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News and Views by Experts of Finance, Industry, Crops and Commerce
t IS DOE 10
Old Crop Holdings
Moving Fairly Well
Foreign Buyers Take Memphis Spots.
Domestic Spinners Staying Out
of Market Entirely.
WEATHER REIGNS
SUPREMEQVER
Slackening of Imports Will Alleviate
Stringency in Fall, Hence It Is Not
an Unmixed Evil—-Outcome of St.
Paul Bond Issue Disappointing.
By B. C. FORBES.
NEW YORK. April 19.—The United States every day during
March, Sundays included, bought <15,000,000 worth of merchandise
from foreigners. Purchases will Tall off in the
next six months. Leaders in the business world
have begun to go a little slower.
True, we have sold the. wholly -unprecedented
total of $2,400,000,000 of commodities to other-
nations in the last twelve months, as compared being drawn much darker than really
I
MEMPHIS, April 19.—Disposal of
the unsold portion of the cotton « rop
proceed** at a moderate late, with
exporters creating* nearly all the de
mand. Buyers for domestic splnn''’***
have been almost entirely out of the
market for weeks, although It 1« felt
that sooner or later there must be
Iderable buying if the mills are
g like present op-
rating time. The inactivity of spin
ners In this country about takirg
more of the raw material ts due lo
their fear of the effects of the tariff
changes. While the proposed change's
are about the same as outlined for
months past and have been taken into
account before. It seems that the ac
tual facing of them has given the
mills another attack of pessimism.
The .stiffness in the money market
and prospects of its continuance be
cause of the admitted needs of large
interests fcfc* some time to come also
perhaps has been a potent influence
in causing the mills to confine their
purchases to actual and immediate
necessities.
It is the opinion of the trade he/e
that there is something more than
basis for real fear in the attitude of
the spinners, the hope of being able
to influence legislation being one m t-
tlve ascribed to their extreme views.
It Is further felt that the picture is
Tariff changes, when finally made
effective in law, may mark the be
ginning of a substantial revival, al
though the present belief among our
financiers is that general business
will not reflect confidence and pros
perity for some time to come.
Quieter trade and smaller imports
will tend to alleviate, if not obviate,
monetary stringency in the autumn,
and, therefore, should not be regarded
as an unmixed evil.
DELUGE OF SECURITIES.
The state of our own, ns well as of
the European money markets, can not
be contemplated without misgivings-
All foreign bank rates are abnormally
high, and our own credit position is
unpleasantly extended
with purchases of $1,850,000,000. This leaves
a credit balance of $550,000,000, which, although
large, is below the corresponding figure of last
ypar, and also of 1008.
March imports and also March exports show
decreases from a year ago and all indications
are that our foreign trade, after its period of ex
traordinary expansion, will contract considerably,
particularly on the import side.
offering was left on the Underwriters*
hands.
gloom now hanging ovet the
_ At the same
time the world never was confronted
with a heavier deluge of new securi
ties. The amounts of capital urgently
wanted are appalling.
"Wall Street" can not be blamed for
having monopolised America’s sup
plies of ready cash. Does it astonish
you to learn that transactions on the
New York Stock Exchange have, since
January 1, fallen off $1,600,000,000, as
contrasted with last year, while the
shrinkage in bond sales has been al
most 40 per cent?
Yet banking loans have increased
alarmingly throughout the country.
The gross expansion for all classes of
institutions probably has been in ox-
cess of half a billion dollars in the
last twelve months, without a gain of
one dollar in cash.
STOCK MARKET SCARED.
With Federal investigations, a pleth
ora of State laws aimed at the in
stitution. more rigid regulations by
the stock exchange governors, and
genuine scarcity of funds, the stock
market has about given up the ghost
entirely. Jt trembles in every limb.
The exchange’s “police committee”
has struck mortal terror into the
hearts of brokers who used to handle
the speculative account of such men
as James R. Keene, Daniel O. Reid,
Judge Moore, Bernard Baruch and
other heavyweight operators.
