THE CHARLOTTE NEWS, CHARLOTTE, N. C, SUNDAY MORNING, JUNE 26, 1821.
16
CURB
ARKET QUOTATIONS; FINANCIAL NEW
THE MOST COMPLETE MARKET PAGE PUBLISHED IN THE CAROLINAS.
EDITED BY STUART P. WEST
For 15 Years Financial Editor of The New York Globe.
G R A I N-
BONDS
COTTON-
TOCKS
LIVESTOCK-
M
1
i
i
J
!
HOLDS OPTIMISM
FOR THE FUTURE
Call Money Rate Goes Down
While Week's Failures
. Showed a Decrease.
Written tor the International News
Service.
New York, June 25. While , trade
continues dull and the stagnation in
industry ?-rmains unbroken, there were
lavorab'l developments this week hold
ing; optimism for the future. Money
was more plentiful and the rate on
call loan money on the New lorK
stock exchange has reached the lowest
level in two years. There was a hi?:
decrease in commercial failures
throughout the country. Bank clear
ings for the whole country showed a
decline. The stock market was Kit
by a terrific selling wave and prices
declined to the lowest levels since
1917, but recovered. There Is a more
cheerful feeling in the agricultural
districts. It is estimated that the
crops, livpstock and other commodities
produced in the United States tins
vear will reach a total value of $20,
000,000.000. There was a lessening
of dividend cuts. The Virginia-Carolina
Chemical Company passed its div.
dend while the dividend of tha Quake;
Oat3 Company also was passed. The
dividend of the Pittsburgh, Cincin
nati. Chicago and St. Louis Railroad
was deferred. The outlook for cr.-.ps
of grain and cotton is excellent.
BAXK CLKARIXGS.
Total bank clearings for the wh'rte
country this week were $6,543,61,901
against $7,400,398,734 last week and
$S, 331,730, 19 this week last year.
COMMERCIAL r.VIMRES.
, Two hundred and seventy-six com
mercial failures were reported in the
United States this week against 329
last week. One hundred and thirty
seven of the failing firms reported
liabilities of $5,000 or wore.
By STUART P. WEST.
Copyright, 121, by News Publishing Co.
Vor vnrir Tiirt 2K. The trouble
ttritvi a Won strpt -situation this
week has been mainly psychological.
The nerves oi me specuianvu vw
munlty have been shaken by the spec
tacle of prices dropping steadily, with
cnawotv an intprrnntion. for a full
month, and there has been a lot of
foolish selling or stocKs ana a lot oi st.ni
selling of stocks ana a lot of still
more foolish talk about the alleged
"crisis" in the affairs of business
throughout the world. Much of the
responsibility for this state of things
rests with people in high places.
GAma f thu stool trAdf lftadprs have
allowed themselves" to be quoted as
extremely aiscourageu over me out
look in their line. Gossip has been
active concerning the supposed atti
tude of unnamed bankers, which, if it
were true, would be very dishearten
ing. Aien oi aumonty on me siwh.
exchange have been going about say
ing that the recent selling has been
itnni hv- rlrh nion. hv insiders, alarm
ed over conditions in general.
UNEASINESS NOT WARRANTED.
The result has been to create a feei
ng of depression ana uneasiness
which is not warranted by a calm
weighing of the facts. Not to admit.
as many reruse to, mat jnurope
turned the corner last Autumn and is
much better fixed than it was a year
ago. is ignoring of the evidence. It is
shutting one's eyes to the trade fig
ures of England, .France ana Italy.
o the balancing of the British budget
so as to leave a handsome surplus.
o the liquidation or almost an
France's floating debt in this country.
to the removal by the Italian gov
ernment of the restrictions upon ex
change dealings. because Italy's
economic position has improved so
that these artificial props are no
longer needed.
MONEY.
Money on call in Wall Street this
week ranged from 5 1-2 to 5 per cent,
the lowest rate this year. The reserve
position of the Federal reserve banks
is now stronger than at any other
time In the past three years. The
farmers of the United States are
planning the establishment of a chain
of banks clear across the United States
to ass-ist them in obtaining oredit for
carrying on the agricultural industry.
According to Secretary Charles byman,
of the National Board of Farm Or
ganizations, the farmers lost $7,000,000
last year principally because of their
inability to obtain credit.
STOCK MARKET.
The average price of 15 represen
tative industrial stocks on last sale
on the New York stock exchange to
day was 65.07 against 63,52 yesterday
und 64.41 last .week. The average
price of 15 railroad issues on last
sale was bi.ob against iu.ib yesterday
and 51.88 last week. The market
was under heavy pressure during the
week and new low records were es
tablished. Canadian Pacific sold down
to 101, the lowest price in twenty
years, and United States Steel com
mon sold down to 71, the lowest price
in six. years. iviexn:ari reiroieum
sold down to 103 against 167 1-4
earlier in the year. It was reported
that the governors of the stocK ex
change would investigate to see if or
gan izea raiding was under, way.
GRAIN.
There were heavier receipts of
wheat at the primary points during
the weeK. bringing the visible suddIv
to 11.230,000 bushels against 28.55S.uOO
nusneis a year ago it is reported
i nat lierman agents are to place con
tracts for the purchase cf 0')0,0o0
bushels of American wheat to be ex
ported in July, August. September and
October. Harvesting has been delayed
in parts of Oklahoma and Kansas by
rains. No material movement from
these districts is expected until next
weeK on account of the moisture ab
sorbed by the grain. The Kansas crop
is estimated at 113,000,000 bushels.
