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IIKARST’S SUNDAY AMERICAN, ATLANTA, GA„ SUNDAY, MAY 11, 1913.
7 C
News and Views by Experts of Finance, Industry, Crops and Commerce
DEVELOPMENTS OF WEEK
W heat Crop, Reform of Currency
Plans, Small Borrowing, Tariff Out
look Balkan Conditions and Securi
ties Market All Give Fair Promises.
By B. 0. FORBES.
NEW YORK. May 10.—These developments of vital iinpor-
Umce and of rich encouragement can be chronicled this week:
1. The government’s carefully compiled re
port oil winter wheat, promises a harvest of
well over 500,000,000 bushels, a figure never
attained in the past, and indicative of excel
lent agricultural conditions throughout the
country.
2. Congress is to take up currency legis
lation forthwith and President Wilson is bent
upon securing effective legislation before the
special session ends, a prospect, if it becomes
a certainty, that cannot fail to infuse enthu
siasm into finance, industry and commerce.
3. Little opposition is being thrust forward
to the Eastern railroads' plan to obtain a 5
per cent advance in freight rates.
John Claflin, president of the New York Chamber of Com
merce and the largest shipper of dry goods in America, in an
interview with me, declared that he is heartily in favor of the
modest increase, as he believes it will help not only the rail
roads but the whole mercantile community and the country in
general.
4. Large corporations are taking cognizan^ of the strained
state of the world’s money markets and are limiting their bor
rowing to only such sums as are absolutely necessary.
5. The tariff has passed the House and certainly will not be
revised downward by the Senate, but may be so amended as to
secure for the United States valuable reciprocal concessions
from foreign nations supplying us with enormous quantities of
merchandise.
6. The European powers have demonstrated unmistakably
that they do not want war.
7. Security markets; have given
fresh evidence of having reached
bottom and the realization of agri
cultural. currency, railroad and tar
iff hopes could very easily start quo
tations on a strong upward course.
Many minor happenings, however,
have emphasized the need for caution
ttiat has been proclaimed In these
articles. Let us enumerate them:
7 1. The European scramble for gold
continues. France has paid an ab
normal premium to take $6,000,000
gold from New York and threatens
to carry her raid further.
2. The Bank of England did not
lower its discount rate, despite at
least superficial easiness in London,
and the inference to be drawn is that
the well-informed governors of the
English bank believe conditions com
pel extreme conservatism, in view
of the extraordinary public and pri
vate demands for capital that are
overhanging.
3. Our own country banks show no
sign of applying the brakes to loan
expansion, notwithstanding continual
weakening of their cash reserve. The
distribution of millions of treasury
-dollars will foster this inflation of
credit and, of course, tend to render
the Government Impotent to stem
trouble should any arise before the
new currency system can be put In
force. This last consideration Is se
rious when it Is recalled how neces
sary it has been in the past to have
a last line of defense when crises
arise.
4. The problem of dissolving the
Harriman railroad system is farther
from, Instead of nearer, settlement,
yet the courts have refused an exten
sion of time beyond July 1.
That the $126,000,000 Southern Pa
cific stock owned by Union Pacific
could not be sold hastily without
causing a stock market panic should
oe clear, even to those who pride
themselves upon their unfamiliarity
with ' Wall Street.” Either another
banking syndicate or a receiver would
leem to be inevitable.
The task of drawing up a scheme
acceptable to the courts, to the Cali
fornia Railroad Commission and to
the stockholders has so far proved
impossible, and what the upshot will
be no man can foretell.
5. The friction with Japan has en
gaged widespread attention. Un
easiness is manifested In certain po
litical circles, but the financial com
munity remains calm, confident that
a peaceful solution will be found.
6. There has been a slump in real
estate values in various sections of
New York, and although the subject
has not been publicly discussed, the
rruth is that trust companies, sav
ings banks and other holders of
mortgages have become acutely un
easy.
Unpleasant developments are being
guarded against wherever possible
and the situation may be kept under
control. That there will be a radical
falling off in building operations,
however, is inevitable.
7. General trade is spotty, as was to
be expected.
The fundamental matters referred
to in the first half of this article
should be watched most closely.
Proper currency legislation would
probably start a financial and specu
lative boom. It is pivotal. But do
not accept too much for granted.
Currency is a complicated subject,
provocative of prolonged wrangling
and dogmatic theories, hence a law
’s still some distance from the stat
ute books.
No. 2 Foundry Sells Around
Twelve Dollars, Which Is Not
«
Far Above Cost.
CONDITION OF OATS IS POOR.
