Newspaper Page Text
£
8 13
IIKAKS'I !S S(JM>AY AMERICAN Al l ANTA OA SUNDAY. SEPTEMP.EC 7 10V
'.News and Views by Experts of Finance, Industry, Crops and Commerce
BOND PRICES BETTER;
MONEY EASIER; CROPS
SHORT,iORBES FINOS
JV-urities Show General Gains Since August 1.
and Business Holds IT]) Encouragingly—j
Chances Slim for Passage of Owen-Glass
Currency Bill This Session.
By B. C. FORBES.
NEW YORK, Sept. 6.—The position of the United States, as
far as I have been able to learn from responsible sources on re
turning after a month’s absence in Europe, is this:
1. Crops have suffered very serious dam
age, the loss in corn alone being equal to the
total value of our annual cotton exports to
Europe. The 1913 harvests will be below nor
ma! and will fall short of requirements, thus
tending to raise the price of meat and other
staple articles of food.
2. General business has kept up better than
expected, although there are weak spots which
may cause scattered trouble. The formal pas
sage of the tariff bill will release enormous
quantities of merchandise from bond, but the
activity thus created must not be regarded as
fundamentally important. On the other hand
any disturbances among isolated industries caused by the lower
tariff schedules need not be viewed with alarm. Patience is still
in order in making mercantile commitments.
3. The monetary situation
throughout Ihe world has greatly
improved. European banks have
fortified themselves, and al
though New York banks are
carrying only slender reserves,
the strongest financial interests
are not uneasy on (his score.
That the crops can be moved
without producing hurtful strin
gency is now accepted as cer
tain, provided, of course, Wall
street speculators do not cut sen
sational and untimely capers.
Bond Prices Improve.
.4 The demand f„r high-Kinde bonds
has broadened Ruostanualiy. A
healthy bond market forms (hr best
basis for a good stock market—hence
the improvement has set in at thr
right end und therefore Is most en
couraging.
5. Speculation In stocks, though
quiet, has been or a satisfactory
character. A boom would be deplored
by the best financiers at this Juncture
and nothing of the kind Is in pros-
pc, t. Prices, however, have been
maintained during the last month
Th copper shares have advanced
sharply on keener inquiry for the
ir I. The marketing of th" South
ern Pacific stork has been a notable
a nl and the outlook ts now,
'o that extent, less complicated,
tom® Examples Given.
To Illustrate how bonds and stocks
pri,, stand to-day. the following
11 eiiibrm ing typical Issues, have
b, . ti pr, pared, showing the price now
und me change since August 1:
Hi,VI'S lilted tttates 4s. 111. I ;
Nee Voik Oilv 4’iis temp, receipts, 102,
34.
3. Steel, 03, + 4.
v ; H. and O. ev. 4',iS, 02
Paul gen 4%h, 102V T 3%; New Ha
ven cony del*. Oh. 10G%, -4- 6%; North
ern Pacific 4s 94%. unchanged: Penn,
conv 3%s. 96%, + V. U. 8. Steel 6a.
^STOCKS AtchiRon, 95. 2. R ami
O. 90. unchanged; Can. Pac., 221. -f- 0;
St' Paul. 100. k 1 Great Northern, pfd.,
120 -+ l. Ponna. 112. — 1: Reading. 161.
-4- 3 Southern Pacific. 91, unchanged;
Union Pacific. 151. -4- 4; Ama gamated
Copper. 77, -f 7; American Can,
-f 3. Anaconda, 38, -+
Weatinghouae. 71 4 8.
Hanking opposition to the banking
and currency 1*111 has become so for
midable and so many differences have
arisen among Legislators that action
now is believed impossible at this I
session of Congress
Delays are proverbially dangerous, I
but in this instance the issues are of I
such transcendent importance that a |
right result is infinitely preferable to
a hasty unsound one. The danger of .
a monetary upheaval this autumn—
at one time seriously feared by lead
ing bankers—now is believed to have
disappeared, so that there is little
necessity for rushing matters.
Eastern Bankers Hostile.
Underlying unfriendliness between
the Eastern banking community and
the Wilson Administration is more
pronounced than the public realizes
It is Just possible that one of these
days there will be sensational wash
ing of the dirty linen between cer
tain Government officials and bank
ers. Personal considerations, wholly
unknown to laymen, have been at
work. The time for publicity has n<*t
yet arrived, but 1 rather think the
whole story will come out sooner or
later.
In Europe I found a larger measure
of distrust regard 1 ng American se
curities than at any time since for
eigners began investigating here.
The need for strict laws governing
the Issuance of American securities
has become imperative. They have
been tightening the reins on promo
ters, directors and others abroad, the
| whole trend being to hold, not cor
porations, but individuals responsible
for wrong-doing.
What we must have and will have
in this country is personal responsi
bility. To tine a corporation is futile.