:OOU,ooo bushels less than was esti
mated last month. Farmers are sell
ing corn more freely and the visible
supply of corn was increased 1,101.000
bushels this week. The export demand
tor corn is inactive.
COTTON.
Prices for spot cotton as well as
contracts for future deliveries broke
this week to the lowest levels since
the summer of 1915. Later, however.
there was a recovery. There are un
usually large stocks of cotton at New
York now. There are about 142,000
bales in licensed warehouses. The
total amount or the cotton crop
brought into sight since the begin
ning of the season, (August 1, 1920),
is 10,5000,000 bales, leaving nearly 3,
000,000 bales still to be accounted for.
Business in the South is reported to
ue mucn aepressea over cotton prices.
The next government croD renort an
the condition of the new crop will be
announcea next rriaay.
SUGAR DOWN.
New York sugar reflngers announced
another price reduction, late this week
bringing the quotation down to 5.40
evnts a pound, the lowest in flva
years.
STEEL PRICES r TIT.
The price of black and galvanized
fieei snee was reaucea $o on the to
this wi1r Vtv tha A m ov4 1-.. n QWaa ..
Yinplate Company, a subsidiary of the
. iiiieti oiuiea cieei corporation.
WEATHER CONDITIONS.
THE WEATHER
Weather Bureau Office.
Charlotte, Juno 26, 1921.
Sunrise 5:10
sunset 7,41
Moonrise 11:26 p. m
Moonset 10:49 a m
Moon Phase Last quarter on the 28th
8 a. m. .
10 a. m.
Noon . . .
2 p. m.
4 p.. m.
8 p. m.
I a. m
Noon . .
8 p. m.
TEMPERATURE.
Dry Bulb.
i
Wet Bulb,
79
82
SS
9
72
7?
75
Highest :
Lowest
A (
Normal
M(;an same date last year
tiXcess lor month L
Excess for year 41
Highest of record for June, 102 in 1914
Lowest or record for June, 45 in 1889,
PRECIPITATION.
Total for 24 hours to 8 p. m. .... .50
Total for month to 8 p. m -
Normal for June, M , t $.4C
Dshciency for year ....
Greatest of record for June, 11.04 in
1886. .
Ltast of record for June, 0.52 in 1893
8 a. m. .
Noon . .
8 p., m.
3 a. m.
8 p. ra.
IIUMIDITT.
72
56
BAROMETER.
30.00
30,05
,G. S. LINDGREN,
M'steCTOlOglST.
Financial Outlook
PESSIMISTS HAMPER RECOVERY.
The people who are talking about
a business crisis now, were the
same ones who were more or less
openly predicting a panic last Au
tumn. They were wrong then and
they are just as wrong now,' but in
the meantime they are doing a lot of
harm by spreading a sentiment of
uneasiness, which just so long as it
lasts, will stand against business re
covery. As a matter of fact, when we
speak of trade depression, we have
reterence more. particularly to the steel
trade and related industrie.-. like rail
way equipment, to the petroleum sit
uation, and to agriculture and the
various lmes which tletieii:! upon
farmer patronage and have suffered
by the great slump in farm prices.
dullness, ' the trade volume is up to
the average of normal years. Ihe
cigarette companies report earnngs
well ahead of a year ago.
THE ' STEEL. PRICE TEST.
Evidently then, the statement that
business is bad; must admit a numbor
of very important exceptions. As for
the rest, oil men think that the pres
ent campaign, for reducing output
will have made such progress by the
end of tne summer that the present
stock will have been worked off, and
that later on there may even be a
shortage. In the meantime, of course,
few of these companies, will make
money, and most of them will have
a heavy inventory write-off. There
are two weys of looking at the steel
situation, one that a fresh series of
price cuts will still fail to stimulate
demand, the other that steel con
sumers, like buyers ot woolen goods,
will come into the market on this
second lowering of schedules, where
they did not respond to the first.
It is to be hoped that the - test will
not long be delayed. It is also to be
hoped that business men generally
will know where they stand as soon
as possible in the matter of freight
rates. Uncertainty- on this score is
playing a part in Holding all lines
of trade in check.
TRADE VOLUME AT NORMAL.
When we look in other directions.
the picture is brighter. Woolen com
panies are operating at ninety per
cent of capacity which a year ago
were closed down. Leather manufac
turers and the makers of boots and
shoes have written off their losses,
and are again making money while
their inventories have risen consider
ably as compared with two months
ago. Clothing manufacturers agree
that their business has turned th
corner, and while the retail trade
is experiencing the customary summer
A BUYER FOR EACH SELLER.
The downward movement on ' the
stock exchange is not., a bit different
from last December except that we
have now a reserve ratio for the iea-
eral system of over sixey . per cent,
whereas, then it was not much above
forty, and consequently, there is no
longer ground for the rumor purvey
ors of "banking troubles to stand
upon. It is undoubtedly true that
certain individuals, and it may be in
stitutions as well, have been forced
to sacrifice stocks because their par
ticular positions " were weakened by
the great decline. This is apparently
the basis for the reports of "rich
men's selling." Two observations
however, may be . ventured in this
connection, first that the fortunes of
tne country have not in the nasi
been accumulated through selling out
stocks fifty, seventy and 100 points
down, and second that the stocks
thrown over in the last few weeks
have all found buyers, and that it
is against all experience to suppose
that these buyers are nt or a very
suDstantiai sort.
CONFIDENCE "WARRANTED.
