Newspaper Page Text
IIKARST'S SUNDAY AMERICAN, ATLANTA, GA„ SUNDAY, MAY 11, 1013.
7 C
News and Views by Experts of Finance 9 Industry, Crops and Commerce
Saturday's NewYork
Stock Market
\\ heat Crop, Reform of Currency
Plans, Small Borrowing, Tariff Out
look Balkan Conditions and Securi
ties Market All Give Fair Promises.
The following table shows the
highest, lowest, and closing
prices of stocks sol(j on the New
York Stock Exchange Saturday,
together with the net change
from Friday’s close:
SPINNERS USING UP
RESERVES RAPIDLY
No. 2 Foundry Sells Around
Twelve Dollars, Which Is Not
Far Above Cost.
By B. C. FORBES.
NEW \ORK, May 10.—These developments of vital impor
tance and oi’ rich encouragement can be chronicled this week:
1. The government’s carefully compiled re
port on 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 cognizance 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
that has been proclaimed in these
articles. Let us enumerate them:
1. The European scramble for gold I
continues. France has paid an ab- .
normal premium to take $6,000,000 j
gold from New York and threatens j
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 1
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
i he 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
4. The problem of dissolving the
Harriman railroad system la 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
be clear, even to those who pride
themselves upon their unfamiliarity
with “Wall Street.” Either another
banking syndicate or a receiver would
seem 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
truth 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
is still some distance from the stat
ute books.
74 7 h
6S} 8
32
38
99 * 8
120'/ 2
32^4
923 4
973
240'
130
151
28% 28
24
STOCK— High.
Amal. Copper.. 75
Am. Ice Sec
Am. Sug. Ref
Am. Smelting.. 67 R
Am. Locomo. . 32%
Am. Car Fdy
Am. Cot. Oil
Am. Woolen
Anaconda .... 38
Atchison 99%
A. C. L 120*/a
American Can.. 32%
do, pref. . 94
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
Cen. Leather
Colo. F. and I.. * . . .
D. and H 152%
Den. and R. G
Distil. Secur
Erie
do, pref
Gen. Electric..
Goldfield Cons. 2
G. Western.
G. North, pfd. .
G. North. Ore.. 34
Int. Harv. (old) ..
III. Central
Interboro
do, pref. . . 50
Iowa Central.. ..
K. C. Southern. ..
M. . K. and T
do, pref,
L. Valley.
L. and N
Mo. Pacific
N. Y. Central 99
Northwest
Nat. Lead
N. and W
No. Pacific
O. and W
Penna. . . .
Pacific Mall
P. Gas Co. .
P. Steel Car
Reading . .
Rock Island
do. pfd
R. I. and Steel 23% 23
do. pfd
S. -Sheffield
So. Pacific.
So. Railway.
do. pfd.. .
St. Paul . .
Tenn. Copper
Texas Pacific
Third Avenue
Union Pacific. 148% 148'%
U. S. Rubber. 63
Utah Copper
♦ ' «
•1%
Clos. Net
Low. Bid Ch’ge.
74% - %
15% • %
110%
66%
32
48' 4
42
17%
373/4
99%
120
32%
92%
30' 4
12734
49
89', 2
97%
241%
10%
63%
130
22%
31
150%
15% ....
16% ....
28% - %
43
13734 ....
1% ....
1334 - %
126
34
104
113% ....
113% ....
59% ....
7 ....
2334 ....
24 ♦ %
60 *1
- %
-1
493£
154% 154% 154%
131
347/ 8
98%
129%
47
105%
114
28%
111% 111% 111%
22' '4 22% 22
109
24%
161% 160% 160%
19%
20
19%
%
%
»/4
%
* %
•1%
• %
3234 - %
23
COTTON SEED OIL.
2W YORK. May 10--The cotton
oli market was quiet to-day with
>s barely steady on local profes-
il buying and with the fir™? 6 ®;:
>n. Sales. 2.900 barrels. Tenders
■ontract were 1.000 barrels making
>tal of 15,500 barrels so far this
Ulnae* Spot, 6.92@6.98. May.
