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1U A
HKAHST’S SUNDAY AMEKICAN, ATLANTA, LA., SUNDAY. At (it ST 10, 191T
News and Views by Experts of Finance, Industry, Crops and Commerce
News and Notes
Of Grain Crops
South and West Give Hearty Appre
tary MeAdoo’s Policy, hut tin
Askance at Proposal—Low
Treasury To He Hesult.
By JOSEPH F. PRITCHARD.
CHICAGO, Auk- 9-—Speculation, has
drifted from the wheat pit over into
corn. All the big players, of the
country are to be seen in the pit pre
sided over by Andrew Brennan, and
they have found that it is only neces
sary to make purchases of this grain
on weak spots and await an oppor
tunity to rake in a handsome profit
on the advance. The crop reports
from the corn belt have continued tc
show further and marked deteriora-
,ynl L/v Qpai'n. tion B.nd not only the city speculator
tVcll iu 1 hut also the countryman has come
Into the market on a large scale and
on the buying side.
WESTERN BELT
OUT; El
IS
Weakness Develops
In Cotton Market
Crop Needs Moisture, but Not an
Excess of Rain— Week’s Fluctua
tions Narrow.
Cotton Traders Keenly Absorbed
in Weather Maps as the Crit
ical Month Progresses.
Last Looks
Balance
in
CHICAGO, Aug. 9.
-Monetary conditions have been strength
ened by the Government s proposition to supply treasury funds to
aid the movement of crops next fall. The business outlook is stead
ily brightening, hut the situation is not entirely free troin un
easiness owing to the insistent demand tor new capital in this
country and Europe.
In the domestic market the total of new issues recorded for
July was over $95,000,000, an increase of more than $64,000,000
compared with a year ago. A considerable portion of this sum,
about $60,000,000, was issued to take up maturing obligations, and
the maturities this month are ex
Such big men in the Southwest an
Jacob Schreiner, Sr., J. T. Milliken
and others have purchased goodly
quantities of corn at Chicago owing
to the burning up of the crop in their
immediate vicinity. The speculative
world at Kansas City has taken on
corn at Chicago and sold it at a
profit. The same may be said of New
York and Baltimore speculators. Even
the speculators at Minneapolis, who
seldom know the price of corn or the
aqtion of the market, have taken to
the bull side of that cereal and made
money accordingly.
pected to reach nearly $25,000,-
000, so that the net amount of
new capital applications must be
considerably below a year ago.
The phenomenal report of the steel
corporation had much to do with the
strengthening confidence in the gen
eral market. The large receipts of
grain induced by good crop conditions
and close money, will furnish in
creased traffic to the railroads, stim
ulate exports, provide n good stipplv
of exchange, strengthen our credit
abroad and make gold exports more
difficult. If not impossible. In fact,
before long this country probably will
be importing gold.
Secretary MeAdoo’s announcement
that he would place from $2:%.000,000
to $50,000,000 of treasury funds in the
national hanks of the South and West
created.the same impression on Ne»v
York bankers as his statement June
12 that he would not.hesitate to issue
$500,000,000 of emergency currency
under the Aldrich-Vreeland act if the
banks so desired. On that occasion
the Eastern bankers considered the
Secretary's announcement uncalled
for and likely to create misgivings ’n
the minds of many regarding finan
cial conditions. Worse than that, the
statement was thought to be 111-ad-
vised at the time, as it might undo ill
the good that had been done by the
preaching of economy and retrench
ment on the part of leading bankers.
The South and West, howevsr,
looked upon Mr. MeAdoo’s plan as
beneficial to the agricultural districts
in relieving the strain on finance at a
critical period. Not only bankers, but
prominent merchants and manufac
turers, commended the Government's
move. A concrete opinion of the pol
icy announced was that it came at an
opportune moment and averted a pe
riod of stringency by the application
•of sound Judgment.
Acceptance of commercial paper by
. the Government established a prece
dent. The wording of section 5153 jf
the Revised Statutes providing that
the Secretary of the Treasury' shall
accept ‘ United States bonds und oth
erwise" as security for the deposit f
Government funds has been the sub
ject of much controversy. Prior to
1902 all public funds carried with na
tional hanks had been secured by
United States bonds exclusively. Ref
erences to the c ongressional Record
disclosed the fact that the framers of
the national banking act in 1864 in
tended that United States bonds an!.
if necessary, additional security n
the shape of personal bonds were to
be offered by the depository banks
For yea is afterward this was the in
terpretation of the law.
In 1902, however. Secretary Shaw,
among his other innovations In the
administration of the Treasury, began
to accept other bonds besides United
States bonds from depository bhnkg.
