Newspaper Page Text
10 A
IIKAKST’S SUNDAY AMKK1CAN, AJDA.MA, (M.. SIMMY. Al (iliST 10, 1913.
News and Views by Experts of Finance, Industry, Crops and Commerce
PLEDGE
SID IN MOVING
ESSES MQNEYG
South and West Give Hearty Approval to Secre
tary McAdoo’s Police, but tlie Hast Looks
News and Notes
Of Grain Crops
Askance at Proposal—Low Balance
Treasury To Be Result.
Ml
CHICAGO, Aug. !(. .Monetary conditions have* been strength
ened by the Government's proposition to supply treasury funds toj
aid the movement of crops next fall. The business outlook is stead-1 profit. The name may lie said of New
sly brightening, but the smiation is not entiielv tioin un- «t MinntUinnlin whn
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 T>e seen in the pit pre
sided over by Andrew Hrennan, and
they have found that it is only necea-
I aary to make purchases of this grain
on weak spots and await an oppor
tunity to rake in a/handsome profit
I on the advance. The crop reports
j 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. Mill!ken
and others have purchased goodly
quantities of corn at Chicago owing
to the burning up of the crop in thojr
Immediate vicinity. The speculative
rid at Kansas City has taken on
at Chicago and sold it at a
WESTERN BELT
i!; EAST NO!
IB DOING ILL
Cotton Traders Keenly Absorbed
in Weather Maps as the Crit
ical Month Progresses.
Weakness Develops
In Cotton Market
Crop Needs Moisture, but Not an
Excess of Rain— Week's Fluctua
tions Narrow.
ily brightening, urn urn "minium ..... -m.ir,, ....... the , pecu i atorH at Minneapolis, who
easiness owing to the insistent demand for new eapital in this seldom know the price of corn or th
country and Europe.
In tlie 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 eapital applications must he
considerably below a year ago.
The phenomenal report of the steel
corporation had much to do with rtie
strengthening confidence in the gen
eral market. The large receipts <>f
grain induced by good crop conditions
and close money wilt furnish in
creased traffic to the railroads, stim
ulate exports, provide a good supple
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 McAdoo’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 June
12 that he would not he*ltate 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 In
the minds of many regarding finan
cial conditions. Worse than that, tin-
statement was thought to be ill-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, however,
looked upon Mr McAdoo’s plan as
beneficial to the agricultural districts
in relieving the strain on finance ut 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 >f
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
Un'tr-d States bonds exclusively. Ref
erences to the ( ongreas’onal Recc, .1
disclosed the fabt that the framers of
the national banking act in 1864 in
tended that United States bonds an
if necessary, anditlogal 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, began
to accept other bonds besides United
Slates bonds from depository banks.
Hr 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 States
bonds or otherwise.” Again in 1906
Secretary Shaw resorted to this expe
dient to relieve the monetary strain.
In 1907 Secretary of tlie Treasury
Cortelyou. in the throes of the pnnL\
followed his predecessor’s example
and received territorial, State, mu - I
nlcipal 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 \ve.*e j
* known as “other bonds ''
There is just n h merit in ac-I
ceptlng commercial paper against ;
^Treasury deposits as accepting paper
Unimportant Price
Changes in Stocks
Canadian and Union Pacific Are
Leaders in Weakness—Metropoli
tan Preferred l« Strongest.
NEW YORK. Aug. 9.— Stocks were
generally quiet to-day. Attendance
on the floor was small and traders
\ver< apathetic. Canadian Pacific and
Union Pacific were the leaders in
weakness here and abroad. Ale copol-
11an preferred was the only • ue of
the ordinary active issues ic> *how
any degree of strength. Er’ -
port for the year aroused favo.
comment.
Of the news factors, the Mexiear
situation was the most interesting,
because of suggestions that violence
might be expected in Mexico City in
side of twenty-four hour*.
Before the close, the market showed
a hardening tendency, but price
changes were unimportant.