CHICAGO, May 10—B. W Snow
wires from Danville, Ill.: "Drove
through Macon. Platte. Champaign and
Vermillion Counties. All big oats ter
ritory. Everywhere crop is small in
growth, late and starting poorly. Sur
face of ground dry and plant has not yet
developed sufficient root to reach down
to the subsurface moisture, of which
there is plenty. Rains are badly needed.
“Making rapid progress in corn plant
ing ’
BIRMINGHAM, ALA.. May 10.—
With the exception of a day or two
shut down at three or four furnaces
the past week, there has been no
curtailment in the pig iron produc
tion in the Southern territory lately,
and at no time during this month
is any shortening of output looked
for. There is not much demand for
pig iron and the quotations still are
weak, but the manufacturers are con
fident that everything will come out
all right, and that the iron being ac
cumulated w f ill be needed a little later.
Tariff revision talk will not down,
but no one Is brave enough to pre
dict that the country is going to the
“bow-wows" by reason of the re
vision. It is not believed that foreign
irons will swamp this country. That
there will be a need for pig iron in
quantity before long is an expression
heard on all sides. Before the end of
the second quarter of the year, the
prediction is heard, there will be a
buying movement that will call for
a large tonnage of Iron for delivery
during the last half of the year. With
pig iron at $12 per ton, No. 2 Foundry,
the manufacturers expect some good
business. Consumers, however, are
holding off and indications point to
even lower prices for the product.
Two or three more shadings of quo
tations will bring the prices down
near the cost line.
There is a good demand for basic
iron, the steel market being quite
satisfactory with the brightest of
prospects. There will be steady oper
ations at the various steel works In
the South, the business in hand and
in sight and the need of repairs and
improvements are enough to keep the
present army of employees at work
through the rest of the year. There
ip a steady delivery of steel rails In
the South.
There is a good demand for wire
and rod. Such plants as are manu
facturing steel cotton ties are work
ing overtime, and so far show no
worry because of the tariff revision.
Much steel will be used by the cotton
tie manufacturers before the season
ends.
Good prices obtain for steel prod
ucts with prospects good for the rest
of the year in this direction.
There is much activity at coal and
ore mines, limestone quarries, coke
ovens and other sources of raw ma
terial. The Tennessee Coal, Iron and
Railroad Company has lighted up 200
more coke ovens to care for an ad
ditional demand for coke. It is an
nounced that there will be an accu
mulation of the various raw mate
rials so that when the pig iron pro
duction becomes very active again
there will oe no need for any inter
ruption. It will not be a hard mat
ter to bring about a considerable ton
nage of ore. but coke apd coal are
not so easily produced.
Charcoal iron is in fair demand,
what is being made. There is a good
demand with the car wheel works,
and charcoal iron plays an important
part in this industry.
Foundries and machine shops are
requiring considerable pig iron and
coke. The prospects are reported
somewhat improved. Cast iron pipe
plants also are looking forward to
much activity and a strong melt of
pig Iron.
Some export orders for pig iron are
under consideration in the South with
prospects of the negotiations result
ing in business.
TRADE
RATHER SLACK
The Between-Seasons’ Dulness
Settles Down on Business,
Though Not Too Rapidly.
COTTON REPORTS ARE MIXED
Some Replanting May Be Neces
sary—Textile Trade in South
Not Worried Over Outlook.
, BY M. A. ROSE.
Something akin to between-sea-
Eons dulness has settled on trade in
the Southeast, though the slowing
down is not startling.
It Is not unnatural at this time of
year, but the slackening this season
perhaps is a bit more pronounced
than usual. Clearings are at low
ebb, showing decreases from week to
week, and decreases as compared
with the same weeks of 1912. This
is rather a healthy sign than other
wise. It means prudence which
will prove its value this autumn.
The demand for loans continues
brisk. Deposits may be expected to
show decreases from now on until
the crop is in. That is the regular
summer routine: deposits start
Climbing in the ,late autumn; reach
their apex in January or February,
and then begin to recede. Each year
however, the low level is considera
bly above the low level of the pre
ceding year, recording the steady
growth of the community.
.Opinion is in the formative stage
as to the forthcoming cotton crop.
In general, the outlook seems one
which w r ill give pause to the bull tal
ent. On the other hand, there are
unencouraging reports from here and
there of replanting, lack of rains,
hard baked lands. Some go so far
as to say that the early start in the
Southeast has been lost by thp un-
propitious weather conditions. in
cluding the lack of rain and the cool
nights.
Floods Recede Rapidly.
In the western belt, timely rains
seem to have improved a situation
w’hich was causing some concern.
Less is heard of the flood, and where
the lands were overflowed, the wat
ers are receding rapidly enough to
permit of planting.
City trade seems unaffected by
general conditions. The retailers
report another excellent week, with
business stimulated by warmer
weather.
