Newspaper Page Text
HKARST’S SUNDAY AMERICAN, ATI ANTA GA., SUNDAY, MAY IS. 1013.
7 C
News and Views by Experts of Finance, Industry } Crops and Commerce
FS' RULE OUTLOOK
AS FOUKS VIEWS IT
Condit ions, However, Promise to
Work Out Without Mishap, Says
Writer —Sees Encouragement in
Plan of Congress to ReformCurrency
By B. C. FORBES.
NEW YORK, May 17.—A few “it's” are
necessary in discussing financial, railroad and
business prospects, but on the whole conditions
promise to work out Without undue mishap.
IF proper currency legislation can be as
sured before the fall pressure for money, the
United States will probably enter a bootn period.
IF the railroads obtain permission to charge
•3 per cent more for carrying freight.
IF the tariff law, as finally passed, does not
work widespread havoc.
IF investors can be induced to shake off their timidity and
buy securities.
IF the crops do reasonably well, and
IF, of course, no terrible war breaks out involving the United
States or any other great power.
From headquarters in Washington
NEW ORLEANS. May 17.—Com
plaints of irregularity in prices were
Head of Trust Relates Growth of
TAMES A.
FARRKL
ij, who
heard on all sides last week in the
J begun ;i
s a common la-
lumber trade. The wholesalers per-
• Export Business, . Almost
borer in a st«
>el mill at
fifteen
sistently attempted to force the mar
ket down, charging that the manu-
Tripled in Nine Years.
and at. fifty
is prexii
ent of
faeturers were holding up quotations
the Billion 1
tollin' Ste
•1 Cor-
unwarranted ly. The manufacturers
and timber men generally charged
that the wholesalers were trying to
American steel girdles the world
i pore tion.
assurances are being received that
currency reform will be 'energetically
undertaken by Congress, and that
Democratic leaders are quite hopeful
of placing a satisfactory measure on
the statute books before adjourning.
To Make Market for Paper.
The expectancy is that the law will
be less revolutionary than the Aid-
rich plan and that there will be no
insurmountable opposition to it, either
from political or banking interests.
One prime necessity is to make our
hundreds of millions of commercial
bills mobile— that is. capable of be
ing taken from one bank to another
and freely rediscounted, as is done
in all the leading countries of
Europe.
From very responsible sources T
learn that the Interstate Commerce
Commission is disposed to lend an
open car to the Eastern railroad
supplicants for better rates and that
the policy of continually whittling
down specific schedules will be
changed.
Such action would not only re-es
tablish the credit of the railroads, but
would enable them to undertake sqch
extensions and improvements as the
growth of this young country de
mands—which, in turn, would mean
extensive orders for all kinds of ma
terials and a large “amount of em
ployment. -
Administration Criticised.
President Wilson’s administration
is exciting bitter criticism because of
reckless and inflammatory threats
made against business men.
“If we deprive you of every ounce
of protection you have heretofore en
joyed, without opening up for you,
through reciprocity, any broader mar
kets abroad and you should dare to
discharge any of your men, or lower
wages, we will slap you into prison.
“You must keep your plants run
ning at full steam, no matter how
hard you are hit by free trade.”
That in substance is the menacing
talk coming from the Wilson Cabi
net.
“The new’ freedom which Mr. Wil
son said he would champion,” re
marked one business man. “does not
seem to be a yard wide—only 18
Inches. He is to sign a bill, his
friends declare, exempting combina
tions of labor and farmers from pros
ecution under the Sherman law’; that
is certainly a new kind of freedom
in this land of supposed equality.
“The industrial employers, how
ever, like the ’ railroads, are to have
their receipts cut down by the Gov
ernment. but are not at liberty to
bargain with their employees—except
as to how many millions shall be
added to wages.”
Farms Doing Splendidly.
Fortunately, agriculture is doing
splendidly. As anticipated, we are
exporting as much as possible—the
shipments of farm products last
month were abnormally heavy—and
imports w r ill undoubtedly continue 10
decrease.
