Newspaper Page Text
HEAR ST’S SUNDAY AMERICAN. ATLANTA, DA., SUNDAY, APRIL 27
News and Views by Experts of Finance, Industry, Crops and Commerce
CAPITAL HOPES TO GET
BETTER TERMS WITHIN
High Water Hampers
Lumber Shipments
Cypress Mills Threatened With Flood.
Demand Strong—Prices Higher.
Exports Heavy.
NEW ORLEANS, April 26.—High
water is making 1 the lumber traffic sit
uation in this market more or less
acute, especially in the cypress dis
trict. In the Lafourche and Atcha-
falaya River levee districts large
forces of men are kept guarding the
levees night and day, and thousands
of feet of material for flood fighting
are being accumulated at spots which
are thought dangerous. The T. & P
bridge at Melville went out Monday
and, although the Gould lines out «>f
New Orleans are advertising they are
taking freight of all kinds, it is be
lieved it will not be possible for them
to accept lumber on account of the
mass of preferred freights. Cypress
manufacturers are rushing their »tov-k
to market as fast as possible, 90 as to
have small stocks in factory yards m
case of an overflow.
The market on cypress of all grades
is Arm, with prices to advance from
$1 to $1.5’0 per 1,000 on common lum
ber during the next fortnight. The
I Ohio Valley is beginning to flood the
enders struck'for Higher wages on their money some ( W0 ; maones with inquiries to repuir Hood
ICOTTON PRICES NOW
ARE AN INDICTMENT
OF NEW YORK RING
Lenders’ Prices at Present Regarded
as Too Stiff and Great Issues Are to
Be Postponed Until Hoarding Stops,
Peace Returns and Trade Contracts.
By B. C, FORBES.
NEW YQRK, April 26.—Are the country's biggest users of
capital to go on strike?
years ago, and Imva been-exacting harder terms
from borrowers ever since.
But has the rising tide in the price of capi
tal reached its height? Is an ebb-flow now to
set in?
There are indications that you will not be
able lo demand so generous a return on your sav-
r :s next year. No tree quite reaches heaven.
The upward movement has been phenomenal.
Conditions are becoming impossible.
The decision of J. P. Morgan & Co. to post
pone the $78,000,000 Interborough bond issue is
significant. It is a concrete illustration of the
disposition of big borrowers to go on strike.
Yellow pine prices* are also firm,
with local dealers making heavy ad
vances on all grades. The mills on
both sides of the Mississippi are run
ning double shifts to full capacity and
selling their output f. o. b. crfrs mill
as fast as they can turn it out.
Illinois and the central and upper
Mississippi Valley States are the
heaviest consumers. Bridge timbers
and hewn pieces, as well as piling,
are in great demand from the Ohio
Valley States, the railroads being the
best bidders. The car supply on the
east side is adequate and operators
are well satisfied. A congestion .s
likely to ensue on the west side.
In the export market things are
humming. Prices are irregular and
almost any quotations can be had,
according to whether the dealer is a
buyer or seller. SomJ report that
hewn timbers are down from 30 to 23
cents a cubic foot. Piling is steady
The head of another international banking house of the same demanffinsTpi!* 1 '?ength»°-th P it n u,
blared privately early in the week: ‘'1 am persuading the from 86 ,0 100 feet - Ttmbermen com
class dec
railroads with which 1 am connected not to offer any more bonds
a present. 1 am convinced that the downward movement in in-
v ,t uieiit securities has about ended, and that borrowers will be
able to obtain long-term funds on easier terms within the next
year or so? For that reason, it seems preferable to sell short-date
notes for urgent needs now.”
on what grounds are borrower* |
1 i ■ IV ir new attitude? Well, tilt dege classes in finance and economics
' . . , . ' invitations to visit the institution and
ci'st of capital has reached a neig i ( ^as afforded them unprecedented op-
plain the price is too low.
FOR PAST
Activity in Other Lines Eases
Somewhat Despite the Fa
vorable Weather.
FARMERS MAKING PROGRESS
More Interest Shown in Banking
Laws Than in the Proposed
New Tariff.
James J. Hill Gives
Railroads Advice
Says They Should Stay Out of the
Money Market as Much as
Possible.
that renders it extremely difficult to portunlties for studying the machin-
r on a full return on it. No avoids- cry of the exchange. Thus does the
. . unions Will" be I * to '' 14 ♦Exchange hope to teach the : greatest height James J
b " '«» I’ 11 " ” extensions tv Ml ! young idea how to shoot straight.
unUertuKi n. Curtailment, not expan- j Should stocks be bought now?
eion, will be the watchword.