Gloom In the East over the tariff
situation, especially as it will affect
the textile industry, is not reflected
in the South.
Tariff agitation has one effect. It
has caused buyers to hesitate. Many
jobbers who will be needing big Iin£s
before the season begins have not j
placed an order. They want to wait
and see if the new bill will cause any
reduction in prices. With no orders,
stocks are piling up at the mills
But the mills feel certain of their
position. No matter how the tariff
is settled, they say. a certain amount
of cloth will be needed and they feel
sure of placing their entire output.
Southern Products.
Few print cloths are made In the
South. Gray goods for shoe and rum-
ber boot linings, for the pockets of
men’s suits; for table oil cloths, for
automobile tires, fire hose and the
other kind, belting sets and drills
are the products in which Southern
mills excel.
They fear only that foreign com
petition in the finer goods will cause
Eastern mills to turn to the products
now made In the South.
The closing of Fall River mills had
no effect in the South. It is ex
tremely unlikely that any such move
will be made in this section. Labor
troubles, poor equipment and une
conomical management have left
some of the Fall River and Provi
dence mills in poor shape.
The lively real estate market which
last year kept the checks passing
through the banks, is a shade or two
less brisk at present, and trading in
securities has been practically at a
standstill, although it is beginning to
show' signs of a revival.
Fruit Cleaned Up.
Fruit, with the exception of the
ever-present banana, is almost out of
the markets.
A carload of orange?, containing a
few boxes of grape fruit, moved out
of Florida for Atlanta a few days
ago. The shipper said it cleaned up
the supply. Both the oranges and
grapefruit commanded a high price
In the market here, which is about
bare, with the possible exception of
some cold storage stuff, which now
may be expected to emerge to take
advantage of the attractive prices.
Box apples are about all left in that
line, with the exception of an occa
sional car of russets. Apples will
be scarce and not of the best quality
until the new crop comes In.
Lemons are soaring out of sight.
Limes are at a stiff premium, with
none due in Atlanta until May 20.
SPINNERS USING UP
RESERVES RAPIDLY
NEW ORLEANS. May 10. —Recent
rains in Texas having relieved
drough.y conditions in that part of
the belt, speculative attention has
been directed to the conditions pre
vailing In the eastern half, particu
larly Alabuma. The weekly weather
report issued by th$ Government
Tuesday having stated that rain was
needed in Alabama, Georgia and the
UaroiinuK, the bulls have beqn mag
nifying this feature of the crop sit
uation, and have kept the shorts in
a very nervous frame of mind. Some
of the reports received here state
that, in the central portions of Ala
bama. fifty per cent, of the crop has
had to be replanted. Complaints of
cool nights retarding germination
have also been received, and similar
reports continue to coVne* In from
Texas, where the crop appears to be
getting a backward start.
The political sky in Europe having
cleared up somewhat, the bull lead
ers in this market have become more
aggressive. Time and again lately,
they have bid the market up on the
shorts when the bears thought they
had the situation under their control.
If crop reports contiriue to show un
favorable conditions for the next
week, it is likely that there will be
a genuine crop scare that might
cause what our English cousins in
Liverpool call "a nasty advance.”
The one disappointing feature in
the situation at present is the con
tinued 'ail. of spot demand. Within
the last day or so, there has been
seme scattered buying throughout the
belt, but, taken a* a whole, the spot
demand is conspicuous by its ab
sence. Spinners, encouraged by the
low prices at which the new crop
months are selling, are persistently
refusing to come into the market with
any new business. Such little bus
iness as has been put through re
cently has been on old commitments
made months ago for May shipment.
Some engagements are now being en
tered into for October- November
shipment, but, of coifrsr, the*e for
ward commitments will not affect the
spot situation as it stands at present.
The mill .takings, as given by Sec
retary Hester from week to week
EXTREMELY BULL
Strength Shown in July Was
Principal Feature — Shorts
Cover, Causing Sharp Gain.
Saturday's NewYork
Stock Market
The following table shows the
highest, lowest, and closing
priees of stocks sold on the New
5 ork Stock Exchange Saturday,
together with the net change
from Friday’s close:
NEW YOKE. May 10. With Liverpool
closed, the local couon market was
mono than usually dependant on the
weather conditions for inspiration at
the opening to-day. First prices ranged
1 to 4 points higher than last night’s
close. Trading was of a light character
the call were
a few points of
continue to show a decided falling ant * fluctuations after
off as compared with last year. Inas
much as Neill Bros., of London. In
sist that the minimum consumption
will be 14,760,000 bales, it is evident
that the spinners are using up their
reserve stocks. Just how long they
can continue this policy is a debat
able question. Bulls contend that,
before long, the spinners will have to
enter the market to replenish their
depleted stocks, while the bears con
tend that the mills, especially with
the tariff agitation now going on in
this country, will hold off until the
progress of the new crop forces
Southern spot holders to relax their
grip upon their holdings of actual
cotton and to put it upon the market
at a much lower level of values.