The steel tonnage figures given out
shortly after noon showed, iss> was
expected, a large decrease. The fail
ing off for July amounted to 407.961
tons, bringing the aggregate of or
ders on July 31 down to 5,339,316
torn 1 .
NEW YORK STOCK MARKET.
Stock quotations and net change:
Cles. Net
STOCK— High. Low. Bid. Ch'ge.
action of the market, have taken to
the bull side of that cereal and made
money accordingly.
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
Ls 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 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
•Hold for 15 Cents’ Movement Fails i 'Hey will take very heavy toll from
the crop.
The losers are scattered from one
end of the country to the other and
they have 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.
• 4 «
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 f’hi-
cago as buyers. Millers in the inte
rior are now enabled to secure all the
grain needed at, horn*, and this con
dition will continue for some time to
come.
Macon Cotton Plan
Barred by Arkansas
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
perhaps 25 1 at all about cotton make the same re-
By EDWARD LOW RANLETT.
NEW YORK. Aug. 9.—Considerable
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.
Ab a result, initial losses of from 5 Cotton Crnn 1 nok<5 Rpttpr Fvprv
to 8 points were more than doubled OUUUM oru P LOOKS Deiier Every
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 needs
moisture, though it Is questionable
whether an excess of pain even in
Texas would not curtail the yield.
The market fluctuations during the
week have been within a compara
tlvely narrow range;
points would cover It all. There has • port,
been a fairly good undertone, how- j The gloom
ever, mainly because operators were
not willing to sell the market against
a small New York stock and the near
certainty of earlv 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
balefi. 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 to a carry-over of the
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 complain of except some lack
of activity. This is nut unusual at
this season of the year, but there Is
on the other hand no complaint of
accumulation of goods or lack of de
mand In the general volume of busi
ness.
RANGE IN NEW YORK FUTURES.
Forecasts of Rains
Cause Sales of Corn
Thorough Wetting of Belt Will Bring
Reports of Better Conditions
in the Fields.
as security for circulation. Especially
in the present condition of the com
mercial paper market this may con
tribute relief to the situation. In thl*
respect it may demonstrate ihe abil
ity of the proposed new cunrency sys
tern srhere the int• • n.: d circulation
will be bpsed upon paper, and this
feature is pleasing to students of
finance.
The general funds of the United
Gtates Treasury at the end of July
showed total assets of $307,000,000
This includes the $58,200,000 of United
States funds in national bank deposi
tories. Deducting current liabillti ■*
of $170,900,000 makes the net balan« o
in the general fund $131,000,000. Thl
figure does not represent the fro-
available surplus which the Secretary
could draw upon for making further
deposits in the banks As S58,OOO.Oom
is already in the banks, the Treasure
ha» actually fret* 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 th< United
States for furthei deposits in
banks
T: $t time the Treasury's w.e k
ing balance was reduced to uncom-
trtnc ; : • ■
In November of that veir
l balance at ore-time fell
Uitelv $5,000,000. On LTU
however, the Government
a- $260,000,000 in the
junksr I
Atrial. Copper..
Am. Agricul....
Am. Beet Su£.
American Can
do, pref.
Am. Car Fdy..
Ani. Cot. Oil..
American Ice
Am. Locomo..
Am. Smelting.
Am. Sug. Ref.
Am. T.-T
Anaconda
Atchison
A. C. L
B. and O
Beth. Steel....
R it T
(’an. Pacific..
Uen. Leather..
C. and O
Colo. F. and I.
Colo Southern.
Consol. Gas....
Corn Products.
D. and H
Den. and U. G.
Distil. Kecur...
Erie
do, pref. ...
Gen. Electric..
O. North, pfd..
G. Ncwth. Ore..
G. Western..
Ill. Central....
Interboro ....
do, pref. ...
Int. Harv. (old)
i Iowa Central..
K. C. **....
M. . K. and T..
do. pfd
L. Valley. . . .
L. and N. . . .
Mo. Pacific. . .
