Newspaper Page Text
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„ 262ICI9BSI
1,111
TIF.ARST’S SUNDAY AMERICAN, ATLANTA, C,A.. SUNDAY, MAY 18, 1913.
NEED IF IN
PUIS HAVOC
WITH COTTON
Attention of Talent Is Focused
on Georgia and the South
eastern Belt.
BY M. A. ROSE.
Georgia and the Southeast gener
ally have attracted more attention
during the past week than ail other
cotton producing area.* combined.
Rain was the Imperative need of
the cotton crop of this section.
Drought and poor growing weather
were causing bad stand? and in some
rases, no stands at all. Much of
the propitious start seemed lost, and
while there still was time to replant
and make a crop, the outlook warn not
rosy.
General fains Friday changed the
situation. It is early to gauge exact
ly their full effect, whether they were
all that were neede, hut at any rate,
the outlook is much improved.
What Georgia needs worse than
anything else is a good cotton crop
this fall, with a fair price for the
staple. Unless replanting runs up
the cost of labor and of seen, ,his
will be the cheapest crop ever pro
duced in the State. Farmers are
making the old harness and the old
plow, the old mule and the old over
alls serve this year. If the soil
and the weather are kind, and a
good yield is forthcoming, obliga
tions hanging over from 1912 and
the relatively small obligations of
1913 will be wiped clean. Other
wise—w r ell it’s a long time ahead.
Let's expect the normal rather than
the abnormal.
Turning from the future to the
ph*sent, trade is slack, especially
trade based on forward deliveries.
Actual, week to week, requirements
hold up well.
Some of the banks have idle funds.
In the face of tight money and a keen
demand by borrowers, this Is some
thing of an anomaly. It is explain
ed easily. Anything even mildly
resembling a “plunge” is forbidden
the banks' customers.
“Take care of your normal trade.
Don't attempt any great expansion
until this cotton crop is picked,’’ is
Below are the highe.1t, lowoet and closing prices of stocks
on the New York Exchange Saturday, with the net change from
Friday’s close:
Clos.
Net
K. C. Southern
2*»
V.
STOCK—
H Igh.
Low.
Old.
Ch'g.
M., K. and T.
23'*
Va
Amal. Copper.
74
73%
’/»
do, pref.
60
60
59%
Am. Ice Sec
22
Am. Sug. Ref.
109
L. Valley
163%
Am. Smelting.
66%
66%
66'/ a
.
' H
L. and N. . .
131'/ a
*
'/.
Am. Locomo
3* 2
Mo. Pacific . .
34%
34'*
34'/,
*
%
Am. Car Fdy .
48' „
48'/«
48 ' a
•
'4
N. Y. Central
99%
99%
99' 4
'/,
Am. Cot. Oil...
40
Northwest.
129%
12934
129'/ 4
*
'4
Am. Woolen
18
•
/a
Nat. Lead .
1053*
105
Vt
Anaconda
37
37*4
37Vf
N. and W.
114',
114' ,
114'/,
*
Vt
Atchleon .
9#V„
99^
99< 4
'/,
No. Pacific . .
2»' 2
29'*
29
A. C. L
121
*
\ „
Penna
110%
110'/,
1103*
American Can
32'/*
32'/,
31%
H
Pacific Mall .
22%
22%
22%
do, pref.
92V*
921/2
92'",
•
H
p. a,, Co .
108' 2
'/.
Am. Beet Sug.
30'*
30/*
2»"i
'/«
P. Steel Car
24
Am. T.-T
128'*
128'4
128
'/«
Reading
160
159' .>
159'%
\'a
Am. Agrlcul.. .
48
v*
Rock Island
18%
17/4
173/,
»'4
Bethlehem Steel
'/•
do. pfd.. .
31
29'/,
29/2
%
B. R. T
91%
90%
90-*
•
'/«
R. I. and Steel
23
*
**
B. and O
98'/,
»«%
98'%
do. pfd.. . .
81
Can. Paclflo...
237'/ a
286
236
2'/ a
S.-Sheffield .
31
Corn Products
*
10'4
'/«
80. Paclflo. . .
»6'/«
96
96
'/»
C. and O
64%
64
64
%
80. Railway
24'/,
24'*
24'*
*
'/«
Consol. Gas
1293/ 4
do. pfd..
78'/,
76'/ 2
76
Cen. Leather. .
224.
223,4
22%
'/,
St. Paul'. . .
