THE CHARLOTTE NEWS, CHARLOTTE, N. C, FRIDAY AFTERNOON, SEPTEMBER 23, 1921
f
ft
fTARKET
MONEY MARKET
DRIFTING DOWN
Another Display of Buoy
ancy All Through the In
vestment List.
By STTATiT I. M'EST
i;ifr Correspondent of The tvs.
, rinlit. U21, by JVervs Publishing Co.
t'l Street, New York. Sept. 23.
v impure. Ior the security market
v. today derived from the downward
-. -: of money rates. Yesterdav the
market had scarcely reflected
. o reduction of the federal discount
,,s in the Xew York and Boston
; vts. Today, however. with the
.! r ordinary showing: in the weeklv
, .u statement a jump from 75 3-4
. s', l-S per cent in the Xew York
-v. and a rise from f.T 1-2 to 6S 3-1
-r reserve percentage of the coun-
is a whole no further effort was
ti- hold rates tip. The commer-
n:iper market felt the relaxation
most. hereas yesterday, there
'..ffii an attempt to keep the
:.-.:.t;on at six per cent today rates
a aluuiptiy lowered to 5 1-2 for
.i. ,,,-st names and f 3-4 for those
-i well known. Along: with this
:-ioney re 1 1 to the lowest of the
.... with 5 1-1 hid and 5 1-2 asked on
:.isses or loan.
1 'pu'al result of this practical
: f.-n-e ot a reuundant money supply
nnoiner uispiay oi great buoyancy
t'lr-utjrri trie investment list, in
a ii'H oniy noncis. hut rail stocks
io" !ii; in iiip investment class, were
-v.vv; !"rwara to tne best prices so far
i .'".(:: Ponds had a nart ionianv
: :ve rise, .hut railway bonds and
; :'.als too were carried alonsc in
: -.1. ward swinir. The central idea
. :r.e. back of this movement was
v eld on high grade investments
be brought down to correspond
r, rhe fall in Interest rates, brought
.-'Mvn. that is. by a general raising of
avket valuations.
T'-.e speculative section of the market
r'li'e at times stimulated bv the strength
the inostment department was a good
lira! more irregular. Realizing sales
promptly appeared as soon as prices were
hid up a point or so and while it was
still plain that stocks went up easjer
than they came down, there was not the
?:'..ehtf st suggestion of any big speculative
revival impending.
The fact that so far August traffic
.-tatements have been even better than
fxpp'.'ted. especially in the extent of the
znins in gross earnings over the month
preceding, was an ample explanation for
rhe strength of the rails. Southern Paci
Union Pacific and the coal stocks
were the Issues most in demand but on
'he whole the railroad group indicated a
more genuine interest than has been
shown in some time.
As was the case yesterday, fiuctua-;-ns
In both cotton and wheat mar
ket? were relatively small. The fact
'hat for the second day in success
cotton options were indifferent to pri
vate predictions that the government
report on October 3 will show a per-'-iitage
little above 40 was certainly
most significant. It illustrated the
peculative dilemma between a sensa
tionally short crop on the one hand
ail fears on the other hand that a
further advance In prices would check
the demand from the spinning trade
The advance in silver prices was main-
Minec-. A better inquiry for copper
'vas among the interesting trade inci
fients of the day. Further recovery
occurred in sterling exchange hut Ger
man marks were still depressed.
On the Stock exchange buying of the
railway issues kept up consistently to
the close. The industrials were well
taken whenever offered down at all,
but it looked as though the selling
by speculative groups which had been
active in last week's market, had not
f;uite been completed. It showed in
stocks like "Mexican Petroleum, Bald
'in Locomotive, Tobacco Products,
S:i.lebaker and Consolidated Textile,
specially the last named. That these
T'ol holdings could have been so eas
iiy taken over in the market of hie
I'l-esence of an effective and sub
stantial buying power underlying the
-P-iculative structure.
MONEY AND EXCHANGE.
New York. Sept. 23. Prime mercan-
paper 5 1-2 to 6.
F:--.-ViHnge irregular; sterling 60-day
i'.N and commercial 60-dav bills oil
:r:ks 3. 63 7-S; commercial 60-dav bills
'ift 3-4; demand 3.73 3-8; cables 3.73
Francs, demand 7.13 1-2; cables 7.14.
Belgian francs, demand 7.10 1-2;
iMf-s 7.11.
Guilders, demnad 31.82; cables 31.88.
Lire, demand 4.12 1-2: cables 4.13.
Marks, demand 91 3-4; cables 92 1-4.
Greece, demand 5.08.
Sweden, demand 21.90.
Norway, demand 12.65.
Arsrintiiie, demand 30.75.
Brazilian, demand 13.25.
Montreal 9 15-16 per cent discount.
Time loans easier; 60 days. 90 davs.
1-4 to r 1-2
1-:' rer cent.
per
cent; 6 months,
railroad bonds
' ioveni mcnt
and
r.
' i 1 money steady; ruling rate 5.
''nil loans against acceptances 4 1-4
4 3-4.
CHICAGO GRAIN AND PROVISIONS.
f'hicHgo, Sept. 23. ,
Open High Low Close
v.-UK AT
'" .1.26 1.28 1.25 'i
, M"'-- 1.30 '4 1.314 1.284 1.31 -i
t'OUN
52 8 53 52 Va 52 i
kf?.y 56 "g 57 56'2 56 "s
J'"- 37i 3S8i 37 i . 38 9
r 41 ?i 42 ?s 41t 42?i
1 1 ; K
, -'T'' 18.50
'"t. 10.75 10.75 10.67 10.72
r,;Jt" 9.50 9.50 9.35 9.40
runs
ft"- 8.20
8.20
I
EVERYTHING
In High Quality
Building Materials
("Three wise men of
Gotham.
Went to sea in a
bowl."
nd you remember
their fate. The bowl
wasn't strong enough.
All of which goes to
prove that it doesn't pay
to trust inferior mate
rials. CITIZENS
Lumber Company
South Boulevard
fhones 3472-3473
TTnr jrram , ,
x 8TCIABX P
1 1
Features
i
By STUART P. WEST.
c. .
c.VMViFr c.
