Newspaper Page Text
D
UKARST’S SUNDAY AMERICAN, ATLANTA, OA, ST T NDAY, AUGUST 24, 1013.
News and Views by Experts of Finance, Industry, Crops and Commerce
SPECTER DF HIGH F00
LT
GRAIN CROPS FULL OFF
Financial Optimism Chilled by Prpspect.s of
►Shortage in Necessities of Life, a Condition
That Depresses Securities Market—Cotton
Likelv to Give IT. S. a Big Trade Balance.
By CHARLES W. STORM.
NEW YORK, Aug. 23.—Financial ethusiasm tins boon chilled
by the spectre of higher prices for food that loomed up on the
economic horizon. Simultaneously a halt has been called in the ad
vancing column of security values because higher pricos for food
stuffs rarely go hand in hand with higher quotations for securities.
The past has also proven that there is less money available
for investment when people are paying more to fill their “dinner
paisl. ’’
Aside from the Improvement In the
prices of storks end bonds, Invest
ment has been greatest In the reports
of damage to corn, the greatest
American grain. The major propor
tion of the com crop cornea to mar
ket on hoof, that la, In the shape of
meat.
It Inevitably follows that a short
oorn crop means higher prices for
meat, and the Chicago packers, real
ising this, sought last week to pre
pare the public for the shock by an
nouncing: that it would within six
months have to pay much more than
present prices If the beefsteak Is l>
remain on the dinner table.
Lack of moisture has also left the
hay crop and pastures In bad shape,
so that there Is a certainty of in
creased prices being paid for meat.
Meat prices In New York are on
an average three cents higher than
on the same day last vear, and from
five to seven cents higher a pound
than t?n years ago.
Grain Held - Over.
Experts figure that the combined
harvests of wheat com, oats, flax
seed, rye and potatoes will be abou'
1,000,000,000 bushels less this year
than last. The food markets, how
ever, will not be as hare as expected
owing to the very large amount of
grain held over last year by farmers
But for this Mg carry-over the pros
pective shortage of grain would be
viewed with greater apprehension.
The general food proposition must
be considered as not dangerous but
acute all over the world.
Europe will be a larger purchaser
of our grains this year for the in
habitants of the Eastern part of the
Eastern Hemisphere have been be
hind guns Instead of plows. It is
estimated that Eastern Europe can
hardly make within 25 per rent of
its usual production. It must neces
sarily call upon America to All its
larders.
Cotton Exports.
The trade balance of the United
Ptates will probably be swollen by
earlv exports of cotton at higher
than those prevailing la^t
i I
y«ar. The new crop from Texas la
going in at good prices per bale for
, nrly deliver! s This will produce
on unsually good volume of sterling
for this season of the year.
Humanity balks at higher prices
and for this reason the demand for
high grade bonds has fallen off Inst
week. Owners rf capital recently
disposition to exchange
yielding five p°r cent and selling
around par, but an advance of three
or four points has caused tl»*m to
loe© all enthusiasm.
The rush of hankers to participate
In the underwriting of tho Southern
Pacific certificates of interest created
a favorable Impression and demon-
fit rated that their is plenty of money
available for inventment provided the
securities are offered on an attractive
basis.
Europe Again Friendly.
Financiers were particularly grati
fied at the large subf* rlptlons f<»r the
Southern Pacific offering made by
European bankers, thus reflecting a
willingness on the part of the for
eigners to lift the embargo that has
been on American securities abroad
for the Isst nix months.
Europeans are still accumulating
their gold as indicated by the In
creased reserve of the Rank of Eng
land, so thnt their participation in
the Southern Pacific underwriting
syndicate Is not believed to warrant
any expectation of a rush by Euro
peans to the bargain counter for
American securities.
Steel has been an exception to
the general tendency of commodities
to advance. The Steel Corporation
announced it had not reduced prices
but Independents have reduced their
quotations from $1 to $5 a ton.
Orders received by the trust last
week were slightly better than thorn*
In tho same week of the previous
month.
Copper In Demand
A bettor demand has also boon re
ported for copper metal, w'hlch ad
vanced to 10 cents a pound.
Money has worker easier. Well-
Informed bankers believe that senti
ment, relative to the action of the
Secretary of the Treasury in offer
ing to deposit money with Western
and Southern hankers Is at the
bottom of the easing off In rates.
Some bankers expressed the opinion
that banks. In expectation of Gov-
ornment deposith. have been lotting
tho bars down a little too much with
stme tendency toward over expan
sion. Because of this they looked for
some reaction In rates.
Banker® expect full rates for tnon-
ov during the crop movement perloi.
The drain by the West doe* riot be
gin for from four to six weeks, hut
the first shipment made to the West
for crop movement purposes took
place last week. The South has al
ready been a heavy borrower for the
Specialties Lead in
Week-End Trading
American Locomotive Strong Because i
of Company's Determination to
Quit Making Automobiles.