... , . 11 m 11rtiti<in d ( >t accept the responsibility of giv-
I'hi, conservatiem. this dlmumtion , ^ an £ nquallfle / rep iy the a f-
in tl •* demand tor capital, will greatly I fjj-mative Rt this stage.
i. • ilium the .-apply ’ and updji the Next month’s conditions may war
j rice Lh
rant a more definite stand.
Pig Being Made Faster Than
Taken, While Fabricated Steel
Is Badly Wanted.
TRADE FALLS OFF. u
A! tidy general trade ihroughauWshould . prove sound investments at
t.. • ('nited States is decreasing In] current level*.
\ lurne. And the falling off ih Un -f
lilts, which was forecasted a week'
- I', N setting in very noticeably.'Tar
iff uncertainties will aggravate this;
it iv ?n nt—during the next few
Capital is still .extremely timid
abroad, but despite the latest un-
pl :i tntnes.s caused by Montenegro’s
* !i,i at occupation of Scutari the end I
< r ihe war disturbance is in sight.
Europ s half-billion of hoarded ■
fc"ld can not remain useless much.
>nger; it is already beginning to ,f»p-
I »r and Its full disgorgement should
enable European governments to ob-
' lin their needed war and other loans j
without causing acute, world - wide-j
disturbance.
Therefore, given marked retrench-
merit in business here, a radical
shrinkage in merchandise importa-]
I ns from over seas, the postpone-
lm nE wherever possible, of important 1
railroad and industrial flotations and
unrestrained return to banking chan
nels of the millions of dollars now
lying dormant abroad—given these
' "k d-for developments, do You nor
? ' yin to see why our most ipjluentiul
emb rwriters of securities are count-
Aig upon being abb’ to nrne capital'On
h"-'s onerous terms by and by?
extravagance discouraged.
I'hose who had feared grave mone
tary trouble next autumn are now
ful that the new turn of events
remove all danger. However,
declare that there* is need for
•uragihg every form of reckless-
und | extra vagance that would
to expand credit,
return to vanity in invest-]
‘ nts .Tin not but be accg|erkted by
1 " eollapie of many ventures which
1 floated to appease the hunger
1 "mv. .-tors” for abnormal return.*
" n their savings. -> , * -
Burned bairns dread ’■ fire.”
I ii'»usands of investors clamored for*
S,M u rit ies that would pa £ them 7 Tier
” 1U or better. They got them—ajv
! ! °w they wish they hadn’t. The slump
- s uch stocks has been cruel—more
Gian $50 per share In several cases,
ii nd STS in Rumely common.
Investors will learn sooner or later
Giat a thoroughly safe bond or a sea
soned railroad stock paying 5 to 6
per cent is more to be desired than
1 purely speculative, untried, inflated
paying 7 per cent or more.
The harm done by sueh incidents as
the bursting of the Rumely bubble
■md the sensational manipulation <»f
pertain oil, industrial and mercantile
stocks is incalculable.
ANIMOSITY AROUSED.
Not only do many thousands of
relatively poor people lose hard-
earned savings, but a frightful crop
°f animosity toward “Wall Street” in
particular and capital in .general is
s,, wn, the reaping of which bodes no
Kooq for American institutions. On
'a h things does socialism feed and
strong.
• he bill now before Albany calling
r accurate financial statements
*r°m corporations, is based *<>n a
•‘ghteous principle and it should be
passed, if not as it stands, at, least
in a modified form.
Hie New York Stock Exchange,
Mixing— at last—the need for plac
ets affairs before the public, has.
*»ke length of extending to col-
NEW YORK, April 26.—While in
terest in the bond market was at its
Hill ex
pressed the belief that as long as
... , . , everybody seemed to went money the
J ha ' <»A el, - t . lonl, » >u * 1 . wo .V! d railroads had better be cartful* in
making financial commitments. This
Is what Mr. Hill had to say:
‘ Money Is high in the East) and I
believe that railroads should exercise
, .. . , extreme caution in making financial
Meanwhile, however, well selected commitments just pow. The outlook
nds. netting about. .) per cent not altogether favorable. Every
one wants money, and every one is
paying high prices for it. Great
Northern, already in a strong finan
cial condition, will maintain as large
a cash balance as possible against
future contingencies.”
To follow Mr. Hill’s advice, a rail
road with no floating debt must keep
improvement expenditures within its
cash resources.