He took the ground that the wording
of the act clothed him with the requi
site authority to do this. His decision
provoked criticism at the time from
those who contended that he had
placed a distorted construction upon
the statute. It was, they said, as
though the law read “United Stat
bonds or otherwise." Again in 1906
Secretary Shaw resorted to this exp* 1
client to relieve the monetary stra n.
In 1907 Secretary of the Treasur
Cortelycu, in the throes of the pan'e.
followed his predecessor’s example
and received territorial. State, mu
nicipal and railroad bends as securi
ty. But after the panic th* Govern
ment began to draw down its bal
ances in the banks and ordfthose
bonds to be taken up first that we.’t
known as “other honds ”
There is just as much merit in ac
cepting commercial paper against
Treasury deposits as accepting paper
as security for circulation. Especially
in the present condition of the com
mercial paper market this may con
tribute relief to the situation. In This
respect it may demonstrate the abil
ity of the proposed new - urrency s\
tern where the intended circulation
will be based upon paper, and this
feature is pleasing to students of
finance.
The general funds of the United
State? Treasury at th* end of July
ehowed total assets of $397,000.000.
This includes the $58,200.0 o of United
States funds in national bank po^ -
tories. Deducting current ’• Lil ii. s
of $170,900,000 makes the net 1 . inco
in the general fund $131
figure does not represent the fiv
avallablt sun u
could draw upon for making f v • -
deposits in the banks As $-"*V
1s already in the banks, the Tr- i- r-v
has actually free in its pos>-
$73,000,000. From this 1s to b*
ducted the balance in the Tr*
offices, representing limited ten
practically unavailable silver bullion
and subsidiary silver coin approxi
mately $24,000,000. There 1s. thor -
fore, about $49,000,000 actually avail
able In the Treasury of the United
States for further deposits In the
banks
. The last time the Treasury’* work
ing balance was reduced to uncoxn
fortable proportions was during the
1907 panic. In November of that ve tr
the working balance at one time fell
to approximately $5,000,000. On th-v
Unimportant Price
Changes in Stocks
Canadian and Union Pacific Are
Leaders in Weakness—Metropoli
tan Preferred is Strongest.
NEW YORK. Aug 9.—Stocks were
generally quiet to-day. Attendance
«m the floor was small and traders
were apathetic. Canadian Pacific and
Union Pacific were the leaders In
weakness here and abroad. Metropol
itan preferred was the' only one of
the ordinary active Issues to show
any degree of strength. Erie’s re
port for the year aroused favorable
comment.
Of the news factors, the Mexlcar
situation was the most interesting,
because of suggestions that violence
might be expected in Mexico City in
side of twenty-four hours
Before the close, the market showed
a hardening tendency, but price
changes were unimportant.
The steel tonnage figures given out
shortly after noon showed, is was
expected. a large decrease. The fail
ing off for July amounted to 407.9G1
tons, bringing the aggregate *bf or
ders on July 31 down to 5,339,316
ton?
NEW YORK STOCK MARKET.
The losers are scattered from one
end of the country to the other and
they nave been largely men who ex
pected to be able to secure the ac
tual corn for delivery, but this they
have been unable to do. Foreigners
have taken a whirl in corn and they
have lost heavily. Wall street won
early and lost later. The greater the
crop losses throughout the belt the
tighter the holders grasp the corn
now In the cribs on the farms and
In country elevators. «
The wheat market has narrowed
down to small proportions because of
the falling off in the* export demand
for that grain and the fact that mil
lers are no longer to be seen at Chi
cago as buyers. Millers in the inte
rior ure now enabled to secure all the
grain needed at home and this con
dition will continue for some time to
come.
Macon Cotton Plan
Barred bv Arkansas
MEMPHIS, Aug. 9.—Observing the
weather map and trying to get a line
on Its indications Is a favorite occu
pation for many people in the cotton
belt at this time. The occasion for
such keen interest is that August is
perhaps the most crucial single month
of the season, for loss sustained
therein is permanent. So far the
present month has brought no devel
opments of unusual character, but it
is a mooted question whether the
crop has lost condition enough to be
serious. There is no trouble start
ing an argument when the question
ts sprung, and around it has hinged
in a large measure the fluctuation in
the speculative market.
The only sources of a crop scare
yet have been Texas and Oklahoma,
which usually contribute their share
of such scares, though rarely failing
to have satisfactory crops as a whole.
