Newspaper Page Text
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HEARST’S SUNDAY AMERICAN. ATLANTA. C,A„ SUNDAY, AUGUST 17, 1011.
News and Views by Experts of Finance, Industry, Crops and Commerce
PEACE. PLUS
NEW SPIRIT
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
S3 COTTON FIELDS K METHOD OF
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 stariel
from 3 to 7 points higher, and while
additional gains 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 weather developments.
Crop news was more mixed. As a
rule the advices on the Central and
Eastern belt are very satisfactory,
but with each day of dry weather in
the Southwest deopatches from that
section are mo r e serious.
There has been a tendenov to re
duce crop estimates, because the
Western belt has shown a falling off
in possibilities. while east of the
Mii-si.osippi River, while the crop may
not have Improved very much, it has
held Its own in much better shape.
Speculation has not been muc h in evi
dence, but the general tendency of
operators has been to avoid the shot;
side of the market.
Estimated cotton receipts:
Monday. 1912.
New Orleans .... 50 to 100 201
Galveston 6,500 to 7,500 5,959
RANGE IN NEW YORK FUTURES.
TELL STORE OF
10 ASPECTS
No Cause for Complaint in the
Central or Eastern Belt.
Spinners Reluctant.
By BOERSANIER.
CHICAGO, Aug. 16—rfSpef ulness
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 b'<
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.
“Furthermore, it is believed in «n
indefinite kind of way that Russii
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 Prn e Gottfried Hohen-
lohe from t'ie 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 ques
tions at issue.
“A*t the sume time we are very
skeptical of any real agreement be-
wien Austria-Hungary and Russia.
Their interests differ too markedly
and the position of the two countries
contrasts too strongly. Moreover,
Foutheastern Europe, and for that
matter Western Asia, just now are in
the melting r>o|.
"It is diflirult for anyone, even
though he be a great monarch, ro
foresee how von*s are shaping them
selves, or what will be the outcome of
the hurly-burly thiough which tii»
Balkans have passed. Therefore, it
sterns much more likely that botn
governments are carefuflv limitiag
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 alwavs is easy L. July, un
less something very untoward hap
pens, and as July this year has
passed over rather tamely, there has
been no disturbance of the financial
market.
Future Is Hazy.
“What will hapopn during the re
mainder of this month is less easy to
foresee. Probably for a couple of
weeks rates will remain very much
they are. About the middle of th*
month people may wake up to the rer-
ollection 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 is usually a ouiet time, and
the weather havin 0 ' been bad during
July, it is honed that it will be fine
this month. If so. holiday making
will be In full, swing. It is possible
consequently, thas there may be little
disturbance of rates all through th<
month.
“The influence of Roumania is bi*
in°' exercised for good, and it Is hop*!
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
will 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 genera] 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.
“Rut 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 Austria-Hungary as well as
to the Balkan States. So far as the
latter are concerned, it is hardly ne< -
eseary to point out that they can
not wind up the war except they get
some monev.
“Thus Roumania is likely not onh’
to gain in territory and prestige, be
cause of the obstinate folly of Bul
garia. but aleo to gain economically
Open.
H igh.
Ag
Sp
Oc
Nv
Dc
Jn
Fb
Mh
My
11.75 11.79
11.44 11.44
11.18 11.25
11.08 11.13
11.13 11.18
10.99 11.07
ii.09lii.Y4
11.11 11.17
J (/>
o
0.0
11.69111.74I11.74-75;U 69-70
11.38 11.38 11.39-41 11.36-38
11.18 11.2011.19-2011.14-15
11.08 11.13 11.10-12 11.05-07
11.09 11.13 11.12-13 11.07-08
10.99 11.02 11.02-03 10.97-98 ;
| 11.04-06 10.99-01 I
11.07 11.09 11.08-09 11.05-06
11.09111.17 11.11-13;’. 1.08-09
Closed steady.
LIVERPOOL COTTON MARKET.
LIVERPOOL. Aug. 16.—Due 5% points
higher on August and 4Vi 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 10Vi points.
Spot cotton quiet at 11 points ad
vance; middling, 6.51d; sales. 3,000 bales,
including 2,000 American bales; specu a-
tion and export, 500; imports 2,000, of
which none were American bales.
Futures opened firm
Opening
Range.
.6.22 -6.26
.6.15
.605
.6.01
.5.96 -6.00
.5.96 Vi-6.06
Aug
Aug.-Sept . .
Sept.-Oct. . «.
Oct.-Nov. . .