There is no disposition of course
to minimize the dlmculty of set
tling such problems as the export
trade, federal taxation, and the bal
ancing of the national budget. But
these are no more formidable than
was the problem of the banking and
credit situation six months ago, and
this has been disposed of so effectu
ally that in a single half year the
federal reserve system has made up
the entire impairment of the pre
vious three years. Few would have
thought it possible a year ago for
wages to have been cut as they
have with so little friction and so
little interruption of work. The wav
these problems of credit and labor
have been met, ir it does not lessen
tne seriousness of the economic aues
tions that remain to be settled, cer-
iajniy snouia inspire connaence rathtr
tnan distrust in the outcome.
Paragraphs ) Bond Market
By STUART P. WEST
Staff Correspondent of Tbe tiv.
Copyright 1821, by News Publishing: Co.
CHANDLER MOTORS
Chandler Motors opened strong with
the other members of the group but sold
off sharply soon after the appearance on
one or tne tickers of a story to the ef
fect that the company would have a hard
time earning the present six-dollar divi
dend and that unless business changed
materially for the better before the meet
ing of directors in September, that dis
bursements might have to be omitted al
together. One of the directors of the
Chandler company expressed surprise at
the statements and declared that his in
formation was that the present six-dollar
dividend rate would be maintained this
year.
FAMOUS PLATERS
The film industry has arrived at its
most critical stage according to the head
of the Famous Players-Lasky - Corpora
tion. The executive declared he was now
taking steps to cut production cost of
his concern twenty-five per cent and that
every department would be affected. "The
day of abnormal and exorbitant salaries,
needless and wasteful extravagance and
all the various illogical business methods,
must come to an end," said the official
and so far as the Famous Players Com
pany js concerned there will be no more
abnormal salaries". This statement ap
peared to have a good effect on Famous
Players stock which went ahead with the
recovery which had set in yesterday.
LOW PRICED RAILS
Railwav shares wpw iwrv tvihv. v,1t
ed by a Washington story to the effect
that at the recent conference between
Western bankers and the president, the
question of relieving the railroads had
been taken up. It was agreed, the story
declared, that it would not tin tn niinw oni,-
large railroad to go into the hands of a
receiver Because or. tne mriuence this
would have in retarding business recov-
ei y anu mat ine way to prevent such
an emererencv was to nmmntiv cot-tic.
the claims of the railroads for remunera
tion aue tnem under the period of federal
control, leaving the counter claims of
the government to be funded into long
time bonds. This was rnn scored ci.
pecially bullish on the stocks of so-called
weaxer roaas. xne advance in New
Haven Was nrilriallv vlnlant "VVoKoaV,
preferred jumped from 20 to 21 between
a,ies. wnue not in tne cateeorv or tht
Weak crpflit" ronrla' nthaf A nnn.flhHilonrl
paying low-priced rails Rock Island, St.
juuuis ana. an Francisco ana the rest
were actively bought and went up as
iasi as mey came down last week.
Br STUART P. WEST
Staff Correspondent of Th NTra.
Copyright, 1921, by New, Publishing Co
New York, June 25. The bond market
responded moderately to the virgorous re
covery in stocks. The principal gains
were made in the railway convertibles
and other semi-sepculative issues which
are always most sensitive to the
fluctuations in the speculative mar
ket. Chesapeake and Ohio conver
tible 4 l-2s rose a point to 72 1-2
bt. Paul convertible 4 l-2s sold
at t against 63 1-2 . yesterday. Balti
more and Ohio convertibles at 67 5-8 were
up nearly a point. There was a good
rally in oSahonrd Air Line adiustmfints
and St. Louis and San Francisco incomes
at 51. were up more than two points from
ineir recent low.
Active buying continued in the Hudson
ana Mannatten Incomes, which rose an
other two points, almost equaling their
high for the year. This movement is
based upon the steadily imorovinsr earn
Ings of the company and the possibilities
of an increase in the rate of distribution.
Industrial bonds were not as responsive
as the rails. Still the tone was bet
ter. Chile Copper 6s rose a half point
to ti Sinclair 7 l-JJs were fraction
ally higher and so were Rubber 5s, Cuba
Sugar convertibles gained another half
point to 67 1-2. There was active trad
ing m Mexican government 5 s at 45. .
L
Curb Market
BIG MARKET YET
FOR MOTOR CARS
At Least 1,400,000 Families in U. S.
Able to But Do Not Own Cars. ,
"In six cities an extensive inquiry
through several large offices and man
ufacturing plants was made. - This ia
q.uiry shows that 64.7 per cent of Ihe
men who are earning $3,000 a year or
more are not yet motor car owners.
"This," says Clarence A. Earl, of
Briscoe Motors, "furnishes a most in
teresting view of the expansion which
awaits the - automobile -business. . ... ,
"The latest income tax figures avail
able are those of 1918, arid during that
year- more . than three million .adults
were in the military service. ,
"Using the figures of . 1918, we find
in that year 1,411,299 families had in
comes which exceed $3,000 per: annu.nu.
"When one considers the great num
ber of men throughout the United
States who are earning more than $3,
000 a year, the almost unlimited mar
ket for motor cars is quickly appar
ent." ' -
CHILD AWARDED $24,000.
New York, June 25. Arthur Jr.
Riley, four and a half years old, was
awarded damages of $24,000 today be
cause of injuries sustained when
ctruck by a Standard Oil Company
truck. w
By STUART P. WEST
Staff rorrannnilant f Tli.: Vn.