To jail a director or an officer would
be effective Instantly.
Plans Important Articles.
I purpose writing a series of ar
ticles on this vital subject and once
the whole position has been explained
and the remedies applied by other
nations have been presented, the ne
cessity for checking frauds upon un
suspecting investors and I lie general
public will be realized, 1 have not the
slightest doubt, by the people and
•rip's, iuz, | their representatives in the halls of
ih 4s, 94%! I legislation.
+ 1*4;.81. Stealing by the million ought surely
to be as punishable a crime as steal
ing a loaf of bread, even though the
thief in one case may be somebody
of “standing" and in the other case
nobody but a hungry unfortunate.
COTTON SEED OIL.
NEW YORK. Sept. 6.—In the cotton
see4l oil market nearby months were
weak under renewed liquidation, the re
sult of Increased crude offerings, while
a ter deliveries held steady on buying
by refiners and commission houses.
I Opening. I rinsing.
Morgan Desertion
Of New Haven Does
Little to Market
List Shows Mild Strength and Af
fected Stock Eases Slightly,
Then Radies.
NEW YORK, Sept. 6.—Although
the stock market vs as very dull to
day, prices continued to advance dur
ing the short session. Standard
stocks received enough support to
keep prices fractionally above those
of yesterday.
The most important of the over
night news developments was, 3f
course, the announcement thta the
firm of J. P. Morgan Co. had given
notice of a desire to abrogate its
contract with the New Haven. The
street chose to place an unfavorable*
construction on the news, and while
the e was no heavy liquidation of
New Haven stock, it sold off 13-4
before any rally took place.
There were no striking movement?
in the rest of the market, with the
possible exception of Union Pacific,
which showed marked strength dur
ing the first hour. This wag ' Ml
panled by rumors of a nossible mel
on-cutting for the Stockholders in the
shape of a cash dividend. No con
firmation of these rumors could be
obtained. Southern Pacific held fair
ly heavy, as did Steel, after a slight
slump at the opening. Reading moved
somewhat irregularly.
Coppers appeared to benefit by re
ports from Michigan of the refusal of
the mine owners to arbitrate with the
strikers.
Uncertainty regarding the bank
statement and the Government crop
report to be issued on Tuesday had a
retarding effect on speculation during
the day. The bank statement prov *d
a surprise, as it showed a curtail
ment of loans amounting to $10,167,-
000 and a decrease in surplus reserves
. f only $457,759.
Stock quotations and net change:
Clot* Net
STOCK— High. Low Bid. Cl’se.
Ama! Copper. 7844 77% 78% -f %
Am. Agricul 42 + %
Am. Beet Bug.
American Can..
do. pref. . .
Am. Car Fdy.
Am. Cot. Oil..
American Ice.
Am. Locomo..
Am. Smelting.
Am. Bug. Ref.
Am. T.-T
Am. 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.
D. and H
Den and R. G.
Distil. Secur...
Erie
do, pref. ..
Gen. Electric..
G. North, ufd .
G. North. Ore..
G. Western ...
111. Central....
Interboro
do, pref ...
Int. Harv. (old).
Iowa Central...
K. C. Southern
K. and T
do, pref. ..
Lehigh Valley.
L and N
Mo. Pacific...
N. Y Central. .
Northwestern. .
Nat Lead
N. and W. ....
North. Pacific.
O and W
Pennsylvania..
Pacific Mall ..
Peo Gas Co...
P. Steel Car. . .
Reading . ...
Rep. I. ard S..
do, pref. ..
Rock Island...
do. pref ..
Sh-sa-Sheffield..
So. Pacific...
So. Railway...
do. pref. ...
St. Paul
Tenn. Copper..
Texas Pacific..
Third Avenue.
Union Pacific..
17. S. Rubber...
V. S. Steel. ...
do. pref. ..
T? tah Copper.,
v -Car Chem..
Wabash
do pref. ...
West Union..
W. Ma»* viand..
W»*st. Electric.
Win. Central..
East Needs Little to
Insure Splendid Crop
Moderate Rains and Average Frost Date Will
Put Proper Climax on Year.
COTTON LIKELY
El
PRICE EXPECTS
l
34% 34
35
68%
39 Vi
94%
97
31%
38%
94%
131
10%
160
144%
126%
+ %
25% 25 Vi
49%
105
111%
MEMPHIS, Sept. 6.—The Govern
ment report on the condition of the
cotton crop confirmed the most ex
treme bullish expectations, and has
led to a sharp revision of expecta
tions of yield. The figures 68.2 of
themselves would have caused reduc
tion of guesses, and, besides, since
the date of making up the percentage,
there have been continued unfavor
able conditions over a large portion of
the belt. The deterioration that had
gone so far has continued, and some
sections, which to that time had ut
tered little complaint, since have re
ported considerable damage from dry
weather and high temperatures.
