Newspaper Page Text
1
JHEARST'S WRUAI AJVUfiltiUAN, ATLANTA, UA., SUN DAT, AUGUST 3; UT13.
7 B
News and Views by Experts of Finance, Industry, Crops and Commerce
News and Notes
Of Grain Crops
DRY ROT, FORBES WRITES
Age an Advantage in Europe, but Not in Ameri
ca, Where the Fierce Battle Is for Young
Men—Bickerings of McAdoo and Bankers
Are Regrettable.
By B. C. FORBES.
NEW YORK, Aug. 2.—Dry rot and dear money are driving
a good many old concerns to the wall.
The weeding out process will leave the country in a healthier
state.
So many young, able, vigorous, ambitious
men start enterprises in the United States that
old established firms are apt to fall behind in
the race unless fresh blood is freely infused. In
Europe, age aids a business; in America it more
often proves a handicap than an advantage, es
pecially when the partners accumulate wealth
and turn to the pursuit of pleasure.
In the upper circles of finance several vener
able houses are drying up. Bankers whose
names were a household word a generation ago
now take little part in the fierce struggle for
supremacy. In a few years they will be ex
tinct. New firms, headed by brilliant, hard
working, high-toned members of the younger
generations, are forging to the front. Greater opportunities than
ever before enjoyed are coming within reach, for the old guard
Is passing away.
The renewed bickerings be
tween Secretary of the Treasury
McAdoo and the principal bank
ers of the country are keenly re
grettable.
McAdoo Finds Mare’s Nest.
Secretary McAdoo, In an official
statement, alleged that the banks had
entered a conspiracy to depress the
price of the Government 2 per cent
bonds for the purpose of wrecking the
currency bill.
The bankers indignantly deny the
allegation and demand that Mr. Mc
Adoo support his accusations with
facts.
So far as can be learned in finan
cial circles, Mr. McAdoo is the only
person who knows anything of the
wicked plot which he declares he dis
covered.
From the day the Wilson adminis
tration took office—and, indeed, be
fore then—bankers were given to un
derstand that they would be objects
of suspicion, that they would in no
wise be consulted about how the
banking business of the country
should be run; that not one of their
profession would be thought as fit for
Cabinet office, and that they must be
prepared for very different treatment
from what they had enjoyed under
the Republicans.
Bankers “Undesirable Citizens.”
Events have proved that the Admin
istration has nothing but distrust for
bankers. As one of the country’s best
known and highly regarded bankers
remarked in private conversation the
other day:
“Our Washington lawmakers now
adays would be afraid of talking with
a banker lest they lose votes. They
would cross the street and avoid
meeting a banking friend. What,
therefore, is the sense of proposing
an advisory committee of bankers for
the politicians who are to form the
Federal Reserve Board and become
the autocrats of the whole banking
system?”
The Treasury Department can not
afford flagrantly to snub a nation's
bankers. The time may come when,
as in the past, the Government will
have to appeal to these same bank
ers for rescue from a critical posi
tion. Bankers, not the public, absorb
Government bonds, and if the Admin
istration goes out of its way to treat
bankers as undesirable citizen?, there
may be retaliation of a disconcerting
kind.
The whole thing is puerile and
fraught with danger.
The total volume of business still
is large. There will be quietness in
various lines until the tariff law is
enacted and until the crops have been
brought to market and turned into
cash.
Treasury Left Unprotected.
The Treasurer’s sudden decision to
distribute from $25,000,000 to $50,000, -
000 amcng banks in agricultural
States may help in one way, but
leaves the Government in a poor po
sition to supply relief should emer
gency arise. The financial view is
that Secretary McAdoo has not quite
( grasped the distinction between infla
tion and conservatism.
More genuine relief is to be looked
for from Europe, wnere the banks
have built up very strong reserves and
where, through enormous exports of
merchandise, the United States has
laid up ample credit which can be
drawn upon when Interest rates be
come higher here than abroad.
The stock market is doing fairly
well. Dividend reductions such as
that of the Illinois Central from 7
per cent to 5 per cent are discour
aging.
The best stocks, as well as most
truSw.. orthy bonds, still are selling be
low normal value, and can be pur
chased outright with every prospect
of yielding substantial profits.
Let the harvest prove as abundant
as anticipated and it will take more
than the wrangling of the politicians
to fight back oncoming prosperity.
Dull Day in Stocks,
With Prices Firm
Rejection of Radical Amendments to
Currency Bill Helpful—New
Securities Few.
NEW YORK COFFEE MARKET.
