Newspaper Page Text
HEAR ST’S SUNDAY AMERICAN, ATLANTA, 0A„ SUNDAY, AUGUST 17, 1913.
7 D
News and Views by Experts of Finance, Industry, drops and Commerce
PEACE, PLUS
Hopefulness Prevails in United
States, United Kingdom and
Continental Europe Because
War Seems To Be Passing Away
Progress Toward Passage of Cur
rency Bill and McAdoo’s Policy
Tends to Restore Credit and
Improve Securities Market
By BOERSANIER.
CHICAGO, Aug. 16.—Hopefulness
prevails in the United States, the
United Kingdom and Continental Eu
rope as a result of the excellence of
crop returns, peace in the Balkans
and consequent returns of foreign in
vestment funds to American securi
ties.
A bumper winter wheat yield, fair
returns promised by spring wheat
fields, improvement in the corn belt
and excellence of the oats crop dis
played by thrashing machine results
have stimulated general business.
Progress made at Washington car
rying the currency bill toward
fruition and extension of credit fa
cilities by the Treasury’s distribution
of Government funds inspired confi
dence which found reflection in a
stronger security market.
A cheerful view of the world’s
monetary situation is taken by the
London Statist, which says of Eu
rope’s prospects:
"There is no change to record in
the Continental money markets.
There is a more hopeful feeling; but
nobody can define exactly why he
feels more hopeful, except by saying
that the belligerents in Southeastern
Europe, with the exception of Rou-
mania, are exhausted, and that Rou-
mania appears not to be intent upon
creating trouble, but rather is en
deavoring to bring about peace.
Understanding Suspected.
“Furthermoie, it is believed in an
indefinite kind of way that Russia
and Austria-Hungary have come ‘o
an understanding. Probably there has
been a sort of understanding between
the two courts ever since the special
mission of Pr!n e Gottfried Hohen-
lohe from the Emperor Francis Jo
seph to the Czar. And recent events
may have made both feel that they
should combine their influence to
bring about a settlement of all quej-
tions at issue.
"At the same time we are very
skeptical of any real agreement be
tween Austria-Hungary and Russia.
Their interests differ too markedly
and the position of the two countries
contrasts too strongly. Moreover,
Southeastern Europe, and for that
matter Western Asia, just now are in
the melting pot.
"It is difficult for anyone, even
though he be a great monarch, to
foresee how vents are shaping them
selves, or what will be the outcome of
the hurly-b irly through which th »
Balkans have passed. Therefore, it
seems much more likely that born
governments afe carefully limiting
their action to the immediate present,
and affecting even the immediate fu
ture as little as possible.
"Money in Germany is. as every
well-informed person anticipated,
easy. It always is easy in July, un
less something very untoward hap
pens, and as July this year has
passed over rather tamelv, there ha9
been no disturbance of the financial
market.
Future Is Hazy.
"What will hapr^n during the re
mainder of this month is less easy to
foresee. Probably for a couple of
weeks rates will remain very much s
they are. About the middle of th - ?
month people may wake up to the re:-
olleetion that there will be a difficult
settlement at the end of Septemb***,
and then preparations for that settle
ment may be begun.
"On the other hand, the middle
August i9 usuallv a nuiet time, and
the weather havin' 1- been bad during
July, it is honed that it will be flne
this month. If so. holiday making
will be in full swine - . It is possible
consequently, that there may be little
disturbance of rates all through th'
month.
"The influence of Roumania is b-
in' 1- exercised for good, and it is hop *3
she will succeed in making both Se r -
via and Greece* more amenable to
reason and thus bring about a tol
erable arrangement.
"But even if all that is done, the
outlook will continue to be dark. It
wll! be extremely difficult for the Bal
kan States to borrow. Had thev
been wise enough to make a treaty
of peace early in the year they would
have come to Western Europe with
great prestige. There would have
been a general willingness to lend
to them and a general belief that they
had shown themselves so capable in
their attack upon Turkey that they
would be sure to use beneficially the
money intruded to them.
Confidence Dissipated.
"But all that belief in their ca
pacity and. consequently, in their fu
ture, has been dissipated, and it will
be extremely difficult, therefore, to
obtain the loans that are actually in
dispensable if they are to make any
progress in the immediate future.
"The matter is of great impor
tance to AU3tria-Hungary as well as
to the Balkan States. So far as the
latter are concerned, It is hardly ne* -
o»sary to point out that they can
not wind up the war except they get
some money.
"Thus Roumania i9 likely not only
to gain in territory and nrestige be
cause of the obstinate folly of Bn -
garia. but a bo to gain economically
because of the exceedingly good
weather she has had.’’
Open.
Ag
11.75
Kp
11.44
Oc
11.18
Nv
11.08
Dc
11.13
Jn
10.99
Fb
Mh
11.09
My
11.11
Upward Tendency in
Cotton Is Unchecked
Bulls Show Less Vigor at Week-end.