T RF,ADIG.
Jersey Central stnv
U?emli? tlme- has suddenly begun
Vl"la.ke lts .?PPearance on the tape.
4 . . v iwv Lay
riclnfy . ' BK'. 14 I 1 Cll Ul
rra,fLE Seem t0 have mor?
mm-. fS,than "imply a .sympathetic
'VlV? wake of Delaware. Lacka
wanna & Western. Jersey Central.
V, .-. .
is no reason why the nroceert nf
tfie Lehigh and Wilkes-R arre sa ia I
Sliould not h HiafT-IHnfri t t,..
central stockholders. Tho
"enericiary in such case would be
Heading:, and thie fnmicliA . I
- ...... .u '""in u nnr
plausible explanation for the strpnirth
"ttumg siock toaay.
1.rciIIf;H Yil.l.PV
Today the time limit r V ri r-t f I
- - v . j i v -t 1 1 1 1 Lite- .
i me benign alley segragation
e iourl having granted an
u! on uajs irom August 23.
, ii c uuying oi L.enign v anev
lK was rounded on the idea that
tins plan would be the reverse of the
ixfauinK pian so
Pr Tllo ' n 1 . . ' 1 .
compelled tn , hi i2 ? -V i Pifn- wa2 snowen renewed irregularity today. The
Lehigh and wffuf? nLlts 1Aold,mg8 of ?e's frcm Liverpool and Manchester was
panv. This sale 1. Ctm" bulllsh but' the domestic goods situa.
Jersey C al trcasu naash earn 1 n 1tiU-?omlnated by an aPPhen-
lent to over $4 6 a share on if? nwn Slon that prices based on 20 ct11ts for
stock. With the turn for the bettern JaW 3naterial wuld check the demand
railway earnings, in which Jen v fl;om COMe"- The Price ts
Central has borne it fnii .ho LJlt. aJso seems high enough to b"ins out :ide-
,i o, ,fVl market as though some recent buyers had anti
euect is concern
higher prices fo
SIIVKR STOCKS.
W niie the rise In har cilvo,- In
i.onaon am not continue todav. th
gns of revival in the silver mark-Pt
were adjudged sufficiently plain to at
tract attention, in a small way, to the
speculative nossihiltHeo nf fho oil
shares. The t Wrt ohtff alhtar ctnrVs
dealt in on the big board are Cerro
ae rasco ana united States Smeltinc.
both of which were rather strong. 1
Anaconda is another which has a laiire
niicirsi in me snver situation on ac-
count or its ownershm nf tht lllra I
uum dna Oliver mine.
. . - ,,,, . - - -. . v v. .
NEW HAVEN.
1 here seems to be little doubt about
the restoration of Ontario & Western
to a dividend basis. The only question
JL in nVler-.i' w.lu -pay er ent
- UIU W 11TT1I 1 L L'CclRtrU. 1 1 1 V ' ( 1 Tl (1 S II I
a
ear ago, or AYether it will pav the
full, two per cent which was the old
rate of distribution from 1906 to 1918
inclusive. There is no doubt th.it
Ontario & Western could easily afford,
the larger sum because its earnings
cue running at 111a rate or nve ptr
ceiiL a yeur. o iar as iew naven is
concerned, even a two per cent divi
dend on Ontario would bring in only
000, vvkj, ur consiaeraDiy less tnan a
half of one per cent on New Haven
stock. The only way that New Haven
could benefit materially would be if
tne return to dividend payments en
abled it to get a good price for
the 291.600 shares of Ontario & West
ern stock which it holds. If it could
sell Ontario & Western stock for $30
a share this would bring in $8,748,000
which would be more than the recert
loan irom the government.
TRANSUE AND WILLIAMS.
Transue and Williams directors are
to meet n,xt week to act on the divi
dend and the expectation is that thy
regular $1 will be declared. This will
be the same as that of last ouarter.
the rate having been reduced from $5
to $4 earlier in the year. The Transue
and Williams depends for a large part
of its business uoon the automobile
industry and needless to say it has
had a pretty slim year. However, it is
well fixed as to cash and the equiva
lent of cash and was prepared for
just such a season as it has had. It
was declared today in a source con
versant with the condition of the com
pany that while the company had not
showed large profits neither would it
snow large losses.
REPUBLIC MOTOR TRUCK.
The affairs of Republic Motor Truck
can be said to be shaping up differ
ently. The preferred has been put
nacK on a dividend basis and accord
ing to one authority a change in the
directorate si expected to be made
soon.
THE RUBBERS.
"he ruober and lire shares continue
to reflect the better feeling of the
industry. A year ago this time the
industry was in the throes of its de
pression, but now it is working out of
it and more than one company reports
neiter ousiness and netter prospects
tor tne ruture. Dealers shelves and
warehouses are bare and every sale
now means a new oraer. uank loins
have been decreased by at least half
rd high priced inventories have been
gradually worked off. New bus-iness i
now being made for goods made with
materials purchased at the low prions.
Bond Market
By STUART P. WEST
Staff Correspondent of The XTrg,
ConTriKht. 1921, by Nem Publishing: Co.
New York, Sept. 23. The broadest
and altogether the most vigorous bond
market of the season was snown tonay
In extent of advance the movement
was more imDortant than any &o far.
It was the prompt response to the
ledurtion in oD'en market discount
rates which followed the lowering of
th Federal Reserve Bank rates' yee-
terdav. Practically everything of im
portance on the list was higner with
Libert.v bonds of all classes again in
the lead. At the same time trading
was on the increase.
In the foreign government action
Norway 8s crossed 106 for the first
time. Swiss 8s. Brazil 8s, the C&na-
riian issues and Uruguay Ss all 1m
proved a quarter to a half yo'nt The
principal Interest centered. However. 1:1
the issues of privat-j corporations.
nrnm s ne. even after tne recent rise.
a hisrh rate of yield. It was the feel-
infr that these rather than tne oil
line bonds were the ones which had
the greatest possibility of gain in the
reaoinstment to lower interest rates
that is now under way. Grear North
ern 7s touched 104 for the lirst time,
the Rurlinerton 6 l-2s reached a new
hipii likewise, and so rt'd Chicago am
Northwestern G l-2s. at 102. Jew Y-jrk
Central debenture 6s got across 9. f r
the first time this vtar. Pennsylvania
7a rose a half point and Ihe various
St. Louis & San Francisco issues were
all up a half point to a poinr.
