Newspaper Page Text
8 D
HEARST'S SUNDAY AMERICAN, ATLANTA, GA., SUNDAY, SEPTEMBER 14, 191B.
News and Views by Experts of Finance, Industry, Crops and Commerce
‘BLUFFING OUT OF Oil E ; _ ~~
F
I0SANCT’—FORBES
Upward Movement
In Stocks Keeps On,
3 Pacific Leading
Union, Southern and Canadian Act
ive—All European Markete Show
Sympathetic Firmness.
Calm Reception of New Measure by Rijf Busi
ness Suggests Infinite IluinbugK'ing in the
Previous Tariff Panics and Shows Prcsenl
Trend Toward a Real “Square Deal."
far.
By B. C. FORBES.
NEW YORK, Sept. 13.—Wall Street is emerging from its de
pression. Many industrial stocks have risen $5 and
per share since mid-June and the best railroad
issues also have advanced. Bond likewise are sub
stantially higher.
The importance of this to the business world
lies in the fact that improvement in Wall Street
usually precedes betterment in general trade con
ditions.
Is it not remarkable, however, in view of past
listory, that the radical tariff revision just agreed
to by the United States Senate should not have
•aused a quiver in the mercantile world? Docs it
not suggest that there was infinite humbugging on
former occasions, that tariff panics were largely
artificial, devised for ulterior purposes?
Bluffing no longer is serviceable. The people do not take
capitalists quite so seriously as of old. “Vested interests" no
longer are looked upon with awe,
once the inequitable nature of
“vested interests” is realized by
the electorate.
All this is healthy. It spells prog-
rows. It points toward a great read
Juntment of economic relations. High
finance and big business no longer
are regarded as sacrosanct. . The*
strongest capitalists and corpo
rations are being brought from their
pedestals down to mother earth. They
can not maintain the illusion that to
lay r hand upon them means ruin
fOr the whole country.
•‘Square Deal” Arriving.
We are getting on a man-to-man
basis The vaunted "square deal" is
to be made a thing of reality, not
merely an empty phrase on the hust
ings.
Capital is learning this
The downfall of the New Haven
oligarchy is in its way as portentous
a sign of the times as the new tariff
law. So is the determination to re
move control of the nation s currency
from private hands to the Federal
Government, the representatives of
the people. Nor is the uew arbitra
tion act. now being applied to the
Kastern trainmen’s dispute, out of •
harmony with the general trend.
The people—the ordinary house- 1
holder, the consumer, the man who
pays the bills are rising up and as
serting their rights against both capi- I
tal and labor. Did you notice that a ;
“representative of the public" is sit
ting on the railway arbitration board
in session here?
Other abuses will be tackled in due
Course.
And most capitalists, realizing their
impotence, seeing they no longer can
scare the voters by dire threatening*,
ary accepting the situation sensibly
and shaping their course in accord
ance with the march of civilization.
Panic Wou d Be Futile.
These reflections, which will strike
some as inopportune and out of place
in this article, may serve to explain
why business men and financiers are
not precipitating the customary
"tariff panic.” Such action would be
futile and therefore puerile and fool
ish
What, let us inquire, has happen
ed on the greatest market place in
the New World during the months the
tariff bill has been moving toward the
statute books” The New York Stock j
Exchange la in reality the* market of
markets, the mirror of conditions in j
every line of business. Look at how
typical stocks have acted since June l
14 despite very grave damage
crops.
NEW YORK, Sept 13 The session of
the stor k market to-day was unusually
Interesting for a Saturday. Yesterday's
upward movement was continued, al
though the trading was more restricted.
Residing. Steel, I'nion Pacific, Southern*
Pacific, Canadian Pacific. Lehigh Valley
and the Popper shares were the most
active.
European markets were evidently af
fected by the Increase of speculation
heir*. At Berlin, Paris and London
prices were firm, with sharp advances
in the more active storks
The retirement of a large short ac
count berausc of the reiteration of the
extra dividend report was the only rea
son advanced for Pnlon Pacific’s gain of
more than* 10 points during the wee|<
No official intimation ».f the tfuth of
the dividend report lias been forthcom
ing except by Inference from a state
rnent made by the chairman of the com
pany.
The bank statement to-day was reas
suring. although there were no very
striking changes The Increased sur
plus showed the general hank position
had been strengthened.
Foreign money centers are occupied
with preparations for heavy fall pay
merits and for protecting their gold
supplies.
The report from Paris that French
hankers have arranged loans aggregat
ing $900 000,000 from several nations, in
cluding Austria. Russia and Turkey
has been received here with considera
ble doubt.
Rains May Improve
Crops in Dry. Belt
Crop Guessers Incline to Small Figures Despite
Recent Helpful Showers.
The advance already has gone
even should the numerous bullish ar
guments energetically promulgated b<
fairly well founded.
These articles have advocated in
vestments in sound stocks ami bonds
for several months and those who
made purchases have done well. Many
Issues arc still cheap, but quite a
few look dear and dangerous. Sea
soned investments will prove safei
than v* ntlle speculations of the
Amalgamated kind. Certain railroads
whoso dividends are wabbly, such as
Chesapeuke and Ohio, also should he
avoided rigidly.