The effect of the low condition fig
ures was startling. The indicated
crop, taking the official basis of lint
yield per acre for calculations, point
ed to an outturn around 13,000,000
bales. There were many traders who
thought such an amount very likely,
though others recalled that tw f o years
ago the September condition report
was 73.2 per cent, yet final crop fig
ures were above 16,000.000. That year
the crop received plenty of rains the
latter part of August and early in
September, bringing about a wonder
ful change in prospects, while frost
date was late, enabling the late
growth all to mature. This year the
territory w’here rains are needed has
been widening during the latter part
of August and to the present time.
Much of the crop is practically past
help, and general rains would do more
harm than good.
Oklahoma’s Loss Severe.
The loss In condition in Oklahoma,
being given at 36 points, standing at
45 compared with 81 a month pre
vious, was the most severe ever ex
perienced by any State since these re
ports have been issued. Texas and
Arkansas also suffered severely, and
all three States no doubt have gone
back more during the past two weeks.
Mississippi, Alabama and Tennessee
lost more than normally for the
month, though portions of those
States have done very well, and have
good prospects. In the weevil dis
trict of Mississippi, deterioration was
very heavy. All three States need
rain at the present time, and with
out rain will continue to show de
creased prospects.
The showing made by the Eastern
States met expectations, and the feel
ing her** is that the East'needs only
a moderate amount of moisture from
now on and a frost not too early.
Week-End Realizing
Eases Grain Prices
Traders Cash in Rather Than Take
Chances on Untoward Devel
opments Over Sunday.
ST. LOUIS CASH QUOTATIONS.
Wheat—No. 2 red 93 @95
Corn—No. 2 76%
Oats—No. 2 43%
Another important factor In the
sharp advance in the market was the
report of Hecretary Hester, of the
New Orleans Cotton Exchange, on
what American cotton the world con
sumed during the past season. He
fixed the amount at 14,903,000 bales,
which compared with 14,516,000 for
the previous season.
Trade Surprfsed.
The trade during the past few
months had made up its mind the j
amount would be 14,700,000 bales. The |
commercial crop of the season Just j
ended was but 14,167,000 bales, so i
there was an actual withdrawal from
reserves of about 750,000 bales. This
was done with Europe Involved in |
serious troubles, political and finan
cially, and with the United States in
the throes of a Presidential campaign
and a change in her tariff system
contemplated. The showing was re
garded as remarkable, and coming
with the bureau condition report, had
tendency to awaken the spinners
and shorts.
The spot situation is the subject
of close attention, hut spots did not
keep pace with futures in respond
ing to the changed aspect of supply
and demand. The first reflection of
the revised situation w’as naturally in
the contract department, and it has
been said that much of the buying
came from the spinners and the spot
interests. The profit-taking by the
speculative crowd and those w r ho
thought the rise too rapid failed to j
check it much below 13 cents, though
that level reported an upturn of over
250 points from the low level of about
the middle of August.
Spot Prices Advanced.
Spot prices have been advanced,
but business has not been as keen
as some expected, one reason, how- j
ever, being that offers were not press- j
ed and holders did not care to sell !
until they could get a better line on j
values. When middling at the chief
centers reached 12 3-4 cents, con
tracts were somewhat above 13 centj,
so many traders and spot people were
disposed to put out hedges, which
helped to check the rise. It was the
first time in months that futures
were higher than spots in the belt.
Picking is general in all sections
of the Central and Western belt, and
it is expected the September move
ment will break all records. There is
no complaint anywhere of insufficient
funds.
King Estimates New
Crop at 15,000,000
Fear of Hostile Legislation Less
Acute, but Cotton Closes Fever
ish, at Small Rise.
Few in New Orleans Will Admit
They Believe Present Level of
. Prices Too High.
NEW ORLEANS, Sept. 6.—A run-
away bull market, reminiscent of the
Sully year, has kept the cotton ring
of the New Orleans Cotton Exchange
in constant turmoil and uproar the
past week.
Bullish sentiment gained headway
over the Labor Day holidays, and
when the market reopened Tuesday
morning, buying orders on a large
scale had accumulated, and their ex
ecution set prices spinning upward
at once. Even before the bureau re
port had come out, showing disas
trous crop conditions in the western
belt, with an average condition 6.5
points below the ten-year average,
the market had advanced to 12 1-2
cents for December contracts.
After the report was Issued short
covering on an immense scale set in,
and the level of 13 cents was prac
tically attained Tuesdaj afternoon.
Liverpool Seems Dismayed.
Wednesday morning Liverpool was
“up in the air.” having taken the
Government report very seriously
Indeed. Professionals played for a
reaction, but when the weekly weath
er report was read, showing that the
drouth was spreading to the central
and eastern belt, another violent cov
ering movement took place, and Jan
uary contracts sold as high as 13.41.
