Newspaper Page Text
Bears Encounter Stron3 Resistance in Early Attack on Cotton—Strength of Securities and Liverpool’s Rise Sustaining Factors
. , )
" *
Atlanta bank clearings Friday .. ..... ... ... ...$11,388,197.19
Bame GRY IR YORY "o\, "3 ssavinova ves suin oo BAAGSOI3B
DRIIE R i iorani censnvrai aue ove dxek v DRTAEENTL |
Same day last Week .. ... ..c..oce see aes oeq. 11,641,824.55 |
DO IR sol ol iaaiiehs e s ane INEURUTRAN |
Atlanta cotton statement Friday:
; 1920 Last Week. 1910, 1918,
BOOV'DES .« oooy s, EID 584 380 1,815
Shipments .. .. ... 786 934 829 . 670
Stocks .. .. .. ...32,464 ’ 33,041 23,401 52,894
. - |
Atlanta spot cotton Friday.. .. .c.cv con vae soe ooa oo 40.4b0 |
B VIRY ML WORIE . .oihi ki T e b v e SRIEO
DRR is i b e e Les e o BRTOG
WIS ORY- THAB ol oo iy Lo G bes v e e SNO
R 9 A
By VICTOR EARRON.
On the theory that cotton did not share enotigh in the recent break,
the bearish element took anothr rap at values early Friday, but failed to
gain noticable headway, as strong support was encountered s prices eusvdl
mofi' at the start. Strong Liverpool cables, however, pre-i
TS vented a larger decline at the opening, values at New
"_ &} York showing a loss of 11 to 22 points. A rally of about j
"é&. {'_::;;;{,_};;_;}v:.;,:g;':‘:' a dozen points from the initial range immediately was
«za ‘ollowed by increased offerings, and before the first
m?‘ hirty minutes’ trading the list exhibited a net decline of |
:=:;= il 16 to 30 points, with March sliding off to 37.48, Ma_\"
Be % 4.74 and July to 82.28. The market soon developed
P PNSUTTB YUMR ‘resh strength as the result of the rise in securities, re-|
f o %ol nortd better demand for spots and cables from London
b . o the effect that no raise in the bank rate of lingluudi
B T s expected. |
Y e T Failure of call money here to cut up capers as gen-
R arally expected and latest advices from Soviet Russia
b also created a more optimistic feeling among traders. A
B . zood demand developed from trade houses, New Orleans
L & Bl and Wall Street. A number of leading spot firms also
L | were noted among the buyers, while ring scalpers and
. E B 9 leading professionals supplied contracts, which, however,
St o easily were absorbed, and before the end of the first
hour and half of trading futurs at New York had risen -within sight of
Thursday’s high marks, or 4 to 20 points net higher on active positions.
March r;mylng to 37.80, May 35.10 and July 82.65. Liverpool cables ruled
strong and a better demand for spots in that market was reported. Business
became comparatively light during the extreme fornoon, and the best levels
were shaded, March reacting to 87.71 and May to 35.04. ‘
A aet Al Rel Seabateaint fa ]
- .
Trade Balance Against|
U. S. $664,055,000
HILE -the net trade balance
in favor of the United States
ol in 1919 was $4,017,745,000, a
number of South American and Far
Eastern countries held balances
against this country of $664,055,000,
says the annual report of the Fed
eral Reserve Board in naming the
countries to which extension of
"sedit will not be necessary for the
ontinuance of forelgn oommerce.
The board’s analysis shows that
the British Bast Indies hold the
highest balance against the United
States, imports from the EKast In
dles for the year exceeding ex
ports by $240,634,000. Cuba was
next with $140,219,000, and Brazil
followed with a favorable balance
of $118,915,000. China’'s balance was
$48,639,000 and Japan with $43,639,-
000 slightly exceeded Argentina’s
total of $43,190,000. Chile had a
balance of $28,970,000.
These countries, the report says,
in general, are in a position to pay
for goods bought- from the United
States, either through exports or by
the shipment of gold.
—————————————————————————————
Stock Listings
Exceed $60,000,000
¥ollowing figures issued by the
New York Stock Exchange demon
strate the growth of the demand for
investment credit and enlarged phys
ical facilities of the Stock Exchange.
Beside the present security list, there
~re applications from over 100 cor
“orations for admission to exchange
list at the earliest possible moment.
Several foreign governments have
also made tentative inquiries as to
stock exchange listing of their in
ternal securities.
On December 31, 1917, total of pub
lic and private bonds and of stocks
on the exchange list was $38,815 -
403,300, The list as at February 15,
1920, it is conservatively estimated
yvoulfl exceed $60,000,000,000, count
ing market value for non-par stocks.
Industrial stocks rose in number
from 46 at the commencement of
1900 to 202 at the close of 1919, while
a hardly less significant increase was
made in the class of stocks desig
nated “miscellancous.” Figures fol
low:
2 BONDS,
For'n
Rrd. City Gov, Gov. State Mise,
00 ..o 509 66 6 1 13 92
8. 0 TR B 6 b 21 110
1910 ...... 118 48 9 10 15 1656
1916 ..o T 41 10 14 N 151
0 siics B B . B W
STOCKS,
Banks &
Trust Cos. Rrd. Indus. Mise.
00 ..ross IO 177 46 6
IO oo 88 178 66 82
1910 ...... B 3 176 ;s 100
IME 000 N 1717 173 126
1020 oo 34 173 302 173
. .
Equitable Life Shows -
y 9
Heavy Increase in 1919
"7 sixtieth annual statement of the
Equitable Life Assurance Soclety of the
United States shows new Insurance in
1919 totaled $454,839.000 and the out
standing Insurance reached $2,270,000,000
on December 31. Pollieyholders and hene
ficiaries received $73,990,000 in death
claims, matured endowments, dividends,
annuities, ete,, during the year, The aver.
l‘e policy issued was $3,225, as against
$3,743 In 1918. A large increase was
made In the number of policies payable on
the monthly income plan, as well as those
taken to protect business interests and to
provide for Inheritance taxes. Of the
total new insurance issued $76,673,000 wus
group insurance for the protection of em
ployees of several, hundred mercantile and
manufacturing establishments, for which
all premiums were paid by the employers.
Notwithstanding a heavy increase: in the
number of claims handled gdr\( in the
year due Lo the influenza epidemie, 97
per cent of ‘he total was pald within
twenty-four hours after receipt of proofs
of death.
et
»
To Advance News Print
Paper to SIOO a Ton
NEW YORK, Feb 27--Effective April
3, the International Paper Company will
advance prices of news print in rolls, car
load lots, to five cents per pound, or SIOO
& ton, i
THE GEORGIAN'S PAGE OF MARKETS AND FINANCIAL NEWS
Although the short interest is
thought to have been cut down con
siderably during the last week as the
result of the brisk rise of more than
4 cents from the recent low levels,
there still is*known to exist a large
short interest, with Liverpool being
allied with this eler.ent to a large ex
tent. A leading Liverpool spot firm
cables that it now is becoming dan
gerous to be short in the New York
market at present difference owing to
the smallness of certificated stock and
that there is a possibility of an im
provement in the rate of exchange.