Missouri Pacific- eon oral 4s which have
rather been dragging behind in the
rnt market suddenly ueoaine very
native at a niont'S advance. Lehigh
Vallev 6s and Oregon Short j-.ine Is
half n. noint hisrher.
It was announced that $o. l S.oOO
equipment tru?t certilicates bought from
iho railroad administration on- Wed
nesday had been privately placed. ut
the best that the syndicate members
were willing to say about yesterday s
ti9ftnoftftfi offer "nsr was that it was
hnnprf that the subscription books
wmiirt be closed bv the end of the
iftArnoon. The reason why these cer
tiflcates are not going faster appears
to be, not so much because of their
ccmparaitvely low interest yield, as
because the prospective investor sees
a possible enormous addition ti the
supply of this class of investments
r-nmins- on . the market later.
tntorhnrnnirh Rauid Transit os or
.u fl-a. uma in n fortnierht advnaced
n fraction. Mercantile Marine 6s,
Povarri Motor 8s and Kelly Spring
field 8s were all heavily bought on the
-vay upward. Chile Copper t3 jumped
ever a point .xrd half point advances
were made in Uupont 7 l-2s. Bell Tele
phone of Pennsylvania 7s and . de-
vater 6 l-2s.
ivrrew VOR KPROVISIONS.
Kr,r Vnrk. SeDt. 23. Butter unset
tled; creamery firsts (88 to 91 score;,
36 to 42 1-Z. , a 4 . ..
Eggs Irregular; firsts, 40 to 44. .
Cheese firm; average run, 21 to 21
1-2
ijv noultrv. irregular: broilers, 25
tn 98- fowls. 26 to ao.
rtreaaed noultrv. steady; western
chickens,,, boxes, 27 to 4i
QUOTATIONS: FINANCIAL NEW
. w
WEST For 15 Years Financial Editor
COTTON MARKET
VERY IRREGULAR
Can't Get Far Awav from
the 20 Cent Level, How
ever, Either Way.
By STUART r. AVEST
Staff Correspondent of Th Awn
Copy right, 1021, by evrs Publishing Co.
Jew Y'ork, Sept. 23. The cotton market
quate sPot offerings in the South and as
a resj!it the market is now pretty well
divided into two nartips nn.- i f w-hiph is
inclined to sell at 20 cents ami nhovc.
while the other believing thai the small
n - nn sm i.H;.nntnl.- v,i-uw , . . w-
""F ..... wive., umtijcu.ij iiini uuir:.-.,
is disnosed to buv on n kmIp 1r-n fmm
that level. Between these two fictions
the market armears to be nrettv w,ll
Ibalanrpd. and most trarlorc .in lr!.-in.-
fnr PnnfiTlllftH ll-r-O-ll 1 0 1- nriA Tv.rt-umante
- v. .i, ' vjuiw. ( J in. J i . v ' V . : i ill-)
until after the publication of the gov
ernment crop report a week from next
il'jndav.
The opening this morning was easy at
a decline of S to 37 points in srrit-- of
t Vl a Villi 1 loH riAif f n V.K(in t T 1 -..Ir .-.,1
ed selllDg orders around the rin?, the
execution of which more than supplied the
fresh buying inspired by the cables. As
soon as these initial offerings had been
absorbed the market steadied with JJe
cember selling up from 19.75 to 20.05 but
met increased offerings just as it has done
on all recent bulges and later reacted
on reports that the .National dinners
Association place the condition of the
crop at 4Z. This would mean a very
substantial reduction in the indicated
yield, as compared with the official end-
August figures, but a report yesterday
,q v. ,i,r .in o..i t-,a
niauc nic i.uiiun.ii11 i i i.i iv. , aiiu i in.
trade hns been talkiner a condition of
around or slightly under 40. This morn
ing's report consequently was rather a
disappointment to the more extreme bulls
and contributed to the rather easier tone
of tha later market. Private reDorts ie-
ceived here from the southward said that
ai 1 f 1 1 ,J -l . ,
but that demand had continued good and
spots buyers were paying a higher basis
atrain late last night. Southern spot
markets are reporting a moderate to fair
volume of business at prices for m ladling
in the leading centers averaging about
19.85.
CHARLOTTE COTTON.
Receipts today, 75 bales 'at 20c
NEW YORK COTTON.
New York, Sept. 23. The cotton
market showed continued nervousness
and irregularity during today s early
trading. The earlv cables Irom Liio-
erpool showed considerable strength
there, coupled with reiterated reports
of increasing activity in Lancashire
The later cables were easier,, however,
and the local market opened easy at a
decline of s to Si points under reanz
ing and rather heavy Southern sell
Ing. December sold off to 19.75, mak
ing a decline of 61 points irom the
high level of yesterday, but there was
considerable trade buying and tne mar
ket steadied up shortly after tne call
on covering, uvernignt advices irom
the southwest said the basis had eased
yesterday afternoon, but nrmed up
again owing to continued good spot
demand. Manchester reported mcreas
ed demand for goods from China and
said that Indian buying limits were
being raised.
The report ot a southern authority
making the condition of the crop 42.0
indicated a substantial reduction in the
yield as compared with end-August
figures, but was a disappointment to
people who had bought on yesterday s
report of only 40.5. Ihis checked
the advance and the market was nerv
ous and unsettled late in the forenoon
with December selling off from 20.05
to 19.(8 or 24 points net lower,
Trading was comparatively quiet
during the early afternoon but the
market ruled steadier after the mid
day reaction 011 reports of a good spot
demand and firmer spot basis in the
South. December held around 19.98
shortly after 2 o'clock or within four
ns or last nights closing Quota
tion.
LOSE NEW YORK FUTURES.
New York, Sept. 23. Cotton closed
easy.
