Newspaper Page Text
f> D
TTEARST-S SUNDAY A MERIT: AX, ATLANTA. OA . SUNDAY. AtTUtTST 10, 1913.
News and Views by Experts of Finance, Industry, Crops and Commerce
% •
PLEDGE OP
Nows and Notes
Of Grain Crops
London's Weakness
Makes Tone Heavy
On Stock Exchange
English Sentiment Is Bearlshly Af
fected by Crop Figures—Close
Little Changed.
By CHARLES W. STORM
NEW YORK, Auk 9 —A heavy tone
prevailed in the stock market at the
opening to-day, although Home of the
iaxueH made substantial gains on specu
lative buying Tne market here fol
lowed the lead of American shares in
the London market, weakness having
been caused there by crop figures.
Among the losses here were: Amal
gamated Copi»er. %; American Car and
Foundry, %; Canadian Pacific, Vi. Utah
Copper, %: Steel common, V4; Reading,
V4: Norfolk and Western, Vi; Erie Vs.
and first preferred, %.
Delaware and Hudson made the best
gain, advancing 1 point Wabash was
up The Hurrimans were steady,
Southern * Pacific advancing % and
Union Pacific %.
The curb was Irregular.
American railroad shares in Ixindon
were irregular and mostly lower on ac
count of figures In the American corn
crop report.
The stock market closed steady
Government bonds unchanged. Other
bonds strong
NEW YORK STOCK MARKET.
Stock quotations and net change:
Clo* Net
STOCK— High. Low Bid. Ch’ge
71%
South and West Give Hearty Approval to Secre
tary .MeAdoo’s Policy, hul the Hast, Looks
Askance at Proposal—Low Balance in
Treasury To Be Result.
CHICAGO, Aug. !).- -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, but the situation is not entirely free from un
easiness owing to the insistent demand for new capital iti 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
pected to reach nearly $25,000,-
000, so that the net amount of
new capital applications must lie
Yonsidernldy below a year ago.
The phenomenal report of the steel
corporation had much to do with the
Btrengthcning confidence in the gen
eral market. The largy receipts of
grain induced by good crop conditions
and close money will furnish in
creased traffic to the railroads, stim
ulate exports, provide a good supply
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 $25,000,000
to $50,000,000 of treasury funds in the
national banks of the South and West
created the same impression on New
York bankers as his statement Juno
32 that he would not hesitate to issue
$500,000,000 of emergency currency
under the Aldrich-,Y f reeland net if the
banks so desired. On that occasion
the Eastern bankers considered the
Secretary’s announcement uncalled
for and likely to create misgivings in
the minds of many regarding finan
cial conditions. Worse than that, the
statement was thought to be ill-ad
vised at the time, ns it might undo all
the good that had been done by the
preaching of economy and retrench
ment on the part of leading bankers.
The South and West, however,
looked upon Mr. MeAdoo’s plan as
beneficial to the agricultural districts
in relieving the strain on finance at n
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 of
the Revised Statutes providing that
the Secretary of the Treasury shall
accept “United States bonds and 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 banks had been secured by
United States bonds exclusively. Ref
erences to the i ongressional Record
disclosed the fact that the framers of
the national banking act in 1964 in
tended that United States bonds and.
if necessary, additional security n
the shape of personal bonds were to
be offered by the depository banks
For years afterward this was the in
terpretation of the law.
In 1902, however. Secretary Shaw,
among his other innovations in the
administration of the Treasury, bog.in
to accept other bonds besides United
States bonds from depository banks
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 cor^tended that he had
placed a distorted construction upon
the statute. It was. they said, as
though the law read “United States
bonds or otherwise/’ Again in 1906
Secretary Shaw resorted to this expe
dient to relieve the monetary strain.
In 1907 Secretary of the Treasury
Cortelyou. in the throes of the panic,
followed his predecessor's example
and received territorial, State, mu
nicipal and railroad bonds as securi
ty. But after the panic the Govern
ment began to draw down its bal
ances in the banks and ordered those
bonds to be taken up first that were
known as “other bonds.”