Lack of sufficient moisture is the
trouble, and the rains received about
the last of last week afforded but par
tial relief. They were very welcome
and some sections can go for quite a
while, longer without suffering, but
there an* large areas which still are
suffering and seem to be losing some
of their recent promise. Only in the
past few days has Oklahoma figured
much in complaints, but temperatures
have been very high and some sec
tions for weeks have not had enough
moisture. Part of the wave that was
so disastrous to the corn belt reached
into the cotton belt and caused de
terioration.
Weevils Cause Trouble.
The central belt has not contrib
uted any complaints worth while,
most reports having been glowing in
character, though the weevil sections
have been suffering as expected. The
recent showers tended to stimulate
the pest to renewed activity and to
increase their number, and it is feared
By EDWARD LOW RANLETT.
NEW YORK. Aug. 9.—Considerable
I weakness was shown in to-day's cot
ton market. Although scattered Wall
Street houses bought to cover short
lines, the more prominent interests
were disposed to pound prices.
As a result, initial losses of from 5
to 8 points were more than doubled
before the end of the first hour. Shorts
took profits over the week-end, but
otherwise support was light at the
close. At the week-end the market
showed some resistance to pressure,
which had been rather conspicuous
previously. The crop as a whole need*
moisture, though it is questionable
whether an excess of rain even in
Texas would not curtail the yield.
The market fluctuations during the
week have been within a compara
tively narrow range; perhaps 25
points would cover it all. There has
been a fairly good undertone, how-
EASTERN BELT
FARING BETTER
Hi RIVALS
Forecasts of Rains
Cause Sales of Corn
Thorough Wetting of Belt Will Bring
Reports of Better Conditions
In the Fields.
Cotton Crop Looks Better Every
Day, Experts Agree—Trade
Shows Big Expansion.
By M. A. ROSE.
Every day sees the cotton crop in
the Southeast looking better.
Traveling men, merchants, farmers,
traders—all these who know anything
at all about cotton make the same re
port.
The gloom of the early season,
ever, mainly because operators were ! when a delayed start, too much rain,
Hold for 15 Cents’ Movenfent Fails i they will take very heavy toll from
the crop.
While there was for several days
fear of th e eastern belt getting too
much rain for the crop to do its best,
such fears have dwindled since show
ers have become less frequent, and it
to Get Past ‘Blue Sky' Law
of State.
Slock quotations and net change.
( ' Net
96 %
121 %
96%
89 %
216%
22%
55%
81%
131%
10%
157
128 Vi
36
13
•on
de-
ury
STOCK— High
Amal. Copper.. 72
Am. A (picul
Am. Beet Sug.
American Can
do, pref. ..
Am. Car Fdy..
Am. Cct. OIL.
American Ice
Am Locomo..
Am. Smelting .
Am. Sug Ref.
Am. T.-T
Anaconda
Atchison
A. C. L
B and O
Beth. Steel ...
B. ! R. T
Can. Pacific..
Cen. Leather..
C. and O
Colo. F. and I.
Colo. Southern.
Consol. Gas....
Corn Products.
D. and H
Den. and R. G.
Distil. Seeur...
Erie v
do, pref.' ...
Gen Electric..
G. North, pfd..
G. North. Ore..
G. Western..
Ill. Central....
Interboro ....
do, pref. ...
Int. Harv. (old)
i Iowa Central..
] K. C. S. . . .
j M.. K. and T..
j do. pfd.. 1 . .
L. Valley. . . .
j U and N . . .
Mo. Pacific. . .
j N. Y. Central .
Northwest. .
j Nat. Lead . . .
! N. and W., . .
NO IflO . .
i O. and W. . .
j Penna
; Pacific Mail .
I P. Gas Co. . .'
: P. Steel Car .
| Heading . . .
U. 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 .
L\ S. Rubber .
U. S. Steel . .
do. pfd.. . .
Ftah Copper .
V. -C. Chem. .
Wabash. . . .
do. pfd.. . .
W. Union. . .
W. Maryland .
W. Electric . .
W. Central. . .
Dow
71%
26%
33
93
45 V4
44%
22%
32%
60%
26%
«2%
93
45%
44%
““ '2
32%
64%
LJTTLE ROCK, ARK., Aug. 9.—
The Southern States Cotton Corpora
tion, with headquarters In Macon, Ga..
nnd which promises to pay farmers
15 cents per pound for their cotton,
can not do business in Arkansas un
der its present contract form, ac
cording to State Auditor Coffman,
who to-day, under the “blue sky” law,
it a license.
president of the
46 — % | Farmers’ Union of Arkansas, asked if.