Hence, the deadlock between the
spinner and the spot owner presents
some interesting phases, which are
being closely studied by both the
trade and the talent.
Incipient “Crop*Scare” Noted by
Memphis Expert—Replanting
Seems Widespread.
WHEAT MARKET OVERSOLD.
CHICAGO, May 10.—The Inter-Ocean
says: "Those who are bullish on wheat
regarded the market as oversold and
saTd it would take considerable prefigure
from shorts to keep prices down. They
consider the market on a healthy basis.
The trade in com at the moment is
divided, but they see nothin* for sen
sational developments on either side
unless there might he a little conges
tion in May. I»cal traders In oats are
rather bearish, but some of the country
houses are buying.”
MEMPHIS. May 10.—Crop report?
have taken precedence over practi
cally everything else as a market fac
tor, although disposal of the unsold
remnant of the old crop is still an
influence of importance. Reports
from the fields are not so favorable
as they were a week ago and the in
cipient stages of a “crop scare” have
been experienced for the past few
days. One of the troubles complain
ed of is that temperatures have been
too low to allow normal germination
of the seed and the proper growth
of that which was up. The result
is that bad stands are complained of
over a wide territory and much re
planting has been done. Without
moisture relief over much of the belt
very soon It will probably be neces
sary to plant a great deal more the
second time. The supply of seed in
some sections is reported none to
large, so if replanting is widespread
there may possibly be some forced
reduction in acreage from what was
contemplated.
The western belt appears at the
moment to be in better shape as to
stands and moisture supply than
elsewhere, the rains of a week ago
having relieved all immediate wants,
though low temperatures have given
some concern out there.
In the central belt conditions are
not bad, yet there has been consid
erable change from the flattering
prospects of a week or ten days ago.
Low temperatures have done some
injury and showers are needed to
bring up the cotton In some sections.
There is time enough yet to get the
crop started favorably, though some
of the early advantage has been lost.
Where the plant is out of the ground
it is suffering from cool night/* and
this increases danger of insect rav
ages later.
The eastern belt has been sending
more complaints of an unfavorable
start than any section and has sup
plied the basis for much of the con
cern manifested by those who were
sold short. The covering by shorts
during the past week and some buy
ing by bull interests had its occasion
largely from the character of news
from the eastern part of the belt.
The spot demand has been mod
erate, yet enough business has been
doing to encourage a feeling that ere
the summer shall have passed there
will be j, reduction of the unsold por
tion to a minimum. The fact that
Liverpool interests are still credited
with preparing to take 50,000 or 60,-
000 bales of the stock in New York,
thus reducing protection to July and
August shorts materially, has stif
fened the courage of some holders
in the belt and has also been an in
centive to some buying. Receipts
are small at Interior points, but some
increase in port* receipts has follow
ed larger movement for export, the
latter fact being bullish. China and
Japan ire taking quite freely of the
crop, w'hich moans spinners’ takings
are being swelled that much. The
prospect of peace in Europe and its
consequent effect on trade has been
a factor in demand for the actual
and in this center considerable buy
ing has been done for Russian spin
ners. Actual peace and easier money
abroad will likely give.further stim
ulus to buying for export.
Domestic spinners continue to con
fine their buying to actual require
ments. as they seem still quite un
easy over the effects of the tariff. The
recent news of some mills In Fall
River reducing running time encour
aged bearish feeling some, yet it is
reported locally that only a few' days
ago the same people were showing
signs of being quite anxious to buy
some raw material for early ship
ment from this territory. Stock in
this center is being gradually, reduc
ed and the interior holds very little.
RAVE A BAB WEEK
Field Agents Report Serious Need
of Rains—Much Cotton Must
Be Replanted.
ATHENS, May 10.—Reports re
ceived at the State College of Agri
culture from sixty-five agents In
farm demonstration work in Georgia
indicate an unfavorable week for the
farmer. Dry, cool weather which ^
prevailed throughout the State during |
narrow, holding within
the opening figures.
The Liverpool market was closed on
account of Whitsuntide holidays.
The weather map was very discourag
ing to those who sold yesteday on
promises of . rains in the Eastern belt,
and they seemed eager to replace liqui
dated lines over Sunday. The ring and
Wall Street covered considerable short
cotton, while the larger spot houses
wore noticeable buyers. Offerings, how
ever. were light and scattered. The ad
vancing tendency continued throughout
the short session. July showed consid
erable strength and was the heaviest
pressed option on the list and at times
the trade interest was centered entirely |
upon it. Distant positions, especially
October and December were under ac
tive buying and the three options rallied j
5 points over the opening level.