Crop News Proves To Be
More Mixed.
By EDWARD LOW RANLETT.
NEW YORK, Aug. 16.—The up
ward tendency of cotton values was
continued during to-day’s session,
but with less vigor. Prices started
from 3 to 7 points higher, and’whiie
additional gajjis of a few points soon
were recorded, there was enough
selling by the South and for the ac
count of recent buyers to cause a
partial reaction. The market closed
steady. The disposition was to await
week-end w - eather developments.
Crop news was more mixed. As a
rule the advices on the Central ahd
Eastern belt are very satisfactory,
but with each day of dry weather in
the Southwest despatches from that
section are mo”e serious.
There has been a tendency to re
duce crop estimates, because the
Western belt has shown a falling oft
in possibilities, while east of the
Mississippi River, while the crop may
not have improved very much, it has
held its own in much better shape.
Speculation has not been much in.evi
dence, but the general tendency of
operators has been lo avoid the shott
side of the market.
Estimated cotton receipts:
Monday. 1912
New Orleans .... 50 to 100 301
Galveston 6,500 to 7,500 5,959
RANGE IN NEW YORK FUTURES.
11.14 11.
11.17111.
Closed steady.
11.79111
11.44111
11.25(11.
11.13111.
11.18 11.
11.0710.
t)
i
m v
m
o
J
Jen
O
69111
38 11
18 11
08:11
09 11
99T1.
07111
09|11
11.39
11.19
11.10
11.12
11.02
11.04
11.08
11.11
£j
0.0
■75! 11769b 70
41 11.36-38
■20 11.14-15
12 11.05-07
13 11.07-08
03 10.97-98
06110.99-01
■09 11.05-06
■13111.08-09
Cini FIELDS
TELL STORY OF
fflOASPECTS
No Cause for Complaint in the
Central or Eastern Belt.
Spinners Reluctant.
LIVERPOOL COTTON MARKET.
LIVERPOOL. Aug. 16.—Due 5% points
higher on August and 4% points higher
on other positions, this market opened
steady, generally 4 points advance. At
the close the market was firm at a net
advance of 9% to 10% points.
Spot cotton quiet at 11 points ad
vance: middling, 6.51d; sales. 3,000 hales,
including 2,000 American bales; specu'a-
tion and export, 500: imports 2,000, of
which none were American bales.
Futures opened firm.
Opening Prev.
Range. Close. Close.
Aug 6.22 -6.26 6.27% 6.18
Aug.-Sept . . .6.15 6.20% 6.11.
Sept.-Oct. . . .605 6.11 6.01
Oct.-Nov. . . .6.01 6.08 5.97%
Nov.-Dec. . . .5.96 -6.00 6.02 5.92
Dec.-Jan. . . .5.96%-6.06 6.02 5.92
Jan.-Feb . . .5.97 -6.02% 6.03 5.93
Feb.-Mch. . . .598%-596% 6.04% 5.14%
Mch.-Apr. . . .6.00 -6.06 6.05% 5.95%
Apr.-May . . .6.01 -6.04 6.06% 5.96%
May-June . . .6.01% 6.07% 5.97%
June-July . . .6.07% 6.07%
Closed firm.
NEW ORLEANS COTTON.
NEW ORLEANS, Aug. 16.—A sur
prisingly strong Liverpool was off
set to-day by private reports of rains
in Oklahoma. Consequently the cot
ton market opened only one point up
on October and one point down on
other active new crop months. Dur
ing the early trading professionals
were inclined to sell short, but turned
buyers as soon as the official forecast
predicting clear weather for Tt xa:?
and Oklahoma over Sunday was
posted.
Reports of rains at Omaha, Nebras
ka, which, it was thought, would
spread to Oklahoma over Sunday,
caused some aggressive selling on the
part of bears during the late trading.
Bulls bought moderately on the der
c'.ine, in anticipation of an unfavora
ble crop report by The Times-Demo-
crat Monday morning. The market
at the close ruled steady, with prices
unchanged to one point higher, as
compared with Friday's closing.
Spots were officially reported firm
and l-16c higher on all grades, mid
dling being quoted'at 12 l-16c. Sales
amounted to 285 bales of spots
At the high point to-day the mar
ket showed an advance of 31 points
from the low level of the week es
tablished Thursday when the market
broke below 11 cents for the new
crop positions.
NEW ORLEANS COTTON
c
V
c
x:
O)
*
o
ns
V
m
o
> r.
C
X
J
(0
O
0.0
Ag
11.69(11.69
It.63 11.64 U.B3-64 U.60-S2
Sp
11.23-25 11.22-24
OC .
