Newspaper Page Text
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ITF.ARST’R SUNDAY AMERICAN, ATLANTA, f!A.. SUNDAY, AT AY 2.',. 1012.
II
if !
News and Views by Experts of Finance? Industry,
s and Commerce
All Crops Favored
By Bains; Cotton
Shows Poor Stand
Late Planted Acreage Better Than
Early, but It Is Two or
Three Weeks Behind.
ATHENS, May 24.—From about 75
j counties of the State, reports have
been received during the week at the
Georgia State College of Agriculture
__________________________ from farm demonstration agents, re
vealing that all crops have been fav-
Thinks It the Part of Wisdom to Slow I)own lie- materially brightened following the
_ • < i rn • , * i* i ?■> _ • long spring drouth.
fore Reaching: the I urn in the Road—]>usi- Ham has brought out the cotton,
ness Community Hopeful, but Wall Street,
Remains in State of Despondency. !a h V™ le two T t h p e !hree co w8e n k« h b™:
The early planted Is growing thrift-
t3. FORBES. : Corn prospects are excellent, though
NEW YORK, May 24. The business community | there is considerable repUuitinB to be
!
By
is still in a state of hope and Wall Street in a state of
______ despondency.
Politics continues unsettled at home,
but abroad diplomatic skies have
cleared.
The monetary situation occasions
most uneasiness, not to say alarm, in
thinking circles. Where enough capi
tal can come from to absorb the enor
mous impending loans—government,
state, municipal and corporate—is an
important question and yet capable of
answer.
At least two billion new cajKtal
awaits flotation, hut investors show little readiness to
exchange their cash for securities unless the yield is ab
normally high and the safety beyond cavil.
European banks are still striving to strengthen
their position, while in the United States credit remains
/
over-expanded to a disquie
On© experienced banker, Joseph T.
Talbert, vice president of the Nation
al City Bank of New York, has made
a careful compilation showing that
irince the year before the 1907 panic,
national bank loan* have increased
over $2,000,000,000, or 50 per ceni,
while, if State banks and trust com
panies be taken into account, the ex
pansion since 1907 has been approx
imately $6,000,000,000.
The total increase In the gold sup
ply of the United States since 1907
has been Just over $500,000,000.
Suggests Needed Remedies.
He Issues this warning: “What
remedies snould be now applied? My
answ'ers would be, iirst, while critical
ly scrutinizing credits, we should con
tinue lo lend freely to legitimate
manufacturers, dealers, importers and
exporters, who are carrying on the
commerce of the country. Trade
should be aided and encouraged, and
especially all lines of export trade,
for when we export manufactured
goods, we export and are paid for
our high priced labor.
“Second, new financing on a large
scale wherever possible should be
postponed and all forms of enter-
prisvR involving fixed investments of
capital should be discouraged, If not
entirely denied?'
Notwithstanding the fact that we
appear to be, and 1 believe are, still
speeding away on safe ground, it is
clear that on the highway of pros
perity and progress we have been
breaking the speed limits with oir
credit machinery The turn in the
road may be a long way off, to be
■ure, but there always Is a iuri in
•very road.
Should Reduce Speed.
Tt would appear to be the part of
wisdom gradually to reduce our speed
before the turning point Is reached
and even before it is in sight. In
that event we shall experience no
tmusual strain of credit this au
tumn.
The hoisting of this danger signal
is timely. These articles* for months
foretold an Inordinate demand for
capital and consequently very high
rate for permanent accommodation,
while the peril of going ahead reck
lessly has been dwelt upon. There
still is need for caution.
New York City managed to sell
$45,000,000 4 1 2 per cent bond9 at the
merest fraction above par, but the
•inscriptions were comparatively light
and the terras the worst the city has
ever had to concede.
Citias Must Call Halt.
The City Comptroller fittingly re
marked that the result of the sale,
■while gratifying in view of many flat
failures suffered by other municipali
ties. clearly indicated that a halt must
be called in the wholesale expenditure
of money by American cities.
The t»125,000.000 Chinese loan was
offered on such favorable terms—the
interest rate 5 per cent and the issue
price only 90—that there was extraor
dinarily keen bidding for a share of it.
But few enterprises could compete
■with such a flotation.
Raids by Europe, especially the
Bank of France, upon America's stock
of gold have become serious. Fully
- $60,000,000 has been exported from
New' York since the new year, of
which fully $35,000,000 has gone to
France and the balance to South
America to settle European accounts.
New York, unlike Ldndon, Paris or
other financial centers, is without
means of adequately protecting her
•upply of gold. The only charge made
is 40 cents on $1,000 bullion. Our de-
' fenseless position in the world’s gold
| market calls for remedy under th«
currency legislation, which. It is ear
nestly hoped, will be passed without
i one dav's avoidable delay.
The ‘Bank of France is paying a
premium of $12,250 for each consign
ment of $2,000,000 in gold—and there
have been six shipments of this
amount during the current month.
On the surface money is cheap
enough in New York, but the low
raves apply only to temporary loans,
which are generally secured by stock
T exchange collateral. Any
tion seeking to sell notes,
stock has to pay ‘ through the nose.”
‘ General Trade Quieter.
