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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 <■