There is Just as much merit In ac
cepting commercial paper against
Treasury deposits as accepting paper
ag 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 currency sys
tem where the intended circulation
will be based upon paper, and tills j
feature is pleasing to students of
finance.
The general funds of the United j
States Treasury at the end of July j
showed total assets of $307,000,000.
This includes the $59,200,000 of United
Slat*** funds in national bank depot*.-
tories. Deducting current liabilities
•of $170,900,000 makes the nut balance
in the general fund $131,000,000. This
figure does not represent the free
available surplus which the Secretary
could draw upon for making further
deposits in the banks As $58,000,000
is already in the banks, the Treasury
has actually free in its possession
$73,000,000. From this is to be de
ducted the balance in the Treasury
offices, representing limited tender.or
practically unavailable silver bullion
and subsidiary silver coin approxi
mately $24,000,000. There is, there
fore, about $49,000,000 actually avail
able In the Treasury of the Unite!
States for furthe* deposits in the
banks.
The last time the Treasury’s work
ing balance was reduced to uncom
fortable proportions was during the
7 panic. In November of that veir
working balance at one time fell
approximately $5,000,000. On that
asionr* however, the Government
! asSiuch as $260,000,000 in the
rOSiKJTy banks.
By JOSEPH F. PRITCHARD.
CHICAGO, Aug. 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 sprits and afrait an oppor
tunity to rake in a handsome profit
on the advance. The crop reports
from the corn belt have continued to
show further and marked deteriora
tion and not only the city speculator
but also the countryman has come
into the market on a large scale and
on the buying side.
• • •
Such big men in the Southwest as
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 Kansan 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
action of the market, have taken to
the bull side of that cereal and made
money accordingly.
• * •
The losers are scattered from one
end of the country to the other and
they have been largely men who ex
pended 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 com
now in the cribs on the farms and
in country elevators.
• 4 «
There is no export business in corn.
Argentina is underselling us on both
corn and oats and there is no East
ern trade in this grain worthy of
mention. Blocks at Chicago are lar
ger than they were last year, but
they are not a “drop in the* bucket.”
when compared with the shortage
known to exist in the September fu
ture.
• * 0
The only loophole the bears in corn
have left to them is to secure the ac
tual grain and deliver it. Heavy
rains would let down the price some
what and allow them to save part
of their speculative cuticlf, but they
face heavy losses on crop deteriora
tion.
* * *
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 are now enabled to secure all the
grain needed at home and this con
dition will continue for some time to
come.
• • •
Thrashing returns on oats are still
unfavorable but stocks are large at
Chicago as well as in the “visible,”
and the demand is only fair for the
cash article.
WESTERN BELT
mi; EAST NOW
IS DOING WELL
Cotton Traders Keenly Absorbed
in Weather Maps as the Crit
ical Month Progresses.
COTTON MARKET
96%
121%
96%
Amul. Copper..
Am. Agrlcul....
Am. Beet Bug.
American Can
do, pref
Am. Oar Fdy..
Am. Cot. Oil..
American Ice
Am. Locomo..
Am. Smelting
Am. Bug Kef.
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. Gaa....
Corn Products.
r> and H
Den. and R. G.
Distil. Secur...
Erie
do, pref. ...
Gen Electric..
G. North, pfd..
G. North. Ore..
G. Western..
Ill. Central....
Interboro ....
do, pref. ...
Int. Harv. (old)
Iowa Central..
K C s . . .
M. , K. and T..
do. pfd.....
L Valley. . . .
L and N. . . .
Mo. Pacific. . .
N. Y. Central .
Northwest. *
Nat. Lead . . .
N. and W..
No. Pacific
O. and W.
Penna 113
M.iil . ..
P. Gas Co
P. Steel Car .
Heading ... 159
It. 1 and Steel. 24
do. pfd
Rook Island 17
do. pfd.. . . 29
S.-Sheffield.
So. Pacific . . 92
So. Railway. . 24
do. pfd . . . 78
St. Taul ... 108
Tenn. Copper . 30
Texas Pacific . 16
Third Avenue.
I’nion Pacific
U. S. Rubier
U. S. Steel .
do. pfd.. .
Utah Copper
V. -C. Chem.
Wabash. . .
do. pfd.. .
