Evening Star Newspaper, January 23, 1921, Page 26

THE SUNDAY STAR, JANUARY 23, 1921—PART 1. FINANCIAL. - ‘ | RANGE OF MARKET AVERAGES. The following chart shows graphically the action of forty repre- || | sentative stocks dealt in on the New York Stock Exchange. The period | covered is the past month, up to and including the close of the market Friday, Jandary 21. The lower section of the chart indicates the relative | activity of the market. | 2223 M 71 V0O3U 3 45 67 810N ?13K151718 19209 l i AEEEEEEE 81 ] We have made some very important reductions in price, as we listed stock for the semi-an:iual reckoning. '[-,9 ] ‘] Lines that we shall not replace—aswell as adjustments that we aremaking in price in the back-to- 3 EEY 3 normal” policy we are following. You'll find the special price tags beckoning like bargain beacons. 5_’5 "NR =5 . 3 l = le'l 677 "‘s 21 H edroom Suites Every one of these Suites is a splendid ez(ample of design and an excellent specim=n of construction. 7-piece Suite, in very graceful design. In Mahogany-finish. sz _50 Reduced from $315.00 to. . . . = 7-piece Suite of identical design as the above. in the rich Wa'nut. $2 :!._ Reduced from $335.00 to. . . . 7 =S 4-piece Walnut Suite, straight-line de- = sign; relieved by dainty carving. $z .00 Reduced from $360.00 to. . . . = 4-piece Mahogany-finish Suite, one of the Queen ‘Anne p aturing the $ -00 Chifforette and semi-vanity Toilet Table. — Reduced from $400.00 to. . . . 8-piece Mahogany-finish Suite, in the effective reproduction of the early period 00 school of design: Twin Beds. $ . Reduced from $415.00 to. . . . - 4-piece Mahogany-finish Suite; an- other period design ; its semi-vanity Toilet 00 Table is a feature. $4 . Reduced from $485.00 to. . . . = 4 -piece Mahogany - finish Suite, straight-line design, with just enough beading decoration to relieve its severe s _00 plainness. — Reduced from $545.00 to. . . . Dining Room Suites Unusually attractive de- signs—and your ‘critical in- spection of the construction will convince you of the excellence of these suites— remarkably marked now. (& 10-piece Suite, in rich Golden Oak— Buffet, China Closet, Serving Table and s 00 Extension Table and the requisite Chairs. . Reduced from $435.00 to. . . . — 10-piece Suite, Mahogany-finish; one of the popular period designs; Chair up- holstering done in real leather. s .00 Reduced from $§600.00 to. . . . = 4-piece Suites—Walnut or Mahogany- finish—Buffet, Dining and Serving Table, s 00 China Closet. Cheded Reduced from $460.00 to. . . . 10-piece Suite, a Chippendale in Wal- nut; most attractive in model and finish. s 0_00 Reduced from $685.00 to. . . . = 10-piece Suite in that effective Red- Mahogany-finish ; straight in line ; superior $ 00 in construction to the minutest detail. it Reduced from $635.00 to. . . . 10-piece Suite, Mahogany-finish; an- other of the popular period effects; rich $ 00 in design and of superior construction. ot Reduced from $550.00 to. . . . L Special offer— Columbia Grafonolas Every home should have a Graf- onola, because it’s the best of enter- tainers—and the best of all the en- tertainers—we are offering —with cabi- Type E2 7550 with shelves for Record Al- $125 BUMS,FAL oo 2 lotne o o leaam e Pay 5 We will send the machine home—and the balance can be divided into small monthly payments. Columbia Records are all popular—and we have the latest always. Seventh and Eye Streets Living Room Suites From those of modest price—up to the best—you’ll find the “green tags” proclaiming radical reductions. 3-piece Suite, of Mahogany-finis pan- eled backs and gracefully turned legs .strung $ 50 spring upholstery, Velour cou -red. 2 Reduced from $100.00 t0....... 3-piece Overstuffed Suite, designed on generous lines; Mahogany-finished legs; ) a period design. i $ ;@ Reduced from $265.00 to. . . . 3-piece Suite, in which there is a large . Settee, which together with the Chair and Rocker are handsomely upholstered; extra square-shaped pillows finish the Set- 00 Re 3 = Reduced from $300.00 to. . . . 3-piece Overstuffed Suite, deeply up- holstered, with loose cushion spring seats. $ .00 Reduced from $475.00 to. . . . = Two-piece Suite—Davenport of un- usually luxurious proportions and massive Arm Chair—both deeply overstuffed—with loose cushion spring seats. s .00 Reduced from $385.00 to. . . . == Three-piece Overstuffed Suite—big and roomy and imposing in its propor- :li.lons——l_oosc cushion spring seats on all 5465.00 Reduced from $550.00 to. . . . = Radical Reductions in Rugs —of room size and the smaller sizes. The quan- tities of each are limited, of course—and for that reason prompt response is ) suggested. Look for the - “Green Tags.” Axminster Rugs Size 27x54 inches, now $4.25, $5.00, $5.50, $6.75, $7.25, .50. Sizesa86x7o inches, now $9.85, $11.25, $12.75. Size 54x78 inches, now $18.25, $20.00, $23.85. Size 8%4x10% ft., now $50.00, $72.25. Size gx12 ft., now $44.50, $57.50, $68.00, $80.00. . Axminster Hall Rugs Size 2}4x9 ft., now $15.25. Size 3x9 ft., now $21.25. Mottled Axminster Rugs Size 27x52 inches, now $3.85. Tapestry Rugs Size 74x9 ft., now $25.00, $34.00. Size 8%4x10Y5 ft., now $30.75, $38.25, $42.50. Size 9x12 ft., now $28.75, $34.00, $38.25, $42.50, $46.75. Tapestry Hall Rugs Size 2¥4x9 ft., now $7.25. Velvet Rugs Size gx12 ft., now $38.25. Wilton Velvet Rugs Size 27x54 inches, now $11.25. Size gx12 ft., now $88.75. Wilton Rugs Size 27x54 inches, now $12.75. Size 36x63 inches, now $18.75. Size 8Y4x10% ft., now $97.50. Armstrong’s Linoleums Inlaid Linoleum, now $1.45, $1.75, $2.25, $2.85 sq. yd. Heavy Grade Printed Linoleum, now $1.35 sq. yd. “A” Grade Plain Brown Linoleum, now $2.25 sq. yd. Remnants of the best makes of Linoleums, from 2% to 13 square yards, in a wide variety of patterns—including all grades. At greatly Reduced Prices. (The reduced prices, of course, do not include laying.) “Texoleum” Felt Base Process Rugs, 6xg ft., now $5.85, High 1919. -119.62, November 3. .. 