Newspaper Page Text
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News and Views by Experts of Finance, Industry, Crops and Commerce I
MONEY POWER’S OLD MACHINE
GOING TO PIECES, FORBES SAYS;
PUBLIC GETTING INTO CONTROL
Morgan House Changes Policy to One
of Extreme Conservatism, With No
Expansion--Overthrow of Rock
Island Adventurers Is Significant.
By B. C. FORBES
NEW 'i ORK, Nov. 1. —The Money Power’s ingenious machine,
constructed of voting trusts, interlocking directorates, finance
committees and the like, has begun to go to pieces.
Young -J. I’. Morgan, when
asked by two of his over-ambi
tious junior partners to O. K. a
new venture they wanted to
float, is reported to have laid
down this ultimatum: “No!
This firm in future is to do a
banking business —a conserva
tive banking business.'
The Rock Island Railroad, hereto
fore the football of a clique of irre
sponsible Wall street gamblers, and.
.. a consequence, now on the verge
of bankruptcy, Is to be dominated in
future by Interests enjoying the
public's confidence
All these developments are sympto
matic of the demise of the Money
Power and its hole-and-corner, con
scienceless ways. More are to fol
low.
O'd Game Overplayed.
The old rule of constructing anti
reconstructing a property so that a
handful of insiders could wield aufo
< rat: power, leaving stockholders
abjectly impotent, docs not fit th»>e
enlightened, democratic times. The
game was overplayed. The bleeding
of outsiders by insiders was carried
too far The gulf between th<»s*-
moving in the ' higher sphere'* and
those left out in the cold became too
great to last in a Republic pulsating
with red blood.
The disintegration of the Money
Power s machine will be as rapid as
its creation It is already crumbling
under the sheer weight of righteous
public opinion.
Morgan Policy Changes.
The new Morgan & Co. is not the
old Morgan & Co Just how great
the change has been the public do
not r. .‘lizv. B> and-by the difference
will become more apparent There
bay been no corraling of banks or
trust companies of late by the corner
house, has there? Nor have y u
Mc.d of any gigantic mergers being
lined out by Morgan, have you
You have read how they have aban
doned the wrecked New Haven to the
fate they brought upon it, and you
may have gathered, too. that they
ire struggling to keep New York
Central on its financial feet. But of
expansion there has been none.
Should the Government decree that
<-orporations doing an interstate busi
ness must not deposit their cash
with private bankers but with insti
tutions affiliated with the new cur
rency system to be controlled by the
Government, what then? How w< uld ,
such a law affect firms 1 ke Morgan
.V Co . wh:< h (h i ve nearly all their
power from corporations they have
devised or d un: l ate? What if the
Steel Corporation should be obliged
to withdraw its $20,000,C00 deposit
md other companies compelled to,
take away their lucrative accounts?
New Law Favored.
These questions are not fantastic
L« ;• >lation along the lines indicated
is favored by powerful Washington
politicians
Concerning the overthrow of the
adventurers who have played fast
and loose with Rock Island, only
those familiar with the whole facts
an appre<-.ate its full significance
It means the downfall of chicanery,
of financial knight-errantry; the pass
ing of speculative brigands whoso
tactics do not torn port with modern
tandards Ko low was the estimate
pla< rd by investors upon the charac
ter of the gamblers In control of Rock
Island that the company's securities
were shunned by all desirous of de
cent uiv tmrn: The annihilation
of the old cl que and the advent of
new interests s an eloquent testi
mony to the prlrelessness of charac
ter The old wire pullers had ability
a-plenty, but were barren of other
qualities that are to-day coming into
their own.
Honesty Being Enthroned.
\nd «o day by day. little by little,
ha nglx :t max be, but surely, flnan
c.ial ♦ Vila are being uprooted, broad
based honesty is being enthroned
and the u .n bet wren the insiders and
the outsiders bridged.
N-c all the millions and the
machinations of the Money Power
can thwart public opinion
$7,000,000 Bonds To
Be Issued by Morgan
Firm Takes Up $7,000,000 in Ottawa
for New Railway from Edmon
ton to Murray.
OTTAWA. ONT Nov. I.—lt Is an
nounced here that the banking firm
of J P Morgan A- Sons has taken up
•lie Great Waterunys Company bond*
lied a nmre than 17,00''.(i00.
Tlh> will be honored.by the Alberta
Government Tn. ralin-ax v. I I<■
bui • from Edmonton to Murrai b\
.1 H M. Arthur, a Winnp. g ■ -ntra.
BAR SILVER
-KW YORK. N.o I bar ,in,.r •
tjondon was 1-16 ; . ~n\ I, «>r j. 1>;
pen- v pH ounce 1 .| M > « S. w 1 rk
• cent loaer al 58 4, cents
I
t Lack of Important
> News, With Holiday
’ Abroad, Dulls Trade,
l
- Mexican Petroleum Furnishes the
Only Thrill, Dropping Three Points
and Rebounding.
NEW YORK, Nov. I.—The lack of
1 any important news and the fart that
i the British and Continental markets
> wer- closed because of AH Saints’ Day,
operated to make the stock market
trading merely nominal. The opening
was weak, but toward the close prices I
hardened. Things were dull and the I
price change? were without particular
significance Mexican Petroleum, which j
• ’J-- r*e<| a full po nt off. furnished the
only feature of interest. The b.ss of 7
! points shown by this issue \ ester*lav
■ was increased by 3 points in the first
| Icur This added k-ss was recovered
’ater.