W. Union. .
t W. Maryland
' W. Eiectrt#
l VV. Central. .
129% 129
96%
121%
96%
88%
215%
71% — %
46 — %
26% — %
33
92% -f- %
46% + %
43% — %
22%
32%
64% — %
no
129 4- %
36% - %
96% — %
121
96% -f %
16% 16%
OCCASIONAL
OBSERVATIONS
Young Morgan is said to bo "grow
ing” wonderfully.
• • *
James J. Hill has stopped swinging
red lights.
• • •
A taxidermist Is now taking care of
the trophies recently shot in Af
rica by A. Barton Hepburn, chair
man of the Chase National Bank
and chairman of the Currency
Committee of the American Bank
ers’ Association. Among the ani
mals brought down by the banker
are gazelles, elands, wildbeast,
lions, heart beasts, rhinoceros, al
ligator and many specimens of
horned uni mala. One of the two
lion skins measures 9 feet 8
inches.
• • •
Howard Elliott, in addition to run
ning a railroad, i.« a tennis crack.
• • •
Very amusing was the news that a
Vulcan Detinnmg Company di
rector who owned outright two
shares of stock had solemnly
pledged himself to his co-direc
tors thus:
*T w ill not sell a single share
of my holdings so long as I re
main a member of this directo
rate.”
• • •
A member of the party of President
Brown of the National Railways
of Mexico, thinks the one thing
larking in the present tangle in
the land across the Texas bor
der Is “personalisme.’* In Span
ish the word means everything
that is included in Anglo-Saxon
individuality, personality and in
itiative. It is suggested that a
citizen of staid Sagamore Hill
would consider himself Just the
man fo»* the jjb.
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
is 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 are large areas which still are
suffering anti 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 £orn 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
they will take very heavy toll from
the crop.
While there was for several days
fear of the 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
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 of 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 spinner? 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 halo 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
portant 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
mitments by buyers to the spinners
are not as heavy as they have been in
the past.
It may be that the spinners have
provided against some of their re
quirements 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.
NEW YORK, Aug 9.—With the ex
ception of August, which opened 5 points
higher on covering, the cotton market
opened easier to-day with other options
at a net decline of 4 to 13 points from
Friday’s final. On the, opening the sell
ing was general on a few light showers
shown on the map over the western belt
and local weather people believed that
the barometers in the Southwest point
to showery conditions over Texas and
Oklahoma over Sunday. There was con
siderable selling by traders who went
long on dry weather talk yesterday.
Futures and spots in Liverpool were
quiet.
The buying was extremely light and
scattered, being confined mainly to a
few large spot houses.
The Government reports showed tem
peratures in Oklahoma yesterday aver
aged 104 degrees and Texas 98 degrees;
with fifteen stations 100, five 102, two
104 and one station 106 degrees.
As the session wore on the selling be
came heavy. Little or no support was
in evidence The lack of substantial
buying power caused a further reaction
in values by dropping 7 to 18 points
under the opening quotations. Every
option established new low levels not
witnessed in many months. August was
ns low as 11.67; September, 10.96; Octo
ber 10.92, December, 10.81, and January,
10.92. These declines failed to bring out
any fresh demand and the market closed
practically at the bottom, showing net
losses of 13 to 20 points from the final
quotations of Friday.
Estimated cotton receipts:
Monday 1912
New Orleans 100 to 200 127
RANGE IN NEW YORK FUTURES.
«
i
r «
M
0
n *
2
-j
-j </>
0
Aug 11.75 11.75111.57 11.58 11.57-59111.70-71
Sep 11.21111.23 11 17 11.20 11.20-22'lt. 34-36
Oct ill.13 11 13 10.96 10.97 10.97-98 11.17-18
Nov'.
.10.92-94111.11-13
Dec 1 1.04 11.07 10 92‘10 94 10.94-96 11.13-14
Jan 10.96 10.1)7'10.81110.83 10.83-84111.03-04
Mar |11.04 11.05H0.92 10.94 10.93-94 11.11-12
My 11.05 11.U5 10.98 10.99 10.97-98 11.15-16
Feb ! 1 U .., 110.85-861
Closed steady.
