Newspaper Page Text
IIEARST S SUNDAY AMERICAN. ATLANTA, OA ., SUNDAY. JT'LY 27. 1013
7 B
News and Views by Experts of Finance, Industry, Crops and Commerce
Gives List of Especially Attractive Purchases
Possible and Points to Safety When Com
pared Even to the Best Stocks—Many
Signs Point to Prosperity.
By B. C. FORBES.
NEW YORK, July 26.—Business is not going ha kward, and
finance is progressing very satisfactorily, both in America and
Europe.
The comer has been turned in the security
markets, as far as can be judged, although of
course an international intervention of Mexico
would upset all ordinary calculations.
Already, standard stocks have recovered
from $3 to $10 a share, and this has permitted
weak spots either tp be eliminated or strength
ened, a fact of great importance.
The public very wisely has begun to buy
bonds. Well selected issues can not% fail to
prove profitable investments. They are more
attractive than they have been in many years.
Convertible bonds of strong organizations
are extremely cheap and possess great poten
tialities. A list of good convertibles is append
ed to this article.
For the smal investor unwilling to run risks, high-grade bonds
are preferable even to the most seasoned railroad or industrial
stock in these da vs of unrest and
* ‘ reform. ”
Again, the success or failure of
most concerns is dependent very
largely upon its president or dominat
ing executive. Boards of directors,
theoretically, are yupreme, but the ac
tual running of a property devolves
upon the chief officer. He can make
or mar a corporation in most cases.
A Prominent Example.
To illustrate the risk attaching to
stocks as permanent investments, let
me recall that only a few short years
ago New Haven Railroad shares were
universally regarded as gilt-edged,
above suspicion, the best obtainable.
They sold above 250 in 1902 and above
200 in every year (except 1904) from
1895 to 1900. Long ago they paid 10
per cent and then 8 per cent regularly
from 1895 until this year.
The quotation for the stock has re
cently been below not 200 but 100;
the dividend has been reduced to 6
per cent and less than that has been
really earned.
A.rain, express company stocks for-
merlv were classed as safe, attractive
investment \ But see what has hap
pened to them.
Dr, not misunderstand me; for busi
ness men and many other stocks at
•r rt;: in tines hold out greater possi-
1 1 ves than bonds. Bonds yield only
•i fix r i and modei-ate income, whereas
Flock? irked with discretion baced
on krov ] dge. are likely to advance in
mark t value and to increase their
dividend rate*
v m onih ago shocks were bargains.
Even to-daj they ar< low ana are al
most certain to rise substantially by
?*nd by Those who can afford to in-
< ’ r reasonable risks will probably
stock?* and < ome out all right.
General trade is mixed. The volume
in the srvregMe is large.
Crocs Up to Average.
Railroad gross earnings never were
better, although the natural growth
of the country accounts for this.
The crops are neither extraordi
narily good nor extraordinarily bad.
They are comfortably above average.
Supplies will shortly begin to come
to market, indeed, farmers who are
in debt will be urged to turn part or
their product into cash without de
lay.
A prorrvnent Texas banker declares
that his State will pocket $350,000,000
for it-’ cotton alone.
The Department of Labor report;
that fewer workers are idle now than i
at any time in seven years.
An important steel company an
nounces the best half year s earnings
in its history, although lately business
has slackened appreciably.
Copper is going up encouragingly,
partly, however, on account of strikes
The demand has quickened.
Our foreign trade is breaking all
records, with a handsome balance of
exports over import?.
Tariff uncertainty has put New
England cotton mills on half time,
woolen mills are also only partly em
ployed and silk factories have suf-
fer^'l from strikes (now, however,
settled).
Commercial failures are rather nu
merous and are likely to continue, but
this was to be expected in view of
the banks' determination to check
credit inflation.
Banks Are Fortified.
Our banks are strengthening them
selves in preparation for agricultural
demands New York institution* are
well fortified, and it is now believed
the strain will not reach the breaking
point. Chicago’s best-known banker
claims that the banks there also have
husbanded resources to an extent that
miriinizes danger of acute stringency.
The Bank of England’s percentage
of reserve is the highest recorded at
this season in many years, with one
exception.
The Bank of France now has the
huge sum of $678.000.oft0 gold, thanks
in part to the withdrawal of some
$45,000,000 from New York since New
Years.
The Imperial Bank of Germany
gained fully $10,000,000 cash last
week, and to-day is carrying much
the largest amount in its history.
Danger of a general European war
is no longer a factor.
Governmental and corporate bor
rowing has been discouraged on all
sides.
Europe Can Assist.
The return of confidence abroad can
not long be delayed, and with it will
come a considerable quantity of
hoarded money.
Under these circumstances, the
United States should be able to draw
upon Europe for any facilities it may
require to market the crops.
Delay in enacting-currency legis’a-
tion will occasion no alarm, but will
undoubtedly bring out the need for
amendments to the bill as it now
stands.
Finally, # the new' tariff should be
out oi the way by the first of Sep
tember.
The strongest banking interests are
opposed to animated speculation in
stocks on BORROWED money.
But they are encouraging outright
investment in the best grades of bonds
and stocks.