Indications nnint to fair weather over 1
the larger part of the belt over Sunday, !
with somewhat lower temperatures.
West Texas will have unsettled show
ers, as . will the Panhandle, while the
rest of the State will be fair.
At the close, the market was steady, I
with prices at a net gain of 4 to 8 points j
from the final quotations of Friday.
Spot cotton at Savannah, Ga., is about |
23 points higher than the highest option
on the New York future list and about 1
the cheapest in the South. Spots are
quoted at 11% cents there and the buyer j
would have to add about' 75 points on
the present prices should he buy it so j
as to cover brokerage fees, insurance,
interest, freight cost and charge for
certification. There is a very small
chance for any profit In such a transac
tion.
Estimated cotton receipts:
1913. 1912.
New Orleans 1,500 to 1,800 1,061
Galveston 2,000 to 3,000 2,415
RANGE IN NEW YORK FUTURES.
1 ‘ 8
O S
% 1
£ °
ilD
the last week of April and the first Ij^ c -
of May militated against getting a j y
good stand of cotton. A great deai I Mr
will have to be replanted or already
has been replanted, but,unfortunately,
such replanting as has been done has
poor promise of coming up, owing to
the dry weather,
Corn is reported -quite -generally
to have come up with a good stand.
Oats, generally speaking, have been
affected severely by rust, and are
greatly in need of rain. Wheat is
reported looking well.
Where farmers broke the crust aft
er rains by harrowing the corn and
cotton, stands are very much better
than where such treatment was neg
lected. #
A good warm rain Is the greatest
need of Georgia crops at the end of
the first week of May.
My I1L43[11.43111.42111.43.U.47-48.11.40-42
Jn i I U . ..I ill.66-58111.48-50
Jy 111.54,11.60tll. 52H 1.60,11.59-60 11.51-52
Ag |ll.34111.37|11.34|11.36 11.36-37.11.30-31
11.09 i 11.09)11.09 11.09 11.08-10111.01-02
10.96 11.03ill.95lll.02i 11.02-03110.45-96
! 10.98! 11.03 j 10.98 ill.03|l 1.03-04 10.97-98
Lumbermen Bewail
Bad Car Shortage
Cannot Move Orders to Markets in
Central Territory—High Water
Aids Cypress Men.
10.95 11.00110.95111.00 10.11-99 10.93-94
11.04 11.04 ill. 041 It. 04 111. 06-08 111.02-03
Closed steady.
HAYWARD 42 CLARK’S
DAILY COTTON LETTER
NEW ORLEANS, May 10—Several
localitieS|in the Eastern States had good
showers overnight, but there has not yet
been any genera! rain. The range of
temperatures continues very' favorable.
The Fiver situation Is much improved.
The fall at Vicksburg is beginning to he
rapid and from the overflowed section
in the upper delta is encouraging There
are some reports indicating planting one
to two months earlier than last year.
The market advanced a few points
on the strength of July in New York,
the reason for which is covering by
shorts and the diminishing stock Jn New
York.
New ci ops sympathized to some ex
tent.
NEW ORLEANS COTTON.
Quotations in cotton futures:
Hi
> r
v G
£3
12.15112.20112.15112.20112.20-22112.13-14
i I i 12.06-08111.97-98
11.93 12.03 11.93112.03 12.02-03111.93-94
11
OPINION ON GRAIN.
CHICAGO. May 10.—Bartlett, Frazier
A Co.:
Wheat We look for a steady market
to-day.
Corn—Cash position Is strong; coun
try offering slight.
Oats —We believe the long side on lit
tle depressions the safer one.
Provisions—Cash trade is light, al
though shipments of lard and meats are
larger than last year.
NEW ORLEANS, May 10.—Mills
in Louisiana and Mississippi are suf
fering from a severe car shortage and
are unable to move orders to the
markets of the Central Freight As
sociation territory'. Congestion caus
ed by the recent floods in the Ohio
Valley and the floods at the Ohio and
Mississippi River crossings is respon
sible for this condition which became
acute last week. Freight traffic of
ficials promise to alleviate it as far
as the westside lines are concerned
in about fifteen days but the situa
tion on the east side, especially on
the Mobile & Ohio and the Illinois
Central is causing much loss and an
noyance to mill operators
Several mills in the Atchafalaya
has been forced to close down on
account of the overflow from the
Kroti’ Springs crevasse. The logging
situation in the cypress camps of the
Basin has been improved on account
of the high water as it has permitted
millions of feet of cypress and hard
woods to be cut which were inacces
sible by tram or pull boats on ac
count of swampy conditions and thick
growth which made it impossible to
dredge or cut a road to the holdings.