16.94: June. 6.9400.95: Jul ?\ S
August. 7.050 7.07; September. 7.02
13" October. 6.69(66.71, November,
$6.42; December, 6.30@6.36.
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 will 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-wow’s” 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
is 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.
FRED vO~LLSW0RTH PLANS
TO MAKE ADDRESS HERE
The Atlanta branch of the Ameri
can Institute of Bankine will have
Fred W. Ellsworth, publicity mana
ger of the Guaranty Trust Company.
New York, as its 'niest May 15. T. W.
Townsend, of the Fourth National
bank nas received a definite accept
ance from Mr. Ellsworth. May 15
is the regular meeting date of the
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 first
members of the American Institu ■
of Banking as well as one of the most
prominent men identified with it.
From Atlanta he goes to Macon
where he is one of the principal
speakers scheduled to appear before
the Georgia Bankers’ convention May
16 and 17,
95% 953 4
81%
29%
95%
243<4
76%
107% 107% 106%
34%
15%
34%
148%
62
51%
59%
51%
5934
106
28
65
62%
51%
59%
10534 1053' 4
28 28
65
U. S. Steel,
do. pfd.. .
V. C. Chem.
W. Union
Wabash. . .
do. pfd.. .
W. Electric.
W. Central.
Total sales, 68,000 shares.
•Indicates gains; -Indicates losses.
9% 9%
64%
3
9%
61%
50
%
Threat of Action
Depresses Stocks
•
Anthracite Issues Weak on Prospect
of Federal Suit—Trade Re
ports Are Mixed.
NEW YORK, May 10.—The stock mar
ket to-day was strictly professional and
quiet as is the usual Saturday half
session. Announcement of the contem
plated action by the Government against
the Reading, Erie, Lehigh Valley, Lack
awanna, Jersey Central and Susquehan
na roads under the anti-trust act had
a depressing effect on the Anthracite
issues and the declines affected the gen
eral list.
The heavy tendency in United States
Steel common was associated with re
ports that the tonnage statement pub
lished after the close of the market
would not come up to earlier expecta
tions.
The week-end statistics bearing upon
financial and industrial conditions, while
somew hat mixed, were on the whole re
assuring. The commercial agencies re
ported a marked increase of confidence
in the West and South resulting from
the favorable crop conditions.
Despite this, diminished bank clear
ances throughout the country amount
ing to 7.8 per cent are an Indication of
somewhat lessened industrial activity.
The reduction in earnings, however, is
due almost entirely to a heavy falling
off at New York as all important interior
cities with the exception of New Or
leans show increases over the preceding
year.
NEW YORK BANK STATEMENT.
NEW YORK, May 10.—The weekly
statement of the New York Associated
Banks shows the following changes:
Average statement:
Excess cash reserve $19,940,500: in
crease $1,537,850.
Loans, decrease $6,832,000.
Specie, decrease $836,000.
Legal tenders, increase $91,000.
Net deposits, $10,939,000.
Circulation, increase $233,000.
Actual statement:
Loans, decrease $17,323,000.
Specie, decrease $3,971,000.
Legal tenders, increase $3,868,000
Net deposits, decrease ». 17,479.000.
Reserve, increase $3,846,960.
NEW ORLEANS. May 10.—Recent
rains in Texas having relieved
droughty conditions in that part of
the belt, speculative attention has
been directed to the conditions pre
vailing in the eastern half, particu
larly Alabama. The weekly weather
report issued by the Government
Tuesday having stated that rain was
needed in Alabama, Georgia and the
Carolinas, the bulls have been mag
nifying this feature of the crop sit
uation, and have kept tlie 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 come 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
h^I the situation under their control.
If crop reports continue 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 lack of spot demand. Within
the last day or so. there has been
some scattered buying throughout the
belt, but, taken as 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
shlpnfyent, but, of course, 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,
continue to show a decided falling
off as compared with last year. Inas
much as Neill Bros., of London. In
sist that the minimum consumption
will be 14,750,000 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 spotholders to relax their
grip upon their holdings of actual
cotton uid to put it upon the market
at a much lower level of values.
Hence, the deadlock between the
spinner and the spot owner present-
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.
MONEY AND EXCHANGE.