108%
106' *
106' 4
Colo. F. and 1.
31'/,
Tenn. Copper .
34' 4
*
V*
Colo. Southern
30
Texas Pacific
15
Vt
D. and H.
158
Third Avenue.
34/2
*
'/»
Den. and R. G..
19*4
18%
18%
H
Union Pacific .
149*
1489*
148*,
'/,
Distil. Secur. . .
151/j
U. S. Rubber
62%
62%,
62'/*
Erie
28%
28
28'/,
'/,
Utah Copper
505*
509,
60'/*
do, pref. . . .
43%
43
42' 2
Vt
U. S. Steel . .
60
59', 2
59'/2
'/,
Gen. Electric..
138
do. pfd.. . .
106
106
106
*
/a
Goldfield Cons.
2
'/«
V. C. Chem. .
... .
26
G. Western . . .
1334
W. Union * .
65
G. North, pfd..
126',.
126
126%
•
H
Wabash
2' 2
G. North. Ore . .
34' 4
34'/,
33
Vt
do. pfd.. . .
77,
7%
7/2
Int. Harv. (old)
103
W. Electrlo
61'/ 2
61'/ 2
61
Illinois Central.
115
115
114*4
*
Vt
W. Csntral . .
50'/,
Interboro
144,
14>„
14y.
W. Maryland .
38
V,
do, pref. . .
493.4
49 3 4
49*„
Total sales, 93,000 shares.
the advice handed over the marble
counters to the W'ould-be borrowers.
In this way, caution is enforced, and
while any one of the strong banks
could lend a million or so more than
it has loaned, the restricted policy
has bt'en followed so closely that
funds have accumulated to some
small degree.
Much gloom emanates from New
York Writers on ilnancial affairs
talk of foreboding 111 and of new
menace* they discern on the hori
zon.
This is nil very well, but what
;hey fall to point out is that they
are not the only sources of financial
wisdom. Business men of the
South, and presumably of other sec
tions, saw these signs long ago. They
have curtailed, economized, even
scrimped.
“Storms ahead!” shout the New'
Yorkers, and from their alarm it
might be thought that business is
careening ahead with all sail set
ready to capsize when the winds
break. As a matter of fact, there
is not a keen business man in the
Southeast who has not reefed and
trimmed sail
The cheap prices prevailing are at
tracting some few buyers of odd lots
of local securities. Georgia power
common and second preferred are
attracting considerable attention at
present levels.
Dealers in grain report heavy de
mand for cereals, particularly the
coarse grains. For some reason,
the Southeastern trade seems to have
turned largely to corn meal. The
flour trade has not been good, and
though showing some slight signs of
revival for the past week or so. is
for from prospering. Com, how
ever, is being sold in large quantities
and at firm quotations, 1 1-2 at 2
cents above recent levels. Oats and
hay are moving well at stronger
prices.
Millers are buying little wheat, and
this cereal is the weakest of the
list.
Few Price Changes
On News of Rain
Liverpool Closed and New York
Might Have Been for All It
Did, Says Ranlett.
By EDWARD LOW RANLETT.
NEW YOKK, May 17.—Helpful rains
In the Bantam belt did not cause much
depression in the cotton market to-day.
This partly confirmed the theory that
no extensive long account had been
formed on the dry weather talk. Karly
prices were from 2 to 6 points lower.
Subsequently the undertone steadied,
with shorts buying moderately.
Crop prospects at this time are re
garded as very favorable. Spot houses
continue to buy the distant deliveries
against future requirements.
The trading to-day narrowed down to
Muctuatlons of about 20 points. The
Liverpool market was closed to-day and
as far as public interest was concerned
the New York market might as well
have remained closed.
Cotton is selling in New York for new
crop deliveries something over 11 cents
a pound. This price would look high
if it had not been for the fact that more
than 30,000,000 bales had been taken by
the world’s spinners during the last 21
months at above this average.
From a speculative standpoint, per
haps, the market has little that would
attract the public, but the fact that cur-
iailment is going on of spindle produc
tions and the still more important fact
that no accumulation of goods is being
reported should discourage short sell
ing.
In the cotton goods division of the dry
goods trade there is a degree of con
servatism on both shies. Both buyers
and sellers are waiting for a positive
indication of what may be the effect of
tariff revision.
RANGE IN NEW YORK FUTURES.
My 111,45
.J’e |....
•J1V 111.56111.59 11.1
A’g {11.83(11.36|11.