There Is no need to become excited
lest the market run away. The stock
exchange is open every business day.
There is plenty of stuff to go round
and more will be dumped upon the
market tho moment underwriters see
a chance of Its being absorbed.
While, therefore, trustworthy se
curities shjuld Improve in price—Ir
regularly. of course—it would be a
mistake to imagine that the time ha--
come to buy "A. O. T.”—any old
thing
The state of the crops should keep
the market within bounds.
OCCASIONAL
OBSERVATIONS
are reported
"a change
the stock
Industrials.
STOCK— J
un 14.
Sep 12
Gain
Amal. Cooper
67
79
12
American Can
27
36
8
Chino Copper
36
44
8
General Electric...
135
147
12
People s Gas
108
125
17
PittaburR Coal
15
20
6
Texas CornF*any ..
101
120
19
Utah Copper
43
56
13
United States Steel
54
65
11
Waetlnghouse
57
73
16
Railroad Stock*.
Atchison
99
96
•2
Baltimore and Ohio
94
96
2
St Paul
104
107
3
Grrat North, pref
122
128
6
Lehigh Valley
150
156
6
New York Central
100
98
•2
New Haven
101
91
•10
Northern Pacific
107
113
6
Pennsylvania
no
113
8
Reading
158
163
6
Southern Pacific . .
95
94
•1
Union Pacific ...
147
159
12
Standard OH interests
to have experienced
of heart” regarding
market, and now expect Improve
ment before 1914. This is tho
first time since the "dissolution"
of the Oil Trust that Wall street
has heard of No. 26 Broadway
being bullish.
• • •
The late James R. Keene made very
few confidants; in fact, he was
known to bo confidential to only
one person, his office boy. At
one time Keene had been ad
vised by his doctor that a baked
apple eaten daily would benefit
him greatly. He told the dread
ful secret to his olfice boy, who
was also playing the market.
The youngsters figured that the
time wasted In getting the apple
would mean his absence from tho
ticker. So he went to a restau
rant and picked out the most un
palatable-looking apple in the
place. After Keene had eaten it
he conveniently forgot his phy
sician’s orders, and the boy
never had to purchuse a second
apple.
STOCKS—
High.
Low
Bid. Ch’tfe
Clos.
Net
Amal. Copper.
79%
7K74
79%
+ \
Am. AgricuL.
48
Am. Beet Sug...
29%
- %
American Can.
MV.
35%
36%
+ 1
<1o pref. ..
■ 98%
+ %
Am. Car Fdy..
47%
+ V.
Am Cot Oil..
44%
44%
43%
- %
American Ice .
23%
- %
Am Locomo...
35%
— %
Am. Smelting..
70%
70
+ %
Am Sug Ref
113
—1
Am T,-T
131%
131%
ni y.
+ %
Amer. Woolen.
18
+ %
Anaconda .....
39
39
39 %
+ Vs
Atchison
96%
96 Vi
96%
-1%
A C L
122%
+ %
B and O
95%
- %
Beth Steel....
37
3«%
36%
+ %
B. R T
90
89%
90%
+1
Can. Pacific...
230%
229 %
23076
-H
(Ten I gather. .
24%
24-\
24%
+ %
+ %
C and O
60 %
60%
61%
Colo. F. mui I.
33%
33 %
33%
+ %
Colo. Southern.
29
Consol. Gas..
134%
133
134%
+i%
Corn Product*.
....
11%
— %
D ami H
161%
+i%
Den. and R. G..
20
+ %
Distil. Secur...
12%
+ %
Erie
30%
29%
30%
+i%
do. pref. ...
48%
+ %
Gen. Electric...
148
147V,
148%
+i%
G. North, pfd..
128%
128%
128%
+i
O. North. Ore,
35 V.
35 V.
35%
+ %
G. Western.
14
14
13%
III. Central....
109%
-i%
interboro
u>\
16%
+ %.
do, pref. ..
63%
83%
63%
Int. Harv. (old)
108%
Iowa Central..
K. C. S.. . .
26%
25%
+ %
M., K. and T..
23
23
23%
+i%
do. pfd.. . .
58%
■fl
L. \ alley. . .
167
156%
157%
+i%
L. and N . .
138
138
137%
+ %
Mo. Pacific . .
80%
30%
30%
Northwest. . .
129%
Fl
Nat. Lead. . .
48%
F 2
N .tit4 \V. . .
lu61i
106%
106%
+ vs
MEMPHIS, Sept. 13.—One of the
questions most discussed by the cot
ton trade during the week was
whether the rains in the belt, where
the heat anti lack of moisture were
Injuring prospects, would do very
much good or justify enlargement of
trop ideas. The preponderant opin
ion is that they will help somewhat
and, given a late fall and continued
favorable growing conditions, the
yield will be bettered considerably.
There will be improvement of qualitv
by the checking of premature opening.
Many bolls which would have been
half-sized now probably will develop
to normal size.
The rains, however, has not yet
been general, though enough lav.*
fallen to check extremely bullish
ideas and cause n more conservative
view of the situation.
It still is a difficult matter to get a
line on what the trade expects in the
way of yield, though there is range >f
Ideas from about 13.500,000 to 11.500.-
000, with more under the minimum
than are over the maximum figure.