Moreover, the acceptance of ac
counts on fain margins also has just
been frow.*ed upon by the exchange’s
detectives, and it is understood that
this will further curtail the business
of man> firms who have not hesitated
to trust well-known customers.
The Stock Exchange, no doubt, will
regain its courage some time. It has
really little to fear. Such bills as the
one introduced at Washington the
other day to forbid the use of the
mails unless certain drastic condi
tions are complied with are scaicely
likely to be adopted.
To stop the machinery of the New
York Stock Exchange would bring on
a panic such as even this land of
financial upheavals has never J et
known. The sooner this elementary
fact pierces the heads of self-seeking
politicians the better for themselves
and the country.
CURRENCY REFORM.
A scientific currency system can
not be adopted a moment too soon.
Happily the Democratic leaders are
manifesting an intelligent desire to
bring forward currency legislation
without unnecessary delay. The Al
drich plan is, of course, dead and hur
ried Some system of dividing the
country into a number of large sec
tions anpears to be favored, yet it is
not easy to foresee how a cohesive,
national scheme can be prepared
without setting up some sort of cen
tral authority. To divide the country
into a dozen districts and set up
wholly independent machinery In each
would scarcely solve the problem
However, so much thought has been
devoted to the subject and so many
plans have been proffered that the
administration should be able to draw
up a sensible, workable system, not
too revolutionary.
The public can have no idea of
the magnitude of the disappointment
suffered by banking, by railroad and
by stock market interests last week
through the failure of investors to
subscribe for $30,000,000 St. Paul rail
road bonds bearing 4 1-2 per cent in
terest and offered slightly below' par.
The influential bankers behind the
flotation had moved heaven and earth
to insure its success.
The terms were the most attractive
yet offered by any important railroad
system. The intention was to score
such a triumph with this sale that
the whole investment market would
be turned upward.
Tw°-Thirds Taken.
. Th f naked fact, however is that
tne Issue was not fully subscribed
ior indeed, nearly one-third of the
world is
over
black
as
Thf
.local investment
night.
“If St. Paul can not sell 4 1-2 per
cent bonds below par, what WILL
the public buy?” is the despondent
wail of bankers and brokers alike.
Some things become so bad that
they can not grow worse. My own
belief is that we are now passing
through the darkest hour which pro
verbially precedes the dawn.
Investors have been corrupted by a
superabundance of offerings of indus
trial preferred, stocks yielding 7 per
cent or more* and other .securities ol.
varying degrees of merit, no that they
have come to look upon gilt-erlged se
curities paying normal returns as un
necessary luxuries as .something
which may be nil very well for old
fogies in their dotage and for sav
ings banks, but as something entire
ly unsuitable for the wide-awake in
vestor.
Strange Gods Deceitful.
This notion is in a fair way of
being dispelled. The losses sustained
by those who ran after strange gods
have been so serious that there prom
ises to be a return to sanity.
Tiie stock market, too, gives every
evidence of having been thoroughly
sold out. Elimination of tariff un
certainty, the releasing of the $500,-
000,000 hoarded gold in Europe on
the declaration of peace, and definite
intimations that a sound 1 currency
system will be established before
many months have passed should, and
probably will, transform sentiment in
the near future.
The. country may not he steaming
full speed toward immediate pros
perity, but it certainly need not be
steered toward ruin.
Once Nature begins to work won
ders on our farms, most of our trou
bles will look relatively small.
exists and that after a little whi •
there will be a different attitude. •
Holders Unconcerned.
Among the producers and those who
sell the crop, this alarm on the part
of the domestic spinners is not a
market Influence, for it is known that,
whereas the consumption in this
country may possibly be slightly re
duced, there will he a corresponding
increase in other countries. It mat
ters not to the grower to whom he
sells his crop.