NEW ORLEANS COTTON.
J.
Sop
Oct
Nov
M«y
Closed
—
pen 1
1 1
ligh Low’ I
v.K’l©
11.40
11.40:11.31
11.32
jll.12
1112 11.00
11.05
T1.09
11.10 10.98
li 03
111.09
11.10:11.00
11.04
11.19
ii.26lii.11
. ...I
11.13
' Prev.
Close.| Close.
11 35-37 11.46-48
11.08-10 11.14-20
11.05-06:11.16-17
11.02-03 11.13-15
11.03-04 11.15-16
11.04. . .11.16-17
11.02-04 11.15-16
11.13-14 11.26-27
11.23-24 11.36-37
barely steady.
LIVERPOOL COTTON MARKET.
LIVERPOOL, Aug. 9.—Due 1% points
higher, this market opened steady at a
net advance of 1 to 2 points. At the
close the market was quiet, with prices
at a net gain of 1 to 1% points.
Spot cotton dull at 3 points advance;
middling 6.'46d; sales 3.000 bales, includ
ing 2,000 American bales; speculation
and exports 200; imports, 4,000 bales, of
which 3,000 were American.
SPOT COTTON MARKET.
Atlanta, nominal: middling 12c.
Athens, steady; middling 11%
Macon, steady; middling 12%.
New Orleans steady; middling 11%,
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 12c.
Little Hock, steady; middling 12c.
Baltimore, noTninal; m1dd' g 12%.
Memphis, steady; middling 11%
St Louis, quiet: middling 12 5-16.
Houston, steady; middling 12o.
Louisville, firm; middling 12%
Charlotte, steady; middling lja
Greenville, steady; middling l'lc.
EASTERN BELT
FARING BETTER
THAN BIIIAES
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,
trailers—all these who know’ anything
at all about cotton maJ<e the same re
port.
The gloom of the early season,
when a delayed start, too much rain,
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 th© Clarke bill has not
been killed by the Senate. These two
clouds hang over the spot and futures
markets.
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 way, the financial institutions
might see their way clear to handle
the biljs of lading for export even
with the exceptions on them that the
steamship companies propose to in
flict.
This lets the small cotton buyer
out as effectually as the Clark© bill
strangles the small dealer when it
comes to "hedging” facilities.
“The farmer may well 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
tainly are 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© 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 promise to loan
the South its 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
promise the crop held forth trade
would expand. This is just what has
;happened.
GRAIN MARKET
ST. LOUIS CASH QUOTATIONS.
Wheat—No. 2 red 85%®87V4
Corn—No. 2 74 ©i5
Oats—No. 2 42
CHICAGO, Aug 9—Com was up as
much as 1 cent for the September option
early, but it broke % on predictions of
ruin in many sections of the corn belt,
with sales from 73 down to 72%. The
other months acted in sympathy, De-
oember selling at 68 down to 66% and
May 69% to 68%, compared to closing
prices of yesterday, 67% and 69 re
spectively.
The Government crop report on com
was considered bullish, but the figures
which were made up August 1 failed
to reflect the damage as a whole.
Wheat was % to % higher at the
start, but this and % more was lost
befdre the session was more than half
an hour old.
Oats were higher early, but sold off
with other grains and showed a weak
ening tendency after the decline
Hogs were higher and provisions were
higher in sympathy.
Grain quotations:
Previous
High. IaOW. Close. Close.
WHEAT—
Sept 86% 85% 85% 85%
Dec 96 94% 89% 89%
May 90% 89% 94% 94%
CORN—
Sept 73 71% 72 72
Dec 68 66% 66% 67%
Mav 69% • 68% 68% 69
OATS—
Sept 42% 41% 41% 42%
Dec 44% 43% 43% 44%
May 47% 46% 46% 47%
PORK—
Sept.... 20.85 20.55 20.62% 20.80
Oct.... 20.20 19.97% 20 00 20.25
Jan... 19.35 19.12% 19.17% 19.25
LARD—
Sept. ... 11.37% 11.15 11.15 11.37%
Oct 11.47% 11 30 11.27% 11.47%
Jan 10.82% 10.72% 10.72% 1^.77%
RIBS—
Sept.... 11.15 10.97% 11.02% 11.10
Oct 1117% 11.00 11.05 11.07%
Jan 10 32% 10.12% 10.12% 10.17%
Substitute for Clarke Bill Aimed
at New York but Not at the
Southern Center.