Coffee quotations:
| Opening. | Closing-
9. 2009.26
9.1109.13
9.31
9.1709.19
9.3509.37
9.240 9.25
9.4009.45
9.29(0 9.31
9.4709.49
9.34SJ9.35
9.4609.49
9.3409.35
9.45ft/9.46
9.360.9.37
8.7208.75
9.02
8.8608.87
9.0309.10
8.9208.94
9.05<0 in
8 7..«( 8.00
9.16
9.0509.07
By JOS. F. PRITCHARD.
CHICAGO, Aug. 2.—The reports from
nearly every section of the corn belt
show that there has been more or less
crop deterioration during the week just
closed. In many parts, farmers claim
that the crop is doing fairly well, even
under the present unfavorable condi
tions, but in many other sections claims
are made that there will be no corn
raised. Farmers have gone so far as to
buy wheat with which to feed their
stock because of the scarcity of corn.
While the writer is not a calamity
howler, he believes there will be a lar
ger shortage in the corn yield for 1913
than expected by those who have ad
hered to the bear side and who have lost
money in consequence.
• * •
It Is not out of place to recall the fact
that George H. Phillips, who was
crowned “corn king’’ a few years ago
and who was later dethroned, has been
the principal power on the bull side of
the corn market since his return to the
Board of Trade. Mr. Phillips was in
strumental in forming a stock company
which contains a few farmers who know
conditions, and, as Phillips was brought
•ip in the country, It has been an easy
matter for these people to take down
profits where others have suffered losses.
• * *
Pome time ago one of the largest and
richest speculators In the grain world
put out short corn to a considerable
amount and with the high temperatures
and lack of moisture later on It was
an easy matter to drive him to cover and
to make him “shell out’’ a large amount
of money.
• • •
“The Phillips crowd” in corn not only
has made a killing in that grain, but has
raked out of the oats pit a good-sized
fortune. Phillips predicts that these
cereals will sell to a much higher level.
believes there will be a big shortage
in corn and that the thrashing returns to
come in on oats will be disappointing.
His idea as to present stocks in Chi
cago and the visible supply are that they
will all be wanted sooner or later.
• • •
The big boom in corn has been large-
'y at the cost of the wheat market. The
traders in a great many instances have
gone over into “coarse grains,” as the
ation in those pits has continued
bullish. Farmers are selling their
wheat more conservatively, while this
is fairly well balanced by the smaller
demand from exporters. The flour situ
ation is In a healthier condition and
millers expect to sell large amounts of
■ at product to foreign markets during
this crop year.
Iron Quotations Go
x4s Low as $10,50 Ton
Immediate Delivery Orders Taken at
Cheap Price—Bulk of Sales
Made at $11.
NEW YORK, Aug. 2.—Trading in
the stock market to-day was extreme
ly dull, prices hovering slightly below
Friday’s closing quotations. Among
the few stocks which showed
strength were United States Steel,
which was fairly steady, and Cana
dian Pacific and American Cotton Oi!,
which were up a point. Coppers were
unaffected by the strong statistical
position of the metal or the Michigan
strike.
The London market being closed
tc-day, there was little support fnm
abroad, but prices were firm.
Rejection of radical amendments to
the currency bill by the House Com
mittee on Banking and Currency had
a favorable effect on sentiment in the
financial district, and, under ordinal
circumstances, w r ould nave been re
flected In a general upturn ’in the
S'ock market.
There was no activity In Govern
ment bonds to-day, although the 2s
scored an advanced hid price. Pan
ama Coupon 3s declined to 99 1-2, a
new low r record. BdikI dealers de
clare the maTket is* practically bare
of Government pape»\
The Financial Chronicle’s review of
new security issues for the past six
months shows them to have Veen the
smallest in years, and muc h below the
average of the past eight years, to*
tadng for stocks and bonds only $627.
C4MC0 par value, jmpared with
$1,219,428,520 ir the first six months
of 1912. Nearly 90 ner cent of the
securities of all classes listed in this
half year were Issued by no moie
than eighteen companies, all of the
first rank.
Absence of the public Jn stock spec
ulation was reflected to-day in ihe
discontinuance of two more branch
offices by New York Stock Exchange
firms.
Collateral back of the $8,000,000
Wheeling and Lake Erie 5 per cent
notes, on which the August 1 inter
est was defaulted by the Wahasr
Railroad, will be sold at auction Au
gust 6 by Kuhn, Loeb, Blair & Co.
