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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