11.19
11.25
ii.u’i
ll.l9|ll.lS-10 11.18-lu
■Nv
11.20
11.20
11.18 11.18; 11.15-16 ill. 14-16
Dc
i: .16
11.23
11.14 11.17
111.17
11.16-17
Jn
11.16
11.23
11.Id 11.17
11.17-18
11.16-17
Fb
Ll. 15-17
11.14-16
Mh
My
11 28|11.31|11.2411
|ll.36|11.36:11.36,11
11.24-26 11.25-27
11.33-35,11.32-34
Closed steady.
SPOT COTTON MARKET.
Atlanta, nominal; middling 11%.
Athens, steady; miudinig 11%
Macon, steady; middling 1L%.
New Orleans, quiet; middling 12 1-16.
New York, quiet; middling 12c.
•Philadelphia, quiet; middling 12c.
Boston, quiet; middling 12.3a
Liverpool, quiet; middling 6.51d.
Savannah, steady, middling 11%.
Augusta, steady; middling 12c.
Ci.ai leston, steady; middling 12 5-16
Norfolk, firm; middling 1! : V
Galveston, steady; rrnddiing 11%.
Muoiic, .jitaoj . midd.ing I2i-
Wilmington, quiet; middling 12r.
Little Rock, steady; middling 12c.
Baltimore, nominal; midd' - 12%
Memphis, steady; middling 11%.
r>t Louis, quiet. miming 125-16
Houston, steady; middling 11%,
Louisville, him. middling 12%
Charlotte, steady; middling 12*
Greenville, steady middling 12c.
COTTON SEED OIL.
Coffee quotations:
i_Opening
August : 8.996-9.10
September . . . .| 8.77^8.80
MEMPHIS, Aug. 16.—A genuine
crop scare in a considerable portion
of the cotton belt and an absence
of bullish activity in the price marts
was an anomaly presented during the
week. A partial explanation for it
w r as, that while the crop was admit
tedly .losing condition in Oklahoma
and Texas, in practically all the rest
of the belt there w - as no good rea
son for complaint. In fact, most of
the central and eastern belt sent in
reports of excellent progress toward
a satisfactory yield. There was thus
a two-sided story from the cotton
fields, and the sections which last
•season had only moderate outturns
w - ere giving promise of evening up
matters with a section that had
bumper crops.
The promise of rains in the west
ern part of the belt at the close
• of last wek, which afforded much of
the basis for the bearish activity
in the speculative market on Friday
and Saturday, proved barren of much
results, for the showers were scat
tered, and by no means sufficient to
relieve the situation. In only a few
localities did they amount to enough
to give relief, and as the tempera
tures continued high, some of them
might better hot have come. Ar
kansas had some fine rains, which
put an end to an incipient drouth.
The week has brought no important
relief to Oklahoma and Texas, and
most students of the situation have
reduced expectations for those im
portant areas.
It seems certain enough damage al
ready has been done to make unlikely
a yield of as much as last year, de
spite increased acreage. The injury
will continue until the drouth is re
lieved, and then for them to have
full benefit there will have to be a
late and open fall so late fruit can
mature.
In the central belt conditions are
still excLllent, and the critical period
will soon pass. Expectations are for
the largest crop ever gathered in this
territory, and picking will start in
earnest in a few weeks. The "first"
bale has already appeared here, nine
days ahead of last year and five
earlier than the average date. Hnw-
ever, the crop as a whole is not that
much ahead, the bale having come
'rom the section that is trying to get
ahead of the bell weevil by early
planting and forced cultivation.
Opinion here is that the improve
ment of the past few weeks in the
eastern belt has been such as to make
possible a large yield, though it is
doubted whether the record of two
years ago will be reached in any
large area.
The spot situation is still without
much feature, and it seems likely
that the spinners are going to take
their time about buying. Very little
forward business is reported booked
and the disposition to scatter orders
is not yet marked. From across the
water omes talk of trade not being
so promising, though there is a sus
picion that one motive for such news
is the need of rav material in large
quantities soon and it will not hurt
anv to spread the notion that trade
! s going to be dull, thus helping lo
depress values and enable as cheap
buving as possible.
The effect of the legislation
against futures, should It be passed,
is also expected to be for lower
prices, which is another motive for
the spinners waiting. There are
many people who think the removal
of this menacing >•! id would re>»ult
in a very quick revival of bulbsh
speculative actlvi.y an,' thus the
crop scare would become a price fac
tor of more importance than It has
been.
The foreign spinner, no doubt, also
f^els *hat the money situation is sue*
that there will be a rush to sell th®
new crop, which will better his
chances of getting bargains provided
he doev not show too much eagerness
this early.
The domestic spinner naturally is
biding his time and being conserva
tive, pending the passage of the tar
iff act and its effect on business.
Other things also encourage him to
be a little patient, alt *igh advices
indicate a heali .y prospect for busi
ness.