Nov.-Dec. . .
Dec.-Jan. . .
Jan.-Feb. . .
Feb.-Mch. .
Mch.-Apr. . .
Apr.-May . .
May-June • .
June-July . .
Closed firm.
Prev.
Close. Olese.
6.27% 6.1*
6.20Vi 6.11
6.11 6.01
6.08 5.97 Vi
6.02 5.92
6.02 5.92
.5.97 '-6.02% 6.03 5.93
.598Vi-596Vi 6 04Vi 5.14Vi
.6.00 -6.06 6.05Vi 5.95%
.6.01 -6.04
.6 01% 6.07% 5.97%
.6.07% 6.07%
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
was, that while the crop was admit
tedly losing condition in Oklahoma
and Texas, in practically all the rest
of the belt there was 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
were 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
$>sults, 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 not have come. Ar
kansas 1 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 hau 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
c'atia c'llSw ! late and open fall so late fruit can
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 a- the official forecast
predicting clear weather for Texas
and Oklahoma over Sunday was
posted.
Reports of rains at Omaha, Nebras
ka, which, it was thought, would
spread to Oklahoma over S'inflay,
caused some aggressive selling on the
part of bears during the late trading.
Bulls bought moderately on the de
cline, in anticipation of an unfavora
ble crop report by The Times-Dcmo-
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 1-16c. Sales
amounted to 285 bales of spots
At the high point to-day the mar
ket showed an advance of 31 point-
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.
Open
High
5
o
J
~ —
~n
V
•:
O
O
1 > l
I 0.0
Ag
11.69
11.69
11.63111.64
11.63
64 11.60-
Kp
11.23
25; 11.22-
Oc .
11.19
11.25
11.IK
i:. 19
11.18
10 11.IS-
Nv
11.20
11.20
11.18
li. ]*
11.15
16,11.11-
Dc
11.16
11.23
11.14
11.17
11.17
[11.16-
Jn
11.16
11.23
11.16
11.17
11.17
18 1 L. 16-
Fb
ill. 15
1711.14-
Mh
11 28
11.31
11.24
11.21
,11.24
26,11.25-
My
11.36
11.36
11.36
11.3b
[11.33
35 11.32-
Closed
* SP
Atlanta
steady.
OT COTTON MARKET
nominal; middling 11%.
LI FOR YEARS
German Savant Patents System
for Producing Frost and Pest
Proof Perennial Plant.
General Rally in
Stocks Good Sign
Traders Take Encouragement From
Strenght Shown After Early
Bear Attack.
mature.
tn the central belt conditions are
still exo llent. 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. How
ever, the crop as e whole is not that
much ahead, the bale having come
from the section that is trying to get
ahead of the b( 11 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 male 3
possible a large yield, though it Is
doubted whether the record of two
years ago will be reached in any
large area. i directions and angles
The spot situation is Kill without | fho
and it seems likely
Athens, steady; middling 11%
Macon, steady; middling 12%
New Orleans, quiet; middling 12 1-16.
New York, quiet; middling 12c.
Philadelphia, quiet: middling 12c.
Boston, quiet; middling 12.3j
Liverpool, quiet; middling 6.5id.
Savannah, steady, middling • 11 %.
Augusta, steady; middling 12c.
Cl.aileston, steady; middling 12 5-16
Norfolk, firm; middling 11V
Galveston, steady; middling M%.
Mobile, aieudi ; middling Uc
Wilmington, quiet; middling 12r.
Little Rock, steady; middling 12c
Baltimore, nominal; midd - g 12%.
Memphis, steady; middling 11%.
M j.ouis, quiet, mio* iij g 12 5-16
Houston, steady; middling 11%.
Louisville, turn, middling 12W
Charlotte, steady; middling 12.i
Greenville, steady, middling 12c.
COTTON SEED OIL.
Coffee quotations:
I Opening CU Sit g
August 8.99 0 9.10 I 8.910 9.50
September . . 8.770)8.80 I 8.8708.90
October .... 8.0008.01 i 8.01(ii-8.02
November .... 6.9406.96 6.9206.94
December .... 6.79@6.84 1 6.790)6.81
.January .... 6.800 6.84 , 6.^806.81
February .... 6.7806.85 6.7506.80
March 6.810 6.83 ; 6.80ii.li.82
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.
Head 4%0 6%
Straights 3% @5%
Screenings 2 @2%
Japan.
0 3%
2 % 0 3
2 @2%
SUGAR.