NEW YORK. May 10.—Money on call
nominal. No loans. Time loans easier;
sixty and ninety days 3% @4 per cent;
six months 4% @4%. Prime mercantile
paper 5@6% per cent. Sterling exchang
easier at 4.83 for sixty-day bills and 4.86
for demand. Commercial bills 4.82%.
BANK CLEARINGS.
NEW YORK, May 10. -Bank clearings
to-day were $276,796,708, against $347,-
294,206 a year ago; decrease. $80,497,498.
LONDON MONEY.
LONDON, May 10.— The Stock Ex
change was Hosed to-day for the Whit
suntide holiday. Discount rates in Lom
bard Street were 1-1.6 per cent easier.
Vienna discounts were % per cent firm
er. Paris exchange on London advanced
% centime to 25 francs 20% centimes.
Berlin rate % pfennig lower at 20 marks
^4 pfennigs.
MEMPHIS. May 10.—Crop reports
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 nighty 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 1 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 jl 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, which means 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.
U. S. STEEL STATEMENT.
NEW YORK. May 10. The United
States Steel Corporation, in a state
ment issued to-day, reports unfilled or
ders on its books as pf April 30 of 6.978,-
762 tons. This compares with 7.468.956
tons on March 31, 7,656,714 tons on Feb
ruary 28, 7.827,368 tons on January 31
and 5,664,885 tons on April 30, 1912.
HAVE ft BAD WEEK
Field Agents Report Serious Need
of Rains—Much Cotton Must
Be Replanted. .
Liverpool Closed,
Map Governs Board
Traders Find Food for Thought in
Lack of Promised Rains in
Eastern Cotton Belt.
By EDWARD LOW RANLETT.
NEW YORK, May 10. The volume of
trade ir. tlie cotton market to-day wus
limited, and at times the market was
devoid of feature. Nevertheless a steady
undertone was shown. Early prices
were from 1 to 3 points higher, which
gains were enlarged upon slightly in
the subsequent dealings. Cotton closed
firm, with offerings very light.
The map showed that no precipitation
occurred in the Eastern States over
night. This disclosure produced scat
tered short covering. The tendency
was, however. <0 even commitments
over the week-end. Liverpool was
closed In observance of the Wnitsuntide
holiday.
There has been a somewhat improved
tone to the cotton market during the
week and prices showed a great d« al of
resistance to soiling pressure which at
times continued to be in evidence. 'Hie
fact that the low records of last Wed
nesday were not quoted again during the
week’s trading should be worth at least
some consideration, the more so as crop
prospects continue to be favorable all
over the belt. This steadiness in prices
may he explained by an overextended
short interest which has been gradually
created during the last few weeks and
the propitious weather In the South has
so far not stimulated any profit-taking
on the part of the shorts, at least not
to any important extent.
Another item of importance is the pos
sibility of a noteworthy reduction of our
local stock. It can be said with a fair
amount of certainty that oft he 40,000
bales taken up by I.iverpool houses, a
great portion is likely to be shipped
abroad The almve amount of cotton is
new being classed over by the new
owners and it wifi be decided by these
j classification results how mucm of this
cotton will be transferred to the other
. side and how much will be retendered
j on July contracts. In any case, the
; shipment of a large part of this cotton
I may lend great strength to the July and
I August options, especially as cotton can
s not be brought to New York except at
considerable loss.
Planting all over the belt has made
splendid progress and is nearing comple
tion. The Eastern belt has not had
I any precipitation for some time,
j The cotton goods division of the dry
goods market, while indicating conserv-
! at ism on the part of both buyers and
sellers, with some extreme caution on
1 the part of spinners in the way of shut
1 ting down, does not yet indicate that the
tariff is greatly feared
RANGE IN NEW YORK FUTURES.
1
1
f 1
5
ti a
►3 If. 1
•
0
0
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
the last week of April and the first
of May militated against getting a
good stand of cotton. A great deal
w ill 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 v.ery 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.
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Dc. |10.98 11.08 10.98 11.08 11.03-04 10.97-98
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Lumbermen Bewail
Bad Car Shortage
Cannot Move Orders to Markets in
Central Territory—High Water
Aids Cypress Men.