CHICAGO CASH QUOTATIONS.
COTTON MARKET OPINIONS.
George F Jones & Son: We expect
prices to do better until the drouth is
generally broken
Nbrden Co Wo belief* that the
most reasonable course of cotton is to
make use of fluctuations that may be
caused by daily weather conditions and
the technical position of the market
Logan Bryan: Weather conditions
in Texas and Oklahoma aro the domi
nating influences, and should that sec
tion receive beneficial moisture, lower
range of prices will doubtless be seen.
U. S. Makes Big Gain
In Trade to South
Exports $10,000,000 More Than Pre
vious Year—Imports Remain
Almost the Same.
WASHINGTON, Aug. 9.—While
trade between the United States and
five of the principal South American
countries, Argentina. Brazil, Chile.
Peru and Uruguay, still is in favor of
the southern republics, this country
made a considerable gain during the
past fiscal .\ear. It reduced by $10,-
000,000 the wide margin of difference
between its imports from and ex
ports to those countries.
Imports valued at $187,000,000 are
the Rime as In 1912 In exports the
United States gained, shipping $126.-
000,000 of merchandise this year
against $116,000,000 last year. In
creases were.made in shipments to
all countries named, except Argen
tina.
In the past year Argentina bought
$53,000,000 and sold $27,000,000; Bra
zil, $43,000,000 bought, $120,000,000
sold; Chile, $16,000,000 bought. $28,-
000,000 sold; Peru, $7,000,000 bought.
$10,000,000 sold; Uruguay, $2,000,000
bought. $7,000,000 sold.
NEW YORK BANK STATEMENT.
NEW YORK. Aug 9.—The weekly
statement of the New York Associated
Banks shows the following changes:
Average Statement.
Excess cash reserve, decrease, $2,603 -
500.
I»ans, 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, Aug. 9 —Wheat—No 2 red
new 86(ft-86%. No. 3 red npw 85%@86.
No. 2 hard winter new 86 387, No. 3 hard
winter new 85%386, No. 1 Northern
spring 91(391%, No. 2 Northern spring
90391, No. 3 spring 88@90.
Corn—No. 2 72% 47 73, No. 2 white 733
73%, No. 2 yellow 72% 372%, No. 3 723
72%, No. 3 white 73, No. 3 yellow 72%
@73, No. 4 72(372%, No. 4 white 72@
72%. No. 4 yellow 72372%.
Oats No. 2 new 42(342%, No. 3 white
new 40% (a 41%, old 40%@41%, No. 4
white new 40340%, old 40340%, stand
ard new 41%@42%, old 42@42%.
CHICAGO CAR LOTS.
Following are receipts for Saturday
and estimated receipts for Monday.
Sat’day Monday
Wheat 499 458
Corn 1«4 102
Oats 309 237
Hogs 6,500 38,000
NEW YORK COFFEE MARKET.
Coffee quotations:
January. .
February. .
March. . .
April. . .
May . . .
June . . .
July . . .
August. .
September.
October. .
November.
December.
Opening ! Closing.
.06(39 09
16(8)9.19
26 0?) 9 21
31 <8 9 37
36@9.38
383940
9.4139.43
8.60(38.65
8.6738.68
8.7738.80
8.873890
9.0739 15 I 9
9.1739.25 I 9
9.3139.33 ! 9.
9.3539.40 ! 9
9.4139.43 1 9
9.4539.50 1 9.
9.43@9.47
8 7438.75
8.86
8.9539.05
9.0539.07 I
Closed steady. Sales. 84,500 bags.
COTTON SEED OIL.
Cotton seed oil quotations:
Opening 1 Closing.
Spot
...! ..
I 9 on
August . . .
....! 8.503 9.15
I 9.0239.10
September . .
....1 8.8739.10
1 9.0039.04
October . . .