Tie possibility of ’ nortant changes J
in the Mexican situation over Sunday
at.<t the confusion brought about by the ,
eleventh hour changes in the manner
of collecting the Income tax were the
i main subjects of discussion during the i
News that the Senate Committee on I
Banking and Currency had agreed to a (
reduction in the number of regional
banks from twelve to four was favor
ably received.
The bank statement showed mcroasrs I
In loans and deposits. but decreases ilt .
rash holdings and surplus reserve.
NEW YORK STOCK MARKET.
Stock quotations and net change
1 Cl os Net :
STOCKS High Ix»w Bid Cl. go.
Amal Copper 73 72% 72% 4- %
Am. Agrlcul.. . . . . 43 -f- %
Am. Beet Sug. 23 23 22
American Can. 30% 30% 30 %
do. pref... :*O% 90% 90 -%!
Am. Car Fdy. 47 47
Am Cot. Oil.. I >7% %
American Ice 21
Am. Locarno. 30% 30% 30 4- ’♦ 1
Am. Smelting 63 62% 63
Am. Sug Kef 107
Am. T-T 121 130% 120% 4 % '
Am. Woolen 16
Anaconda 35 35 24% + %
Atchison ... 94 *,
ACL 116
B and O .... 93% 93% 93% -f- %
Beth Steel.. 29% —• \ ’
B R T . ... 87 87 86% —% !
Can Pacific.. 223% 222% 225
Cen. Leather 21% 21% 21% 4- %
IC. and O. .. 57% |
Colo. F. and 1 28 4- %
Colo. Southern 27 . .. ’
! Consol Gas.. 129% 4- %■
Corn Products. 9% 9% 10 4- % '
i D. and H 150
I Den. and R. G. . 18% •
1 Distil. Secur.. 17% 17% 17% 4- %|
Erie 27% 27% 27% 4- % I
do, pref . 42% 42% 42 % ;
Gen Electricl4o% 4- % I
G. North, pfd.. 123% - %l
G. North Ore. 32% 32% 32% 4- % •
. G Western. >l% % «
lilt Centra!.. . 106% . ....
Interboro 14 14 14% 4- %
do. pref 57% %
hit. Harx- (old) 102
M , K and T. 20% 20 % 20 %
do, pref 55% ;
L. Valley 161 151 151 4- %
L. and N 131 % i
; Mo Parlfie 28 I
N. Y Central 96% 95% 96 4- %
■ Northwest 127 i
I l<d . . 48% .
N. and W . . 103% 103% 103% -+ % ,
No. Pacific. . 108% 108% 108% 4- % ■
|O. and W . . 26%
Penna. 108% 108% 108% 4 %
’ | Pacific Mall . . 20% 20% *O% 4 %
1 P Gas Co. . . 123%
| P. Steel (’ar . 24% I
Reading .... 160% 160% 160% 4- % '
R. I and Steel 19% 19 19 —% j
! ; do, pref . . . 79% |
I Rock Island . 14% 14 ’ 14% %
do. pref . 23% 23% 23% |
‘ ’ S.-Sheffield . . 26
' • So. Pacific . 87% 86% 87
So Railway 22 —% ,
do, pref 76%
>St Paul 101
i Tenn. Copper 28% 28% 28% %
! Texas Pacific 14% .. .
• e
‘ t’nlon Pacific . 150% 150% 150% 4- %
1 r S. Rubber. . 58
j I’. S Steel. . . 57 56% 56% 4- % ‘
do. pref. 107
Utah C 1 per . ■-M .
V-C Chum . . . 28 4- % !
! Wabash .... 3% 8% 3% I
i j do. pref. . 11 11 11
W I nion 63 63 62%
W Maryland.. 35% . .
i W Electric . 66 66 66% 4- %
k w Central 44% 4 % |
MONEV AND EXCHANGE
I \«'UK X \ Posted r.tlts;
' V ■ IS - wP u ’ lai
1 business 1 k« r- bills at (*» ••»’. for
•
MINING STOCKS
Ib's'l'-X. X \ ' |. J - AUbka, I
I 2-' Fruit, 16V % Ctuiem.ia* 15% |
Cost of Living to
Increase in Europe
Prominent Financier Expects Oid
World to Reach America's
High Level.
I
Special Cable to The American.
PARIS, Nov. 1. —George Blumen
thal, the banker, to-day said.
“I th|nk there is a marked increase
in rnnfid*ard in the stability of
, the future The period of un<ertain
t\ i? about past Neatly everything
dep< 1. s upon the suppA of current
gold if that is ample, stock prices
will ip normal ano we may !<•• k for
easy commercial conditions.
“Neithei currency bill nor recent
tariff ngisiation is likely to affect
business unfavorably, except in a
most transitory sense"
"Will stabler conditions in trade
and finance the world over, together
with the tariff and currency legisla
tion in America, to decrease the
price of living ’” Mr. Blumenthal was
asked. "No.” he replied. "My opin
ion, strengthened by the observations
I havo made during my last sil
months in Europe, is that the co*t of
! I living, measured in financial terms,
will never again be brought down to;
its former level.
"On the contrary. 1 am certain oth
er countries will gradually approach
’ the American standard of living ”
Banker Urges Export
Tax to Keep Gold Here
J. E. Gardin Says President Should
Have Power to Stop Recur
rent Foreign Raids.