The total indebtedness to the bank
ers, exclusive of certain unliquidated
claims, amounts to $9,530,000. with
interest at the rate of 7 per cent
from February 1.
Stock quotations and net change:
C’os. Net
STOCK— High. Low Bid. Ch’ge.
Amal. Copper.. 69% 68% 69%, — %
Am. Agricul 45 — %
87% 87%
216% 215
53%
Am. Beet Sug
American Can. 32 31%
do, pref
Am. Car Fdy
American Ice
Am. Lccomo
Am. Smelting.. 63% 63%
Am. Sug. Ref
Am. T.-T
Am. Woolen... ... . ....
Anaconda .... 35% 35%
Atchison 96% 96%
A. C. L
B. and O
Beth. Steel
B. R. T
Can. Pacific..
Cen. Leather
C. and 0 53%
Colo. F. and I
Colo. Southern
Consol. Gas.. 131 131
Com Products.
D. and H
Den. and R. G
Distil. Secur
Erie 28 27%
do, pref. .. 45 44%
Gen. Electric
G. North, pfd.. 125% 125%
G. North. Ore
G. Western
Ill. Central... 105% 105
Interboro 15% 15%
do, pref. .. 57% 57%
Int. Harv. (old)
Iowa Central...
K. C. S
M. , K. and T
do. pfd.. . . 57% 57%
L. Valley. . . 149 149
L. and N
Mo. Pacific ....
N. Y. Central 98 98
Northwest
Nat. Lead
N. and W
No. Pacific . . 109% 109%
O. and W. . . 29% 29%
24% — %
31% ....
92 — %
41% +1
22%
31 +1
63% +.%
109
128% — %
15
35% — %
96% — %
119% +1%
95%
33% + %
87%
215 — %
22%
54
29% — %
29%
131% + %
10 — %
156
18% — %
13%
27% — %
44% — %
139 - %
125%
34%
13
105% +1
16 -F %
57% -F %
106 — %
7 .....
26 —1%
22% -F %
57
149
132% — %
81% — %
97%
128
47 +2
105
109
29% — %
Cotton Is Off From
Six to Ten Points
Showers In Districts Which Needed
Rain Cause Break, Despite
Bullish Report Friday.
By EDWARD LOW RANLETT.
NEW YORK, Aug. 2.—The bullish
effort of yesterdays Government re
port was entirely lwi>t j-'emgnt, ami
the cotton marke to-day showed de
clines early from 6 to 10 points, with
the downward movement increased
materially by supplementary trading.
Showffs in parts of Texas, Arkansas,
Tennessee, Louisiana, Georgia and
Nort#! Carolina were reported. The
market continued weak and unsettled
practically throughout the entire ses
sion, with the trading power very fee
ble.
The cotton market during the week
was comparatively quiet. Price fluc
tuations have been within a range of
less than 25 points. Speculation has
not been Unfavorable, Inasmuch as
showers have visited most areas of
the cotton belt and temperatures have
not been seriously apart from normal.
The demand for actual cotton has
been sufficient to hold visible supply
well below that ruling last year, but,
notwithstanding all this, there is
nothing in the situation to Invite that
kind of speculation which would stim
ulate higher prices.
Most reports from the cotton goods
division of the drygoods trade, con
tinue to indicate a lessening volume
of stocks held in all directions.
Estimated cotton receipts:
, Monday. 19* m
New Orleans 100 to 150
RANGE IN NEW YORK FUTURES.
Ag
Bp
Oc
Nv
Dc
Jn
Fb
Mh
My
11.72
11.40
11.26
ii.33
11.13
ii.Yd
11.23
u£
0.0
11.72111.1
11.00ll.(
’' ’ “11.3
Closed steady.
51111.5111.50-
. t .00 ll.40ill.24-
11.26111.12111.15111.14-
.111.10-
1113.1311.12-
03 11.05 11 04-
..111.06-
13lll.13jll.13-
1811.18 11.18-
11.23:11.
11.13|ll.l
ii.1‘9 ii.‘:
u.24111.:
52111.79-80
26 11.44-45
16111.34-35
12 11.30-32
13 11.32-33
05 11.24-25
08|ll.25-27
14111.33-34
19,11.37-38
Penna 113% 113% 113% — %
P. Gas Co
P. Steel Car
Reading. . . . 158% 158
R. I. and Steel
do. pfd..
+2
y. Sales. 42,250 bags.