The demand for export has encour
aged hope In the breasts of those who
own the remnant of the crop, for it
is believed that one cause for the
long spell of inactivity has been the
tightness of money and fear of a
general war in Europe. Now that the
situation is better and peace seems
reasonably assured, there is more
willingness to take cotton at current
prices, which have been regarded as
reasonable by the foreigners all the
season. Some recent opinions from
Liverpool that estimates on what
spinners will take are being reduced
are taken “cum granum sails,*' as
actual consumption is still heavy and
stocks in Great Britain and on the
continent are smaller than a year
ago.
Crop Progress Satisfactory.
Progress in new’ crop work is gen
erally satisfactory, though conditions
are seemingly not favorable enough
to encourage much selling pressure
with prices of the new crop months
under 11.50c. Reports reaching thi-s
center tell of preparations being well
advanced in practically the entire belt,
though weather has been rather cool
and In the western part of Texas it
Is said moisture is not plentiful.
In the districts where breaking .f
levees would result in overflows, there
has been little preparatory work done
while those sections that have been
f f \ inundated, naturally have to wait un
til the waters recede. There is ample
time for this, and last reports say
the levee situation below’ here is en
couraging. The flood has been prac
tically laid aside as a market in
fluence. It has at no time been as
important as some of the speculative
traders have led the public to be
lieve.
In this territory planting will soon
be in full swing, very little having
been done yet. It is not known yet
whether there will be an increase in
acreage, but thp presumption is that
there will he a small increase. T ie
use of fertilizers is not general in this
territory, hut is increasing each year.
COTTON SHORTS UNEASY;
LIVERPOOL BUYING MAY
new ORLEANS, April 19.—Tile by the stubborn attitude of Southern
liquidation an/ short selling com
bined, which set in last week, when
the market touched 12.64 for May, ex
hausted itself when May contracts
sold as low as, 12.22 here Tuesday of
lari week. Since that time the market
has displayed a reactionary tendency,
which has caused much uneasiness
among shorts who had been confident
ly predicting that the market would
break below 12 cents for the old crop
months.
A feature of the trading in the early
part of the week was the relative
weakness shown by the May position.
At one time In the recent paRt, May
was commanding a premium of 15
points over July, but the premium
since has been reduced to about 10
points, some trades lately having been
made at a difference of only 8 points.
The weakness in Mnv was caused here
b ya report thut the Liverpool straddle
Interests, which had been expected to
take up the entire New York stork on
May contracts, had abandoned their
Intention of doing so. The result was
heavy pressure on the May position
in New York, which was reflected to a
certain extent in this market
BUY JULY.
The report regarding the May deal
in New York lias been confirmed by
letters from prominent Liverpool
houses, stating that while it hud been
the intention of some Liverpool houses
to take up May In New York, they
had found too many straddlers "rid gg
on their backs," and had deemed it
advisable to sell out their May and
buy July, which has been at a dis
count in New York.
The trade here had about aban
doned all hope of May again strength
ening, when, lo and behold! at the
opening of the market Wednesday of
the past week, immense buying or
ders for May contracts appeared This
buying was done through houses hav
ing strong Continental connections,
and It was at first thought to be for
FYench interests, which have been our
of the market for some time past. It
has since developed that a syndicate
of interests has been formed to take
up May contracts, both In this market
and New York. At least this'Is the
repefrt no a current in this market,
and. accounts, in a measure, for the
renewed speculative Interest shown in
the May position.
The Interests hack of the May po
sition are rendered more confident
spot holders, who absolutely refuse
to follow tiie decline in contract
values. Time and again this season,
the hulls have been rescued from
what appeared to be impending spec
ulative destruction by the strength
of the actual article. There is a limit
beyond which bearish speculators
dare not go in the selling of dis
counts, and it Is the "little farmer”
of the South who has drawn the
deadline which the biggest bears have
been afraid to cross.
Tuesday, when contracts were at
the lowest level they had been for
some time, the local spot market ac
tually advanced 1-16 cent on sales of
about a thousand bales. This advance
in spots immediately had the effect
of calling a halt on bearish opera
tions, strengthened the May position
and started the reaction which has
since taken plale.