NEW YORK, Aug. 23.—The stock
market to-day continued the waiting
attitude of the past week. Evening
up trading over the wek-end predom
inated
The only striking news of the day
was a wild report that Envoy Bind
bad bMn as asslnatad in Mexico City,
but this iej»ort reached'the street too
late to have any great effect. Prices
slumped off toward the Hose. A re-
fHirt that the Turks had begun an in
vasion of Bulgaria was without ef
fect here.
American Locomotive was strong on
the fine showing made in Its annual
report and Its decision to quit the au
tomobile field. Cotton Oil and Vlr-
ginia-Carollna Chemical were up 1 to
2 points Chesapeake and Ohio sold
up to 60, but closed below that fig
ure, ami Denver preferred at one time
was up 2 3-8.
London was closed, hut Paris and
Berlin markets were open.
Intimations of an approaching set
tlement of the Mexican difficulty had
a cheering effect, as did the indica
tions that ihe currency bill will be
modified to meet the objections of
the bankers.
NEW YORK STOCK MARKET.
Stock quotations and net change:
[
T
Sharp Gains Scored
In Cotton Futures
Buying Order* From Liverpool, the
South and Wall Street Give
Market Good Support.
Banks Prepared to Handle Any
Normal Demand — Treasury’s
Policy Helps the Situation.
tl-Hr Sivlnps />, hi*h until* tu nds | movement of Kin* Cotton.
DROUTH ASSUMING
CALAMITY ASPECT
STOCK— High
JjOW.
Clou. Net
Bid. Ch’ge.
Amal. Copper .
73*
73 M,
72 M,
+ '4
Am. Agricul...
44 M,
— V4
Am. Beet Rug.
25%
— V4.
American Can.
33%
33%
23%
+ *4
do, pref. ...
93%
Am. Car Fdy..
<3 Mr
45 V4
45%
— '4
Am. Cot. OH...
45%
44
45 >4
+ >4
American Ice..
21%
- Vi
Am. I/>como..
33%
33%
33%
-M %
Am. Smelting.
67%
67 V4
67
+ V.
Am. Bug Ref.
109
109
109
—1
Am. T T
130
+ V4
Anaconda ....
36%
+ Mr
Atchison ....
66 >A
95S
+ %
A. C. L.
121%
+ V.
B. and O
96%
- H
Beth steel....
34
B R T
88%
+ ‘4
Can. Pacific..
221%
220
220
+ 2
Cen. leather..
• . . .
2S%
+ v.
C. and O
59%
Vfa
Colo. F and I.
31%
Colo. Southern
27 H
— %
Consol Gas..
130%
130%
130%
+ H
Corn Product*
1114
11%
11%
+ Mr
1). and H
159%
+ %
Den. and R O.
20
Distil. Kecur..
13%
13%
18%
Erie
28%
28V4
do, pref. ..
46%
46%
46%
+ V4
Gen. Electric...
145%
145%
<J. North pfd.
126%
126%
126Vi
+ '4
(J. North. (>re..
SB Vi
35%
34%
< 1 Western . ..
13
Ill Cent ral....
108
107%
107
+1
Ioterboro ....
16%
16M,
16%
+ M
do, pref. ...
62%
62
61%
+ %
Ini. ITarv. (old) ....
106 %
Town Central..
7
K. C. S
25%
M . K anil T.
22%
22%
22 '4
- V4
do. pfd.. . .
56-4
—1
L. Valley. . . .
154%
153%
154
+ Mr
L. and N. . . .
135%
135%
134 %
Mo. Pacific. . .
30%
+ Vi
N. Y. Central.
98%
98%
98
- V4
Northwest. . .
130
+1V4
Nat. Iv©ad . . .
48
N. and W. . .
106%
106%
106
— V4
No. Pacific . .
111%
+ Mr
O. and W. . .
26T4
"F %
Penna
113
113
112%
+ Vi
Pacific Mail . .
21’4
P. Gas Co. . .
113%
!’. Steel Car. .
24
Reading. . . .
161’(r
lCIMi
161 %
R. I. and Steel
23 V.
- Mr
do. pfd.. . .
....
— V4
Hock Island .
17%
— >4
do. pfd.. . .
27%
+ V4
R.-Sheffield . .
29%
+ Mr
So. Pacific. . .
90S
90%
90%
+ V4
So. Railway .
24 S
24%
24\
— \
St. T’aul . . . .
107%
107%
106
Tenn. Copper.