BIRMINGHAM, ALA., Aug. 2.—Con
siderable selling of pig iron was noted
in Southern territory' during the latter
part of July and prices ranged from
$10.50 to $11, the greater portion at the
last named quotation. Borne iron was
disposed of at $10.50 per ton, but the
stipulation was made that the product
would be taken during the month of
Aqgust. Some iron was sold at $10.75
for delivery during August and Septem
ber. but the $11 per ton Iron carries a
stipulation of delivery at any time want
ed during the latter part of this year
or the first quarter of next.
There was some iron sol$, too, for ex
port. Genoa, Italy, Is ter receive sev
eral hundred tons during August and
September from the Birmingham dis
trict. It now is believed that the South
ern pig iron market will hold strength
and take on some improvement both as
to price and demand.
The stocks have been up to 200,000
tons. The make is being held down
pending improvement in conditions.
Steel plants in the South have con
siderable tonnage yet to fill and new
business has been received.
There is some Improvement in steel
rail demands. Charcoal Iron brings $23
per ton, but only a small tonnage is in
demand. The make has been reduced
some by the blowing out of a furnace
recently.
Reorganization of the Standard Steel
Company has been planned, to become
effective in September. The new’ com-
panv will carry the name of Gulf States
Steel Company and will have a capital
ization ot $15*500,000. It is intended to
raise $1.980.w)0 with which to pay off
court litigation and do some improve
ment and development that is neces
sary. The company will then be on a
paying basis, it is claimed.
Rock Island.
do. pfd.. .
S.-Sheffield.
So. Pacific .
So. Railway
do. pfd.. .
St. Paul. . .
Tenn. Copper. 30%
Texas Pacific
Third Avenue
114
24
158% — %
23% + %
86
16% -F %
27% — %
26 —1%
91% — %
23% — %
78
104% 104% 104% + %
27% 27%
91% 90%
30
30% —
15% ...
34% -F %
Union Pacific.. 148% 147% 148% -F %
NEW ORLEANS COTTON.
NEW ORLEANS, LA., Aug.-* 2.—
Private reports of heavy rains in the
Waco, Tex., region, where drouth has
prevailed for some time, caused a
sharp decline in cotton to-day. Liv
erpool "as closed and will be until
Tuesday morning, hut New Orleans
opened 17 point9 down In sympathy
with New York, which was influenced
by the private reports from Texas.
At the decline there was a good de
mand for contracts from shorts, who
covered freely. The official forecast
was for generally fair weather in
Oklahoma and East Texas over Sun
day, which encouraged some fresh
buying on parts of bulls, who thought
that the rains would prove insuffi
cient. The detailed weather report
by the Government shows only four
teen stations out of fifty with rainfall
of over .1 inch. Accordingly, the mar
ket exhibited a steadier tone, October
contracts advancing to 11.27. At that
level, however, liquidation on the part
of longs was In evidence, and the
market eased off. October contracts
selling as low as 11.20.
The close was at the day’s low
level, with prices showing a net los3
of 17 to 18 points as compared with
Friday’s closing. In the rush to sell
to-day. Friday's bureau report, which
was considered sensationally bullish,
was lost sight of. In the event that
the rains reported in Texas prove in
sufficient, a sharn recovery in values
would be in order, as it is expected
that the European trade will become
alarmed over the low condition fig
ures, which were below the ten-year
average for July 25. The local spot
market to-day was officially reported
quiet and unchanged on the basis of
12c for middling. Sales amounted to
13 bales of spots and 50 bales to ar
rive.
NEW ORLEANS COTTON.
Ag
Sp
Oc
Nv
Dc
Jn
Fb
■11.60
lii.23
® o
0.0
11.60 11.55 11.60'11.57-60|11.64
111. 28-30 11.43-44
11.27 11.20 11.21,11.20-21,11.38
]....*.] I J ill.15-17111.3-35
111. 18111.28 111. 18 1.18|11.18-19111 35-36
|11.19111.24111.18(11.19111.19-20 11.36-37
ro I I I 111.16-18111.33-35
Mh 111.30 ll.36Tl.30lll.30,11.29-31 11.46-47
Closed steady.
SPOT COTTON MARKET.
Atlanta, nominal; middling 12%.
Athens, steady; middling 11%
Macon, steady; middling 12%.
New Orleans, steady; middling 12c.
New York, quiet; middling 12.10.
Philadelphia, quiet: middling 12.10.
Boston, quiet; middling 12.40.
Liverpool; holiday.
Savannah, quiet; middling 11%.
Augusta, steady; middling 12%.
Norfolk, steady; middling 12%.
Charleston, steady; middling 12 5-14.
Galveston, dull; middling 1115-16.
