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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
Nov 20, 1924
Page
2
New York stocks opened strong with heavy volume. Early gains extended to a noon peak as U S Steel hit a 1024 high, while Radio Corp slumped from record levels. Industrials led, rails remained firm, and several major names posted new peaks before profit taking trimmed the session.
Chicago directors announce the new cotton market will open December 1 with January as the first month traded. Many applications have been received from Houston and Galveston warehouses for approval to storage and delivery on Chicago contracts.
In New York and New Orleans the cotton market moved on a mix of liquidation and weather signals. January slipped to 24.23, while December and March touched lower levels before a late rally. Exports reached 20,519 bales for the day, with overall season totals around 2.785 million.
Washington reports cotton seed crushed from August 1 to November 21 totaled 1,084,553 tons, far above the prior year’s 65,505 tons. On hand stock stood at 855,128 tons with 739,047 tons two years ago, while crude and refined oil output rose and byproducts like cake and meal increased. lint and other exports also showed higher figures in the period.
Cotton trading across ports shows middling prices around 24 to 25 cents with weekly receipts near 326 thousand bales and exports over 2.2 million bales. Major gains noted in Memphis and Augusta. Liverpool reports weak spot but steady futures as producers shift to refined oil demand.
Westinghouse Electric and Manufacturing, a long established Chicago based firm, stands to gain from the surge in utility enterprises. The company, founded 1872, produces electrical appliances and radio sets and maintains a strong financial position post receivership. Its $30 million 7s maturing 1930 bonds offer high quality though premium pricing, with 5.9 to 7.2 times interest coverage in 1923 and 1924. Participating preferred stock at par 850 yields 5.5 percent with dividends shared after 7 percent on common.
Cotton prices on the New York exchange opened with advances of 9 to 14 points. December contracts began at 24.42 cents, hovered near that level at 11 o clock, and closed at 24.35 cents. New Orleans December futures quoted at 24 cents, vs 28 and 14 70 cents last year. Middling spot in 10 markets around 24.14 cents. spot sales about 24,000 bales. Houston and other markets showed spreads from strict low middling to low middling, with wide point differentials.
New York November 19 General profit trading was mixed as selective issues rallied while overall prices edged down from prior close. Bond activity showed gains for Chicago and Great Western, with other issues fluctuating amid cross currents and light new financing.
American Locomotive operating its pivots at over 50 percent efficiency. earnings for the six months likely higher than the prior half year. Sinclair Consolidated Oil floated 15 million dollars in three year bonds at 98 and a 6.5 percent yield to maturity, with call features enabling redemptions at set prices. London reports varied money rates and Turkey policy trims non Turkish railway officials.
The article lists ten to twelve defects to avoid when selecting property including poor layout, overpricing, bad equipment, poor paint, and weak financing. It warns investors to check operating expenses, noting an 18 percent target vs a 27 percent actual potential. mentions varied loan rates and international financial quotes, then reports Dr. Joe Broughton resigning after 26 years as Sunday school superintendent at the Baptist Tabernacle due to ill health.
The department of agriculture reports a warm week with minimal rain across southern cotton states. Cotton picking advanced despite delays in Illinois and Arkansas from rainfall. Oklahoma saw interruptions from wet weather. Irrigated crops in the western gulf benefited. legumes and late truck in the south faced moisture shortages. lettuce and celery in Florida warned by cooler weather. Pecan crop in Texas short. winter wheat improving in Oklahoma. mid Atlantic rains aided wheat but overall germination slow in central and west gulf regions. Citrus generally sound. drought affecting Georgia and Alabama. Mississippi shows drought yet good cotton progress. Louisiana nearly rainless with delayed harvest and sugar factories idle. Texas drought intensifying with dry soil for plowing. Oklahoma reports good progress with some rain relief. Arkansas partial recovery. Tennessee rainfall aids grains. Kentucky water improved but more rain needed.
Chicago traders saw new high price records for corn as buying surged and profit taking trimmed gains. December corn closed modestly higher while wheat fell and oats moved up with corn. Primary corn receipts were down, but demand remained cautious amid volatile feed and hog price shifts.
Grain Letter reports wheat weakness and liquidation with corn firmness aiding. Export buyers in Winnipeg and domestic demand help May wheat. oats rally on corn strength. Cash quotes include No 2 red and white wheat and various corn oats prices. sermon details Dr Dodge speaking at Ponce de Leon Avenue Methodist class Friday night with open meeting and music.
New York stock market opened with heavy buy orders lifting radio stocks to new peaks before late trading pulled gains back. Theremodyne and R F Thompson set record prices while Dubilier and Radio Corp slipped after a late wave. Prairie Oil and Gas moved up four points as other sectors showed irregularity. Sugar and utilities also fluctuated amid mixed industrials.
L C Frank, milk sanitation expert of the United States health service, resumes the Atlanta milk probe as the inquiry into local dairy conditions is expected to wrap up next week. He and Dr Kennedy, city health officer, and Dr Abercrombie, state health commissioner, worked with Atlanta dairies but had to pause the survey.
Dr Horace T. Grant president of the National Pipe Smokers will be principal speaker at the regular work meeting of the service committee of the chamber of commerce. The event is Friday at 12 30 in the Chamber of Commerce building. Grant has recently returned from a trip to the west and will recount his experiences.
Woodmen Circle Manle Grove will stage An Old Fashioned Mother, a three act drama, at 8 o clock Friday night at the Central Congregational church on Carnegie Way and Ellis Street.
Requisition papers for Vincent Owens, wanted in Aiken county on a prohibition charge, were honored at the officers' office Wednesday. Owens is now under arrest in Columbus, Georgia. The Young People's Service League of St. John's Episcopal Church will present a moving picture show Friday night at 7:30 in the Sunday school rooms.
New York stock market hit a fresh high with gains in 25 rails and 25 industrials before profit taking and strong activity shifted into banks. Trading topped 2 million shares as pools moved quickly in the early hours, then eased near noon with prices off and a tentative outlook after the election.
The Nov 12 market session showed volatility with general declines in many stocks after midday, except Mansouri Pacific which rose late. Sinclair common traded at a premium on new issue, while many industrials and rail shares fell. Copper and North African buys faded as profit taking weighed on most names. a few issues edged higher on scant buying.
British September capital issues totaled 5,094,000 pounds with nine month 157,722,000 pounds, down from 1923. Niles-Bement Pond deferred preferred dividends, Lehigh & Wilkesbarre Coal declared extra stock dividend, and Motor Wheel Corp issued an extra 2 percent dividend. Peoples Gas declared 2 percent quarterly, while cotton market notes and weather observations follow, with futures and shipments discussed amid uncertain trade outlook.
Industry reports show a momentum in busing for pig iron and steel products. 1924 needs largely met, with 1925 forecasts inching up as capital outlays rise for locomotives freight cars and terminal upgrades amid dividend chatter and market speculation on key players like Frisco Atlantic Coast Line and Radio Corporation of America.
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