From that level a recession followed
as a result of heavy profit-taking jn
the part of longs, reports of scat
tered rains in Texas also inducing
some fresh short selling.
With Secretary Hester’s annual
crop statement, showing that the
consumption of American cotton dur
ing the season of 1912-13 was 14.900,-
000 bales, despite the detriment to
trade on account of the Balkan war
and tariff agitation, the proposition
that now confronts the cotton trade
is: To what level will prices go if
the present crop should be closer to
13.000.0000 than to 15,000,000?
DID ILOIIS!
Imperial Valley Discoverer of Drouth Eliminates Top Bolls, He
New Food Product Explains
Plans for Next Season.
The crop for Texas and Oklahoma I product.
Atlantans next season may have the
opportunity of sampling the latest
thing in the way of food products—
dried cantaloupe.
Dried cantaloupe is a brand-new
thing. Out in California, where they
raise big crops of cantaloupes, manv
of the melons are a little too small for
the trade. Th«.d D. McCall, of Im
perial, Cal., conceived the idea of dry
ing these melons. The result was a
dried fruit of exceptionally fine fla
vor. Now i.e is thinking of going into
the business on a large scale.
H. H. Whitcomb & Burke Co., At
lanta's foremost grocery brokers, saw
in the newspapers brief reports of
McCall’s experiments. Believing the
Atlanta trade would take kindly to
the innovation, McCall was asked for
samples and for information. His
letter is interesting.
"Relative to your inquiry about
dried cantaloupes,” he writes, “the
supply was very limited, and local
demand has been far greater than the
supply. Hope to come nearer supply
ing the demand ..ext season. As to
the success of dried cantaloupes, they
are fine eating, and the interest
shown by letters fr^ .1 every part of
the United States and some from over
the borders would indicate that the
market is ready for lots of this fruit.
It much resembles evaporated apples.
May Ust Cartons.
“I may pack i.« cartons, if I get or
ders enough.
“The shrinkage Is materially more
than other fruits and the weather a
shade hotter than the hot place ought
to be w’hen the cantaloupe season
on here, so prices will be good if 1
pioneer .he came.”
He concludes by asking how At
lanta wants the goods packed and
what the trade here will pay for the
Says—State Still Sits in
Favored Position.
11214
122 V.
2'H4
1«0>4
90% 90 >4
106%
34%
106 Vi
32%
151% 150%
63% 62%
108% 10RV4
56% 55%
Spot
8 no
10
September . . .
S 20fa 8 35
VOX fa 8
< >ctober ....
7 63 fa 7.68
7 64 fa 7
66
November . . .
7.065, 7.10
7.08 (ti 7
10
December . . .
7 04 fa 7 06
7.01 fa 7
06
January . . »
7 04 fa 7.05
7 04fa 7
06
February . . .
7 06fa 7.09
7 08q, 7
10
March ....
7.20fa 7.21
7.18fa 7
19
April ....
7.24(«7.a9
7.20 fa 7
29
I r Stfervs
Total sales. 105.000 shares.
NEW YORK BANK STATEMENT
Depositing Money
T il IS IS A SERIOUS PROBLEM and
one that needs careful investigation,
not only because of the fear of losing the
deposit by careless or inefficient bank
administration, but because of what the
depositor might miss in the matter of
prompt and careful service, and such
legitimate courtesies as make a good,
strong bank of infinite value to the busi
ness man.
The smoothness with which all business
of the ATLANTA NATIONAL* BANK
is conducted is the best evidence that
all relations between this bank and its
depositors are mutually satisfactory.
Wo respectfully solicit your account,
Atlanta National Bank
MAY YORK. Sept. 6.—The weeklv
statement of the New York Associated
Banks shows the following changes:
Average statement:
Excess cash reserve $4,023,350 de
crease. $9,972 950.
I cans. Increase $17,721 000.
Specie decrease $7,524,000
l egal tenders, decrease $1.328 000.
Net deposits, increase $9,891,000.
Circulation. Increase $4' 4 #0o
Actual statement:
1 nans, decrease $10,157,000.
Specie, decrease $3,647,000
1 eaal tenders, decrease $1,391,000.
Net deposits decrease $16,695,000.
Reserve, decrease $457,750.
NEW YORK COFFEE.
NEW YORK, Sept. 6—Featureless
European cables and generally favorable
crop advices from Brazil tailed to stim
ulate any considerable demand for cof
fee futures to-day. and prices ruled 3
to 13 points lower Havre was un
changed. and Hamburg finished % pfg
lower. Rio showed declines of 50 rels,
while Santos was unchanged. No. 7 Rio
9%c The market closed firm.
I Opening
Closing
January. . .
. . 9 UVfa9 05
9 00«9 02
February. • .