While the weather, as a whole, has
been fair and dry. temperatures have
been rather too low to permit prop
er germination of the seed recently
planted. In fact, the ground has been
so cold that planting has been delay
ed In many sections. From South
west Texas, complaints of damage by
frost have been received, hut it is
believed that the damage, if any. has
been light.
The one bearish argument which is
having some effect on the trade here
is that the tariff revision as applied
to the cotton schedule Is unsettling
the dry goods situation. According
to reports received here from the
North, the textile outlook is consider
ed distinctly discouraging, and the
mills, it is reported, are receiving
many cancellations of orders. As the
American mills, according to the re
cent Census Bureau report, are car
rying large stocks of the raw mate
rial. any slackening In the demand for
the finished product is likely to
cause them to sell contracts against
their raw material.
Any pressure of this sort on the
contract market would have a sharp
and Immediate effect upon values,
and, if it came at a time when
weather conditions were favorable
might result in a serious decline in
the market. The speculative ele
ments here, therefore, arc inclined to
keep close to the shore, until sure
which way tiie wind will blow. In
other words, they are waiting for the
market to develop a trend, and then
the rings will roar once more with
activity.
E
Everything Discounted Except the
Whims of April, on Which
Depend Immediate Activities.
EVEN DRY GOODS MEN WAIT
Money Is Easier and Demand for
Loans Slackens as Customers
Learn Policy of Banks.
BY M. A. ROSE
"it’s i weather market.”
This expression, common enough in
the grain pit and the cotton , ring,
seems to describe in few words ex
actly the attitude of general busi
ness in the South just now.
Everything else has been discount
ed,—even, to a large extent, the new
tariff. The whim? of April cannot be
guessed, however, and for tiie mo
ment, the weather man is supreme.
And April was unkind for most of
the week, giving raw, chill days, no*
had enough to prevent preparation of
seed beds, but offering (.‘hill welcome
for seed.
Seed Beds Ready.
Farmers, according to the best re
ports have done everything that plow
and harrow can accomplish. Now
they wait for th*j sun to warm the
ground for seeding. In localities
where the seed already is in the
ground, the weather has not favored
germination. In the most southern
portions of the <otton belt, wmere
the plant is up, it has progressed
little.
Vegetable crops have been retard
ed somewhat. At the same time,
wintry days have slackened the de
mand for fruits and produce. The
peach crop, It is said, has been harm
ed Homcv hat. though most of th*
mischief possible already had been
wreaked by the previous freeze.
The weather has held back the
movement of summer dry goods. Lin
ens, though promising to be in great
demand this year, have not begun
to move as freelv as the calendur
warrants.
Jobs For the Sun to Do.
Here is what a week of warm, sun
ny weather can cio for the South:
Operation Cost Rises
Faster Than Revenue
Reports of Railroads and Other Cor
porations Under Control of Com
mission Show Increased Expenses.
Earnings of Georgia Corporations
RAILROAD COM PA N1 ES:
1910.
$44,171,668.14
30,367,657.63
Gross earnings ..
Operating expense
1911.
$47,262,459.2 7
1912.
32,980,674.28
$50,813,550.22
36,051,962.56
al-
Get the cotton into the ground
Germinate what seed has been
planted.
Hasten growth of the plant
ready lip.
Stimulate both movement and de
mand in truck and small fruits.
Awaken trade in summer fabrics
and wearing apparel.
Quicken the movement of supplies
lo the farmer, whose merchant ex
tends credit in exact proportion to
the progress of the crop.
Spot cotton is moving a little bet
ter— n ot a greaz deal better, but
just a little. Domestic mills seem
to be holding off. but from all indi
cations, Liverpool plans to take up
a great deal of the New York stock
on May contracts. The New York
stock is estimated at 106.000 bales,
and England may take nearly half
of it.