Copyright 1981, by News Publishing Co.
i.cw xorK., june zo. jtjusmess on the
curb market today was almost a t . a
standstill. The tone of the market was
comparatively steady but price changes
ueiieiituj were commea witnm iraction
al limits.
dealings in Cities Service issues were
in Small lots onlv and nriv rhnntros worn
negligible. Sirr.ms Petroleum yielded on
moderate selling orders at the start but
rallied later. The Standard Oil issues
rere auiet. hut miora tions n-cra etth...
iiuviiaiigcu ui anguLi afjuve Lue l;ju ana
asked at the previous -close. -
ine miscellaneous list was stagnant and
durir.g the first hour and a half there
wtie less man a aozen transactions ir
this rlfna.rtnipnt. ITnitorl Ktatoa THati-iK,,.
ing was slightly higher, and a steady tone
WAS shown in the nthun
Mining stocks wore slightly more active
ii hii ill., nrnpr proline niir Tha rthfinir
. m - ruv ll.U
Were oonfinl within smsll 14-mtto
inter Dorougn itapid Transit 7s with an
advance of about a point, .featured the
uona list. .
STUDEBAKER SALES
CONTINUE HEAVY
At the present time that part of
the automobile buvinsr riiiblif. wbioh nr.u
fers . the Studebaker line is choosing
tne studebaker light six in a majori
of instances, says H. L. Kurfees, of
IT. L. Morrow rnrtitw nv Stuilehal-nK
distributer. - The business of this dis
tributer, this year has been in, propor
tion much like that of the Studebaker
lactory, which has held a notably high
position among tne . great motor ca
manufacturers in point of . production.
INSTALLS NEW
TYPE OF MOULDS
The Motor Accessories Co., .received
last week a new set of mouls for au.
tomobile tire retreading and tiese will
be in operation this week, Manager
Calvert announced yesterday. This
equipment is "the latest thing" in re
treading equipment,'' and, . supplement
ing the fine facilities for tire repair
work this company, already had, ' wtH
enable it .to handle every size of tire,
he explained. . -, ' " '
RAPID ADVANCE
IN STOCK LIST
Losses of Week Wiped Out
iri Greater Part in Short
. Session.
By STUART P. WEST J
Staff Correspondent of Tbe IVevrs.
Copyright, 1921, by News Publishing Co.
"Wall Street New York, June 25. This
morning's brief session on the stock ex
change gave a striking-illustration - of
what the market, which has been going
down for a month, can do, once it has
been established that liquidation has ceas
ed. For considerably more than half the
trading list, it took not much over an
hour to wipe out , the greater part of
what it had taken a week of apparent
demoralization to lose.
The plain inferences of this accomplish
ment were, first, that the major : por
tion of the market in the early - part
of the week had not been in nearly so
bad a state as it had seemed, and,: seer
ond that speculative Wall Street had
gone to absurd extremes in its estimate
of the character of selling and of the
extent to which the decline was likely
to go. -The onlv niece of outside news
which influenced the market at all was
a Washington report that some favorable
announcement was soon to be made re
garding what the government proposed to
uo for the - railroads. It was assumed
that this meant speeding up payments
remaining to be made under tne rederai
guarantee act, and that special consid
eration would be given to companies
which would be threatened with receiver
ship in case thev were not helped.
This story led to urgent bidding from
speculators, who had gone short' of the
low priced rails a week ago and these
stocks ran up two to three points, carry
ing the higher priced dividend-paying
issues along , with them.
Word that the striking English coal
miners had reopened negotiations 1 for a
settlement, had a prompt effect in the
markets abroad and also upon tne cot
ton trading here. But the main consid
eration in our stock market was that
after yesterday's pause, liquidation was
not resumed as had been tne case so
often during the last month when simi
lar respites came. All classes of stocks
were drawn along in the recovery, the
sharpest advance occurring naturally in
shares like Mexican Petroleum, fan-Am
erican. Baldwin Locomotive and the to
haccos. against which operations for the
decline has been particularly persistent.
NiSW YOItrc STOCK. U3T
. Last Sale.
Allis-Chalmers
American Beet Sugar
American Can
American Car & Foundry . .
American Hide & Leather pid
American International corp.
American Locomotive
American Smelting & Ref. . .
American Sugar
American Sumatra Tobacco ..
American T. & T
American .Tobacco Sec. .. ..
American Woolen .... ......
Anaconda Copper ....... ....
Atchison .... .... .
Atl., Gulf & W. Indies :
Baldwin Locomotive
Baltimore & Ohio .... . . ....
Bethlhem Steel "B"
Canadian Pacific
Central Leather .
Chandler Motors ....
Chesapeake & Ohio
Chicago, Mil. & St. Paul . .
Chicago, R. I. & Pac
Chino Copper
Colorado Fuel & Iron I
Corn Products
Crucible Steel ....
Cuba Cane Sugar
Erie, ....
General Electric .....
General Motors
Godorich Co. ....
Great Northern pfd
Great Northern Ore ctfs
Illinois Central ... .
Inspiration Coper .... ......
Int. Mer. Marine pfd .... ..
International Paper .... ....
Kenneeott Copper ... .
Louisville & Nashville . .
Maxwell Motors ....
Mexican Petroleum .'
Miami Copper . .... ....
Middle States Oil
Midvale Steel. ....
Missouri Pacific -.. ......
New York Central .... ....
N. Y., N. O. & Hartford
Norfolk & Western .........
Northern Pacific
Invincible Oil ..... ....
Oklahoma Prod. & Ref. -.
Pan American Petroleum
Pennsylvania .... .. ......
