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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