In the futures market, the pros
pect of floods along the lower Mis
sissippi continues the most important
factor. One day. the market is in
a spasm of apprehension. The next
day, everyone thinks reports are ex
aggerated. Net changes have not.
been startling.
Money is easier. The demand has
slackened perceptibly. Bankers say
borrowers are reconciled to a shor
ter line this year than last. At flrst
each thought he was being made the
victim of discrimination. This
caused considerable complaint. Since
customers have learned that all meet
the same treatment, the requests for
unusual accommodations have died
down.
Big Firms Prepared.
The larger uni more conservative
institutions, both industrial and com
mercial, are well prepared. One big
manufacturing concern carried a
cash balance of close to half a mil
lion last year at a time when its
plant sorely needed enlargement and
when its stocks of raw material were
jow. It foresaw’ a period of econo
my. and acted on Its prevision in
plenty of time.
Commercial houses, well-establish
ed, tell of working on their capita!
alone, and say that until July 1,
w hen crop prospects can be reckoned
with tolerable accuracy, they will
seek no funds from their banks. It
midsummer promises a splendid crop,
they will be In position to take full
advantage of the opportunities. If
not. they are in good shape.
These are the big fellows. Nat
urally their policy is enforced on the
retailers. “nolens, volens.’’ and
through the retailers, on the indi
vidual consumers.
This will be a most inexpensive
crop, everyone agrees, and Southern
students of economic conditions
think this the healthiest sign that
has appeared for a long while.
Provo Faith in Outcome.
Faith in the outcome !s abundant.
One huge trust company, a large
institution to loan on farm lands, and
Railroads operating in Georgia
made less profit in 1912 than in 1911,
by $120,000. Telegraph and express
companies in the State made $25,000
less profit. Telephone companies
earned a trifling $4 4,000 more. Street
railway, power, gas and electric light
companies boosted their earnings
more than a half-million. Compress
companies made much larger profits
in 1912 than in 1911,
This information is embodied in a
2'ummafy of financial operations of
corporations subject to the juridic-
tion of the Railroad Commission of
Georgia, which the commission com
pleted Saturday.
Companies under the jurisdiction of
the commission include railroads, ter
minal companies, telegraph and ex
press companies, compress companies
street railway, power, gas and elec
tric light companies and telephone
companies.
Expenses Grow Fast.
Gross earnings of all these for 1912
were $67,198,472.81 as compared to
$61,511,409.81 in 1911 and $55,976,272.39
in 1910. Operating expenses of all
companies in these lines'* increased
as follows: In 1910, $37,653,544.20;
1911, $41,328,889.59: 1912, $46,406,517.75.
Operating expenses of all public util
ities thus increased as rapidly as
the gross revenue, leaving profits on
the increased business no larger than
they were on the smaller amount of
business.
The case of the railroads is par
ticularly interesting. In 1910 the rail
roads in Georgia earned, gross. $44.-
171,668.14; in 1911, $47,262,459.27; in
1912. $50,813,550.22. Gross earnings
from 1910 to 1912 increased $6,641,-
882. But in the meantime, operating
expenses jumped from $30,367,657 to
$36,651,986. an increase of $6,284,305.
The profits were $357,577 more in 1912
than in 1910.
To express it more graphically, the
railroads cleared net earnings of
nearly $14,000,000 on $44,000,000 worth
of business, while on nearly $51,000,-
000 w’orth of business the net earn
ings remained practically th«’ same.
Interest Charges Bigger.
Net earnings take no account of
fixed charges, such as interest on
bonds and notes. In order to care
for the vastly increased tonnage, the
railroads have Yound it necessary to
increase their equipment. This has
meant issuance of more securities,
and consequent steady rise in interest
charged. It is very likely, therefore,
that the seven millions more of busi
ness actually has cost the railroads
money. Higher wages are blamed by
railroad officials for most of the in
creased cost of operation.