German Savant Patents System
for Producing Frost and Pest
Proof Perennial Plant.
By M. A. ROSE.
Now comes Herr Woldemar
Sehuetze. the newest recruit to the
ranks of those who would revolution
ize cotton growing.
All the world eventually will adopt
his system, he asserts, and thereby
produce a wiltproof. pestproof. frost
proof, high-grade cotton which need
be planted but once in 25 years.
The system makes the cotton-pick
ing machine entirely practicable and
increases the planter's profit, not only
by cutting out the cost of seed, but
also by reducihg the cost of labor.
These are some of his claims.
The system. It seems, is protected
by patents In every country of the
globe except in Japan. The wily Japs,
according to Herr Woldemar Sehuetze.
considered his application, tfirned it
down, and fhen snread knowledge of
his methods the length and breadth
of the Flowerv Empire.
Details Are Vague.
But when it comes to details, Herr
Sehuetze is rather vague, or at least
the reports of interviews with him
In London are rather vague.
The cotton plant In its wild state Is
perennial. This is the foundation
stone of the system. In the countries
where wild cotton is found the plant
lives 20 to 25 years. Under cultiva
tion It degenerates to the extent of
about 80 per cent after the first crop,
and can not resist frost.
Herr Sehuetze promises to prevent
this degeneration, to make the cotton
plant live 25 years or more, to make
it proof aeainst frost and all pests.
He does not tell how. except to say:
"Like so manv great discoveries,
mine Is most simple.
"One wonders why it has not been
discovered ages ago. It is really the
result of applying the law that in
grafting, the closer the relationship,
the better the result. When this sys
tem is once applied, the reduction in
cost will soon amount to 50 per cent
at least.
"There is an old law' that the quali
ties of cultivation in a plant are not
continued with certaintv in seedlings;
that, is to sav, that they are most
unreliable. Now. my nrocess pre
vents this, applying the law I referred
to by first sowing and then grafting
from the parent plant onto the seed
ling.”
Herr Sehuetze takes great comfort
from the fact that experiments by
the Royal Bornological Society at
Eisenach b®ar him out.
Helps Cotton Picker.
"With perennial cotton plants, or
rather, trees." he goes on. “it will he
possible to train them to grow in
a series of arches. It follows there
fore. that a cotton-nicking machine
can be designed which will do its
work with far greater regularity and
tlif.roughnes than is possible under
the present system, where a large
number of levers or arms are re
quired to work in equally numerous
directions and angles. At present,
the cotton-picking machine leaves
behind about one-third of tho cotton,
whereas under the new «5vst®m. prac
tically all of the cotton will be picked
with comparative ease.
"Again, with th® trees trained .in
this manner, the cotton bells will be
j better exposed to the ravs of th® sun.
j with the result that the boll- will de-
I velop better, grow larger and produce
j bettei mtton.”
The Carvoni ,- a ootton plant, wh’ch
I is perennial, already is well known.
| but it will not grow everywhere,
j Herr Sehuetze says he can fit his sys-
• tern to any cotton-growing climat®.
I Three to five years would be required
to adapt the cotton of th e South to
1 his system.
General Rally in
Stocks Good Sign
Traders Take Encouragement From
Strenght Shown After Early
Bear Attack.
NEW YORK, Aug. 16.—One en
couraging feature >f to-day's stock
market was a general rally after
Union Pacific and Steel had been
forced down a point in the early trad
ing, with other stocks falling off 1-4
to 3-4 at the same time. Atchison.
Missouri Pacific and Rock Island were
all weak in the early session on ac
count of Reports of corn crop dam
age. Later, reports of rain in Kan
sas and Oklahoma brought about the
rally, which, thought slight, was re
garded as Important when prices were
compared with those of Wednesday
and Thursday.
Amalgamated Copper and Smelters
both showed considerable strength
presumably because of the strength of
the market for the metal.
There was a lack of foreign news
Paris being closed by the tiiree-day
holiday and London being dull in con
sequence.
Of domestic news, the most im
portant was the news from Washing
ton that the Administration appeared
to have currency legislation well un
der control and that the bill was like
ly to reach the House as early as
August 25.
Ti e bank statement was considered
favorable.