People's Gas .... .... ....
Pittsburgh & W. ,Va. ....
Ray Consolidated Copper
Reading ............ ....
Rep. Iron &' Steel .... ..
Royal Dutch, N. Y. . . . .
Sinclair Con. Oil ....
Southern Pacific . . ... ' .
Southern - Railway . . . . . ;
Standard Oil of N. J., pfd ....
Studebaker Corporation
Tennessee Copper Y, ...........
Texas Co. .... ....
Texas & Pacific
Tobacco Products ....
Transcontinental . Oil . . . ......
Union Pacific .... .... ....
U. S. Food Products ... .
U. ' S. Retail Stores
U. S. Ind. Alcohol ...........
U. S. Rubber .... ....
U. S. Steel . t ............. i .
Utah 1 Copper ... . ....
Westinghouse Electric ....
Willys Overland ............
Pure Oil ....
Atlantic Coast Line ....
Coca Cola
Gulf States Steel .... ......
Seaboard Air Line
Slos3, Shef. Steel & Iron ..
United Fruit . . .
Virginia Caro. Chem. .
American Tobacco ..........
American Zinc ... .
General Asphalt ...... ... . . . .
Southern Stocks & Bonds
QUOTATIONS FURNISHED ,BY
. 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. C.
This service, which is published every Sunday, is a co-operative ef
fort between The News and the dealers mentioned above to present a
consolidated list of quotations on various Southern -securities. These
quotations are not guaranteed but represent the latest available figures.
COTTON Ml'Xi STOCKw.
- ' Bid
Abbeville Cotton Mills ........
Acme ' Spinning Co. ...... 70,"
Aileen Mills, Inc .......... ...
American Spinning Co. . . ... .
American -Yarn & Proc. Co. 109
Anderson Cotton Mills . . , . 67
Aragon Cptton Mills 200
Arcade Cotton Mils
Arcadia Mills ; 200
. . 200
.. 125
"46
.. 500
.225
17
140
275
170
1.85
30 3-3
29 3-8
26 1-4
120 1-2
49
33 3-4
79
35 3-4
74 1-2
52 1-2
102 7-8
69 1-2
37 3-S
78 1-4
23 1-2
69 3-4
36
45 3-4
109
35
51 1-2
49 3-4
25 1-4
29 1-2
. 22
27
66
57
9 1-2
12 3-8
127
10
31 1-4
65 1-4
26 5-S
89 1-2
32 1-2
46 7-8
52 1-2
18 3-
108
3 1-4
117 3-J
20 1-2
11 1-4
22 1-2
18 5-3
68
17 1-2
93 1-2
68 7-3
11- 1-2
', 2
60 3-4
33 1-i
50 1-4
25
IS 1-2
65 3-1
45 1 -i
40
20 7-8
72 1-2
19 1-4
105 3-S
73 7-8
7 1-4
33.1r2
.21 7-S
: 54
. -7 7-3
115 3-8
, 17 6-8
54 1-4
52- 7r8
55 1-2
73 5-8
48 3-8
' 44 1-3
' 6 1-2
26
84 1-4
30 3-8
27 1-Z
6 1-4
43 1-4
107 1-4
i 25
119 3-8
'8 3-8
54 .
ETHEREDGE BUSY
DELIVERING FORDS
FOUR BURNED TO DEATH.
Baltimore, June 25. Two women' arid
two children were burned; to death
today when fire destroyed the home
of Meyor Sandler.
V .7.. ' . - .
Lane Etheredee: resident of th-i
newly organized Etheredge Motor
Sales Company, which bought the busi
ness of .Ryan Motors Company,, au
thorized Ford dealers, says surprising:
things happen even now in the motor
sales world. He explained that he did
not expect to do much in the wav of
selling Ford : cars until about the 'first
of July, but -his organization has .been
able to sell . and ' deliver all-- cars he
could secure from the Charlotte branch
of the Ford Motor Company on. hU
company's allotment.- ; . .
Mr. Etheredge has been an unusually
busy man for three weeks, giving at
tention to matters : incident to the. sale
of his V interest ; in', the ' Pyramid Motoi.:
Company to Fred Anderson and his as
sociates and other relative to the? 'pur
chase of the Ryan Motors C.ompany:
These details having' been disposed of.
Mr. Etheredge 'says he now is ready to
give his time ' to selling Ford cars ' and
trucks and Foi'dson"' tractors; ' i ' -
FEDERAL TRUCK
HAS PRESTIGE
In ' still ' another " instance TV. M.
Wilkes, president-, of ' the Charlotte Mo
tor Car Company, distributers of IJujw
mobile .passenger cars and; Federal
trucks, is impressed by 'the value
building'. prestige, for such products.
Mr. Wilkes was 'discussing sales, conditions-
and he.. was casuallyy - asl:cd
about .the movement of. trucks tntc
eonsomer hands. sold a? Federal
this' week to, a - man' who bought it
because of' its ; name and reputation,
for, I did ; not have a demonstrator in
Charlotte." ' ' . . .
Arkwright Mills
Arlington Cotton Mills
Arrow Mills, Inc. . . .
Atherton Mills
Augusta Factory, Ga".
Avondale Mills. Ala. .
Beaumont Mfg. Co. ..
Uar.ner Mills
Belton Mills
Belton Mills, pfd
Blue Buckle, pfd (per 100)
Broad River Mills"
Brogon Mfg Co. ....... .
Brown Mfg. Co.
Cabarrus Cotton Mills ....
Calhoun Mills ..........