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 cast side, especially on
the Mobile & Ohio and the Illinois
Central is causing much loss and an
noyance to jnill operators.
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 show'ed weakness and
prices declined notably. In some in
stances saps went down $1 to $2
per thousand B. M. The domestic
demand for pine crosslies 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.
Closed steady.
NEW ORLEANS COTTON.
NEW ORLEANS. LA., May 10.—With
Liverpool closed, onaccount of the
Whitsuntide holidays, the cotton mar
ket to-day drew its inspiration from the
fields. The reports coming in, especially
from Georgia and Alabama, were any
thing but favorable, complaints being
general of lack of moisture and of cool
weather having prevented germination.
A crop expert, now traveling in that
section of the belt, confirmed reports
as to the backwardness of the crop, say
ing that fully 25 per cent of the crop
was not yet up. The weather map,
being dry, afforded no encouragement to
the bear element, which had hammered
the market down yesterday on a visi
ble supply statement showing compara
tively small spinners’ takings for the
past week. When the official forecast
for fair and cooler weather in the At-
lantics was posted, leading bulls be
gan to bid the market up on shorts,
who covered freely before the close. On
the close, July contracts sold at 12.03,
which is the high point reached on the
recent upward movemnt of pries.
NEW ORLEANS COTTON.
Quotations In cotton futures:
Open
il Mu
V
«
0
U
► K
E r j
My
12.15
12.20 12.15112.20; 12.20-22T2.13-14
1 . . . 112.06-08 U.97-98
Jy
11.93
12.03111.93112.03| 12.02-03'11.93-94
Ag
Sp
Oc
Nv
11.52
11.61 11.52I11.61 lt.6t-63lll.58-54
i. . . . i ;11 28-30ill.20-21
11.09111.16111.09111.16 11.16- 11.08-09
: 11.16-18:11.08-09
Dc
11.09
11.16 IT.09111.16 11.16-16 11.07-08
Jy
11.16
ll.16illT6ill.16 11.19-21 11.18-19
Fb
1 111.16-181
Mr
...?.| 1 jll.26- |
Closed firm.
PORT RECEIPTS.
The following table shows receipts
at the ports Saturday compared with
the same day last yeai
j 1913. j 1912.
New Orleans
Galveston. .
Mobile. . . .
Savannah. .
Charleston. .
Wilmington.
Norfolk. . .
New York. .
Boston....
Philadelphia.
Pacific coast
Various. . .
3.294
1.439
204
2,463
375
52
627
340
Total.
9,141
2.195
1,761
707
1.196
1,665
168
753
‘ii'
5«i
55
T6T2 -
INTERIOR MOVEMENT.
I 1913. | 1912.
Houston. . .
Augusta. . .
Memphis. . .
St. Louis. .
Cincinnati. .
ttle Rock.
948
104
380
336
360
1,028
647
1,275
883
793
145
Total.
2,158
4.S71
SPOT COTTON MARKET.
NEW YORK.
High
I Net
Low | Close IChange
Week’s Cotton Range
May ..
July ..
October
11.50 11.25
Friday M'ndayill.47-48
| 11.62 | 11.35 ! '.
Friday M’ndaylll.69-80;
j 11.06 10.83
|Friday M’nday 11.16 — |
NEW ORLEANS.
—.12
— .14
’ —.io
I Net
[Change
May ...
July ...
October
High Low Close
PGT2© f11.97 | !
: Sat. M'nday 112.20-22 20
12.03 11.75
I Friday M’nday 12.02-03 .20
11.1.8 10.94 1
Friday 'M’nday111.16 .15
Atlanta, quiet; middling 11*%.
Athens, steady; middling 11%.
Macon, steady; middling 11c.
New Orleans, steady; middling 12 8-16
New York, quiet; middling 12c.
Philadelphia, quiet; middling 12.10.
Boston, quiet; middling 12c.
Liverpool, holiday.
Savannah, steady; middling 12c.
Norfolk, firm; midddllng 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%.
E
TRftDE
BOTHER SLftCK
The Between-Seasons' Dulness
Settles Down on Business,
Though Not Too Rapidly.
BY M. A. ROSE.