26% — % j under the contracts as ofit red in this
33 j State, the farmer would be guaran-
92% -f % teed 15 cents per pound for cotton out
4-1^ _p y 4 of the assets of the company or would
43% — %
22%
|.| J /vv.',... ” til* It.' '.**1.' , Ull't' 1
* ' ’ refused to grant i
71% — % H. S. Mobley,
129% 129
96%
121%
96%
88%
215%
-2 %
55%
51%
L81%
10%
167
have to look to the “proceeds of the
I sale of the cotton” for his pay. He
| also asked if the farmer would not
82 ^ 'stand to lose on the cotton held by
the corporation and for which "script’’
had been issued unless cotton itself
should bring 15 cents per pound.
Attorney General Moose stated he
could not see that the company’s con
tracts bound it to pay 15 cents for
cotton for which “script” had been
issued unless "proceeds of the sale ol I
the cotton” should meet this amount, j
President Mobley to-night issued I
warning to the farmers of the State
declaring the contract is “highly de
ceptive” and, “In the hands of per
sons who might not be disposed to
deal friendly with farmers,” might
cause the farmers loss *
64% — %
110
129 + %
36% - %
96 % — %
121
96% + %
34%
88% + %
215% — %
23% + %
55% — %
31 — %
29% -f- %
131%
10%
156% +1%
20%
not willing to sell the market against
a small New York stock and the near
certainty of early deliveries being
promptly taken for export and horn*
delivery. This, of course, means that
spinners are waiting for new cotton
and that buyers of goods are not suffi
ciently stocked to make them Indif
ferent to the opportunity of the mod
erate prices now prevailing.
The week-end statistics show a re
markable continuance of the spinners'
demand. The world’s takings of
American cotton amounted to 179.000
hales, against 151,000 for the corre
sponding week last year. This in
volves a decrease in the visible supply
of 157.000 against 142.000 last year.
All this points t'o a carry-over of th*'
old crop much less than previously
estimated, and is certainly not an ar
gument against higher prices.
In cotton goods division of the dry
goods market there seems to be noth
ing to compla'n of except some lack
of activity. This Is not unusual at
cold weather and then drouth gave
crop killers their golden opportunity
—this is gone and optimism rules.
It Is admitted that cotton is some
what late, but not enough to matter
unless nature violates all precedents
and brings an abnormally early frost.
Indeed, from trailing along behind
the procession the Southeast has
progressed until Its crop prospects
are better than those of the Central
or Western belt. In the Central belt
the boll weevil Is on the rampage. In
the Western belt rain is sorely need
ed.
All signs point of a good price for
the crop this fall. Who knows? Con
ditions may be completely reversed
this year, and Georgia may have a
splendid yield at good prices, instead
of Texas, which this year has been
gloating In its “pot full of money.”
The deadlock between the cotton
shippers and the steamship lines con
tinues. and the Clarke bill has not
been killed by the Senate. These two
this season of the year, but there is j clouds hang over the spot and futures
on the other hand'no complaint of markets.
accumulation of goods or lack of de
mand in the general volume of busi
ness.
RANG!! IN NEW YORK FUTURES.
O
Aug
11.75|11.75! 11.57111.58'11.57-59111.70-71
11.21 '"ll .23*11.17111.20 11.20-22 11.34-36
11.13 11.13 10.96 10.97 10.97-98 11.17-18
j ...j j '10.92-94 11.11-13
ii 04 11.07 10.92'10.94'10.94-96’ll. 13-14
10 96 10 97 10.81 10.83 10.83-84 11.03-04
11 04 11.05 10 92 10.94 10.93-94 11.11-12
11.05 11.05 10.98110.99 10.97-98) 11.15-16
j |... ..| jlO.85-861
Closed steady.
14
29
46%
14
29
46%
128%
36
13
16% 16%
28%
46% — %
140 % %
128
35 — %
13
107 — %
16% — %
60% — %
107
32
98%
105%
111%
113
105%
111%
29%
113
26%
23%
58%
149%
133%
32
98%
129 — %
47
105%
110% — %
Pig Iron Sales Fall
To Smaller Volume
now is felt that without something
happening during the next few weeks,
and provided there is not early frost,
the yield will be ahead of last year by
a goodly margin.
The market, working down to
around 11 cents and a little lower for
futures, has not been surprising, in
view **f the character of advices com
ing from trade centers. At the same
time it is regarded as significant that
the disposition to sell as 11 cents
was approached lessened and buying
orders increased, indicating a feeling
among spinners and others that
prices were low enough until more
light could be had as to consump
tive requirements and probable sup
ply. The fact that contract prices
were $7.50 a bale under what they
were a year ago also acted as a stay
against pressure.
Spinners May Buy Soon.