Mobile, steady; middling 12c.
Wilmington, quiet; middling 12c.
Little Rock, steady; middling 12c.
Baltimore, nominal; mlddl ..g 12%.
Memphis, steady; middling 12c.
Rt Louis, quiet; middling 12 5-16.
Houston, steady; middling 12c.
Louisville, firm; middling 12%.
Charlotte, steady; middling 12c.
Greenville, steady; middling 12c.
COTTON SEED OIL.
Cotton seed oil quotations:
I Opening.
U. S. Rubber .
U. 8. Steel . .
do. pfd.. . .
Utah Copper .
V. -C. Chem.. .
Wabash. . . .
do. pfd.. . .
W. Union . .
W. Maryland..
W. Electric. .
W. Central . .
59%
58%
25
59%
58%
25
7% 7%
62% 62%
59% — %
68% — %
108% + %
47%
25
2%
7%
64
40 — %
62%
44 —2
NEW YORK BANK STATEMENT.
NEW YORK, Aug. 2.—Bank state
ment:
Average statement:
Excess cash reserve. $29,030,850; in
crease, $3,772,000.
Loans, decrease $7,110,000.
Specie, increase $6,244,000.
Legal tenders, decrease $4,386,000.
Net deposits, decrease $8 441.000.
Circulation, increase $120,000.
Actual statement:
Loans, increase $2,890.
Specie, decrease $146,000.
Legal tenders, decrease $3,886,000.
Net deposits, decrease $7,058,000.
Reserve, decrease $1,949,600.
MONEY AND EXCHANGE.
NEW YORK, Aug. 2.—Money on call
nominal: no loans. Time loans firm;
sixty days, 3% 0 4 per cent; ninety days,
4% 04%; six months, 5% @6; prime mer
cantile paper, 6@6% per cent. Stec-
Png exchange steady 4.8310 for sixty-
d*y bills and at 4.8660 for demand
Commercial bills 4.82%.
Spot . . .
August . •
September
October .
November ,
December .
January .
February .
March
9.3809.55
18
8.22(0 8.25
7.00 $£7.02
6.7806.78
6.76(06.79
6.7406.80
.7506.80
Closed strong; sales 4,200
I Closing.
9.3009.65
9.3809.50
9.3709 40
8.22(0 8.25
7.01(0 7.02
6.7806.79
6.7706.78
6.74(0-6.79
6.7506.79
barrels.
GLEB SKIES
E CHEER II
Six Billion-Dollar Shrinkage in
Securities Values Is Greatly
Reduced by July Gains.
CHICAGO, Aug. 2.—Clearing finan
cial skies, although not yet free of
clouds «nd mist, presage the deliver
ance of investors from a continuance
of the dullness which has fettered
financial operations during the last
year. There was during that period
a decline of about 20 points in lead
ing industrial and railroad shares,
which marked the approach of a ilov.
panic, as a result of ther enormous
shrinkage in values, approached only
in 1907.
Comparisons with that year, taking
into consideration the large increas?
in the volume of securities in six
years, probably display a decline In
value of nearly $6,OOO,O0O,OOO, but the
current month’s betterment has re
duced the loss by about $1,250,000,000.
Business conditions in the United
States are sound and promising, but
a great deal depends upon the crops,
which have been improved by recent
rains. The July Government report
did not fully Indicate the damage sus
tained by drouth, but the August fig
ures, if existing conditions are sus
tained, will not show the betterment
which has come since showers re
lieved the winter*wheat belts.
The cashing operations in the win
ter wheat country are facilitated by
clear weather, and the movement Of
grain from first hands to the seaboard
and consuming points means the re
lease of large amounts of money,
which otherwise would be tied up if
bankers were not Insistent that ac
cumulations must not hamper ihe
progress of the country.
Railroads to Start Buying.
Railroads, which are enormous con
sumers of Industrial products, lack
credit with which to facilitate their
purchases, and they have been com*
pelled to economize. There is a be
lief, however, that the return of cone
fldence with easing money conditions'*
will effect the extension of credit®,
which will enable railroad corpora
tions to enter the market for sup
plies and inaugurate a period of pros
perity which will compare favorably
with that of 1906.
The public is aware that this is the
season when the business world slows
down, even in normal periods. This
year the tendency is increased by
restricted credit, recent high levels
which money rates attained and the
pending tariff and currencv changes.
Yet it should be remembered that
the world, and particularly this coun
try, is not overproducing, but is op
erating only as necessity requires.