. .! 9.10fa9 15
9.10(89 12
March. . . .
.i 9 20<gt 9.24
9 20fa9 22
April. . . . ,
. .1 9.25
9 26fa 9 28
May
, . 9 31 fa9.35
9 33fa9 34
June . . . .
9 38 fa 9 40
July . . . .
. 9 41 fa'9 45
9 44(89 45
\ugu«t. . . .
. J 9.40®9.45
9 4 Kfi'9 4fi
September. .
8 6“fa-8 70
October. . . ,
8 -Ofa8 71
November. .
. . ’ 8 80 fa S 95
X SO : 8 82
December. .
. . 8 90 fa 8 98
8 92fa8 94
Capital . .
Surplus and Profit
Sl.COD.OOO.CO
$1,278,621.54
%
J
LIVE STOCK. Oct.... 11 35 11 27%
CHICAGO Sept 6 Hogs: Receipts, 5-
9.0'kY. market 5 higher; choice light. May.... 10.80 10 15
•' 92; light mixed. 8.80fa8.90; heavy
butcher**. 8 25fa8.70; prime heavy. 8 15
»s '0: heavy packing. 7.40fa7.90; mixed
packing 7 60*78.20.
Cattle: Receipts. 400: steady: steers,
g<*od to choice 8.25(^9.16: steers, fair
to good, 7 50(13 8 25; Stockers, 6fa7.35:
feeding steers. 6.75197.75: fair to good
lu ters 7 75 a 8.50; good to choice cows.
5 75fa7.26: good to choice calves. 10<JJ
11.50; fair to good calves. 9® 10.
Sheep Receipts. 4.000: lower; native
lambs. 6.75fa7.75: range lambs 7fa7.80: | 3 yellow
range yearlings. 5.75: range ewes, 4fa
4 25: range wethers. 4.50; feeding lambs.
3 60fa4; native wethers. 4 2f*fa6.00; na-
♦ ,v e ewes, 4fa4.40 native yearlings, 5.50 white. 48%@>44%: No.
<&6. 43%; standard, 43%.
CHICAGO. Rept. 6.—It mav be star
ed that there is little change in the
grain situation. Reports continued to
pour in from all sections to-day
telling of damage to corn, of the re
mote possibility of a great amount of
fall plowing for winter wheat and
small grains on account of the
drought, and that in some sections
the farmer could not use their horses
on account of the heat.
These reports tended to make th<*
situation more tense, but at the same
Mine there was a great deal of week
end profit-taking This resulted in
an all around lower range of prices.
During the last few days It has
been the feeling of the conservative
interests that the great damage to
corn had been largely discounted and
that a reaction would produce a
healthy condition. Traders were in
clined to take their profits rather
than run the chance of unexpected
developments over Sunday.
Wheat received its first inspiration
for an advance during the week from
the foreign markets, which exhibited
a good deal of firmness. Cables to
day stated that the world's shipments
of wheat will be lighter than during
the week before and steadied the
Liverpool market, which, at first
showed an easier tendency.
Sales' were reported at 80,000 bush
els.
A decline of over a cent was
scored in corn. The market started
strong, but on heavy profit-taking
showed loss. Predictions were for
cooler weather with possible rains
west of the river. Receipts were a
little heavier.
Oats shared the decline in values
of about 1-2 cent all around, both for
futures and cash. Receipts continue
moderate. Trade in provisions was of
fair volume and prices of irregular
tendencies.
Previous
Close. Close.
WHEAT—
High. Low.
92%
89%
97%
77%
73%
75
43%
46%
49
Sept.
Dec....
May...
CORN—
Sept,.
Dec. .
May.
OATS—
Sept.
Dec.
May.
PORK—
Sept
Jan.... 20 30
May. .. 20.50
I»ARP—
Sept
Oct... 11.47%
Jan . 11.20
RIBS—
Oct.... 11.35
Jan.... 1170
May.... 10 85
91%
S8%
96%
75%
72%
73%
42%
45%
48%
20 30
20.37%
11.37%
11.17%
SS%
91%
96%
76%
72%
74
42%
45%
48%
20 20
20.37%
11.40
11.17%
11 30
11.65
10.82%
88%
92
96%
76%
73
74%
42%
45%
48%
22 20
20.36
20 40
11.35
11.42%
11.20
11.35
11 62%
10 75
CHICAGO CASH QUOTATIONS.
CHICAGO, Sept. 6—Wheat. No 2
red. 94fa 94 %; No. 3 red 93St 93%: No.
2 hard winter. 90®90%; No. 3 hard win
ter. 89<&89%; No 1 Northern spring. 93%
fa 94%; No 2 Northern spring. 92® 93;
No 3 spring. 89®91.
Corn. No. 2. 77%® 78%; No. 2 white,
77% fa 78 L.; No 2 yellow 77% fa 78%; No.