There is still little light on the im
port. int question of what spinners are
going to do about buying their early
supplies. Conditions and other things
seem to indicate the probability of
them becoming free buyers just as
soon as offerings are large enough to
interest them, but inquiry elicits the
information that the forward com-
NEW ORLEANS COTTON.
NEW ORLEANS, LA., Aug. 9.—
The cotton market developed an
easier tendency to-day. The official
forecast was for showers in the west
ern belt over Sunday, inducing con
siderable short selling during the
early trading. Longs, who had pre
viously bought on the expectation of
the drouth remaining unbroken for
several days longer, liquidated freely
at the decline, October contracts sell
ing as low as 11 cents. At that level
shorts were inclined to realize quick
profits, and a steadier tone developed
before the close, which showed a net
loss of 11 to 12 points as compared
with Friday’s close. Spots officially
were reported quiet, with quotations
unchanged on all grades. • Sales
amounted to twelve hales on the basis
of 11 7-8o for middling. The first
new sale from Louisiana arrived to
day.
I Prev.
|Open!Hlgh!Low|L.S’le| Close. \ Close.
Aug 11.40 11.40 11.31 11.32 11.35-37 11.46-48
Sop 1 1 ' |11.08-10 11.14-20
Oct Tl.12ill.12lll.00 11.05 11.05-06.11.16-17
Nov' t '11.02-03111.13-16
Dec ill.09111.10 10.98 11.03111.03-04 11.15-16
Jan 11.09 11.10 11.00 11.04 11.04 “
- 1 .11.02-04 11.15-16
Both seem destined to favor the
“big fellow” instead of the “under
dog.” For instance, it now' is sug
gested that the banks accept a guar
antee of reimbursement for damage
claims from the largest cotton ex
porters—men of undoubted stability.
In this w’ay, the financial institutions
might see their W’ay clear to handle
the bills of lading for export even
with the exceptions on them that the
steamship compafiies propose to in
flict.
This lets the small cotton buyer
out as effectually as the Clark e bill
strangles the ^mall dealer when it
comes to “hedging” facilities.
“The farmer may w ell say with the
philosopher, ‘God, deliver me from my
friends,’ ” remarked a cotton man the
other day. “Here are two schemes
designed to help him, and both cer-
ta'o iv ore boomerangs."
Money continues in lively demand,
but no strain is being felt. Possibly
It will be the middle of October be
fore the crop movement begins to
make its annual grab for th e nation’s
currency, all of which, as Joseph A.
McCord pointed out the other day, is
sheer, foolishness, as general use of
the check system would entirely ob
viate the evil.
Secretary MeAdoo’s promire to loan
the South itsi share of $50,000,000 has
brought excellent results—largely
sentimental, but business is all senti
ment.
Wholesale and retail trade is show
ing revival. It was predicted that
when it became possible to see what
j promise the crop held forth trade
1 would expand. This is just what has
happened.
By JOSEPH F. PRITCHARD.
CHICAGO, Aug. 9.—According to
the weather maps, there will be rains
over the greater portion of the corn
belt before Monday. This forecast
caused considerable selling not only
by longs in order to secure profits, but
by those who were daring enough to
put out short lines. Some of the# 3
speculators feel that the reported
losses have been partially. If not
wholly, discounted by the advance in
prices of 2 1 • 2@4 3-8 cents during the
week.
There are now two sides to the
corn market, as was shown to-day,
when the lowes* nrices of the week
were reached. The corn crop will
doubtless be sensationally short, but
in case of a thorough w r etting of the
great belt, reports will commence 10
pour in of improvements in all sec
tions, and we will hear from fields
that were supposed to have been en
tirely burned up as likely to produce
considerable corn.
Exaggerations as to crop losses
have come from HI sections, and these
have helped the bulls in their cam
paign. Crop loss advices were re
ceived from sections of Iowa to-day.
and some of the « were of the ca
lamity order, as they claimed there Is
great business depression in the coun
try owing to the partial crop fail
ures.
Cash sales at Chicago to-day again
were small—90,000 bushels.
Losses were shown in wheat of
1-8(018-8 cents to-day, but there were
some reactions and advances from
the lowest levels reacted on week-end
covering by shorts. Wheat showed
losses of 3 5-8<0)4 cents for the week
and the lowest ievels w'ere reached on
Saturday. According to the primary
movement from week to week, there
ts no likelihood of any great let-up
in the run at the present time, as
farmers seem to be willing to part
with their grain at the present price.
Oats were lower with the other
grains.
September and October lard was
under selling pressure by longs to
day, and there were sales also of Sep
tember nork. Cash trade was quiet.