Bankers have been urging their cli
ents to make progress slowly in or
der to lessen the call for accommoda
tion.
Confidence Reviving.
After this waiting period—waiting
for the crops to mature, for currency
reform to be completed on a* sounl
basis which will make for elasticity
and substantiality and for the clear
ing of Europe’s skies—confidence
should develop in every section of the
country.
There is a great deal of encourage
ment to be derived from this coun
try’s foreign trade. June exports ex
ceeded anything in the history of
the United States, while the imports
were smaller. Measuring the voluma
of trade, diverse contractions can not
be given precedence over the amplifi
cations.
Steel foundries and mills have been
doing a larfce business and their un
filled orders are in liberal volume.
The textile industry Is making ample
profits, and in the leather trade big
gains have been established. While
collections have been less satisfac
tory, stocks of merchandise have like
wise displayed a corresponding re
cession.
Money Is Eeasier.
The key to whatever improvement
there may be in the situation lies in
a relaxation of monetary tension.
Last week money was firm and loan
ing as high as 7 per cent. Now,
there is a supply of idle funds avail
able at 6 per cent when collateral of
unimpeachable quality Is tendered,
and commercial "aper rates do not
rise above the 6 1-2 per cent rate.
Prospects Against
Record Cotton Yield
No Improvement Ever Expected in August.
Good Prices Seem Assured to Grower.
MEMPHIS, Aug. 2.—Taking the
government’s bureau report on the
condition of the crop on July 25 as a
basis and comparing It with two
years ago, allowing for difference in
acreage, there is no prospect of any
new record yield by quite a goodly
margin. Also, making similar com
parisons with the corresponding re
port of a year ago there does not ap
pear likelihood of a crop that will be
burdensome to the ability of the
world to consume at prices which
will be remunerative to the grower.
The report issued Friday was 79.6
per cent of normal, compared with
76.5 a year ago and 89.1 two years
ago on even date. According to the
official acreage figures, there are this
year in cultivation more bales than
last season but fewer than the bum
per year of 1911-12.
It is realized that August is the
crucial month as affecting the yield,
for injury done in that period is ir
reparable, while much of that which
is done previously can be, to some
extent, overcome. The average dete
rioration for August is around 5 to
6 per cent, and only one season, ac
cording to records, shows improve
ment in the condition of the crop
during this month. Judging from the
character of reports that are now
coming to hand and th e conditions
that exist in the greater part of the
belt, it is hardly reasonable to expect
any gain in percentage this year.
Should such a thing occur, there
would be an increase in bearish sen
timent which would be difficult to
overcome.
The crop during the past week has
done about as well as could be ex
pected. and the trade seems to think
there is about enough news of fa
vorable nature to offset the other
kind of news. The situation in most
of Texas and part of Oklahoma has
been the chief source of concern, and
will continue to be until a general
rain falls there. The rains which
fell in portions of those States were
highly beneficial, but by no means
sufficient to remove fears of dete
rioration.
The dryness is checking the weevil
and is causing rapid maturity and
opening of the crop, yet preponder
ant sentiment is that breaking up
of the drouth would be better as af
fecting yield. While there has been
some deterioration already and each
day of drouth adds to it, the feeling
in conservative circles Is that the
extent has not been enough yet to
lessen chances materially for a
bumper crop In the two Western
States. Many well informed people
say that rains any time next week
would meet requirements, but the
longer it is delayed the more neces
sary will be a late frost.
In the Central belt, outside the
weevil districts, conditions are flat
tering, and in practically all of the
Memphis territory the outlook is for
the best crop ever raised. There is
expected quite a howl from the Weevil
districts within the next ten days or
two weeks, and recent showers have
aggravated the danger.
Advices reaching here from the
Eastern belt say that conditions are
Improving and there is good basis for
expecting a large crop, but con
tinuation of showers w r ill increase
the importance of frost dat e In that
direction also.
It still is difficult for the trade to
reach conclusions as to what will be
a reasonable price for the yield now
promised. The steadiness of futures
and spots would seem to indicate that
the entire't'otton trade feels that with
many uncertainties ahead, present
levels are safe. One thing of im
portance to the grower in connection
with price probabilities and the
profits to himself is that the crop
has been raised as cheaply as any
in recent years. In this part of the
belt the cost has been less than for
a number of years, due to the ex
cellent season for cultivation. With
the assurance of excellent crops of
grain and forage to keep down ex
pense bills during the coming win
ter and spring there Is an outlook of
good times for the producer.
