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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. - —■■■■*=*■■