NEW YORK, Nov. 1. — To prob- L'
America’s stock of gold against for
eign banking raids, an export tux
should he leviable by the President
This wa» advi-eated by Vice Presi
dent John E. Gardin, of the National
City Bank, before the Academy of.
i Political Science
He said: ‘‘The United State# is the
only absolutely free market f- r gob! in
i the world, and we have to suffer for
our liberality.
"If conditions are normal and ex
i changes are against us it would
1 neither be wise nor good business
j policy to place any restrictions upon
! the export of gold at all. >
“If the demand, however, i** arbl- ,
trary, such as recently took place in
connection with gold’ shipments to
Paris, the President of the United
State*- should be empowered to place
I an export duty on all gold exports.
Bankers Aid State,
Then Are Accused
New York Syndicate Surprised by
Charges of Fraud in Buying
Tennessee Notes.
NEW YORK, Nov 1. —Bankers
1 imposing the ‘•■yndicate which pur
‘ chased a considerable amount of the
State »»f Tennessee short-term notes
not long ago expressed surprise at the
story charging them with buying tin
notes for S9SI. selling them for $995
I and dividing the difference with the
uh ml <-rs <>f the Funding Board of tae
State
The members of the syndicate were
in* lined to sook upon the report as th*
result of a political squabble between
the Democratic and Republican par
ties in the Legislature
It was said that the syndicate in
stead of making a formal reply to th*-
■ charge, would wait until asked to do
■ -o by the State, when they would
wllkngly dKulge all details of the
transaction and would permit any in-
j vestigation of its books.
Russia Will Study
U. S. Tariff Effect
Commission Named to Advise Gov
ernment How to Get
Advantages
Special Cable to The American.
ST PETERSBURG. Nov. I.—-The
1 appointment was announced to-day
of a Govcmment commission to study
tile effect of the American tariff on
Russian exports. which in 1912
amounted to more than forty mil
' ion rubies 1 $20,000,000) to the Un ted
I States.
Data before tie commission shows
.idvantageous opportunities for Rus
; sian hides, woo’ and flannel Thebe.
I hoxxever, are largely destroyed by du
i ties against countries outside of the
"most favored” nation treatment
j among which Rusisa ha? been since
Ihe abrogation of the treaty. The
•ommißSion has been directed to ad*
• vise Government action
U.S. Now a Large
Importer of Beef
Figures Show We Have Changed
From an Exporting to an Im
porting Nation.
WASHINGTON. Nov 1 —That the |
I I'mted States has changed with star
ling suddenness from a small beef ex- ,
pertmg country to a very large beef iin
l , rting country, is shown by a report
issued by the Department of Com
! merce
Thi< report show* that the exports
<>f 1 • '■ and beef catt’e have fallen from
>4.40'>.00V value in tie eight months
«i. ied with August, 1904 to practically
11.000.000 in the corresponding months
• f 1918. and that the imports of cattle
eantime increased from *.357 in the
• g months of 1901 to $340,105 in the
-a ue period of 1913. and their value
from 1181.145 in 1904 to $5,031,842 in
1913.
GRIFFIN BOARD OF TRADE
TO DOUBLE MEMBERSHIP
GRIKIIN Nov. 1- A, a rosult of I
* smoker and get-together meeting '
‘ th* Board of Trade here plan? are
now ,n operation to ! ȟble the 1 res-
•id membership of 1. 0 within the I
( next 60 days At Hie conclusion of 1
(the sinok* r ten nt \\ mrtnb* r*» were
| ent ailed j
HV.AKSI b bl ADA! A.VIbKK AN AILAMA. <tA SI NUAY, XOVKMBEK 2. 1913.
. LAYS KTE TO
MNIIHFS OF
SOB 11
[
Dr, VanHise Tells Mining Con-,
gress Anti-Trust Statute Is
Foe of Conservation.
' PHILADELPHIA, Nov. L—At the I
‘ American Mining Congress Dr.
Charles R. VanHise, president of the
• University of Wisconsin, arraigned
the Sherman anti-trust law as the
. one agency more responsible than any
i other for appalling waste in mining
and the obstruction of the natural
' resources of the country.
’ Dr. VanHiae said:
"The wastefulness of the competi
tive system may be proved with re
gard to every product widen is taken
from the earth. But the most disas
trous losses in mining as far as the
future of the human race is con
cerned are in < onnection with coal.
' Under the Sherman act there is
no opportunity to limit output, di
, vide territory, or reguLate prices. Five
I thousand bituminous operators could
j produce 200.Gu0.000 tons of coal per
annum beyond present demands. Un
der the competitive system we are
I recklessly skimming the cream of the
i natural resources of a virgin conti-
Inent. with no regard for the lights ’
of o<;r children and our children’b 1
; children."
An attack on federal control oxer
, coal lands and ’water rights was mac*
’ by Senator John F. Shafroth, of Col
orado. in an iddrosb before the con-
I ven*ion ILs rem irks were directed
partj marly against Government
ownership of 9,425.000 acres of coal
■ iand.s in <’oloiado, xaiued. he said, a:
$500,000,000 io sl,oo’o,nop.ooo. He
urged the sale of these lands to citi
zens or to corporations.
-/New York Puts 0. K.
On Louisiana Bonds
Famous "Baby** Issue Held No Bar
to Savings Banks’ Purchase of
New Securities.
ALBANY. Nov. 1. —Louisiana State!
bonds which it is proposed to issue!
, will be legal investments for trustees
of savings banks in Nev. York State,
] Attorney General Thomas Carmody!