The tension between the United
States and Japan over California’s
attitude is disquieting, but the finan
cial community remains calm. Nor
is any general upheaval In Europe
now acutely feared.
Sentiment in Wall Street has be
come. not cheerful, but a little less
gloomy, notwithstanding that Fri
day’s stock sales were the lightest for
any day this year.
The reduction in the New Haven
Railroad dividend from 8 to 6 per
cent was so fully expected that no
fresh liquidation resulted. Stockhold
ers will have reason to be thankful
if even 6 per cent can be maintained.
There are rather definite rumors
that the Union Pacific-Southern Pa
cific entanglement has been straight
ened out to the satisfaction of all
parties. This news is almost too gold
to be true.
CITIES SPEND MUCH MONEY.
WASHINGTON, May 17.—A pre
liminary statement of a special report
on finacnial statistics of the 193 cities
having an estimated population of
over 30,000 issued by the director of
the Census Bureau shows the follow
ing figures:
Total revenue receipts. $804,888,228;
from general property tax, $480,349.-
190; from public service enterprises,
$85,163,030; from other revenues,
$233,121,706.
Payments for costs of government,
$928,211,013: costs of current opera
tions, $510,807,917; expenses of public
service enterprises. $36,075,962; other
expenses, $474,731,955; interest, $100,-
722,561; costs of permanent properties
and public improvements, $316,680,-
535.
Indebtedness, without deductions
sinking funds. Amount outsand-
ing at close Qf year. $2,625,852,148;
amount incurred during year, $568,-
087,210; amount discharged during
year, $380,611,735.
Iron Production
May Be Curtailed
Prices Sag Below $12 for No. 2
Foundry, Which Is Close to
the Cost Line.
BIRMINGHAM, ALA., May 17.—
The month of May promises to pass
olT without any perceptible improve
ment in the pig iron market and soon
there will be necessity for curtail
ment of production. Unfilled orders
are light. Quotations are weak, the
$12-per-ton price, No. 2 foundry, not
being maintained. The make is strong.
While three or four furnaces lost
some time this month because of re
pairs, the make for May in the South
will be good, though not quite as large
as it was in March and April. There
is considerable iron going to the fur
nace yargs in’ the Birmingham dis
trict. When iron goes under $12 per
ton. No. 2 foundry, the edrt line is
being approached,
A few hunderd tons of pig iron
have been sold in the Birmingham
district for export. The tonnage was
not large enough to create any ex
citement.
There is not a healthy home con
sumption of pig iron. Cast iron pipe
people are not melting as much iron
as they were a year ago. Prospects
in the pipe world in this section are
not being realized as quickly as some
expected. Cast iron pipe prices hold
strong but the demand is not as
healthy as it might be.
Foundries and machine shops are
also handling less iron than was ex
pected they would be by this time.
Though announcement is mad* that
unfilled orders for steel products are
low, there is a steady operation of the
various plants and the shipments
equal the make. Steel rail manu
factured at Ensley in the big plant
of the Tennessee Coal, Iron and Rail
road Company, is being used exten
sively by Southern railroads. The
confidence is remarkable. Good
prices obtain for steel products; in
fact, there has been but little change
in the steel quotations for many a
day.
Week's Range
In Cotton Rings
NEW YORK.
May ..
11.59
11 .38
11.44-46
Monday
Friday
— .3
July ..
11.71
11.47
11.57-58
Tuesd’y
Friday
+ .2
Oct. .
11.12
10.93
10.96-97
Monday
Sat’rd’y
+.«
NEW ORLEAN
ITuesd’yl W’sday 11.98-99
July . . 11.12 11.95 111 .98-99
+■*
Tuesd’y'W’sday
Oct.. .11.24 11.07
+ .4
Tuesd’y|T$'sd'y (11.08-09
+ .8
LIVERPOOL.
