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IT KARST'S SUNDAY AMERICAN, ATLANTA. CA., SUNDAY, NOVEMBER 30, 1913.
Latest Reports From the World's Great Markets-—Cotton, Grain, Stocks
OF ONE GREAT RAILROAD
Experiment Would Settle Whether
Public or Private Possession Is
Better, He Argues, and Might Solve
Perplexing Question of Funding.
NEW YORK, Nov. 29.— Will (lie United States Government
please make arrangements to take over one of our better-class rail
road systems and conduct the valuable experiment of running it ?
The Pennsylvania Railroad security holders,
for example, would no doubt agree with alacrity
to sell out to the Government on a somewhat
lower dividend basis than the road is now
earning. Let the Government merely guaran
tor the present dividend rate of (i per cent and
few stockholders would not grasp an opporfu
nity to approve the deal, while the bondholders
would unquestionably welcome the idea of hav
ing the credit of the United States placed be
hind their investments.
A practical and adequate experiment in Gov
ernment ownership and administration of rail
roads would be invaluable. It would settle
many problems of the first magnitude, prob
lems that are beginning to shake the very foundation of our
present railroad, industrial and financial system.
Would Settle Question.
Were the Government to dem
onstrate what many citizens—
rightly or wrongly—believe?
namely, that there is enormous
waste in the management of our
railroads and that equal or bet
ter service could be supplied by
the Government at lower cost
without bringing political cor
ruption, then the country would
know r where it stands in the mat
ter of its railroads. Similarly
were the experiment, after bill
and fair trial, to prove a failure,
then the country would m that
ease also know where it stands
railroadwise.
This suggestion is not made in
Jest. Jt Is not made In a spirit of
cynicism, it Is not Inspired by bit
terness.
Trsnd Is Strong.
It is made because the trend to
ward Government ownership Is very
much stronger than many people,
especially those In the financial and
railroad World, realise — although
President Kae. of the Pennsylvania,
end ex-Presldent Mellen. of the New
({even, apparently are alive to what
Is going on, judging by their recent
Wrr&nees.
Perhaps the suggestion here put
forward Is a little beforehand. it
may be regarded by some, or even
many, as farcical. But let them he
assured thut the drift Is unmis
takable.
in slow-going Britain the Govern-
mem tins appointed a commission to
investigate the whole railroad status
with a view let ascertaining whether
Government ownership Is feasible,
udvlsable or inevitable.
Some Solid Facts.
But It may serve a useful purpose,
It may Interest the Interstate Com
merce Commission and all other par
ries interested In the railroads' appli
cation for permission to Increase
iheir freight rates, tp reflect upon a
few concrete facts.
An enprmous mass of railroad ob
ligation is about to fall due. The
total for the next year has been com
puted at half a billion dollars. Much
of this consists of short date notes
which were resorted to as a make
shift In the hope that financing on
more favorable verms would lie pos
sible before or when these tempo
rary obligations had to be paid off.
Well, what do We And? What are
the conditions at this moment?
The following figures were pre
pared for me at my request
The Chesapeake and Ohio has
KT,.000.000 4% per cent notes due
June 1 next. Were these notes re
newed on the income basis at which
they are now setting (7% per cent),
the' ADDITION AI ANNCAI. OOHT
TO THE ROAD WOULD BE $750,-
bfto. Kelt THIS $750,000 THE ROAD
WOULD GET NOT ONE DOLLAR
ADDITIONAL CAPITAL. How would
dividends fare under such circum
stances?
Money Costs Dear.
Missouri Pacific has aboui $25,000,-
000 5 per cent notes maturing next
.Tune. These arc to-day selling on a
20 per cent basis, at which rate
RENEW Al. OK THE NOTES WOULD
ADD $3,750,000 ANNUAL],T TO THE
ROAD'S charger: 1* that fact
not calculated to make Investors feci
uneasy?
Missouri. Kansas and Texas has
$10,000,000 notes due in May. 1915.
and if tiles, were renewed on the
present income basis the extra bur
den annually would lie $513,000.