At this center m*ost guesses seem
to he around 14,000,000. Prospects
in this section are good, wnich may
have some effect on the views as to
total yield.
Price Ideas Variant.
How much a crop of 14.000,900 bales
Is worth brings no end of argumen'.
All signs seem to justify expecting the
world to consume as much the coming
year as it did last, provided, of course,
prices do not "O much higher. It s
not thought prices now ruling are ex
treme, for the average nrjee of m 5 d-
dling upland last year was about
12.25c. Quotations in the belt for
that grade now range from about
12 1 -2 to 13c.
The market has been so erratic
since the Government’s condition re
port came last weqk, the legislative
situation in Washington having be n
a big factor, that weather conditions
have taken a secondary place. The
weather still is to be considered,
though th> date of frost i£ some way-
off and It will require something Ab
normal to he a potent influence.
The frost will not be very impor
tant, except perhaps in some sectio \s
of the central and over a large pa m
of the eastern belt, where rains have
kept the crop green and growing. Of
course, a Spell of wet weather now
w'ould change the aspect to some ex
tent and increase the importance of
frost, as a top crop might be a pros
pect.
The market has been aiven thrills
by the news regarding the tax on fu
tures, the announcement that it is not
to go into effect until the beginning
of the season of 19H proving quite
bullish. Rut it Is felt that matters
are not yet settled, and in the mear-
time there will be nervousness.
Spots Not Moving Freely.
The spot demand has not yet proven
that spinners are going to buy freely
at the* higher levels, and with the
movement increasing there has come
difficulty in sustaining values. With
the speculative support restricted >v
the legislative program, there has
been trouble in taking < are of hedge
sales, the latter having increased
when spot demand failed to expand
enough to absorb offerings of the ac
tual.
It is hoped demand soon will take
on larger volume, but that is one of
the uncertainties. r 4ome talk of pro
ducers holding has been heard, but
not given serious attention, as the
money conditions are against the
scheme, to say nothing of the dubious
wisdom of such a policy so early »n
the year.
The fact that the Census Depart
ment’s first ginning report set a .new
Irgh record was regarded as indica r -
•ng early maturity rather than big
yield, though the gains over last .sea -
son were made outside of the drouth
sections of the belt.
Cotton Options Up
On Weather Reports
in
Texas—Ocean Freight
Rates Lower.
No. Pacific.
O. and W. . .
Penna
Pacific Mail. ,
P. Gas Go. . .
P. Steel Oar. .
Reading. . . .
R I. anti Steel.
do pfd . . .
124%
29%
166%
34%
92%
113%
124%
29
164%
24%
92
114 + %
30 -|- %
11S% — %
23
124% — %
28%
166% +3%
24%
91
PORT RECEIPTS
The following table shews receipt? at
the ports Saturday compared with th4
same day last ytai
i nz
395
18.751
New Orleans
Galveston. .
Mobile
1 Savannah. .
! Charleston. ,
Wilmington .
! Norfolk. . .
: Pacific roast
Brunswick. .
j Various. . .
Total
Rock Island. .
17%
17%
17%
r—■
% |
do. pfd.. . .
28%
27%
27%
-f
Va \
S-Sheffield. .
34%
+
V4 j
So. Pacific. . .
95
‘ 94%
94%
+
V4
| So. Railway .
25
24%
25
+
%
! do. fpfd . . .
80
80
79 %
—
%
; St. Paul. . .
108
106%
. 107 %
F-
vs i
Tenn. Copper .
33%
33%
33%
—
% 1
Texas Pacific .
15
15
15%
F-
V4
: Third Avenue .
40%
+
%
1 Union Pacific .
161%
159%
160%
4-
%
1 S. Rubber .
64
64
63%
-f-
% '
l\ S Steel. . .
66%
65
65
+i%
i do. pfd.. . .
109%
109 %
109%
Utah Copper* .
56%
56
56%
+
V C Chemical
33%
Wabash . . . .
4%
do. pfd.. . .
17
W. Union . . .
68
F-
% i
W. Maryland .
41%
+
1%
\\ Ei.'ftrl,* . .
73%
%
\\ Central . .
49%
.+
%
By EDWARD LOW RANLETT.
NEW YORK. Sept. 13.— Options had
a rise to-day of some little importance,
due to a recation from the recent de
cline and short covertr * and because
rains had been rather more general and
heavier than reported previously.
The crop to-day. being open with the
lint exposed is likely to stain with ex
cessive rainfall. The forecast is for a
continuation of unsettled conditions and
bears are cautious
Whereas last year ships were crowd
ing the harbors of the Gulf ports wait
ing for cotton al. • ady sold for delivery
in Europe and elsewhere at very high
rates of freight, this year Galveston
alone has thirty-seven ships waiting for
cargoes at reduced rates. This does
not argue in favor of a heavy foreign
demand.