31
31
81
+ %
MEMPHIS. TEN!*., Aug. 28.—The
cotton crop west of the Mississippi
River continues its steady and rapid
deterioration, because of the excessive
drouth and abnormally high tempera
ture, and at the same time there is a
break in the ranks of the uniformly
good reports that have been coming
from the East. The cessation of
progress in the latter section, how
ever, Is due almost wholly to the fact
that the cotton of first plantings has
about reached the stage whore de
terioration incident to maturity be
gins. There are a few complaints of
lack of sufficient moisture, but these
complaints are few and come from
widely scattered localities that make
In the ag"Tegat© only a small area.
In the west the continued drouth Is
assuming grave proportions, and un
less soon relieved, bids fair to be
come something of a calamity At
the moment there is no Indication of
Immediate relief, or even of relief in
the very near future. There were good
indications of rain during the early
part of last week, and a few scattered
showers fell over sections of South
ern and Central Texas, but they were
insufficient even in the districts wher-*
heaviest In Northern Texas, all f
Oklahoma and Western Arkansas no
rain has fallen for several w eeks, and
prospects that were considered noth
ing short of brilliant a month ago
have dwindled until present indica
tions are for far less than an average
crop, even should good rains fall over
the entire area within a week.
Conservative estimates of the yield
in Texas and Oklahoma have been re
vised from 6,000.00ft bales or better to
5,000,000 bales or less, with the right
reserved to make further revision
should the drouth continue. There still
is a large portion that has not been
damaged beyond repair and that
would make a fairly good yield with
good rains now and favorable weath
er for the remainder of the season.
To offset the poor promise in the
west, the promise in the east Is better
than that of any other year except
1911, and even compares favorably
with the record crop of that year. The
crop is reaching maturity In splen
did condition and another well-dis
tributed rain will practically Insure a
near-record yield. Scattered showers
during the past week were in tipie to
prevent possible damage where rains
were beginning to be needed.
The new' crop is moving In Increas
ing volume. The dry. hot weather tn
Southern Texas is rapidly opening the
bolls and the crop Ik being harvested
and marketed as fast as it opens. Port
receipts to date are somewhat larger
than at the same time last year, and
during the past week demand from
spinners showed a distinct Improve
ment. owing to the fear of a curtailed
yield as a result of the dry weather.
With the Improved demand Texas re
ported an Improved export basis.
Texas Pacific.. 16% 16% 16 *F %
Third Avenue.
Union Pacific.. 153*14 153% 153
U. S (Ttibber . 60% 60*4 61
87% + %
3*4 + *%
U. H. Steel
do. pfd..
63% 63
Utah Copper. . 50% 50% 60%
63% + %
10S + %
26% -H%
47» 4 %
12% + %
40 — %
V. -C. Chem.. . 2K% 26
Wabash. . , .
do. pfd.. . .
W. Union ...
W Electric . . 71% 71% 70%
Total sales, 80,000 shares.
BAR SILVER.
NEW YORK, Vug. 23 Bar silver in
London was % higher at 27% pence per
ounce. To-day s New York price was
G higher at 59%c. Mexican dollars, 46
<h 50
CHICAGO, Aug. 23.—Bankers, mer
chants and manufacturers, by eight
months of conscientious work, have
succeeded in reducing credits to an
exceedingly conservative basis. Trade
now is recuperating
The monetary position at all finan
cial centers in the United States is
greatly Improved, bank reserves re
rising as *» result of the consistent
conservation practiced, and danger 3f \
a financial crisis is past.
This country now is abundantly (
able to finance its autumn crop move
ment and to meet ail businc.su re
quirements. The renewed courage m
banking circles is extending to in
dustrial and commercial fields.
Secretary McAdoo has made the
United States Treasury a real aid vo
this progress. His policy has been
to make It plain that he will use all
possible governmental Influence to aid
legitimate business, and promptly,
too. This, of course, has stimulated
optimism.
An excellent example of this policy
is his pledge to deposit $50,000,000
treasury reserve in Southern and
Western banks. This creates mil
lions of new' credit, makes for inde
pendence from New York, and in New
York releases some funds for specu
lative activity.
Business reports are encouraging.
The gloom so conspicuous earlier in
the year in the East has disappeared.
Western markets in general are ac
tive.
Tiie single dlsappolntlnsr factor is
the damage to the corn crop, which
promises to be 550,000,000 bushels less
than last year as a result of excessive
heat and drouth. Losses in Mis
souri, Oklahoma, Texas and Kansas
are offset to some extent by gains i i
the North.
Wheat field* yielded a bumper cro*.
Oats are turning out fairly well.
While dfouth may cut the cotton
yield in the Western belt, the cron
as a whole promises to be well above
that of 1912 and close to that of 1911.
Borrowings abroad this year have
been below tho average, owing to th-i
unusual complications which atten 1-
ed the Balkan war, and the Units!
States will be in a position to attract
gold from London and Paris in vol
ume this fall.