Attractive Bonds.
Among the convertible bonds to
which attention is being directed are:
Railroads—Atchison 4s of 1955. At
chison 4s of 1960, B. and O. 4 l-2s of
1933, St. Paul 4 1 -2s of 1932, Norfolk
and Western 4 1-2s of 1938, Southern
Pacific 4s of 1934.
Miscellaneous—American Telephone
4 l-2s of 1933, Brooklyn Rapid Tran
sit refunding mortgage 4s of 2002
Lackawanna Steel first mortgage 5s
of 1923, We6tinghouse Electric 5s of
1931.
South Seems To Be
Selling Its Cotton
New York Takes This to Mean the
Crop Is Improving—Full
Yield a Necessity.
By EDWARD LOW RANLETT.
NEW YORK. July 26.—Ar. easier
undertone again was noted in the cot
ton markets to-day, but the volume
of selling was not heavy, thus limit
ing the declines to about 5 points. The
tone was heavv. with the close not
far from the day’s low point.
Weather conditions again were the
principal Influence. Scattered rain
was reported in Texas overnight
Much of the Central-Western belt re
ceived showers, and parts of the East
again were wet.
With a growing activity in business
during the week, the market does not
appear to have gained in strength.
The South appears to be selling cot
ton against the possible yield. This
must mean that the crop is improving
in promise. If the crop holds its own
during the current month, it will make
a fair, though not, perhaps, a full
yield, per acre. With the acreage in
crease fully 3 per cent and with con
ditions ruling slightly better than last
year, there is no reason why a crop
exceeding 14,500.000 bales should not
be realized. This volume of cotton
should not put the market down ma
terially. because spinners’ holdings
and the visible carry-over certainly
will be at least 1,000,000 bales less
than last year.
The best backbone to the market
for raw material lies in the positive
scarcity of manufactured goods. Even
the markets of Eastern Plurope are
practically bare both of goods and of
cotton, and the year-end carry-over
will be less than last year. These
things make the* necessity of a full
crop obvious.
RANGE IN NEW YORK FUTURES.
Open.
High.
1
Low.
Last
Sale.
Close.
a
0. o
Jul
Au
Sp
Oc
11.83 11.83
11.59 11.61
11.3611.36
11.27 11.27
11.7111.75
11.50 11.51
11.31(11.31
11.18 11.18
11.74-7611.81-83
11.51-52(11.62-63
11.29-31:11.38-40
11.18-20 11.26-30
De
Ja
111.21111.22'! 1.12111.12 11.12-
11.1,2(11 12 11.06,11.06 11.05-
13ill.
06 11.
Mr
My
Closed steady.
"1.22 11.23 11.19 11.13 11.13-14111
11.27 11.2!' 11 19 1L. 20 ill. 19-20111
23-24
11-18
18-20
27-28
29-31
OCCASIONAL
OBSERVATIONS
Young J. P. Morgan rose like a son
mf his dad at the New Haven
meeting which ousted Mellen.
He asserted himself in the good,
old-fas'hioned way of the late J.
P. ’Tis said that it was the new
Morgan who insisted upon Mel-
len’s going, that it was Morgan
who arrogated to himself the duty
of selecting a successor, and that
the other directors were forced to
submit to the new leadership.
Half the directors did not know
when they met that Mellen was
slated for dismissal. Morgan’s ag
gressive action took their breath
away. He showed unmistakable
signs of pain and anger over the
nation-wide criticism that has
been leveled at the New Haven
management.
• • •
Playing with secrecy is playine with
dynamite these days. The Vul
can Detinning directors learned
that. The president had an un
comfortable half hour before the
Stock Exchange goyernors for
the three davs’ delav : n announc
ing the dividend omission. Pub
licity pays.
* • »
There is much mental speculation
going on in brokers’ offices as to
the probable price at which
Union Pacific stockholders will be
asked to subscribe to their allot
ted holdings of Southern Pacific.
Efforts to obtain a glimmer of In
formation from the bankers have
signally failed. A well-known
broker calls it a case where the
bankers hold all the cards and
the Union Pacific stockholders
are compelled by the Supreme
Court of the United States to play
the game.
NEW ORLEANS COTTON.
NEW ORLEANS. LA., July 26.—
Although Liverpool cables were fairly
encouraging, the cotton market de
veloped a decidedly easier tendency
to-day. Opening 2 to 3 points under
Friday’?* closing, the market showed
resistance to selling pressure during
the early trading.
Later in the day, however on re
ports of an inch of rainfall at Brown-
wood and other points in West Texas,
short selling was indulged in on a
large scale. The detailed weather re
port by the Government practically
confirmed the reports of rains in the
West to-day and the selling pressure
increased.
Weak longs liquidated on the break,
while there was also considerable
heige selling. Prices eased off until
October contracts sold as low as
11.17. Ring traders covered to some
extent before the close, which wae
steady, with prices showing a net loss
of 15 points as a result of the half
day’s trading. Spots were officially
reported quiet and 1-I6c lower on ail
grades, with sales of only 78 bales on
the basis of 12 c^nt^s for middling.
NEW ORLEANS COTTON.