Substitute for Clarke Bill Aimed
at New York but Not at the
Southern Center.
Grain quotations:
High.
WHEAT—
Previous
Close. Close.
86%
95
90%
42%
44%
47%
Sept.
Dec..
May.
CORN—
Sept
Dec
May
OATS—
Sept
Dec
May
PORK—
Sept.... 20.85
Oct.... 20 20
Jan.... 19.35
LARD—
Sept. . .. 11.37%
Oct 11.47%
Jan 10.82%
RIBS—
Sept.... 11.15
Oct 11.17%
Jan 10.32%
85%
94%
89%
85%
89%
94%
85% j
NEW ORLEANS, Aug. 9.—The
weekly weather report, issued Tues
day, did not entirely Confirm the pri
vate reports of heavy rains in Texas.
According to the Government, rains
were still needed over large portions
of Texas, and In Oklahoma It was
stated that vegetation was suffering
from lack of moisture and that gen
eral rains were much needed.
The weak tone exhibited by Liv
erpool. which reopened Tuesday
morning after a holiday extending
from the previous Friday, encouraged
bears to disregard the unfavorable
character of the Government weather
report. Consequently, prices w'ere
hammered rather aggressively after
the report came out. and the mar
ket closed with October and Decem
ber contracts selling practically at the
level of li cents, although middling
cotton still holds steady at 12 cents.
Continued high temperatures In
Texas and Oklahoma Wednesday,
with no rain* reported or In sight,
gave a better tone to the market,
which has since recovered part of
the decline established in the early
part of the week. Many reports of
crop deterioration are coming in from
the western belt, and even from Ar
kansas reports of damage by the pro
longed spell of hot, dry weather have
been received. Should reports of this
character continue for a few days
more, a real crop scare might develop.
Fear Clarke Bill.
No advance of consequence is like
ly, however, as, with the Clarke bill
hanging oVer the market, no bull
campaign can be inaugurated. Con
sidering the extent of the short In
terest that has recently been created,
an advance of a cent a pound would
be nothing, were the drouth in Texas
8994 j and Oklahoma to remain unbroken
94%
71%
66%
68%
72
66%
68%
67%
69
41%
43%
46%
41%
3%
437
46%
42%
44%
47%
20.55
19.97%
19.12%
20.62%
20.00
19.17%
20.80
20.25
19.25
11.15
11.30
10.72%
11.15
11.27%
10.72%
11.37% ,
11.47%; for commerical
10.77%'~ ’
10 97%
11.00
10 12%
11.02%
11.05
10.12%
11.10
11.07%
10.17%
CHICAGO CASH QUOTATIONS.
CHICAGO. Aug 9.—Wheat—No. 2 red
new 86086%. No. 3 red new 85%(J?*6.
No. 2 hard winter new 86087, No. 3 hard
winter new 85% 0 86, No. 1 Northern
spring 91(091%, No. 2 Northern spring
90091, No. 3 spring 980 90.
Corn—No. 2 72% 0 73. No. 2 white 730
73%, No. 2 yellow 72% <073%. No. 3 72®
72%, No. 3 white 73, No. 3 yellow 72%
(57 73, No. 4 72<072%. No. 4 white 72®
72%, No 4 yellow 72072%.
Oats—No. 2 new 420^2’A. No 3 white
new .40% @41 %. old 40% 041 %, No. 4
white new 40040%, old 400 46%, stand
ard new 41% 042%. old 42042%.
Feb
mitments by buyers to the spinners j 'Mar'n.19 11.2011.1111.13111.13-14:11.26-2’
are not as heavy as they have been in M’y 1 | | | 111.83-24 11.36-37
th*- past.
It may he that the spinners have
provided against some of their re-
Price of $11 Per Ton Likely To Be
Firm for the Rest of
the Year.
29%
159
24%
158%
24%
17%
29%
17%
29%
113
21
113% ..
24% —
158% ~
24 —
87
17% +
29% ..
BIRMINGHAM. ALA., Aug. 9—Pig
iron selling still Is going on. though
not in as great volume as was noted
last week, as the quotations have landed
on an average of $11 per ton. No. 2
foundry.
The make Is holding its own as com
pared to what it was during the past
week. Figures as to production for the
month of July show little difference ns
compared to the month previous. The
manufacturers are loowing to a cur
tailment of production.
Pig Iron being sold now is mainly for
• ‘ delivery during the last threv months
s 1 of the year, and some for export. It is
| understood that more than 22,.“00 tons of
; pig Iron will be exported trom the
Southern territory during the balance * f
the year. There Is to be considerable
Iron delivered into the Chicago dis
trict. Consumers there have n t been
able to get all the iron th.n- need in
the home territory The 'nalief is now
expressed that the $11 per tv a quotation
Is likely to remain firm until the end
of the yen*'. .