! Holds in an opinion given by him to
| day to Superintendent George C.
i VanTdyl, Jr., of the State Banking
Department. This opinion reverses
i ' propositions embodied in opinions
1 given August 11. 1909. and July 3.
i 1912.
An application for a reconsideration
, of the question was made by Gov
ernor L. E. Hal! of Louisiana and E.
I H. Farrar, former president of the
American Bar Association, ihp latter
acting as counsel for the Governor
in person before Mr. Carmody.
"The facts.” said Mr Carmody,
“differ materially from the informa
tion before this department when the
earlier opinion was written. It was
assumed in that opinion that the
Baby' bonds of the State of Louis
iana were legal obligations of the
State upon which the State had de
faulted.
“It non appears that those 'Baby'
bonds were not bonds of the State for
the payment of which the credit of
the State was pledged, but were is
sued against certain revenues of the
State, namely, uniaid taxes, and were
payable out of these revenues only.’
Coal Operators in
South Encouraged
Demand and Price Good While Cot
ton Crop Is Expected to Help
Georgia Collections.
KNOXVILLE. Nov I.—Operators
in the Kentucky-Tennessee coal fields
are wearing a broad smile, for the
recent cool weather has speeded up
the a tivity of an already active de
man*! for domestic coal, while steam
coal continues to improve. As steam
coal from this field lias been less ac
tive than in any other field, with
pru e correspondingly lower, a decided
improvement in both demand and
price is expet ted within the n xt 30
days. Roth are beginning to mate
rialize
The October output was readily dis
posed of at satisfactory prices, and
;he November output is being as |
• quickly placed with a decided ad
vance in price. If the weather man
serves out normal weather during
the next 60 days domestic prices may
| border on the farcy line before the
| tteison is over. As retail dealers us-
• ually buy enough coal during the
! summer to run them about the mid
dle of November, prices after tha:
j time depend almost wholly upon the
w oat her.
The car supply i.s a matter of con-
I slderable interest to operators and «o
buyers. Mines on the Southern Rail
way report that they are getting only
a 50 per cent supply of cars at the
present time, just the beginning of
their season, while L. A- N operators
report'a decidedly bettor supply, but
j about 20 per cent shortage. As prac
tically ail of the product of the mines i
on the Snutherb Railway moves into
Georgia and other Southern States,
the car supply situation affects the
market especially
A recent canvass of 50 representa
tive retailers of the South showed
that retailers consider prospects for I
the coming seanon very good. As the
. cotton crop of Georgia If proving
| such a boon to that State, it will un
i 'loiibtediy make business good for
coal retuilers. especially helping col
lections
FOR HALF MILLION CITY.
j "We help to n ak» the half-mfliicc
city " This is the motto of the Atlanta
! « < Mills <’-anpany which to 1 -,is,ng
its local friends to buy Atlanta-ma le
i K **’s wherever possll I* CofTee direct
from th mills is «»ix cf this concern's
i
Cotton Ends Week
With Small Decline
Market Is Nervous and Price Fluctu
ations Are Irregular During
Short Session.
By EDWARD LOW RANLETT.
■ NEM Y* RK. Nov. I.—The cotton
' market was nervous and unsettled and
ition wen neg ila The opei -
ing was steady at a decline of 2 to 6
| ;»< ;!.•- am 1 active months .-old 10 to 12
J j-mis net lower during* the early trad
ing in response t<» weak Liv* :p< ol ca
bles. liquidation by srattere-i buyers
; <.r.d a renewal <»f bear prr-. v *;re. l.ead-
I ir.g trade intersts agair were free buy-
•
i the ring on a h.. - ; io 13.36 for
January contracts. Ti e market rallied
I during the middle < f e morning on
, this demand, which instrr.-c ecnsidera
bie covering by shorts, but after sell
ing back n Friday’s cl* sing figures
prices again ea.<ed "nder eallzing and
increased offerings follow ir g a crop es
timate of 14.68D.00 bales minimum by
a prominent Alabama spot firm. The
eloee wjy steady at a net loss of 4 to
6 point*
Liverpool attributed the weakness to
increased offerings of actual in a com
paratively .arrow marke l Pho South
ern news received ; >ur.d t b e local ring
was more or less conflicting, some
claiming that the Sout v was offering
freely, while others said that factors
v. • re refuFirg to follow the /’ecline.
The Southern correspondents of a
prominent local spot firm mate gin
ring to November 1 at ■ 787,186 bale.",
against the official report of 8.869.2’2
year and 9.976. Y* rf, s two years ago.
figures would indi at* a con.-par
erively .-mall ginning for the last pe
rind, which lv*v. ever, may be oartly at
tributable to unfavorable weather.
Estimated cotton receipts-
Monday 1912.
Now Orleans . . . 8.500 to 9.500 8,214
Galveston . . . .18,500 to 20,500 31,177
RANGE. |N NEW YORK FUTURES
h H|> '?;| 5 I
I I ' I ! J V) 1 o n.
;Nv 13 41 13 47 13.47 13.47 13 50-52
II <• 13.69 13.75 13.64 ’3.71 '3 7*<-72 13.74-76
In 13 44 13 47 13.56:13 ;? 13.41-43 13 48-47
b ■ 13.34-36 13.40-42
Mb. 13 42 13.47 13.36 13.43 1! 43-44 13 47-49
■ : . ... 13 41-43 13.46-48
My 13.45 13.47 13.36 13 42 1:’ 42-43'13.45-48
Jne 13 38-40 13.43-45
• ily 13.35 13.27 13.26 13 34 13.:’..?-24 13.38-39
Ag ’ ! 22J A1 2C ‘ 13 22-24
Closed steady.