Prices of cypress were stationary
with a slight weakness shown in
shingles and lath. The demand was
firm but limited on account of un
certainties in the Ohio Valley. In
yellow pine the prices were held firm
on dressed stock, flooring and hard
facing 4 and 6 inch stock. Timbers
and sap stock showed weakness and
prices declined notably. In some In
stances saps went down $1 to $2
per thousand B. M. The domestic
demand for pine crossties is strong
and steady at $13 per M but timbers
have declined from 30 to 23 cents
per foot. Export markets are dull
especially in staves.
Hewn timbers are being purchased
in cargo lots but at reduced prices
the bulk of them going to the Un
ited Kingdom and France. Germany'
Italy’ and Austria have ceased to buy
on account of unsatisfactory financial
conditions at home. The export de
mand for hardwood Is firm and prices
are holding their own. Yellow pine
manufacturing interests express the
hope that the market will regain Its
lost str-ngth in a few weeks when
the car situation clears up and credit
adjustments are made in the stricken
Ohio Valley section. They hope for
a stiffening of/yahies all around.
My
Jn
Ag ll.52jll.61 11.52I11.61 ill. 61 -63 11.53-54
Sp , : I | jll.28-30111.20-21
Oc 11.09 11.16 11.09 11.16111.16- 11.08-09
Nv I I I 11.16-18|ll.08-09
Dc j 11.09 11.16 11.09 11.16111.16-16 11.07-08
Jy 11.16 11.16 11.16 11.16 11.19-21111.18-19
Fb j ! * 111.16-18!
Mr | j | j 111.26- | •...
Closed firm.
PORT RECEIPTS.
The following table shows receipts
at the ports Saturday compared with
the same day last year:
1 1913.
New Orleans
Galveston. .
Mobile. . . .
Savannah. .
Charleston. .
Wilmington.
Norfolk. . .
New York. .
Boston....
Ffiiiladelphia .
Pacific coast
Various. . .
Total.
STOCK— High.
Amal. Copper. 75
Am. Ice Sec
Am. 8ug. Ref.
Am. Smelting 67 1 «
Am. Locomo.. 32%
Am. Car Fdy
Am. Cot. Oil
Am. Woolen
Anaconda .
Atchison
A. C. L.
Amer. Can
do, pref
Am. Beet Sug. .
Am. T.-T
Am. Agrlcul
B. R. T
B. and O. . . 97
Can. Pacific... 241
Corn Products
C. and O
Consol,. Gas 130 130
Cen. Leather
Colo. F. and I
Colo. Southern
D. and H. . . 152'/ 4 151
! De/i. and R. G
Distil. Secur
Erie 28% 28'/
do, pref. . 42% 42^
Gen. Electric
Goldfield Cons. 2 2
G. Western
G. North, pfd ^
G. North. Ore 34 34
Int. Harv. (oldj
III. Central
Interboro .... 14' ? 14^
do, pref. . 50»/ a 49^
Iowa Central
K. C. Southern
M. , K and T
do, pref
L. Valley. . . 154%
L. and N. . . 131%
Mo. Pacific
N. Y. Central 99'/ 2
Northwest
4at. Lead
N. and W
No. Pacific
O. and W
Penna 111%
Pacific Mail . 22%
P. Gas Co
=>. Steel Car
Reading . . .
Rock Island .
do. pfd,. . .
R. I. and Steel
do. pfd,. . .
S. -Sheffield .
So. Pacific . .
So. Railway 24% 243 /4
do. pfd 76'/ 2 76«/ a
St. Paul. . . . 107% 107% 106% 107%
Tenn. Copper 34% 34' .
Texas Pacific 15% ....
Third Avenue 34% 34%
Union Pacific 148% 148% 148% 149
U. S. Rubber . 63 62% 62 62%
Utah Copper 51% 51% 51% 5U 4
U. S. Steel . . 59% 59% 59% 60
do. pfd,. . 106 105% 105% 106%
V. -C. Chem. . 28 26% 26 28
W. Union. . . 65 65 64% 65
Wabash 3 3
do. pfd.. . . 9% 9% 9% 9%
W. Electric 61% 61
W. Central 50% 50%
W. Maryland 39
Total sales. 68,000 shares.
STOCKS ARE VERY
BULL ENURE DAY
By C. W. STORM.
NEW YORK, May 10.—Delaware and
Hudson was one of the weakest issues
on the list at tbe opening of the stork
market to-day, being sympathetically
depressed by weakness in New' York
Central. Delaware and Hudson was 1%
lower at the opening and later declined
still further. New York Central con
tinued under par, selling at 99% for a
loss of %.