International and Great Northern
has $11,000,000 notes to meet next
if |t )ia id the same rate
v-vi-h fhe notes now yield to buyers
- r. .. cent, against the 5 per cent
• - -ted on their face—the additional
■ix upon the road’s .reasurv would
win; to $4 40,000,
New York Central, New Haven,
j; Seaboard Air Line and others
are also confronted with the same
mroblem.
; Steel Trust Likely
To Acquire Plant at
LaFollette, Tenn.
Capacity of Present Plant To Be
Doubled If Deal Goes Through,
Is Report.
Stocks Fluctuate in
Very Narrow Limits
Traders Awaiting Wilson’s Message
Before Committing Themselves to
Any Extent Either Way.
By CHARLES W. STORM.
NEW YORK, Nov. 21*. Speculative
selling of (’atiAdian Pacific caused a
drop of 1 point In that issue at the
opening of the stork market to-day,
this being* the widest movement with.
In the first half hour. This stuck soul
down to 224 1 -4.
United States Realty, whieh brok«
yesterday following the failure of the
New York Real instate Security Com
pany. showed a rally tendency to-day,
gaining . 4
Amalgamated Copper, Great North
ern Ore certifies tea, Utah Copper,
United States Steel common, Union
Pacific and Missouri Pacific alluded
fractionally around 1-8 to 1-4.
Fries old at 2*1 7-8 for a fractional
gain. Nevada < ’onsolids ted Copper
advanced 1 -8, Southern Pacific, after
opening unchanged, made a slight de
cline.
The curb was quiet.
Americans In London were dull.
NEW YORK SOTCK MARKET.
Stock quotations and net
chang
i Tins.
ST< >CKS
High.
Bid (
Amal. Copper.
69%
69
69
Am. Agricul .
/ u
Am. Beet Bug
33
American (’an
2 8
2 3 7 it
2714
do. pref. ..
90
88',
89
Am. Car Fdy .
43%
<33,
43
Am. Cot. Oil
37'.
37’,
37
American Ire
20
Am. Loccmo...
2!*W
3»V4
29'*
Am. Smelting
61 %
61%
61%
Am. Stig Ref.
107'-,
Am. T.-T....
120%
Am. Woolen.
15%
Anaconda ....
3314
33%
83%
Atchison
92
92
02
A. C. L
117
R and O
92
92
92
Beth. Steel.
28 %
B. R. T
3*1.
86%
86Z
( an. Pacific ..
*-6V.
224%
225
Cen. Leather
23 %
C. and O
56' 4
Colb. F. and I
....
2« 7 i
Colo. Southern.
27 %
Consol. Gas. . .
126%
Corn Products
. »■«
S",
9
D. and H. ...
149
Den. and R. G.
17%
Distil. Becur. .
16%
l«'«
1.6 %
Erie
26%
26%
do, pref . .
40
Gen. Electric.
136%
G. North pfd..
133%
123%
123%
O. North. Ore..
31 V,
31%
31
G. Western...
tl %
111. Central...
106 %
interboro . . .
13 t ,
do, pref. . .
57 %
57%
KNOXVILLE, TENN.. Nov. 29. It
is persistently rumored here that th»
United States Steel Corporation will
take over the great coal properties,
iron ore* mines, blast furnace and
coke ovens of the LaFollette Coal,
In-n and Railway Company at La Foi
ls! to, Anderson County, Tenn., a few
iti Ich north of Knoxville.
Colonel il. M. LaFollette, who is at
th-j head of the present company, has
be**n in the East the greater part of
the last three months, and It Is ex
ported that official announcement of
the new organization will soon be
made. It is expected that if the deal
voes through the United States Steel
Corporation will more than double
the capacity of sll the various de
partments and that a large steel mill
will be added. This company now
employs 100 men in Its mines alone,
with a large number In other depart
ments, so that the new plans would
mean a large increase in the popula
tion and activity of the industrial
town of LaFollette.
Billion and One-Half
Is Pending in Loans
CHICAGO, Nov. 29 The inroads
made by war expenses on the liquid cap
ital <>f Europe art* becoming apparent
In the huge total of foreign Govern -
n i t loan ion being ftnftnged <-r con
templar! The aggn-gste pending loans
reach the stupendous Slim r»f $ 1.450.000,
000. of whieh something more than $600,-
000.000 is being asked to pay the Balkan
wa»- debt and to finance France’s mili
tary expansion.