A large New York spot house ad
vis(! against a “short” position, al
théugh believing that the recent ad
vance weakened the technical posi
ton of the market.
A Dbetter demand is reported forl
spots, especially for low grades. Sa- |
'vannah reported sales of more than
\2,000 bales Thursday on basis of mid
‘dling 39.50 cents. Daily large ex
‘ports suggest that Great Brita‘? has |
‘not cut down on imports of raw cof
‘ton to any marked extent, Galveston
‘clearin more than 16,000 bales to
‘Britain Thursday and Savannah ex
ported more than 10,000 bales. Thurs
day's outgo amounted to $9,953 bales,
which brought the total so far for
the week up to 145568 bales, against
126,000 bales for the previous week.
Including Thursday's shipments,
exports since the beginning of the
season now totasl 4,378,343 bales as
compared with 3,031,000 bales for
the season ending Friday, February
28, 1919, Exports for the entire week |
a year ago amounted to 102.000 bales.
According to the Wall Street Jour
nal two .Georgia planters who were
on the ?loor of the exchange this
week declared that spot holders are
as strongly entrenched as ever and
discreditel New York talk of grow
ing weakness.
I FRUITS, VEGETABLES, I
Following are wholesale prices to retail
ers:
POULTRY, BUTTER, EGGS, FISH, OYS
TERS
Batter.
Fresh country, per pound .... .35
Eegs.
Fresh country, candled, dozen 48
Tive Pouitry.
Hens, per pound .....c.vvoeee 31
Turkey, per pound .....ccooooo 43
Stags, per pound ...cesoooooe .30
Friers, per pound. .....copoooo 50
Roosters, per pound ......000s .22
Puddle ducks, per pound ..,... .30
Geese, per pound ... cccooooo 22%
Guineas, eacll ........cooooooo .40
Fish,
Bnapper, per pound ....cceoeee .25
I’ompnnoem‘er pound ....eeoe .35
Mackerel, p€F pound ....iooove .22
Trout, per pound ......oueses .23
’ Bottom fish, per barrel ..,... 12.50
Oysters,
lsunt. per gRIION ... iisevnann 2.78
Stews, per gallon .......c.c..00 2.50
FRUITS AND VEGETABLES,
Vegetables,
String beans, per drum ....... 5.00
Tomatoes, per crate, owing
to QUAIILY ceivvvviresnceses . 2.06003.50
(‘nullf‘ower. per orgte ...z 3.50
ICunndlan turnipe, per pound.. .03@ .02%
Lettuce, drum (Cal. Iceberg).. 5.00
Lettuee, drum (Big 805t0n)..1.50@3.50
Cal. lima beans, new crop, p. Ib, A 7
Black-eyed peas, new crop, per
POURE . siceissiraprireecs 0 OPN
(lwl?ry' per crale, Fia, ... pss L3.60@4.00
iell peppers, per crate, owing
0 GUAIIRY :ivnisindrrineses IO
Onion, yellow, per pound ~.... 08
Irieh potatoes, 150 pound .... S.OO
Cabbage, per erate ~.........4.60@56.00
Sweet potatoes, per round. see 02%
Fruits,
Oranges, per box, F10rida.....6.75@®7.00
Strawherries, per quart ...... .50® .60
Grapefruit, per bDox ............3.00@4.00
| Lemons, per BOX ... ioesviess 7.00
Apples, fancy, owing to variety,
DR “ssiivsisssarnsssnsnases +S 000 4N
Applas, faney, owing to varfety,
DALY saciscsssihrevsanns o HIDDIN N
Bananas, per pound .......... .06
Peanuts, fancy. hand.rlcked,
PO POUDE ... oni i dtatans g 4
DRESSED BEEF
(Corrected by Swift and éomunh.\
No. 1. No_2, No. 3
A SR i i 08
toins, pound ~ieeesess B 8 A 6 a 8
Rounds, pound ....e... .23 41 21
*{‘vh\'*’u, pound .iceeess A 4 .13 10
‘l‘lnten., pound ...iiioose 418 A a 0
e ———
| BT, LOUIS LIVE STOCK MARKET.
BT. LOUIR, Feb, 27.—Cattle. Receipts,
1,000; market, steady; nativt bes steers,
10.50@13.60; yearling beef steers and
heifers, 10.00@13.60; cows, 8.76@10,00;
| stockers and feedrs, 9.0010,50; calves,
16 00@17.76; eanners, 4.75@46.865,
Ho{l: Receipts, 9,600: market, steady;
mixed and butchers, 10.756@16.25; good,
13.65@14.66; rough, 11.50@12.76: lights,
16,1060 15.26; pigs, 11.76@156.26; bulk, 14.66
@15.26,
|
———
NE WYORK, Feb. 27.—The cotton
market opened at a decline of 10 to
19 points today. Later there was a
moderate improvement on firmness
in securities, buying by 4Vall street
and New Orleans and a demand by
the trade. As a whole, however, the
market was narrow.
——— et—
—— NEW YORE, OOTTON,
| ’ I | 1 :30' Prev.
|Open|High| Low|P.M.| Close
March .. .. [37.560/37.90]37.40|37,70/37.67-68
May .. .. ..|34.75(35.15/34.74/34.90{34.90-98
July .. .. ..]32.80{32.67|32.28/32.38/32.62-66
Oct. ~ .. ..]30.15]30.36/30,05/30.05/30.31-36
Dee. .. .. ..]29.67/29.73(29.61({29.58(29.81
Jan. .. .. ..|29.40{29.40[39.85/29.40|29.51-55
NEW ORLEANS COTTON,
———— e e S svmittgintt
H ’ ‘ | 1:1!0’ Prev.
‘ Open|High| Low|P.M.| Close
!nrcll ee +. |38.86]38.92|38.85(38.87|38.66-67
May 7. .. ..|35.50/35.14/35.35/35,566(35.62-54
July .. .. ../32,90/33,16/32.90/32.96/33.07-10
Oct. .. .. ..130.20/30.80{29.98/29.98/30.35
0. ' .|29.50 29.53/29.41/29.42]29.60
S oo Fodl co il Mo kiae] o o JROER
; LIVERPOOL COTTON,
LIVERPOOL, FKeb. 27.—8 pots opened
demand moderate. Prices easier. Sales
4,000 bales.
American middling fair, 35.02; good
middling, 32.03; full middling, 31.02; mid
dling, 30.02; low, 26.72; good ordinhary,
23.52; ordinary, 22.52,
Futures opened easy. .
D s b
| | 2:00 ‘Prw.