M-Ju. 6.49*4 6.45 6.45^
Tuesd’y Th'sd’y !
""+:i
J.-Au. 6.42y 2 6.38
Tuesd’ylTh’sd’y 6.38^
S.-Oc. 6.19 6.1314!
Tuesd’yiTh’sd’v 6.14
+ .H
Unch'd.
Lumbermen Divided
As to Quotations
Wholesalers Try to Force Market
Downward; Manufacturers Keep
Figures at Old Levels.
spread calamity talk on the strength
of tariff legislation and trade uncer
tainties.
Manufacturers admitted there was
a temporary lull and that order sheets
were not being filled as fast as dur
ing the month previous, but said that
that was no reason why prices should
come do^n. Some large mills, how
ever, responded that their yards were
becoming overstocked and they in
tended to cut to keep up sales. Small
interior pine mills in Louisiana and
Mississippi also made cuts to get
ready stiles to jobbers.
There was a heavier volume of or
ders t<6 fill requirements from cities
rebuilding in the flooded districts and
of railroad requisitions for car stock
and bridge timbers. Orders for yard
stocks from the jobbers of the Ohio
Valley are delayed on account of a
desire on the part of these dealers to
get rid of damaged atook before they
replenish their supply. Demand is
notably strong for flooring.
Alabama mills are running full
time, but with prices inclined to be
soft.
Car reports indicate an alleviation
of the troubles of mill men on most
of the Louisiana lines except the
Southern Pacific, and on the Missis
sippi lines with the exception of the
M. and O.
Activity has been noted in the ex
port trade t,o Latin America, espe
cially in dressed yellow’ pine to Cuba
Jamaica and Porto Rico from Pensa
cola and Mobile and to the Rio de la
Plata ports from New Orleans and
Mobile.
'f'he opening of the direct Argentine
service by British lines has taken
large volumes of box shooks, pine
flooring, timbers, creosoted woods,
barrel stock, staves from New York,
which formerly went that way, and
will give them egress from New Or
leans. European demand is slack ex
cept from the United Kingdom and
France, where staves are strong and
timbers In big demand.
Open Jacksonville
To Naval Stores
Factors Intend to Widen Market for
Pine Products—Savannah Trans
actions for Week Small.
SAVANNAH, GA., May 17.—Inter
est in the naval stores situation shift
ed this week from Savannah to Jack
sonville, which, after having been a
“closed port” for the last seven years,
on account of the industry in that
State being dominated by one com
pany, is to be made an “open” one for
the transaction of business in turpen
tine and rosins within a few weeks.
The formal opening of the port of
Jacksonville to extensive naval
stores trading will not, to ai
material extent, affect the business
of Savannah, which will continue, as
in the past, to be the leading naval
stores port of the world.
• The movement contemplated hinges
upon the proposed erection of vast
terminals at Jacksonville, to be locat
ed advantageously on railroad and
waterfront property, and at a cost of
over $1,000,000.
This is the second move by the
naval stores factors, in an effort to
better the conditiort on the market
for rosins and kindred products.
Conditions on the Savannah market
have been lax all the week, although
the situation as a w’hole is satisfac
tory to the trade. The market is re
ported as firm, although transactions
have been small for several days, with
the market -for rosins practically at
a standstill. The turpentine market
is ruling at a slight loss over previous
quotations. Receipts during the week
have been in fine volume.
Atlanta Securities
Bid.
A. & W. P. R. R 149
American National Bank..220
Atlanta National Bank .305
Atlantic Ice & Coal Oorp. 94
do preferred 86
Atlanta Brewing & Ice Co.1.75
Atlanta Trust Company .107
Central Bank & Trt Oorp. 140
Augusta Savannah Ry .105
Decatur Street Bank ....100
Exposition Cotton Mills ..160
Fourth National Bank ..270
Fulton National Bank ...126
Ga. Ry. & E. Co., stamped.il8
Ga Ry & P Co.. 1st pf... 77
Ga. Ry & P. Co.-, 2d pf . . 34
Ga. Ry & P. Co., common. 19*4
Empire Cotton Oil Co., pf. 95
Empire Cotton Oil Co.,com 50
Lowry National Bank . . .248
Trust Company of Georgia.248
Realty Trust Company .. 93
So. Ice Co. (Nash.! com... 55
So Ice Co. (Nash.) pf. . . 80
Third National Bank . . .