Speculation in cotton during the last
week has been on rather wide lines and
several large speculative firms are cred
ited with heavy accumulations,
With the passage of a tariff bMl, con
trary to most expectations, the cot
ton goods division of the dry goods
market has shown decided strength and
has worked into a stronger pos'tion dur
ing the week. A very satisfactory vol
ume of business has been put through
and the firm market for raw material
lias aided jobbers in making sales both
for immediate delivery and f« . ward
shipments. All desorptions of finished
goods have advanced in price since the
recent rise in the cotton market and
contrary to expectations sales have in
creased prices rose
Estimated cotton receipts
Monday. 1912
New Orleans ... 2.3‘>0 to 3 000 1.722
RANGE IN NEW YORK FUTURES
Wheat Firm Despite
Weak Coarse Grains
Cash Houses Buy Leading Bread
stuff—Farmers Show Clearly
They Will Hold.
ST. LOUIS CASH QUOTATIONS.
Wheat—No. 2 red 92ft)94
Corn—No. 2 75
Oats—No. 2 43
COMES SUITE
1ST BUTTLE
Three-fourths Crop Possible if
Every One Fights, Experts
Learn From Louisiana.
I CHICAGO, Sept. 13.—Wheat showed
considerable strength to-day in spite of
1 the weakness in other grains. The cash
houses were the principal buyers and
kept the offerings limited. The domes
tic market continued exee’lent in the
Northwest, where the first free run of
new spring wheat is in. Premiums have
been maintained everywhere. Farmers
have demonstrated they want to hold.
The cables were higher, contrary to
all expectation, due to covering of
shorts in Liverpool, and firmer and few
er Canadian offers.
The trade had the report of a promi
nent local statistician which made the
spring wheat crop 10.000.o00 bushels j
more than the Government figures, but
1 this Aid not seem to have much effect.
[ There was a lot of week-end liqulda-
! tlon in corn and in addition to such
celling, further pressure was put upon
| the market by professional and elevator
I interests.
Oats dragged after corn to some ex-
j tent.
Under liquidation by holders of Octo
ber lard and ribs, and week-end pres
sure by larger packers, supplemented
by scattered ae ling elsewhere, a lower
i range of prices resulted.
Previous
Close. Close
Open, j
x:
.?
i
0
j
»so,c
j
1 l*ri
1
■ t>
* w
c
S|!
rT77
....
. T 3.04-06 1 12.93-96
Oc
ri2.97 13.t6'12 96
13.07 13.07-08 12.96-97
No.
12.99-01 12.88-90
Do.
12.90 1" 0 12 90 i:: o:; ; ••i-*>:< 12 98-89
-la
12.84 12.99
12.84
12.90 12.90-92
2.77-78
Fh
1 3.92-94 12.78-SO
Mr
12.94
13.06
12.94
12 98 12.98-99,
2.87-89
My
12.98! 13.13
12 98
•3.05 13.04-05
2.92-93
.In
13.04
13 04 13.04
13.04 13.04-06
2.94-96
Jy
13 02
13.06
13.02
13.06 13.06-08 12.94-96
Closed barely steady.
4.996
1,311
333
706
’ 1,197
2.730
31.141
The best grades of bonds have
done equally well.
All fear on monetary stringency
has been removed—provided, of
course. Wall street does not cut
senseless capers such as the most
powerful interests do not favor at
present.
The boom in Union ‘Pacific was
started by an announcement In the
New York American that a "melon"
would be cut In the near future. In
three days there was a rise •»Cralmost
10 points. That should be enough
o discount, in the long run. a very
substantial distribution, for it must
not be forgotten that a company can
not turn its investments into cash,
give away the eash and still draw
iv id ends on investments it no longer
wd Union Pacific can not dis-
ributc the cake and still keep It.
Copper Shares Dangerous.
Perhaps another cautionary word
may be fitting concerning the violen*
flurry in copper shares based wholly
: the figures issued by the Copper
Producers’ Association. That body
should not be regarded as above ma
nipulating Its returns, to use no
stronger term. There are several
xv «* v 4 n which the monthly returns
<an be prepared cleverly so as to help
or hurt the stock market. For the
present, everything is being done to
INTERIOR MOVEMENT.
I 1913
1912
Houston. .
20.799
20.308
Augusta. .
2.992 1
871
Memphis .
324
98
St Louis. .
26 ;
8
Cincinnati.
256 1
28
Little Rock.
17
Total. .
24 397
21.320
NEW YORK BANK STATEMENT.
NEW YORK, Sept. 13.—-The weekly
statement <>f the Nas York Associated
Banks shows the fo lowing changes:
Average Statement.
Excess eash reserve, $4,596,750; In
crease, 3573,400.
Loans, decrease. $14,969 00
Specie, decrease. $4,508,000.
Legal tenders, decrease. $227,000.
Net deposits, decrease. $22,178,000
Circulation, increase, $201,000.
Actual Statement.
Loans, decrease. $363,000.
Specie, decrease. $539,000.
Legal tenders, decrease, $900,000.
Net deposits, decrease. $994,000.
Reserve, increase. $799,500.
LIVERPOOL COTTON MARKET.
LIVERPOOL. Sept. 13.—Due 7 to 8
points higher, this market opened quiet,
generally 8 points higher. \i the close
the market was quiet but steady, at a
net advance of 6% to 7% points.
Spot cotton steady at 1 point ad
vance; middling. 7.40d; sales, 4.900 bales,
of which 3.000 were American bales.
Futures opened quiet
Opening TTev.
Rang** 2 P M Cio«*
7.06 6.99%
6.93% 6.86%
6.81% 6.74%
6.81% 6.74%
! September .