N. Y. Central .
Northwest. . .
Nat. Lead . . .
N. and \V.. . .
| No. Pacific . .
i O. and W. . .
J Penna
Pacific Mail .
P. Gas Co. . .
TV Steel Car .
Reading . . •
U. 1. and Steel,
i do. pfd.. . .
j Rock Island .
j do. pfd.. . .
• S-Sheffield. .
I So. Pacific . .
So. Railway. .
j do. pfd.. . .
| St. Paul . . .
. Venn. Copper .
j Texas Pacific .
! Third Avenue.
; Union Pacific .
j U. S. Rubber .
V. S. Steel . .
do. pfd.. , .
j Utah Copper .
V. -C. Chem. .
Wabash....
do. pfd.. . .
W. Union. . .
W. Maryland .
the f \V. Electric . .
W. Central. , .
33
93
45*4
44%
22%
3 2 %
66%
71%
26%
93
46 V 4
44%
22%
32%
64%
129% 129
96%
121%
96%
99%
216%
22%
66%
31%
131%
10%
167
14
29
46%
128%
36
13
96 %
121%
96%
88 %
216%
22%
55%
21%
131%
10%
157
14
29
46%
128*4
36
13
71% — %
46 —. */ 4
V*
33
92% + %
45's + %
43% — %
22%
32%
64% — %
110
129 + %
36% — %
96%
121
96% + %
S4\
88 % + %
215% — %
23% + %
55% — %
31 — %
29% + %
131%
10%
156% +1%
20%
to Get Past ‘Blue Sky’ Law
of State.
LITTLE ROCIt, ARK., Aug. 9 —
The Southern States Cotton Corpora
tion, with headquarters in Macon, Ga.,
and 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,
refused to grant it a license. ,
H. S. Mobley, president of the
! Farmers’ Union of Arkansas, asked If.
j under the contracts as offered in this
I State, the farmer would be guaran
teed 15 cents per pound for cotton out
i of the assets of the company or would
have to look to the “proceeds of the
sale of the cotton’* for his pay. He
also asked if the farmer would not
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 hound It to pay 15 cents for
cotton for which “script” had been
issued unless “proceeds of the sale of
the cotton” should meet this amount.
16% 16%
105%
111%
29%
113
32
98%
105%
111%
169
24%
17%
29%
78
103%
30%
lb%
151%
26%
4
12%
l I i
24%
17%
29 %
92
24%
78
108*4
30%
15%
151%
26%
4
11%
28%
46*4
140%
128
35
13
107
16*4
60%
107
26 % -f- %
23*4
68%
149% — %
133%
32
98%
129 — %
47
105%
110% — %
29%
113
21
113%
21% ~ V 4
158% — %
24 — %
87
17% -f %
29%
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 <>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 lessoned 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
aged nst pressure.
Spinners Mav Buy Soon.
There is still little light «>n 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
President Mobley to-night issued i *‘ mn :ls
offerings are large enough to
warning to the farmers of the State,
declaring the contract Is "highly de
ceptive” and. “in the hands of per
sons who might not he disposed to
deal friendly with farmers,” might
cause the farmers loss
Pig Iron Sales Fall
To Smaller Volume
Price of $11 Fer Ton Likely To Be
Firm for the Rest of
the Year.
9. Pig
though
92%
25
NEW YO
bond* wete ui:c
other bonds war
BONDi!
steady.
108% + %
30% + %
15% -f- %
35% — %
151% — %
60
61% — %
108% -|- %
50 — %
26 % -f- ' 4
3 % -f %
12% + %
67
41
63*4 — %
46
— Government
Railroad and
BIRMINGHAM, ALA., Aug.
iron selling still is going on
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 homing Its own as com
pared to jvhat it whs during the past
week Figures as to production for the
month of July show little difference as
compared to the month previous. The
manufacturers are looking to a cur
tailment of production.