Stock quotations and net change:
Clos. Net
STOCK— High Low Bid. Ch’ge
Amal. Copper.. 72% 71 % 73% 4-1%
Am. Agrlcul 45
Am. Beet Sug. 25% 25% 26 + %
American Can 33% 32% 33% -j- %
do, pref 93% -f- %
Am. Car Fdy.. 46% 45 45
Am. Cot. Oil 43 -fl
American Ice.. 20 20 21
Am. Loconjo.. 32 32 31% — %
Am. Smelting . 67% 66% 67% -f-1%
Am. Sug. Ref. 109 109 109% — %
Am. T.-T 129% 129% 129% + %
Amer. Woolen 17%
Anaconda .... 35% 35% 36% + %
Atchison 96 95 95% 4* %
A. C. L 120% +1
B. and 0 96% 96% 96% — %
Beth. Steel.... 34% 33% 34% 4- %
B. R. T 88% 88% 88% + %
Can. Pacific. . 219 217% 218% 4- %
Cen. Leather.. 23 23 23% %
C. and 0 55% 55% 56% + %
Colo. F. and I. 31% 31% • 30% + %
Colo. Southern 27% — %
Consol. Gas 130% -f %
Corn Products 11 11 11
D. and H 156% 4- %
Den. and R. G. 20 20 20 -2 ,
Erie 28% 27% 28% — %
do, pref. .. 40% 46% 46% 4- %
Cen Electric... 142 141% 142
G. North, pfd. 126% 126% 126 — %
G. North. Ore. 35% 35% 35%
G. Western.... 14 13% 13% — %
Ill. Central 106% — %
Interboro .... 15% 15% 15%
do, pref. 60 60 60 4- %
Iowa Central 7 —1
K. C. S.. . . 25% 25% 25% + %
M. . K. and T. 22% 22% 23 4- %
do. pfd 58% -j- %
L. Valley. . . 152 151 151% 4-1
”L. and N. . . . 134% 134% 134 — %
Mo Pacific . . 31 30% 31% 4- %
N. Y. Central 98
Northwest 129% — %
Nat. Lead ... 49 49
N. and W. . . • 106% — %
No. Pacific . . Ill 110% 113% 4-3*
O. and W 29% 4 %
Penna. .... 113 112% 112% 4- %
P. Gas to 113%
P. Steel Car 24% 4- %
Reading. . . . 160% 159% 160% 4-1%
R. I. and Steel. 23% 23% 23* — %
do. pfd 87 —1%
Rock Island . . 17 16% 17% 4- %
do. pfd.. . . 28% 28% 28 — %
S. -Sheffield 28 —1%
So. Pacific . . 92% 91% 92% 4- %
So. Railway . 24% 24%’ 24% 4- %
do. pfd 78 —1
St. Paul . . . 107 106 106% 4- %
Tenn Copper. 31 30% 31% 4 %
Texas Pacific. 16 16 16
Third Avenue 36 4-1
Union Pacific. 152% 151% 153% 4- %
U. S. Rubber. 61 >0% 61 4 %
U. S Steel. . . 62% 61% 62% 4- %
do. pfd.. . . 108% 108 108 4- %
Utah Copper . 50% 49% 50% -f %
V. -C. Chem 24% 4 %
Wabash .... 3% 3% 4 4* %
do. pfd.. . . 10% 10% 11% 4- %
W. Union 66% — %
W Maryland 41
W. Electric . . 69 69 72 43%
W. Central 47 .
Number of shares sold to-day 171,-
110. against 234.865 a year ago.
Par value of bonds sold to-day $579,-
000, against $921,000 a year ago.
BANK CLEARINGS.
NEW YORK. Aug. 16. — Bank clear
ings. $282,511,343. against $301035.905 a
year ago. a decrease of $21,524 562.
Deficit of $121,000 in First Quar
ter Overcome and oGod Sur
plus Besides.
NEW YORK, Aug. 16.—Seaboard
Air Line in the year ended June 30
earned in excess of 7 per cent on $23,-
894,000. Final surplus was apjiroxi-
mately $1,730,000, against $813,000 in
1912, both figures including only rail
operations.
The showing reflects credit on the
new management. In a year when
the company’s territory scored only
about 60 per cent of a normal Cotton
crop, and when the initial three
months’ operations under the old
management produced a deficit of
$121 ,000, results for the succeeding
nine months not only overcame these
handicaps, but so far recovered that
gross increased $1,523,000 and surplus
over all charges increased $817,000.
On basis of nine months’ operations
under the new management, and al
lowing for effort necessary to pick
up and recover the initial quarter’s
deficit, the property appears to be
earning at rate of nearly $2,000,000
surplus annually, or equivalent to
more than 8 per cent on the out
standing preferred. Total operating
ratio in the past year was 72 per cent
of gross. In 1912 It was 75 per cent.
Officials look forward to better
than a $2,000,000 surplus in the cur
rent year. Urops offer excellent
promise, with one of the largest cot-
| ton crops ever raised among the
I prospects this year. General bu-d-
I ness Is movipg in fair volume and
j traffic outlook shows no unfavorable
signs.
Selling U. S. Bonds
Short Is Risky Deal
Restricted Market for These Securi
ties Makes the ‘Bear’s’ Lot
One Not Enviable.