. |Open|P. M.!Close
FODPWALY .. ov esiiee (BCRT)e.. 18809
March .. se oo oo o« [27.78127.70{37.94
APril ss .o 0o vo oo ++|87.13}.....]27.33
MAY .o oo oo s+ oo - |26.56/26,59/26.76
June .. . e ee es o. [26.490)...../26.16
JUIYy .. .. oo ss es oo [26.36(25.41{26.67
AUBOAL: .. “os e ine . wafesaieofug o 8 DY
BODLRERDOY oi o ol an s ot cesleses PIRO N 9
October ~ ¢ +0 oo ..|23.39(23.50({23.59
November i bo oo oo +4]83.081.5,.:]88.13
DOcomßer .. a 5 6o ¢ ‘.‘22.85 22.66{22.73
January .. .. <. +s |232.26]....,]182.45
| LR 1.2 SR I TGN ol ioWA ol e
~ Closed steady
} COTTON NOTES, !
~_ Spot cotton at Southern marl(t Thurs
‘day was quoted 50 peints higher to 35
' points lower. The squeeze in March is
the main feature to the market, but the
big March longh were .etting some of it
£0 Thursday and increasing scale over
May and July, says Clevenburg, The
market s very difficult under the circum
stances to forecast.
; T 9 .8
~ Liverpool was due 4to 17 points lower.
' The, market opened steady at 17 to 21
points decline at midday the market was
qQuiet; March, zq points net lower. Other
positions 10 to 14 net lower. BBpot cotton
quiet at 42 points decline; middling,
30.024; sales, 4,000, including 2,000 Ameri
ean; imports, 26,000, lincluding 21,000
American; teuderl. ne’w :iockev. 1,000 bales.
The Times-Picayune says: "Althouih
there was a leactionary tendency in the
market Thursday, the decline was checked
by support from trade buying and by the
strength of the near positions. Spots show
some imprevement in demand, particu
larly locally, in Augusta, wheer prices
have advanced 100 golnu in the last two
days, and in Memphis. The strength of
the near months has supported the whole
market, as the discounts of later months
have inspired caution in those bearishly
inclined,
~ "“The strength of Liverpool, although
attributed by some to fears of a curtail
ment in imports of American cotton, Is
nevertheless one of the main sustaining
factors in the situation. Exports from
this side continue to go forward in liberal
volume, particularly in Great Britan,
‘where stocks on shipboard awaiting clear
ance are heavy, and the movement of cot
ton from the interior to the ports con
tinues fairly liberal. There Is, therefore,
noy surface indication of a falling off in
the movement of cotton to Great Britain,
although the large stock and afloat which
Liverpool enjoys rendll{ warrants a let-up
in the demand in Southern markets.”
COTTON MARKET OPINIONS,
S. M, Weld & Ceo.: "“We have no pro
nounced views on the immediate course
of prices, but advise against a short posi
tion.”
. w Y
R. H. Hooper & Co.: “While the re
mainder of the crop continues firmly held
in the South, it is unlikely that declines
in futures will be more than temporary.”
. BUTTER, CHEFSE Afl'& EGGS.
NEW YORK, Feb. 27,—~8 ber market,
steadier; creamery extras, 66@68; firsts,
62@66; higher than extras, 66@69% ; State
dairy tubs, 45@64; renovated etxras, —@
b 4; imitation creamery firsts, 46@47.
Cheese market, irregular; whole milk
specials, 20% @30;: fancy, 28@29; lower
grades, 15@27; Wisconsin whole milk
fancy young Americas, 32@33; State skims,
specials, 17@22; choice, 13@16; fair to
good, 10@12; lower grades, 4@9.
Eggs, market steadler; nearby white
fancy, 68@-—-; brown, 63@64; extra, 61@
62; firsts, 69@60. ‘
JACKSONVILLE LIVE STOCK, |
Wogs—Receipts, medium; prospects,
weak. Choice heavy, 13.26@13.75; good
heavy, 13.00@13.560; rough. heavy, 11.76@
12.60; lights, 12.00@12.75; heavy pigs,
11.00@11,76; light pigs, 10.00@10.25.
Cattle—Receipts, light; prospects,
steady Steers, 5.75@11.60; bdulls, 500%
7.50; yearlings, 5.560@7.00; cows, 5.50
6.50; veal calves, 7.50@11,00; canners, 3.50
up.—Williamson and Dennis, February 26,
THE WEATHER.
WASHINGTON, Feb. 27.—~Fair weather
{8 indiecated for tonight and Saturday.
The temperature will moderate in the
Middle and South Atlantic and East Gulf
States BSaturaay, although the probabil
ity of a substantial rise is not great.
Forecnst by thu«.
North Carolina and South Carolina and
Georgia: Fair, continued eold tonight;
SBaturday fair, slowly rising temperature.
Florida: Falir tanight, killing frost in
north, light to heavy in central portion
and light frost to about the 27th par
allel. Saturday fair with, rising tem
perature.
Extreme Northwest Florida: Falr, con
tinued cold tonight with probably heavy
frost; Saturday partly l‘lou& and warmer,
Alahama and Mississippl: Palr tonight
and Baturdy, continued eold tonight,
warmer Saturday.
Tennessee: Fair tonight and Saturday,
with slowly rising temperature.
Louisiana: Fair and warmer tonight
and Saturday, frost in interior of Bouth
east portion,
BRADSTREET'S BUSINESS REVIEW.
Bradstreet's local business review fol
lows:
“General business conditions continue
good. Wholesale and retail merchants re
port healthy demand for a better grade
of merchandise, The building program
continues unabated, and this city is ex
periencing the greatest building boom in
its history. Materials are high, and the
demand exceeds the supply. The housing
situation I 8 ecritical, and rents are stead
tly advancing. Drg loodr and allied lines
continue In god emand and prices are
high, with no relief In the immediate fu
ture Indicated. Farmers, notwithstanding
the heavy handicap of hmh-prtcnd tools,
machinery, mules and fertilizers, are com
mencing to prepare their lands, but owing
to the scarcity and high price of labor,
it is feared that production will be mseri
ously curtalled and high prices of farm
produets correspondingly increased.
“Fertiliger houses report ecarly demand
from cotton growing sections, which indi
eates a vigorous campaign for a quick
erop to get ahead of the boll weevil, In
the weevil Infestad sections the land is
being prepared largely for peantts, which
has been proven very profitable, especially
in Middle and Bouthwestern Georgia. Food
products continue high, although whole
salers of meat admit a decrease in pack
ing house prices. No feflection hés been
seen In retall sales. Mumming up, the
situation nt present is good, but there is a
general tightening up of credits, orders are
being more conservatively placed and in
some quarters it Iz belleved that peak
prices have been attained and that the
lessening demand will tend to lower prices,
“(oliections are good Clearings, $567,-
430,767, Failures, none.”
COTTON EXPORTS LAST YEAR
$1,410,438,187=LEADS LIST
'rogal December exports were 8681.-1
412,962, or $61,000,000 under the ree
ord figures of November, 1919, butl
were above the monthly average for
thé twelve months of 1919, and 17
percent above December, 1918.
At the close of a year, ushered in
by almost unanimQus forecasts that
exports were headed downward, the
showing for the final month of 1919
is a remarkable evidence of the sell
ing and financial ability of the Amer
ican exporter,
Cotton accounts for the major part
of the December increase, but gains
throughout the general list of indus
trial material and manufacturers ex
ports run from large amounts in min 4
eral oil down to electrical supphei
and woolen products.