Cannon Mfg. Co. ........
Cash Mills
Chadwick-Hoskins Co. (par
value ($25)
Chadwick-Hoskins Co.. 8 per
cent pfd
Chesnee Mills . . . ,
Chiquola Mfg.. Co.
Chiquola pfd
Clara Mfg. Co.
Cliffside :..
Climax Spinning Co
Clinchfield Mfg. Co. ......
Clinton Cotton Mills
Clover Mfg. Co.
Columbus Mfg. Co
Consolidated Textile Corp.
Converse (D. E.) Co
Crescent Spinning Co. ....
Dacotah Cotton Mills
Dixon Mills. Inc
Drayton Mills
uunean Mills
Dunean Mills, pfd
Durham Hosiery Mills, B.
Durham Hosiery Mill, pfd
Eastern Mfg. Co.
Eastside Mfg. Co
Efird Mfg. Co
Enterprise, Mfg Co.
Erwin Cotton Mills . .
Erwin Cotton Mills, pfd. . .
Flint Mfg. Co
Florence Mills
Gaffney Mfg. Co
Gibson Mfg. Co
Glenwood Cotton Mills
Globe Yarn Mill
Gluck Mill
Grace Cotton Mill Co.
Gray Mfg. Co.
Greenwood Cotton Mills . .
Grendel Mills
Grier Cotton Mills . .
Hamrick Mills
Hanes Knitting Co. A 12
Hanes Knitting Co. B 12
Hanes pfd 97
Hartsville Mill 305
Henrietta Mills
Highland Park Mfg. Co. .. ..
Imperial Yarn Mills
Jennings Cotton Mill 210
Judson Mills
Judson, pfd -. 85
Lancaster Cotton Mills .... 220
6
125
71
100
500
.110
200
i65
18
70
420
100
60
89
76
85
75
35
110
100
300
102
175
65
175
119
64
90
200
130
Ask
105
76
51
300
125
69
225
115
275
140
150
50
235
100
98
82
i'si
70
185
215
25
i6 y2
100
275
235
73
118
120
250
iii
175
20
85
76
440
110
72
93
85
30
92
86
55
125
306
103
210
200
68
125
66
94
70
375
135
97
160
13
13
100
350
660
160
251
245
95
265,
Laurens Cotton Mills ... . 95
X .imActnno AT 1 1 1 .......... ...
Locke Cotton Mills 105
110
125
51
125
175
T.nln Mfer.- Co. .
Majestic Mfg. Co. .... .
Marlboro Cotton Mills .
Marion Mfg. Co-
Mills Mill
Mollohon Mfg-. Co...;. ...
Monarch Mills. S. C. 108
Myers Mills -
TVfvi-Mo Mills ..j.- 110
National Yarn Mills 125
Newberrv Cotton Mills .... ...
Norcott Mills 250
Norris Cotton Mills
Dcnnee Mills 200
Orr Cotton Mills . . . . 96
Osceola Mills
Pacolet Mfg, Co. ........ 13&
Panola Cotton Mills ...... ...
Parkdale Mills ..
Patterson Mfg. Co.
Pelham Mills
Pelzer Mfg. Co
Piedmont Mfg. Co.
Poe, F. W. Co.
Poinsett Mills ..........
Ranlo, Mfg. Co
Rex . Spinning Co.
Rex Spining Co. pfd
Rhync-Anderson Mills Co...
Rhyne-Houser Mfg. Co. . .
Ridge Mills, inc
Riverside Mills ($12.50)..
Hnnrlq Cotton Mills ......
Rocky Face Spinning Co. .
Kowan cotton amis
Saxon Mills .v
Seminole Cotton Mills ....
Siblev Mfg. Co.
Spartan Mills
Sterling Spinning to
Superior Yarn Mills .....
Toxaway Mills (par $25) . .
Tncan.ni Mills
Union-Buffalo Mills Co. . .
Union-Buffalo Mills 1st pia
Union-Buffalo Mills 2nd pfd
Victor-Monaghan , Mills , . .
Victor-Monaghan, pfd
Victory Cotton Mills
Ware Shoals Mfg. Co
Watts Mill
Watts Mill 1st pfd
Watts Mill 2nd pfd
Winget Mills Co
Wiscassett Mills Co
WnnrlKirlA Cotton Mills
Woodside Cotton Mills,
185
103
125
90
100
92
75
74
ioo
47 .
105
71
85
23
3 . .
23
73
29
74
99
75
71
215
113
pfd
100
151
120
121
150
52
151
250
200
110
77
136
141
ISO
i90
'98
250
130
190
145
ioo
108
128
103
. 95
115
125
ioo
81
73
8
110
76
' 81
100
110
55
110
76
92
24
230
30
77
31
, 76
100
81
160
110
SO
95
78
115
69 70
OTHER QUOTATIONS.
North Carolina State 4s . 80
North Carolina R. R. stock
Carolina Power & Light 27 Ya
R. J. Reynolds Tob A . . 60
R. Jfl Reynolds Tob. B. . . 31
R. J. Reynolds Tob. pfd. .. 98
Anderson Motor, pfd .... 3
Anderson Motor, common.. 1M
84
130
30
70
33
100
. 4
Coca-Cola ,. 27 27
CHARLOTTE BANK STOCKS
American Trust Co 134 136
Charlotte National Bank.. 200
Commercial National .... 199 ...
First National 235 ...
Independence Trust Co 175 185
Merchants & Farmers .... 305 ' ...
Merchants & Farmers .... 300
Security Savings Bank.... 100 106
Charlotte Morris Plan .... 110 ...