Onen
High
19.71
20.05
20.08
19.96
19.68
Low
19.35
19.70
19.73
19.52
19.25
Close
19.35
19.70
19.73
IS. 52
19.65
Oct 19.56
Dec 19.95
Jan 19.80
March
19.75
May 19.30
NEW YOBIV SPOT COTTON
New York, Sept. 23. Cotton:
Spot
quiet; middling 19.90.
NEW ORLEANS COTTON.
New Orleans, Sept. 23. Overnight
selling in large volume, in which was
a considerable mixture of hedge offer
ings, weighed against prices in the
cotton market on the opening today
and caused declines of 22 to 37 points.
Following this initial break good sud-
port was tendered and recovery car
ried the more actvie months upward
until -they were 2 points higher than
the close of yesterday. The market
turned very irregular and softened
under a private bureau report on con
dition of 42.5 per cent of normal,
indicating a crop of about 6,547,000
bales, and at the end of the first hour
of business October was ?3 point ?
under yesterday's close. October at its
best sold at 19.54.
Liquidation of long contracts became
rather extensive and this sort of sell
ing was heaviest in October, apparently
because 01 tne nearness or hrst notice
day for that month. Toward 11 o'clock
October fell oft to 19.18, or 34 points
under the close of yesterday.
Heaviest selling pressure of the ses
I sion developed in the late trading when
the active months were forced 45 to
52 points under the close of yester
day. Octooer fell to 19.00 toward t:e
close.
CLOSE NEW ORLEANS FUTURES.
New Orleans, Sept. 23. Cotton closed
steady at net declines of 45 to 52
points.
Open llign Low Close
Oct 19.30 19.54 19.00 19.00
Dec 19.50 19.85 19.36 19.36
Jan 19.40 19.75 19.30 19.20
March 19.21 19.60 19.10 13.10
May 18.90 19.30 18.80 18.80
NEW ORLEANS SPO'i' COTTON.
New Orleans, Sept. 23. Spot cotton
steady ajnd unchanged; sales on the
spot 740 bales; to arrive 1,727.
Low middling 17. &o; middling 19.50:
good middling 20.50.
Receipts 3,282; stocK 4io,2i'.
LIVERPOOL COTTON.
Liverpool, Sept. 23. Spot cotton firm
Drices steady; good middling: 16.00
fully middling 15.30; middling 14.80;
ow middling id.u; good ordinary 13. bo:
ordinary li.sfu.
Sales l4,ouo oaies, including io,500
American. Receipts 8,000 bales, no
American.
Futures closed barely steady. Sep
tember 14.41; October 14.16; January
13. 56; March 13.20; May 12.87; July
12.56.
SAVANNAH NAVAL STORES.
Savannah. Ga., Sept. 23. Turpentine
steady, 78 l-z; sales none; receipts 66;
shiDments 569: stock 7,247.
Rosin steady; receipts 980; sales
none: shiDments 1.160; stock 74,048.
Quote: B 4.45; D 4.55; E F 4.60; G
4.70; H 4.85; I 5.05: K 5.20; M 5.30; N
5.35; WG &.40; WW t.au.
COTTONSEKU OIL.
Naw York. Set. 23. Cottonseed oil
closed steady. Prime summer yellow
9.90 to 10.2o: prime crude 8.25; fcep
tember 9.85: October 9.85; November
9.80; December 9.72; January 9.71; Feb
ruaxy 8.7Z: aiaren .ot; April .so.
Total saies zo.uuu.
I.IRERTY BONDS.
New York, Sept. 23. Liberty bonds
closed: 3 l-2s, 88.38; nrst 4s, s.s diu
.rtrH 4 89.48: first 4 l-4s. 89.62; sec
ond 4 l-4s, 89.64; third 4 l-4s. 93.64;
fourth 4 l-4s. a.8 victory
99.30; victory 4 3-4s, 99.30.
.
of The Nw York. (
Gtoba.
Wall Street
J
New Y'ork. Sept. 23. Rails, equip
ments, steels and oils led the list to
irregularly higher levels at the broad
and active opening of today's stock
market. Norfolk and Western io2
2 1-2 points, Delaware, Lackawanna &
Western, Lehigh Valley and Louisville
& Nashville gaining one point each.
Crucible, Westinghouse Electric, Mexi
can Petroleum and General Asphalt
averaged one point advances with
Kndicott-Johnson and Tobacco Prod
ucts, shippings, motors, rubbers, cop
pers and textiles were - fractionally
higher The only heavy features were
Royal Dutch and St. Louis Southwest
ern, these falling 1-2 and 1 point, re
spectively. Mexican Petroleum set the pace fcr
another advance at midday, recovering
the greater, part of its loss. General
Asphalt showed a two-point gain and
Canadian Pacific, Southern Pacific,
Union Pacific and Reading featured tiie
further accumulation of high-grade
rails.
The closing was steady. Sales aD-
proximated 650.000 share?.
KEW YORK STOCK LIST,
Last .Sale.
Ailis-Chalmers ?,4
American Beet bugar 28
American Can 28
American Car &. Foundry . . 128
American Hide & Leather pfd 49 1-2
American International Corp.. 33
American Locomouve !10 1-2
American Smelting & Ref. . . 36 5-3
American Sugar .. 62 1-8
American Sumatra Tobacco . . 41 1-2
American T. & T. .. .. ..107 1-4
American Tobacco fc-ec. - .
American Woolen 75 1-4
Anaconda Copper 38
Atchison 8 6 3-S
Atl., Gulf & W. Indies 28 3-8
Baldwin Locomotive 88 1-2
Baltimore & Ohio 39 i-
Bethlehem Steel "B" 55 1-4
Canadian Pacific .. .. 114 1-4
Central Leather 28 5-8
Chandler Motors 44
Chesapeake & Ohio 56 1-2
Chicago, Mil. & St. Paul 26 1-2
Chicago, R. I. & Pac 34 1-2
Chino Copper 23 1-2
Colorado Fuel & Irno 24 1-2
Corn Products
76 1-2
Crucible Steel . .