Cotton exports in 1919 exceeded sl,-
400,000,000, They were followed by
meat and dairy products, while the
slight decline in steel and iron ex
ports was not as significant as the
substantial gains made in foreign
sales of rolling stock, equipment and
factory apparatus.
Comparative figures follow for De
cember and the year 1919 covering
21 leading groups of exports: '
DECMBER.
. 1919. 1918,
Cotton & manuf...5206,625,576 $119,914,576
New York Stock Market
. 1:30 |Prev.”
STQCKS— High| Low | P.M.[Close
e ge g et
Allls-Chal. . , ..] 39%]| 89 | 39%] 38%
PRSI T BRI e o e B i L
Am. 8. & Com. .| 20%]| 20 20%| 20
. RN, . ik ]iise ] BEER
Am., Beet Sug. ..| 80 80 80 78
Am. Can . . . ..| 41%| 40%]| 40 40%
Am. Car Fdry. ..[l2B [127%]127%|126%
e et Ol 0 ileeiilißeclicue ok SRS
Am. Locomo. , ..| 92 90 91 “t
xAm. Smelt. ~ , .| 60%| 59%| 603 60
Am.. Bt. Fém » .| 41 40% ]4l 40
| Am. Sug. Ref. . il ssvalisiv sTR
‘Am. Tel. & Tel. .| 97%]| 97 97 97%
| Am. Woolen , ..[123 [|llß%/120 [130%
'Am. Linseed . ..| 79%| 79 79%| Tl%
Ay G & W. L ..[243 (142 [143 139
Am. H, & Lo o o of.oaenfiaaaifiiann 20%
‘ do. pfd. . o .[IOO% ]| 98 98 99%
A BN b e i eAT
"Am. Sum. Tob. ..| 82 78%| 78%| 81
A, 0 o h s Saliiwials s ident ol
| Am. Writ. Paper.| 41 395 41 40
Am. Int. Cor. . .| 90%]| 88%| 88%] 88%
' Alloy Steel ¢ , ..| 44 44 44 43
Alaska Gold o , WJeseoofeoiiifiln. la
Anaconda . . ¢ .| 57 56 | 56%| 65
Atchison . o » ..| 83%/| 83%| 83| 82%
BT 2y il ot BT
A B £l il 08
Bald, Locoma. . .[109%[10714/1073%|107
B. & Ohio . + , .| 38%| 36%] 37%| 36
Ttk W - - iliiahicol il BB
Beth. Steel *“B” .| 845/ 8314] 831! 83%
B R .4 s o %] 104] 248 10
Butts By o wde i didiribiis oF TR
Butte C. & 4 ...| 9 9 9 9
Onlie. Polttel ¢ ..o cuillisisdieoo ]BB ‘
Onlif. Peek. . o+ .|, 4. far st 20
Can. Pac. . o « ».|id¥ |igigliza et
C. & Ohlo . . . .| 87%| 66% | 56%! 86%
‘(‘hl.&l\‘or. 5o adlbuss Hiksretssoect BB
OO ¥ & L « poliiicibnio]lsan:l RN
G, M. & St. P. . .[ 41 | 38% 391 38%
‘ G& s w)igiilsavilaier bBB
Chino Copper , .| 34 33%] 34 33 4
Corn Prod. & . .| 79 8% 18%| TB%
Coca-Cola . . , .| 38 38 38 37%
Crucible Steel . .[199%4(191 [19614(196
Col. Graf. + . . .| 40%/| 40%] 40%| 39%
Cuban Am. Sug. .|.....1.....|.....|376
Cuban Cane Sug. .| 41%| 40% | 41%] 40
Central L. . . . .| 797%| 78%| 78%/| TB%
Chandler Motor .|125 |122%]128%(121
L el oy e cdEietilivest O
Corre~-de-Pasco « .J.....)..... .....] 48%
B .« s 9 0 30ME AN 2B 14%
Pl & L R ”fi‘
do. Ist pfd. .| 24%| 23| 2434| 22%
Endicott John . .[llO [109%1110 |IOB
Fisk Rub, . . . .| 38 | 38%| 87%/| 86% |
Gen. Cigar Sto. .| 63 63 63 63
Gen. Moo o.]iirsaliiai BiasidiNY
General Motors ..[26114[243% (%744 [241%
Good. Rub.. . ..| 66%]| 66 66 665
Gt. Nov. poB, , ..| 78 5 TT%| 77
G NP B ¢ 4 Jo.isi)ichiibh st B
2!}" Btb Steel , ..| 5914 50%| 59% ::fi
ireene- ev i dies
11l Centr‘.'i 854
Insp. Copper , . .| 52 | 652%| 52%1 61X
Ind. Aleohol , , .| 81 40% 80%' 79%
Int. Nickel . . , .| 20%[®20%| 20% | 20%
Nt TRWORteR e o) . o) oioo)os 1008
Int. Paper . & « ' T 4%! 72 2% T 3%
Key. Dire . . . ..| 28%4| 278] 28%| 374
Koll‘z Bpr. Tire . .|llO [llO |llO [110%4
KO 80. . + o o] 13%] 178! 10%] 3118
K. & Texas . .. .| 10%] 10%| 10%!| 10
O T 35 desialiivinliics It
Kenno‘tt . ole o] 28%1 28 ":2 218 Y%
Lack, 00l . . ..| 87 65 85 66
Lehigh Valley , .| 45 45 46%| 46%
Business Smash
There will not be a smash in business
in the United States, according to
Charles E. Mitchell, president of the
National City Company, who is inclined
to be optimistic regarding the economic
outlook.
Two great national needs—the lack of
housing facilities throughout the eountry
and the rundown condition of railroad
equipment—form the bulwark against
which the floodtide of depression, if there
is to be such a thing, will break, in the
opinion of Mr. Mitchell.
Mr. Mitchell estimates that expendi
tures for improvements and maintenance
work for the rallroads could run to bee
tween $1,600,000,000 and $2,000,000,000.