. 7 08
-7.04%
Sept.
-Oct. .
. 6 92
1 Oct.-
Nov. .
. 6 89
-6.89%
1 Nov.
- Dec. .
. 6.80
-6 81
; Dec. -
Jan. .
. 6 82
-6 80
Jan. -
Feb. .
. 6.84
-6.80 %
i Feb.-Mar .
. 6.83
-6.82%
, Mar.
-April .
. 6 86
- • > 82%
, April- Mav.
. 6.84%
-6.83
1 May-June. .
, 6.86%
-6 83%
WHEAT
High.
Low.
Sept
88
Dec
91%
90%
May
96
95%
CORN—
Sept
75%
73%
Dec
72%
71%
May
74 V*
72%
OATS—
Sept
41%
41%
Dec
44%
43%
May. .. ..
47%
46%
PORK-
88 %
90%
95%
73%
71%
73
41%
44
47
87%
90%
95%
73%
72%
73%
41%
44%
47%
Jan....
19.80
19.72%
19.75
19.87%
May...
LARD
19.96
19v87%
19.90
19.97%
Sept...
11.10
11.07%
11.07%
11.10
Oct.. ..
11.12%
11.07%
11.10
11.15
Jan
RIBS-
10.87%
10.80
10.82%
10.90
Sept....
11 00
10.85
10.87%
11.02%
Jan..
11.45
U. 37%
11 40
11.46
Mav.
10.62%
10.57%
10.57%
10.60
I June-July.
I July-Aug.
6.84
6.81
Closed quiet but steady.
6.84
6.82 V,
6.78
6.76%
6.75
NEW ORLEANS RICE.
NEW ORLEANS. Sept. 13 —The local
market for clean rice continues to rule
active < n Honduras and steady on Ja
pan. quotations on leading grades fol-
MONEY AND EXCHANGE
NEW YORK. Sept. 13.— Posted rates:
Sterling exchange, 4.83 ft 4.86%. with
actual business In bankers' bills a'
i 8.>05 for demand and 4.8235 for 60-day
bills.
low:
Head
Straights .
Screening
CLEARINGS.
Honduras. Japan.
Jk to 5 3% to 3% < new)
.2% to 3% 2% to 3
1% to 2 1% to 1%
NEW YORK, Sept 13.—Bank clear
ings to-oay *5284.097.851, against $321,-
153.702 a year ago, a decrease of $37.- i
BUTTER AND EGGS.
CHICAGO, Sept 13. Butte** was
without special activity and the demand
for egg> *v\as quiet. Butter. Receipts.
9,445 tubs; creamery extras. 31; «xtra
fancy firsts, 29, firsts, 27'-i27%: seconds.
24%ft>25%: adles. 24 packing stock. 23
Eggs Receipts. 8.486 cases ordinary
firsts. 21 $4 22. firsts. 24. extras. 37;
storage firsts. 22 a 22%: checks, lOftll;
dirties, 15.
COTTON SEED OIL.
NEW YORK, Sept. 13.—Freer and
cheaper crude offerings of cotton sted
oil caused renewed liquidation in Oc
tober to-day and carried that delivery
down 14 points, while later months lost
2 to 5 points in sympathy
SUGAR.
NEW YORK, Sept. 13.—All grades of
refined and spot raw sugar remained
unchanged to-day. The European beet
sugar market was unchanged a* 9s 6%d
- for September. 9s 2%d for October and
promote ** .uiation in copper shares. 9* t»%d foj May Ucis,
Spot
September .
October . .
November .
December .
January. .
February .
March . . ,
April
I Opening
7.62 f d 7 80
7 30© 7 31
6.85ft6 86
6.83ft 6.90
6 86% 6.90
6.88(96.93
7.0 3# 7.02
F. 05# 7.08
Clnstrg.
7.60f 8 00
7.57ft 7 70
7 29ft7.31
6.85 u 6 87
6.88 a 6 89
6.88 <<i 6 69
6 910 6 94
7 03ft 7 04
7.05 <$7.09
NEW ORLEANS COTTON.
NEW ORLEANS. Sept. 13.—Influenced
by news indicating a favorable modifi
cation of the Clarke bill, the cotton
market has shown a stnfng upward
tendency In the last two days.
The reaction started yesterday and
continued to-day, January contracts ad
vancing to 13.12. at which level longs
were inclined to take profits over the
week-end. causing some recession hev
fore the close which was steady at a
net gain of 8 to 10 points on the active
months
The spot market was reported steady
and % cent higher on all grades. SaDs
amounted to 343 bales of spots and 536
bales to arrive on the basis of 1215-16
cents for middling.
NEW ORLEANS COTTON.
CHICAGO CASH QUOTATIONS.
CHICAGO. Sept. 13.—Wheat, No 2
red. 93% (a 94% ; No. 3 red. 92ft93%; No
2 hard winter. 89V 4 ft>89%, No 3 hard
winter. 88%® 89%; No. 1 Northern
spring. 92% @>93%; No. 2 Northern
spring 91 (ft 92% ; No. 3 spring. 88(6 90.