Ju (11.62|11.62 11.62J11.62I11
Ag 11.63 11.651X1.55 11.55 11
Sp ' 1 1 j 11
Oc 11.30111.32(11.17(11.18 11
No I I 1 ! ill
He 11.26 11.28 11.14 11.15 11
Ja 11.29 11.32-1.16 11.18 11
Fb ! i | in
Mr 1 1.38 11.38 11.27 11 27 11
My ii
Closed steady.
S? 2
HO
.62
.55-
22
17
.15
15
16
.13
.26
.31
111.
58 11.
24111.
18 11.
17111.
1611.
1711
1511
27 11.
33 11.
75
64-66
37-39
32-33
30-32
30- 31
31- 32
29-31
40-41
45-47
LIVERPOOL COTTON MARKET.
LIVERPOOL, July 26. —Due 1 point
lower on August and 1 to 2 points high
er on other positions. this marxet
opened 1 to 1% points higher. The mar
ket closed easy 1 % to 2 points higher.
Spot cotton easier at 2 points decline;
middling. 6 59d; sales. 6.000 bales, in
cluding 4,000 American bales.
Futures opened easier.
Openig Prev.
Range. Close. Close
• T >ly 6.34 -6.33 6.33 » 3244 :
July-Aug . 6.34 -6.32 % 6.33 6.32%
Alig.-Sep.. . 6 26 -6.25 6.25% 6.24%
Sep.-Oct. . . 6.16 - 6.14% 6.13V 2
Opt.-Nov. . 6.10 -6.1144 6-10 6.09
Nov.-Dee. . 6 05-6.0644 6.05 6.04%
Dec.-Jan. . . 6.0614- 6.0544 6.05%
Jan -Feb . 6.06 - 6.0544 6 04%
Feb.-Mar . 6.07 -6 07% 6 07 6 06 ”
Mar.-April . 6.08 -6.0914 6 08 6.07
April-May . 6.0944- 6.09 6 08
May June. . 6.1014-6.1144 6.1044 6.0944
Closed easy.
Writers Close to Wall Street Echo
Report First Printed in The
Sunday American.
By M. A. ROSE.
"Holland,” the writer on financial
affairs, and other conservative writers
in the East are busy with specula
tion as to the Pennsylvania Railroad's
future course, now' that it has ac
quired an influential interest, if not
actual control of the Southern Pa
cific.
, June 22 The Sunday American
pointed out the likelihood that the
"Pennsy” would try to acquire the
Atlantic Coast Line, which controls
the Louisville and Nashville. Since
this first publication the report has
been echoed, with variations, by au
thorities presumably close to Wall
Street.
For many years the Pennsylvania
had an unwritten law’ which forbade
any alliance with lines* west of the
Mississippi. The now famous deal
whereby it exchanged Baltimore and
Ohio stock for the Union Pacific’s
holdings of Southern Pacific stock
was the first infraction of this rule.
The Natural Step.
The Pennsylvania has important
terminals at the great Ohio River
crossings. Louisville and Cincinnati.
Since acquiring its interest in the
Southern Pacific it has a line with
termini at New Orleans and the Pa
cific coast.
The next natural step seems to be
to link Louisville, Cincinnati and New
Orleans. The Louisville and Nash
ville is the easiest answer, and the
L. and N. is controlled by the Coast
Line.
All this was pointed out in The
Sunday American of June 22.
Now comes "Holland” a month later
writing:
It has been inferred that the
Pennsylvania, having secured by this
exchange of stock an influenia! re
lation to the Southern Pacific, may,
with the eyes of its manager fixed
upon New Orleans, contemplate some
arrangement whereby its position in
the South and Southwest may be
fortified.
An Additional Alliance.
There may he some sort of addi
tional alliance with a railroad sys
tem of the South, the Atlantic Coast
Line. say. although the traffic re
lations between the Pennsylvania
system is the normal and most eco
nomical and in all ways satisfactory
link betw’een New York City, New
England and the Atlantic and Gulf
States of the South
Railroad transportation to and
from points in the South to New'
England and to lower New' York
State is certain to he relatively as
great as, or greater than, the trans
portation carried by the so-called
trunk lines between New England
and the West. Th- opening of the
Panama Canal Is certain to greatly
Increase the demand for railway
transportation of this kind.
Although railway managers of this
city strongly discredit the rumor
that the Pennsylvania purposes
something like control, of one of the
great railroad arteries of the South,
yet It is safe lo assume that the re- i
cent transaction by which the Penn- |
sylvania becomes the owner of a j
very large block of Southern Pacific i
Ry. stock inevitably is to he fol
lowed by enlarged or closer rela
tions with Some one of the great i
railway systems of the Southern 1
States that fringe the Atlantic and
the Gulf of Mexico.
By acquiring the Coast Line the ■
Pennsylvania not only would link i
Cincinnati and Louisville with New J
Orleans, but it would, with the excep- |
tion of (he short link from Washing- i
ton to Richmond have fT chain from |
New England .and New York all the I
way through the South to the far
thermost end of the Florida peninsula,
w'ith Atlanta as an important point
in the gigantic system.