.45111.45'11
I. .. . 111.
.54 11.58111.
33111.35,1 1.
Hpt {11.04 11.04 11.04 lAOl 11.
OH jl0.93H0.97 lQ.93 10.97 10
94 10.98110.
93*10.95 10
.02 11 03 11
kU
’ 10.5
D’c 10.95; 11.00 10
J’n 110.93110.96 10
Mh 111.0^1 11.0311
Closed steady.
! weather conditions continue favorable
1 from now on, a strong bullish sentiment
is likely to spring up especially as the
spot demand showH signs of reviving.
NEW ORLEANS COTTON.
NEW ORLEANS, May 17.—Official
reports of rain in the Atlanttcs, where
badly needed, gave an easier tone to
the cotton market to-day. Liverpool
was again enjoying a holiday, and con
sequently trade interests were inactive
encouraged by the rains reported in the
Eastern belt, the hear element attacked
the market rather aggressively fluring
the early trading, when October con
tracts sold as low as 11.07. At that level,
however, the market received- good sup
port, and a slight rally took place, in
sympathy with the strength of the July
position in New York, where shorts are
rendered nervous by the dwindling stock
of that market. •
Speculators who Tmve been selling the
distant months at the prevailing dis
counts find great difficulty in getting
hack their contracts when they attempt
to cover on any easy periods. Unless
r.
1
8 h i
V
<n
0
O
X
•4 1 M
0
Cm'J
Mv
12.21
13 aT 13 20 12:21
12 21-22 12 24
J’e
12.01- 03
12.04-05
Jly
11.411
1 1
HD 11.HG 11.99
11.98-99
12.01-02
A'g
11.55
11
67 11.66 11.67
11.56- 58
11.59-60
Hot
11.23-24
11.26-27
O t
11.07
11
10 11.07 11.08
1 1 OS-OH
11.12-13
Nv
U. 08-10
D’c
11.06
11.08 11.06 11.08
11.07-0HY1.11-12
J’n
11.10
11
11*11.10 11.10
11.10-11
11.14-15
F’b
j. ...
11.07-09
Mh
11.18*'
11 22-23
Closed steady.
Snot I
.Vfay
6.90@6.95
June
6.91 fli'6.96
July
6.94@ 6.97
August
7.02 @7.05
September .. ..
7.04 @7.06
October
6.75(^6.77
November . . . .
6.447/6.46
December . . ..
6.34@6.40
SPOT COTTON MARKET.
Atlanta, quiet; middling 11%.
Athens, steady; middling 11%.
Macon, steady; middling 11%.
New Orleans, quiet; middling 12 5-16.
New York, quiet: middling 12c.
Philadelphia, quiet; middling 12.10.
Boston, quiet; middling 12c.
Liverpool, holiday.
Savannah, steady; middling 12c.
Augusta, Hteady; middling 1.2c.
Norfolk, steady; middling 12%.
Mobile, quiet', middling 11%.
Galveston, steady; middling 11%.
Charleston, quiet; middling 11%.
Wilmington, quiet; middling 11%.
Little Rock, quiet; middling 11%.
Baltimore, nominal; middling 12%.
Memphis, quiet; middling 12%.
St. Louis, quiet; middling 12%.
Houston, steady; middling 12c.
Txjuisville. firm; middling 12%.
Greenville, quiet; middling 11%.
Charlotte, steady; middling 11%.
COTTON SEED OIL.
NEW YORK, May 17.—The cotton
seed oil market was firmer on scattered
speculative buying, light offerings and
in sympathy with the firmness in lard.
I Opening. |
Closing.
6.90016T
6.95@6.97
6.96@6.98
6.98@6.99
7.07(37.08
7.08(37.09
6.78(36.79
6.35 @6.40
Closed strong; sales, 3,600 barrels.
PORT RECEIPTS.
The following table shows receipts
at the ports Friday compared with the
same day last year;
1913.
1912.
New Orleans. . . .
1,689
3,466
Galveston
1,394
1,143
Mobile
12
38
Savannah
1,800
1,178
< 'harleHton
• 65
237
Wilmington . . . .
109
267
Norfolk
738
524
Pacific coast. . . .
3,959
Boston
109
94
Philadelphia . . .
29
Various
47
27
Total
9,950
7,474
INTERIOR
MOVEMENT.
| 1913.
1912.
Houston
1,121
515
Augusta
440
540
Memphis
498
919
St. Louis
480
484
Cincinnati
505
1,157
Little Rock. . . .