General trade is quieter. New or-
" ders for steel and steel products have
fallen off very sharply. Dry goods
merchants are also ordering gingerly
mg extent
especially in the wool and sugar
schedules.
The latest dispatches portend a
possible withdrawal of these two Im
portant items from the free 11st and
the imposition of a moderate duty.
The stock market has again given
evidence of having been cleansed of
weak accounts. But although the un
dertone has improved, no general ad
vance has occurred.
The severe break in the securities
of the St. Louis and San Francisco
I during the last few days has proved
! very unsettling, both to home and
European holders. The various inter
ests connected with the company are
endeavoring to avert receivership
proceedings and are hopeful, but by
no means certain, that they will be
able to place the finances on a per
manent satisfactory basis.
People with money available for
permanent investment can find very
attractive purchases of both bonds
and stocks.
done. The replanting to obtain a
stand of corn does not indicate a dis
advantage, as corn can be planted
even in Jpne with good results.
Oats harvesting is in progress in
DESIRABLE COTTON
IS SCARCE IN BELT
Holders Not Anxious to Release Remnant of Old
Crop—Rains Aid All Sections.
Drouth Is Broken, but Conditions
Are Not All That Are Desired
by the Farmers.
By M. A. ROSE.
The drouth which threatened se
rious menace to the crops has been
broken. It seems agreed, however,
that the showers were not adequate
in all sections. There is little danger
of too much rain jus*t at present.
There is, or was,, no lack of opti
mism, but the need of moisture
the scarcity of seed put a front on
the situation which the most careless
merchant or banker can not ignore
can be seen.
th<> southern part of the State. Where lnd Bomethjng of a halt hap been
oats were sown as early as. November calw , until the of the showers
the crops are very generally good.
December oats are fair, but spring
oats, especially in the southern half
of the State, have turned out poorly,
chiefly because of the drouth. In
North Georgia, where spring oats ma
ture later, tho recent rains have been
helpful.
The rains have helped melons in
South Georgia and agents make fav
orable reports of their condition. Pas
tures, which had almost failed for
lack of moisture, have revived, like
wise the hay fields. ' mo ., ns
A very hopeful sign of improved
methods of agriculture is the very
general purpose of Georgia farmers
to follow the oats with cowpeas or
other legumes.
Birmingham Looks
For Cold Furnaces
Some Curtailment of Pig Iron Pro
duction Seems Likely—Raw
Material To Be Piled Up.
MEMPHIS, May 24—Drouth talk
for the time being has been entirely
eliminated from the cotton market,
the rains of the past week or so hav
ing supplied all needs and given, the
basis for expecting satisfactory stands
everywhere.# There will likely be only
an average start, however, because
of the delay to germination, replant
ing, cool weather, and. in J , ome sec
tions of the belt, unsatisfactory soil
conditions. Expectation of an early
start has been dissipated, although
there is no reason why the crop can
not be gotten under headway in suf
ficiently good shape to permit of a
large yield.
Scatterjd showers that included a
large part of the belt last week put
a quietus on bullish talk bared on
and! that menace to the cropland by the
middle of the week just passed there
was absolutely no foundation, accord
ing to information reaching this cen
ter, for concern over moisture any
where. The rains of Tuesday and
Wednesday were ideal, being ger. -
ha raster and falling grad
uate, planted more extensively in | er ®J in
Georgia this season than ever before, ual y. while temperatures were nor-
end which promised a bumper yield.’ >wl. Where the cotton was up to a
have been hurt. It is too late for ■ «tand. they hastonci grow th. for
reins now to help much. Every indi- j many t istru to hud n shed first ohop-
catlon Is that the yield, in gross bush- r>lnp - 1 sp (l ,• 1 h 'A u 0 .. 8 ^,
sis. will break all records. But the j m^nated at ';neo ilid ^.tnd KJ".!!? 1
yield in the head has been cut per
Saturday's New
York Stock Market
haps 25 per cent. Besides, the plant
has been stunted. The yield of straw
will be milch less than expected.
How much the oats crop this year
to Georgia can be seen from
believed that any extensive replant
ing will b' 1 required. For any that
may bo necessary there is ample time,
as there is reasonably good chance
for cotton planted by the first of June
to make a good yield
In the overflow districts conditions
Gains 5 to 8 Points
the report of a leading implement
firm which says that its sales of
binders, intended for the harvest of
>ats, doubled over last year’s figures.
Repair Business Is Big.
In the same conversation this well T Hriffrun l\Aa plzof-
Informed manager stated that the re- i 111 VjUuuUil IVlCtl ACJu
pair business of his concern this year
has exceeded in volume any year's
record for the past decade. Unofficial Report Says Ginners Will
are satisfactory and seeding will •‘■oon
be entirely finished, which means a
start of fully two weeks in advance
of last year.
As the Government agents will
make their reports on crop condition
based on what they find it to be May
25, chances are that the June report
will show a high percentage. The
full effect of tlie precipitation, will
have had time to manifest itself and
the psychological effect of the opti
mistic feeling will be a factor in the
returns made to the Government au
thorities. It is yet early to talk of
what the percentage will be. though
it is almost sure to be above last
year’s 78.9 for even date, though
it may fall short of 87.8 for May 25
in 1911, The ten-year average is 79.9
per cent.