COTTON SEED Oil-
Cotton seed oil quotations:
FHIGE LEVELS
Spinners Evidently Do Not Think
Market Out of Line, Even
With Good Crop Coming.
Iron Men Holding Up j
Price for Product!
Believe It Better to Steady Market
Than to Make Sales at
Concessions.
BIRMINGHAM. ALA.. July 26.—
Southern manufacturers of pig iron
are still maintaining the $11 per tor.
price for pig iron on a basis of No. 2
foundry. While sales are not ver>
frequent, the belief is that it will be
better in the long run to uphold the
price rather than to sell in quantity
at a loss or near the cost mark.
There are indications of a better
condition of the market in the next
few weeks^ The make is being fur
ther curtailed, effort being made to
equalize the demand and production.
Shipments are lively on old business,
consumers asking for immediate de
livery. This means there is need for
the iron.
The steel operations in the Bir
mingham d'strict are steady. With
the exception of steel billets, the Ten
nessee Coal, Iron and Railroad Com
pany’s big plant at Ensley has plenty
of orders on hand to lavt two months
yet. at least, with inquiries in hano
that will call for operation extending
through the balance of the year. It is
expected that 7 before December the
Tennessee company will be furnishing
billets to the American Steel and
Wire Company at its new plant ne)u
Fairfield, in the Birmingham district.
SPOT COTTON MARKET.
Atlanta, nominal; middling 12V
Athens, steady; middling 11%
Macon, steady; middling 1L%.
New Orleans, quiet; middling 12c.
New York, quiet; middling 11 95.
Philadelphia, quiet; middling 12.25.
Boston, quiet; middling 11.95.
Liverpool, easier; midling 6.59d.
Savannah. firm; middling 12c
Augusta, steady; middling 12%.
No: folk, steady; middling 1244.
Charleston, steady: middling 12 5-16.
Mobile, stead} ; middling 12c.
Wilmington, quiet; middling 12c.
LitCe Rock, steady; middling 12c
Baltimore, nominal: midd 1 g 12%.
Memphis, steady; middling 12%
St Louis, quiet; middling 12 5-16.
Houston, quiet; middling 12 3 16.
I.oui3ville t firm; middling 12 44.
Charlotte, steady; middling 12c
Greenville, steady; middling 12c.
PORT RECE'PTS.
The following table show’s receipts at
.he ports to-day compared with the
*ame day last year
1913.
1912.
New Orleans. . .
936
263
Galveston
784
248
Mobile
1
14
Savannah. . . . »
756
112
Cl ar eston
60
Wilmington. . . .
36
185
Norfolk
261
125
New York. . . .
364
Boston
53
Various
250
Total
2.8H2
1,281
INTERIOR
MOVEMENT.
1913.
1912.
Houston
210
135
Augusta
52
300
Memphis
97
St. Louis
197
150
Cincinnati
191
213
Total
921
795
BUTTER AND EGGS.
CHICAGO, July 26.—Butter trade
was slow. Eggs had a firm under
tone. Butter receipts 13,300 tubs.
Creamery extra. 26 1-2. Eggs, re
ceipt. 9,238 prases; ordinary firsts,
15 1-2.
|Opening. | Closing.
I I 9 50® 10 00
1 9 40*110.00 9.50*7 10.00
9.41 ®* 9.501 9.50# 9 55
I 9.44*7 9.49! 9 48*i 9 49
1 8.20*7 .8.21 8 20*7 8.21
j 6.93® 6.94i 6.92® 6 93
1 6.69*i 6.71! 6.69® 6.72
6.68*7 6.70 6.68*7 6 70
: 6.65® 6.72 6.65® 6.72
Spot .. ..
July
August
September
October .
November.
December .
January. .
February
Closed strong; sales, 5.800 barrels.
OUTSIDE SECURITIES.
NEW YORK. July 26.—In the mar
ket for outside securities to-day price
changes were insignificant and what
little interest was shown continued
centered in the New Haven issuea,
which again were active and steady.
There w as a baiter inquiry for South
ern Pacific certificates, which im
proved 3-8. Union Pacific rights
moved within a fraction and the to
bacco issues' ruled about unchanged.
Copper shares w ere aoout steady. Sil
ver issues were neglected. Bonds
were unchanged.
TIFTON HOLDS WOOL SALE.
TIFTON. GA.. July 26.—Five thou
sand pounds of wool were sold here
to-day by Tift County wool growers
to J N. Griffin, of Valdosta, for 21
cents, the same wool growers selling
6,000 pounds at Tifton last year for 26
cents. The sheepmen say that the
dry spring and summer has caused
the wool to be light, not averaging
more thin 2 pounds to the sheep.
BONDS.
NEW YORK. July 26.—Govern
ment bonds werp again weak and the
2s fell to a new’ low record to-day on
transactions in th* j open market, in
volving $25,000. Sales w r ere made as
low as 95 1-2. United States 4s were
dealt in at 110. a decline of 1-2 per
cent, a new' low record, and thereaft
er the bid eased off to 109 1-2. Pan
ama 3s were only slightly changed in
quotations.
NAVAL STORES.