Corn. No. 2, i4%(ft76%; No. 2 white
75%'ft 76%; No. 2 yellow, 76(6,76% No
3. 74% 'ci'76; No 3 white 76%ft76; No 3
yellow 74% (ft 76. No 4. 74ft 75\; No. 4
white, 75%. No. 4 yellow. 74%(®75%
Oats. No. 2 white, 43% (ft 44%. No. 3
, white. 42%43: No. 4 white. 42(ft42%
standard, 43(ft,43%.
CHICAGO CAR LOTS.
, Followfng are receipts for Saturday
land estimated receipts for Monday;
Sati.roay. 1 Monday
! Wheat 97 94
f Corn 452 527
Oats 217 171
Hogs .. | 9 000 39.000
ST. LOUIS GRAIN.
ST. LOT'IS. Sept. 13. — Although wheat
was % to %c higher to-day. the coarse
grain eased off. Corn was % to 1 cent
lower; oats. % cent lower. Futures;
Wheat, September 89%; December-
Max 97%. Corn: September. 74; De
cember. 72%<ft>72%; Mav, 74% ft 75
Oats: September. 41%; December. 44%.
May. 47%.
Cash; No. 2 red wheat, 92@94; No.
2 corn. 75; No. 2 oats, 42.
PRIMARY MOVEMENT.
w 0
a ~
i Closed heavy, sales, 12,400 barrels, i Closed steady.
Sp
12 85-
•92 :
• *
76
( k\
12.91
12.96 12
.90 12.91
12.91-
■ 92
12
81-
82
No.
12.96-
:«s
12.
sr>-
;• 1
De.
12 99
13 08 12
99 13.00
13 00-
■01
• 2
•
Ja.
13.04
13.12 13
.03 1& 06
13.04
■06
12
.94-
95
Fb
13 01
•03
12
91-
93
Mr
13.17
13.20 3
14 13.17
13.15-
■16
13
.05-
06
My
13.24
13.29 13
24 13 25
13.23-
•25:13.13-15
Receipts .
Shipments
1,271.000 2.031.000
768.000 1 1,672.000
Receipts .
Shipment!
8:0.000 838.OO0
780.000 340,000
By CHARLES A. WHITTLE.
With everybody In a community
fighting weevils, according to Federal
Government methods, Georgia can
grow about three-fourths of a crop
of cotton when the weevil cotnes.
That is about what the Georgia
weevil scouting party thinks after
visiting territory where the fight ha.-'
been made.
If Georgia does not profit by the
example of Louisiana and Mississippi
and put up the right kind of a fight
from the word "go." there will be a
wall of calamity worse than was
heard when Sherman went marching
through Georgia.
Think of a parish in Louisiana that
grew 60.000 bales of cotton finding
only 800 bales to pick w hen the la
borers went to the fields after the
weevil. Think of the exodus of ne
groes that followed! Think of the
sickening thud when the bottom
dropped ou‘ of business in conse
quence! Then let Georgians think
how they would like the same expe
rience. If the weevil is given right
of way, take it from Louisiana and
Mississippi, It will get your cotton.
Get Valuable Lessons.
The farm demonstration agents of
Georgia that the Bureau of Agricul
ture of the L T nited States sent to
weevil territory to learn how to fight
the pest have learned enough to stay
the disaster which the approach of
the boll weevil ordains for Georgia.
As commanders in their respective
communities of the boll weevil fight,
they can hold the weevil back and
get at least three-fourths of a crop;
provided every cotton grower follows
instructions and does his part. There
is the rub.
The big Job ahead is to get every
last one of the cotton growers to
fight, and fight hard, from the start.
In Louisiana they did not fight at
first, but they know better than not
to fight now. Georgia farmers can
learn the same way, but the lesson is
calamity, written large. Take the
lesson from the farm demonstration
agents and it will mean success, or
at least as great a success as two-
thirds to three-fourths of a crop.
Fields Are Stripped.
You can’t see any cotton above the
middle of the stalk in most boll wee
vil territory where the fight has been
made. Where the fight has not been
made cotton is a curiosity.
The Georgia agents are enthusias
tic and hopeful. They propose to
preach right methods with all their
might and in every way possible. In
Franklin Parish. Louisiana, the agents
found that, under the leadership of L.
M. Calhoun, district agent, the farm
ers have regained lost ground and are
righting all along the 11 e, with the
result that they are averaging nearly
a bale to the acre. The weevil taught
them a lesson in corn growing and
growing Japanese clover for hay, so
that the parish now- considers t.he
weevil has proved a b'essing.
The farm demonstrators were told
by an entomologist at onep lace that
there Is a time in the life history of
the weevil where, if the chance is
used promptly, the pest can be wiped
out. but the farmers around claimed
they fought early and late and all the
time and still had plenty of weevils
to contend with, so that they are
practicing the method of fle-hting as
'ong as there is any hope of making
cotton The Federal demonstration
agents, acting conservatively and un
der the belief that the average farmer
probably could not be easily made to
understand when to make the brief
fight for all varieties and places, are
advocating fighting all the time.
Mode of Warfare.
By fighting the weevil is meant
picking the weevil from the tip of
the cotton plant when he first appears
and then picking the squares in whlcn
eggs have been laid. The square
which has been infested by the weevil
can be detected at a glance.