The spot situation appears to be in
fluenced very little by the improved
character of new crop outlook, which
accounts in part for the action of the
speculative market during the week.
The reduction of the stock of cotton
in New York by shipment of the best
portion to spinners has been followed
by some activity on the buying side
by prominent spot interests, thus giv
ing concern to shorts in the summer
months. In the belt there has been
fairly good absorption of offerings
of the actual at full quotations, and
in some instances at slight advances,
while receipts have dwindled. The
statistics have been bearish, but the
worm is expected to turn later. De
sirable cotton in the belt seems scarce
and the big epot people seem dis
posed to hold to what they have.
Railroada Proving
Prop of Lumbermen
Demand for Construction Supplies Is
Most Cheerful Feature of
the Market at Present.
NEW ORLEANS. May 24.—Lumber
prices show a tendency to recover
losses, although still below what
manufacturers think they ought to
bo.
Mill men say there is no reason to
suppose this anti are warning deal
ers that they had better replenish
their stocks. The railroad demand for
bridge timbers, hewn timbers, cross
ties and scantlings is growing, ac
cording to all reports. Manufac
turers have an idea that prices will
go back to their former basts or high
er within the next 60 days.
The tariff agitation is having its
effect on the small millers. Many
fear It will mean that the plants along
the Canadian ports will have to be
dismantled. This will shut up count
less planing mills in the East and
along the border.
A strong export trade is reported.
T^arge shipments of dressed lumber,
hewn pieces, crossties, etc., are being
shipped away and an excellent move
ment was shipped out of Mobile to
ports in Brazil, Cuba and South
America. The United Kingdom also
took much dressed lumber and hewn
timbers. The car situation through
the Southern timber belt is much
better and mills are getting all they
can use. Southern Mississippi mills
are selling almost faster than they
can manufacture, and at good prices.
BIRMINGHAM, ALA., May 24.—
Widespread is the good feeling at an
nouncement by the American Steel
and Wire Company that the big steel
wire plant at Fairfield, near Birming
ham, is to be completed and put in
operation, that the big steel plant of
the Tennessee Coal, iron and Rail
road Company Is not to lose any time
during the balance of the year, as
orders will be shifted to the industry
here, and that the plant of the Stand
ard Steel Company, at Gadsden, will
he kept practically in full operation
through the year, though the demand
for steel wire may -not be as strong as
it might be.
Steady operation of these plants
will mean an operation of blast iron
furnaces also on a fairly good av
erage.
The pig iron market is quiet, the
expected buying movement not hav
ing appeared. Prices are a little
weak. $11.75 and $12 per ton. No. 2
Foundry, being the quotations. There
is considerable iron on the yards. The
prediction is made that several fur
naces will go cold within the next
week or ten days.
The statement is made that even if
the iron production is curtailed there
will he no cessation at the ore and
coal mines, limestone quarries and
coke ovens in this section of the coun
try. There is to be an accumulation
of raw material. There is a consid
erable amount of red ore piled up al
ready, but if there should be a steady
operation of furnaces for twelve
months and longer the piles of ore
would quickly disappear. Foundries
and machine shops are requiring a
large tonnage of coke, while smelters
in Mexico are receiving a large
amounts daily from this section. The
active operation of the coke ovens
means a full operation of coal mines.
Economy, of course, is the expla-I
nation. The farmer is making thv old |
machine serve, wherever possible. 1
while after the great crop of 1911 the
farmer would buy anything at all in
the line of Improved machinery and
his old equipment was discarded.
“In 1911 they discarded farm wag
ons if they didn’t like the paint. This
year they will buy four new wheels
and a tongue to make the old one an
swer.” is the way this student of con- j
dltions expresses it.
Make Condition 79.8 as Against
79.9 Average.
By EDWARD LOW RANLETT.
NEW YORK. May 24.—There were
gains of 5@8 points in the cotton mar
ket to-day, with freer selling on the up
turn, representing a less urgent demand
from shorts and evening-up over the
week end. The market was stimulated
by better cables than due from Liver-
Crop Experts Hurry
To Kansas Fields
Reports Are Contradictory, but
Pritchard Thinks Best Opinion
Is for Huge Yield.
ST. LOUIS CASH QUOTATIONS.
Meanwhile, the peach crop, one of pool, reports of low temperatures east
Georgia's great standbys, is beginning j 0 f the river and by the fairly optimis-
to move. The first car went out our- j tic tone j n t he domestic dry goods mar-
ing the week from the-Fort Valley-
Marshallville region. The Gorwers' j
Exchange has increased its estimate j
from 1,500 cats to-J.950, and locks for
excellent prices. The orchard owner
who did not lose all his peaches prob
ably will profit as mprh from the
lcets.
