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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