Speaking of the great bullding deticit In
the country, Mr. Mitchell l?l:
“Building activity before the war was
running at the rate of §2,000,000,000 &
year, In 1917 this amount was cut in
haif. In 1818 it had dropped to $500,000,
In other words, we were ;)1.500,000,000 bhe
hind at the end of 1918 and the deficit
{x:id’ ,t"-uhcd $6,000,000,000 by the end of
FOREIGN EXCHANGE,
NEW YORK, Feb, 27.--Thursday's clos
ing prices of foreign exchange were:
Sterling, demand, 3.36%; sterling cables,
3.37% ; bankers' 60 days, é.u; bankers' 90
days, 3.31; France checks, 14.26; France
cables, 14.24; Belgium checks, 13.69; Bel
gium ecables, 13.647; German checks 101;
Germany cables, 1.02; Austria checks, 19;
Austria, 41; Holland checks, 36"; Hol
land ecabies, 37; Italy checks, 18.42; Italy
cables, 18.40; Bwiss checks, 6.20; Swiss
sables, 6.18; Btockholm kroner checks,
18.40; Stockholm kroner cables, 18.65;
Christiania kroner checks, 17.20; Christia
nia kroner cables, 17.30; Copenhagen kro
ner checks, 14.70; Copehhagen Kkroner ca
bles, 14 85; Canada dollars, §6.50,
" YNITED STATES RUBBER,
The new stock of the United States
Rubber Company, according to estimates
based on the first nine months of 1919,
displays the same splendid earning ea
pacity recorded for the company on its
former capitalization. The first nine
months of last year revealed earnings of
$lB a share for the $72,000,000 oomgwn
stock, after preferred dividenda. his
would give a net of about $26 a share for
the common for the year, which compares
with $30.851 a share on the old eapitaliza~
tion of $36,000,000 common wstock. The
business of the company has almost
doubled since 1916, and assets have bheen
most favorably inereased, The surplus
per share on the conmunon has beon in
‘;;el;.od from $156.12 in 1916 to $25.86
19,
STEEL TONNAGE GAINS,
NEW YORK, ¥Feb 27.—According to
steel manufacturers steel companies made
gains in unfilled tonnigae In February.
However, gains are not expected to be as
heavy as they were in January.
Iron & steel ...... 60,309,425 76,120,063
Meat & dairy prod. 63,231,397 87,444,803
, Wheat ...itvesivas n.ou,yo 59,424,621
Mineral ofl ...... 33,227,006 29,027,415
Leaf tobacco .... “.:ll.l“ 9,694,000
Leather & manuf, 23,886,464 7,931,937
"Wheat flour ..,... 14,320 4567 80,128,239
Fruits & nuts .... }5.7".0” 4,226,068
Autos & parts ..., 5,600,296 7,031,227
Wood & manuf,., 13,980,831 6,377,816
Chemicals ....... 11,611,830 9,649,483
Refined sugar ..., 8,166,200 4,860,606
Rallway cars ~... 3,610,837 1,616,112
COPPOr ..evivavees 8,767,966 14,363,206
Vegetable oil .... 8,284,846 3,289,610
Explosives ....... 1,616,109 1,894,487
Electrieal supplies 6,666,660 1,876,081
Wool manuf....... 4,468,676 1,669,408
Auto tires ........ 2,763,606 1,281,624
Brass ..ecceioionn 921,866 1,612,048
TWELVE MONTHS,
Cotton & mant.51,410,438817 $866 289,083
Iron & steel .. 969,273,732 1,035,291,740
M't & d'ry prod. 1,160,846,6256 041,240,883
Wheat ........ 366,018,298 260,612,978
Mineral oil .... 843,776,060 344,200,444
Leaf tobacco .. 269,442,721 122,885,116
Leather manuf, 303,176,639 91,687,198
Wheat flour .. 203,449,617 244,653,428
Fruita & nuts.., 126,264,743 32,373,078
Autos & parts., 161,696,673 96,700,204
Wood & manuf. 136,786,663 87,306,371
Chemicals ..... 133,620,488 266,224,720
Refined sugar,, 114,737,401 27,038,667
Rallway cars .. ;0,'1]7.]16 13,612,793
Copper ......., 121,846,317 200,337,223
Vegetable ofl .. 100.)3!,174 29,418,708
Explosives ..... 20,009,870 243,628,539
Electrical sup.. £9,089,644 69,983,633
Wool manuf. .. 47,833,367 Ix.lsa,m
Auto tirea ..... 28,924,686 14,669,621
Brass .cccoinsaen 13,912,645 29,806,398
| l:ll“!’nv‘
r STOCKS— High| Low | P.M.|Close
TG TIEO ¢ v.s o 4 ) pessh ssngf oogi] 30
IM e iiaw s vaiiacd 2as ONN
Maxwell Motors . .| 27 27 27 iugs
Mo, Pac. (new) . .| 30%] 29 30% 29
Mex, Patroleum . .[173%168% (169 [l7O
(Marine .. .¢« o < 81 l; 20% 0%
do pid ¢« + o "a 8 8344 811
Mid. Btates Oil . .| 31 fla 301, 28%
Miami Copper . .| 22 21 21 22
‘Midvale Bteel . . .| 44%| 43%| 43 434
National OCondutt .| ....| «cvo| cone| 9
xxNat’l Bonamel . .| ....] ..0] 20001 70
'N. Y. Central . .| 73 12 'lln 71
N. Y., N. H. &H. .| 36%| 34%!| 36 34
National Lead .. .| 76 KL 76 75
xxxNorf, & West, .| 94 94 2 92
'Nor. Pacific . . .| 18 | 17%| 78 77
N Yo Onte &W i) vaboia] £ 18
'Nev. Com, Copper .| 14%| 14%| 14%/| 15
N. Y. Airbrake . .| 96 9414 | 9474 96
' Okla. Pro. & Ry. . 63%| 6% b65%| 6
Ohio Cities Gas . . 42& 42 4238 415
Pennsylvania . . .| 42%| 42% 4;»;, 421
Pierce-Arrow. . . .| 63%| 52%| 62% |52
Pressed Steel Car .| 92 a 1 91 91
Pittgburg. Coal ~ .| 66% lil& 66% | 04%
Pan-Am. Pgte. , .| 82%]| 80 80%| 80%
Pere Marquette , .| 31%] 30 21%) 29%
Pleros O 500 v o ol s3] siv] oo s|AT3%
Ray Consolidated .| ..5.] ....] ....] IT%
Reading « ¢y «+ & zl% 76 6% 76
Repub, 1. & Steel .| 89%| 85%( 86 | 88%
Motk ot . . - J. i iik iead i) IR
00 PRk A" . ]st vie] 79
Ry. Steel Springs vak ol stssl 2is-l 99
Royal Dutch. (new) [IOO 98% | 98% | 984
go--flhefflcm A 67 67 65
gomberg O8'b: « 'if sioof .00 ]B7
xxSou. Pacific . . 9514 94%| 95 | 954
'Sou. Railway . . .| 24%]| 23% 241,5' 23
do pfd. .o « o .-, seol 46 st DN
Btudebaker . . . . lfl2 818 813 | 821
Bt. L. & Ban F. . .| 25%4| 24 | 24%| 23%
Sinclair Oil . . . .| 39| 38 3816 3814
Stuty Moto® s » » o) savs) css:] vie 1B
BAR v d ¥ £8 9[3%
Saxon Motor , . .| 16%] 16% | 156%/| ....