It was definitely, but not officially,
stated late to-day that advices to the
National Ginners’ Association indicated
a condition of 70.8 against 79.3 last year
and the official ten-year average of 79.9
The acreage increase was placed at :i
Week’s Range
In Cotton Rings
fruit he saved as he end last year I per cent
from his huge Yield. According to all reports, both official
tu- N*vAi-CaH-ral Dennsitc and private, the cotton areas of the
The IM«w ‘Federal uepoaits. Sout j{ have recently had abundant rain-
Southcrn banks ate finding encour - though there may be isolated sec-
agement in the. announcement by the tiwns wh ieh still need’ moisture. Back-
Secretary of the Treasury that he will ward growth of the plant may be re
give preference, in distributing the covered and it is quite possible that from
$10,000,000 additional Government de- now on planters may have reason to
posits, to the institutions whom dr- «P“< * ! * ul ' t jgg d t^bswve that an
culation is 40 per cent or more of | s t ar t docs not guarantee a satis-
capital, and that he will take due no- factory final.
tlce of the needs of the various sec- | Both the price of raw material and
tions of the country. the quoted price for goods and yarns
Circulation amounts more nearly to i are well held up. All of this would
RH than tn 40 i>*>r p P nt tn tho in re-er 1 seem to point to the necessity of an-
6ft than to 40 per cent in tne larger very large crop because statistics
Atlanta national banks, and when it I show th& \ the visible supply is nearly
comes to needs of the section, it is
believed the South has sufficiently
strong claims to merit attention.
It has been argued that these addi-
show that the visible sui .
half a million bales less than last year
and common report claims that spinners
have trenched very heavily on their re
serves. These two last considerations
Hnnni ftnvommpnt dnnn^lts will iprvp , are among the reasons why Southern
tional Government deposits will serve markets refuse to yield in the price
to cheapen credit at a time When such f*£ el even w ith the moderate demand
a course is not desirable. Atlanta now prevailing.
financiers do not agree with this The obvious conclusion is that if con-
Thev point out that they must cover ditions do not promise a liberal increase
the deposits, dollar for dollar, with i over last year’s acreage much higher
high-grade bonds. They will have no prices will result,
more funds to lend, and their only | Quotations in cotton futures.
profit will be the small difference be
tween the 2 per cent demanded on
I Prev.
|Open|High|Low|Sale| Close | Close
Government deposit^ and the inter-1 My jn’67|lL67!11.6'6|iL66jU.46'-ft8|11.61-64
est. the bonds yield
Wheat—No. 2 red 105
Corn—No. 2 60*4
Oats—No. 2 40*4
By JOSEPH F. PRITCHARD.
CHICAGO, May 24.—Crop experts are
either in the State of Kansas, looking
over the broad wheat fields or are head
ed for that section. Some reports re
ceived here today claimed deterioration
in sections of the largest wheat-grow
ing State in the Union, but other ad
vices from some of the best houses in
the Southwest discredited the^e reports.
Claims that wheat is going backward
were largely from parts of the State
where very little wheat is raised, or
from that section of the State known as
“the reclaimed desert,” where rains
must come regularly and in torrents in waoasn.
order to produce a crop of grain.
John fnglls says that Mlsosuri and
Southeastern Kansas wheat has im-
>roved greatly and that the promise is
’or the largest crop in many years.
Houston, of Houston-Fible, of Kansas
2ity. said to-day that Kansas stil has
a wheat acreage of 1,000,000 acres, 90
per cent is reported in fine condition.
Weather markets are always nervous
and dangerous affairs. For this reason,
the public is not in wheat on a large
scale.
Northwestern crop reports were main-
y bearish in character.
Wheat at Chicago closed at the best
prices of the day and showed gains of
to 1 per cent, with July the strong
est spot on the list.
Shipping demand for corn was ex
tremely small to-day, with only 70,000
bushels sold. Longs were disposed to
iquidate, while at the same time new
buying power was not in evidence.
Less strength was shown in the oats
market to-day. The May future was
s much as 1 cent lower and the July
was off % c at one time, but closed with
nearly all the loss regained.
The feature of the provision market
to-day was the strong character of the
lard buying and the selling of ribs.
There was some business in pork in the
ay of short covering.
Grain quotations:
The following table shows the
highest, lowest and closing prices
of stocks dealt in yesterday, to
gether with the net change from
Friday’s close.
STOCK— High- Low.
Amal. Copper.. 751,4 74' 2
Amer. Ice Sec
Am. Sug. Ref.. 111% HI 1 /©
Am. Smelting
Am. Locomo... 33 33 33'/4 * Vz
Am. Woolen 17
Anaconda .... 38!4 38 38 * \'\
Atchison 99% 99 1 2 99 3 4 * %
A. C. L 12214 * •/♦
American Can 34/ 2 32 3 4 33 * V\
do, pref. ... 943/g 92% 94'/ 8 *1 3 a
Am. Beet Sug.. 30 30 30'/ 4 * 3 4
Am. T.-T 1291/2 1293* 129 * »/ 8
Beth. Steel... 33'/2 33*/} 33 ...
B. R. T 92-> 4 92 92/ 2 * %
B. and 0 99 98% 98 * %
Can. Pacific... 237 235'/2 236/2 - 3 4
Corn Products. 10% 10% 10/s * Vs
C. and 0 65 3, 4 647- 8 65 ....
Cen. Leather t 23'2 ....
Colo. Southern 28
D. and H 157 157 157 *2
Den. and R. G 18 * Vz
Distil. Secur 14 ....
Erie 283/4 28' 2 28/ 2 * '/•
do, pref.