So far this year the United States
has shipped $43,000,000 In gold to
the Bank of France In response to un
usual inducements, and also $22,000,-
000 to South America for the accounts
of hanks in Berlin, London,*Paris and
other foreign countries. Although in
the last six months Europe has liqui
dated large blocks of American se
curities, it Is fair to assume that this
country more than paid for them
through the year’s increase of $ 102.-
000,000 in international trade bal
ances. Developments, therefore, show
that In case of necessity for assist
ance European countries will be able
to respond with a large amount »f
gold in the last four months of the
current year.
No Trouble Ahead.
Because of the efforts on the part
of bankers to prepare for stringency
and reduce assets to liquid shape
complications in the money market
this fall or winter are unlikely. Th»
banks arranged their maturities so
as to have large supplies of money In
hand during the crop movement pe
riod, and certainly are able to take
care of any normal demand. It Is
possible that present discount rates
will he maintained during the re
mainder of 1913, as the country is di-
lng. a large volume of business and a
number of long-term loans have been
held up for a more convenient sea
son. The world at large is suffering
from a lack of cnnital.
Market Not Burdened.
London is burdened with new se
curities, but bankers on this side of
the Atlantic exercised caution and re
fused to bring out heavy bond issues
at a time when the m rket was not in
a position to digest them. Financing
thus postponed will be taken up when
conditions improve. Short-term notes
recently have sold at price* Indicat
ing capital is In Insufficient supply.
A large amount of Investment Is
going on, the buying being of a char
acter to Indicate that quottaions
reached a low level which fully satis
fied shrewd investors.
By EDWARD LOW RANLETT.
NEW YORK, Aug 23.—Unexpect
ed .strength was shown by the cotton
market in the early session to-day
Buying orders from Liverpool, the
South and local sources caused an
advance at the opening of from 8 to
18 points.
The major part of this gain was
held throughout the session. The
close was strong and at about the
highest prices of the day.
Wall street interests were report
ed to be heavy buyers. Private re
ports from Texas and Oklahoma were
to the effect that rain had not fallen
over large areas of both States. The
official map, however, did not show
much moisture. Scattered rains were
reported in Central and Eastern
States, and many regarded the pros
pects in those districts an very fine.
Without very much effort, the bulls
have scored a victory during the past
week or ten days. Among causes, the
first place must be accorded to weath
er nows, but also it la impossible to
ignore the fact that September 1 will
find the world very short of America’s
great staple.
What would have been considered a
good visible supply five years ago
now looks small when confronted by
the weekly decrease through mill tak
ings of over 150,000 bales.
In the cotton goods division of the
dry goods trade there is little com
plaint. There Is no accumulation in
first hands. With a rising tendency
in prices and the approach of what
promises to be a prosperous fall and
winter, It would not be advisable for
buyers to delay making commit
ments.
RANGE
IN NEW
YORK FUTURES.
c
V
a
£
O!
i
o
* n
s
o
a
O
I
-J
-lif)
O
0.0
Au
Sp ill.77 11.77 11.77 11.77 ill. 77-79 11.55-57
Oc 11.55'11.71111.65111.71 11.70-7U11.47-49
No ! f ! ! 111.62-64 11.40-42
I)e 111.52 11.65 11.52 11 64 11.64-65 11.42 43
•In. ill .50 11.55 11.40 11.54 1 1 54-55,11.34-35
Fb 11 1.42 11.45 11.42 11.46 11.56-58 11.36-38
Mr ll.0Oll.61ill.52 11.62 11.62-63 11.42-43
Ma 11 60 :; 66 1l.r.t 11 M 11.64-66 11.46-47
Closed very steady.
LIVERPOOL COTTON MARKET.
LIVERPOOL, Aug. 23.—This market
was due % to 2% points higher, but
opened steady, at a net advance of 2%
to 3 points. At the close the market
was steady at a net advance of 3%
points from the final quotations of
Friday.
Spot cotton quiet at unchanged quo
tations; middling. 6.62d; sales. 4 000
bales, Including 3.000 American; imports,
2.000, of which all were American bales.
Futures opened steady.
News and Notes
Of Grain Crops
Shorts Sell, Causing
Declines in Corn
By JOSEPH F. PRITCHARD.
CHICAGO, Aug. 23.—Fears of frost
over the Canadian Northwest are
causing speculators in the local wheat
pit to study closely the daily weather
map.
* • •
Experienced traders declare there is
a possibility, of damage to late por
tions of the Canadian wheat crop,
such as was caused some years ago
by an early frost. This uneasiness
was expressed in Liverpool cables
Friday and Saturday. These cables
also predicted much lighter worlds
shipments, exclusive of supplies from
this side. Cables from the Continent,
however, gave climatic conditions as
much improved over France and Ger
many. Heat and unfavorable weather
was reported in the United Kingdom.