Live Stock
Copyright, 1021. by Ner Publishing: Co.
" Union. Stock Yards, June 25. Sell
ers did not have much stuff on hand
today arid the trade in catle and
sheep showed little change. For the
calves, 171,000 hogs and 70,000
sheep and lambs arrived. Cattle de
creased 4,000 compared with a week
ago while- calves dropped off 2,000
with hogs and sheep showing about
the same- figure as- last week. In
the hog ; trade it is expected that the
spread . in - quotations will be larger
from now on. with light grades
gaining, over the weighty, animals.
Receipts today were estimated at
1,000 , catle, 5,000 hogs, 6,000 sheep
and lambs, . and 200 calves.
Cattle: No ' good catle were offered
today. Small lots sold at the week's
low levels. Best steers closed 15' to
25 cents lower for the v week, while
plain grassy lots were off as much
as $1 for the period. Top- yearlings
made $9.15, Best cows and heifers
held' without marked change but
canners and bulls were down 25 to 40
cents at the close. Calves had a
gopd market- all week. : Values were up
50 to., 75 cents with good vealers
at $9.50 to $10.00.
-. Hogs: Light hogs sold steady todav
with top lots, at $8.80 while heavy
grades; were weak to a ' dime off.
Best butchers and light hogs sold at
$8.45- to $8.80 with rough packing
hogs down to $7.60.
Sheep:" No . good lambs sold today.
The general market for lambs closed
$1.50 below a, week ago and $1.75 off
from Monday,- when the best made
$13.00, while tops today were placed
at ' $11.25. Aged muttons dropped 50
cents to $1.00 during the week. .
i
TIRE REPAIRING
? PRICES ARE CUT
S New prices on retreading and re
pairing of automobile tires have been
scheduled by Charlotte Vulcanizing
Co., according to Manager Norton, who
explained that the new schedule con
emplates the development of a big
volume to make possible operation on
this "basis.- Since some of his cus
tomers here learned of the lower
charges, Mr. Horton said he has noticed
a 1 considerable increase in the volume
of repair and retread work coming in
to his shop.',
: "When the public generally learns
this fact,, I; expect a volume of business
which will show we were justified- in
cutting our profits rpght to the bone in
order to 1 pass the benefit on to the
public. v Our new schedule of charges
is below that prevaiilng in pre-war
times, and we know the public will un
derstand and appreciate the motive
which prompted us to reach this de
cision," , he said. - -; -eisiori,"
he, added. .'" V ' ''
MOORE IS MADE
SALES MANAGER
. H. M. ;Moore, of Charlotte, for 20
years a member of the sales organiza
tion ' of i the Levering Coffee Co. , has
been promoted to the position lof
Southern district sales manager, it was
learned yesterday. Mr. Moore will
make . Charlotte the sales headquar
ters from;, this district, though the htead
quarters:- formerly have been in Atlanta-.
i It was understood that Mi.
Moore's insistence: that he be allowed
to continue to make Charlotte his head
quarters influenced his company's de
cision. .- , ,; . ;
Mr. Moore is known intimately by
hundreds of merchants in the Carolinas
which territory he has covefed for
many, years. " - '
Grain Market
Copyright 1931, By New Publishing , Co,
Chicago, June 25. The slowest day
since pre-war time was noted in the
wheat market today. This was one
of the reasons for the erratic trend
of : prices. Only ' moderate offerings
caused July to weaken while Septem
ber was being "bulled" by some of
the big, local operators and showed
good . gains. The news was mixed
There- was a little hedging pressure
earlv. indicating freer offerings from
the country. Fnow and LeCounts, , the
two banner wheat counties of. South
Dakota are threatened with .a crop
failure because of the drought. Argen
tina drought was broken by beno
flcial rains while France will impose
an import duty of 80 cents a bushel
on J wheat effective August 1. Sea
board reported 100,000 bushels of
wheat worked for export. Cash wheat
premiums were Arm. Shipping sales
were - 15,000 bushels. Market ciosea
1-4 cent lower to 1 3-4 cents up;
July $1.30 1-2 to 3-4; September $1.25
1-2 to 3-4.
Corn showed a better undertone
There was some commission house
buying while week-end short cover
ing also was a strengthening factor.
Receipts were fairly heavy. Cash
basis unchanged. . Domestic shipping
demand was slow. JSxporters reported
a small lot of corn worked to Mon
treal late yesterday. . Shipping sales
were 10,000 . buspeis. Market closed
s-8 to l-z cent up; July 62 b-s to 3-1
cent; September 63 1-4 to 1-8 cent;
December 61 1-2.
Seaboard reported 40,000 bushels
worked for export.
Oats followed the trend of other
grams. Rales by discouraged longs
were- absorbed by investors because
of unfavorable crop reports. There
was ab road, shipping demand for
oats with sales of 314,000 bush
els. Seaboard reported some Canadian
oats worked for export. Market clos
ed unchanged to, 3-8 cent up; Julv
28 1-2 to 5-8; September 40 3-8
cents; December- 42 c 1-8 to 1-4.
;. Provisions were dull and feature
less. Smaller - packers sold and local
longs took proAO Outside shorts
covered. Pork closed unchanged to 5
cents, up; lard 2 1-2 cents off and
ribs 2 1-2 cents to 5 cents lower.
CHICAGO GRAIN AND PROUVCB.
r OP"1 High Low Clos
WHEAT .