Gen. Electric.-. 139? 8 139 140'4 *1/4
Goldfield Cons.. 2 2
G. Western
G. North, pfd.. 127% 127/ 2
G. North. Ore
Int. Harv. (old)
Illinois Central. 116/2 115
Interboro 14% 14'/ 2
do, pref. • • 50% 50 1 4
K. C. Southern. 23*/ 2 23/ 2
L. and N.. . . 135/4 134
N. Y. Central. 100% 100
Northwest
Nat. Lead
No. Pacific. . 1153.4 115/4
O. and W.. . . 29 29
Penna 110 109/ 2
Pacific Mall
P. Steel Car . 24/ 2 24' 2
Reading .... 163 161%
Rock Island. . 19 18'/ 8
do. pfd.. . . 32/2 31
R. |. and Steel 23 23
do. pfd.. . . 82/ 2 82'/ 2
S. -Sheffield
So. Pacific . . 99% 97/ 2
So. Railway. . 25% 24' 2
do. pfd
Third Avenue
Union Pacific. 155/ 8 151%
U. S. Rubber. 62% 62%
Utah Copper . 51/ a 51
U. S. Steel. . 61'/ 8 60%
do. pfd.. .
W. Union. .
IS SPITE SF THE
do. pfd.. . .
W. Electric .
W. Maryland . ...
^Indicates gain;
Total sales, 218.800 shares
*i>/ 2
Atlanta Securities
Bid.
. .146
. .215
. .305
96
New York.
Stocks Show Gains;
'Pacifies' Strongest
Rumors of Approaching Settlement
of Segregation Question Are Re
sponsible for Firmness.
NEW YORK. May 24.—Rumors of an
approaching settlement of the Union-
Southern Pacific segregation question
were responsible for an advance in the
stock market to-day. Heavy buying by
professional interests and forced cover
ing by shorts caused an advance of three
points in Union Pacific. Southern Pa-
ific followed with a rise of two points;
Months.
May
July
October ..
December
Months.
May
October ..
December.
High.
11.75
Fri.
11.83
Thur.
11.25
Thur.
11.26
Thur.
Low.
11.40
Mon.
11.52
M on.
10.92
Mon.
10.93
Mon.
Net
Close. Ch'ge.
11.66-68 *22
11.73-74
•16
11 20-22 *24
1121-22 *24
Some Prestige Gained.
The principal advantage is the pres
tige the bank gains in the eyes of
many depositors when 4t can an
nounce that it has so many hundreds
of thousands of Government funds on
deposit.
Some improvement in the invest
ment market is noted. New York
City was able to sell $45,000,000 of
bonds bearing 4 1-2 per cent at a
price a little above par, when a few
weeks ago the St. Paul, with bonds
equally attractive, could not get par
for $30,000,000, and two-thirds of the
issue remained on the bankers’ hands.
The situation differs, though, from
that of a year ago, when a single firm
offered to take all of a $65,000,000 New
York issue at an attractive price.
JMRHn 11.68-70(11.62-64
J’y iii.78!l 1.79 111.73jil.73 jlL73-74| 11.72-73
A’g 1 ^
New Orleans.
High.
12.62
Fri.
12.27
Thur.
11.36
Thur.
11.36
Thur.
Low.
12.20
Mon.
11.97
Mon.
11.05
Mon.
11.04
Moil
Close
Net
Ch’ge.
COTTON SEED OIL.
12 43-45 *15
12.13-14 *16
11.30-32 *22
11 39-30 *22
S p
O c
D’c
J’n
M’h
11.57 11.58 11.54111.54111.53-54 11.50-51
11.29111.30111.29 jll.30 ] 11.26-28111.24-26
11 24 11.26111.20 11.20*11.20-22111.17-18
ll.26Tl.26 11.20[l 1^22111.21-22 jl 1.18-19
11.19 11.22 ill.16jll.18 11.18-19|11.15-16
11.27|ll. 2DI11. :!7ll1. Mill. 27-28|11.23-24
Close steady.
LIVERPOOL COTTON MARKET.
LIVERPOOL, May 24.—Due 3% points
lowbr on July and August and Ms point
lower on others, but opened 1 to 1%
points lower. The market closed very
steady, at a net gain of 2 to 2*/i> points
from the final Friday. . , ,,
Spot cotton dull at 1 point decline,
middling, 6.78; sales. 4,000 bales, includ
ing 3.000 American bales; imports, 3,000
bales.
Futures opened steady.
Liverpool.
Months.
May-June.
July-Aug
Sept.-Oct..
Oct.-Nov..
High.
6.56%
Fri.
6.49
Sat.
6.24%
Sat.
6.17
Fri.
Low.
6.40
Mon.
6.40
Mon.
6.11
Mon.
6.03%
Mon.
Net
Close. Ch'ge.
6.55% •!<>
6 49
6 24%
6.16%
LIVE STOCK.
12.000. Market strong. Choice ligl
$8.5f*(ii 8.65: light mixed, $8.45^8.60;
•10%
•10%
>irts
gnt.
1 -''• l Steel marly point. ll*h't butchers, prime J»"«- • •
'HtuT stocks throughout the list were | nedium butchers. »S 45«i'8.55; prime July • •
The reported settlement of the Union
Pacific-Southern Pacific difficulty could
not be confirmed, however.