Charcoal iron rommands $23 per ton.
Steel market conditions are still ac
tive, so far hs operations go, and the
product l« ;lng steadily
quin ments by the purchase of Oc
tober and December futures, for it
has been thought for 'quite a while
that support to the market around
the bottom levels was coming from
the consumers.
Movement of the new crop is not
increasing as fast as some predicted,
for receipts are much behind two
years ago and are very little ahead
of last year. The present weather in
Texas, however, will force maturity
of the crop and hasten movement.
COTTON SEED OIL.
NEW YORK, Aug. 9—Cotton seed
oil market was weaker with the decline
ip V.-j'd. closing 1 to 10 points net lower.
Sa*es 4 600 barrels.
Cotton seed c!1 quotations:
| Opening
Closed barely steady. \
SPOT COTTON MARKET.
I Spot
| August . . . .
j September . . .
j 1)ctober
I November . , .
j December . . .
January
I February . . .
March
Closed steady:
8.5009.15
! 8.8709.10
; 7.9808.00
16.990 7.01
■ 6.780 6.80
6.730 6.75
>6.7006.80
6.700 6.80
Closing.
S 99
9.0209.10
9.000 9.04
7.980 7.99
6.9907.01
6.76(8)6.77
6.7306.75
6.700 6.77
c n
6.730 6.76
Atlanta, nominal; middling 12c.
Athens, steady; middling 11%
Macon, steady; middling 11%.
New r Orleans, steady: middling 1U%.
New York, quiet; middling 12c.
Philadelphia, quiet: middling 12c.
Boston, quiet; middling 12.30.
Liverpool, easier; middling 6.46d.
Savannah, steady: middling 11%.
Augusta, steady; middling 12c.
Norfolk, steady: middling 12c
Charleston, steady: middling 12 5-16.
Galveston, quiet; middling 11%.
Mobile, steady; middling 12c.
Wilmington, quiet; middling 12o.
Little Rock, steady; middling 12c.
Baltimore, nominal: mfdrfi g 12%.
Memphis, steady; middling 11%.
St Louis, quiet; middling 12 5-16.
Houston, steady; middling 12c.
I oulsville, firm; middling 12%
Charlotte, steady; middling 12c
Greenville, steady: middling 12c.
NEW YORK BANK STATEMENT.
NEW YORK, Aug. 9.—The weekly
statement of the New York Associated
Banks shows the fo'lowing changes:
, Average Statement.
1116-174-' Excess cash reserve, decrease, $2,603 -
11-10 11 500.
Loans, decrease, $494,000.
Specie, decrease. $2,182,000.
Legal tenders, decrease, $1,637,000.
Net deposits, decrease. $3,970,000.
Circulation, decrease, $67,000.
Actual Statement.
Loans, increase, $5,604,000.
Specie, increase, $1,430,000.
Legal tenders, decrease. $273,000.
Net deposits, increase. $5,657,000.
Reserve, decrease. $524,450.
CHICAGO CAR LOTS.
Following are receipts for Saturday
and estimated receipts for Monday.
Sat’day. Monday
Wheat 499 458
Corn 164 102
Oats 309 237
Hogs 6,500 38,000
for another week and were Washing
ton to flash out the news that the
Clarke bill would not pass.
The news received here from Wash
ington regarding the Clarke bill is
considered more encouraging by local
cotton interests. The plan that is
now being considered by prominent
j Southern Senators, among whom Sen
ator Hoke Smith and Senator Gore
are numbered, is to amend the Smith
bill, which specifies the grades to
be delivered on contract and calls
differences. To the
Smith bill, thus amended, it is pro
posed to add the Clarke amendment
as a penalty.
Favors South.
In this way, the New York Cotton
Exchange would be compelled to com
ply with the regulations proposed by
the Government, or else that market
would be taxed out of existence. The
New Orleans Cotton Exchange, which
is only too willing to do business un
der the terms proposed by the Gov
ernment and has already adopted the
Government standard of types, would
thus be able to continue, while New
York, being an artificial market,
would be practically wiped out of
existence. The cotton business of the
entire country would thus center in
this market, Just as the w'heat busi
ness centers in Chicago.
r In anticipation of such an outcome
of the proposed legislation at Wash
ington, New Orleans Cotton Ex
change ahares are being quietly
sought. Recently a share sold below
$1,500, but now $1,500 Is being bid,
with no shares offering below' $2,000
NAVAL STORES.