NEW YORK. Aug. 16.—The trader
who sells any Government bonds
short takes a long chance of making
a profit, because of the restricted mar
ket for these securities, and the short
seller of those which bear coupons
assumes a risk much greater than is
attached to any active stock or bond
on the Stock Exchange list. Govern
ment toupon bonds, particularly
those which have the circulation priv
ilege, are comparatively scarce.
The coupon bonds may be convert
ed into registered bonds, but regis
tered bonds may not be exchanged
for others of the same clas which
bear coupons.
The application of this provision to
the Issues which are used to secure
bank note Issues, naturally, has
worked to cut down the number of
coupon bonds outstanding and there
by greatly lessened the opportunity
of short sellers for covering their con
tracts at times when they have the
best advantage for a profitable trans
action.
Ai. expert on Government issues
predicted yesterday that traders who
went short on coupon 2s below 96
would have difficulty in covering at
any price under par unless some de
velopment at Washington occurs to
weaken them drastically.
New High Made for
Corn, but Not Held
Longs Supply All Demands When
Crest Is Reached, Causing
Slight Reaction.
By JOS. F. PRITCHARD.
CHICAGO, Aug. 16.—New high
prices were made in the corn pit
again to-day. These advances are
likely to be seen from day to day
until such time as the mad specula
tive movement has spent its force, or
the Southwest has been deluged by
rain.
A runaway market was slated in
corn for to-day, and it looked at one
time as if ev 11 with the selling by
the larger men in tiro tirade , the up-
Lirn could not .be Checked. Around
! 75 1-8 v r.ts for September, 69 3-4
cents for December and 71 cents for
May—the highest price** of the day,
as well as of the week—the chutes
of the longs were thrown Wide open
and all coiners were, fully supplied
and more. This selling eaused re
actions from the b st prices of the
day and declines foi* the session of
1 -8Ur 3-8 were sei n in the deferred
months.
The mention of "corners” on tho
Uhicago Board of Trade causes a
smile to overspread the average trader
of to-day. The big trade mart has
an anti-corner rule and this is being
lived up to with great earnestness.
While the farmers of the country
have lost heavily because of the al
most unheard of crop deterioration
many of them have partially recouped
their losses, while others have made
more money by taking a hand on the
bull side than they otherwise would
have made.
Eastern exporters were in the wheat
market on a liberal scale to-day and
in addition to this buying there was
improved milling business. The total
sales to-day here were 685 000 bush
els.
Prices advanced 1-86G-2 cent to
day and they closed pretty well
around the best prices of the session.
New buying was noticeable in oats
and prices were fully maintained fol
lowing the advance of Friday. Cash
transactions were small at 150,000
bushels; corn sales were larger ai
L’4^,000 bushels.
Grain quotations:
Previous
High. Low Close, those
WHEAT-
Sept 87% 87% 87% 87%
!>ee 91% 90% 90% 90%
May 95% 95% 95% 95%
CORN—
Sept 75% 74% 74% 74%
Dec 69% 69 69% 69%
May 71 70 70% 70%
OATS—
Sept 43% 43% 43% 43%
Dec 46% 45% 45% 45%
May 49 48% 48% 48%
PORK—
Sept. .. 2C.70 20.60 20.70 20.55
Jan.... 19.12% 18.97% 19 12% 18.67%
LARD—■
Sept. ... 11.15 11.07% 11.15 11.07%
Oct.... 11.20 11 15 11.20 11.12%
Jan . . 10.67% 10 GO 10 67% 10.55
RIBS—
Sept.... 11.10 11.00 11.10 10 95
Oct.... 1102% 10 80 11.02% 10.85
Jan 10.12% 9 95 10.12% 9.90
MONEY AND EXCHANGE.
NEW YORK, Aug 16. Money on cal'
nominal; no loans; time loans easier; *60
days. 3%fa 4; 90 days. 4%fa4%; six
months, 5%6 5% per cent; prime mer
cantile paper. 6fa6% per cent; sterling
exchange steady at 4 8305 for 60-dav
hills and 4.8645 for demand; commercial
bills. 4.82%.
October
November
December
January .
February
March . .
.! 8.00'u 8.01 \
.1 6.94^.6.96 !
. 6.796,6.84 !
.) 6.8066.84 I
. I 6.7866 85 1
.| 6.8166.83
Closii x
8.9169.50
8.876 8-90
8.0 tii 02
6.926 6.M
6.796 6.81
6.7866.81
6.75(u 6.80
6.806 6 8-
NEW ORLEANS RICE.
NEW ORLEANS. Aug. 16.—The mar
ket for clean rice shows a strong tone
on Honduras and rules to-day on Japan
Quotations on the leading grades fol
low :
Honduras. Japan.
Head 4% 6 6% 2% (a 3%
Straights 3%6 5% 2% fa 3
Screenings 2 6 2% 2 6 2%
SUCAR.