During the short session operations
were somewhat retarded by the possi
bility of the announcement on Monday
>f a decision in the .Minnesota rate cast'
heavy butchers. $8.40(^8.50; heavy pad.
ing. $8.35© 8.45; mixed packing. $8.35®
8.45.
Cattle—Receipts 400. Market steady.
Good to choice steers. $8.00$?9.00: fair
to good ste«F3. $7.50(^8.00: feeding
steers. $7.25(fi 7.90; stockers. $6.50(U 7.50.
. _ . . , 1 Sheep—Receipts 1.000. Market steady.
Announcement of the sale of $4.*>00.000 Xative lambs and fed lambs. $8.00(1! 8.25;
Cotton seed oil quotations:
j Opening, j Closing.
Spot
| 7.08
May
7.08fn 7.09 7.10@7.30
June
7.11 Ca 7.16; 7.15@7.17
July
7.12fcr>7.13l 7.16@7.16
August
7.20@7.251 7.24(u 7.25
September
7.24@ 7.25 7.24@7.26
October
t;.96«l’7.00 6.!>6«f.6.97
November
6.53@6.59| 6.54@6.55
December
6.46@6.46! 6.43@6.45
Crude
7.08
Closed strong.
Sales 9,800 barrels.
NEW YORK COFFEE MARKET.
Coffee quotations:
Opening | Closing.
January
11. IS @11.20'11.24 @ 11.26
February
11.20® 11.22jll.26@11.28
March
11.21 ]ll.28@11.29
April
iTl.28@ll.80
May
10.95 10.95 (a 10.96
June
10.89@10.91
July
11.05 11.02 @11.03
August
11.10@>ll.l2
September. . , .
11.18 111. 20 @11.21
i le’tober
11.18® 11.20 11.21 fa 11.23
November. . . .
11.19@11.25 11.22@11.24
December. . . .
11.20 ; 11.23 @11 24
Closed steady.
Sales. 21.750 bags.
May
May-June ..
June-July ..
July-Aug. ..
Aug.-Sep ..
Sept.-Oct. ..
Oct.-Nov. .
Nov.-Dec. ..
Dec-.Jan. ..
Jan-Feb. ..
Feb-Mch. ..
Opening. Close.
. . 6.56 6.56
.. 6.52-54% 6.55%
.. 6.49-51 6.52%
6.45 6.49
!. 6.35-38 6.38%
.. 6.21-22% 6.24% s
.. 6.13-12% 6.16%
... 6.09-10 6.13
.. 6.10 6.12
.. 6.08% 6.11%
.. 6.12% 6.12%
.. 6.10-11 6.13%
Prev.
Close.
6.53%
6.53%
6.50
6.46%
6.36%
6.22
6.14
6.10%
6.09%
6.09
6.10
6.11
High.
WHEAT—
May
July
Sept
Dec
CORN-
May
July
Sept
Dec
OATS—
May
July.....
Sept
Dec
PORK—
May.... 20.00
July.... 19.90
Sept.... 19.55
LARD—
May.... 11.10
July.... 11.02%
Sept.... 11.12%
RIBS—
May.... 12.00
July.... 11.32%
Sept.... 11.15
92
91 *4
90%
92%
58
57%
58*4
5G*4
41*4
38%
38
38%
Low.
90%
90
89%
91*4
Previous
Close. Close.
57%
57%
56
40*4
37%
37%
38» s
19.80
19.80
19.47%
11.10
11.00
11.07%
12.00
11.30
11.12%
92
91%
90%
92%
58
57%
58*4
56%
40%
38%
37%
38%
19.80
19.82%
19.50
11.10
11.02%
11.10
12.00
11.32%
11.12%
91
90
89%
91*4
58
57%
58%
56%
41*4
38%
37%
38%
19.95
19.82%
19.47%
11.10
10.90
11.10
12.00
11.30
11.12%
A. & W. P. R. R
American National Bank.
Atlanta National Bank....
Atlantic Ice & Coal Corp.
Atlantic Ice & Coal Corp., pf. 86
Atlanta Brewing & Ice Co. ..175
Atlanta Trust Company 107
Central Bank & Trust Corp. 140
Augusta & Savannah Rwy. .105
Decatur Street Bank 100
Exposition Cotton Mills... .160
Fourth National Bank 270
Fulton National Bank 128
G. Ry. & Elec. Co. (stamped) 118
G. Ry. & Power Co., 1st pf.. 78
Ga. Ry. & Power Co., 2d pf.. 34
Ga. Ry. & Power Co., com.. 20
Empire Cotton Oil Co., pf... 94
Empire Cotton Oil Co., com. 45
Lowry National Bank 248
Trust Company of Georgia..248
Realty Trust Company 93
So. Ice Co. (Nashville), com. 56
So. Ice Co. (Nashville), pf.. . 80
Third National Bank 245
Southwestern of Georgia... .103
Bonds.
Atlanta 4%s, 1922
At. Ice & Coal Corp. 6s, 1920. 90
A., B. & A. first 5s 60
G. Ry. «fc Elec. Co.. 1st pf 5s. 99
Atlanta Consolidated 5s 104
G. Ry. &. ,Elec. Co. con. 5s.. 102
Southern Bell 5s 97
equipment notes by Rock Island aroused
some interest, as it indicated the pos-
corpora- /sibility of an adjustment of the financial
bonds or difficulties of the St. Louis and San
Francisco.