A like amount Is to g<» into railroad
construction, largely In Russia and Ja
pan A salient fart Is that virtually
none <>f these loans will be used to re
pay existing obligations, and If the
countries g»*t the money they are now
seeking there will he an Increase of
more than ‘? per cent in the oxsting na
tion;’! debts of the world. 'Phis In
crease would he nearly twice the aver
age annual advance in national In
debtedness Jn the past ten years. The
total of these obligations has risen
from around $ 35,0<m .000.000 In 1902 to
approximately $4 2,000,000,000 at the
present time.
Freight Rate Tariff
Books Are Still Free
CHICAGO, Nov. 29 As a result of
n conference between a committee of
the National Industrial Traffic League
ami the Southwestern Tariff Bureau,
the railroads in (he Southwestern
group have agreed to recede from the
position to make a charge for tariffs
furnished shippers.
This probably will bo followed by no
tices from all roads in every part of
the country that the stand to charge
rash for the distribution of infromaflon
sheets regarding rates will be aban
doned. The railroads a few months ago
announced that in their campaign
for greater economies one of the Mg
wastes has been in the distribution in
tariffs. They did not object so much to
• ultimate distribution of the books, but
it whs charged and still is charged
that the tariffs, costing in the aggre
gate $1,000,000 to Issue, are Wasted by
the shippers, that little core is given
them, and that more enpUhp than ac
tually nee.U'd are asked for.every time
a change is made
Pioneer Investors in
Gas Lost Huge Sums
Oldest Public Utility Fought Hatd Battle at
First, Now Pays Well.
L* %
Int Harv. (old)
100 V*
M., K. and T
19%
19%
19%
do. pref. . V
53
L ValluN
146%
146
146%
%
L. and N . .
130
Mo. Pacific . .
26
• 24%
24%
1%
N. Y. Central.
95%
Northwest. .
125%
125%
125%
v
Nat. Lead .
43 %
%
N. and W
102
%
Mo i •<*
106%
106%
106 V 4
+
%
O. and W. . •
25
Penna
109
108%
108%
+
%
Pacific Mail. .
23
P. Gas Co.
116%
P. Steel Car .
1 •
%
Reading .
160
159%
159%
%
R. I. and Steel.
19%
English Economist
Likes Currency Bill
NEW YORK. Nov. 2' 1 Sir George
Paish. the English economist, yester-
da\ cabled from Washington to his
paper, The London Statist:
"it is believed here that the situa
tion in Mexico will shortly right itse’f,
either by the resignation of President
Huerta or b> concerted action by the
Mexican people, or by the successes of
the Constitutionalists, and that no ac
tive intervention by the United States
will become necessary.
"The two sections of the Currency
• >o mi 111 are expected to present sep
arate reports to the Senate on Satur
day and inasmuch as there are no se
rious differences of principle between
the , wo reports the currency bill Is ex
pec ted to pass thro\|glt the Senate with
out much delay.”
Morgan Saved the
N.H.R.R. Say Counsel
BOSTON. Nov. 29. The statement
was made recently hv F D. Robbins,
counsel Ur the New York. New Haven
and Hartford Railroad, that prompt ar
il. in by the late J. P. Morgan in secur
ing from France one of the few loans
made in that country tided the road
over tVo 1907 panic.
He added that had that loan been de
layed for a week the consequences
would have been disastrous to the cor
poration. its stockholders and the com
monwealth.
This history came out In the hearing
before Judge Sheldon, of the Supreme
Court, on tne appeal of former Govern
or Morgan O Bulkeley from the Pub-
lb Service Commission's decree author
ising the New Haven to issue $67,552,-
000 of convertible bonds.
By BOERSIANER.
CHICAGO, Nov. 2®.—Gas is the
oldest of public utilities inventions —
older than the Hteam railway, than
the telegraph and the telephone, than
electric illuminant. Invented in a lefts
receptive age than its successor
sciences, It had a hard struggle for
genera! recognition.