NEW YORK, Aug. 16—All grades of
refined and spot raw sugar were un
changed to-day. The European beet
sugar market was easier. August ar,c
September beets unchanged at 9s 4%d
bid, but October and December beets
were %d lower at 9s 3%d
By M. A. ROSE.
Now comes Herr Woldemar
Schuetze. 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 reducing the cost of labor.
These are some of bis 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 Schuetze.
considered his application, turned it
down, and then spread knowledge of
his methods the length and breadth
of the Flowerv Empire.
Details Are Vague.
Rut when it comes to details, Herr
Schuetze Is rather vague, or at least
the reports of { ntervlews 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 3*5 years. Under cultiva
tion It degenerates to the extents of
about 80 per cent after the first crop,
and can not resist frost.
Herr Schuetze promises to prevent
thl« degeneration, to make the cotton
plant live 25 years or more, to make
it proof against frost and all pests.
He floes not tell how, except to say:
"Like so manv great discoveries,
mine is most simple.
“One wonders w.hy it has not been
discovered ages ago. It Is really the
result of applving the law that in
grafting, the closer the relationship,
the better the result. When this sys
tem is once appl’ed. 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 pro not
continued with certainty in seedlings;
that is to sav. that they are most
unreliable. Now’, my process pre
vents this, applying the law I refer* 'd
to by first sowing, and then grafting
from the parent plant onto the seed
ling.’*
Herr Schuetze takes great comfort
from the fact that evpprfments by
the Royal Bornological Society at
Eisenach b°ar him out.
HHos Cotton Picker.
“With r*o r ppnial cotton rdonfs. or
rather, treeshe goep on. “it will be
possible to train them to grow in
a series of arohes. It follows, there
fore, that a cotton-nlokln" machine
can be designed which wdl do its
work wu'th far greater regularity and
tlirroughnes than is possible under
the Present system, where a large
number of levers or arms are re-
ouired to work in equally numerous
At present.
, „ , . ... . . the cottqn-picking machine leaves
much feature, and it seems likely behind about one-third of th„ cotton,
that the spinners are going to take w h er ca.« under the new svstem. prac-
their time about buying. Very little lioally al , of the cotton will be picked
forward business is reported booken wlth comparative ease
and the disposition to scatter orders .. AKnin with the trees trained in
is not yet marked. From acros^' the ; this planner, the cotton hr•11s will be
water comes talk of trade not being . fetter exposed to the ra ,r s of the sun.
so promising thou Ml there is a sus- 1 w jth the result that the boll- will de-
pi' ion that one motive for such news 1 V p) op better grow’ larger and produce
is the need of raw material in large 1 better cotton ’’
quantities soon and it will not hurt j Vhe Tarvori-a cotton plant, wb'ch
anv to si read tae notion that trade j perennial, already is w’el! known,
is going to be null, thus helping to ^ will not grow’ ev’°rvw’here.
dopr?SM values and enable as cheap Horr he can m hin sys-
bwirg as^possible. Item to any cotton-growing climat**.
The effect of t ie leg slation »pbree to five years would be required
aga nK futures, should it be passed. to a( ^ aP t the cotton of the South to
is also expected to be for lower 1 his svstem
prices, which is another motive for
the spinners waiting. There are ■
many people who think the removal
of this menacing •" id would refill
in a very quick revival of bullish
speculative activi v anc thus the
crop scare would aecome a price fac
tor of more Importance than it has
been.
The foreign spinner, no doubt, also
f«els ♦hat the money situation is such
that there will be a rush to sell th-'i
new crop, which will better his
chances of getting bargains provided
he does’ 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 >ugh advices
'nd cate a heak .y prospect for busi
ness.
MEW YORK BANK STATEMENT.
NEW YORK, Aug. 16 - The weekly
•statement of the New York Associated
Barks shows the following changes:
Average statement:
Excess cash reserve, decrease *1.04,-
P00.
leans increase $7.771.060.
Specie, decrease 5195,000_
Legal tenders, decrease $78,000.
Net deposits, increase $5,622,000.
Actual statement:
I oars, increase $401.ono
Spfccie. decrease $3,398,000
legal tenders, increase $1,770 O^M).
Net deposits, decrease $3 281,000.
Reserve, decrease $985,450.
LIVE STOCK.
CHICAGO, Aug. 16.—Hogs: Receipts, j
11,000; market 10 to 15c lower; choice
Mrht 8 7508.90; light mixed, 8 45&8.60; |
nrime l ; ght butchers. 8.40@8.60; prime 1
heavv butchers. 8.26(^8.35; heavy peH<-
ne 7 25(ii 7.60; mixed packing. T.Zofa ]
7.90.