Tob. Products . . .| 66% 061,.'.[ 66%| 63%
TR CODIOF . o of ieost sovif asssl N
Trans. Cont, Ofl . .[ 22%/| 213 21%/ 21%
‘Texas Ofl . . . .[178%[174 [174 ’m
Texas Pacifie , .| 38 36% 36% 3b6%
United Fruit , . ,]lßl 181 1181 180
‘Union Pacific . . .[llO [llß [118%|118%
SR, B ¢ . i ol saiibaiest saeab 0N
Unit. Food Prod. .| 57 6615| 66% 66%
U. 8. Rubber . ~ .| 96%]| 93 3 96
U. 8. Realty Co. ~| 44 4“ 44
xxxxxl/. 8, Steel , .| 94%| 82%) 92% 96y
Unit. Retail Stores | 67%| 66 Cfl}z 65 %
Utah Cop‘?er s v 2N 70%; 70 691%
Va.-Car, Chem. . .| 83%| 63 | 83%/| 613
Western Union . .h....] ....1 ....] 88
Willys-Overiand ..| 24%| 23%| 24 23%
Woortworth . o o o) ea:i] soesf 0130
Westinghouse . . .[ 50%| 650 50 :0
White Motors ...|§3| 62 |62 1%
Wilson Pkg. Co,". .| .vuo] eossl 0...] 68
BONDS,
o ——————————————— i ———
U.B, Lidberty 3%a | ..oof cvre] o0:.]104,10
dolst ds. .".".[Bo.lßleo, 18 oo.u‘lo.zz
do 2d 43 . . .|KP.90189.90/%9.90(88.70
do 34 4%5. . .[93.40(93.38(93.40/92. 28
do Ist 4%5. ~ .]91.00 Dl.wiflflfl #l.lO
do 24 4%5. . .[90.16{90.10/90.10{91.10
Ao 4th 4%, . .|90.46]90.44/00,44/90 34
do Gth 4%5" . .[91.54 n.n‘n.u|n,ao
do 6th 3%5. .l ... f0...| ....07.58
Call Money .. . .| 10 |lO 38 108
TXxßx. dividend, 1 r cent,
xxEx, dividend, l{per cent.
xxxEx. dividend, 1% per cent.
xxxxEx. dividend 1% per cen,
|
U. S. Autolndustry
By JOHN MORROW,
(In the Magnzine of Wall Street)
To speak of a “cheap” motor’ stock is
perhaps to speak relatively rather than
absolutely, but in a ¢rou¥ of stocks which
represent an industry of the Importance
and size of the motor industry it quite
naturally follows that some of those
stocks have greater relative wvalue, are
more stable, and are fundamentally of
larger worth than others In the same
class. The record of the automobile in
dustry during the past year is too well
known to warrant detalled comment here.
The growth in the number of motor ve
hicles in use has been one of the ‘'seven
wonders’” of the present period of making
and spending. It used to _be popular to
disouss the saturation pefnt in automo
bile production. As each saturation point
was reached, and passed——another top was
figured—and subsequently passed.
As of December 31, 1919, it s esti
mated that there were 7,600,000 passenger
and commeroial vohfil:l registered, which
represented an incre of l, per cent over
the total for the {enr previous, and double
the registration of 1916. The present num
ber of automobiles averages one for every
fourteen persons in the United Nn&
lTowa has the greatest density of mot
owned, having one for every 6.2 persons.
The optimists figure that if this density
were applied to the whole country there
would be 17,600,000 cars in use Inet
dentally such a total would mean more
than a 100 per cent increase in the pres
ent number,
In addition to the domestic market for
American-made cars, there is the foreign
market to be considered. This has shown
substantidl growth during the Yuu four
years, but it is perhaps too early to de
termine how much of this business will
be held permanently, Kuropean motor
factories wero early diveried to war buasi
ness, and have not yet regained thelir nor
mal production” stride The American
maker has had the markets of the world
pretty much to himself, but cvunluull'y
must meet keen competition, although It
{s true that foreign manufacturers have
not gone in for 'th® production of the
cheaper-priced cars, a field in which
America stands pre-eminent, and is likely
to remain so.
In a eonsideration of the relative at.
tractions of the various motor shares, the
precaution must be observed of realiging
that this {s A time when automobile mak
ers are predominant in & sellers’ market,
and where the buyer I 8 the Initiator of
busineas, Huch a cohdition can not be
expected to last forever, but untll the
purchasing power of the publie s curbed
the outlook will continue of the best, The
automobile is enough of a necessity, and
this applies to passenger as well as com
mercial vehicles, to assure a substantial
amount of stability to the business, but
it is not the automoblle a 8 & necessity
that makes booma
KEYSTONE TIRE DIVIDEND,
NEW YORK, Feb. 27.--The Keystone
Tire Company has declared the Tegular
quarterly dividend of 3 per cent, payable
‘April 1, to stock of record March 16,
|
} NEW YORK, Feb. 27.—Stocks were
[in demand at the opening of the
| stock market today, causing ad
| vances of from fractions to 7 points,
Steel common, selling ex-dividend
11 1-4 pe cent, rose 3-8 to 94 3-4,
Baldwin IL.ocomotive rose 1 1-2 to
'l(i\‘ 3-4, and Crucible 2 3-4 to 199.
jhnpui-lnr Steel, after ylelding 1-4 to
88 1-4, rose to 88 7-8.
‘ General Motorg featured the trad
ing, advancing 7 1-2 points to 248 1-2,
Studebaker was 1 1-2 higher at 84,
and Pierce-Arrow 1 3-8 at 56 3-8,
The railroad stocks were active,
Rock Island advancing 1 3-8 to 86 3-4
and Reading 1 point to 76 3-4. South
ern Pacific sold ex-dividend 1 1-2
per cent and rose 1 point to 95 1-4,
Mexican Petroleum rose 2 points
to 172 3-4; Pan-American Petroleum
2 1-4 to 82 38-4, and Royal Dutch
1 8-8 to 100.
United States Rubber advanced
11-4 to 96 1-4, an dAmerican Woolen
2 5-8 to 123 1.3,
The oil stocks were also in demand,
Mexican Petroleum moving up 8
points to 173 1-2, Steel common, after
selling at 04, rose to 94 3-4, and Bald
win advanced over 2 points to 109 1-2,
while Crucible touched 199,
The railway Issues also were
strong, with Rock Island advancing
over 2 points to 87 8-4 and New
Haven 1 1-2 to 33 3-4.
NEW YORK CURB STOCKS.
The market opened steady.