Cuba Cane Sugar
Erie
General Electric
General Motors . .
63 1-2
8 1-2
13 5-8
123 7-8
10 1-2
32 5-8
Goodrich Co.
Great Northern pfd 75 1-4
Great Northern Ore ctfs .... 28
Illinois Central 96 1-2
Insjiration Copper .. .. . . .. 34
Int. Mer. Marine pfd 45
International Paper .. .. .. 50 1-2
Kennecott Copper 20
Louisville & Nashville .. ..... 110
Maxwell Motors
Mexican Petroleum . . 103 3-4
Miami Copper 211-4
Middle States Oil 12
Midvale Steel 25 7-8
Missouri Pacific 20 1-2
New York Central 73 1
N. Y., N. H. & Hartford
14 3-1
Norfolk & Western . .
Northern Pacific . . . .
Invincible Oil
Oklahoma Prod. & Ref.
Pan American Petroleum
Pennsylvania
.77
78 1-2
8
1
48
39
52
27
12
3-4
People s Gas 52 7-8
Pittsburgh & W. Va 27 3-8
Ray Consolidated Copper .... 12 1-2
Reading , . . . 73 J -2
Rpe. Iron & Steel .... 52 7-8
Royal Dutch, N. Y 47 l-S
Shell Trans. & Trad. .. . . 34 -
Sinclair Con. Oil .. 20
southern Pacific 80 1-2
Southern Hallway 21
Standard Oil of N. J., pfd .. .. 107 1-8
Studebaker Corporatino 74 1-8
1 ennessee copper 8
Texas Co j . . . 35 7
Texas & Pacific 23 3-4
xabocco Products 66 7-8
Transcontinental Oil .. .. 7-1-2
Union Pacific .. .. ".. 122 5-8
u. s. 'ood Products .. .. .. 9 3-S
U. S. Retail Stores .. .. 52 5-8
U. S. Ind. Alcohol 47 1-2
U. S. Rubber 49 1-4
IT S. Steel .. .. '.. 80 l-S
Utah Copper 49 ;- 1
westinghouse Electric. 44 7-S
Willys Overland 6 l-S
Pure Oil ;: 24 1-4
Atlantic coast Line . . . . . 87
coca cola. .. 341-2
liuii states steel 39 1-2
eatioard Air line , .. 5 1-:
Sloss. Shef. Steel & Iron .. 38 l-S
United Fruit "" inr 7.;
Virginia Caro. Chem 29 l-1
American Tobacco .. .. .. .. 125 1-
American Zinc .. 8 3-
Gen .Asphalt 51 1-
Curb Market 1
By STUART P. WEST.
Staff Correnpondent of The Nott.
Copyright, 1321, by News Publishing Co
New York, Sept. 23. Increased activity
t-naracierizea tne uurD Maritet today.
There was indications of larerer outside
participation on the buying side as com
mission houses reported some good or
ders. While the professional traders sun
plied some of the issues which had been
tsrong features during the past few days,
tne selling except in one or two instances
was not persistent.
Glen Alclen Coal, which was the strong
feature on Thursday, encountered heaw
profit-taking sales at the opening and
dropped several points with a later rally
from the lowest. For the first time in
months there were transactions in Read
ing rights, the first sale at 16. Peerless
Motors was higher with buying by some
of the commission houses which sold
the stock on the previous sharp upturn,
There was moderate activity in the oils
Irregularity prevailed in Standard Oil of
Indiana during the greater part of the
session with dealings larger than re
cently. Maracaibo was steady. Change?
in the leading issues were confined to
fractions limits. Lyons Petroleum was
the active feature of the low-priced shares
Engineers Petroleum also in good ds
mand. Southern Petroleum was firm
and higher on commission house buy
ing.
Rather urgent buying was in evidence
in some of the mining stocks. It wts
especially notable in Boston and Montana
and Golden State Mines. Nipissing also
was well taken and rose a fraction.
Goodyear 7s featured the bond list. The
offerings were scarce and moderate!) uying
orders caused an advance of several
points. Good upturns also were reportea
m Humble Oil 7s, Armour an dCompany
7s. Anaconda 7s. Grand Trunk 6 l-2s
and Libby. McNeil and Libby 7s.
SUGAR.
New York, Sept. 23. The raw sugar
market was quiet ai i.ao- ior cenin
f ueral.
The refined market was unchanged
at 5.60 to .5.65. Refined futures were
nominal.
COTTON IS KING
Ml the World Needs Cotton
INSTANTANEOUS SERVICE
COTTON
Uoiu of 10 bale up
STOCKS GRAIN
10 W up '000 tMwheUvp
Oar DIRECT LEASED WIRE to
wiSl gir YOU tU SEBVICB
H. W. BOWLES, 319 1-3 W.
Trd " St. Pfcones, Charlotte
1-4S2; long distance, 0086.
- ' . '. '
CorrponciW
COTTON STOCKS GRAIN
For cash or cwr.ero mr i
24 Stone St. Now York City
CURB
BONDS
STOCKS
Livestock
Cni-r-vifht, 1025, by Xrws I'aliliRlting '.
Union Stock Yards, Chicago, Sepc.
23. A light supply of cattle arrived
today, and no strictly prime steers!
were in the pens. About 275 westerns
reached the market during the day.
making the total for the week 7,0i0
or about the same number as last
week. For the seanon thus far 35.000
have arrived, against 65,000 tne corre
sponding period last year and 192,000
in 1919. Hog trade improved after a
slow start today, while sheep market
was uneven.
Receipts of livestock today were
estimated at 4.000 cattle: 22,000 hogs;
12,000 sheep and lambs, and 1,000
calves.
CATTLE: Choice trade was slow
today but values were generally steady
compared with the fair action noted
'ate yestard-Av. No prime, steers were
offered. Some yearlings sold at $:).
Low grade seers were weak, while
cows sold at unchanged levels. Can
ners at $3 for the best were fuily
steady, while cutters and bologna hulls
also held like the day before. Veal
calves were placed at $12 to $12.50
for the ganeral run of stuff.