LIVERPOOL COTTON MARKET.
LIVERPOOL. Nov. I.—Due 4 to 5%
points higher, this market opened quiet,
at a net advance of 4% to 5 points. At
the close the market was quiet, at a
net decline of 3 to 4 points from the
; final quotations of Friday
Spot cotton 2 points higher, middling,
7.66 d: sales. 10.000 hales, including 7.000
American ba'es
Futures opened firm.
Rang* Close. Close.
N0v7.39%-7.30 730 U 7.34%
Nov.-Dee . . .7.29 -7.22 721 “ 7.24
Dec.-Jan." . . .7.25%-7.28% 717 7.20
i Jan.-Feb. . . .7.25 -7.15% 7.16 7.19%
Feb.-Meh. . . .7 19%-7.ir 7.15% 7.19
Meh -April.. . .7.23 -7.14% 7.15 7.18%
April-May . . .7.14% 7.14% 7.18
May-June . . .7.23 7.14 7.17%
June-July . . .7.20 7.11 7.14%
July-Aug. . . .7.16 7.07% 7.11
1 Aug-Sept.. • .6.98 6 81%
Closed easy.
SPOT COTTON MARKET.
Atlanta, steady; middling 13%.
\thens, steady: mid«illng 13%
Macon, steady; middling 13%
New Orleans, quiet; middling 13%
New York, quiet: middling 14.10.
Philadelphia, easy; middling 14.10
Boston, iulet; middling 14.30.
Liverpr < 1, steady; middling 7.65 d.
Savannah, quiet, middling 13%.
Augusta, steady; middling 13 15-16.
Cb.ar'eston, steady, middling 13%
Norfolk, steady; middling 13 11-16.
Galveston, steady; middling 14c
Mobile, steady; middling 14 1-16
Wilmington, steady; middling 13%.
Little Rock, steady; middling 13%
Baltimore, nominal: middling 14%.
St. Louis, steady; middling 13%.
Memphis, firm; middling 13%.
Houston, steady; middling 14c.
Louisville, firm; middling 12%
Charlotte, steady: middling 12c.
INTERIOR MOVEMENT.
m3. 19: -.
Houston' 13,893 ' 31.680
Augusta 2.754 3.956
Memphis 5.385 6.286
St. Ix>u:s 1.577 4.912
Cincinnati. . . .' 1.080
Cittle R< ck ... 1127
Total. .... J 24 689 48,961
Wisconsin Gives First
State Life Insurance
Former Speaker. Author of Bill, Gets
Initial Policy Under Precedent-
Making Law.
MADISON. WIS. Nov I.—The first
policies In a State life insurance fund
in America were issued to-day by th*
Insurance Department of Wisconsin.
Former Speaker Charles A. Ingram,
of Durand, who Introduced the meas
ure in 1911. received the fl’-st policy
Applications came from several
States, but under the law policies may
bp issued only to residents of Wis
consin.
No policy is issued for larger
amount than SI,OOO. When the num
ber of policyholders reaches 1,000 the
maximum policy issued will be for
$2,000, and when the number reaches
2 »»no the maximum 'policy will be for
$3,000, the highest afhount authorized
LIVE STOCK.
CHICAGO, Nov l.—Hngs: Receipts,
13,000 market steady; mixed an*! butch
era. 7 407f8 25; good heavy.
rough heavy,
pig*», 4 40i/7.75; bulk. 7.75 /8.29
< ’attic: Receipts, 200; market steady
beeves, 7.15419 <0; cows and heifers. 3 25
(yS.IS; stackers and feeder?. 5 50?/ 7 40
Texans. 6.254r80C, calves.
Sheep: Receipts. 3,006 market steady,
native and Western, 2 75W5.10; iambs.
4 854/7.60
ST LOUTR. Nov 1 Cattle—Receipts
1,500, including 400 Southerns Mar
ket steady. Native beef steers, 15.60
<a9.25. cows and heifer® $4.75ft 8.60
miockers and feeders. 15.00'i>7.25; calves. 1
J 6 004110 25; T* xas steers.
, cows and heifers. $4 00**16 00, calves.
$4 2’ a 5 70
Hogs Receipts 4.000 Market 5c to
10c lower Mixed. $7.70'/8 good.
• ■
$7 7' 78.00; pigs. $6 50'a7.50; bulk, $7.70
41 7 xo
Sheep No receipts Muttons. $3 75ft
4 67, \»iarllnga, ss.ooft'6 00; lambs. $5.25
’ 07 60
VICTIM OF TROOP TRAIN
WRECK OUT OF DANGER
DALTON. N«v. 1 Reports from
the be iside of Private M. P Walker
I who vas at first thought to have been
fu ally injured in the Meridian. Miss
jos UAAHiaArfs tpiq.tt UI A| Mjv pro.qpLi
..’•rs were kilh»<l nitrfght. are that he
f ..
xui* Walker is a 1 esKivnt of Dalton
Quality of Cotton Is
Lowest in Many Years
Most of the Damage From Recent Bad W eather
Is to the Grade.