Stocks— Open,
AOtNE BXD. ..covcosmpassssnse % 8%
Anglo American Ol ......... 26 26
Consolidated Copper ......... 4% b
Cosdan Ol s.cogossrssnnnses 8 84
Houston Ol .....vesebscsesss 80 100
Indiana Plpe y....ivvvsivsens 98 98
Inter Pote ....o.ccvoooooseees 80 62
Lehigh Valley Coal «.c.ovvvve. 82 87
num:.?u I
Marconl .......ciiianvernpies 4% N
Morritt Ol o.cvvnvbsrerrnins ITHE 18%
MIAWEN Ol wiceidpnvivensves ~ 160" 8
Midwest Ref. ....o.ivs.er. 160 @163
North American Pulp ........ 5% 6%
Ohio Oil lgo 336
Prairie Ofl t....ovipneooseoss 038 685
Submarime Boat ....seevee;.. 12%@ 13%
80. New YOrK ..seeevease 388 389
8. O. New Jersey ..00e5e0ce...706 708
8. O, Callfornia .. eesssrss.3lo 312
8. O. Indlana ...oeeveeesv.. 870 680
Union TRNK ....oseeessesss..lll @ll4
Viotoria Ofl ...cin wcovnose 134 11414
NIDIMIEE . ..1. sdsitaasesrnss 10NE 1
Boston and Wyeming Oil .... 11% 3-18
Slan Rogk Ofl siiiniicsvnsose 8 3%
Island O!l and Transport .... 4: 5
|U B Bteamaip 5. o ovssiine § 29
BADUIDE ~...p-csocsscbesives B% 6
CAr. LABRE ...c.vvsesreneaces 2% 2%
WIRSOB . oscucsadonsinvonnes 18 20
DO Oreok ... v.céiigsctsnnnss $9 50
BIDE O . .osavigisrassoyes 193003100
BIOBIE ... vevivacinisanesis TN 8%
Chalmers Motors ............, 8 6
BTR ia i iR 7& 8%
ERE POWE . iociringrinisievis VO 0%
Rery LAk .....cccasvevvoves 8 z 4
MAPIANG ' .iicivorincansrisecn .B 9 5
MOKIOY scoccivecirnesmenys 89 65
PURIIRREIS .oo ioibsiovensiruda 90 21&
MBI ... coitssissstisves B §
'Peerlau ToMlowM Al N e 1
Phillips Morris ......cco.oooo B g 3
[Bweats ... ..ciiieiiiiaiinns B 6
lflkal\y OB REPN SRR e | 810
Bimme Pets, .....ivveibrieee 3B 85
BOIL Craok .ivoiopresropnpnnsh BB
BRI . . .o sinabunnas o conier 0000
Santa Cecllia rrier i I
Toh, Profiucts ..ivid-sivseor’'iß B§ll
U. 8 fihlg + vewiermry veovvrn il @ *3
V. 8. P. Bhar. .iidivfsevaiiora Q% 2%
Wayts UM . vispdersessess AW 0&
Boote Ol ... ocasvsisavensoni § 4
Whlte Ol .. oirsinisncesvons B 28
FINANCIAL NEWS,
Pour modern tankers, which total 46,000
dead weight tons cu‘gmlty. have been con
tracted for by the Union Oil Company of
New York. These comtracts place the
Unfon 01l Company of Delaware well up
im the list of the large 01l companies which
have tankers hulldl-g or under contract
in American shipyards,
& @
Talk of an early fllnlnf of railway bill
is helping the rails which are cheap
enough to buy for the long pull any "1
or may be picked up on all breaks in
the market for lurnn Of course such a
one would come shoul® the legislation fail,
Money will M#«M "fldl( probably hut
there is a lar short interest and this
will be available to hal'p and even further
ra\w here and there | uz{ sort of good
| buying in quantity makes its a&muuco.
| Pending the Income payments March 15,
however, it Is q:&to well to go slow in
londing up and -r1 wood bulges ocdur
to take gmflu. espec| sll{ in high priced
things. he buying side in the cheap and
low priced specialties °§ real worth &to
be advised right nlo% yring the present
stressful conditon, c} common shouvld
he watched as a sort of market gulde.——
Town Topics. ‘
...
The financial bureau says: "f'o"nwln.
evidence of good buying on weakness dur
ing professional raiding and some further
liquidation Thursday the short covering,
now increasing, |8 expecied to make for
extension of rully" tendencies, with the
ralls mnn{ of wHich, as stated hereto
l!orn have been strongly bought on a scale
| down. Rallway equipments are also re
‘porud well taken' y
’H!Afiml‘ BUREAU ON STOCKS,
W YORK, Feb, 27.—1 t is expected
that the bearish element will roylnue to
’nlmck the stock market on every possible
| oension and pretense. Much is made of
| the showing of the Lackawanna Steel re
| port nfter the close vesterday. Mare
;ohearful sentiment rrnvnllu in other speo-
Inln“vr circles Ul').m:n is éxpressed that
large operators a coumulating stocks.
E'fl{r stoek and loan market agaln inds
| cates an oversold condition in nearly all
llmportnm {ssues. The opinion prrvngd
| after the close yegterday that the Presi
| dent would sign the pailroad bill, 18 this
is done, Reading, New Haven, Baltimere
& Ohio and Rock Island are expected to
find special favor with speculative in
terests.
INCOME TAX POINTERS,
The present federal insome tax, hy Ite
various clauses on taxable income, hrings
to Mght the fact that it {gadvigable to
purchase preferred stocks Instead of
bonds and notes,
Dividends from the stocks are exempt
from federal income tax, while bonds and
notes are exempt from the normal tax
only, as this tax i paid by the debtor
corporation, which agreement |s usually
| made In the bond indenture However,
Ith-- law provides that this tax pald by a
ecorporation shall not be more than two
per cent,
“"A married man with an (income of
$40.000, If he hought bonds, would have
to pay nn income tax of $3.260, whereas
| should this man have hn\u(ma prv-frmd
| stocks, he would have had to Pay an in
come tax of but $1,840 Thia shows A
Aifference of $1,420 in the saver of the
| investo#, From thia it can readily be
| geon that for a man of moderate means
| and ineome the investment in preferred
stocks is the one which should appeal to
him —Piuancial World,
New Stock Issue of
Fourth National Bank
of Atlanta
Notice s herehy given that shareholders
of the Fourth National Bank of Atlanta
have the right to subscribe for the mame
| number of shares of the new stock, author«
| ized by a stockholders’ meoting hold Feb.
ruary 24, 1920, as they shall own of the
| existing stock at 2 o'clock p. m., Central
| time, on Mareh 4, 1920, as shown by the
books of said bank, said nn‘ stock to be
pald for at 3200 per share by stockhold
ers or their transferees ‘on or befors 2
‘:‘c’l:ck p. m., Ceutral time, on March 83,
This 24th day of February, 1920,
CHARLES 1. RYAN, |
Viee President, ‘
By order of the board of directors.
BELIEF THAT WILSON WILL
SIGN R. R. BILL BUOYS STOCKS
By BROADAN WALL.
NEW YORK, Feb. 27.—S8tocks closed strong Thursday, materially above
the low prices of the day because of a report that President Wilson would
sign the railroad bill immediately. Wall Street construed this as some
thing that would be very bullish for a short time, and even the bear party
admitted that it might cause a considerable rally. It was considered bullish
because in the first place it would put the railroads in a position to go
ahead with their business on a substantial basis, and in the second place
because it would be a rebuke to labor and end the nation-wide threats of
strikes. .
~ "The bad impreasion made by the
report of Republic Iron and Steel
‘was emphasized by the report of the
iLa.ckn.wannl. Steel which showed only
$1.02 a share earned on the common
\ntock on which it is paying dividends
at the rate of §8 a share. These
earnings gompare with $23.70 a share
‘earned the previous year. Other
‘steel companies are belleved to have
done much better than Republic and
Lackawanna so that probably the
worst is known renging that de
partment of the market. Consider
able short covering was indulged in
on that theory. The same operators
who sold so freely on last Saturday,
Tuesday and Wednesday discontinued
‘their aggressive operation Thursday
believi that a rally in the rails
would “Ve them a better basis for
nelunE.