Since January 1 eight railroads
have arranged to take up or extend
short term note's maturing this year,
and before December 31, similar ar
rangements must be made by twelve
other companies. The amount of rail
way short term notes which must
still be financed before the end of
the year totals $121,0C0,000.
By M. A. ROSE.
Activity in most lines except retail
trade has eased off a little during the
week.
Retail trade, aided by the best of
weather, and in Atlanta by the crowds
of shoppers from other towns, here for
the opera, was excellent. Summer
weight goods, shoes and men’s fur
nishings all moved rapidly, and some
Whitehall Street merchants say It has
been among the best weeks of the
year.
Demand for money continues brisk.
Though the rate for call loans in New
York has eased, the rate for time
loans remains about the same. South
ern banks are supplying funds for all
going concern* worthy of credit.
Money for new enterprises or for ex
pansion is more difficult of access.
Deposits are holding up well.
It is said, and not denied, that it ii
hard to borrow from State banks for
real estate purposes just now. The
real estate market is not as lively as
it hat been. Whether the banks are
conservative because the market is
duller or whether the market is duller
because the banks are conservative Is
a nice question for debate.
Inquiry for stocks and bonds shows
some revival. Those in the market
have small sums, however, and are
“bargain hunters,” so much so that
few trades are being made.
THE TARIFF.
Proposed tariff changes cause some
discussion, but only the dry goods job
bers seem vitally interested. Proposed
currency legislation Is creating by far
more talk. Atlanta banker? are now
and always have been keen advocates
of a revised national system of bank
ing, and they think proper law* in this
direction more important ^than any
possible tariff change.
Statistics from the United States
Prop Reporter, just issued, show
.hat Georgia farmers pay higher in-
f ereit for their loaps than the farmers
of any other State, with the exception
of Alabama. Texas farmers pay within
m infinitesimal fraction of the same
rate.
Bankers have no quarrel with the
figures. Thev take them as a text,
and from this text preach currency
reform and diversified crops.
Georgia, Texas and Alabama, they
say. arc to a large extent “one crop”
States. It takes a long time to make
a crop of cotton the farmer must
borrow enough to run him all season.
This' makes keen demand. On the
other hand, the supply is scarce, for
deposits are small.
Under the present banking system,
the only way for banks to get addi
tional funds in the face of high de
mand is to borrow in New York.
Banks in cities the size of Atlanta*
pay 5 per cent in New York. Coun
try banks in the South pay 6.
It is pointed out that if there wet
hope
will
Th
BIRMINGHAM. ALA., April 2 6.—
Curtailment of production of pig iron
in the Southern territory is not heard
of yet. though the make is considera
bly greater than the demand. Some
of the more optimistic iron men as
sert it will not be long before some
buying will set in. The price for pig
iron in the Southern territory now
averages around $12.50 per ton, No. 2
foundry, though it is reported there
is a better price obtaining in some
quarters. Cast iron pipe makers are
melting iron steadily, and it is un
derstood there have been some orders
received recently. The greater num
ber of the pig iron manufacturers in
the South aver that tariff agitation
has affected the market. The activity
in the iron, market the last half of the
past year cleaned off the yards well
and the make can be kept up to rec
ord marks, and at least six months’
time will be necessary to stack the
iron ui>* again. When the activity set
in last year the prices were under
$12.50 per ton, NO. 2 foundry.
Cast iron pipe makers expect to
send their product in all directions,
as was the case’hi 1012, The extreme
West is beginning to make some in
quiry for cast iron pipe and the indi
cations are there will be a good de
mand from that section. There is
need for pipe in the Southern terri
tory.
The order* f«»r steel are beginning
to dwindle. Good prices still obtain
and in some lines there is a little
strength shown.
There is but little, if any, steel Vic
ing accumulated or sent to ware
houses. Fabricated steel is in ' good
demand, the product being shipped to
various parts of the Southern terri
tory alone. This means active opera
tion of the rolling mills at Bessemer.
There are. reasons to believe that ad
ditional orders will keep the points in
fairly good operation through the en
tire «ummer.
Charcoal iron is being use<j freely,
w keel works in the South having or
ders on hand. Basic iron as well as
special brand and analysis Irons com
mand good prices.
The plant of thi American Radiator
Company, under construction at North
Birmingham, will be completed soon.
It is asserted that when once in full
operation this industry will use a con
siderable tonnage of metal and give
employment to many men. The plant
wili cost upward of $500,000. The
new cast iron plant being erected at
Boyles, just outside of .Birmingham,
will shortly begin making some prog
ress above the foundation. It is In
tended that this plant b< completed
and in readiness for operation by fall,
when a general revival Is’ expected.