11
>{ MEMPHIS. Nov. I.—Difficulty Ini
arriving at definite conclusion® js
’ I to the size of the crop has suppli -d ■
- I cotton traders with divergent ideas
■ of proper prices during the past few
r ' days. The bad weather which fol-
• I lowed the frost in nearly all sections
1 | during the first half of last week had
’ ; a tendency to complicate the situa
-4 i tion Most of the damage was to the
] , quality of the staple, though there is
no getting around the fact that the
number of bales was reduced consid-
? , erably.
The average grade of the crop is
perhaps the lowest In a number of
years, which means the returns to the
producer will be less than if the fall
had normal. Further, there are
‘ claims that a considerable portion *f
’ the crop in some sections has been
so badly injured that it will be fit
t only for junk, not being good enough
to spin. This will reduce the amount
from which the consumers will get
? their supplies, and lack of definite in
formation along this line has con
tributed to the price fluctuations.
The rains following the cold spell
prevented picking over a large par:
of the belt practically all of last week
and part of this, thus adding to the
, damage, as the fields were generally
• white and many had not been
touched. In the Delta section of this
’ been done for two weeks. The move
! ment already has shown some effects
1 of this.
There have been a number of crop
I !
r Argentine Corn Is
Plentiful Abroad
I
Weakness in Yellow Cereal Is Felt
Sympathetically in the
Wheat Pits.
By JOSEPH F. PRITCHARD.
CHICAGO, Nov. 1. —It has been said
■ all along that there would not be enough
Argentine com to come into the United
States or find its way into the import
ing countries of the Old World to be of
any consequence as a price maker, but
this now may be disregarded. IJver
i pon] was % to l%d lower for corn
[ futures to-day’ and spot Argentine was
Id lower. Reports of com in that mar
ket for Monday are expected to be
! heavy and stocks are large. The pres
ent weather has brought out more com
than was generally expected, as pri
, mary receipts this week were 2,705,00(»
' [ bushels. 700.000 bushels in excess of
the week a year ago.
The actual receipts of com at Chi
cago to-day were only 90 cars. Cash
sales yesterday were fair at 220.000
bushels.
The weakness in com seemed to car
ry considerable weight within the wheat
market. There were declines in the lat
ter of only % to % cent, but where there
were many* bulls earlier In the week,
tiie entire trade favored the bear side
at the close.
Not only at Chicago, but at the North
o-ts, tiic more cautious
traders in wheat advanced the opinion
that before long there will be an in
crease of the premium of the cash
article over the futures.
Cash sales here were only 15.000 bush
els and th* seaboard reported 30 loads
of Manitoba as sold for export.
‘ »aT« were heavier and showed net
losses of %tn % ce nt for the day. The
weakness in com and wheat was a bear
help.
Provisions were active and averaged
a little higher most of the session
CHICAGO GRAIN MARKET.
Grain quotations:
Previous
High. Low. Close. Close.
WHEAT—
Dec 86 65% 3514
May 90 1 -, 901, 90% 90%
July 87% 87% 87%
CORN—
Dec 70 69% 6<>% 70% ;
'May 70% 70% 70% 71%
1 i July 70% 69% 69% 70%
• OATS— !
Dec 38% 38% 38% 38% I
May 42% 42 42 42% I
42 415 « 41 *« 4 2%
PORK—
[Jan... 20.17% 20.02% 20.05 2d iju,
May . 20.22% 20 07% 20.10 20.17% |
lard—
Jan.... 10 70 10 W 10 C 5 l n 62% I
May... 10.87% 10 80 10 85 1080
RIBS—
Jan. ... 10 70 10 65 10 65 10 65
May... 10 82% 10.72% 10.77% 10 77%
CHICAGO CASH QUOTATIONS
CHICAGO, Nov I—Wheat. No. 2 red.
*5%ft96%; No. 3 red. 92ft>98: No. 2 hard
winter, 86%'ft 87; No 3 hard winter, 85%
.a 86; No. 1 Northern spring. 90ft'90L»;
No. 2 Northern spring, 88?i89; No ~3
spring. 84*ft86.
Corr. No 2. 72%ft78; No. 2 white.
72%ft73. No. 2 yellow, 73tg»78%. No 3.
72%; No. 3 yellow. 72%; No. 4 71%<®72:
No 4 white. 72; No. 4 ye’low, 71%ft72.
Oats, No. 2 white. 40%ft41; No. 3
white, 38% ft 39%. No. 4 white. 38%ft
38%; standard. 40<ft40%.
PRIMAVYY MOVEMENT.
WHEAT— I 1913 IM!
Receipts’’’l,o4l.ooo Holiday
Shl pm ent s ] 561, 000 Holl da y.
CORN—
Receiptsl 377 000 Holiday”
Shijmients . . . . . 619,000 1 Holiday
NEW YORK COFFEE MARKET.
Coffee quotations:
Opening. Closing’
January • ■ - l ft 4s ’0 50ft 10 52
February 10.60 10.63 ft 10.68
March 10 77 10.76010.77
I \pril 10 85 10.87 ft 10.89 I
Mayll 00ft 11.05 10.99 ft 11 OO
Junell.os
July*ll 17ft 11.25 11 18ft 11 20 |
August 11 25ft 11 35 11 27ft 11 28
September. . . . 11.40 ft 11 44 11.36 ft 11 37
October■ll.37ft 1 ’ 39 1
November'lo 23ft 10 25 |
ppotnler. . . .10.30J0 37ft 10 38 '
Closed steadv. Sales, 27.000 baga.
COTTON SEED OIL.