Like all useful and enlightening
conceptions, It was opposed on va
rious grounds, mostly termed ‘‘dan
gerous." Harebrained religionists de
clared It to be heretical. It conflicted
with the Scripture. The candle was
God's gift to man. To "ftoientists”
the idea was likened unto Taputan's
scheme for making sunshine out of
cucumbers.
Distinguished laymen were caustic
snd ironical. Napoleon remarked:
"(Test une grande folle." Hlr Walter
Scott wrote: "There is a madman
proposing to light London with—what
do you think? Why, with smoke!”
Hlr Humphry Davy and Sir Joseph
Banks thought it "inconceivably wild.”
The populace were afraid of this
"burning air." as it was called: they
could not he convinced that fire or
explosion would not be the inevitable
result of its use.
Two Inventors Rivals.
The credit for the discovery lies be
tween an Englishman, William Mur
dock, and a Frenchman, Phillip© Le-
Bon.
Both publicly announced their dis
coveries simultaneously in 1797. Mur
dock, however, was the first to have
the thing tested on a large scale. Aft
er lighting his own house he in
duced Boulton, Watt & Co., manufac
turers. at Soho, near Birmingham,
England, to let him light their plant,
which he succeeded In doing without
accident.
"This remarkable illumination.”
wrote a journalist at the time, "was
the first public display of gas light
ing in this country, and produced a
very strange Impression upon the in
habitants of the town. The Illumi
nation of the Soho works was one
of extraordinary splendor. The whole
front of that extensive range of
buildings was omnmented with a
great variety of devices that admira
bly displayed many of the varied
forms of which gas light was sus
ceptible.”
First Company Formed.
But if Murdock was the first to
have a public display, Le Bon antici
pated the Englishman In organizing
a company for the exploitation of the
Invention. He raised $50,000, had gas
used in the Fauborg St. Germaine
Quarter. Paris, and subsequently got
$1,000,000. a considerable sum for that
period.
If Murdock was himself slow in
finding a wide field for gas, he soon
found a promoter who made up for
lost time. Frederick A. Winsor, a
man of sanguine temperament and
unbounded imagination, combined
with determination and ingenuity, ad
vocated the distribution of gas from a
central source "for the benefit of all
London.” The London press thought
Winsor’s plan the experience In Paris,
notwithstanding, "wild, absurd and
extravagant in its conception and
fraught with the greatest danger in
its execution."
"Fire of Wind.
What Winsor proposed was "a fire
of wind.” Whoever has had any- , ^ ...
thing to do with the London Council j cent of the Interest in default,
these days may appreciate what Win
ner had to meet in the early years of
the last century. Morgan lost his
self-control and Yerkes most of his
money in trying for franchises for a
"tube” ten years ago.
However large your purse and pa
tience, both are bound to be exhaust
ed in an encounter with the London
board. Though Winsor had money
and energy m plenty, it was not until
1816 that he succeeded in selling gas
In the English capital with the sanc
tion of London councilors.
Here In this country the industry
dates from 1806. when a David Mel
ville, of Newport, R. I., lighted his
premises by means of coal gas which
he manufactured thereon. This took
place nine years after the experiments
in England.
The apparatus as used by Melville
was necessarily crude, but underwent
improvements from time to time until
In 1813 he secured a patent, and later
used gas for the lighting of a cotton
mill in Watertown. Mass.
Used in Will.
Gas was also used at about this
time in a mill near Providence, R. I.,
and whs employed In 1817 ae an illum
inant In a lighthouse. The growth of
the industry was at first slow, but
with the advance in the details of the
Construction and operation of gas, the
improvement and development of
special tools and appliances and the
Increasing knowledge gained by ex
perience of the law’s of physics In
volved, there came a much more
rapid growth.
As early as 1816 a company was
chartered In Baltimore. Md., followed
In 1821 by the formation of a company
in Boston. MR as. New York City
adopted gas lighting In 1823, and sev
eral years later companies were
formed in Brooklyn, New York and
Bristol, R I.
New' Orleans adopted gas about
1835, 29 years after Melville intro
duced the new Illuminant in this
country. A proposition to light Phila
delphia with gas was made in 1803
and a similar one was made in 1817,
but both were rejected.
