator Good
ing, Republican, Idaho, expressed doubt
that the bill could pass with a further
extension of government credit attache
ed to it.
EVERYTHING
. In High Quality
Building Material
N attractive en
trance is" half the
battle when it comes" to
. planning a' house. We
are in a position to se
cure for you any design
of front door you car
imagine. We carry a
large number, of designs
' in stock and can order
made for you any other
you may want.
CITIZENS
Lurriber Company
South Boulevard
phones 3472-3473
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