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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. <t % 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