By thus picking weevils and squares
the progeny of pests is held to a
minftnum and its damage, of course,
restricted,
Meeting weevil conditions might be
briefly summarized by saving that it
is a two-sided process—of holding the
weevil back and pushing the cotton
forward The method of holding the
weevil back has just been mentioned.
The rushing of cotton means intensiv
and rapid cultivation, the object being
to get the cotton to grow and pro
duce before the height of the weevil
season.
It was clearly demonstrated to the
Georgia party that cotton should be
planted and treated under field condi-
t'ons Just as one would to get the
most cotton where the weevil has not
appeared.
Close Rows Advocated.
Formerly wide rows were advo
cated. but not now The maximum
cotton with weevils can not be pro
duced without a maximum number of
plants. What the weevil has failed
to do in Texas is no criterion as to
w hat he will do in Georgia. Louisiana
is a better ndex of what South Geor
gia may expect than any section of
the country, and this is why most of
the time was spent by the Georgia
party studying Louisiana conditions.
That the trip has been highly in
teresting, practical as to instruction
and potential of great benefit to Geor
gia there can be no doubt.
NEW YORK COFFEE MARKET.
Coffee quotations:
Higher Grades Fill
Spot Cotton Market;
Premium Decreased
First Pickings Always Good, but
Unfavorable Weather May
Bring Quick Change.
NEW ORLEANS. Sept. 13.—The
action of the Senate Finance Commit
tee in postponing the time in which
the Clarke amendment is to go into
effect until September, 1914, has been
reflected in the cotton market by a
sensational recovery in values.
Sharp as was the break last Fri
day, when the news came that the
Democratic caucus had approved the
Clarke amendment in its original
form, the rebound has been even
more violent, January contracts in
this market Tuesday selling as high
as 13.32, or nearly 100 points above
the low level touched on the decline
that took place Friday of last week.
Spot markets, too, have shared in
the advance, gains of 1-4 to l-2c per
pound having been recorded at in
terior points, while the local spot
market, which had held steady while
the declining tendency was shown at
the close of last week, has advanced
l-4c, middling and the grades below
not having been affected by the
monthly revision of differences Wed
nesday. although the premium on bet
ter. grades, which are becoming more
plentiful, was reduced 1-8 of a cent,
in fact, middling and the grades be
low were advanced l-16c at the same
time that the higher grades were re
duced 1-8, thus narrowing the dif
ferences.
At the present time the supply of
good grades is daily increasing. First
pickings, as a rule, always grade
high. If the rains which have been
general over the belt for several days
past continue much longer, the effect
will be to low'er the grade of the
crop, and later on in the season the
difference in price between the lower
and the better grades again may
widen.
The advance about 131-4 cents on
Tuesday brought out considerable
hedge selling, as well as profit-taking
on the part of leading long interests,
which had been forecast to corne to
the support of the market as a mat
ter of self protection when the big
break took place Friday of last
week.
Almost a panic was on at the time,
and thousands of bales of cotton
which were being pitch' d overboard
by weak longs had to be taken care
»f by stronger hands. These big in
terests did not falter, and succeeded
in rallying the market sharply even
before the cheering news from Wash
ington came, which enabled them to
resume bullish operations on a large
scale. The whole South responded
to the more favorable turn of affairs
at Washington, and the market Mon
day and Tuesday reminded old-timers
of the swings upw’ard which were of
almost daily occurrence during the
Sully year, until the climax came in
February of that year.
One Price, Unvarying Terms,
Sticking to Them, Best Policy,
Say Whitcomb-Burke Co.
LIVE STOCK.
[ CHICAGO. Sept. 13.—Hogs: Receipts,
! 9,000; market weak^; good to prime
I .heavy, 8.00(ft-8.45; mixed and butchers,
8.05(68.65; fair to fancy light. 8.50(ft/
! 8.85; rough heavy, 7.30ft 7.80.
Cattle: Receipts. 3,000; market steady;
steers, good to choice, 8.25(5-9.15; steers,
fair to good, 7.50ft8.25; stockers. 6.00ft
7.35; feeding steers. 6.75ft 7.75; fair to
good heifers, 7.75<ft8.50. good to choice
cows. 5.75ft7.25; good to choice calve.*
.0.00ft-11.50; fair to good calves, 11.50.
Sheep. Market steady; native lambs,
7.00ft 7.40; range lambs. 7 15ft 7.60; rang*
yearl'ngs 5.1;>(ft5.85: range ewes. 4.01
a 4.40; range wethers, 4 25ft 4.90; feed
ing lambs, 6.50ft6.85; feeding yearlings,
•0 ft 5.50; feeding wethers, 4.00@4.60;
feeding ewes, 4.50.
Courage, a united front and impar
tiality are the weapons which tho
merchant of to-day must use to fight
the unreasonable demands of custo
mers. Development of the courage to
stop growing abuses of credit and
trade courtesies will do more to bene
fit business than will the passage of
the tariff, in the opinion of W. M«
Burke, of H. H. Whitcomb. Burke &
Co., grocery brokers. No. 149 Madison
avenue.
"Much complaint is heard in whole
sale circles of the unreasonable de
mands of retail buyers," says Mr.