Out of every dollar received in rev
enue. the Atlanta, Birmingham and
Atlantic spends 79 cents for operation,
as against 75 cents in 1910. The
Atlanta and West Point spends 72.6,
as against 77 cents in 1910. The At
lantic Coast Line spends 67 cents, as
against 66 cents in 1910. The Georgia
Railroad spends 76.4 cents,, as ^gainst
Net turnings $13,804,010.51
TFRM INAL (’()MPAN1KS:
Gross earnings $55,667.74
Operating* expenses 218,575.07
$14,281.
$66,
;S4.99
605
296
i 9
87
$14,161,587.63
JS2.932.75
April Make of Iron
May Exceed March
Blast Furnaces Show No Slackening
of Pace—Quotations Continue
Around $13 Per Ton.
J41.D22.2J
Deficits
$162,907.33
$160,691.08
$158,589.47
TELEGRAPH AND EXPRESS COA11
A XIKS:
Gross earnings
$1,561,115.44
$1,692,408.75
$ 1,916,705.08
Operating expenses
1.475.952.49
1,629,626.08
1,879,275.86
Net earnings
$85,162.95
$62,782.67
$37,429.22
i.’(IMPRESS COMPANIi
:s:
Gross earning. 1
$787,350.47
$783,637.21
$1,222,581.64
Operating expenses
494.542.56
520,724.18
804,047.20
Net earnings j..
$292,807.91
$262,913.03
$418,534.44
STREET RAILROAD
POWER. GA
S AND KLK<
•TRIG LIGHT
COMPANIES:
Gross earnings
$6,928,320.82
$8,868,233.22
$9,998,490.58
Operating expenses
3,631,213.79
4.455.017.97
5,032,242.97
Net earnings
$3,297,107.03
$4,413,215.25
$4,966,247.41
1ELEPHCIN E CO M PA NI ES:
<Dross earnings . .
$2,472,149.78
$2,888,065.5 7
$3,164,212.74
Operating- expenses
1,465,602.66
1,515,550:21
1,797,466.94
Net earnings
TOTALS FOR ALL
Grot’s earnings
Operating expenses
Net earnings
. . . . $1,006,547.12
COMPANIES:
$1,322,515.36
$1,366,745.80
. $553676,272.39
$61,51 1,409.81
$67,198,472.81
. 37,653,544.20
41,328,889.59
46,406,517.75
.$18,322,728.49
$20,182,520.22
$20,791,955.06
Floods Upset All
Credit Calculation
Lumber Manufacturers and Jobbers
Waiting to Know Whom to Trust
In Ohio Valley.
70 cents in 1910. The Ventral of
Georgia. 67 cents, as against 66.3. The
L. & N. uses 80 per cent of Its gross
earnings for operation, and used only
68.7 per cent three years ago. The
Seaboard has to devote 80 cents of
every dollar It gets for operation, as
against 68.7 cents in 1910.
The Southern only has maintained
a fairly steady ratio between expense
and earnings, the percentage running
73.8 for 1910, 73.1 for 1911 and 82.3
for 1912, The Southern is the only
system, by the way, to show a gain
In net proportionate to the gain in
gross.
The State line, the Western and
Atlanta, operated under lease by the
Nashville, Chattanooga and St. Louis,
is operated very cheaply compared
to most of the others. It spends 69.1
cents out of each dollar for operation,
as against 62 cents In 1910.
The expense of operating terminals
is decreasing yearly, it appears, drop
ping from nearly $163,000 In 1910 to
$138,500 in 1912.
Tabulated returns of all public util
ity companies are given In the ac
companying table.
a bank have been launched In Geor
gia within the past few days. Sev
eral large bond issues are said to be
contemplated for this fall. Sails are
set. in other words, to catch the
flrst breezes.
There has been little snap to trade
for the week.
“Fill in” business continues fair in
dry goods. In view of the tariff re
duction which seems certain, jobbers
are making concessions in woolens,
and with this shading in prices, such
goods are moving out satisfactorily.
Summer fabrics and apparel are
not moving as well as desired, but
the expected genuine spring weather
will remedy this.