Repeated efforts were made there
after, but It was not until MarcJi 21,
1835, that an ordinance was passed
providing for the construction of the
works. The plant was completed Feb
ruary 8, 1836.
Early Inventors Lose.
Like all utility inventions that pre
ceded and succeeded gas. the money
put in the illuminant in the early
stages yielded no profits when, in
deed, it was not lost altogether. It
was not until the sciences of manu
facture and distribution had been per
fected. not until by-products had been
advantageously utilized and the use
of the illuminant extended to cooking,
etc., that the gas business paid well.
To-day in this country there are
12,000 plants with a capital invest
ment of quite $1,000.000 000 which is
to be compared with 30 plants and
$6,674,000 invested In 1850. Sixty-
three years ago the value of the prod
uct was $1,921,746. To-day it id $135,-
000,000.
The steadiness of the net earnings
of the industry in the last decade has
been remarkable. These have never
dropped below 8 per cent on the se
curities issued. On the total mort
gage debt of the companies—about
$411.000,000—there is less than 1 per
News and Notes
Of the Grain Crops
B. & 0. Head Explains
Decreased Dividend
NEW YORK, Nov. 29. Although gros
earnings of the Baltimore and Ohio
were the greatest in its history during
the year ending June 30, only 7 1-5 per
cent was earned on the common stock,
against 7% per cent In the previous
twelve months.
Gross increased $8,961,808, but oper
ating expenses expanded $9,070,100, leav
ing net down $108,291.
President Daniel Willard states that
economies brougt about by the In
crease of the average trainload from
461.70 tons In 1909 to 650.81 tons in
1913 are not more clearly reflected, ow
Ing to the constant increase In ex
pense. He says that “compared with
1909, increased rates of pay and changes
in working conditions have added a
charge of $4,758,000 a year; the cost of
fuel, ties and other materials has in
creased, taxes have required an addi
tional amount of $S41.806, and other
increases have been brought about by
legislation. Federal and State, and by
the requirements for a higher standard
4>f service in all directions than ever
1 before."
do. pref.
Rock Island. .
do, pref. .
S.-Sheffield. .
So. Bad tic.
So. Railway. .
do. pref. .
St. Paul . . .
87*4
97% 97**
87 %
21%
74
97%
LIVE
OCK MARKET
Tenn. Copper.
28%
28%
2S'
fiPT.win. V-
v Hogs Receipt*
Texas Pacific.
, rtftii
Market.
shade higher Mixed
Third Avenue
3!»
;• V'l »'<
-*<C'i 7.85: good heavy,
Union Pacific.
151%
151%
151 V
- , 7
b; rouvh
hesvv 7 25'a 7.60; light,
U S. Rubber .
53
53
52 \
7 '.ft: 7
15; pigs.
5.50$$?.15; bulk. ?.60@
U S Steel . .
55 %
5 5 H
57*
7 77
do. DPftf
"i %
104%
104 L
< ’atll
Reqein
s- 1.200 •■•arket steady
Utah Copper
47%
47%
47 1
Heeves
6 754;, 9.5'
; cow* and heifers. 3.25
V.-C. Chem. .
26 ■
IQ 7 90:
siockers
and feeders, 5.251/ 7 40;
Wabash. . .
Texans
6 40 C'i
5: .-aIves 9 26$ 11 00
do, pref .
10
Sheen Receip
s 6.000 Market steady.
W Maryland.
34 '
Nstlw
nd Western, 3 75@5.10. Iambs.
W Electric. .
63 •,
70.
W Central . .
43%
Lewis Now Predicts
U.S.Parcels Monopoly
WASHINGTON, Nov 29 —The Inroads
of the parcel post into the business of
privately owned express companies was
shown to-day in figures prepared by Rep
t. sedative Lewis, of Maryland, co-au-
thor of the parcel post law.
Mr I jew is says that in 1911-1912 the
profits of the five loading express com
panies were $5,771,940. in 1912 1913. the
profits were $3,289,602 and in June. 1913,
the loss was $419,918,
He Intimated that It was only a mat
ter of time when the Government would
have a monopoly of the retail parcels
carrying business.