Pig iron l>e!ng sold now is t.'ainly
d ‘
of
un
pig iron will be 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 have not been
able to got all the iron th*v need in
the homo territory. Th- belief is now
expressed that th*’ $11 per u n quotation
is likely to remain firm until the end
of the year.
Char<>oal Iron commands $23 per ten.
Steel market conditions are still ac
tive. so far as operations gw. and the
product % n* :ing steadily.
Interest them, but inquiry elicits the
Information that the forward com
mitments by buyers to the spinners
are not us 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.
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 the 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-
*I antee of reimbursement for damage
claims from the largest cotton ex
porters—men of undoubted stability.
J In this way, the financial institutions
p7j j might see their way clear to handle
M BL ..... t-36 the bills of lading for export even
Oct 111!?3 1L13 io!96To.97 it).97-98 i 1.17-18 with the exceptions on them that the
Nov!.....! I0.92-94 11.11-13 steamship companies propose to in-
Dec 11.04 11.07'10.92 10.94 10.94-96 11.13-14 flict.
Jan i^» j This lpts the sma11 cotton buyer
Mar 11.04 11.05 10.92 10..'4 10..»3-.'4 U.11-12 ()U * effectually as
M'y 11.06,11.05,10.98,10.99 110.97-!. 8 ; 1.15-16 ;
By JOSEPH F. PRITCHARD.
CHICAGO. Aug. 9.—According to
the weather maps, there will be rains
over the gri«ter 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 thesa
speculators feel that the reported
losses have been partially, if not
wholly, discounted by the advance in
prices of 2 l-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* orlces of the week
were reached. The corn crop will
doubtless be sensationally short.
in case of a thorough wetting of the. XT^-ail'niTto the Government, rains
great belt, reports will commence .,rcr* nnrtinrm
pour In of Improvements In all sec - i «'t' rP sU11 n ” eded OVPr ‘ arge » ortlon3
tions, and we will hear from fields
Substitute for Clarke Bill Aimed
at New York but Not at the
Southern Center.
new ORLEANS, Aug. 9.—The
„ ,, weekly weather report, Issued Tues-
n ; (lav. did not entirely confirm the pri-
Dul I vate reports of heavy rains in Texas.
c
V
JC
Ol
i
. I «'
a
O
re a ' —
O
X
—' w | O
US
no
Aug'll'.75Tl.75!11.R7 , 11 S8!11.57-59U1.70-71 • mignt se* tl
Sep 11.21 11 23 11.17 11.20 11.20-22 11.34-36 the bills of
FebJ
Closed steady.
■ ■■■[10.85-861. ..■■■■■
NEW ORLEANS COTTON.
NEW ORLEANS, LA., Aug. 9.—
The cotton market developed an
easier tendency to-day. The official
forecast "'as 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
as the Clarke 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-
tai"lv 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 the nation's
currency, all of which, as Joseph A.
McCord pointed out the other day, Is
sheer foolishness, as general use of
the oheck system would entirely ob
viate the evil.
Secretary McAdoo’s promise to loan
profits, and a steadier tone developed s .
before the close, which showed a net | f ®„^ th * share of $50,000,000 has
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 bales on the basis
of 11 7-8c for middling. The first
new sale from Louisiana arrived to
day.
I Prev.
! Open 1 High Low L.S'le Glose. ! Close.
11.40
11.40
11.31
11.32 11.35
37 11.46-
48
111.08
10 11.14-
20
i i .12
11.12
11.00
11.05 11.05
06 11.16-
17
[11.02
03.11.13-
15
ill.09
ii jo
10.98
11.03'11.03
04 11.15-
76
11.09
11.10
11.00
11.04 11.04
. . 11.16-
17
111.02
04 11.16-
16
i i .19
ii.20
ii.jj
11.13:11.13
; i 11.36-
27
11.23
21 11.36-
37
COTTON SEED OIL.
NEW YORK. Aug. 9—Cotton seed
oil market was weaker with the decline
ir I.'jrd. closing 1 to 10 points net lower.