Southwestern of Georgia
' BONDS.
Atlanta 4Vas. 1922
Atl I & C. Corp. 6s, '20.
A.. B & A. 1st 5s
Ga. Ry & Elec Co. 1st pf 5s 99
Atlanta Consolidated 5s ..104
Ga. Ry & E. Co. con 5s. 102
Southern Bell os 97
.245
.103
91
60
Asked.
150
225
31.0
96
88
185
110
142
108
105
165
275
128
119
79
36
21
97
51
250
250
97
57
81
250
110
100*4
93*4
62
103
106
103*4
99
Few Local Showers
Encourage Farmers
First Optimism of Three Weeks Is
Found in Reports of State’s
65 Farm Agents.
ATHENS, May 17.—Reports which
came to the Georgia State College of
Agriculture from 65 farm demonstra?
tion agents in various parts of the
State during the week sounded the
first optimistic note of three weeks.
The agricultural outlook has bright
ened by the appearance of local show
ers. A considerable portion of the
State, however, has not yet been vis
ited by these local rains and still is
held in the grip of the unusual spring
drouth.
Whether the cotton seed will sprout
and grow’ after lying in the soil two
or three weeks, w’hen the rains do
come, is a question uppermost among
cotton growers. Many farmers be
lieve that the dry, dusty condition of
the fleid has preserved the seed so
that they will sprout and grow when
there Is sufficient moisture. The
more pessimistic class predict that
r.ot more than 50 per cent of the cot
ton w’ill grow’. Thus there is anxioufc
waiting on the cotton plantations.
Except for some slight harm to the
stand, the corn crop is very general
ly reported to be growing and looking
well, especially where the soil crust
has been kept broken. Thus far, there
is nothing very discouraging about
the corn prospects. Favorable weath
er can make it all that could be hoped
for as a corn growing season. Pro
viding the cotton stand is poor, many
farmers will plow up the cotton fields
and plant to corn in May and be able
to get a corn crop when they could
not get a good one of cotton planted
after the middle of May.
Oats are being cut. When the
reaping time came farmers found that
the oats were turning out better than
was expected in view of the drouth
and the rust. Most of the oat crop
will be cut within a week or ten days.
Steel Trust Girdles the Earth
*!••»!• 4*®v* ^*4* 4**+
Sells in Palestine and Fijis
The United Stales Steel Corporation
sells Its products in the Fiji Island
and in Iceland. Its export business i
has grown from $31.280,138 in 1904.
to $91,984,239 in 1912.
This has been accomplished by
strictly competitive methods, with
out pools or price agreements, and
often in the face of preferential tar- 1
I Its favoring other nations. The
Steel Corporation's success has been i
due to close study of foreign needs i
and active co-operation with foreign
consumers.
James A. Farrell, who began as a
common laborer in a steel mill at 15,
and at 50-is president of the billion -
dollar corporation, related the story
of the export trade of the "trust''
to investigators for the United States
Government, in dissolution proceed
ings.
The story rtads like a romance.
Markets Widely Scattered.
The United States Steel Corpora
tion sells:
To the Fiji Islands—Structural
steel for sugar plants.
To the Holy Land—Wire nails,
open wire fences and pipe.
To China—Cast-off horse-shoes
and cast-off wire.
To Tasmania — Material for
street railways.
To Argentina—Structural steel.
To South Africa—Agricultural
products and pipes for the dia
mond mines.
To Peru—Light rails, sheet iron
and tin plate.