33,839 Average $91
In N. Y. Postal Banks
NEW YORK, Nov. 29— Postmaster
Morgan made public yesterday that in
1 the postal savings banks in the New
York postal district. Manhattan and Tee
i Btonx. on October 31 last there were
33 83'> depositors, with $3,092,099. an av-
! 4 race of >91 per person, on deposit
T* nationalities by which the postal
| savings system is used most in New
! York are \merieans, Italians, Russians,
j \ striae.s. English, German, Scotch and
Greeks.
Carnegie Note-Giver
In Ante-Trust Days
NEW YORK. Nov. 29 How the for
mation of the United States Steel Cor
poration affected the Industry was dis
cussed by Benjamin F. Miles, president
of the Browning Engineering Company,
of Cleveland, at the Government's suit
for dissolution of the trust.
"I have seen some large batches of
notes offered by the Carnegie company
with the understanding that If they
would be discounted things would he
made easier for some of the interests
that were allied there." he said.
"Even the notes of the Carnegie com
pany in those days were questioned,
were they not?" he was asked, and an
swered .
"Yes, I have heard them questioned."
Advocates Clearing
House for Canal Zone
WASHINGTON. Nov. 29.—The estab
lishment of a great clearing house bank
for the Panama Banal Zone, through
which smaller hanks of the I^atin-
American republics may transact busi
ness. was advocated to-day by Dr.
U'arence J Owens, managing director
of the Southern Commercial Congress,
"Much of the banking of Latin
Americans is now transacted through
London agents." ,sait1 Mr. Owens. "The
opening of the canal, however, will
focus trade Interests upon the canal
■one. making It a singularly strategic
position lor a gi eaijJearing house "
Type Founders' Co.
Increases Profits
NEW YORK, Nov. 29.—The Amer
ican Tytpe Founders’Company for he
year reports, after preferred divi
dends, net profits equal to 5.27 per
cent on the common stock, compared
with 4.84 per cent profits the previous
year. President Robert W. Nelson
said in his remarks to stockholders:
"Your directors look for a more set
tled condition in general business
with the adjustment and acceptance
of commercial and financial legisla
tion. and the coming year should he
as favorable to American industries
as the past year.”
The balance sheet shows total as
sets and liabilities of $10,361,222 and
a total surplus of $814,644. notes pay
able. $1,167,925; accounts payable,
$141,975: notes receivable, $542,642;
accounts receivable, $789,384; cash.
$408,289; cash with trustees for bond
purchase, $14,300
Another Income Tax
Protest Is Voiced
ST. LOUIS, Nov. 29. The Treasury
regulation requiring linkers and bro
kers to submit to hanks or trust com
panies paying bond coupons the names
of clients, together with declarations as
to Income tax exemptions, was protest
ed against to-day In a telegram by
local brokers to Washington. Thu bro
kers demand the right to deal directly
with the District Collector.
Robert MeWi Hams, acting collector,
replied: "Regulations now in force will
not permit payment of coupon interest
in manner suggested. A plan to accom
plish purpose desired Is now under con
templation."
Sugar Plant to Close;
Tariff Law Is Blamed
JANESVILLE. WIS.. Nov. 29 -Orders
to close down the Dock County Sugar
Company's factory in this city a< soon
as the present run of sugar is through
have been received by the management
Captain James Davidson is the owner.
It Is said the recent Democratic tariff
measure Is responsible for the cl-sing.
The factory employs two hundred men
Cotton Mill Workers
Demand More Money
FALL RIVER. Nov 29 The Textile
Council for some 30.000 cotton mill op
eratives to-day sent a lener > t r,e
Manufacturers’ Association deman.ting a
general wage increase of 12% Per cent.
Nearly 100 mills and 75 corporations are
affiliated with the Manufacturers' As
sociation.
operatives belonging to the I \V. W.
nave demanded a 20 per cent increase.
By JOSEPH F. PRITCHARD.
CHICAGO, Nov. 29.—While the
prices in the wheat pit failed at ail
times to represent the bullish feeling
surrounding that market, it may be
said without stretching matters that
there are more bulls than bears to
be found in that cereal. It would
be poor speculation for the bulls to
stand up and force prices higher,
from day to day, as there would be a
possibility of them taking on more
wheat than they could digest.