3, 77% fa 78 . No. 3 white.' 77%fa 78% ; No.
‘ yellow. 77%fa'78%. No. 4. 77%: No. 4
trhite, 77% @77%; No 4 yellow 77
"%
(.tats. No. 2 white. 44%@45; No. 3
4 white, 42% gf
By EDWARD LOW RANLETT.
NEW YORK. Sept. 6.—The fear of
adverse legislation at Washington
against trading in cotton futures was
less pronounced to-day and accord
ingly a better undertone In the cot
ton market was seen early; later there
was a marked decline. It was re
ported that there was great opposi
tion to the Clarke amendment calling
for taxing sales of coiton in the fu
ture market one-tenth cent per
pound. Cotton closed feverish, slight
ly above the low of the session and
at a small net gain.
Liverpool was better than expected
and there were opening advan< s on
this side of from 15 to 25 points.
Quite a little selling in New York
came from Southerners. An estimate
by Habersham King for a cotton crop
of 15,000.000 bales attracted a grea‘
deal of attention, inasmuch as recent
estimates have been about 14,100,000
bales maximum.
The market, In addition to being
more active the past week than in
any similar period this year, devel
oped new high prices, due to a wild
rush of shorts following the Govern
ment report on the condition of cot
ton.
High prices for the movement re
corded were: October, 13.28; Decem
ber, 13.20; January, 13.25; March,
13.33, and May, 13.37, representing an
advance of about $11 a bale in a little
more than two weeks.
The advance was so rapid that the
technical position of the market had
become decidedly weak, with the re
sult that prices eased off sharply
when many shorts, failing to answer
calls for margins, were forced to
sell, and when it became known that
Southern bankers were refusing to
curry cotton at the high prices until
the bulk of the crop had been sold.
Prices were down about $1 a bale
from the high when the Democratic
caucus agreed on the tax on sales of
cotton.
Estimated cotton receipts:
Monday. 1912.
New Orleans . . 2.ooo to 2 500 410
Galveston . • • 18,500 to 20.000 18,147
RANGE IN NEW YORK FUTURES
CIO
8d 12 60 12.60 12.60:12.60 12.60-62 12.48-53
Ot M2.75 12.82 12.52 12.64 12.61-62 12.55-60
- 12.47 12.53-55 12.55-60
12.68 12.58-59 12.60-65
12.49 12.49-50 12.50-51
12.51-53 12.52-55
12.58 12.58-59|12.60-63
. . . . |12.58-60
No. 12.47 12.6112.4
IV ! 12.75’12.81 12.48
Ja. '12.66 12.75112.40
Fb. I •
Mr. 12.78 12.82 12.48
Ap ■ .... I .... 1 ... •
My 12.85 12.90 12.52
Jn.
Jy 12.65 12.65 12.65
Closed steady
12.65,12.65-66,12.66-6’;
. . . 12.71-73 12.66-70
12.65 12.66-68 12.61-64
SPOT COTTON MARKET.
(New Crop.)
Atlanta, steady; middling 13%.
Athens, steady; middling 12c.
Macon, steady; middling 12c.
New Orleans, steady: middling 12%.
New York quiet: middling 12.75.
Philadelphia, quiet; middling 13c.
Boston, quiet; middling 12.75.
Liverpool, firm; middling 7.35d.
Savannah, firm; middling 12%.
Augusta steady; middling 12%.
Charleston, steady; m’ddlTrg 12%.
Norfolk, steady; middling 12%.
Galveston, firm; middling 12V
Mobile, steady; middling 12%.
Wilmington, quiet: middling 12%.
IJttle Rock, steady; middling 12%.
Baltimore, nominal; middling 13%.
St Louis, steady; middling 12%.
Memphis, steady; middling 12%.
Houston, steady, middling 12%.
Louisville, firm; middling 12%.
Charlotte, steady; middling 12c.
Greenville, steady, middling 12c.
combined now’ is conservatively es
timated at only 4,900,000 bales, ani
should the deterioration now report
ed from many portions of the central
and eastern belt continue, the out
look would be for a very small crop.
Consequently, notwithstanding the
sensational advance that has taken
place, few of the trade here are In
clined to admit that the present level
of values is high in the face of the
conditions that prevail.
Talk 15 Cents.
In fact, there are some well-in
formed cotton people who are now
talking 15 cents for cotton by Janu
ary 1.
The spot situation, in sympathy,
with the advance in futures, has
strengthened, and the export demand
is reviving on a large scale. Some
of the farmers shipping t * this mar
ket show an inclination to hold for
higher prices, and consequently the
expected heavy :cceipts may not be
such a depressing factor as some of
the bears hope.