If this continues. Liverpool prices
will show further gains.
• * *
Except that Indiana millers are
buying No. 2 red wheat at 3 cents
over September price here and export
houses at New York and Baltimore
are buying Chicago wheat moderate
ly, there is little feature of the trade.
• * *
The Modern Miller reported wheat
raisers plowing for the 1914 crop and
country offerings lighter. As the new
crop is moving freely, the North
west trade expects an early increase
in stocks.
• • *
Reports received here conflict in
regard to country offerfngs of corn.
It was generally conceded that Illinois
and Iowa points were selling old corn
freely, but this fact was offset by re
markably good country buying orders
for futures at fractional declines.
Omaha reported the Southwest bid
ding over Chicago for corn.
SPOT COTTON MARKET.
Atlanta, nominal.
Athens, steady; middling 11%
Macon, steady; middling 11%.
New Orleans, steady: middling 11 D10
New York, quiet; middling 12 30
Philadelphia, quiet; middling 12 65.
Boston, quiet; middling 12 30
Liverpool, firm; middling 6.66d.
Savannah, steady, middling 12%.
Augusta, steady; middling 12c.
Charleston, nominal.
Norfolk, steady; middling 11%.
Galveston, firm; middling 12 1-16.
Mobile, quiet; middling 11%.
Wilmington, nominal.
Little Rock, steady; middling 11%.
Baltimore, nominal; middling 12c
St. Louis, quiet; middling 12c
Memphis, steady; middling 11%
Houston, steady; middling 12 1-16.
Louisville, firm; middling 12%
Charlotte, steady; middling lSn
•rsaflviHe* steady; middling 12o.
LIVE STOCK.
CHICAGO, Aug. 23 —Hogs. Receipts,
9.000; market 5c higher; mixed and
butchers, 7.8009.15; good heavy. 8.45(u
8.8.". rough heavy. 7.4608.30; light. 8.60
@9 25; pigs. 6 3607.90; bulk. 7.9008.90.
Cattle: Receipts, L’• >0; market steady ,
beeves, 7 35 u 9 lo; C"ws and heifers, 3 25
U8.40; stockers and feeders, 6 00u 7.85;
Texans. 6.850 8.15; calves. 9 50011.50.
Sheep: Receipts, 2.000; market
steady: native and Western, 3.000 4 85.
lambs, 4 60'll 8.10
ST LOUIS Aug. 23.—Cattle—Receipts
700, Including 250 Southerns. Markets,
steady Native beef steers $5,500 0.00;
rows and heifers. $4.750 8 75; Mockers
and feeders, $5.250 7.50; calves, $6,000
10 00. Texas steers. $6.260 7.75; cows
and heifers, $4.250 6.50; calves, $5.u0@
6.00
Hogs—Receipts. 4.000. Market 5 to 10c
higher Mixed. $8 000 9.20; good. $8,600
9.10; rough, $5.5008 00: lights, $0.0.• u
9J0L r;ff s. $5 6008 75; bulk. $9 0.509 20.
S' 4LRc< elpts 200 Steady M if. ns,
$3:’ yearlings, $5.00^6.00, lambs.
$5.50(g7.b0. ♦
Southern Ry. Earns
3 1-2 P, C. on Stock
Gross Shows $4,939,162 Gain, but Net
Only $343,242 Over 1912.
Wages Higher.
Southern Railway, in the fiscal year
ended June 30, earned e.t least 3 1-2
per cent on its $120,000,000 common
stock outstanding. Gross earnings
aggregated $68,529,490. an increase of
$4,939,162 over 1912. The percentage
gain last year wan 7.76 per cent,
against 5.87 per cent the year before.
Net earnings after taxes, however,
tell a less flourishing story, with in
creases of $349,197 and $343,242, re
spectively, for the last two years, or
1.99 per cent gain in each case.
Operating expenses were decidedly
higher in the last fiscal year, consum
ing 70.4 per cent of gross, against
6Y7 per cent in the preceding period.
Expenses of operation .in 1913 was
$48,273,923, while in 1912 it was $43.-
696.236. so that of the increase in gross
of $4,989,162 last year. $4,577,687 went
into coot operation. Taxes were but
little greater.
With an increase In gross revenues
of nearly $11 250.000, or almost 20
per cent, in the last four years, ex
penditures for maintenance of way
and **f equipment show a more than
equal advance, running, in fact, close
to 25 per cent in the same time.
That efficiency of operation was not
lessened last year as compared with
the immediately preceding period is
indicated by a decline of 3 per cent
of gross in the cost of conducting
transportation. The advance of 1.4
per cent of gross over 1910 is readily
explained by the higher rates of
wages.
Aug.
Aug.-Sent.