SAVANNAH, GA., July 26.—The
market for turpentine was firm at
35 3-4, on ?*ale of 697 barrels. Rosins
nomine 1. the dost being firm on sale*
of 923 barrels. W W. 650; W G, 635;
N. 4 54; M, 450; K, 430; I. 425; H. 420;
G. 415, at 417 1-2; F 415 to 416 1 2.
E, 410; D. 405; B. 400 to 405.
BANK CLEARINGS.
NEW YORK. July 26.—Bank clear
ances: $255,761,745, against $267,122,*
455, a decrease of $11,360,711.
MEMPHIS. July 26 —Whether the
cotton crop yield is under 15,000.000
or over 16,000,000 depends, according
to many well-informed members of
the trade throughout the belt, on the
sort of weather during the next few
weeks. At present it appears reason
able to think chances good for the
former figure to be a minimum, and
It is a conservative opinion that the
market has been ruled by that sort
of an idea.
It is true that many people in the
trade have thought the market un
naturally sustained with so large a
crop indicated, yet manipulative tac
tics have not been conspicuous and
influences have been .of legitimate
character. In other words, the spot
niarket has kept well above contract
prt es, indicating that spinners were
not averse to paying current prices
j for what they were compelled to buy.
| Conditions during the past week
have been favorable as a rule, ac
cording to advices reaching here, and
in this part of the belt there are al
most no complaints. In the weevil
sections the high temperatures tend
ed to minimize the danger, for the
larvae in large numbers were vir
tually cooked, thus offsetting in a
measure the injury done by lack of
sufficient moisture. The lack of rain,
however, was not widespread, being
confined almost entirely to the West
ern belt, including Texas and Okla-
| homa. There has been partial relief
out there. bu*t they will face increased
weevil damage if rains come soon.
The crucial period for this pest is
ahead, and will reach its climax be
tween the first and tenth of-August,
j The fact that there is so large a crop
for the pest to take toll of tends to
minimize concern and acts as an off-
| set, for continuation of energetic ef-
| forts to reduce the number of the
! weevil is doing much to lessen the
I promised damage.
Col. Thompson Lauds
Cotton Tax Editorial
"Finest I Ever Read on That T<fpic.”
Says American Interviewed
in London.
Special Cable to The American.
LONDON, July 26.—Colonel Robert
M. Thompson, of New York, in an in-
! terview with a representaitve of The
New York American, said:
“I would like to offer your paper
this expression of my opinion: You
had an editorial on the cotton problem
which seemed to me the finest edito
rial I have ever read on that topic.
The way it grips the situation is just
wonderful.”
The Sunday American. July 6, had
the following in its weekly business
and financial article:
"The vicious proposal to tax deal
ings in cotton 'futures' has naturally
aroused a storm of protest, for :t
would embarrass cotton growers, cot
ton manufacturers, spinners and .ev^-
eryone associated with the business,
to say nothing of driving dealings in
the staple from New York and New
Orleans to Liverpool, where the ad
vantages of a free, unfettered market
are properly appreciated.
"The manufacturer who under
takes to make and supply so many
gross of shirts or dresses or sheets
at at stipulated price, in order to es
cape risk, at once arranges to have
the raw material delivered to him it
3 specified price. On the cotton 'x-
•hanges he can buy this material for
future delivery, as there is an active
market all the time for 'futures.’ But
if every bale thus traded in be taxed
$2 or $3, this markete will be ruined.
"The manufacturer will have to pa
more for his protection aaginst uncer
tain fluctuations and the grower will
not find a ready market for his crop
the moment he has it gathered and
baled.
"The cotton tax is barbaric, and
should be killed before it reaches the
statute book. It would benefit nobody,
but would injure everybody.”
NEW YORK COFFEE MARKET.
How Straphanger’s
Nickel Is Divided
Where does the nickel go that you
give to the 9treet car conductor*
Ever find out?
According to statistics compiled by
the t'ensus Bureau of the Unite 1
States, a large part of the passenger’s
fare goes to labor.
Of the whole fare, 32.1 per cent,
or 1.605 cents. Is disposed of in this
way. Conductors get the largest
share of this amount, with motormen.
road and track men and car and mo
tor repairers following in the or’er
named. Fully 50 per cent of that
part of the fare which goes to labor
is received by conductors and motor-
I men.
The supply men come next. They
j get 19..> per cent of the nickel, or .965
of a cent. Things that are paid for
under this head Include fuel, wire,
rails, ballast, stationery, printing and
gem ral publicity. Next come the
« ompany’s creditors. They share the
fare to the extent of 14.8 per cent, or
.74 of a cent. Under this head come
men or corporations from which mon
ey has been borrowed on bond or
mortgage, on short-term notes or oth
er collateral.
The landlord’s claim to the nickel
dropped in the box amounts to 11.2
oer rent, or .56 of a cent. Unless this
claim is paid the companies may be
repossessed of pieces of roads, ter
minals or of trackage rights and fa
cilities.
The State, county and the city aiso
share in the income of the various
companies, and consequently the tax
collector comes in for 4.6 per cent
of the fare, or .23 of a cent. Prompt
payment of this charge is necessary
Coffee quotations.