NEW ORLEANS TRADERS
FAVOR HOKE SMITH PLAN
NEW ORLEANS. Sept. 6.—Presi-
dent Glenny. of the New Orleans Cot-
In reply, Whitcomb, Burke Co.
express themselves as anxious to in
troduce the product in the South, and
say that if the fruit is up to its ad
vance notices it ought to bring good
prices.
It seems to be like the dehydrated
berries, rhubarb and vegetables, which
have proved so great a success, and
which, by the addition of cold wat_w,
return to their original plumpness
and flavor.
McCall Is Enterprising.
McCall seems to be a m.*st enter
prising ranchman. He is one of the
pioneer cotton growers in the Impe
rial Valley, where a very fine long
staple has been raised for the past
few years.
“Dried cantaloupe may be as fa
miliar in a few years as is canned
asparagus." says W. M. Burke. “Sev
en or eight years ago everyone
thought it impossible to can aspara
gus. R. Hickmott, of California, de
clared he could do it and turn out
an edible superior to the vegetable is
it comes fresh from the garden. How
well he and the host of canners who
have followed in his footsteps have
succeeded is a matter of common
knowledge to-day.”
ton Exchange, now in Washington, ] are tni,et
BUTTER AND EGGS.
CHICAGO Sept. 6.—Butter is easier.
wires that the only chance of defeat
ing the Clarke amendment lies with
the Confert nee Committee, which will
meet in about ten days. In the
meantime it is thought that the pres
sure of public opinion from the South
will be utrong enough to cause modi
fication of the Clarke bill, the altera
tion proposed by Senator Hoke Smith
of Georgia, being favored here
According to the news'received here
a majority of the Southern Senators
voted against the Clarke amendment
in the caucus and this fact is re
garded as the one encouraging fea
ture of the situation.
j tubs. Creamery extra, 30fa30’
NEW ORLEANS COTTON.
NEW ORLEANS. Sept. 6.—Follow
ing the break yesterday of $3 per bale
caused by the action of the Demo
cratic Senatorial caucus in accepting
the Clarke amendment, prices fluctu
ated nervously to-day. Liverpool did
not respond to the break in the
American markets yesterday, future
deliveries in that market, due down
13 points, coming only 1 to 2 English
points down.
In response to Liverpool the local
market opened 20 points up from yes
terday’s closing, but heavy selling
pressure was apparent at the ad
vance. Predictions of unsettled
weather and showers in the western
belt added to the prevailing bearish
sentiment and encouraged short sell
ing on large scale. Before the drive
was over a break of 30 points from
the top had been recorded. Leading
long interests gave effective support
at the decline, however, and when
shorts attempted to cover a recovery
of over 20 points followed. The mar
ket finally closed steady at a small
net gain for the day. Spots were of
ficially reported quiet and unchanged
on the basis of 12 5-8c for middling.
Sales amounted to 82 bales of spots
and 450 bales to arrive.
NEW ORLEANS COTTON.
c
c
C
£
o>
5
o
% «
*3
m
o
a
C
J
(/)
(J
0.0
Sp
....
....
....
12.55
12.45
Ot
12.69 12.71
12.40
12.69
12.58-59112.56-67
No.
....
....
12.63-64 12.69-61
Dr
12.78 12.79
! 2.47
12.65
12.64-65 12 64-65
Ja
12.85 12.85' 12.50
12.68
12.68-69 12.65-69
Fb
12.65-68 12.65-67
Mr
12.91 12 42 12.63
12.74
12.77-78 12.73-74
Ma
12.83 12.89 12.70U2.87
111.83-85 12.78-80
Closed steady.
LIVERPOOL COTTON MARKET.
September.
Sept.-Oct
Oct.-Nov.
Nov.-Dec.
Dec.-Jan. ,
Jan.-Feb.
Feb.-Mar.
Mar.-April
April-May.
May-June
June-July
July-Aug. . .
Closed steady.
Opening.
_ Range. 2
6.97 -6.96%
6.83 -6.90
6.79 -6.78
6.72%-6.79
6.72%-6.79
6.74 -6.72%
6.73%
6.75 -6.73%
-6.78
-6.73
-6.72%
16.68
6.74
6.75
6.73
6.70
P. M.
7.03%
6.89%
6.85
6.78%
6.78%
6.79
6.79%
6.60
6.80
6.80
6.77
6.74%
Prev.
Close.
7.04
6 91
6.86%
6.80
6.80
6.80%
6.81
681%
6.82%
6.81%
6.78
6.78
Butter receipts. 10.431
~~ ""'1 ex
tra firsts 2S%;” firsts, 26%(®27 1/ ~; sec
onds. 24%@25%; ladles. 24; packinb stock
23. Eggs: Rece’pts. 8,162 cases; ordi
nary. 21 fa 22: firsts, 24: extras. 27: stor
age firsts, 22<g22%; checks. 10® 11; dir
ties 15.