HOGS: Hogs sold 10 to 15 cents
lower at the start and the trade was
slow. Demand was better later in
the day, and many deals were steady.
Top light butchers went at $8 tu
$8.25, while rough packing grades were
placed at $6.25 to $6.50. Good heavy
butchers sold mostly at $7.75 to $8.20,
while pigs were quoted at $7.75 for
tht best. Market closed steady to 10
cents lower.
SHEEP: Lambs were uneven Some
e.rly sales of natives at $8 and below
were called as much as 25 cents
lower, while later deals to shippers
nd small killers at $8.50 to $9 weie
r 25 cents. No strictly prime west-
rns were in the pens. A small supply
i agea muttons sold steady.
CHICAGO LIVESTOCK.
Chicago, Sept. 23.
CATTLE: Receipts 4,000; low grades
eef steers and better grade cows and
heifers slow to lower; good beef steers
very scarce and steady, canners and
utters, bulls and calves steady: bulk
beef steers 6.00 to 8.75; bologna bulls
mostly 4.15 to 4.35; veal calves largely
z.50 to vi. ib.
HOGS: Receipts 22,000: opened most
ly 10 to 15 lower; later trade fairly
active, steady to 10 lower than yes
terday s average; top 8.25; bulk lights
and light butchers 7.90 to 8.20; bulk
packing sows 6.50 to 6.90; pigs steady;
duik aesiraoie v.2S to 7.00.
SHEEP: Receipts 12.000: few early
sales strictly choice native lambs to
shippers and city butchers 8.50 to 9.00;
strong to 2i higner; packer early sales
7.o0 to 8.00; about 2o lower; no west
ern fat lambs sold early, fat sheep
slow, about steady; talking lower on
feeder lambs; top yesterday 7.25.
Grain Market
CojyrIslt, 1921. by News Publishing Co
Chicago, Sept. 23 There was very lit
tie interest exhibited in the wheat mar
ket during the entire session. Locals
have switched, to the bull side owing to
the improvement in the export demand and
the buying was mainly of this character.
On any bulge there was commission house
selling. The outside support was missing
and some of the early buyers were in
clined to take profits but buying by a
house with seaboard connections gave then
market a good rally about midday but
the advance was not all held. Local ex
port brokers reported better bids from
the seaboard but prices Intimated are
still out of line. . Sales of 100.000 bush
els of wheat were reported for export
via the Gulf.
Much emphasis was placed on the ac
tivity of northwestern and southwestern
mills. Bears, however, combatted this
argument by pointing out the increase of
785,000 bushels in wheat stocks at Minn
eapolis this week. The curtailment by
the recent spell of wet weather, was re
flected in today's primary receipts,
which for the first time this season were
smaller than last year.
There was not much trade in corn, but
support was again good. There was mod-
rate, commission nouse Buying in evi
dence while selling pressure was hlis;ht.
Cash corn was unchanged. Shipping de
mand was poor. No export demand was
m evidence. ve sel room for 710,000
bushels of corn was chartered at two cents
to Buffalo.
Oats were higher early on good com
mission house tujmg out selling Dy
houses with cash connections eliminat
ed most of the gains during the subse
quent trading. Cash basis was unchanged
Vessel room v-as cnartcrea ior jyc.uuu
bushels of oats to Buffalo.
Provisions were dull. Only trading was
in laru was unaer pressure ircm ioca,is
because jf he brek in hogs.
Chicasro. Sept. 23. Opening wheat
quotations varied from the same as
yesterday's finish to one cent higher.
Corn started 1-8 to 1-4 up and oats
opened unchanged to 1-8 to 1-4 higher.
Declines in the hog market weakened
provisions.
Corn close was nrm, 6-s to i-i to j-i
cent net higher.
Wheat closed nrm, l 1-4 to
2 1-4
cents net higher.
CHICAGO CASH GRAIN.
Chicago, Sept. 23. Wheat, No. 3 red
1.25; No. 3 dark northern 1.39.
Corn, No. 2 mixed 53 1-4 to 53 1-2;
No. 2 yellow 53 1-2 to o3 3-4.
Oats, No. 2 white 35 3-4 to 37 1-2;
No. 3 white 34 to 35 3-4.
Rye, No. 2. 1.03.
Barley, 57 to 62.
Timothyseed 4.00 to 4.50.
Cloverseed 12.00 to 18.00.
Pork nominal.
Lard, 10.67.
Ribs 7.75 to 9.25.
CHICAGO POTATOES.
Chicago, Sept. 23. Potatoes weak;
total U. S. shipments 879; Idaho-Wisconsin
whife 2.40 to 2.50 cwt.; Wiscon
sin white No. 2. 1.75 cwt. Maine cob
blers 2.60 cwt.; Minnesota sand land
Ohios, 1.85 to 2.10.
CHICAGO PROVISIONS.
Chicago, Sept. 23. Butter
creamery firsts 33 1-2 to 41;
easy;
seconds
30 to 32.
Eggs unchanged.
Poultry, alive, lower; fowls,
26; springs. 21.
19 to
SILVF.R.
New York, Sept. 23.
silver 68 3-4.
Mexican dollars 52 3-4.
-Foreign bar
FOREIGN COUNTRIES
ARE ASKED TO JOIN
Washington. Sept. 23. Labor organi
zations in Great Britain, France, Italy
and Japan were asked to join in "world
wide demonstrations for disarmament"
on Armistice Day, when armament con
ference assembles, in cablegrams sent
out today bv Samuel Gompers, presi
dent of the American Federation of La
bor.
The demonstration by organized labor
in the various countries would be held
in conjunction with that planned by
organized labor in the Lnited fatates.
Mr. Gompers also sent out a call toJ
"everv central labor union." urcing?
wholehearted support and participation
in the Armistice Day demonstrations.
"There can be no sufficient excuse
for failure anywhere," the call declar
ed. "The importance of the event is
paramount. Let the international con
ference on lifnitation of armament un
derstand the will of America."
TAFT IS IN WASHINGTON.
Washington. Sept. 23. Chief Justice
Taft, after a Summer vacation in Can
ada, arrived in Washington today prep
aratory to the reconvening of the Su
preme Court October 3 for its Fall
term.