A, B,,& A. Receivers
Hold $223,772 Cash
File Report Showing Balance at End
of First Quarter of
Year.
Cash balance on hand of $223.-
772.71. with receipts of $1,123,809.98
and disbursements of $1,105,701.78 for
the months of January. February and
March, are shown in a report tiled by
the receivers of the Atlanta, Bir
mingham and Atlantic Railroad, Geor
gia Terminal Company and the Ala
bama Railroad Terminal Company.
11. M. Atkinson and E. T. Lamb are
the receiver?. The report was made
to Judge Dan Pardee.
Upon request of the receivers for
relief from being served with garnish
ment writs upon their* employees
Judge Pardee issued an order in
structing them to dlr-regard the writs.
The receivers reported that during
these three months 35 garnishments
were served upon their employee*.
NEW ORLEANS, April 26. -No
stronger indictment of the methods
prevailing in the New York cotton
market could be drawn than the cur
rent quotations on May contracts
there and the price at which actual
cotton Is selling in Southern markets.
Mav in New York closed Wednesday
at 11,87c, while the official quotation
for middling cotton in the local sopt
market that day was 12 3-8c, or a
difference of practically 100 points.
Seldom, if ever, in the history of the
cotton trade has such a state of af
fairs existed, and the bold-faced ma
nipulation of the New York market,
which has been unduly depressed,
with the Idea of forcing Southern
spot holders to turn loose their cot
ton, Is calling forth tho severest criti
cism here.
Colonel W. B. Thompson, former
president of the New Orleans Cotton
Exchange, who has, on several occa
sions, appeared before congressional
committees to defend the system of
future trading, has denounced the ac
tion of the New York market as “out
rageous.” To the credit of Southern
spot interests, it must be said that
they are bravely standing to their
gun*. Although there has been some
shading of official quotations on of
ferings of scattered lots of spots, ex
porters who enter the market find
such great difficulty in obtaining
average running lots of cotton that
they are compelled to call for deliv
ery of cotton on contract in this mar
ket.
In this market the contract Is based
on Government standard types of the
various grades. Hence, the buyers
of contracts in this market know that
their contract calls for something,
and that there is no fear of their
being tendered and hiving to accept
what is known as 1 “dog-tail” cotton,
such as is tenderable in the New York
market. The small discount at which
May contracts in this market are
running under spots represents only
a possibility, of the receiver being
tendered tinged or stained cotton, the
penalties on which are not quite a*
heavy as export Interests in this
njarket would like to see.
But even with this little obstacle
in their way. several large export
firms have decided to take up cotton
on May contracts in this market, be
lieving that they can fare as well by
taking up the cotton on contract as
they could by going into the open
spot market. It is for this reason
that the May position in this market
continues to rule at a premium of 15
to 18 points over July. The differ
ences between here and New York on
May continue to widen daily, and
were recently running as wide as 80
points. In other words, May eon-
tracts in this market have been com
manding a premium of 8ft point* over
May in New York, that premium rep
resenting the difference in the intrin
sic value of the two contracts.
In the course of the trading recent
ly, it developed that the same Inter
ests which have been depressing th*-
May position in New York were short
of Mays In this market. As, even at
the premium prevailing over New
York, May contracts in this market
are not on a tenderable basis, the
New York interests vhort of Mays
hire are in a tight position, from
which it will be almost impossible to
extricate themselves without great
loss. First notice day has already
arrived, and while shorts will have
until the last day of Mav to deliver
on contract, they will find that they
will have to compete with the Ameri
can mills and spot shorts for such ac
tual cotton ns may be offering during
the month of May.
Such an interesting situation hav
ing developed, the outcome of th**
May deal In this market is anxiously
awaited. It is believed here that Liv
erpool interests may step In at the
last moment and take up the entire
New York stock, In Which event the
army of speculative trailers In that
market may come to grief.
Frank B. Hayne. to The American s
correspondent, said that New York
would not have dared to have put
May contracts so low had It not been
for the Government suit which 1
prevented bullish Interests from
operating against the combined ef
forts of Wall Street speculative inter *
ests In New York to depress the price
of the South’s great staple.
The people of the South are already
becoming aroueed over the concerted
attack being made bv bearish inter
ests in New York to depress cotton
values and to force Southern spot
owners to unload, and It Is thought
likely that some united action will be
taken to have the Sherman anti-trust
law amended so as not to militate
against bullish operations in the cot
ton market. If this can not be done,
then the agitation to reform the
methods prevailing on the New York
Cotton Exchange will be renewed.