Market Which Has Led Bulls
Turns Bearish, Foreseeing
Spinners as Future Arbiter.
Corn Works Higher
Because of Drouth
Traders Predict Prices In the 70%.
Wheat Three Cents Up From
Recent Low.
OUTSIDE SECURITIES.
NEW YORK, Aug 2.—Trading In the
market for outside securities to-day
was almost completely at a standstill,
with the general tone Irregular. What
little interest was shown centered in
Southern Pacific certificates, which
eased off %. The copper shares were
fractionally lower. The silver stocks
were steady. Tonopah issues were about
unchanged.
LONDON EXCHANGE.
IyONDON, Aug 2.—The Stock Ex
change was closed to-day. Discounts
were easier Jn IxrmbaM street. Paris
exchange on Jxindon % centime ’ewer.
Berlin rate unchanged at 20% pfennigs.
>-16;
Rand mines. 6 16-1
DeBeers, 20%.
SUGAR.
NEW YORK. Aug. 2.— All grades re
fined and raw sugar remained unchang
ed European beet sugar market quiet
and unchanged.
BAR SILVER.
NEW YORK, Aug. 2.—Bar silver in
London was l-16c filgher at 28%c per
ounce. To-day’s New York prices was
%c higher at 59%c. Mexican dollars,
47 a 61c.
BANK CLEARINGS.
NEW YORK Aug 2.—Bank clearings
169against $336,720,082, an in
crease of $32,434,546.
£
1
To VISITING
MERCHANTS
Come to see us
while in the city.
We’ll be glad
to see you and give
you the glad hand.
:: Our Motto ::
Merchandise of
Quality and
Prompt Service
CHICAGO, Aug. 2.—This week In
corn has seen radical changes, all to
higher levels. The September future
sold from 62 5-8 up to 69 3-4, De
cember from 60 1-2 to 66 5-8, and
May from 65 1-8 to 68 1-8. The best
prices were well held at the close this
afternoon, and some of the most con
servative traders In that market ad
vanced the opinion that the Septem
ber future will be seen high in the
7Q's the coming week—unless there is
a chang for the better in weather con
ditions.
This is not the first season in the
history of the Board of Trade where
prices have been sent skyward be
cause of unfavorable weather condi
tions, and, a,s in previous years rains
may acust* a rush of selling and sen
sational price breaks.
The corn belt, after the close of
business to-day, was reported as dry
as the proverbial bone, and the sky
over the entire West was clear, with
no promise of rain.
From the low point of a few days
ago September wheat has gained
nearly 3 cents, and It rested to-day
around the best prices of the week,
and the undercurrent was one of gen
eral strength.
CHICAGO GRAIN.
Previous
WHEAT- High L ° W - C1 °’ e - 01038
Sept 88*4 87ft 88 S7ft
Dec 91ft 90ft 91ft 90ft
M CORN' 97 96ft 96ft 96ft
Bept...\. 69ft 68 ft 69ft 68ft
Dec 66ft 66ft 66ft 64ft
May 68ft 67ft 68ft 66ft
OATS—
Sept 42ft 42 <3ft 41ft
Dec 45 ft 44ft 44ft 44ft
M laiid-. 48 4714 47 * 46,4
Sept.... 21.05 20.90 20.90 21.12ft
Oct 18.97ft 18.97ft 18.97ft
Jan 19.36 19.07ft 19.07ft 19.25
PORK— 1
Sept.... 11.66 11.50 11.60 11.67ft
Oct 11.72ft 11.60 11.60 11.77ft
Jan 11.77ft 11.67ft 11.67ft 11.77ft
KIBS—
Sept.... 11.62ft 11.47ft 11.60 11.67ft
Oct 11.50 1 1 37ft 11.441 11.62ft
Jan 10.25 10.15 10.27ft 10.27ft
CHICAGO CASH QUOTATIONS.
CHICAGO. Auk 2. — Wheat, No. 2 red
new, 87 ft 7/88ft ; No. 3 red new. 87c&-R8;
No. 2 hard winter new, 87%ftJ88%; No.
3 hard winter new. 877088: No. 1
Northern spring 91ft®93ft; No. 2
Northern spring, 91@92; No 3 spring,
89«i>91.
Corn No. 2, 69ft(07O; No. 2 whits,
70ftfq.70%: No. 2 yellow, 09%@70; No. 3,
69ft@70; No. 3 white. 70ft; No. 3 yel
low. 6ttftffr'69%; No. 4. 89: No 4 white,
69ft@70; No. 4 yellow. 6»®69ft.