Trading was quiet and nearly all
stocks suffered declines. Among the
losses were l nited States Steel com
mon, %; Union Pacific, %; .Reading,
%; Erie. %; Amalgamated C<Tpper, %;
Baltimore and Ohio, %; St. Paul, %.
and Canadian Pacific % At the end of
half an hour some of the issues ral
lied.
The curb was dull.
There was a bank holiday in London
ami there was no session of the stock
exchange there.
CEREALS CUE UP
AS SHORTS COVER
Unfavorable Weather News and
the Holiday at Liverpool
Causes Advance.
ST. LOUIS CASH QUOTATIONS.
Wheat No. 2 red
Corn—No. 2
Oats—No. 2 ....
. 102%
. 58
. 35 (a. 35
CHICAGO, May 10. From tbe man
ner in which the wheat market opened
to-day, the day’s session will be one in
which the smaller traders will ewen up
their position over Sunday. The May
was under pressure and sold %c be
low' the closing of yesterday.
Corn was %@%c better and firm.
Oats were stronger and %@%c higher
in sympathy with corn.
Provisions were firm. Trade small.
Offerings of wheat in the pit were
•mall during most of to-day’s session
nd this was the principal reason for
he strength In that market. The bears,
were afraid to make any decided stand
wing to the lack of subsoil moisture in
‘tfons of the winter wheat belt and
eports from Indiana. Ohio and Illinois
ai the wheat is not doing as farmers
ave looked for. Resting spots for the
■ ay were %@%c higher and strong.
Corn was up l *@%c for the day and
orts were active buyers with net ad
vances of %(&%, with the Mav showing
most strength
Provisions were a shade easier.
CHICAGO/GRAIN MARKET.
Grain quotations:
High. 1
WHEAT—
Previous
Close. Close
161'/,
20
23' 4
95 7 «
1543,4
131%
98'.
111%
22%
23
95%
May
July
Sept
CORN
May
July
Sept
OATS-
May
July
Sept
PORK
May....
July. ...
Sept....
LARD
I May. ...
'July. ...
Sept....
RIBS—
May. . . .
July.. . .
Sept....
89%
19.25
19.22%
19.07%
10.90
10.75
10.80
11.40
10.77%
10.85
19.15 19.35
19.22% 19-25
19.02% 19.07',
10.87%
10.75
10.80
10.02%
10.75
10.80
11.40 11.45
10.95 10.97%
10.86 10.85
9.141
INTERIOR MOVEMENT.
I 1913.
1912.
NEW YORK COFFEE MARKET.
Coffee quotations:
Houston. .
Augusta. .
Memphis. .
St. i/ouis. .
Cincinnati.
it tie Rock.
943
104
380
356
360
Total.
2,158
4,171
SPOT COTTON MARKET.
Atlanta, quiet; middling 11%.
Athens, steady; middling 11%.
Macon, steady; middling lie.
New Orleans, steady; middling 12 3-16
New York, quiet; middling 12c.
Philadelphia, quiet; middling 12.10.
Boston, quiet; middling 12c.
Liverpool, holiday.
Savannah, steady: middling 12c.
Norfolk, firm; midddilng 12c.
Augusta, steady; middling 12c.
Mobile steady; middling 11%.
Galveston, steady; middling 12%.
Charleston, quiet: middling 11%.
Wilmington, nominal.
Little Rock, quiet; middling 11%.
Baltimore, nominal; middling 12%.
Memphis, quiet; middling 12%.
St. Louis, dull; middling 12%.
Houston, quiet: middling*12c.
Louisville, firm; middling 12%.
Greenville, steady; middling 11%.
Charlotte, steady; middling 11%
COTTON SEED OIL.
Cotton seed oil quotations:
Opening. Closing.
Spot 6.92 @6.98
May 6.92@6.94 6.93@6.94
June 6.92©6.95 6.94@6.95
July 6.95@6.97 6.96@6.97
August 7.01 ©7.02 7.01 ©7.02
September 7.01 ©7.03 7.02©7.03
October 6.69@6.42 6.69© 6.71
November 6.38@6.42 6.40@6.42
January
February. . . .
March
April
May
June
July
August. ....
September . .
October. . . .
November. . .
December.
Closed steady.
I. 1.50<S) 11.52
II. 61 ra/11.53
. 11.48@11.55111.54 ©>11.55
.jll.48 1 1.54@11.55
.111.10 ill.15rall.20
• ! I11.22@11.23
. i 11.27 ill.30@11.35
• 111.35 .11.40@11.41
-111.45 U.50@ll.5l
. 111.45011.50'll. 49011.50
.,ll.45@ll.50il1.48@ll.49
• ill.45 1 1.48@11.49
CHICAGO CASH QUOTATIONS.