Government supervision of cotton ex
changes is the remedy that has been
suggested.
Many complaints have recently
come in from Texas and ot w er parts
of the belt regarding the damage done
to the new crop by the cool nights.
The plant is growing poorly and in
many localities replanting has been
necessary. The recent rains in Texas
benefited the crop in that section, but
the benefit was offset by another cold
wave, which is causing some concern
here, lest the Texas crop should get a
bad start. With warm, dry weather
from now on, the crop may recover
lost ground, but should a “wet May”
IMS EXPENSIVE
Average Rate of Interest for the
State 9.98 Per Cent, Federal
Report Shows.
Georgia farmers pay $9.98 interest
per year for every $100 they borrow
from the banks.
They pay higher interest than the
farmers of any other State in the
South, with the exception only cf j
Alnhama, where the rate is 10.02 per
cent.
.North Dakota. Oklahoma. New
Mexico, Arizona and Alabama farmers i
pay higher rates of Interest than
Georgia. It may be noted that all of
these, except Alabama, are compara- j considerabl
tively new States.
Against lessened interest burdens
In many States, Georgians are paying
higher rates this year than in 1912.
l^a.st year the average rate of Interest
was $9.67 per $100. The average for
the nation is $7.75.
These ure figures compiled by tlie
Bureau of Statistics of tho Depart
ment of Agriculture. To country
banks of the United States 3.000 let
ters were mailed, asking:
"What is the average of the current
,as ! rates of interest paid to banks by
farmers for three to six month.V
loans? (Rates which will represent
as nearly as possible the average ' f
all such loans, secured and unse
cured.)
"What was th<- average for similar
loans a year ago?”
About 90 per cent of the banks re
plied.
Averages bv States.
Old World Markets
May Govern Wheat
Trade Paying Little Attention to
Fine Crop Prospects—Big
Shipments Moving.
By JOS. F. PRITCHARD.
CHICAGO, April 26.—Wheat is like
ly to continue to advance or to de
cline on developments in the market?
of the Old World, as tho crop pros
pects in America have failed to prove
a factor favorable to the bears. Those
who are on the bull side have been
jockeying for several weeks to start
an upward movement of prominence
and at last they have succeeded In in
teresting the public. The fact that
the New York cotton crowd lias come
into wheat on a large scale and is
likely to continue bullish ha*- 1 helped
the price no little. The trade on thi
whole is bullish and those who put
out short lines from day to day arc
forced to cover and take losses on
the advances.
Enormous quantities of wheat are
ming to Chicago from Duluth and
f it has arrived, with
Is already loading to bring ad
ditional amount." It Is believed that
[.art of the wheat that is to come from
Duluth will be diverted to Buffalo, as
the cash situation in Chicago is not
as strong as it is in the East. The
longs in May have been selling that
future, not caring to be forced t"
take in the wheat when Maj I rolls
around.
Texas will begin to cut wheat in
five weeks and the plant is jointed
In Oklahoma and Southern Missouri
There still is an open intin-st in
May corn and the likelihood is that
higher prices will be seen not only
for that future, hut for some of the
more deferred months. The present
rains are likely to prove a benefit u *
the seeded t'orn and oats and will
doubtless help th*> bears no little.
Hogn have ruled quite strong th is
week and tin- provision market has
held its own in consequence.
Average rates of interest for farm
loans >n Southern States follow. Vlr ATLANT a MULE AND
Klnia, North Carolina. O.J»; HORSE MARKET
(, . a K ,l U ; ? 06 a WlS- 9 - :,S: (Corrected by the National Stock Yard.
Florida. 8.80: Kentucky. 6.88: lennes- Commission Company; C. Q. fur-
»ee, 8.28; Alabama, 10.02; Mississippi, per, President.)
8.26; Louisiana, 8.33; Texas, 9.97; At- Mules,
kansas. 9.67. 14 to 14% hands, rough, good ages.
The divisional average for the Soutn $1J5 to . ... ,. A „
Atlantic States is 7.36 and for the | to flnls h with quality, $l,»o to
South Central States 9.51. Rates tn
the South Central States show a de
crease from last year, when the aver
age was 9.68.
As might be expected, the lowest
rates are paid in the North Atlantic
States, where the average rate is only
5.96 per cent. Six per cent is the pre
dominant rate there for short-time
unsecured loans, and 5 per cent for se
cured loans.