Burke. "A great deal of this com
plaint is well founded, but an analysis „
of it will show that it is due for the
inout part to lack of backbone on the
part of sellers.
"Indiscriminate canceling, inex
cusable returning of goods, demands
for unjust discounts, demands for ex
cessive samples, all these abuses can
be stopped by the use of a little grit
by the wholesaler, a”ad be it said to
the credit of Atlanta that the whole
salers here have gone so far In their
campaign against trade abuses that
the unreafinable retailers are getting
fewer every year.
"One thing for a seller to bear In
mind in curbing vicious business
practices Is that Brown. Jones and
Smith are having the same trouble.
They are just as anxious as he is to
have abuses curbed, and while at flr.*t
Brown and Jones may gloat over the
acquisition of accounts which had
1 been Smith’s until he refused these
unreasonable requests, the increased
annoyances and losses resulting from
these accounts will soon make them
doubt the wisdom of their position. In
[ the majority of cases a troublesome
‘ account Is a losing one.
"We have found this—the way to. do
business Is to make the conditions of
the sale clear and definite, and make
it plain that no deviation from these
conditions will be conceded. Threats
of lost business must not *be allowed
to influence the wholesaler. The mer
chant who is not losing money con
stantly through illegitimate leaks is
the merchant who. in the long run,
will be able to offer the best mer
chandise at the lowest price. •
"Our policy, wfiich has led to suc
cess. is to have one set of prices and
celling terms to all accounts, be they
large or small, and to have the cour
age to stick to them."
OUTSIDE SECURITIES.
NEW YORK, Sept. 13.—Speculation in
the market for outside securities to-day,
while decidedly less active, showed a
firm tone. British-American Tobacco
was up %. Tfte mining shares were al
most entirely neglected with the exoep-
I tion of Stewart, which moved up a frac-
j tion at the announcement of the divi
I dend. The silver stocks were quiet and
I unchanged.
SPOT COTTON MARKET.
Atlanta, steady; middling 12%.
Athens, steady; middling 12%.
Macon, steady; middling 12c.
New Orleans, steady; middling
12 15-16.
New York, quiet; middling 13.20.
Philadelphia, quiet; middling 13.45.
Boston, quiet; middling 13.20.
Liverpool, easier; middling 7.40d.
Savannah, steady; middling 12%.
Augusta, steady; middling 12 13-16.
Charleston, steady; middling 12%.
Norfolk, steady; middling 12%
Galves t on, firm; middling 12%.
Mobile, steady; middling 12%.
Wilmington, quiet ; middling 12%.
Little Rock, steady; middling 12%.
Baltimore, nominal; middling 13%.
St Louis, steady; middling 12%.
Memphis, steady; middling
Houston, steady; middling 12%.
Louisville, firm: middling 12%.
Charlotte, steady; middling 12a
Greenville, steady; middling I2c.
Opening.
BONDS.
NEW YORK. Sept. 13.—Government
bonds were unchanged. Railway and
other bonds were strong.
MINING STOCKS.
BOSTON, Sept 13.—The market was
quiet and generally steady without spe-
chd feature, and slightly easy at the
close*
January. . . . .
S 75
8.72ft 8.74
February
8.SOft 8.90
8.82ft 8.84
March
8.96
8 93(ft8.94
April. ......
9.00^9.04
8.9009.01
May
9.08
V.0*5(a9.07
June. . . . . , .
9.11
9 lift9 13
July
9.16(ft 9.20
9 17ft 9.18
August. . , . .
9.18ft 9.20
9.18 ft 9.20
September. . . .
8.50ft 8.70
8.4,5ft 8.50
October
8 47ft 8 50
November. . . .
8.55
S.55ft 8 57
December. . .
8.66 ft 8.75
8 64 ft 8.65
WANTED:
More Savings Accounts
in the Georgia Banks
President Frank Hawkins, of the Third National Bank, says:
“If the people of Georgia and the Southeast, now that
they are about to enjoy one of the most abundant seasons
they have ever known, will only practice the right sort of
economy, they may build now so as to protect themselves
against bad seasons in the future. I mean by this that
they should not let an excess of good fortune overcome their
bettter judgment and lead them not only into frivolity, but
bad Investment. At times like this the exercise of a little
good judgment will undoubtedly lead to the best results
from the good fortune which has come to them.”
President W. L. Peel, of the American National Bank, says:
“Right now, while this prosperity confronts us, we
ought to think about the important question of saving. The
people of Georgia ought to be taught to save. Every child
should be taught to save. The savings accounts of Massa
chusetts are $824,000,000. Those of Georgia are but $10,-
000,000. It Is these savings that constitute a splendid pro
tecting bulwark in times of monetary stringency, and which
help not only the community and State, but every individ
ual in It. I think this lesson should be Impressed upon the
people at a time when they are about to reap a great har
vest, so that they will not become recklessly extravagant.”
The most vital need to-day to insure permanent pros
perity for the city of Atlanta is for more of the people to
acquire the saving habit.
This bank, with the oldest Savings Department in the
city, pays a liberal and safe rate of interest on savings, and
cordially invites your account.
AMERICAN NATIONAL BANK
ALABAMA AND BROAD STREETS
ATLANTA. GA.
Capital and Surplus SI .200.000 ^J]der Government Supervision