Oats, No. 2 new. 48ft{J42ft; No 3
new. 40ft; No 3 white new, 42ft; old, 42
fit4294; No. 4 white new, 4tfttiJ42; old,
■ 2 <U42; standard new, 42*,&48; old,
43.
BONDS.
NEW YORK, Aug 2.—Government
bonds were firm. Railroad and other
bonds were strong.
NEW ORLEANS, Aug. 1.—Liver
pool cables and letters recently have
reflected a somewhat bearish senti
ment In that market. For many
1 months the English market has been
the chief bull center, and the change
of front on the part of Liverpool has
caused no little comment here.
From what ran be learned here, the
change In sentiment broad, which has
taken place since ‘he Clarke bill was
Introduced in Congress, was brought
about by the strong probability of the
passage of that measure. With the
American future markets destroyed,
us they will be by the passage of the
Clarke bill, English interests figure
that speculation will no longer stand
between the producer and the spinner,
and that, consequently, the spinner
will be in a position to dictate the
price to be paid for American cotton.
Some of the English circular writers
have plainly expressed this view,
which seems to have met with favor
on the other side.
In the meanwhile, the New Orleans
Cotton Exchange has officially pro
tested to Washington that the passage
of the Clarke bill will absolutely de
stroy the system of contract trading,
and brokers In this market are con
sidering the best method of liquidat
ing the outstanding Interest In the
market In the event that the proposed
! law goes Into effect.
The result has been to frighten
those Inclined to take the long side of
the market for a long pull. Shorts
have been rather aggressive, and al
though weather conditions, according
to official and private reports, re
cently have been none too favorable
in certain parts of the belt, it Is hard
to arouse anv enthusiasms on the bull
1 side. Consequently, the market shows
a sagging tendency.
LIVE STOCK.
RT. LOTTS. Aug. 2— Cattle—Receipts
300 head. Including 100 Texans. Market
steady. Native beef steers, $5.50#9.00;
cows and heifers, $4 75@8.50; Stockers
and feeders. J5 25i@7.60; Texas and In
dian steers, $6.25ifJ7.76: cows and heif-
I crs. 34.26; calves In carload lots, $6@6.
Hogs-Receipts 3,200 head. Market
steadv. 1‘igs and lights. $7«3>9.30: butch
ers. $9.10779.30: good heavy. 9.10679.20.
Sheep—Receipts 800 head. Market
steady. I.amhs. 5c higher. Native mut-
| tons, 3S.256J4.25; lambs. |5.75@7.00.
NEW ORLEANS RICE.
NEW ORLEANS, Aug. 2 —The lo
cal rice market continues to exhibit
a strong tone on Honduras clean and
rules steady in Japan.
Quotations on the leading grades
follow:
Honduras. Japan.
Head .. ..4 3-4 to 6 1-2 3 1-4 to 3 3-4
Straights ..3 1-2 to 5 1-2 2 3-4 to 3 3-8
Screenings .2 1-4 to 2 3-4 2 1-4 to 2 1-2
8T. LOUIS GRAIN.
8T. LOUTS. Aug. 2 —Wheat and
corn were traded In lightly to-day. A
Saturday market prevailed throughout.
Futures: Wheat, September, 86%; De
cember, 91. Corn, September. 70%; De
cember. 67ft. Oats, September 42ft;
December, 45. Cash; Wheat, No. 2 red.
84%tit 86%; No. 2 hard, 85ft@91ft.
Corn, No. 2, 40ft@41; No. 2 white, 41ft
®43.
NAVAL STORES.
SAVANNAH, Aug. 2.—Spirits of tur
pentine firm at 85 cents; sales. 35 bar
rels Rosins firm: soles, 1,484 barrels.
Ww. 6.40; Wg, 6.10: N, 5.30; M. 4.30@
4 35; K 4 05; T. 3.8503.Ao; H. 3.8003.86;
O 3 77 1-808.80: If. 3.7503.80; E, 3.70@
3.76; D, 3.66; B. 3.50.
E.L. Adams Co.
WHOLESALE GROCERS
J
THE AMERICAN NATIONAL BANK
OF ATLANTA
Esteems the Patronage of Georgia Merchants, and
Cordially Invites Those Attending the Southern Mer
chants Convention to Call and Inspect Its Facilities.
Its methods are up to date and the effi
ciency of the service it renders its patrons
signifies it has a thoroughly trained organiza
tion, ably guided and assisted by a directorate
of practical business men and bankers, whose
personnel and financial strength have elicited
the confidence of the business community.