NEW YORK. Aug. 16.—Ail grades of
refined and spot raw sugar were un
changed to-day. The European beet
sugar market was easier, August and
September beets uncharged at 9s 4%<i
b^d, but (Ktober and December beets
were %d lower at Os 3%d
BONDS.
NEW YORK. Aug 16.—Government
bonds unchanged. Railroad and other
bonciJ strong.
NEW YORK BANK STATEMENT.
NEW YORK, Aug. 16.—The weekly
statement of the New York Associated
Bark*! shews the following changes:
Average statement:
Excess cash reserve, decrease $1,784,-
C00.
I oans. increase $7,771.0^0.
Specie, decrease 5195.000
Legal tenders, decrease $78,000.
Net deposits, increase $5,622,000.
Actual statement;
T oars, increase $401 .doo
Specie, decrease $3,398,000
T ega' tenders, increase $1,770 000.
Net deposits, decrease $3 281,000.
Reserve, decrease $985,450.
LIVE STOCK.
UHICAGO. Aug. 16.— Hogs: Receipts.
11.000; market 10 to 15c lower; choice
light. 8.750 8.90; light m’Xed. 8 4568.60;
prime light butchers 8.406 8.60; prime
heavy butchers. 8.256 8.35; heavy pack-
re. 7.2567.60; mixed packing, 7.356
7.90.
Cattle: Receipts, 100; market steady:
steers, good to choice. 8.506 9.00; steers,
fair to good. 7.5068.50; stockers. 6.756
7.90; feeding steers. 7.0068.00; fair to
gnr-r] heifers. 7.006 8 00; good to prime
heifers. 8 0068 75: good to choice cows,
5 7"6 7.25; good to choice cal\es, 10.256
10 ”5; fair to good ca’ves. 8.00610 25.
Sheep: Receipts, 2 000; market
steady: native lambs and range lambs.
6.'067.50; range v'arlings. 5.5066.25;
range wethers 4. r 06 4 65; range ewes,
■i 256-i feeding lambs. 6.006 6.75; na
tive wethers. 4.5065 09 native ewes,,
4.006 4.50; native yearlings. 6.25.
NAVAL STORES
S \ VANN AH. Aug —Turpentine
firm. 36%c and C^%c; sales 658 barrels:
receipts 1.040 har~®i a Rosin firm.
2 824 harre’s Water whRe, $6 25.
widow glass. ?f ' $?10. M. $4 35:
T ' M0 r ; { «4 0o : n <3 95 G. $3 90; F.
$3.90; E, $3.90, D, B, $3.06.
Travel Troubles
They are great and numerous—if not precluded by
availing yourself of the opportunities offered by this
safe, strong bank.
For instance: If you leave your valuable papers or
jewelry in the house during your absence from the city,
all during your travels you will be anxious concerning
their safety. Whereas, if you rent a Safe Deposit Box
in our Steel Vault, your mind will lie relieved of this
anxiety, which will be worth many times the cost of
rental.
Again: If you start out with a pocketful of cash,
you will be incessantly bothered with making change;
and if traveling in.foreign countries, will be subject to
the dangers of receiving SHORT change. Our Trav
elers’ Cheques or Letters of Credit will make your
travel money matters simple and safe. And the cost
is very nominal.
Atlanta National Bank
C. E. CURRIER,
President.
F. E BLOCK.
Vies President.
CAPITAL
SURPLUS
RESOURCES
JAMES S. FLOYD,
Vice President.
G. R. DONOVAN.
Cashier.
J. S. KENNEDY,
Asst. Cashier.
J. D LEITNER,
Asst. Cashier.
CHICAGO CASH QUOTATIONS.
CHICAGO, Aug. 16.—Wheat—No. 2
red. new. 886 88%; No. 3 red. new. 87%
@88; No. 2 hard winter, new, 886 88%;
No. 3 hard winter, new, 87%6 88; No. 1
Northern spring. 906-91%; No. 3 spring.
886 90.
Corn—No. 2. 75%6 76%: No. 2 white,
77; No. 2 yellow. 76% 6 77; No. 3, 75% 6
76; No. 3 white. 76%6 <»>%; No. 3 yellow,
76% (fi76%; No. 4, 75% 6 76; No. 4 white,
76$6 76% ; No. 4 yellow. 75% 6 76.
oats—No. 2 white, new. 43%644; No.
3 white, new. 42%6 43%; No. 4 white,
42%; standard, new, 43%6 44.
ST. LOUIS CASH.
ST. LOUIS, Aug 16.—Cash—No. 2 red
wheat. 87%689 %; No. 3 red, 86637%:
No. 4 red, 836 86. No. 2 hard. 85%(a
92; No. 8 hard. 856 80; No, 4 hard, 84.
Corn—No. 2, 78%; No 3, 78; no grade.