The statistician comments:
“As one goes southward from Mary
land through the Atlantic Coast
be encountered the talent here"would ! s Bites the rate tends to increase. e\-
at once think of starting a bull cam- i (>e P t that in Florida the rate averages
paign, on the theory that the crop
would probably be a short one. where-
the world will require one of at
least 15,000,000 balee.
SPOT DEMAND DIES;
OWNERS HOLD BAG
MEMPHIS, TENN., April 26 —
Weakness in the old crop futures, es
pecially in the May position in New
York, together with favorable condi
tions surrounding the start of the
new crop had a discouraging in
fluence on spot buyers ' during the
past week. The result was that the
moderate revival in demand which
developed during the preceding week
subsided and the owners of the un
sold remnunt had the hag to hold.
There lias been some weakening in
a central market for paper, the conn-I Quotations, but not enough to adjust
try merchants' notes and the farm- the wide disparity between the ac-
ers 1 notes could he rediscounted .s tual and the shadow, and it Is still
rapidly as the demand for additional a matter of difference of opinion as
funds arose. English and German j to when the adjustment will take
banks never owe a cent to other place. Not only is there an unnat-
banks. They simply rediscount their oral difference between contracts in
paper. But If an American bank wer n New York and spot prices in the
to take one of it.- customer's not."; ! South, but New Orleans summer
across the street to its rival and at months are likewise out of line by
tempt to sell it, everyone would ] comparison with New York,
think the institution was on the verge Liverpool is ruling at a premium
of failure. ' ; which indicates better support to the
It Is said that Atlanta banks with bull side abroad than here, and it
a temporary surplus have sent funds strengthens the idea that there is
to New York to draw 2 per cent in- : foundation for the report that when
terest while banks a few blocks away. May tenders are made In New York
with temporary need for cash, have in few days, many of them will find
borrowed in New York the same day their way to the hands of foreigners,
at 5 per cent. jThe proposition is regarded by manv
For these reasons and others thelspoi people as attractive, as there is
South will profit more by some sort of | a considerable portion of good cotton
central reserve system than it possi- j n the New York stock, and it is by
bly couid lose from any sort of tariff f ar cheaper than anything to be had
tinkering. i n the belt at current price levels. The
In the same set of figures was the
ATLANTA SECURITIES.
Bid. Asked
A. and VV. P. It. n ‘
American National Bank .
Atlanta National Bank ...
Atlantic Ice an<l Goal Corp.
All. Ice and Coal Corp., of.
Atlanta Brew, and Ice Co.
Atlanta Trust Company...
Central Bank and T. Corp..
Augusta and Sav. Ry
Decatur Street Bank
Exposition Cotton Mills...
Fourth National Bank ....
Fulton National Bank ....
Ga. Ry. & E. Co., stamped.
Ga. R. iv Bower Co., 1st pf
Ga. R. Bower Co., 2d pf.
Ga. Ry. & Bower Co., com.
Empire Cot. Oil Co., pf . .
Empire Cot. Oil Co., com..
Lowry National Bank ....
Trust Company of Georgia.
Realty Trust Company ...
So. T. Co. (Nashville) com.
So. Ice Co. (Nashville), pf.
Third National Bank
Southwestern of Georgia
BONDS.
Atlant 4%s, 1922
All. I. & Coal Corp. 6s, 1920
A.. B. and A. lfet. 5b
Ga. Ry. & E. Co., 1st pf. 5s.
Atlanta Consolidated 5h..
Ga. Ry. and K. Cp. con. 5».
Southern Bfell 5s . —
150
220
305
94
175
110
140
105
100
160
270
131
119
78
50
248
2 oft
93
56
80
245
103
90
60
99
104
102
97
15
22 >5
8X
200
114
1 42
108
110
165
120
80
53
250
58
82
250
110
100**
92
62
103
106
103*
99
BETHLEHEM STEEL PURCHASE.
NEW YORK. April 26. -It is reported
that the Bethlehem Steel Company has
n uvhased the Fore River Shipbuilding
Company and will enter '‘cmpetition for
the building of battleships.
information that Florida farmers bor
row considerably cheaper thaii Geor
gian?. Florida is a State of varied
crops—citrus fruits, truck, berries
and the ordinary forage crops and
grains prevent the. reign of King Cot
ton from being despotic.