SAVANNAH. GA . Aug 9.—Turpen
tine firm at 35% and 36; sales 382 bar
rels. Rosin firm; sales 2.0‘'2 barrels.
Water white. $6.40; window gla«s. $6.10;
N. $5.25; M. $5.50; K. $4; t, $3.95; H,
$3.90; G. $” ^0 ; f, $3.85; E, $3.80; D,
$3.70; B, $3.55.
MONEY AND EXCHANGE.
NEW YORK, Aug. 9.—Money on call
nominal. No loans. Time loans steady;
60 days, 3% 03%; 90 days, 4%; six
months 5%06 per cent. Prime mer
cantile paper. 606% per cent. Sterling
exchange easy with actual business In
bankers' bills at 4.8315 for 60-day bills
and at **.8650 for demand. Commercial
bills, 4.83.
sales, 4,600 barrels.
NEW ORLEANS RICE.
NEW ORLEANS, Aug 9. The mar
ket for clean rice continues to rule
strong on both Honduras and Japan.
Quotations on the leading grades are
as follows:
Honduras. Japan.
Head 4 % 0 6% 2 % 03%
Straights 3%05% 2%0"3
Screenings 2 02% 2 02 Vi
92 ^
92% — %
SUGAR.
78
108%
30%
lb%
24%
78
108%
30%
15%
78
108% +
30 % -f
NEW YORK. Aug 9.—The domestic
05 refined and raw sugar market was
steady and unchanged. The London
beet sugar market was firm, with Au
gust up \d at 9s %d September un
changed at 9s %<i and October and De-
, comber each Id higher at 9s 4%d for
f % i both.
35%
151 T
151 b
— %
62
26%
4
12%
26%
4
11%
131
60
61% — %
108% -f %
50 — %
-6 % -f- %
3% 4* %
12% + %
67
41
63% - %
46
> I
NEW
bonds wt
other boi
BONDS.
}R!C, A eg 9.
unchange*!
were steady.
-Government I
Railroad and I
NEW YORK
Coffee quotatt
COFFEE MARKET.
oils:
| Opening
; Closing.
January. . . .
.» 9.0709.15
9.060 9.09
February. . , .
. 9.170 925
, 9.1609.19
March. . . .
. 9.310 9.33
9.260 9.27
April
. 9.3509.40
9.31®‘9.33
May ....
. 9.410 9.43
9.36 'u 9.38
June ....
. 9.4509.50
9.380 9.40
July ....
. 9 43 a 9.47
9.4109.43
August. . . .
8.600 8.65
September. . .
. S T4 S 75
8.670 8.68
October. . . .
. S 85
8.77 0 8. SO
November. . .
. S.95 0 9.05
8.870 S 90
December. . .
. ! 9.050 9.07
Closed steady.
Sales. 84.5
00 bags.
Looking For Ready
Prompt Returns
Money
You know as well as anyone that Oppor
tunity is always looking for Ready Mon
ey. It’s the man who commenced to save
a year ago who is prepared to oineh the
good thing of to-day. Your Opportunity
r I "'HE unvarying precision and promptness,
-*■ and the reasonable rates, which charac
terize ALL Collections made through the AT
LANTA NATIONAL BANK especially com
mend this old established institution to out-of-
town Banks, Merchants, Firms and Individuals
desiring the BP]ST of service.. No delays or
prolonged anxiety, and books can be kept strict
ly up to date; for each Correspondent is advised
at the earliest possible hour whether or not his
paper has been honored.
Your Atlanta business is invited.
will
come, (let readv bv starting a bank
ace
ount here.
BAR SILVER.
occasion, how.
had as much as
depository banks.
the Government
$260,000,000 in t.
SANK CLEARINGS. ! NEW YORK. Aug. 9 — Bar silver at I
) _ 'A\ \oRK. 9 — Bark oVarings London was stead> to-day at 27 3-1fd I
8 a yuur oticI 11 |cd. N< w Y rk uochMi
i ago, a decrease of *27,617,008. * 69c. Mexican dollars 47c unchanged. ..
3*4% and Safety
AmericanNationalBank
Atlanta, Ga.
Atlanta National Bank
C. E. CURRIER,
President.
F. E. BLOCK,
Vice President.
JA8. S. FLOYD,
Vice President.
G. R. DONOVAN,
Cashier.
J. S. KENNEDY,
Asst. Cashier.
J. D. LEITNER,
Asst. Cashier.
CAPITAL $ 1,000,000.00
SURPLUS 1,000,000.00
RESOURCES 10,000,000.00
> V>