....| 7.983 8.00
1 7.983 7.99
November
December
16.9937.01 I
16.7836.80 !
6.9937.01
6.7636.77
January 16.7336.75 I 6.7336...
February 16.7036.80 I 6.7036.77
March 6.70®6.80 6.78@6.76
(Closed steady; sales, 4,600 barrels.
LIVE STOCK MARKET.
CHICAGO, Aug. 9. —Hngs sold like
hotcakes on the week-end session at
prices 10c higher than yesterday, or 25c
above Wednesday. A clean sweep was
made, only pen bolder? being carried
over. Choice lights sold at 9.30 and
good heavy hogs at 8.85.
LIVERPOOL GRAIN MARKET.
LIVERPOOL, Aug. 9.—Wheat closed
%d lower.
Corn closed unchanged to %d higher.
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- i
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 were
hammered rather aggressively after V
the report came out. and the mar
ket closed with October and Decem
ber contracts selling practically at the
level of 11 cents, although middling
cotton still holds steady at 12 cents.
Continued high temperatures in
Texas and Oklahoma Wednesday,
with no rains 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
and Oklahoma to remain unbroken
for another week and were Washing
ton to flash out the news that the
Clarke bill w’ould 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
Southern Senators, among whom Sen
ator Hoke Smith and Senator Gore
are numbered, is to amend the Smith
bill, w’hich specifies the grades to
be delivered on contract and calls <
tor commcrical 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 l
the Government, or else that market v
would be taxed out of existence. The i
New’ Orleans Cotton Exchange, w’hich
is only too willing to do business un
der the terms proposed by the Gov
ernment and has alreadv adopted the
Government standard of types, would
thus be able to continue, while New’
York, being an artificial market,
w’ould be practically wiped out of
existence. The cotton business of the
entire country would thus center In
this market, just as the wheat busi
ness centers in Chicago.
In anticipation of such an outcome
of the proposed legislation at Wash
ington, New Orleans Cotton Ex
change shares 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.
MONEY AND EXCHANGE.
NEW YORK, Aug. 9. -Nothing said in
money to-day. Posted rates: Sterling
exchange. 4.83%@4.87. with actual busi
ness in bankers’ bills at 4.8660 for de
mand and 4.8315 for 60-day bills.
105%
111\
29%
151% 151%
62
Pig Iron Sales Fall
To Smaller Volume
Looking For Ready
E9SKB
Price of $11 Per Ton Likely To Be
Firm for the Rest of
the Year.
BIRMINGHAM. ALA.. Aug. 9—Pig
In t. Belling still it going on, (hough
not in as great volume as was noted
last week, as th© 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 as
compare<! to the month previous The
manufacturers are hooking to a cur
tailment of production.
Dig iron being sold now is mainly for
delivery during the last three months
of the year, and some for export. It is
understood that more than 22.500 tone of
pig iron will he exported from the
Southern territory during the balance of
the year There is to be considerable
iron delivered into the Chicago dis
trict Consumers there hav© not been
able to get all the lion they need in
the hom* territory. The belief is now
expressed that the $11 per ton quotation
is likely to remain firm until the end
of the year
Charcoal tron comma mis $23 per ton
Steel market conditions are still ac
tive. so far as operations go. and the
product is moving steadily.
Money
You know as well as anyone that Oppor
tunity is always looking for Rofulv Mon
ey. It’s the man who commenced to save
a year ago who is prepared to cinch the
good thing of to-day. Your Opportunity
will come. Get ready by starting a hank
account here.
3 ! /2% and Safety
AmericanNational Bank
Atlanta, Ga.
■
Prompt Returns
HP 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 Bank’s, Merchants, Firms and Individuals
desiring the BEST 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.
Atlanta National Bank
C. E. CURRIER, \JAS. S. FLOYD, J. S. KENNEDY,
President. Vice President. Asst. Cashier.
F. E. BLOCK, G. R. DONOVAN, J. D. LEITNER,
Vice President. Cashier. Asst. Cashier.
CAPITAL $ 1,000,000.00
SURPLUS 1,000,000.00
RESOURCES 10,000,000.00
<■