37
Total.
.| 3.044 | 3.655
BONDS.
NEW YORK. May 17.—Government
bonds were unchanged. Railroad and
other bonds were irregular.
May Wheat Tight,
Shorts Discover
Small Purchases Stir Market to
Fever Heat, Indicating the
Underlying Firmness.
NEW YORK COFFEE MARKET.
Coffee quotations:
j Opening I Closing.
.111.42® 11.46 11.
ST. LOUIS CASH QUOTATIONS.
Wheat—No. 2 red ..
Corn—No. 2
Oats—No. 2
..98 (3103
. 58%@ 59%
. 37 @ 37%
By JOSEPH F. PRITCHARD.
CHICAGO, May 17.—Conditions and
circumstances surrounding the wheat
market point to the fact that the shorts
In the May future are to be rounded
up, and this, too, without a great deal
of ceremony.
The tightness of the May future W’as
partially demonstrated to-day when 75,-
vO bushels were purchased against cash
-ales of wheat, which go to Buffalo. If
these small purchases stir the entire
market up to a fever heat, a real active
demand, with the offerings small, would
cause a runaway affair With the shorts
forced to remit for all damages.
Farmers seem to be willing to continue
is sellers of cash wheat;, as the receipts
at primary markets this week were 3,-
;-;29,000 bushels, and while that was 1,-
00,000 bushels smaller than the pre
vious week, it was 600,000 bushels in
excess of the corresponding period a
year ago.
Speculative trade in corn was at a low
bb to-day and price changes were the
narrowest in some time. No pronounced
weakness, however, w r as manifest.
»oats displayed considerable stubborn
ness and maintained yesterday’s prices
vith temporary weak spots. The May
delivery more than held its own, as it
was in demand from shorts.
Provisions showed considerable
strength and closed higher all around.
Previous
High. Low. Close. Close.
WHEAT—
May
90
89%
90
89%
July
88%
88',
88%
88%
sSept....
88%
87’,
88%
88%
Dec
. 90%
90%
90%
90%
CORN-
May
56
.55%
55’i
56
July
56',
55",
56 V
56
Sept....
. 56%
5654
56%
66%
Dec
54S4,
54%
54%
54%
OATS-
May
38%
38%
38%
38%
July
36 %
.25’,
364,
363,
Sept
. 35%
36%
359,
36%
Grain
quotations.
PORK
May....
19,80
19.75
19.75
19.80
July....
19.6214
19.45
19.60
19.42%
Sept....
19.40
19.30
19.35
19.20
LARD—
May....
11.06
11.00
11.05
11.02*4
July....
10.90
10.85
10.90
10.85
Sept....
10.95
10.92%
10 97*4
10.90
RIBS-
May....
ll.M
11.87*4
11.90
11.85
July....
11.15
11.10
11.12
11.07%
Sept....
11.00
10.97%
11.00
11.05
CHICAGO CASH QUOTATIONS.
CHICAGO, May 17.-^Wheat—No. 2 red
1.05(31.08, No. 3 red 95@1.01, No. 2 hard
winter 90%(392, No. 3 hard winter 90%@
92, No. 1 Northern spring 91(393, No. 2
Northern spring 90@91, No. 3 spring 88
@90.
Corn No. 2 56%@57, No. 2 white 59%
(360, No. 2 yellow- 56%@57, No. 3 56@
56%, No. 3 white 59@59%, No. 3 yellow
56% @56%, No. 4 55@55%, No. 4 white 58
@58%, No. 4 yellow 55% @56.
Oats No. 2 white 39%@39%. No. 3
White 38 1 1 @38. No. 4 white 36%(337%,
standard 39@39%.
January.
Kehruury 1 11-
March ;1147
April n
May 1120 U
June |D
July 11.25 11.
August Tl.33@ll.38 11.
Septemhei .... 'll.43
October 11
November. . . . ,11
December 'll. 43 11
40 @11
41@U
42@U
42 @11
I8u 11
19@11
20{£ U
30 (Fz 11
3i)(fl 11
39 @11
39© 11
39 @11
Closed dull. Sales, 12,250 bags.
NEW YORK BANK STATEMENT.
NEW YORK, May 17.—The weekly
statement of the New- York Associated
Banks shows the following changes;
Average statement;
Excess cash reserve $24,547,400. in
crease $7,606,900.
Loans, increase $14,004,000.