WORKING GIRLS
RESENT ADVICE
Claim Right to Look as Well
as They Can at Office or
Store.
Written by MARGERY REX for the
International News Service.
New York, Sept- 23. After a recent
article by the writer on women's dress
today, its follies and its handicaps came
to this office the amazing suggestion
that rich women should compel their
poorer sisters to dress plainly and sim
ply. The idea was embodied in a letter
which declared its author herself to
have been a working woman at one
time. Yet she submitted this opinion
that it would be better for everybody
concerned if the poor didn't try to
dress according to the examples set by
their solcalled "betters."
Several letters came ifi which con
tain the other side of the question
ideas worth attention. Here is one:
HERE'S AN -INDIGNANT PROTEST
"My dear Miss Rex:
"How ridiculous! It is up to the
rich women to put the poorer class in
their place and make them realize
they must dress acording to their sta
tion! This cut me to the quick.
"Who are these rich women that it is
up to them to put the poor class in
their place?
"I will admit that we should not try
to imitate our wealthy sisters in dress,
because, after all, Miss Rex, do they
really dress with discretion and mod
esty? 1 have mingled with a few of
them, so I know whereof I speak.
"Because we are less fortunate, and
I will not say that we are less fortu
. nate in every respect, are we to be
ridiculed because we are fond of pretty
clothes?
"A well-dressed girl has a much bet
ter chance than her dowdy sister, or I
should say plainer sister, either in the
business world or socially. I speak
from experience. In the business
world the better-dressed girl will al
ways secure a position and keep it.
Socially, the better-dressed girl will al
ways 'secure admirers Her pooler or
plainer-dressed sister in all probability
has more brains, is more intelligent
in every way, but she is not given a
chance to prove it, because it is tho
attractive girl that - attracts. The at
tractive girl does not always prove
stupid, either. Neither is the attrac
tive girl attractive because she paints
and powers. So you see the plainer
girl surely hasn't a ghost of a chance.
EMPLOYERS NOT COMPLAINING
"After all, Miss Rex, we work six
days out of seven. We spend the big
gest part of our lives at work. We
meet more people there than we would
probably meet anywhere in a month of
Sundays. So if we saved our clothes
for Sundays they would be old-fashioned
before many Sundays would pass.
Nice clothing makes us feel better. It
makes us look better. And I am pos
itive our employers are Well satisfied
with our appearance, dispite the fact
that some people with nothing else to
do are struggling hard to put the 'blue
law on a poor working girl s clothes
and take away what little pleasure she
has.
"Please do not misunderstand me',
Miss Rex. I am not condemning the
wealthy. I do not begrudge them their
riches. It is only that they have noth
ing else to do and are looking for trou
ble. If I only had that wonderful art
of knowing how to convey my thoughts
on paper and make myself better under
stood I should love to write a book
With all good wishes.
"Sincerely, LORETTA."
I am sure Loretta would not w:ant
business women to overdress or appear
inappropriately clad. Yet every girl
has a right to appear smartly gowned
wherever she may be and as well as
she can afford.
"Li. M. G." writes me in another vein.
She asks where the responsibility
should be placed.
WOL'LD PLACE RESPONSIBILITY
"Things have been happening right
along which would cause a good bit of
discussion if one wished 'to comment on
them, but a great characteristic of the
people of America is that they are hap
py and gocd-natured and believe in
'Live and Let Live.' With this idea
in mind they have let quite a bit pass,
not unnoticed, but without any partic
ular attention. But when such a
thing as this arises it is about time we
gave our opinion. .
"We have really always felt a great
pity for these 'rich' people who really
do not know the happiness of life, ao
you can realize how absurd it would
be for us to ask them how we should
spend our money. Any rich woman's
suggestion on this subject we would
smile at and pass over.
"Upon reading these letters one
would see that they really thought they
were doing us a favor.
"As far as changing the style is con
cerned, no doubt we all could come to
an agreement on that, but when one
puts it that the rich should put the
poor in their place ycu can see it places i
it in a different light. Especially when
one takes into consideration the fact
that the class to which they are ap
pealing for help are always the ones
who are the first to buy and Haunt
these styles to the public.
"A great number of the so-called poor
girls have unfortunately copied the
habits. . as well as the dress of the
rich.
'Allowimr that some of the styles
are absurd, I think we can mostly all
agree as to who is to blame for
them.
"As to the suggestion that they de
sign different styles, that we agree up
on, bot when some one suggests that
people be made to dress in such a man
ner as to make it easy for the passerby
to know to what station in life they be
long, I can only say that it is very in
sulting, and f.sel sure that a greater
majority will agree with me than dis
agree. L. M. G."
Another reader joins Miss L. M. G.
in asserting this to be a free country
as far at least as dress is concerned.
FREE COUNTRY AS TO DRESS
"My dear Miss Rex," she begins, "I
read your article regarding dress re
form and I wish to say that I, as a
sensible business girl, and not a flap
per, : suggest that these wealthy ladies
of society wear broad-toed shoes and
the like that they set the example of
dress and if the working girls are im
properly dressed so are these society
ladies, because they go to greater ex
tremes than the working girl.
"How can a government force a per
son to wear a certain thing, especially
in America? Isn't America supposed
to be a free country? 'Liberty' is her
watchword, therefore let us have It.
"Sincerely, MISS A. C."
I agree with L. M. G. that designs
made in America might do away with
some of the painful extremities to
which the copiers of foreign freak
t es have subjected us
,.v,
Cheaper
clothes are often merely more or less
faithful copies of expensive models de
signed for women of leisure. The
copy, worn in a different atmosphere
than the one which the original was In
tended to grace, is revealed in thi ab
surdity which might not be apparent in
a less practical environment.
But in spite of all her critics we no
tice that the avtiage girl in office and
shop is not hard on the eye' and is not
apt to disgrace herself, her sex or her
employer by freak dressing.
MANY SUFFER FOR FEW FOOLISH
Of course the young thing with the
all-too-visible knees, peeping coyly
throush, "V'rn stockinet, with foolih
BOOZE INDUSTRY
HELPINGMEXICO
Furnishing a Great Portion
of the Nation's Financial
Resources.