Sept-Oct.
Oct.-Nov..
Nov.-Dec.
T >ec.-Jan..
Jan.-Feb..
Keb.-Mch.
Mch.- Apr.
Apr.-May.
May-June
June-July
Opening Range.
. .6.36 ©6.35%
.6.29 ©6.28%
.6.21 @ 6.20%
.6.17%06.17
. .6.12%0 6 12
.6.12
.6.13 ©6 12%
. 6.14% 0 6.14
,6.15%06.15
.6.16 0 6.17
.6.17 @6.18
6.18%
Close.
6.36
6.29%
6.22%
6.18
6.13
6.13
6.13%
6.15
6.16
6.17
6.18
6.18%
Prev.
Close
6.32%
6.26
6.18
6.14%
6.09%
6.09%
6.10
6.12%
6.12%
6.13%
6.14%
6.14%
Close steady.
NEW ORLEANS COTTON.
NEW ORLEANS. Aug. 28.—Antici
pated rains in Oklahoma an<fi Texqs
did not come, and the cotton market
opened 10 points up; scored a further
advance of 12 points, and closed
steady at a net gain of 15 to 16 points
Shorts covered freely, the demand'
from this source being met by profit
taking sales on the part of longs, who
were disposed to reduce their com
mitments over the week-end.
Reports of severe deterioration as a
result of the drouth in Texas and
Oklahoma came from reliable sources,
foreshadowing a very bullish bureau
report. The market had on consider
able steam when December contracts
first touched 11.68. A rumor that
Lind, the American envoy to Mexico,
had been assassinated caused a
downward turn, quickly checked,
when the rumor fell flat. Prices re
bounded to a new high level for the
day.
Spots were officially reported firm
and unchanged, sales amounted to 83
bales, on the basis of 12 l-16c for
middling.
NEW ORLEANS COTTON.
ST. LODIS GRAIN.
ST. LOUIS, Aug. 23.—Grain markets
weak. Cash: No. 2 red wheat, 89%@
90; No. 2 corn, 76075%; No. 2 oats,
43%.
Futures: Wheat September, 87%;
December, 91; May, 96. Corn—Septem
ber, 73%: December, 68%@69: May, 71%.
Oats-September, 41%; December, 41%
; May, "**
47%.
@41%;
NEW YORK BANK STATEMENT.
NEW YORK, Aug. 23.—The weekly
ntatemenT oT the New York Associated
Banks shows the follpwing changes;
Average Statement.
Excess cash reserve. $2,525,000; de
crease, $747,050; loans, increase, $4,079,-
000, specie, decrease, $239,000; legal
tenders, increase, $1,021,000; net depos
its, Increase, $5,541,000; circulation, de
crease, $478,000.
Actual Statement.
Loans, increase, $8,956,000; specie, in
crease) $1,904,000; legal tenders, de
crease, $1,419,000; net deposits, de
crease, $1,419,000; net Increase-deposits,
$10,713,000; reserve, decrease, $1,525,050.
MONEY AND EXCHANGE.
NEW YORK, Aug. 23.—Nothing said
in money to-day.
Posted rales; Sterling exchange,
4.83%@4.87, with actual business in
bankers’ bills at 4.86 : ; 0 4.8630 for de
mand and 4.8295 for 60-day bills.
COFFEE.
NEW YORK, Aug. 23.—The coffee
market was quiet to-day, suggesting
that scattered accounts had been pretty
well evened up, pending something
fresh in weather or crop news or some
change in the atitude of Brazilian
shippers. Havre was % franc higher
and Hamburg was unchanged to % pfg.
lower. Rio was unchanged while Pan
tos was 50 higher. No. 7 Rio, 9%c
higher. The close was firm, 2 to 9
points higher^
Trade Anticipates Larger Receipts
This Week and Speculators Un
load to Avoid Deliveries.
By JOSEPH F. PRITCHARD.
CHICAGO, Aug. 23.—There were
reports afloat on the Board of Trade
to-day of much larger receipts of
corn for the coming week. This not
only drove many of the weaker hold
ers out of their position, but it
caused some selling, “hedges” against
the actual corn to arrive. The av
erage grain specialist very seldom
stands and takes delivery on any of
the cereals for the simple reason
that he Is not prepared to take care
of it.
At this particular time, however
the offerings of cash corn are small
and any amount within the bounds
of reason doubtless would be grabbed
up quickly by shorts or shippers. The
business done In cash corn at Chica
go to-day was small at 125,000 bush
els and this too in the face of declines
of 1 1-2 to 2 cents for the day. There
were losses of 1-2 to 3-4 at Omaha,
1 to 2 cents at S> Loult and 1-2 to
3-4 cent at Kansas City.