To Patagonia—Corrugated iron
and wire.
To Mexico—Railroad material.
To North Africa—Miscellaneous
products. $4,000,000 yearly.
To Brazil—Wire, rails, tin plate.
To Australia—Rails and bridge
materials.
Mr. Farrell named agencies in many
other parts of the world which ar.
carrying on the business of the Cor
poration in every corner, civilized
and uncivilized. There are, in all, 26S
foreign offices.
Agents Educated Here.
For the most part, these agents
are foreigners, who are brought to
the United States and trained thor
oughly for their work An especial |
effort in made to supply exactly the
kind of material wanted by the nation
in which the Corporation hopes to do
business.
"It is Impossible,” said Mr. Far
rell. “to sell a man in China the ar
ticle a man in Ohio would want. The
Chinese, for instance, take vast quan
tities of low-grade stuff, for they can
make a pretty fair razor from a low-
grade carbon iron."
Incidentally, Mr. Farre^ took op
portunity to deny the existence of any
foreign pooling arrangements or trade
agreements. Goods are not sofd
cheaper abroad than at home, he said.
Entire Policy Changed.
Once upon a time, (he policy of the
Corporation was to sell abroad only
when there was depression at home.
This was unsatisfactory, for the for
eign customer never could be sure
of getting goods from, the United
States, and when shipped, the goods
were fashioned for American needs,
and not for his own. All this has
been changed.
One of the greatest obstacles, he
explained, is the policy of foreign fi
nanciers. When they finahee the de
velopment of a new country, they
stipulate that the supplies, of course
including steel, shall be purchased
from the lending nation. This closes
the market to the United States Steel
Corporation.
Mr. Farrell's Career.
Mr. Farrell, who is now fifty years
old, tn describing his rise to hi3 pres
ent position, said that he entered the
steel business at the' age of 15 years
as a laborer in a steel mill in New
Haven. Conn. At 19 he went to Pitts
burg and worked ao a "wiredraw-er. '
At 21 he became foreman of the mill,
and at 23 a salesman. From this po-^
sitlon he was promoted to be sales
manager at the age of 29. and four
years later became general manager
of the Pittsburg Wire Company.
This company was subsequently
taken over by the American Steel &
Wire Company, one of the present
subsidiaries of the Steel Corpora tion.
Later lie became foreign sale- agent.
His next step upward was the pres
idency of the United States Steel
Products Company, another sSbsid-
iary of the so-called Trust, to which
he was elected in 1903. He became
president and director of the parent
corporation, his present position in
19-11.
Work in Australia.
Describing the export business Mr.
Farrell said:
"Our engineers are now at Sydnev
making plans for a bridge. The cost
will be between eleven and twelve
millions of dollars. In spite of a pref
erential tariff in favor of British steel
products, the Corporation recent!v ob
tained the contract to supply the rails
for a new transcontinental railway
in Australia, and for the construction
of the greatest bridge in the world
at Sydney.”
He said it would be impossible for
a small company to maintain agencies
in all parts of the globe.
"We supply, for example, every-
Further Bad Crop News Wilt
Cause Scramble to Cover
Extensive Short Lines.
tiling: needed in the construction of a
railroad. We ship complete*”
Competition With Europe.
Mr. Farrell said the company built
the first steel structure in Buenos
Ayres eight years ago and every steel,
building there since then, competing
with the German. English and French
architect? 1 . He explained that Ameri
can construction is lighter and more
satisfactory.
At Vancouver. Mr. Farrell said, they
supplied much material, but the
freight rate is $18 a ton from Pitts
burg, while from Liverpool and Ant
werp it is only $6 to $8 a ton. To
offset this the company established a
line of steamers carrying steel to
Vancouver and returning with gen
eral merchandise and stopping at all
points. At present they are carrying
back tin and chalk.
Growth Shown by Figures.
The statement of the volume of ex
port business submitted follows:
Net Tons Value.