9113, May 26. Low 1919. 79.15, February 8. 73.63, December 12. Industrials Rails .... Industrials Rails ! Ciberty 2d 474 { Liberty 3d 44s. (Copyright, 1821, by W. F. Meyer.) High 1920 Industrials ...109.88, January 3. Rails ......... 85.37. November 3. Low 1920 Industrials 66.75, December 31. Rails ... 6783, February 11. Twenty Industrinl Common Stocks Used Are: Am Can Am Sugar Central Leather Rep Iron & Steel U S Steel Am Car & Fdry Am Tel & Tel Corn Products. Studebaker Utah Copper Am Locomotive Anaconda Ger tric Texas Company ~ Westinghouse Am Smelting Baldwin Loco Goodrich U S Rubber Western Union Twenty Ralirond Common Stocks Used Are: Atehison CM&StPaul K CSouthern Northern Pacific Reading. Baltimore & Ohio Del & Hudson Lehigh Valley New Haven Southern Pacific Cavadian Pacifip Erie Louis & Nash Norfolk & Western Southern Rwy. Ches & Ohio Illinofs Central N ¥ Central Pennsyivania Union Pacific Dally Movement of Averages: . Rails. 70.74 2,63 33 December 22, Wednesday December 23, Thursday December 24, December 64 | January December 05 | Jannars December 0 | Jnnuary December 30, December 31, Friday January 3, Monday January 4, Tuesday January 5, Wednesday . Junuary 6, Thursd Junuary 7, Friday January 8, S January 10, January aturday ond LIBERTY BONDS AT.A GLANCE, g ow. ..101.00 9820 96.00 92.50 95.10 91.00 96.60 92.80 95.36 91.12 96.60 91.50 .72 91.00 10048 98.80 100.08 98.80 Liberty 3%s .. Liberty 1st 4s. Liberty 2d 4s. Liberty Ist 434s Liberty 4th 4%s Victory 33s . Victory 434s ity Close Yesterday. Yield. High. Low. 10040 2.10 398 9348 83.00 8780 482 9290 8140 88.00 4.9 9400 84.00 8800 508 9284 8110 8794 518 95.00 85.60 9100 572 93.00 82.00 8826 527 99.40 94.60 9720 5.03 9940 9470 9726 602 VERY LITTLE CHANGE NOTED "IN ITS UNDERLYING SENTIMEN1 {Leading Financiers Continue Optimistic and Look Forward to Unabating Prog- ress for Improved Trade Conditions. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, January 22—While the highly irregular course of the mar- kets this week might seem to suggest greater uncertainty over the outlook, there has really been no change in the underlying sentiment of the financial community. The note of cheerfulness, of returning confidence, which was sounded with the new year and deep- ened as security prices rose in the first two weeks of January has mnot been diminished. Leading financiers and business men are looking forward just as much as before to trade con- {ditions getting back to normal with {the course of 1921. The general bank. {ing position, as shown by the reserve ratio of the twelve regional banks, is considerably stronger than it was at any time last vear and has, in fact, re- gained all the ground lost since the midgle of 1919. It is not to be ex- pecfed that money rates will go much lower yet awhile. The 6% per cent quotation for time funds represents | the maximum reduction likely to occur until commercial liquidation has gone still further and commercial discount rates have come down. It was significant that when Wall street lowered its bid for call money to 6 per cent banks out of town which had been large lenders in the New York market began to draw back their funds. They were willing to take 7 per cent on the readily convertible security offered by stock exchange borrowers, as compared with putting more money at 8 per cent into mer- cantile loans in their own localities. But when Wall street's rate fell to 6 per cent the discrepancy became too great and the interior banks called in their New York loans in order to use Seventh and Eye Streets House & Herrmann their money at home. Credit Strain Passed. The essential thing is, however, that the credit strain in the serious stages which it assumed for the greater part of 1920 has definitely passed. Bank reserves as compared with liabilities are steadily mount- ing, whereas a year ago they were just as steadily going down hill. When' the reserve ratio gets some- what higher and when the reduction in bank currency and bank loans has been carried far enough to bring these items back to a level that may be regarded as conservative, then we may expect to see the Federal Re- serve Board lower its scale of dis- counts, and this will be the for a resumption of the decline in in- terest rates generally. Until this happens it is probable that many of the old line investment issues, which have been on the upgrade since last June, have about reached their limit. The 'demand will more likely shift to bonds of somewhat inferior rank, which still offer an attractively high return, and to bonds brought out at high rates during the last