Something akin to betv\ ».?en-sea
sons 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, show ing 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 will 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 the 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
which w'as 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 w r ho will be needing big lines
before the season begins have not
placed an order. They want to wait
and see If the new bill wdll cause any
reduction in prices. With no orders,
stocks are piling up at the mills.
But the mills feel certain of their
position. No matier 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
I the markets.
A carload of oranges, 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, w’hich 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. Apple* 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.
Lack of Moisture
Is Kansas Report
Bears in Wheat at Last Hear New*
Which Is Not to Their
Lacking.
By JOSEPH F. PRITCHARD.
CHICAGO, May 10.—The bears in the
Chicago wheat market are short of the
necessary backbone to put out big short
lines and “stand pat” with the one idea
that wheat must sell lower.
Captain J. M. Phillips, the Kansas
bonanza farmer, Is one of these. He is |
1 decided bear on wheat because of the
most promising outlook in history.
“But,” said the captain, "my ad
vices from Kansas report a lack of sub
soil moisture. The plant is maturing so
very rapidly that it is drawing the
moisture out of the ground in an alarin-
g manner. Unless there are good
rains during the present month there
.ill be a howl from the Southwest that
will be heard all over the country.”
There are a great many simulators
who view the situation through the same
d of spectacles
Those in the trade who refuse to take
1 dl.v to the bull side of the wheat mar-
et, but who refuse to make a firm
•and as bears, advance the opinion that
p exas will commence cutting wheat by
May 25. Southern Kansas will begin
about the middle of June.
In coarse grain oats was the leader.
Cash prices were higher in all markets,
but the trade was small at Chicago at
110.000 bushels.
Pronounced strength was shown in
corn with the May delivery leading in
the upturn. With the exception of
Peoria, which was unchanged for corn,
the Western markets were all sharply
higher
There was an easier tone in (he mar
ket for hog products at the opening, but
iere was sbme recovery as the day
wore away, but the volume of business
n the whole w-as rather small.
CHICAGO GRAIN MARKET.
Grain quotations:
Previous
High. Low. Close. Close
WHEAT—
May 89% 89 89 % 89%
July 90 89% 89% 89 %
Sept 89% 89% 89% 89%
CORN—
May 56 65% 55% 55%
July 56% 66 56% 56
Sept 57% 56% 57 56%
OATS—
May 37 35% 46% 36%
July 35% 35% 35 Vi 86
Sept 35% 35% 35% 35
PORK—
May.... 19.25 19.15 19.15 19.35
July.... 19.22% 19.10 19.22% 19.26
Sept.... 19.07*4 18.92% 19.02% 19.07%
LARD—
May.... 10.90 10.87% 10.87% 10.92%
July. ... 10.75 10.77% 10.75" 10.75
Sept. ... 10.80 10.75 10.80 10.80
RIBS—
May.... 11 40 11.40 11.40 11.45
July.... 10.77% 10.92% 10.95 10.97%
Sept. ... 10.85 10.77% 10.85 10.85
CHICAGO CA$H QUOTATIONS.
CHICAGO. May 10.-Wheat—No. 2 rciL
1.00 @1.03. No. 2 red 95@98, No. 2 hard.^
winter 90%@92%, No. 3 hard winter
89%@9l%, No. 1 Northern spring 91@
92, No. 2 Northern spring 89®91. No. 3
spring 87@89.
Corn—No. 2 56% (ft 67. No. 2 white
59%, No. 2 yellow' 56 % ©57, No. 3 55%
@56%, No. 3 white 58%. No. 3 yellow
56%@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 35%@35%, stand
ard 37% @37%.
PRIMARY MOVEMENT.
WHEAT— 1913 1912
Receipts 596.000 342,000
Shipments 454,000 455,000
CORN—
Receipts 390,000 714.000
Shipments 564,000 530,000
CHICAGO CAR LOTS.
Saturday: Monday.
Wheat 22 20
Corn 138 113
Oats 132 131
Hogs 6,0(10 41,000
ST. LOUIS CASH.
ST. LOUIS, May 10.—Grain prices
fractionally higher. Cash No. 2 red
wheat 1.04%, No. 2 corn 58, No. 2 oats
35%.