' '°U nn seed oil qnniai ions.
Opening Cl os ng
Spot .... 6 94ft 7AO '
November .... 6.1‘4ft700 6.95ft.f. 96
December .... 703 ft 708 708 ft 709 '
January .... 715ft7 17 717ft719 ;
February .... 7.22 ft 725 7.33 ft 727
March ... 7 3’u 736 7.32 ft 734
Xj.r.l . . 715 ft 788 736 ft 7 W
Ma . 7 I ft 7 »■: 741st 7 42
luly . .31
Ulraed strong, a*u*a >.IOO barrels 4 j
I estimate? most of them running b®-
1 low 14.000,000 bales, but the conser
vative portion of th*? trade is wary <
about accepting them as yet. It :s |
realized by everybody, however, that I
chances are good for the total yield
to be below that amount, depending
to some extent on the weather during
the period of saving the portion yet
unpicked. Talk of above 14,500,000
bales is generally derided.
Spinners continue buying conserva
tively. The prospect for trade is
either not so good as has been
thought, or the mill people have not
come to the conclusion that the crop
will be as small as 1b believed In the
belL
Business In the actual has been ;
moderate during the week, with prices
disposed to sag just a little In srym
pathy with the reactionary trend of
futures. There has been little dispo
sition on the part of producers to
hold, yet concessions have been
granted with some degree of hesita
tion. Some of the local buyers have
said during the past few days that
the eastern belt had been more will
ing to sei’, at a lower level than those
in other sections, due to the larger
I yield In the east.
Passing of the worst stage of
weather damage complaints and the
fact that the bull news had been
largely discounted has given bears a
chance for some aggressive efforts,
and they have made some use of it.
Sentiment, however, continues to be
favorable to prices being sustained
well above the 13-uent level.
I
News and Notes
Os the Grain Crops
By JOSEPH F. PRITCHARD.
CHICAGO, Nov. I.—The bulls In [
wheat are now looking- toward crop
conditions In Argentina to make i
some money for them. Cables from
the Southern Hemisphere say there i
Is a possibility of damage from lo
custs and quick changes In the weath
er.
Stocks of breadstuffs in the United
Kingdom are usually small at this
season, not only in the hands of the
millers, but in the elevators. Gram
merchants have allowed the continent
to secure big lots of wheat, while
they have held oft for lower prices,
and they Ilkeiy will be obliged to ac
cede to the demands of exporting
countries.
There Is a good-slsed open Interest
in w heat at Chicago, with some of the
stronger men in the trade on the bull
or long side of the market. The bears ,
and shorts are scattered from one end
of the country to the other. Specu
lation is moderate, with the business
confined largely betw’een profession
als.
The corn market is in a strong po
sition. The fear that Argentina ,s
likely to secure some of our trade has i
disappeared. That corn Is being of- j
sered at low prices and the Southern
Hemisphere is enabled to sell but lit- i
tie of it.
Big Variety Shown
In Veiling Trade
Lace Effect and Beauty Spot Meshes
Popular—Self-Colored Grounds
Moving Well.
Atlanta dealers report that iace
I veilings and beauty-spot meshes are
1 generally regarded as the strongest ‘
| items in the veiling field this season.
: Black veils are oartlcuiarly active, al-
I though purpie. taupe and Copenhagen |
I on black and self-colored grounds are
1 moving well. Brown is also in de- 1
■ mand.
The demand for lace veils is prin- .
| cipally for biack. with some cal! for |
brown, navy, purple and taupe. More ‘
I colored meshes have been sold this
, fall than for several seasons, and an
increased demand for purple varieties
is now noted. Such staples as browns
and black are also active.
A demand has suddenly sprung up
for vine flgurr-s on craquelle mesh,
black, white, brown, navy, flesh and
taupe being the most active shades
Small plain hexagon and octagon
meshes, with Shetland finish, con- |
tinue to hold their places among sta- ;
pie stocks. Frame veils are on the i
wane.
The demand did not last more than I
two months, although they were espe
cially active during the early part of
' the season. There ts a steads' call for
automobile veils and in these goods
the tendency now 1s rather toward
woven borders, instead of the home
stitched. so the>- can be used either
as scarfs or veils.
NEW YORK PRODUCE MARKET.
NEW YORK. Nov. 1.-- Petroleum
firm: crude Pennsylvania 2.50
Turpentine barely stead}-; 44%@4554.
Rosin steady . common 4.00.
Wool more active; domestic fleece. 22
ij2': pulled, scoured basis. 3S@SO; Tex
as. scoured basis.
Hides steady native steers. 194,0 20; 1
branded steers, 18L..
Coffee firm; options opened t to ' I
points higher; Rio No. T on spot 104,.
Rice steady; domestic, ordinary- to
prime. 4WSH I
Molasse «tead> New Orleans open
kettle. :<s'qss.
Sugar, raw quiet; centrifugal, 3.61;
niuseova/10. 3 11. molasses sugar. 2 66
Hugar. refined q'.iiet tine granulated. .
4 J 5; cut loaf. 5 no. crushed. 5.20: mold
j A. 4 So; cubes. 460 powdered, 4 45; dia
; mend A, 4 35; .■. nfectioners' A, 425
j Softs—No 14 2:. 1 No. 2 is 5 points'
: lower than > 1 1 and Nos. 3 to 14 j
■<re each 5 points lower than the pre- I
ceding grade 1
T -Utt as irregular white, nearby-. 200
4/2,7.-. «u <.et; 75b I 87.