BY LOUS P. KIKBY
International News Service Staff Cor
respondent. Mexico City, Sept. 23. While other
sources of revenue of the Mexican
Treasury have been dwindling because
of the closing of the mines, the bad
crops, suspension of operations in the
oil fields, John Barleycorn continues
to be a pillar of the financial structure
of the nation.
Mexico's income from taxes on alco
holic beverages is steadily increasing.
During the past year the reeipts were
15,000,000 pesos, but they will be much
greater this year is there is now what
might be called an "export" demand
for beverages manufactured in Mexico.
The liquors are chiefly "exported"
across the border, but without the
knowledge of Mr. Harding or General
Obregon. Bootleggers and ' smugglers
handle tequila chiefly, because this fiery
liquor is acceptable to American taste,
in the absence of anything else, while
mescal and pulque do not appeal to the
thirsty across the border, except among
the members of the Mexican colonies.
U. S. MARKET ik SUPPLIED
As some of theborder cities have
large Mexican elements there is, of
course, some smuggling of mescal and
pulque, but the real profit for the her
der runners is in tequila.
The prices obtained by bootleggers
and other traffickers in "hootch" vary
according to the geographical condi
tions. Tequila is lower at Kl Paso than
in San Antonio, because the smuggler
has only to wade across the river at
El Paso to reach his market, while he
must face the perils of a trip of a hun
dred miles or so to get to San An
tonio. At El Paso a quart of tequila can be
easily obtained for $3, while the price
is $6 and $7 a quart in San Antonio.
In Mexico tequila made by distillers
of reputation ranges in price from fifty
to seventy-five cents a quart. But there
are even cheaper kinds.
Some of the Mexican smugglers are
as deft as magicians of vaudeville. A
story is told of an American in a bor
der city whose stock of beverages be
came exhausted. He drove in his mo
tor car to the shop of a captain of the
bootlegging industry.
"I want a bottle of tequila." he said.
"You already have it,'' replied the
bootlegger.
"You are wrong," protested the oth
er. "I wouldn't be here if I tfad a quart
of anything."
"Look under the cushion," returned
the bootlegger.
A corner of the cushion was lifted.
Underneath was a bottle of tequila.
The smuggler had divined the visi
tor's wants and had thrust the bottle
under the cushion so swiftly that not
one of the " two or three men in the
car saw him do it.
DISTILLERIES ARE ENLARGED
When he received payment he
caused the money to disappear into his
pocket with a swift motion which
would have done- credit to any ma
gician of ' the stage.
When the United States lost its rev
enue of about $800,000,000 a year from
distillers and brewers, through the es
tablishing of prohibition, there were
weavers of figures who predicted that
Mexico's income from beverages would
increase enormously, with the possibil
ity that the increase would be great
enough to pay all of Mexico's debts,
with a surplus for the financing of the
country. This has not happened. It is
a far cry from fifteen million pesos or
about $7,500,000, to $.800,000,000. But
there have been substantial .gains. r01d
breweries and distilleries have been en
uarged, and new plants have been built,
giving the government greater returns
from these sources than in . the past.
WThen John Barleycorn's contribution
to the Mexican treasury is important
in this time of depression, it probably
never will reach the proportions pre
dicted by anti-prohibition propagan
dists. !
Most of the alcoholic drinks of Mex
ico are made from plants which grow
everywhere, almost like weeds. "Homn
brew" in this country is as ol . as the
Aztecs. All of -the -rustics know how to
make their own . drinks, ; without trou
bling themselves about internal revenue
stamps; and John Barleycorn's contri
bution to. the Treasury will increase
only as far as the urban population
of Mexico grows, . , . . ,. .......
There is continued and strong agita
tion for prohibition, with , a possibility
that; John Barleycorn's, money may-be
rejected in. Mexico as in the United
States. ' v ' '
Some States like Chihuahua, have
taken definite steps toward prohibition,
although in some cases the movement
lacks sincerity of purpose.
Sometimes the agitation is to serve
a political purpose; sometimes to attract
prohibition or anti-prohibition agents
who have money to spend.
U. S. MONEY IS MISSPENT.
Reformers in the United States are
distributing much cash in Mexico, and
this money very often passes into the
hands of men of a singular sort.
Some flne corner lots and mortgages
at 12 per cent a year, have been ac
quired through' the generosity of earn
est old maids in the United States. In
the files of every church organization
and reform society interested in help
ing the Mexicans, it is said, are letters
from worthies here who are willing to
spend their money for them and spend
it wisely. ' t
BANKING OFFICIALS
AT COUNTRY CLUB
After being entertained at 'dinner at
the Charlotte Country Club Thursdar
evening, Governor W. P. G. Harding
of the Federal Reserve Board left im
mediately for Washington. Governor
Seay of the Richmond, Ya., Federal
Reserve Bank caught a later train.
The dinner given at the Country Club
was tendered " in honor of the distin
guished visitors by the Charlotte Clear
ing House Association and the mora
than 50 members of the association nt
tended - along with Governor Harding
and Seay. It was an informal affair.
Governor Harding was introduced by
President H. M. Victor of the associa
tion, but owing to the fact that he hid
to catch a train, he made no address,
merely expressing to the meeting hi?
appreciation of the honors so uniform
ly tendered him during the day.
Governor Seay was introduced ani
spoke at some length on matters inci
dental to the, handling of business m
the Richmond bank' from , this terri
tory, Charlotte financial institutions be
ing members of the bank over which
Governor Seay presides.
sleeves, impractical dress and with her
crowning glory of friized bobbed hair
which would make a Fiji ' Islander
threw cocoanuts at her-for this dam
sel and for her sartorial sins must all
her fellow workers suffer?
There aie some freaks in the work
ing world as well as in society. But
is it up to the-leaders in both lines of
endeavor simply we won't say "class
es," this is a democracy to set a good
example?
And let us have better clothes fori
less1 mo'ney.v and r.bi very cheap copies!
of things fit only for a musical extrav)
ajarflj-iza.