July ..... .1.31 1.311 1.2814 1.30
Sept. ...... 1.24 .1.26 94 1.23 1.254
COTTON SHOWS
MOKE STRENGTH
British Labor News Better
aim it nv a te condition
Figures Worse.
By STUART P. wt'c
Staff Correspondent of The v
Copyright, 1021, byNews I'ulili.?,'
New York. June or u ' lnCo.
market opened firm at an a,iv,?tto"
firmness during the f-ari,- i-eR.
?in? v,t0 the mre favrablJ 2Sf
ish labor news and iP wit.
private condition figures." Houm bl(
Liverpool connections were
ers nere during the early t
The other - factor was the T'
the Southern Products Comn !0t , o!
mg the decrease m acreage
per cent and the condition 67 s Lc-9-1
indicated an improvement nf "
2.2 points as compared with m
ago.
Yesterday's reports pointed
improvement of four points L iri
thing less than that wouM L , a?,y
tinct disapomtment to the lorai h'
xt. '-""'Ma iur me EfOVPi-nmr
report is to be made today and ??1
report will be published next ?Jhe
The early advance carried Optia:''
contracts up to 11.97 or thiru- ap
points above yesterday's low e
According to press arlvic-f-i
Postmaster General Knrie e.x"
is in Germany endeavoring L ,
Texas cotton, refuses to sav tT
much he hopes to dispose of hut .
pects it will reach a lar-e
This morning's news from 0Pn;il'
O'ttll'l
jvuivmaj o reports th
the Manchester waee aurMm'.. l,ni
been signed and that the Laneahir
mills will reopen next week, f t
River mill curtailment continued t
i-iuuui. ma recent scale, and is expe,V
ed to show an increase next month
CHARLOTTE COTTOX
Receipts today, 6 bales at io
CLOSE NEW YORK FITIRES
New York, June 25. The oo-im
market closed easy and irregular
, , Open Hijsrh iow Ho
July 10.90 11. SS m V-
Oct 11.85 12.27 ll'iid ir
Oec 12.40 12.74 U35 '
Jan 12.50 12.S4 1" 44 rv
March 1280 13.23 125 V l
NEW YORK Sr-OT COTTON
New York, June 25. Spot cotton
quiet;, middling 11.20. M
XEW ORLEANS SIOT fOTTON
New Orleans, June 25. Spot cotto-
quiet, 12 points higher; sales on in.
spot 2a2 bales; to arrive 24
Low middling- 8.25; middling 10 5(-
good middling- 11.50.
CLOSE NEW ORLEANS FUTURES
New Orleans, June 25. The cotton
market closed steady at net advance
of 21 to 29 points.
Open
10.35
11.22
11.72
1J.90
12.24
July
Oct.
Dec.
Jan.
March
Hisrh
10.90
11.72
12.15
12.31
12.40
Low CIosi
10.T.5 10.74
11-22 11.31
11.72 11.37
11-94 12.13
12.40 12.1J
BIG DEMAND FOR
U. S. L. FORD TYPE
New Battery is Proving a
Sensation in That Indus
try, Declares Distributer,
"The. new Ford type U. S. L. storage
battery has proven a sensation in the
battery manufacturing and distributing
industry," declares C. A. Misenheimer,
ot the North & South Carolina Storage
Battery Co., distributors of U. S. L. bat
teries.
"This type was placed on the market
only a few weeks ago, and we ordered
what we believe would be a good stock
of these batteries,, keeping in mind the
fact that such a very large number of
Ford cars are operated in this terri
tory. Hardly nad that shipment been
received before orders from our dealers
and from individual Ford owners mov
ed our stock and since that time we
have been forwarding orders by tele
graph. For the present the U. S. L
factory is guaranteeing to make ship
ments of the Ford type batteries within
five days from receipt of order, and we
are enabled to take care of all de
mands, even though we must admit we
never dreamed the U. S. L., Ford type
battery would jump into such tremen
dous i popularity at the moment of its
goincr on the market.
"Not only have sales of this type
battery proven a fine means of increas
ing our business volume but also its
being on the market has made it pos
sible for us to close numerous ne
dealer contracts because of the desir
ableness of the Ford type, plus the
prestige the U. S. L. line already has
won, made the U. S. L. franchise one
of unusually great value.
The Ford Motor Co., has formally
approved this new type battery, ana
during the month of May 28,000 out or
the more than 100,000 Ford cars bun
were equipped with the U. S. L- o'
tery. This new battery is a t. b.J
in every respect, and we give the sarae
golden rule' service to users of tms
tyDe as is our policy to give to tne ua
ers of the far more expensive types-
CORN
July . . . . .
Sept. - ....
OATS
- July
- Sept.- . . . .
PORK
. July
SeDt.": ..
LARD
, July
.Sept. ,
RIBS ,
July .......
'Sept.
62
2
38
40
17.80
18.00
63
63
38
40
61
62
37
39
62:;
38
40
17.80
18.00
10.20 10.20 10.15 10.15
.10.55 10.55 10.47 10.47
. , ; 10.37
10.65
r
Paul Arlington & Co.
-Manufacturers
Cost; Accountants
Audits Systems
. ; Investigations
217 Piedmont building 1
Phone 653. Charlotte, N.f C.
EVERYTHING
In High Quality
Building Materials
FLOORS are more than
a part of the house.
They are a part of the
furnishings. Now is the
time to put floors in your
home that will draw
compliments from all
who enter. Use oak or
rift pine, while prices are
at the bottom.
Lumber CotaVf
. - - .1 t, lift vat"
South u--73
phones aii-