year, which are selling in the market at prices where the yield is’anywhere from 6% to 8% per cent. The chie¢ objection to this latter class of securities is that most of them have only ten years to run and besides have a provision whereby they will be gradually called in at even shorter periods. Naturally the long- range investor has preferred mort- gage issues of distant maturity. But these have now had such an advance that their yleld has ceased to make the extraordinary appeal it ogce did, has turned to the shorter maturities becausé the return on them is yet abnormally high. No Serious Drop Expected. The stock market is moving striot- 1y according to specifications. The violent rebound from the panic con- ditions of December carried prices up too fast. Investment buyers active while stocks were on the bargain counter were entirely unwilling to follow up a rise which covered 10 to 15 points in little more than a fort- night. These extreme high prices were paid by bear speculators who had badly overstayed their market and when this short covering was over a recession was quite inevitable. Nobody expects any serious decline from present level of peices. There i8 tgo much confidence in the future and’ it is too much easier to obtain money for Wall street uses than it was, for a downward movement to go very far. It is simply mecessary for rnd e investment buying movement stocks to go back enough to reattract investment buying and a good deal has been accomplished toward this end within the last few days. It must be remembered that for the first time in more than a year speculative pools and syndicates are able to get funds for thirty and sixty day periods and are ahle to borrow at rates that look low in comparison with the yield of speculative stocks which these funds can be used to carry. This is a great incentive to the resumption of speculative ac- tivity in a moderate way in the shares of companies which have been through the worst of their business slump and have marked off their in- ventory losses. Developments Conflicting. The week’s developments in the business world have been conflicting. On the other hand, boot and shoe fac- tories have resumed operations at full scale in consequence of new orders received. On the other hand, the steel companies have been cut- ting prices in an effort to obtain new business. It is interesting to note that none of the predictions of trou- ble in the retail trade after the first of the year has come true, and that all the pessimistic talk about forced liquidation and failures which was indulged in so freely a month ago can now be identified as bearish propa- ganda. The business situation at large is developing entirely as &x- pected. In most lines the readjust- ment having been completed, the de- cline In prices has stopped, and in some cases new buying has come in in quantity. In a few other lines the readjustment is still proceeding; it may not be over Yor another few months. The normal thing for the markets to do under such circum- stances is to assume a waiting atti- tude, which means a term of com- parative dullness and narrowing price fluctuations. ‘The most important incident of the week has been the continued recov- ery in the foreign exchanges. Sterling has now regained all its loss since midsummer. French exchange has had a rebound within the last few days more vigorous than any it has been through since the early part of last year. This rise in francs is especial- 1y significant as an indication of high opinion regarding the outcome of France's financial problems. It must be taken as a sign of confidence that, whether through the change in the French ministry or through pressure from other countries, the German reparations question is to be dealt with in the only sensible way, namely, with a proper perception that help- ing the central empires back on their feet is for the best interests of, is in fact essential to, the welfare of the business situation in general (Copyright, 1921.) —_— NEW YORK DRY GOODS. NEW YORK, January22—Algon- quin percales have been withdrawn from sale, it was announced today. Dry goods markets as a whole have expanded in the primary division, the demand being more comprehensive than anything noted in the last six months. Gray cotton goods are quiet- er. Yarns are steady on higher levels. Burlaps continued weak. Knit goods more active. New prices made on men's wear stock goods announced by the Ameri- can Woolen Company showed more than 50 per cent reduction from the top prices prevailing in second-nands last year. —_———————— NEW YORK COFFEE MARKET. NEW YORK, January 22—Algon- market for coffee futures opened at an advance of 2 points to a decline of 2 points, but the only actual sales were above last night's closing quo- tations, and prices were steady to firm in the later trading, although there was no special change in the general news. Olosing prices were 5 to 10 points net higher. Closing bids: January 620; March 645: May 684; July 1:2:bewr _’;‘r'nber 757; Octob~ r 768; Decem! . aSl)ot coffee unchanged: Rios, 6 a6%; Santos 4s, 9%al0. No mater: change was reported in Santos offers which included Santos 4s_at 8% to 8% American credits. Rio offers were somewhat irregular while a firmer tone was reported for mild coffees. R