Sal* s 4 600 barrels.
Cotton seed efi quotations:
f Opening
Spot .
August
September .
rig iron l>emg sold now is mainly for L * *
oil very during the last thro*, no nfius v ; ,,, . ' * *’
f the year, and some for export. It t* i ;"blJ: ’ *
inderstood that more than ”2.’*10 tons <>f , ,c „ .v, er * *
lanu
February . . .
March
Closed steady;
8 50 Q 9.15
8.87fa 9.10
; 7.98i^8.00
6.990 7.01
’♦>.780/ 6.80
6 7 3 6i 6.7 5
! 6.70 (u 6.80
6 70® 6.80
Closing.
9.00
9.02(719.10
9.00ft 9 04
7.9847 7.99
6.99 (ft 7.01
6.7606.77
6.73(^6.75
6.70^6.77
6.73b 6.76
sales. 4,600 barrels.
Sop
Jan
Feb
M’y
Closed barely steady.
SPOT COTTON MARKET.
Atlanta, nominal; middling 12c.
Athens, steady; middling 11%
Macon, steady; middling 1L%.
New Orleans, steady; middling 11%.
New York, quiet; middling 12c.
Philadelphia, quiet : middling 12c.
Poston, 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 Rock, steady; middling 12c.
Rnltiinore, noYninal; midd' g 12%.
Memphis, steady; middling 11%.
St Louis, quiet; middling 1.2 5-16.
Houston, steady; middling 12c.
Louisville, firm: middling 12%
Charlotte, steady; middling 12r
Greenville, steady: middling lie.
NEW ORLEANS RICE.
NEW ORLEANS, Aug i) 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%.ff 6** 2^©3% 1
Straights 3%u5% 2%(a3
Screenings 2 (?i 2% 2 (q 2%
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.
NEW YORK BANK STATEMENT.
NEW YORK. Aug. 9.—The weekly
statement of the New York Associated
Hanks shows the following changes:
Average Statement.
Excess cash reserve, decrease, $2,603,-
500.
Loans, decrease, $494,000.
Specie, decrease. $2,182,000.
I^egal 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
that were supposed to have been en
tirely burned up as likely to produce
considerable com.
Exaggerations as to crop losses
have come from ^11 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-p 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
l-8(fci'3-8 cents to-day, but there were
some reactions and advances from
the lowest levels reac :ed on week-end
covering by shorts. Wheat showed
losses of 3 5-8^'4 cents for the week
and the lowest ievels were reached on
Saturday. According to the primary
movement from week to week, there
is 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 *>ork. Cash trade was quiet.
Grain quotations;
High.
wheat-
low.
Previous
Close. Close.
86%
95
96%
73
68
69%
42%
44%
47%
Sept. ..
Dec
May
CORN—
Sept
Dec
May
OATS—
Sept
Dec
May
PORK—
Sept.... 26.85
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%
71%
66%
68%
41%
43%
46%
20.55
19.97%
19.12%
11.15
11.30
10.72%
10.97%
11.00
10.12%
85%
89%
94%
72
66%
68%
41%
43%
46%
20.62%
20.00
19.17%
11.16
11.27%
10.72%
1102%
11.05
10.12%
85%
89%
94%
67%
69
42%
44%
47%
20.80
20.25
19.25
11.37%
11.47%
10.77%
11.10
11.07%
10.17%
CHICAGO CASH QUOTATIONS.
CHICAGO, Aug. 9—Wheat—No. 2 red
new 86(ft86%. No. 3 red new 85%(S86.
No. 2 hard winter new 86@87, No. 3 hard
winter new 85%<&86, No. 1 Northern
spring 91 @91%. No. 2 Northern spring
90^91, No. 3 spring 88@90.