1904 1.123.323 $31,38ft’l38
1905 1.052,259 32,620,700
1906 1,258,370 43.883.874
1907 1,099,934' 47,236,326
1908 857,860 33,322,499
1909 1,129.143 41.000.020
1910 1,423,070 53,104,499
J911 1,912,387 69,548,90;
1912 2.537,436 91,984.239
Totals
.12,391,082. . . . $444,152,10*
The witness testified that some
40,000 employees were needed to turn
out the export material and from
15,000 to 18,000 persons in the re
export business.
He declared it was hard to sel rails
in France, Germany. Italy and Rus
sia because of the high duty. TJut
prices in the main, he said. wAe
about the same abroad as here.
R
Have You
A Room
To Rent?
A little “WANT
AD” in The Geor
gian will ring the
bell and take down
the sign. These ads
bring results, as the
people read them
every day.
NEW ORLEANS. May 17. The
crop situation in the Atlantic's still
occupies the center of the stage in
the cotton market. Unfavorable re
ports as to crop conditions continue
to come in from that important sec
tion of the belt. Moreover, these re
ports have been confirmed, in a meas
ure, by the weekly weather report is
sued by the Government, stating that
the drouth in Alabama and Georgia
was becoming serious. Consequently,
the cotton market has fluctuated in
accordance with the daily weather re
ports received from points in Ala
bama and Georgia. On occasional re
ports of rain, the market has eased
off only' to advance still higher the
following day, when the map failed
to confirm the rains privately report
ed.
At the week-end. the rains came in
the East In sufficient quantity, but
the big short interest prevented much
easing of prices.
Thu <;rest of the advance was reach
ed MoTtday, when October contracts
sold as high as 11.24. At‘that level,
which represented a rise of nearly 40
points from the recent low point,
leading long interests took profits
freely, while the old bear guard, ever
on the alert to depress prices, also
assailed the market, which, yielding
to the combined force from both
sides, declined in the face of a bull
ish weekly weather report. On the
decline in this market, it was notice
able that the chief buying of the new
crop months was for the account of
prominent Liverpool spot interests.
These purchases are supposed to be
against sales of actual cotton for for
ward delivery, and these contracts
will thus be taken off the market and
locked up, so to speak, until these
Liverpool interests are able to buy
the actual cotton next fall. Specu
lators on the bear side are supplying
these contracts, as a rule, and should
crop conditions grow worse instead
of better within the next few weeks,
there would be a big scramble to
buy.
A bullish feature which has at
tracted attention in this market has
been the large scale on which con
sumption in America is running, as
shown by the Census Bureau report
issued Wednesday. Northern and
Southern mills consumed 503,000 hales
during April, or an increased con
sumption of 18,000 bales over March,
notwithstanding the fact that April
is a shorter month than March. This
report strengthens the belief enter
tained by friends of the staple that
the consumption of American cotton,
both at home and abroad, for the
present season will total 15,000,000
bale>. Neill Brothers, of London, au
thorities who usually lean to the oth
er extreme, give as their minimum
estimate of the consumption 14,750,000
bales. The stocks carried by the mills
in their own establishments decreased
185,000 bales during April, while com
bined mill stocks, which includes the
cotton carried by the mills in Inde
pendent warehouses, decreased about
600,000 bales.
DRY MAY PREVENTS
GOOD CROP START
MEMPHIS. May 17.—Sentiment m
the cotton trade in this section of the
belt continues to divide on the ques
tion of how the new crop is faring.
The question of moisture has been the
main point of division, with the usual
room for legitimate differences. The
general rain at the week-end in thoee
sections where needs were claimed to
be considerable afforded the basis for
bearish encouragement. The crop thus
gets started auspiciously, even though
not very early. One favorable feature
In this connection Is that there has
been little or no interruption to the
work of preparation, and planting has
gone ahead rapidly. It is completed
over nearly the entire belt, the excep-
tionv being in the low flooded areas
and where the ground became too dry
and hard before the seed could be put
into the ground.