Jobbers In the grocery line find it
necessary to push sales, a little. They
are not pushing hard enough to use
up customers’ full lines of credit, but
an effort is being made to clean out
stocks in certain lines rather than
carry them over into another season.
First quarter’s reports for most groc
ers showed satisfactory business.
Vegetables Retarded.
Small fruits and green vegetables
have moved slowly for the week. Cool
weather In the trucking regions has
retarded growth, and cool weather in
consuming centers has slackened de
mand. Later, it is fairly certain that
there will be heavy shipments. Crops
of such favorite articles of diet as
tomatoes, egg plants and string beans
are large, even if a little late, and
while high at the moment, are due
for a decline.
XEVY ORLEANS. April 19. —Manu
facturers and jobbers of lumber are
playing a waiting game. Floods in
the Ohio valley and bad weather in
the Middle Western States have stop
ped business for a time, pending
knowledge as to the credit status of
a small army of retailers whose stocks
have been practically wiped out by the
calamities.
As one manager put it:
”\ye are waiting until the North -
emers can make their inventory ;o
see how badly they have been hit.
Me feel charitably towards them, but
ue cannot be expected to keep selling
our good lumber to men who have
been financially extinguished”
This is the attitude of the yellow
pine and cypress trade, although in
quiries from the stricken districts are
coming in daily by the score. Deal
ers expect that it will be thirty days
before they will know whom to give
credit. In the meantime they are
making preparations to fill orders for
bridge timbers and lieavv stock of
all grade to the railroads of the cen
tral states.
In spite of this avalanche of pros
pective business, prices have not yet
begun to advance materially. Opera
tors are holding stiff figures but out
side of a general lining up of prices
on common lumber* amounting to 50
cents per hundred on the average, the
anticipated increases have not come
Mills through this state, Blast Texas
and Mississippi are doing a rushing
business. Larger mills are working
24 hours a day in two and three shifts
and the requisitions for cars are pil
ing up on traffic managers. Floods in
the North have relieved the car situa
tion on the east side of the Missis
sippi materially as equipment was
shunted down here to get it out of
the congested Ohio valley district.
This has been a God-send to the lum
bermen ami will give them thous
ands of dollars.
Much of the present run of the
mills is being sent to Gulf ports for
export. This appears to absorb a
large part of the output of Louisiana
and Mississippi and New Orleans dur
ing the past few weeks has male
remarkable progress in export lum
ber. High charter party rates are
responsible largely for this condition,
as tramps have disappeared from
Southern waters and the liner busi
ness is concentrated this year at Gal
veston and New Orleans. Conse
quently millions of feet of pine, hard
wood and cypress have been booked
through New Orleans that under oth*r
conditions would go through Gulf
port, Mobile, Port Arthur and Texas
City. The opening of the Lake Borg-
ne canal is also a contributing
cause so far as the southern Mis
sissippi and Alabama mill output is
concerned and much complaint is
heard from Mobile.
In North Louisiana some mills are
working double time and employing
double their ordinary force to take
care of down timber destroyed in the
recent hurricanes.
For a time some apprehension was
felt among cypress men as well as
the yellow piners on account of Mis
sissippi river conditions. This ;»as
not disappeared entirely but mill
owners are sure there will be no
breaking of levees in Louisiana. Ris
ing waters on the Atchafalaya may
tie up the Frisco, T. & P. and
Louisiana Railway & Navigation
Company, but this congestion ought
to be over in thirty days, as a rapid
fall is looked for when the crest of
the Mississippi passes the Red river-
country about April 30.
BIRMINGHAM, ALA., April 19.—
Pig iron is being made in quantity
throughout the Southern territory,
and still there is no apprehension
that too much of the product is being
turned out. The make during April
promises to be equal, if not better,
than it was in March when the rec
ord was broken. So far there has
been no public announcement of a
curtailment of tiie production, and. as
far as can be ascertained, the manu
facturers are going to cut down the
production only when the yard* aro
overcrowded.