There are sessions when they al
low the market to take its own
course, and if it is under pressure
prices decline. There is still con
siderable talk among the well post
ed men as to the shortness in the De
cember wheat and the likelihood of
shorts being forced to pay higher
prices for that grain. Not only is the
December well held, but the cash ar
ticle here is in strong hands.
* * •
The fact that foreigners have been
taking large amounts of our No. 2
hard winter wheat during the past
fortnight has led the cash handlers
here to believe that foreigners will
also buy the ether grades of wheat
in the near future and that we are
to experience little trouble in getting
rid of a goodly portion of the grain
now held here, interior millers have
bought freely of nearly all kinds of
wheat and their purchases would
have been larger Had certain grades
been available.
* * *
The literary bureaus of both the
bulls and bears have been actively
engaged in sending out Argentine
news favorable to their respective
side of the house. The exportable
surplus of wheat in that country has
been placed all the way from 65,000,-
000 to 101,000,000 bushels. The later
figures were sent in by an accepted
authority in that country, but it is
generally believed among the trade
here that the latter figures were too
large by at least 10,000,000 bushels.
* * *
When viewed from an Impartial
standpoint, the corn market has but
on* side to It at the moment, and
that is the bull, or long side. The
weather is unfavorable for shelling
and marketing both the old or new
crop, and the receipts here are small
and the stocks are down to bedrock.
The longs are men with strong finan
cial backing, and they will absorb the
corn as rapidly as they can get bold
of it and ship it out of here. The
Hhorts are scattered, yet there are
several big men in the trade on that
side.
$11,000,000 Issue to
Pay Louisiana Debt
BATON ROUGE. LA.. Nov. 29.—The
Louisiana constitutional convention
unanimously adopted an amendment for
the Issuance of $11,000,000 short-term
bonds to take up the State's indebted
ness due January 1 next. The State
was unable to find a market for the
previous issue of 4 per cent bonds.
The short-term bonds will be used
until the State can find a market for
serial bonds at not more than 5 per
cent to run not longer than 50 years.
National Coal Strike
Possible, Debs Says
DENVER, Nov. 29.—Eugene V. Debs
to-day held several lengthy conferences
with the union leaders of the Colorado
coal strike.
"The present coal strike may spread
and become a national issue," declared
Debs this evening. “The miners are
prepared to fight, and it may be neces
sary to line up every organization In
the United States to help win the bat
tle.”
Capitalists Plan to
Build Diesel Engines
AUBURN, Nov. 29.- - It was announced
here to-day that Frank a. Yan/lerltp
atid other New York capitalists will
begin, in a big Auburn plant, the man
ufacture under the sole American rights
of the Diesel engine.
The company starts with $2,500,000
capital. Diesel, the inventor, recently
committed suicide abroad.
NEW YORK PRODUCE.
NEW YORK. Nov. 29.—Petroleum
firm: crude Pennsylvania, 2.50.
Turpentine quiet; 46%@47.
Rosin quiet; common 4.10
Wool better demand: domestic fleece.
221*25; pulled, scoured basis, 33@50;
Texas, scoured basis, 406*52.
Hides firm: native steers, 19%@20%;
branded steers. 18%. . . „
-Coffee steady; options opened 8 to 11
lower; Rio, No. 7, on spot, 9%@10.
Rice steady; domestic, ordinary to
prime, 4®5%.
Molasses steady; New Orleans open
kettle. 35@55.
Sugar, raw quiet; centrifugal, 3.61;
muscovado, 3 11; molasses sugar. 2 86.
Sugar, refined dull; fine granulated.
4.30® 4.35; cut loaf, 3.30: crushed. 5.20;
mold A. 4.85; cubes, 4.56@4.60; powdered.
4.406/4.45: diamond A, 4.85: confectioners
A. 4.25. Softs—No. 1, 4.15® 4.25. (No. 2
Is 5 points lower than No. 1 and Nos. 3
to 14 are each 5 points lower than the
preceding grade.!
Potatoes steady; white, nearby, l.<6@
2.75; sweets, 6501.75.