CHICAGO, May 10.-Wheat—No. 2 red
1.00@1.03. No. 2 red 95@98. No. 2 hard
winter 90%@92%, No. 3 hard winter
89%@91%, No. 1 Northern spring 91 @
92, No. 2 Northern spring 89@91, No. 3
spring 87@89.
Corn—No. 2 56% @57, No. 2 white
59%, No. 2 yellow 56% @57, No. 3 55%
@56%, No. 3 white 58%, No. 3 yellow
5B%@56%, No. 4 55%, No. 4 white 57%,
No. 4 yellow 55%.
Oats—No. 2 white 37%, No. 3 white
36%@37, No. 4 white Co 1 , @35%, stand
ard 37% @37%.
PRIMARY MOVEMENT.
WHEAT . 191.3 1912
Receipts 596,000 342.000
Shipments 454,000 455.00a
CORN—
Receipts 390,000 714.0fta
Shipments 564,000 530,000
CHICAGO CAR LOTS.
Saturday. Mondav.
Wheat 22 20
Corn 138 113
Oats 132 131
Hogs 6,000 41.000
THE WEATHER
WASHINGTON, May 10.—With the
exception of showers in the lower Ohio
River Vulley, fair weather will pre
vail to-night and Sunday east of the
Mississippi River. There will be frost
to-night from the lake region ard the
Upper Ohio Valley eastward and it will
be cooler in the South Atlantic States
It will be warmer Sunday in the upper
lake region and the Ohio Valley.
Storm wsrnings are displayed on the
Atlantic Coast from Norfolk to Hat-
teras.
GENERAL FORECAST UNTIL 7PM
SUNDAY.
Georgia: Fair to-night; cooler in
North and Central portions; Sundav fair
cooler Jn Southeast portion.
FRED W. ELLSWORTH PLANS
TO MAKE ADDRESS HERE
The Atlanta braach of the Ameri
can Institute of Banking will have
Fred W. Ellsworth, publicity mana
ger of the Guaranty Trust Cornpan
New York, as its "-uest May 15. T. w!
Townsend, of the Fourth Nation;* 1
bank has received a definite accept
ance from Mr. Ellsworth. May 11
is the regular meeting date of th *
local organization and Mr. Ellsworth
will be the speaker of the evening.
Mr. Ellsworth has a grasp on finan
cial subjects which places him among
the best.
Mr. Ellsworth was one of the firsc
members of the American Instltur *
of Banking as well as one of the mo«‘
prominent men Identified with ir.
From Atlanta he goes to Macon
where he is one of the prlncip?!
speakers scheduled to appear before
the Georgia Bankers’ convention Ma**'
16 and 17.
LIVE STOCK MARKET.
CHICAGO. May 10.—Hogs: Receipts,
6,000; market steady. Mixed and butch
ers, 8.30@8.55: good heavy. 8.30@8.50;
rough heavy, 8.10@8.25; light, 8.30@8.55;
pigs. 6.60@8.15; bulk. 8.40@8.50.
Cattle; Receipts, 100. Market steady.
Beeves. 7.25@8.96; cows and heifers. 3..»0
@8.40; stockers and feeders, 6.00@7.80,
Texans. 6.40@7.90; calves, 7.00@9.40
Sheejx: Receipts, 1,000. Market steady.
Native and Western, 4.60@6.50; lambs.
5.75 @8.60.
ST. LOUIS, May 10.—Cattle—-Receipts
100; fifteen Southerns. Market steady.
Native beef steers $5.76@’9.00, cows and
heifers $4.50@8.75, stockers and feeders
$5.25@8.00. calves $6.15@10. Texas sUers
$6.25@7.75. cows and heifers $4@7,
calves $5@6.50.
Hogs-- Receipts 2.600. Market 10c
higher. Mixed $8.40@8.60, rough $7.55@
7.85. lights $8.45@8.60, pigs $7@8.25. bulk
S8.45@1.55.
Sheep—Receipts 500. Market steady.
Muttons $5@7, yearlings $7@8, lambs
$7 @8.25.
December
Closed steady; sales, 2,900.
Tybee Opens May 24.
SAVANNAH.—The official season!
6.30@6.40 6 30@>6.36 at Tybee Beach will op^i for the|
summer on May 24.
SEMI=SUBURBAN
L0ANS===
$100,000 immediately
available to lend on
First Mortgage, in
amounts of $1,000 to
$5,000. Semi-subur
ban properties con
sidered if well im
proved.
WM. HDRD HILLYER
833 Equitable Bldg.
Main 1837. V