Specie, increase $2,958,000.
Legal tenders, increase $2,242,000.
Net deposits, decrease $8,538,000.
Circulation, increase $52,000.
Actual statement:
Ixians, decrease $3,238,000.
Specie, increase $4,735,000.
Legal tenders, increase $1,664,000.
Net deposits, increase $3,390,000.
Reserve, Increase $5,776,800.
LONDON STOCKS.
LONDON, May 17.—Trading in the
stock market* to-day was quiet. The
tone was heavy on Paris selling. Con
sols were 1-16 lower. The general list
was irregular. Discounts in Lombard
Street were 1-16 per cent easier. At
Vienna the rate w r as up 1-8 and at Paris
1-8 lower. Paris exchange on London
•%e higher at 25 francs 21% centimes.
Berlin rate % pfennig higher at 20
marks 45% pfennigs. Hand Mines 6
29-32; de Beers 22.
Frisco at Lowest
Level Since 1900
Rock Island Declines to Cheapest
Since 1908—Canadian Pacific
Loses Friday’s Gains.
NEW Y'ORK, May 17.—Only fractional
changes were recorded In to-day's short
session of the stock market, with the
exception of Canadian Pacific, Rock Is
land and Frisco common and second pre
ferred. Canadian Pacific lost all of
yesterday’s gain, presumably on profit-
taking sale# for the account of Berlin,
which was closed yesterday. 'Frisco
shares touched the lowest levels since
1900 and the Rock Island issues de
clined to the lowest since 1908.
It was reported that the Frigco had
found it expedient to rid itself of the
obligations to Chicago and Eastern Ill
nois stockholders by sharing its control
of that road with another system, pre
sumably the R^ock Island. These obli
gations amount to $1,207,040 yearly.
In midsession, an upward movement in
Union Pacific and Reading caused a
general advance, but the continued
weakness in Canadian Pacific, Frisco
and Chicago, Rock Island and Pacific, In
duced realizing just before the close.
Final prices were at substantial reces
sions from the midsession bulge..
Generally speaking, business in the
agricultural sections of the country -
good, while in the industrial and finan
cial East conditions are unsatisfactory.
OUTSIDE SECURITIES.
NEW YORK, May 17.—The trading
on the outside securities market to-day
was again quiet with prices holding
about steady. British-American Tobac
co was higher. Metal shares were ex
tremely dull, but with prices holding
steady.
BANK CLEARINGS.
NEW YORK. May 17.—Bank clearings
to-day $206,353,053, against $360,991,716,
a decrease of $64,638,663.
MONEY AND EXCHANGE.
NEW YORK, May 17.—Nothing said
in money. Posted rates: Sterling ex
change. 4.86%@4.87, with actual busi
ness in bankers' bills at 4.8670 for de
mand and 4.8640 for sixty-day bills.
BAR SILVER.
NEW YORK. May 17.—Bar silver In
London to-day was 1-16 penny lower at
28d per ounce. To day’s New York price
was %c lower at 60%c. Mexican dollars
were 48@ 52c.
NAVAL STORES.
SAVANNAH. May 17.—The final call
in turpentine was firm at 36%c, sales
totaling 1,035 barerls.
The final call in rosins was firm at
asked price unchanged from yesterday.
Total sales were only 21 barrels, these
being on N to WW.
Rosin to-dav firm: WW 6.75. WG 6.60.
N 6.25. M 5.65, K 5.20, 1 4.90, H
4.80, G 4.75, F 4.70. E 4.65. D 4.60, B 4.55.
NEW ORLEANS RICE.
NEW ORLEANS, May 17.—A better
feeling is in evidence in the rice mar
ket, the tone being strong. Following
are the quotations on the leading
grades:
’Honduras. Japan.
Head 4%@5% 3%@4
Straights 3%@4 3@3%
Screenings 2%@3% 2%@3
White City Park Now Open
Have You
Sold Your
Automobile?
If you have a good car but
want a better model, you can ^
dispose of It through the Au
tomobile Columns of the
“Want Ad” Section. If you
desire to purchaser a car but
do not want to pay the price
of a new one, or if you want a
particular kind of car at a
-t ■
price you can afford to pay,
watch these columns and you
will eventually find what you
want.
ALWAYS
GOOD
Distributed 10 Merchants from 106 Whitehall St., Atlanta, Ga,
Latest Reports From the World’s Great Markets—Cotton, Grain, Stocks
Saturday’s New York Stock Market