Corn—No. 2 72% fa 73. No. 2 white 73fa'
73%, No. 2 yellow 72% fa 73%. No. 3 72fa
72%, No. 3 white 73. No. 3 yellow 72%
fa 73, No. 4 72fa 72%. No. 4 white 72fa
72%. No. 4 yellow 72fa72%.
Oats—No. 2 new 42fa *2%. No. 3 white
new 40%fa41 *4. old 40% (a 41 *4, No. 4
white new 40fa40%, old 40fa**0%, stand
ard new 41%fa42* / ». old 42fa42%.
CHICAGO CAR LOTS.
Following are receipts for Saturday
and estimated receipts for Monday.
Sat’day Mondav
Wheat , 499 458
Corn 164 102
Oats 309 237
Hogs 6.500 38,000
NAVAL STORES.
SAVANNAH. GA.. Aug 9.—Turpen
tine firm at 35% and 36; sales 382 bar
rels. Rosin firm; sales 2.092 barrels.
Water white. $6.*0; window glass. $6.10;
N. $5.25: M. $5.50; K. $4; I. $3.95; H,
$3 90; G, $2 90; F. $3.85; E. $3.80: I).
$3.70; B, $3.55.
were still needed over
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
b^ars to disregard the unfavorable
character of the Government weather
report. Consequently, prices were
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 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,
un 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 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
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
for commerical 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
wimld be taxed out of existence. The
New Orleans <’otton 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 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.—Money on call
nominal. No loans. Time loans steady;
60 days, 3%fa3%: 90 days. 4%; six
months 5%fa6 per cent. Prime mer
cantile paper. 6fa6% per cent. Sterling
exchange easy with actual business in
hankers’ bills at 4.8315 for 60-day bills
sod at 4 8650 for demand Commercial
bills. 4.83.
SUGAR.
NEW YORK. Aug. 9
refined and raw sugar
steady and unchanged,
beet sugar market was firm, with Au
gust up %d at S's %<! September un
changed at 9s %d and October and De
cember each Id higher at 9s 4%d for
both.
The domestic
market was
The London
NEW YORK COFFEE MARKET.
1
OAMK CLEARINGS.
EW YORK, Au. Bark e
9.876 364. against IlFS.GT ' 'j
i, a decieanc of $27/617,008.
Brings
i year
Cnffee quotations:
I Opening.
. .1 9.07#9.15
. . 9.17(a 9.25
. 9.31 fa 9 33
, . 9.35fa9.40
. f 9 41 fa 9.43
9.45fa'9.50
. 9.43fa9.47
January. .
February. .
March. . .
April. . .
May . . .
June . . .
July . . .
August. .
September.
October. '.
November.
December.
8.74 fa 8 75
8.85
8.954/ 9.05
9.05fa 9.07
Closing
9.06fa 9.09
9.16fa 9.19
9.26 fa 9.27
9 31 fa 9.33
9 36fa 9.38
9.38fa9.40
9.41 fa 9.43
8.60Co 8.65
8.67fa 8.68
8.77fa 8.SO
8 87 fa 8 90
t Looking For Ready
11 —g——i—
Money
Closed steady. Sales. 84,700 bags.
BAR SILVER.
NEW YORK. Aug 9.- Par silver at I
London was steady to-da> at 27 3-lfd I
j uncharged. New York unchanged at I
* 59c. Mexican dollars 47c unchanged. .. 1
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 eineh the
good thing of to-day. Your Opportunity
will come. Get ready by starting a bank
account here.
3*4% and Safety
AmericanNationalBank
Atlanta, Ga.
i
Prompt Returns
r I HIE unvarying precision ami 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 BEST of service.. No delays or
prolonged anxiety, and books can he 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,
President.
F. E. BLOCK,
Vice President.
CAPITAL
SURPLUS
JAS. S. FLOYD,
Vice President.
G. R. DONOVAN,
Cashier.
J. S. KENNEDY,
Asst. Cashier.
J. D. LEITNER,
Asst. Cashier.
.... $ 1,000,000.00
1,000,000.00
RESOURCES 10,000,000.00