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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