Gattle: Receipts. 100: market steady,
steers good to choice. 8.5Q(F/9.00; steers,
fair to good. 7.50^/8.50. stoekers. 6.75(fi
7.<i0; feeding steers. 7.00^/8.00; fair to
g'od heifers. 7.00^/8.00. good to prime
h« fer^, 8.00/E/ 8.75; good to choice cows,
5."547 7.25; good to choicfe ca’ves, 10.25@
10 T>: fair to good ca ves. 8.00^110.25.
Sheep: Receipt* 2 000; market
stfadv: native iambs and range lambs.
0.50^7.50: range yearlings. 0.50^x6.25.
re.rge wethers. 4 50^/ 4 65; range ewes.
4 25<&4.40: feeding lambs. 6.00^x 6.75; na
tive wethers. 4.50'a5.00; native ewes,
4.00/jx 4.50: native yearlings, 6.25.
NEW YORK, Aug. 16.—One en
couraging feature if to-day’s stock
market was a general rally after
Union Pacific and Steel had beer
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. W&8 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 new«
Paris being closed by the three-day
holiday and London being dull in con
sequence.
Of domestic news, the most im
portant was the news from Washing
ton tha^ 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.
The bank statement was considered
favorable.
Stock quotations and net change:
Cios. Net
STOCK— High. Low. Bid. Ch'ge
"1% 71% 73% -fl%
25%
33%
Amal. Copper..
Am. Agrlcnl..
Am. Beet Sug.
American Can
do, pref. . .
Am. Car Fdy..
Am. Cot. Oil.
American Ice..
Am. Locomo..
Am. Smelting.
Am. Sug. Ref.
Am. T.-T
Amer. Woolen.
Anaconda ....
Atchison
A. C. L
B. and O. ....
Beth Steel....
B. R. T
Can. Pacific..
Cen. Leather..
C. and O
Colo. F. and I.
Colo. Southern.
Consol. Gas...
Corn Products
Ik and H
Den. and R. G.
Erie
do, pref. ..
Gen Electric... 142
G. North, pfd. 126^
G. North. Ore. 35”
G. Western....
Ill. Central....
Intel boro ....
do, pref. ..
Iowa Central..
K. C. S.. . .
M. , K and T.
do. pfd.. . .
L. Valley. . .
L. and N. . . .
Mo Pacific . .
N. Y. Central.
Northwest. .
Nat. Lead . . .
N. and W. . .
No. Pacific . .
O. and W. . .
Penna
P. Gas Co. . .
P. Steel Car .
Reading. . . .
R. 1. and Steel,
do. pfd.. . .
Rock Island . .
do. pfd.. . .
S. -Sheffie'd . .
So. Pacific . .
So. Railway .
do. pfd.. . .
St. Paul . .
Tcnn Copper.
Texas Pacific.
Third Avenue ....
Union Pacific. 152%
IT. S. Rubber. 61
U. S Steel. .
do. pfd.. .
Utah Copper
V. -C. Chem.
Wabash . . .
do. pfd.. .
W. Union . .
\V Maryland
W. Electric .
W Uen tral
25%
32%
46% 45
20
32
67 V 4
109
129%
35%
96
96%
34 %
88%
219
23
55%
31%
U
'20 ’
2 8 >4
46%
14
15%
60
25%
22%
152 ’
131%
31
49
iii *
ii3
160%
23%
i7‘ ’
28%
92%
24%
167
31
16
62%
108 %
50%
'3%
10%
69
20
32
66%
109
129%
35%
95
96%
33%
88%
217%
23
55%
31%
11
20’ ’
27%
46%
141%
126%
35%
13%
15%
60
25%
22%
151 “
134%
30%
49
liO'i
ii2%
159%
28%
16%
28%
91%
24%
106
30%
16
151%
60%
61%
108
49%
3 %
10%
69
+
N.
-F
M.