The Florida farmer makes several
crops a year, vegetables, fruits, po
tatoes and the, other "products follow
ing ir rotation. Evbiy few monti*s»
he h&g some mono) coming in. He
does not’ need to borrow, or if
does, npt for so lon£ a time. He ha»
deposits to make Isevera: times ji,
year instead of once. This spells
cheaper money.
These financial sderm-ons arc not
new, hut seldom have they had so
striking a text.
FARM WORK PROGRESSES.
The weather >as been decidedly
propitious for farm work. W<*11-in
formed cotton dealers think Georgia
will be through planting by May 15.
Cotton futures have declined still
more, probably because of the excel
lent new orui» prospects, although the
futures markets seen, to be under
going extensive manipulation, and
spots are paying little attention to the
paper deals.
Dry goods trade is fair. The num
ber of orders is large, but most of
them are for small consignments
I Jobbers are preparing to open up fall
I lines May 1. They have their sam-
I pies, ’out are not showing them. A
■ considerable number of buyers, .it-
I Mooted by low fares, have been in At-
| lanta. Woolens, under the stimulus
of concessions in price, are moving
well until jobbers’ stocks are well
trimmed to meet any change In the
tariff. What effect the tariff will have
on cotton goods \*•’ a matter for de
bate. Wholesalers are buying ft?* -it-
tlo as possible until this question Is
settled.
Wholesale grocers say they "have
no cause tor complaint.” Th«* volume
of busings* is about equal to that cf
last week.
explanation of the comparative
steadiness of contracts in New Or
leans is in the fact that the Southern
speculative center keeps closer to the
spot markets than New York.
Business at this center has fallen
oft’ sharply from the previous week’s
volume, yet prices have not been re
duced much. There axe more sales
than receipts from day to day, but
unsold stock is still proportionately
large, slightly over half the total.
Middling is quoted at 12 1-4 e<-nts,
which means that shipments for de
livery at New York Are out of the
question from this territory. The
feeling among the factors is still one
of optimism, for it is believed there
will be sufficient demand before the
summer passes to take everything,
though opinion as to prices is hardly
so positive i.i favor of present levels.
The. excellent weather has aided in
getting the new crop started. Except
in those districts where the flood has
been a menace and has kept planters
from pushing their work, conditions
are much more favorable than a year
ago. There has been quite a lot of
planting and some advices say that
stands are already good. Some re
ports say that the cool nights have
done injury to the young cotton, while
rains were needed in some sections
before they came. The receding wat
er's have been followed by a rush to
the lowlands, and it will not take
long, given suitable weather condi
tions, to get the seed into the ground.
In some kinds of soil the seed will be
planted without waiting to plow, as
this has proven satisfactory in the
past. The indications now are that
the average start for the crop in this
territory will be several weeks ahead
of a year ago, especially in the over
flowed sections.
The presumption continues In fa
vor of some acreage increase, though
estimates are not yet attempted.
NAVAL STORES MARKET
IS REVIVING RAPIDLY
SAVANNA II, GA., April 26. There
ha« been a general resumption of ac
tivity In the naval stores market fol
lowing the definite announcement
that the American Naval Stores Com
pany will not again participate as a
buyer. Uncertainty as to what the
suspended trust would do after the
creditors took charge of it was large
ly responsible for the recent stagna
tion.
Rosins are selling liberally on a
steadily rising market. Turpentine
has remained a ready seller through
out the depression, although prices
are now" easing off a little bit follow
ing the resumption of trading in
rosins.
Receipts have been and are very
good. Much of the accumulated
stock is now moving. There is a
brisker ton*- on the market than at
any previous time during the season.
It is apparent that there is to be a
large curtailment in the output for
next season.
Buying ordera from European fac
tors have been coming in with some
regularity, which means, it is be
lieved, that tl; ■ foreign trade is being
gradually weaned away from substi
tutes.
somewhat less than In Georgia
banker in Maryland, who reports tho
Interest rate at 6 per cent, write*:
‘Mortgage loans made to farmers ar«
generally made through lawyers; in
addition to their fees for preparing
the papers, the lawyers charge 2 per
cent for getting them the money.*
Borro Won Crop.
“In South Carolina and Georgia the
rates quoted vary more widely than
In the States farther north, the range
being mostly 8 to 12 per cent. Eight
of the 31 reports from Georgia give a
higher average rate for this year than
for last year, and but one a lower
rate.”
It Is remarked that farmers in the**
States borrow on pledges of live stool;
and cotton to be made, and thit
short-term loans seldom are attempt
ed.