Recent rains have improved the
prospects in many flections of the
corn belt. Pastures are “greening
up," which means there will be less
corn fed for a time. This wll work
against the price no little. Kansas
is the only state where there seems
to be improvement.
The corn market will continue to
pivot on tha weather and the condi
tion of the pastures throughout the
belt.
Sentiment on wehta was decldely
mixed to-day. Every cash handler
favors the buying side and is not
slow' to back up his opinion. The
dealers say there is more wheat sell
ing from day to day than reported.
The cash transactions at Chicago
were reported at 205,000 bushels, but
some placed the business as high as
300,000 bushels.
Short selling and continued liqui
dation by longs were the factors in
the oats market to-day. The cash
trade was small at 115,000 bushels
It Is well known that packers are
carrying al ot of high-priced provis
ions in their cellars and for this one
reason they smile upon the market
when values are the strongest. The
support given the nearby months is
said to come from their hands in or
der to make a nice comfortable spot
on which to sell theri cash products.
Crain quotations:
Reported Texas Rains Dwindle
Officially to Showers—Buying
Heavy Ever Since.
WYIEAT-
Sept
Dec
May
CORN—
Sept
Dec
May
OATS—
Sept
Dec
May
PORK—
High.
87%
50%
95%
74
68%
70
41%
44%
47%
Low.
Previous
Close. Close.
Sept....
21.00
Jan
19.45
LARD
Sept... .
11.25
Oct
11.30
Jan
10.87%
RIBS-
Sept...
11.35
Oct
11.30
Jan
10.27%
CHICAGO C
CHICAGO. .
86%
86%
87%
90%
90%
90%
95
95%
95%
72%
72%
74%
67%
68%
68%
69%
69%
69%
41%
41%
42
44 1 s
44%
44%
4674
47%
47%
20.92%
20 95
20.95
19.30
19.35
19.52%
11.20
11.20
11.22%
11.27%
11.27%
11.32%
10.82%
10.82%
10.87%
11.32%
11.32%
11.37%
11.22%
11.22%
11 30
10.22%
10.22%
10.27%
NEW ORLEANS. Aug. 23.—More
definite assurance from Washington
that the Clarke bill would receive its
quietus before long, has revived bull
ish sentiment In the cotton market.
Weather developments in the west
ern belt, where little rain has fallen
during the past month, also have fa
vored the bulls, and the large out
standing short interest has been com
pletely put to rout.
Alarming reports have been re
ceived from reliable sources as to the
deterioration that has taken place
In the condition of the crop in Texas
and Oklahoma. These reports have
been supported more or less by the
reports of M. C, Cordill, the well-
known traveling crop expert. His
first message Tuesday from Dallas
set the talent here and in New York
by the ears, and buying on a large
scale set in at once.
Liverpool also awakened to
the menacq of the short crop in the
western belt, and even far-off Rus
sia has heard echoes of a crop scare,
and bought heavily In the English
market
The bears had some encouragement
Monday, when the market opened
about 18 points down on reports of
rains in Texas over Sunday. It sub
sequently developed, however, that
the rains reported were nothing more
than showers, and had not relieved
the drouth situation to any material
extent. Renewed buying then set in,
and shorts have been on the run ever
since.
On bulges leading long Interests
show an inclination to take profits,
but it is likely that profit-taking on
the big scale will be deferred until
the next bureau report, which is ex
pected to make a very bullish show
ing.
In some of the reports received
from Texas and Oklahoma. It is es
timated that the deterioration within
the last two or three weeks has been
25 per cent, which points to low’ con
dition figures for those two important
States.
January. .
February. .
March. .
A pril. . .
May. . .
June. . .
July . .
August. .
September.
October. .
November.
December.
| Opening, j Closing.
9/12 ' 9.25 0 9.2T
9.2009.30 9.34@9.36
9.3709.42 9 4309.45
9.49(39.51
9.460)9.53 9.3509.56
9.500 9.55 9.59
9.5409.60 9.6309.65
8 8508.95
8.8308.91 8.9008.95
8.90 0 9.10 8.98 09.00
9.000 9.05 9.0709 09
9.1309.15 9.1609.17
SUGAR.
NEW YORK. Aug. 23.—Both refined
and spot raw sugar continued firm to
day. with no change in quotations. The
London beet sugar market was dull and
unchanged.
Aug. 23—Wheat—No 2
red, 890 89%; No. 3 red, 880/89; No. 2
hard winter, 88090; No. 3 hard winter,
87%@89; No 1 Northern spring, 92%0
93; No. 2 Northern spring, 91092;. No. 3
spring. 88090.