The low’ temperatures are no more,
though no little injury was done by
them while they lasted. There Is am
ple time for all of that to be over
come, however, provided the rains
come right away and thus enable the
crop to come to a good stand. What
was needed more than anything else
was a general rain from one end of the
belt to the other, the need being
greatest In the central and eastern
belt. There are portions of the Mem
phis territory where the crop promise
is the best In years, stands being first
class and the first chopping having
been completed, yet this is not gen
eral. and there are areas where the
seed are lying ’n the ground waiting
for sufficient moisture to germinate*
them. The uplands are suffering more
than any other, and if rains do no*,
come very soon there will be com
plaint of a late start.
The theory that a dry May Is con
ducive to ft well-cultivated crop holds
good where the cotton is up to a
stand, hut it does not where the re
verie is true. The talk of tap-root
developing in some sections Is foolish,
‘hough In much of the belt It is quite
important and may count largely . n
later crop conditions.
The discounting process in the spec
ulative market reduced the short, in
terest considerably, and that was an
other reason why the past few’ days
have seen fewer bullish reports from
the field. It is a notable fact that
when the speculative element is trying
to pusli prices in either direction there
is a preponderance of news favorable
to that side.
The spot market has been compara
tively quiet, though sales here have
been large, when all things are tak u
Into account. The unsold stock has
been .reduced to reasonable propor
tions, but it has been claimed that
price concessions have been necess t -
ry to induce buyers to take offerings.
Exporters have been doing most of
the business and will probably ship
out the cotton as their commitment'*
fall due. The Interior holds very light
stocks and receipts are down to a
minimum. Middling has been selling
around 12 cents here, though quoted’
fractionally higher. It is said that
some firms have had the chance -o
boog cotton for fall shipment, but th**
price is not attractive to them, as they
fear something may happen to mar
prospects for the new’ crop and thus
make 11 cents very cheap. They pre
fer waiting for a more definite line cn
the new’ cron.
Bl R MING HAM , _ E N G LAN D,
MAKES MANY ODD THINGS
The preeminence of Birmingham in
the manufacture of guns, jewelry,
pens, and bedsteads is known all over
the world, but a number of small ar
ticles are also produced, some of
which are of ? decidedly curious
character and for which the Birming
ham maker has to some extent creat
ed his own market.
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Strength and Security
Should he your first consideration in the selection of a
bank.
With financial responsibility of $1,800,000 and many
years’ experience, this bank offers unquestioned security
to depositors.
Your Savings
Deposited with this growing bank will earn 31-2 per
cent interest, compounded semi-annually. Interest will be
paid from the exact date deposit is made, and withdraw
als may be made at any time upon presentation of the
passbook.
Interest Paid g!
%\% on Savings **2/0
AMERICAN NATIONAL BANK
Alabama and Broad Streets
Atlanta, Ga.
Linder Government Supervision
A Financial Gibraltar
T N considering the selection of a bank in
A which to deposit your funds, in trying
to decide upon the one which would best
serve your interests and afford you per
fect protection for your deposit, it may
be to your interest to carefully investigate
the strength, facilities and management
of the ATLANTA NATIONAL BANK,
and learn what a towering monument of
fortitude is this old-established institution.
For nearly half a century this bank has
stood for the highest principles of Ameri
can banking; and upon the basis of its
past service, the accounts of Banks, Cor
porations, Merchants, Firms and Individ
uals are respectfully solicited.
Atlanta National Bank
C E. CURRIER,
President.
F. E. BLOCK,
» Vice President.
JAS. S. FLOYD,
Vioe President.
CEO. R. DONOVAN,
Cashier.
J. S. KENNEDY,
Asst. Cashier.
J. D. LEITNER,
Asst. Cashier.
Capital . $ 1,000,000. TO
Surplus and Undivided Profits, 1,300,000.00
Deposits 6,700,000.00
Assets 10,000,000.00