73; No. 3 yellow, 78; No. 2 white, 79%
6 80%; No. 3 w - hite, 79%.
Oats—No. 2. 42%6 43; No. 3. 42; No.
4. 41; No. 2 white. 42% 6 43%; standard
43%; No. 3 white, 42% 6 43; No. 4 white,
41641%; No. 2 rye, 67.
LIVERPOOL GRAIN MARKET.
LIVERPOOL, Aug. 16.-—Wheat closed
% to %d higher.
Corn closed %d higher.
Small Demand for Forward De
livery in Spots Best Argu
ment for Low Prices.
NEW ORLEANS, Aug. IS.—Bear-
ish activity, which had been encour
aged by the anti-option legislation
pending at Washington has been
somewhat restrained recently by re
ports of deterioration in the condi
tion of the cotton crop in Texas and
Oklahoma.
Unevenly distributed showers have
fallen in both of those States with»n
the last few days, but It is believed
that what relit f has come has be n
too late to prevent material damage
to the crop in that section of the
belt. Consequently the next bureau
report is expected to show a further
decline in condition from last month,
when both Texas and Oklahoma fell
off sharply.
The one redeeming feature in the
crop situation at the moment is the
improved outlook in the eastern half
of the belt.* According to reports re
ceived in this market, the crop in
Alabama and in Georgia has under
gone wonderful improvement since
the date of the last bureau report.
Should this improvement in the east
ern belt continue, the deterioration
likely to be shown in the Western belt
will be offset, In a measure, by the
improvement in the Atlantics.
It is believed that while conditions
may be serious in those two States,
rsins within a week would yet permit
the making of a fairly large crop, and
it Is argued that even if there were
a shortage in the crop in the West
ern belt the increase apparent in the
Atlantics. together with a normal
yield in the Central belt, would result
in a crop of at least 15.000,000 bales.
The most bearish feature in the
general situation is the fact that there
is less demand for forward deliveries
in spots than has been the case in
years. Fully good middling is being
offered in this market at 45 points on
October, and good middling at 15
points less for September delivery,
with few, if anv. buyers in fight. The
slack spot demand is attributed to
declining trade at Manchester and to
the bearish sentiment engendered at
Liverpool by the introduction of the
Clarke bill in Congress.
News as to the outcome of the fight
being made against the Clarke bill
continues of a favorable character,
and It is believed here now that the
measure has been practically killed as
a result of the criticism aimed at it
by Southern newspapers generally.
The optimistic feeling prevailing
here has been reflected by an ad
vance of $600 in the price of New Or
leans Cotton Exchange stock, two
shares of which have *old this week
for $2,100, with none offering at less
than $2,500 now.
When the Clarke bl’! was first in
troduced. shares of the New Orleans
Cotton Exchange declined below
$1,500, whereas the stock had been
$2,500 bid before the bill was intro
duced by Senator Clarke
NEW YORK COFFEE MARKET.
Coffee quotations -
January. .
February.
March. .
April. . .
May. . . .
June . .
July. . .
August
September.
October. .
November.
December.
_Opening [ Closing.
'9.2069 31 i 9.236 9 21f
9.25® 9.40 1 9.296 9.31
9 426 9.50 9 366.9.37
9 456 9.55 9.436 9 46
9.5369.54
9 5569.65
9.62(^9.67
8 956 8.96
.1 9 0069.10
9 1669.20
9 9869.50
9.526 9.54
9.566 9.58
8.946 8.95
8 956 8.96
8 9969 01
9.0«6 - 9.: 8
9.1569.16
Closed steady. Sales. 36,000 bags.
American National
—Bank =—
ATL\NTA, GEORGIA
Statement of Condition August 9, 1913
RESOURCES
Loans and Discounts $3,495,486.16
United States Bonds 518,000.00
Other Bonds and Securities 74,750.00
Due from U. S. Treasurer 25,000.00
Cash in Vault and with Banto 900,402.11
$6,013,. 38.27
LIABILITIES
Capital Stock : .$ 600,000.00
Surplus and Profits 611,339.59
Circulation 500,000.00
Bills Payable 300,000.00
Deposits 3,002,301.68
$5,013,638.27
The busIlicRS of tho country Is in 'otrprMncly Inrsrc volume.
Ttip stock morket lias experienced n reaction, wliile all crop reports
received to date are most promlsina. We are pleased to state that
fundamental conditions now Indicate that the country ts entering
an era of great prosperity.
Tills hank has at all times met the requirements of deserving
customers, and is seeking new business.
OFFICERS
WILLIAM L. PEEL, President.
ROBT. F. MADDOX, Vice President.
THOS. J. PEEPLES, Cashier.
JAS. P. WINDSOR, Assistant Cashier.
JAS. F. ALEXANDER, Assistant Cashier
j . —.. J