Corn—No. 2. 76077; No. 2 white, 76%
©77%; No. 2 yellow. 760 77; No. 3, 75%
@76; No 3 white, 76077%: No. 3 yel
low, 75%©76%; No. 4. 75075%; No. 4
white, 750 76; No. 4 yellow. 75076
Oats—No. 2, 42%©42%: No. 3 white,
41% 0 42%; No. 4 white, 40% @41%;
standard. 42% @42%.
CHICAGO CAR LOTS.
Following are. receipts for Saturday
and estimated receipts for Monday:
Sat.
Mon.
Wheat
210
163
Corn
69
6*
oats
125
226
Hogs
20.000
38,000
LIVERPOOL GRAIN MARKET.
LIVERPOOL, Aug. 23.—Wheat closed
% to %d higher.
Com closed unchanged to %d lower.
COTTON SEED OIL.
NEW YORK. Aug 23.—Owing to the
strength of cotton and lighter offerings
of crude oil the markets were firm and
higher to-day.
Opening
Closing.
Spot
August
8.2509.25
8.26
8.9509.25
September ., .,
October
S.25®S.40
8.300 8.50
7.6307.66
7.7207.74
November ..
6.7606.77
6.800 0.81
December
6.7206.74
6.77@6.79
January
6.7206.75
6.7606.77
February
6.750 6.78
6.7906.83
March
6.77 06.80
6.8406.86
Closed steady.
NEW ORLEANS RICE.
NEW ORLEANS. Aug. 23.—In the
market for clean rice there is a good
demand for Honduras, while Japan rules
steady.
Honduras. Japan.
I lead 4 % @ 5 % 2 •% 0 3 %
Straights 3%0 5% 2%0 3
Screenings 2 @2% 2 @2%
NAVAL STORES.
SAVANNAH, Aug. 23—Turpentine
firm at 39% and 40 cents; receipts, 592;
sales, 416 barrels. Rosins firm; sales,
2,796 barrels. Water white, 6.25; win
dow glass, 6.00; N. 5.10; M, 4.40: K,
4.10; I, 4.00; H, 3.90; G, 3.85; F. 3.85;
E, 3.85; D, 3.S0; B, 3.75.
LLONDON EXCHANGE.
LONDON. Aug. 23.—The stock ex
change here was closed to-day. There
was no change In discount rates. Paris
exchange on London was % centime
lower at 25 francs. Berlin rate, %
pfennig higher at 20 marks 45 pfennigs.
BONDS,
NEW YORK, Aug. 23.—Government
bonds were unchanged. Railroad and
other bonds were strong.
Au
Sp
Oc
Nv
Dc
Jy
Fb
Mr
Ma
12.06
is
0.0
12.17112.05112.1511215 11.99
' 11.67-70 11.63-54 !
11.60 11.68 11.54111.63 11.63-64 11.48
| 1 11.65-66 11.46-48 J
!il.B9.n.70!ll.Mill 64'11.84-66I11.48-49 !
11.5811.71 ’11.56
11.70 11.8U11.68
11.87 11.91 11.87
11.67 11.66-67 11.49-50
111.64-66 11.48-50
11.81 11.76-78 11.58-59
11.91 11.56-58 11.68-70
Closed steady.
— —
■a
American National Bank
ATLANTA, OA.
Capital and Surplus $1,200,000
We make it a point that every business transaetion
Avith our patrons shall be satisfactory. We want each
one to feel that they are free to come to us in all mat
ters where our experience and advice will be of value
and assistance.
If you contemplate extending your banking rela
tions, or changing your present connections, we will ap
preciate the privilege of taking the matter up with you
either in person or by letter.
W. L. PEEL, President.
R. F. MADDOX, Vice President,
T. J. PEEPLES. Cashier.
J. P. WINDSOR, Asst. Cashier.
J. F. ALEXANDER, Asst. Cashier.
V
The liberal policy of the ATLANTA NATIONAL BANK, as
carried out by this institution since its establishment, in 1 865, is splen
didly evidenced by its recent Two Per Cent Loan of Two Hundred
Thousand Dollars to the State of Georgia, with v. h l. to pay the Teach-
Salaries,
ers
This bank’s unvarying rule to aid worthy enterprises and responsible
individuals to the full limit of sound banking policy makes connections
with this institution of the utmost value. And upon this basis of help
ful banking, the accounts of Banks, Corporations, Firms and Individuals
are respectfully solicited.
Atlanta National Bank
C. E. CURRIER,
President,
F. E. BLOCK,
Vice President.
C. E. Currier,
F. E. Block,
A. R. Swann,
JAMES S. FLOYD,
Vice President.
GEORGE R. DONOVAN,
Cashier.
DIRECTORS.
Jack J. Spalding,
W. F. Wlneccff,
James S. Floyd,
J S. KENNEDY,
Assistant Cashier,
J. D. LEITNER,
Assistant Cashier.
E. H. fnman,
A. E. Yhomton,
Georg-* R. Donovan.