The quotations still are around and
under $13 per ton, No. 2 foundry.
There is but little inquiry for Iron.
Now that the figures on the tariff re
vision are known, it is expected thefe
will be a general change for the bet
ter in the conditions. That there irf
some need for pig iron the manufac
turers art 1 positive.
The cast iron pipe manufacturers
recently received some inquiries that
give them encouragement, and it is
believed that what little pipe they
have stacked on their yards will move
out quickly. Good prices still obtain
for pipe, with prospects of a strong
quotation through the balance of the
year. The melt this year will be every
bit as good as it was in 1912, when a
record was announced.
Foundries and machine shops are
not doing as much as the proprietors
would like to see. There is no state
ment made as to the prospects with
these concerns, only hopes ot some
thing better coming along in the near
future being expressed.
Charcoal iron is selling as quickly
as it is being manufactured in the
South. The production is not very
extensive. The charcoal iron quo
tations are over $23 per ton.
Steel activities continue, with rec
ords being broken in various depart
ments at the big steel plant of the
Tennessee Coal, Iron and Railroad
Company at Ensley, near Birming
ham. There are orders on hand for
rail that will give the plant at Ens
ley work for at least 60 days to come.
It is understood that negotiations are
on for additional business that prom
ises to result in trade. There is a
good demand for fabricated steel be
sides wire, rods and other shapes. The
steel trade is in a better condition
than any of the kindred metals in
the Southern territory.
Coal operations in Alabama, are
very active, and the production is
large. There is a good demand for
coke also, and the production is most
healthy, with bright prospects for the
future. It is announced that if the
demand is not so strong there will be
an accumulation so as to be prepared
for future contingencies.
Pierced name souvenir spoons are
the latest novelties to be offered in
the Jewelry' trade. They are made
with saw-pierced names of many cit
ies, colleges, birth months, States,
and other combinations. The names
are pierced in the handles.
CUT THIS AD OUT
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Why Not Sooner? Phone Ivy 7011.
THE BUSINESS SERVICE CO., io 1-2 A-hum a„.
Auditors, Accountants, Addressing, Multigraphing.
AMERICAN NATIONAL BANK
ALABAMA AND BROAD STREETS
ATLANTA, GA.
Location
In the heart of the city’s business, convenient to
retail and wholesale districts. Equi-distant to the
Post-office, ('ity Hall, Court House and Terminal Sta
tions.
Service
Ample facilities, modern equipment, up-to-date
methods, courteous treatment and considerate accom
modations.
Cash
Capital $600,000; Surplus and Profits $600,000: to
tal assets over $5,000,000.
Deposits
A total of $3,500,000 divided among 6,000 depos
itors, representing the leading firms, corporations and
individuals of this city.
Departments , Com ^ r « al Banking, Savings, Foreign Ex-
change. Safe Deposit Vaults, and- a Women’s Depart
ment, where ladies will find banking as familiar and
easy as shopping.
Management * Kx P? npne P fl Officers who devote their entire time
monasemem to the affairs of the bank, and Directors who direct—a
Board composed of men you know personally—men
who have always taken an active part in the progress
and upbuilding of our city.
THIS BANK HAS MET THE REQUIREMENTS OF DESERVING CUS
TOMERS AT ALL TIMES, AND IS NOW SEEKING NEW BUSINESS
OFFICERS.
WILLIAM L. PEEL. President.
ROBT. F. MADDOX, Vice President,
THOS. J. PEEPLES, Cashier.
JAS. P. WINDSOR, Asst. Cashier.
JAS. F. ALEXANDER, Asst. Cashier.
DIRECTORS
LEWIS H. BECK.
WILLIAM S. ELKIN
WILLIAM H. KISER
GEO. A. NICOLSON
THOS. J. PEEPLES
BARTOW M. BLOUNT.
JOS. T. HOLLEMAN,
ROBERT F. MADDOX,
WILLIAM L. PEEL,
BENJ. L. WILLINGHAM.
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