LONDON STOCKS.
dipped lambs. $7.00^7.60; feeding lambs. * nomina
sA.2r><&'7.25; shorn wethers. $5. >5$i'6.00; [ sixty <
MONEY AND EXCHANGE.
NEW YORK. May 34.—Money on call
L< >NDON, Mt) 24
improvement in the
market tone to-day,
There wn« a slight
London Exchange
but business w
although this is mainly due to im- idle. Consols were unchanged. Di
pending tariff reductions. count rates were easier. Paris exchange
Washington politicians are still I®* 1 London unchanged at 25fr 21%c.
floundering in a roa of tariff figure, j Berlin rate unchanged at 20m 41 \ pfg
Th< bill as approved by t • H bonds
been found to contain many gross in-j XKW YORK. Mav 24. -Government
l tenciee and Injuetlces. Sena-|i .... nchangt Ra
rs are now wrangling over changes, j other bonds were irregular.
uninul. No loans. Time loans steady
. .. . . - . „ixty days. 3%@4: ninety days, 3%(« 4;
shorn ewes. $5.25(a'5.90; shorn yearlings. months. 4%@4% per cent. Prime
$C 00 (» 6.50. ; mercantile paper 5% per cent. Ster-
ling exchange steady, with actual busi-.
NEW ORLEANS RICE. ness in bankers' bills at 4 S3 for sixty-
NEW ORLEANS. Ma> 24.—The local day bills and at 4.8640 for demand. Corn-
rice market continues to rule strong. I mercial bills 4.8250.
stations on the leading grades are j
follows: OUTSIDE SECURITIES.
Honduras head. 4%(qo%; straights.; NEW YORK. May L’4.—Speculation in
3V/u4; screenings. 2%M3%; Japan head, the market for outside securities to-
~ A '*4; straights, 3#3*4% screenings, day was again of a light character, with
price movements irregular. The net
charges, however, in most instances
I were confined to small fractions. The
; strength of Stewart was a feature, due
' to reports that a dividend would be
declared! in the near future. The stock
'advanced to 2.
i 3.
Asked.
148
218
325
98
88
200
110
142
108
110
165
130
110
79
36
22
95
50
250
250
97
58
82
250
110
100%
92
62
103
106
103%
99
Trade Interests Buy on Easy
Spots; Shorts Cover on Any
News at All Against Them.
NEW ORLEANS, May 24 —With
the more favorable weather conditions
which prevailed over the cotton belt
recently it was expected by operators
on the bear side of the cotton market
that a sharp decline in values could
be brought about. Contrary to these
expectations, however, the market has
been a puzzle even to experienced
traders in this market.
The best explanation of the situa
tion is that trade interests have been
heavy buyers on all eaj'y periods, pre
venting much of a decline on favor
able weather developments, while
covering on the part of the large short
interest has caused an upward ten
dency whenever weather conditions
seemed unfavorable for the growth of
the new crop. As a matter ol’ fact,
the short interest in the market has
tyeen inclined to cover even when
the weather and crop outlook ap
peared distinctly more iavorabie than
it has been since the planting season
started.
Within the las* few days, the new’
crop positions have been relatively
stronger than July. This is accounted
for by the fact that many straddlers
who bought July and sold October at
narrower differences than now prevail
are undoing their straddles at a profit.
Then, also, the fact that all months
after .July are offered at a big dis
count under spots induces consider
able hedge spelling of that position
against holdings of actual cotton.
Owners of desirable grades of spot
cotton find the local contract advan
tageous for tender purposes, because
of the Government standard types in
U9e here. Bears are complaining
loudly of what they term the “im
maculate” contract employed in this
market, but owners of high-grade
cotton express themselves as more
than pleased with the results of de
livery on contract in this market.
SPOT COTTON MARKET.
Atlanta, quiet; middling 12c.
Athens, steady; middling 11%.
Macon, steady; middling 11%.
New Orleans, steady; middling 12 7-16
New York, quiet; middling 12.10.
Philadelphia, quiet; middling 12.20.
Boston, quiet; middling 12.10.
Liverpool, easier; middling 6.7Sd.
Savannah, firm; middling 12c.
Augusta, steady; middling 12c.
Norfolk, steady; middling 12%.
Mobile, nominal: middling 11%.
Galveston, steady; middling 12 5-16.
Charleston, steady; middling 11%.
Wilmington, quiet; middling 11%.
Little Rock, steady; middling 11%.
Baltimore, nominal; middling 12%.
Memphis, quiet; middling 12%.
St. Louis, quiet; middling 12%.
Houston, steady; middling 12 3-16.
Louisville, firm; middling 12%.
•WEATHER CONDITIONS.
WASHINGTON. May 24.—With the
exception of showers in Northern New
England, fair weather will prevail to
night and Sunday over the Eastern half
of the country, with lower temperatures
to-night along the South Atlantic Coast
and somewhat higher temperatures Sun
day in the interior.
Forecast until 8 p. m. Sunday:
Georgia—Fair to-night; cooler In
southeast portion; Sunday fair, war.-r.er.
North Carolina — Cloudy to-mgbi;
showers and cooler near the Coast; Sun
day fair, slightly warmer in the interior.