LIVE STOCK.
CHICAGO, May 10.—Hogs—Receipts
6,009. Market steady. Choice light 8.45
@8.55, light mixed 8.40@8.50. prime light
butchers 8.40@8.50, prime medium butch
ers 8.35@8.40, prime heavy butchers 8.35
@8.40, heavy packing 8.25@8.35, mixed
packing 8.29@8.30.
Cattle—Receipts 100. Market steady.
Good to choice steers 8.25(fi'9.00, fair to
good steers 7.35@8.25, fair to choice
vealers 8.f>0@9.00, feeding steers 7.25@
8.00. heavy calves 7.50@8.50, Stockers
6.50@ 7.75.
Sheep—Receipts 1.000. Market steady.
Native lambs 8.00(6 8.40. fed lambs 8.25
@8.50, clipped lambs 7.00@7.75, feed
ing lambs 7.50@8.00, shorn wethers 6.00
@6.50, shorn ewes 5.75(6)6.25, shorn year
lings 6.50@7.25.
NAVAL STORES.
SAVANNAH, GA.. May 10.- The
opening call i nthe turpentine market
was firm, the prices being unchanged
on the lack of early sales. The final
NEW YORK COFFEE MARKET.
Coffee quotations'
LIVERPOOL.
High
Low Close
N-M
|( ‘hange
6.38
%
January- .
February. .
March. . .
April. . . .
May. . .
Mune . . .
July . . .
[August.
i'Septem ber
October. .
November.
December.
I Opening. | Closing.
.. [ll.60@11.52
jll.51@ll.53
1.55)11.54@11.55
ll.54@ll.55
ll.15@ll.29
! 11.22 @11.23
11.30@1I.35
11.40@ 11.41
|U.50@1F61
.50.11.49611.50
50 ll.48@Tl.49
ill.48@ll.49
THE WEATHER.
WASHINGTON, May 10.—With the
exception of showers in the lower Ohio
River Valley, fair weather will pre
vail to-night and Sunday east of the
Mississippi River. There will be frost
to-night from the lake region and 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 warnings are displayed on the
Atlantic Coast from Norfolk to Hat-
teras.
GENERAL FORECAST UNTIL 7 P. M.
SUNDAY.
Georgia: Fair to-night, cooler in
North and Central portions; Sunday fair,
cooler in Southeast portion.
markets for the day were good, the
totals being respectively 900 and 1,585
barrels. Rosins, at the opening, were
firm on I, and above* w-ith H and below
unchanged at the asked prices of yes
terday. Seventy-five barrels of the
grades from I and above were sold. The
close was firm all around with price*
unchanged on additional sales of 638
bales barrels.
Spirits turpentine closed firm, 37%c,
Rosins 1 n. m. to-day, firm. WW,
6.60; WG. 6.36;*N, 6.10; M, 6.00; K, 6.50;
I. 5.05; H, 4.85; G. 4.75; F, 4.65; E, 4.65J
D, 4.55. Sales total 708 barrels.
ST. LOUIS, May 10. -Cattle—Receipt*
2,800 head, including 100 Texans. Mar
ket steady. Native beef steers 5.75@9.00,
cows and heifers 4.50018.75, stockers and
feeders 5.25@8.00, Texas and Indian
steers 6.25@8.50, cows and heifers 4.00(8)
7.00, calves in car load lots 5@6.50.
. 11.48(0)11.1
.'11.48
.11.10
’. 11.27
.11.35
. 11.45
. 11.45&1
. 11.45$]].!
.’11.45
NEW ORLEANS RICE.
NEW ORLEANS, LA., May 10. A
better feeling has developed in the rice
market, and the week closed with a
strong tone. Prices on the leading
grades are as follows:
Honduras. Japan.
Head 4%@ 5% 3% @4
Straights 3%@4 3 @3%
— 2%#3
Screenings
. 2 % @ 3
Closed steady
BONDS
NEW YORK, May 10.—Government ,
bonds were unchanged to-day Rail-'
way and other bonus wwfcvYm*
SEMI-SUBURBAN
LOANS—
$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.
W1W. HURD HILLYER
833 Equitable Bldg.
Main 183 V