January --
February j 9.«5®9.75
March
April.
May
June [ 9 83
August 9 01^9 05
September ... .1 9.2 i
October j 9.35® 940
November. . . .! 9.45®9.50
December 9.53#9 55
Closed steady. Sales. 22,7
Opening | Closing.
9.60® 9.70 9.52*7 9.54
9 60*7 9.62
9 67(a 9.68
1 9.72® 9.74
9.77*7 9.78
9.78® 9.79
1 9.03*7 9.05
! 9.20® 9 21
! 9.25® 9.30
9.37 *i 9.39
9.45® 9.47
50 bags.
NEW YORK BANK STATEMENT.
NEW YORK. July 26. -The weekly
statement of the New York Associated
Banks shows the following changes:
Average Statement.
F.xcess cash reserve, $25,258,800; in
crease, $5,173,600.
Loans, decrease. $5,692,000.
Specie, increase, $4,407,000.
Legal tenders, increase. $657,000.
Net deposits, decrease. $756,000.
Circulation, increase. $4,000
Actual Statement.
Loans, decrease. $13,074,000.
Specie, increase, $6,472,000
la-gal tenders, increase. $815,000.
Net deposits, increase. $2,178,000.
Reserve, increase, $7,885,500.
BAR SILVER.
NEW YORK, July 26.—Bar silver
in London was l-16d higher at 27 l-4d
per ounce. To-day's New York price
was 1-8 higher at 59 l-8c. Mexican
dollars. 47 to 51.
SUGAR.
NEW YORK, July 26 - All grades
of refined and raw sugar remained
unchanged. The European beet su-
..... . •-*%♦ • —* tm^hartred, 8s
10 1-2d for July beets 8s 1 l-4d for
* 2 la for Oc
tober and December beets.
to prevent the infliction of penalties
or extra fees and interests. Claims
for injuries to body, soul or spirit,
and to property (including horses,
cows, dogs), take care of 4.2 per cen;
of the fare, or .21 of a cent.
After the average company treas
urer has paid out for miscellaneous
expenses another slice of the fan
amounting to 1.5 per cent, or .075 of
a cent, he makes provision for “rainy"
days. For tills 3.2 per cent of the
nickel is put in the secret drawer to
take care of emergencies. Only .16
of a cent of each fare is used in this
way, however.
Executives of various kinds receive
2.9 per cent of the cost of a ride lor
their share, there necessarily being
many of them in systems that boast
of any size at all. Their share totals
only .145 of a cent, but it helps to
reduce returns to the stockholders.
Last, but not least, come the stock
holders. To them, for the use of
their money, goes only 6.2 per cent of
the faie. In actual payment It repre
sents .31 of a cent. If these stock
holders could be paid what savings
banks would pay them if the pat
value of the shares had been depos
it. id in 4 per cent savings hanks in
stead of being invested in electric
railways, they would get 19.5 per cent
of the nickel. But that can’t be done,
and the stockholders must be con
tent with their 6.2 per cent.
"This.” the bulletin adds, "may ac
count for the disheartening state of
affairs shown in the following flg-
urds: Miles of electric railways built
in 1902-7, 12,154; miles built In 1907-
12. 5.295; decrease, 6,859 miles, or
56.4 per cent.”
Stock Trading Dull;
General Trade Good
Reports of Mercantile Agencies Tell
of Larger Bank Clearings and
Good Business.
NEW YORK, July 26.—Stocks wete
quiet to-day, and trading was mainly
professional. Short covering served to
impart some strength in the list.
United States Steel. Reading, Union
Pacific and Great Northern showed
considerable strength. Canadian Pa
cific an 1 Baltimore and Ohio were
weaker on Berlin selling.
Announcement of the decision of the
railroads to accept arbitration of the
grievances of the trainmen and con
ductors came too late to affect the
market.
The general outline of the plan for
the rehabilitation of the New Haven
Railroad, announced overnight, cre
ated a favorable impression.
The bapk clearings of the country
this week show a decided improve
ment over last, a gain of 6 3-4 per
cent being reported. Gawis at the
West were large. Bo*-on and New’
Orleans were the only large cities to
show’ decreases.
Conservative optimism expresses
the trade situation as outlined by the
mercantile agencies. The better out
look for the crops at the week-end
and easier monetary conditions were
influences for good. The principal ac- j
tlvlty at the moment is in the West, (
where merchants are in 'lose touch
with the agricultural class***.
Stock quotations and net change:
Clos. Net j
STOCKS— High
Wheat Pit Shorts
Even Up Positions
Sentiment Bearish, but the Market
Closes With Small Gains—Cana
dian Crop Seems Late.
By JOSEPH F. PRITCHARD.
CHICAGO, July 26.—While senti
ment on wheat was bearish to-day,
there were net gains of l-8®>3-8 for
the day. There w'ere many in the
trade who w'ere short at the opening
and who evened up. 'There was more
talk of the crop in Western Canada
being late, and some of the best ex
perts In that country say «at unless
there Is forcing weather until the
wheat crop is maturct. it is likely
to be caught by the frost.
The bulls in corn enjoyed another
inning to-day, and resting spots
showed net gains of 1 1-4®>1 l-2c.