MONEY SURPRISES STREET.
Call money was a pleasant sur
prise because it did not go above 10
per cent all day. Sterling exchange
was weak. Canada endeavorgd to
correct the exchange situation be
tween the United States and the Do
minion by putting an embargo
against purchakes of securities in the
United States for cash by Canadians.
This embargo does not affect mar
gin accounts. The cash business af
fected is so small that it will have
no effect on the exchange rate.
All ths rallroads felt the influence
of the improved sentiment due to the
rumor that the Preu¥ent would sign
the railroad bill he high grade
rails improved about as much as the
little ones although the theorists
claim that the*low priged rails will
get relatively more nourishment out
of the new situation than will the
sandard companies, ‘
The tobacco stocksasa grougeiave
a splem account of themsel .. I 8
was u icially reported that the
United Retail Stores Corporation had
earned about $4,700,000 in the first
six months of its existence,
Tobacoo companies are Just now
doing the greatest business on record
both in volume and in percentage of
profits.
_ln connection with the advance of
13 points in General Motors Wall
Street heard that a canvass of the
street had disclosed a short interest
of some 40,000 shares in the new
valock[éhat is to be issued 10 for 1 for
the old. ;
’LEATHER SHARES HARD HIT.
There has been good buying in
Mexican Petroleum and Pan-Ameri
can recently but the purchasers have
made no attempt to check the de
cline the reason being that they
wanted the stock as cheaply as they
can get it
Regardless of what may happen
to manufacturers of fancy articles
there seems to be a general agree
ment that basic materials will be in
urgent demand for several years and
so also will railroad aquipment,
Therefore investors are beginning to
watch very carefully high grade pe
troleum and steel stocks and stocks of
railroad equipment companies. Pe
troleum stocks stand at the head of
the investment list because it seems
impossible to imagine a situation in
business that would reduce their
earnings,
Disclosure in the .Central Leather
report that the company carried in
the neighborhood of $25,000,000 worth
of finished products—carried them
evidently for the purpose of profi
teering caused especial weakness in
the Central Leather stock and in the
stock of American Hide and Leather
Company.
Hide and Leather preferred broke
6 1-2 points in a few minutes but re
covered nearly b of it later, Whether
justly or unjustly the public has the
jeather companies marked as profi
teers and this seems to be justified
by .the report o fthe Central Leather
Company.
Sugar stocks were strong on thel
One Hundred Dollar
Investmenlts
DO YOU believe the
courtesy and attention
of a reliable investment se
curities concetn is measured
by the yard-stick of wealth
and affluence?
Send for our booklet,
“Concerning 28 Cents.”
: We believe it will interest
you.
W o,
[SECURITIES SALES CO/]
PHONE KT GRANT BLDG.
Ivy 2200 ATLANTA
BERRY H, COLLINS
.OND‘ PRASIOENT m
=1 |
Vi
CHICAGO, .Feb, 27~Trade was
mixed in corn, which opened 1-4 cent
lower to 1-2 cent higher. Seattered
commission house selling was fol
lowed by buying of leading ‘shorts.
There weer limited offerings In.
oats, which started 1-8 to 1-2 higher,
Trade was quiet, -
Provisions were slow in starting.
Little was offered and thére were
few orders in sight.
Althugh there were someé peces
sions from the high levels of the
initial dealings, the market sus
tained a strong tone throughout the
forenoon. The greatest gain was
made in General Motors, which rose
10 points to 251 1-2, while upturns
of from 1 to 3 points were made in
the other motor shares.
Corn closed 1% to 1% cent lower.
Oats closed % to % of a cent lower. *
Provisions colsed lowpr. Lol
| , * | 1:36 | Prev,
e Open | High | Low | P. M. | Clese
Corn | , |
May s 1.375%| 1.3?%} 1.36% ] 1.36% | 1.37%
July | 1.31%] 1.31%] 1.30%| 1.30%! 1.31%
Sept. | 1.28° | 1.28%| 1.24%] 1.267%[1.28%
Onts |
May .RU%I M .80 BO%L B 0
July J3%1 73 J3%| JT2%) 13%
Pork ; } ,
May [34.76 [34.768 ([34.76 [34.75 [34.65
July 34,60 Lu.so (3460 |34.60 [34.37
Lard | | ’
May [20,85 120.91 20.86 [20.92 [20.85
Jul{” 121.46 [31.40 [21.43 [21.458 |21.35
Ri )
May 18.37 [18.45 [18.37 [18.45 [18.35
July |18.90 [18.90 (18,90 [18.90 [IB.BO
CHICAGO CAR ls:fl.
CHICAGO, Feb., 27—F0l ing are re
ceipts for today:
WHheat .....vvseasvonnanssvassnnnsne 18
QOTB * coasoctvsssnsssnsraressnsssnce, SAE
OB . oosnsssnsersrasscrsansnsnnssy 12
MOBS +.pcnsssnvstisein ...,._.......11.000
CHICAGO LIVE STOCK.
CHICAGO, Feb. 27.-—Hogs: Receipts,
17,000; market, about 15 to 26c higher.
Bulk, 14.35@15.10; tan. 15.26; heavy
welght, 14.00@ 14.65; medium weight, 14.50
@16.10; light weight, 1485@15.25; light
lights, 14.60@16.00; heavy packing sows,
smooth, 12,76@13.60; pncking sows, rough,
1240@12.75; pigs, 13.26'%“, 5.
| yalflvm—lt»(:emu. 5,000; market, slow,
mostly steady. Beef steers, meodium and
heavy weight, 14.00@16.00; choice and
prime, 14.00@16.00; medium and lloml.
11.26@14.00; light weight, 9.00@11.235;
good and choice, 1!.7;016.": _gommon
and medium, 4.60@6.26; butcher’ cattle,
heifers, 6.50@12.60; cows, 6.35@11.60;
bulls, 7.25@10.756; canners and cutters,
cows and heifers, 4.80@6.25; eanner steers,
8.00@7.26; veal calves, light and handy
weolght, 16.26@16.60; feeder steers, 7.60,g
11.50; stocker cows and heifers, 6.76
9.00; stocker ecalves, 7.76@11,00.
Sheep—Receipts, §,000; markert‘ mostly
steady, guunty poor. Lambs, 84 Tbs. down,
17.60@20.30; culls and common, 14000
17.25; yearling wethers, 15.25@ 18.50; ewes,
11,266 14.50; ewes, culls and common, 6,00
@10.75; feeder lambs, 16.25@17.75,
———————————————————
rally. The increasing ease with which
sugar can be purchased has softened
the public feeling against these is
sues which for a time were on the
profiteering list.
WANTED
First-Class Bookkeeper
Must have some banking ex
perience. Apply in own
handwriting and give refer
ences.
J. H. HILSMAN & CO.
Atlanta, Ga.