+
%
+i
—
-m
• vii
-F
Vi
+
%
*F
*/4
+i
—
■S
-F
S
4-
Si
+
a 4
+
S
+
s
+
Vi
—
u
-F
Vs
-F
%
-2
—
'*
+
%
45
26
33%
93%
45
43
21
31%
67%
109%
36%
95%
120%
96 %
34%
88%
218%
23%
56%
30%
27%
130% +
11
156
20
28
46
142
126 — %
35%
13% — %
106% — %
15%
60 + %
7 —1
25% + %
23 -f %
58% -f %
151% -fl
194 — %
31% -F %
98
129% — %
106% — %
113% +3%
29% + %
112% -F %
113%
24% -F %
160% -F1 %
23% — %
87 —1%
17% -F %
28 — %
28 —1%
92% -F %
24% -F %
78 —1
106% -F %
31% + %
16
36 -1-1
153% -F %
61 -F %
$52% + %
108 -F %
50% -F %
2 4% -F %
4 4- %
11% -F %
66% — %
41
72 -F3%
47
Deficit of $121,000 in First Quar
ter Overcome and oGod Sur-
plus j Besides.
NEW YORK, Aug. 16—Seaboard
Air Line in the year ended June 30 |
earned in excess of 7 per rent on $2 3,-
894,000. Final surplus was approxi - j
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 inereased $817,000.
On basis of nine months’ operations
under the new management, and al
lowing for effort necessary to pick
up and iccover the Initial quarter’s
deficit, the property appears to be
earning at rate of nearly $2,000,000
surplus annually, or equivalent to
m?>re 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. Crops offer excellent
promise, with one of the largest cot
ton crops ever raised among the
prospects this year. General bu c l-
ness is moving in fair volume and
traffic outlook shows no unfavorable
signs.
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. lti.—New high
prices were made tn the corn pi;
again to-day. These advances are
likely to be seen from day to day
until such time* as the mad specula
tive moveiiK nt has spent Us force, or
the Southwist has b<?en deluged by
rain.
A runaway market was slated In
corn for to-day, and U look* d at one
time as if even with the selling by
the larger men in the trade the up
turn could not be c!i?cked. Around
75 1-8 c nts for Sept« tnber, 69 3-4
c< nts for December and 71 cents for
May—the highest prices of the day.
ps well as of the week—tile chutes
of the longs were thrown wide open
and all coiners’were fully supplied
and more. This selling caused re
al tlons from the best prices of the
day and declines for the session of
1-8M-8 were seen in the deferred
months.
The mention of "corners” on the
Chicago 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 1-80)1-2 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 at
240,000 bushels.
Grain quotations:
Number of shares sold to-day 171,-
110. against 234.865 a y< ar ago.
Par value of bonds sold to-day $579,-
000, against $921,000 a year ago.
BANK CLEAPIN^S.
NEW YORK. Aug. 16. — Bank clear
ings. $282,511,343. against $3^4.035,905 a
year ago. a decrease of $21,524 562.
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 U>ng 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 coupon bonds, particularly
those which have the circulation priv
ilege, are comparatively scarce.
The coupon b:>nds 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.
An expert on Government Issues
predicted yesterday that traders who
went short on coupon 2s below 96
would have difficulty In coveVing at
any price under par unless some de
velopment at Washington occurs to
weaken them drastically.
MONEY AND EXCHANGE.
NEW YORK. Aug. 16. Money on call
nominal: no loans; time loans easier; 60
day*. 90 days, 4%©4%; six
months, 5V.tf/5% J»er cent; prime mer
cantile paper, per cent; sterling
exchange steady at 4 8305 for 60-day
bills and 4.8645 for demand; commercial
bills, 4.82%.
High.
WHEAT—
Sept 87%
I >ec
May
CORN—
Sept
Dec
May
OATS—
Sept
Dec
tidy
PORK -
Sept.... 26.70
Jan.... 19.12%
LARD—
Sept. . . . 11.15
Oct.... 11.20
Jan... 10.67%
RIBS—
Sept. .. . 11.10
Oct.... 1102%
Jan 10.12%
91%
95%
75%
69%
71
43%
46%
49
Low.
87%
90%
95%
74%
69
70
43%
4;>%
48%
20 60
Previous
Close. Close
87%
90%
95%
74%
69%
70%
43%
45%
48%
20 70
18.97% 19 12%
11.07% 11.15
11.15 11 20
11 00
10 80
9 95
10.67%
11.10
11.02%
10.12 %
87%
90%
96%
74%
69%
70%
41%
45%
48%
20.55
18 67%
11.07%
1112%
10.55
10.95
10.55
9.90
CHICAGO CASH QUOTATIONS.
CHICAGO, Aug 16 Wheat—No. 2
red. new, 88(|x88%; No. 3 red, new, 87%
0S8; No. 2 hard winter, new. 8fUat>8%;
No. 3 hard winter, new 87% fix 88; Vo. 1
Northern spring, 90091%, No. 3 spring,
880 90.