Many of those who put out short line*
yesterday in the hope thi' here would
be heavv rains last night and to-dal,
as promised by the Weather Bureau,
were obliged to run for their lives in
the way of covering outstanding short
contracts.
Oats were 7 8(5)1 l-8c higher and the
best prices of the day were well
maintained.
According to the best authorities in
the provision trade, there is a contin
ued urgent demund for fresh pork and
an improved business in salted meats
and lard.
Grain quotations;
High.
69%
26
33%
93%
44 *4
31%
63%
35%
98%
98%
34 %
88%
21:%
24%
54
32
13%
26%
41%
140%
126%
35 %
Amal. Copper.
Am. AgrFul .
Am. Beet Sug .
American Can.
do. pref. ..
Am. Car Fdy...
Am. Cot. Oil..
Am. Ice ....
Am. Locomo..
Am. Smelting. .
Am. Sug. Ref..
Am T.-T
Am. Woolen...
Anaconda ....
Atchison
A. C L
B. and O
Beth. Steel....
B R T
(’an. I’a^ific..
Cen Leather..
C. and O
Colo. F and I.
Consol. Gas ...
Corn Products.
D. and H
Den. and R. G.
Distil. Secur...
Erie
do, pref. . ..
Gen. Electric..
G. North pfd..
G. North. Ore..
Ill. Central
Interboro 15%
do. pref. .. 59
Int. Harv (old) ....
Iowa Central
K. C. S
M , K. and T
L. Valley. .
L. and N. .
Mo. Pacific.
N. Y. Central
Northwest...
Nat. Lead .
N. and W. . .
No. Pacific. .
O. and W. .
Penna. . . .
Pacific Mail.
P. Ga3 Co. .
P. Steel Car.
Reading. . .
R. I. and Steel
do. pfd.. . .
Rock Island
do. pfd.. . ,
S. -Sheffield .
So. Pacific. .
So. Railway
do. pfd.. .
St. Paul. . .
Tenn Copper
Texas Pacific
Third Avenue
Union Pacific. 149%
U. S. Rubber
U. S. Steel .
do. pfd.. .
Utah Copper
V. -C. Chem.
W. Union . .
W. Maryland
W. Central. .
Low.
68%
26
32%
93%
44%
31%
63%
127% 127%
35%
98%
98%
34
88%
216%
24%
53%
31%
Bid. Ch’ge
69% — %
46% ....
25% + %
33 4- %
93%
44% + %
37% — %
24 -fl
32 % -f- %
110
127%
16%
35% — %
98%
119
98
33% - % I
- %
WHEAT
July
Sept
Dec
CORN—
July
Sept
Dec
OATS—
July
Sept
I tec
PORK—
July. ... 23
Sept. ... 21
Jan
LARD—
July... 11
Sept.... 11
Oct II
RIBS—
July... 11
Sept.... 11
Oct 11
85%
86%
90%
62%
63
60
39%
63
60
05
40
Low.
85%
86
89%
60 %
61%
58 %
60%
61%
58%
1.05
30
Previous
Close. Close
85%
86%
90%
62
62%
59%
62
62%
59%
85%
86%
89%
60%
61%
58%
60%
61%
Henry Warten “Sews Up” Mar
ket, but Permits Opponents to
Settle by Compromise.
NEW ORLEANS, July 26.—The
collapse of the July deal in this mar
ket, attended by violent fluctuations,
has been the sensational feature of
the trading this week. The break
started Tuesday, w’hen a decline of
45 points from Monday’s closing level
was recorded as the result of com
paratively few’ sales of July contracts,
and was continued Wednesday, when
another drop of 30 points took place.
Up to the time that the break in the
July option started it was thought
that Henry Warten. the cotton man
from Athens, Ala., who had been en
gineering the deal in July, had the
month "sewed up.” He had received
2,900 bales of cotton on contract, and
it was thought that he would demand
about 10,000 bales more from the
ring, which had sold that month short.
The shorts were being hard pushed
to find cotton to deliver on contract,
and for that reason the collapse of
the July deal was all the more unex
pected. It was reported on the floor
of the exchange to-day that Mr. War-
ten had deemed it best to close out
his contrac ts, without demanding de
livery of the rest of the cotton due
him.
Makes a Profit.
In other words, a private settle
ment was made, it is thought, on a
large portion of his holdings, while
the rest were liquidated recently w’hen
the market had a strong undertone.
It Is not believed that Mr. Warten
has lost any money on the July deal;
on the contrary, it is asserted that he
came out with a. profit. The worst
that is gaid about him in connection
with the deal is that he got "cold
feet.” That a cotton man should for* -
go such an advantage as he had is
more than experienced operators like
Frank B. Hayne can understand. On
the floor of the exchange it was said
that if Mr. Hayne or W. P. Brown
had. had the ling short and unable
to deliver all the cotton required, as
was the case in this deal, prices qn
July would have gone sky-high, so to
speak, and somebody would have had
to settle aj much higher prices.