LONDON STOCKS.
LONDON, Sept. 6. The Stock Ex
change was closed to-day. There was
no change in Lombard discounts. Paris
exchange on London, half centime lower
for 24%; Berlin rate, 1 pfg. higher.
MONEY AND EXCHANGE.
NEW YORK, Sept. 6.—Money on call
nominal; loans, none. Time loans firm,
60 days. 4 per cent; 90 days, 4%; six
months. 5 per cent. Prime mercantile
paper. 5%<S>6 per cent. Sterling ex
change firm; 4.8250 for 60-day hills,
4.8585 for demands. Commercial bills,
4.82%.
By M. A. ROSE.
Two million bales will be the total
of Georgia’s crop for the 1913-1914
cotton year.
Three weeks ago it looked as if
Georgia might produce 2,500,000 bales.
J. D. Price. Commissioner of Agri
culture, is responsible for the esti
mate. He has revised his earlier
opinion of the crop, has scaled down
his estimate, admits he feels “blue.”
This is a surprise. The Govern
ment report of condition as of August
25 showed Georgia with a crop 76
per cent of normal. More, it Indi
cated that, contrary to the usual or
der of things, the month had brought
no deterioration.
August is almost bound to cost cot
ton several points in condition, points
which can not be regained. Georgia
seemed to be “standing pat.” So
there was considerable gloating while
the gloating was good.
Drouth, says Mr. Price, is the fac
tor which has cost the State a half
million bales of cotton.
“My desk is stacked with letters,
every one of them bringing complaint
from North, Northeast and Central
Georgia that the squares which were
to have made the top crop are fall
ing off.
Plant Is Beautiful.
“Some letters put the damage na
high as 25 per cent. From South
Georgia comes the comment that
while the plant is beautiful and thrif
ty. close Inspection reveals a paucity
of bolls, while It is evident the cotton
is three weeks late.
“Worst of all, the damage is dona.
Rain now can not replace the fallen
bolls, nor can it bring new blooms to
fruit at this date.
“The most it can do is prevent
premature opening, which has been
one trouble this season.”
Georgia’s crop last year was 1,838,-
000 bales. A crop of 2.000,000 bales la
not to be held In contempt. The galr.
of 112.000 bales means $7,000,000 gain
in money for Georgia, with 13-cent
cotton. Thirteen-rent cotton seems
assured—some radicals look for 15
cents ns not an improbable price for
middling.
If Mr. Price’s assumption that the
top crop is gone proves correct, the
date of frost matters not at all. But
if Mr. Price is mistaken, as. of course,
he may be, the date of frost will be
all-important.
The average date of killlne in
the vicinity of Atlanta is November 5
The earliest killing frost recorded v is
October 11, this being in 1906. The
latest deferred serious frost was N •
vember 29, 1S89. Last year frost v s
ahead of the average by two days. In
1911 it fell on November 13; the .w ar
before on October 20
Weather Man Cautious.
The weather man is cautious, very
cautious, indeed, about forecasting.
He will go so far as to say that
chances favor a frost date this yc;v
.somewhat later than the average.
If there’s any top crop left t >
chances then are that the weather
man will allow it to open. And thru s
encouraging.
This is not to be taken as a gloom
column. Suppose, just for the sake of
making it emphatic, that Georgia,
through some impossible ill luck,
raised no more cotton this year than
last year—1,888,000 bales. Even then
she will have a better crop in propor
tion than Texas or Oklahoma. She
will, by latest indications, have a bet
ter crop in proportion than Missis
sippi or Alabama. Louisiana no long
er is a factor to be considered.
Georgia has made the crop at less
expense than ever before was believed
possible.
There will be no 16,000.000 bales this
year—probably not even 15,000,000,
some say not 14,000,000.
Nine-tenths of the trade believes
the present high prices conservative
—it’s a bull year.
So things look good for Georgia.
BAR SILVER.
NEW YORK. Sept. 6.—Bar silver in
London to-day w’as 1 1-16 penny higher
at 27% pence per ounce. To-day’s New
York price was %c higher at 59%c.
Mexican dollars were 46fa 50.
BONDS.
NEW YORK. Sept. 6.—Government
bonds were unchanged today; railroad
and other bonds steady.
San Francisco in 1915
“See America First” will be the slogan
in 1915. Perhaps you will want to attend
the great Panama-Pacific Exposition, as
will millions of others. If so, you should be
gin to make your plans NOW.
By making regular monthly deposits
for turn years in our SAVINGS DEPART
MENT you will have ample funds to finance
your undertaking, as the following table
will show:
Deposits of $5.00 per month..,
Deposits of $10.00 per month . .
Deposits of $25.00 per month ...
V** 14
248.89
622.22
AMERICAN NATIONAL BANK
ATLANTA, GEORGIA