“In most of the cotton-growing sec
tions of the South loans are usually
made for six to twelve months," the
report continues. "A banker lri Ala
bama writes: ‘Banks in this section
of the country make loans in small
amounts, say from $30 to $100 or $200,
to tenant farmers who own only one
or two mules, a v agon and a cow,
and who depend entirely upon a good
crop to pay them out of debt; this
class of fanners usually pay about l
per cent per month for their loans;
but farmers who own their farms can
get money at 8 per cent.’ ”
PREACHERS STARS ON
RICHMOND BALL TEAM
RICHMOND, April 26.—Thr direc t
stamp uf approval has been put upon
the treat national name by the church
in Richmond. Two leading fieri;' -
men are to be star players of u pro
fessional men’s team that is to cross
bats with a business men’s nine.
The Rev. David Ralston is captain
and pitcher of the professional men’s
team, while Father Sullivan has been
assigned to right field.
CUT THIS AD OUT
FOR FUTURE REFERENCE
Sooner or Later You Will Give Your Multigraph
Work to Our
LETTER CRAFT SHOP
Why Not Sooner? Phone Ivy 7011.
THE BUSINESS SERVICE CO •, 2 Aiiburn Ave.
Auditors, Accountants, Addressing, Mult’graphing.
Satisfaction
N
DOINO BUSINESS WITH THE
ATLANTA NATIONAL BANK, one
not only lias the satisfaction <>f knowing
that his business is transacted with the
utmost care and dispatch, but enjoys
that perfect peace of mind which comes
of dealing with the oldest national bank
in the Cotton States, and one of the
strongest and most progressive financial
institutions in the entire South.
Having an account with this bank,
therefore, simply means GENUINE
SATISFACTION.
YOUK account is invited.
Atlanta National Bank
14(4 to 15 hands, rough, $130 to $170.
15 to 15*4 hands, finish, $180 to $205.
16 hands, with quality and finish, $2ol
to $230.
16 hands, heavy chunk weighing form
1,250 to 1,400 pounds, $255 to $330.
Horses.
Southern chunk horses, from $75 to
$110.
Southern chunk, finish, $110 to $153.
Good driving horses, quality and finish,
ranging in price from $160 to $210.
Heavy draught horses, rough, $160 to
$210
Heavy draught horses, finish, $210 to
$300.
ATLANTA LIVE STOCK MARKET.
. By W. H. White, Jr., of the White Prp.
vision Company.)
Quotations based on actual purchases
during the current week:
Choice to good steers, 1.000 to 1.200.
$6.00^)6.50; good steers, 800 to 1,000, 5 .*><'
4r6.00; medium to goo^J steers, 700 to SVj,
5.25(h>6.76; medium to good cows, 700 to
8(»0, 4 505)5.00; good to choice beef c< vv.-.
800 to 900, 5.00^16.75; medium to good
heifers. 660 to 750. $4.25^14.75; good to
choice hellers, 750 to 850, 5.75.
The above represent ruling price.® of
good quality of beef cattle. Inferior
grades and dairy type selling lower
Mixed to common steers, if fat, 800 to
900. 5.00^5.76; medium to common cows,
if fat, 700 to 800, 4.50&5.50;mixed com
mon. 600 to 800. 3.2504.25; good butcher
oulls. 3.50©4.50.
Prime hogs. 160 to 200 average. 8.90$/)
9.25; good butcher hogs. 140 to 160, 8.7o
i :».u0; good butcher pigs, 100 to 14ft,
':.V{|8.75;* light pigs, 80 to 100, 8.0"
8.50; heavy rough hogs, 200 to 250, 8 25
@8.75.
Above quotations apply to coin-fed
hogs, mash and 'peanut-fattened hogs.
1 to 1 %c under.
EUROPE SPENDS MILLIONS
TO AID COTTON GROWERS
England, Germany and France ar •
Indefatigable In their efforts to mak
their cotton mills independent of the
American crop by stimulating ti
growing of cotton in their posse
sions. How much^n earnest the*"
nations are over Wis question ;
shown by the fact that to date thf.»
hav-' spent $3,184,458 to encourage ti c
production of cotton.
Within the three years, 1909,1911 ii:-
elusive, $328,458 wart made availab
for this purpose, $1 lft,659 by Knglan .
8133,414 by Germany and $84,385 b
France. Up to 1909, England ha '
spent $2,237,200, Germany $404,600 an
France $215,200.
Russia has been pouring milliot
into irrigation projects in its AsiatL
possessions, one recent act alone ap
propriating $2,404,328 for the purport*
The figures include both Govern
mental and private expenditure*.
J