Corn—No. 2. 75%0 76%; No. 2 white,
77; No. 2 yellow. 76%' , a77; No 3, 75%(q.
76; No. 3 white. 76%0 76%; No. 3 yellow,
76 l 4 076%, No. 4. 76% 076; No. 4 white,
76$0 76%. No. 4 yellow. 76%0 76.
Oats—No. 2 white, new. 43%(1x44; No.
3 white, new, 42%0 43%; No. 4 white,
42%; standurd, new, 43%<&44.
ST. LOUIS CASH.
ST. IvOUIS, Aug. 16—Cash-No. 2 red
wheat, 87%089%; No. 3 red. 860,87%:
No. 4 red. 83086; No. 2 hard. SF,%0
92; No. 3 hard, 860 86; No. 4 hard. S4.
Corn—No, 2. 78%; No 3, 78; no grade.
73; No. 3 yellow. 78; No. 2 white, 79%
0 80%; No. 3 wh’to 79K.
Oats- No. 2. 42%0 43”; No. 3. 42; No.
4. 41; No. 2 white, 42% 043%; standard
43%; No 3 white, 42% 0 43; No. 4 white.
410 41%; No. 2 rye, 67.
LIVERPOOL GRAIN MARKET.
LIVERPOOL, Aug 16. —Wheat closed
% to %d higher
Corn closed %d higher.
WESTEM BELT
Small Demand for Forward De
livery in Spots Best Argu
ment for Low Prices.
NEW ORLEANS, Aus?. 16.—B<>ar-
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 T^xas udJ
Oklahoma.
Unevenly distributed showers have
fallen In both of those States within
the last few days, but it is believed
that what relief 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 Ias^ 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 measurl, by the
Improvement In the Atlantics.
It Is believed that while conditions
may be serious in those two Stati s,
mins within a wsejc would yet permit
the making of a fairly large crop, and
it is argued that even if there we;e
a shortage in the crop in the West
ern be't 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 deliver! s
in spots than ha.s been the case in
years. Fully good middling is biiag
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 sight. 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 pracHrally killed ns
a result of the criticism aimed at it
by Southern newspapers generally.
The optimistic feeling prevaiMng
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 sold this week
for $2,100, with none -ffering at less
than $2,500 now.
When the Clarke bl'I 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
Opening
Closing.
January. . .
.' 9.200 9.31
9.330 9.25
February. . .
, .' 9.40
9.2909.21 ,
March. . . .
.' « 42I&3.60
9 360,9.27
April. . . . ,
, ,i 9.450 9.55
9.430 9.46
May
J 9.530 9.54 i
9.980 9.50
June . . . .
.! 9.550 9.65 '
9.520 9.54
July
. 9.62@M7
9.564r.9.58
August . .
8 9408.95
September. ,
. .’ 8 950 8.96
8 950 8 96
October. . .
. . 9 0009.10
8 9909 01
November. .
9.060 9.' 8
December. . .
. . 9 160 9 20
9 150 9.16
Closed steady Sales. 36,000 bags.
NAVAL STORES.
SAVANNAH, Aug. !U.—Turpentine
firm. 36%c n^d sales 658 barrels;
r f ceipts 1. A 40 barrels. Rosin firm.
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,
ail 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 be 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, JAMES S. FLOYD, J. S. KENNEDY,
Pregfdent. Vic« President. Asst. Cashier.
F. E. BLOCK, G. R. DONOVAN, J. D LEITNER,
Vies President. Cashier. Asst. Cashier.
CAPITAL $1 000 000 00
SURPLUS 1 000 000 00
RESOURCES 10.000.000.00
l
American National
Bank=—
ATLANTA, GEORGIA
Statement of Condition August 9, 1913
RESOURCES
Loans and Discounts $3,495,486.16
United States Bonds 618,000.00
Other Bonds and Securities 74,750.00
Due from U. S. Treasurer 25,000.00
Cash in Vault and with Banlis 900,402.11
$5,013,. 33.27
LIABILITIES
Capital Stock $ 600,000.00
Surplus and Profits 611,333.59
Circulation 500.0C0.00
Bills Payable ; 300,000.00
Deposits 3,002,301.68
$5,013,638.27
The busings of the country is in surprisingly large volume.
The stork market has experienced a reaction, while all crop reports
received to date are most promising. We are plea sex 1 to state that
fundamental conditions now indicate that the country is entering
an era of great prosperity.
This bank 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. AL EXANDER, Assistant CashieV