I Beam- quiet: marrow choice, 6 54) bid •
f* a : rholce. - ;:o>„4oo. red kidney,
j Ive. 4 < sft 5 59
l?rie<i fruits st eatflerd. apricots, choice i
t- fancy. 134/is apple.**, evaporate,
prime t ■ far • . 7’ 2 ft- 4 % prunes, 30i» to i
6fw *ft 12, %‘H t' 160*. sft 8% . n*ar hpK t I
«l * i«’p to fun< >. • 4ft7 4 needed raisin*. !
I choice to tain >. 64r6%
WILSON CROPS
FIGHT 081
U.S.SHIPREB.fI[I
Adjournment of Ways and Means 1
Committee Indication of Victory S
for Leader Underwood, ■
WASHINGTON, Nov. ■
Wilson will not ask Congress to « B
peal the 5 per cent tariff differentu. ■
in favor of American ships K
Leader I'nderwood has adjoint' K
Indefinitely the Ways and B
; Committee This committee nu B
I charge of any changes in the taffl I
law, and its adjournment by Mr. Ut- B
derwood, the chairman, indicates tbr B
no changes are to be made tn tht B
tariff law or in any revenue measure! B
now on the statute books. K
Unde -wood wrote into the tariff lir B
the 5 per cent differential to aid It B
the upbuilding of the American ms B
chant marine. ■
Committee Behind Underwood B
The Ways and Means Committee B
has been held by him for some wmki B
so that it could take up such chansei B
i in the administrative features of du B
neyv law as should be found necee B
sary. ■
Underwood is opposed to a repea: ■
jof the 5 per cent defferential. Hit 3
| committee Is behind him to a man.
The State Department officials un
der President Taft decided that such
a discrimination would not violate
any existing commercial treaty. Un
i derwood had the help of this special
State Department commission In
drafting the section of the law.
I Secretary McAdoo, of the Treasury,
wlio suspended the operation of the
' discrim.nating duty, is now wortiof
out a plan for enforcement ..f
I l:;yy. Mr. Underwood says .:
see no reason v.-iiv such a :: ■ <tit
i In the law- can not be ens.-i
Can Make New Treaties.
. Attorney General Mcßej lul
whom this 5 per cent pro :-. .. '
the tariff law has been re: r: i
Secretary of the Treas. .
will hold that it conflicts wiv
of the commercial foreign a
but Underyvood will insist tlia:
law be applied.
New treaties may be in.i i. i.-
sary, but they can be negotiate. 1“
the State I>epartment. in the oy.it.!.:
of House leaders without ept-.u
act of Congress, and without changt
in the tariff law.
Georgia Selling Off
Cotton Crop Rapidly
Bent on Taking Advantage of High
Prices—Much Grain Being
Sown.
ATHENS, Nov. I.—Report' froff.
farm demonstration agents to tiieCol
. lege of Agriculture, from all parti
of Georgia, say that cotton ar.l cot
ton seed are moving out of the hand*
of the Georgia fanners rapid!)
i Farmers seem bent upon making us®
of the good prices as quickly a 5 pos
: sible. Other crops are bringing good
prices and the Georgia farmer is get
ting square with the world tn a
that denotes healthful business con
ditions.
In spite of the high price which
cotton Is bringing, reports from ove’
the State indicate that mor? oats and
small grain are being sown than las’
year, which was the largest year tor
sowing of this kind in the State, it is
claimed. Judged by this, the farmer?
of Georgia are not being turned awar
from diversity of agriculture tnwarc
which they are now progressng
Much of the com crop has not Fj
been gathered. Such of the corn club
i boys as have closed their conteit*
have good yields, but no record t
ers have yet been measured up. h
is apparent that the year 1911 wal*
better yielding year than 1918 so ! f
i corn, but Georgia has grown
corn this year.
It is difficult for the farmers o
| Georgia to get all of the seed they
- want for fall sowing and planting
i Oats, vetch, rye, rape, crimson clover
: burr clover and alfalfa are in gtea.
' demand.
$2,200,000 Dividends
Lost to Stockholders
lola Cement President Affirms
Equitable Trust’s Charges
Irregular Acts
ST. LOUIS, Nov. 1. ;
Nicholson, of Kansas City. ; ■
lof the lola Portland Cement <' l .
of West Virginia and
fled to-day in the Federa
i Court here that the two 1:.
dends which officials of
table Trjst Company, of N’
assert were concealed, wer*‘
to the stockholders.
The dividends were ■ ';f pre u
(90S. he said, to redu
charges on outstanding '
these dividends, at 25
amounted to $700,000, he * •
other amounted to 500." 1
I Nicholson was testifying ”
iof the Equitable Trus' ““
| against the Nation 1 *! Ban
' merce for $150,000 alleged
i on n loan of s2s'\ono
Bowling Green Trust Com; C
then absorbed by the Eq •
the cement company
NEW YORK BANK
NEW YORK. Nov 1 J r '.
statement of the New ) *'rk
Banks shows the following <
Average Statement
I Excess cash reserve $6
create* $6,265,450.
Loans, increase 916,269 000
Specie, decrease $1,894 0 A
Legal tender, decrease » '''
Net deposits. Increase S'’
Circulation, increase $65,0“"
Actual Statement
increase 124 024,non
Sperjf <j<»( cease ■
le.m! tender, inereaee •*
• d« r '*h* Incr • ‘
■ •