The only persons who got hurt by
the collapse of July were some trail
ers on the long side. They had held
on, expecting to unload when the
Warten interest had shoved the mar
ket up to satisfactory levels. When it
was discovered that the Warten
Interest had been liquidated, the
trailers attempted to sell out on
a market which had no support
whatever. The result was that brok
ers had to offer July down to a level
well below the value of spot cotton
before buyers could be found.
ST. LOUIS CASH GRAIN.
ST. LOUIS. July 26.—No. 2 red, 84®
85%. No. 3 red. 83®83%; No. 2 hard. 84
*2 90. No. 3. 83%; corn. No. 2. 65%; No.
I. 64. No. 2 yellow, 65%®66; No. 3, 65%;
No. 2 white, 65%*7 66%; No. 3, 65.
Oats, No 2. new. 37%; No 3, new,
36%; No. 4. new, 36; No. 2 while, new,
37%; standard, new. 39; No. 3 white,
new, 38%; old, 39®39%; No. 4 white, old,
37%.
No. 2 rye, 66%.
21.42%
70 11.
82% 11
57% 11
56
11.67%
11 80
11 85
11 70
11 82%
11.57%
22 00
21.30
19 00
11.70
11.75
11 80
11.65
11 77%
11.56
10% 10%
217%
24%
53%
31%
132
10%
156
18
+ %
—1
- -n
151
1 33 : t
32 %
129%
105%
13%
26%
41%
140%
125%
35
15%
59
22%
150%
132%
32%
129%
105%
26% ..
41% ..
140 -f
125% +
35% +
113% +
15% ..
59
106
CHICAGO CASH QUOTATIONS.
CHICAGO. July 26. — Wheat, No 2 red,
new. 86%*z87; No 3 red. new. 83®86%,
No. 2 hard wMnter, new. 87®87%: old,
88%®8P; No. 3 lard winter, new. 86> 4 ®
87; old. 87%®8$ No. 1 northern spring.
92. No. 2 nortl ^rn spring. S8%®90; No
S • nr 1 ng. 58 V/ 90
Corn. No. 2. 63*(63%; No 2 white, 64
®64%; No. 2 yellow. 63®63%; No. 3.
62%® 62%; No. 3 white. «3%®64; No. 3
yellow, 62%®63%: No 4, 61%®62; No 4
white, 62®52%; No. 4 yellow. 61%®
62%.
Oats, No. 2. new, 39; old, 39%®40; |
No. 4 white. 39%®39%; standard, old,
40%® 41
LIVERPOOL GRAIN MARKET.
LIVERPOOL, July 26.—Wheat closed
% to Id lower.
Corn closed % to %d higher.
LIVE STOCK MARKET.
CHICAGO. Ju'y 26— Hogs—Receipts
8,000. Market steady to strong; mixed
and butchers, 8.70®9.45: good heavy,
8 90®9.30; rough heavy. 8.50®:8.85; light,
9.10® 9.50; pigs. 8.15®9.30; bulk, 9.00®5
9.30.
Cattle—Receipts, 200. Market steady;
beeves, 7.35® 9.15; cows and heifers. 3 25
<n 8.40; stockers and feeders. 6 25@7.90;
Texans. 6.75® 8.16; calves. 9 25®19.90.
Sheep)—Receipts. 3,000. Market strong;
native and Western, 3.26®5.40; lambs,
5.50® 8.25.
NEW ORLEANS RICE.
NEW ORLEANS. July 26.—The
rice market continues strong on Hon
duras clean and steady on Japan.
Quotations on the leading grades
follow: Head. Honduras, 4 3-4 to
6 1-2; Japan, 3 1-4 to 3 3-4; straights.
Honduras, 3 1-2 to 5 1-2; Japan, 2 3-4
to 3 1-8; screenings, 2 1-4 to 2 3-4;
Japan, 2 1-4 to 2 1-2.
+ %
113% 113%
24%
162
25%
77%
29%
93%
2SH
78
105%
30%
24%
161%
25%
77%
29%
92%
23%
78
105%
29%
149
58% 58%
47%
26%
64 %
47%
26%
64%
22% +
149% —
133 —
33% +1
98%
128%
48
105%
109%
29
113%
20%
113%
24%
161%
24%
81
77 y 4 +
29% +
26 —
93% +
23% +
78 —
105% +
30 +
15% +
36% +
149% +
60 +
58% —
107 -|- %
47% 4- %
26
64% 4 %
40
45
% '
% i
% i
1
-1 I
- % |
+ H '
— *4 i
+ %
+ W
+
+ %
- 4 :
4 !
4
4 i
4
4 '
4
4
4 !
4 1
4 i
4 1
4 I
4 I
American National Bank
Alabama and Broad Streets
Atlanta, Ga.
Capital and Surplus $1,200,000
Assets, over 5,000,000
Our Qualifications
Individual service which this bank renders to all
depositors.
Accessibility of our officers for consultation upon
all banking affairs.
Liberal treatment of customers within the rules of
safe banking.
Absolute safety of funds by reason of conservative
management and ample capital and surplus.
Interest paid on savings. ,
Your Patronage Is Invited
Depository of the United States, State of Georgia, County
of Fulton, and City of Atlanta.
- —■■■■*=*■■