South Carolina—Fair to-night; cooler
near the Coast; Sunday fair, slightly
warmer in the interior.
Florida—Generally fair to-night and
Sunday; somewhat cooler to-night in
north and central portions.
Alabama and Mississippi—Fair to
night; Sunday fair, warmer.
East Texas—Fair, warmer; Sunday
fair
West Texas—Fair to-night and Sun
day.
BAR SILVER.
NEJW YORK. May 24.—Bar silver at
London to-day was 3-16 penny higher
at 27 13-16d per ounce. To-day’s New
York price was %c higher at 60%c.
Mexican dollars were 48c.
White City Park Now Open
NEW ORLEANS COTTON.
NEW ORLEANS. LA.. May 24.—Cov-
cring by nervous shorts caused a mod
erate advance in the cotton market dur
ing the early trading today, when Octo
ber contracts sold as high as 11.36. At
that level, longs took profits freely, and
there also was some fresh short selling j
induced by the heavy rains officially )
reported in the Carolinas. The rather j
low temperatures recorded in nearly all
sections restrained bearish activity ns J
complaints of the growth of the plant
being retarded are feared. Secretary
Hester’s visible supply statement is- I
sued yesterday made a bullish showing
for the first time in some weeks. Tak
ings by spinners for the week about
equaled those of the corresponding w’eek
last year, while the visible supply of i
American cotton showed a larger de- j
crease than last year. The talent con- !
♦trued the statement to mean that spin- I
ners having used up as much of their
reserve stocks as they < are to, now are |
king their requirements out of the I
visible supply of American cotton, j
which is already less than that of a j
year ago. with the prospects of con- |
stantly dwindling between now and}
Sept. 1. The movement into sight con- j
tinues comparatively small, and it is be
lieved that the commercial crop will not I
be as large as the trade has been count
ing on.
CHICAGO CASH QUOTATIONS.
GH1CAGO, May 24.—Wheat, No. 2 red,
1.07® 1.08%; No. 3 rod, 96®1.02; No. 2 I
hard winter, 92%® 95; No. 3 hard winter.
91® 94; No. 1 northern spring, 93(g)95;
No. 2 northern spring, 92@93%; No. 3
spring, 91@92.
Corn, No. 2. 58%@59; No. 2 white, 61 @
61%; No. 2 yellow. 58%@59; No. 3. 58%
@58%; No. 3 white, 60%@61; No. 3 yel
low. 58%@58%; No. 4, 57%@58%; No. 4
white, 59%@60; No. 4 yellow, 57% @58%.
BANK CLEARINGS.
NEW YORK. May 24.—Bank clear
ings to-day $311,568,821. against $21*0.-
923.320 a year ago, an increase of $20,-
645,501.
'Open
High
!L
DW
‘Sale
Clot
ee
Close 1 J
Mv
112.48
12
48
12
45
12.45
12.43
-45
12
41
43 1 >
1 J’n
112.15
12
15
12
09
12.09
12.06
-08
* 2
16
IS !
J’y
12.19
12
22
12
13
12.13
12.13
-14
12
16
IT;!
j A'g
11.77
1!
78
11
io
11.75
11.76
-77
11
74
' >
i O’t
11.33
11
36
11
30
11.30
11.30
-32
11
28
*>9 1 >
I D’c
11.32
11
35
11
28
11.20
11.29
-30
11
26-
27 i ?
J’n
|ll.34
11
31
11
32
11.32
11.00
11
29*
30 i l
CONFEDERATE VET- !
ERANS — CHATTA- i
NOOGA.
(
The X.. C. &■ St. L. Ry. and W. & <
A. R. R. will sell round-trip tickets <
at REDUCED RATES, ATLANTA <
TO CHATTANOOGA AND RE- !
TURN, $3.00, tickets on rale May <
24 to 28. inclusive, and for trains J
scheduled to arrive Chattanooga <
before noon of May 29, with re- j
turn limit June 5, with an exten- j
sion by deposit at Chattanooga, to <
June 25, 1913. Regular trains leave <
Union Passenger Station at S a. j
m.. 8:36 a. m., 4:50 p. m. and 8:50 j
p. m. All these trains carry Pull- \
man parlor cars and first-class j
coaches. The 8:50 p. m. train car- <
ries local sleeper to Chattanooga. <
SPECIAL TRAIN will leave At
lanta. carrying the Atlanta party, )
at 2:15 p. m.. May 26. The West- (
j ern and Atlantic Railroad is the
”'%lefleld Route, Sherman's line
narch, every foot of it being
ofic. For further information
upon any ag-ent or
C. K. HARMAN,
General Passenger Agent.
■»Wkr«>k. »W*. . V.WXVk »v
Y
OU KNOW HOW RAPIDLY
small debts pile up. Just so
quickly will small amounts accumulate
when deposited to a savings account
each week or month with this strong
bank.
SMALL DEPOSITORS are welcomed.
Accounts of YOUNG BUSINESS MEN en
couraged.
WOWEM will find a checking account con
venient.
INTEREST paid on SAVINGS and on CERTIFICATES
OF DEPOSIT
EXCHANGE on all parts of the world.
AMERICAN NATIONAL BANK
ATLANTA, GA.
Capital and Surplus - - $/,000,000
3