Beans steady; marrow, choice. 4.900
5.40. pea, choice. 3.4003.70; red kidney,
choice. 4.5005.35.
Dried fruits quiet: apricots, choice to
fanev 5V ®8% ; peaches, choice to fancy,
608; seeded raisins, choice to fancy, 6
@6%
NEW YORK BANK STATEMENT.
NEW YORK. Nov. 29—The weekly
statement of the New York Associated
Banks shows the following changes:
Average statement:
Excess cash reserve, $5,847,950; de
crease, $10,720,250.
Loans, increase $4,935,000.
Specie, decrease $11,522,000.
Ijegal tenders, decrease $1,185,000.
Net deposits, decrease $8,988,000
Circulation, decrease $59,000.
Actual statement:
Loans, decrease $16,116,000.
Specie, decrease $21,455,000.
Legal tenders, decrease $627,000
Net deposits, decrease $37,324,000.
Reserve, decrease $13,334,500.
MONEY AND EXCHANGE.
NEW YORK. Nov. 29.- Posted rates:
Sterling exchange. 4.820 4.86. with ac
tual business in bankers' hills at 4.8330
for demand and 4.81 for 60-day bills.
Cotton Firm on Good
Demand From Bulls
Shorts Found but Little Cotton for
Sales When They Tried to
Cover Over Sunday.
NEW YORK. Nov, 29.—Although
there was considerable hedging in the
Liverpool market, the New York cot
ton market o^enet. steady to-day and
first prices were net unchanged to 3
points lower than Friday’s close.
As a whole, the market was almost
featureless on the opening; however,
there was apparently very little cot
ton for sale, and the demand was
much better than the offerings. Trad
ing was confined almost entirely to
local operators. Southern conditions
were unsettled, but support came front
shorts, who seemed anxious to re
buy contracts they had sold late yes
terday on the rumor that the National
Ginners’ Association showed ginnings
for the period to be 12,100,000 bales.
The leading spot houses appeared to
be buying. The market worked
slowly, and during the early fore
noon stood 5 to 8 points higher than
the initial level.
Weather indications pointed to con
tinued rain over the South, except
possibly fair but colder In Oklahoma
and Northwest Texas. Another big
storm is report. .! to be showing up in
the Northwest. This helped the up
ward movement along.
The feature of the market was the
absence of pressure from any impor
tant source. There was very little
trouble in getting March to 13.02, but
some selling, attributed to commis
sion houses, carried the option back
to 12.97, but it rallied again toward
the close on week-end short covering.
There appeared a good demand from
local bull forces. This class of buying
was probably based on expectations of
a bullish Times-Democrat report
Monday as to the size of the crop
for 1913. The report will not include
linters and repacks. Last year it was
13,975,000, which proved about 400.000
bales too much, as the crop, including
iinters, etc., was 14,167,090 bales.
Sentiment on the close remain bear
ish, and local bears predict lower
prices. Still on all soft spots there Is
apparently a good demand.
At the close the market was firm,
with prices at a net advance of 2 to 5
points from the final quotations of
Friday.
Estimated cotton receipts:
Monday. 1912.
New Orleans. . . . 4.000 to 4,500 5.595
Galveston 18,500 to 20,500 21,767
RANGE IN nCW YORK Fl/Tj8ts
E
t>
O
n
£
o>
T
*
0
J
13.00 13.08
13.00
12.85
12.94
12.84
12.94
13.03
12.94H
13.87
12.95
12.87
12.78J12.84
12.78
12.54*12.54
12.54
12.00,12.00
12.00
Dc
Jn
Fb
Mh
Ap
My
Jn
Jiy
Ag
Qc
Closed firm.
fl. (
; 13.04-08 13
; 12 98-94 12
, 12.90-92112,
; 13.02-08 12
, 12.96-98(12
» 12.94-95112.
12.90-92 12.
12.83-84 12
12.58-59 12
12.02-04;11.
02-03
88- 89
85-88
97- 98
91-93
89- 90
85-87
79-81
54-56
98- 12
LIVERPOOL COTTON MARKET.
LIVERPOOL. Nov 29.—Due un
changed to 1% points lower, tnis market
opened quiet. 2% @8 % points decline.
At the close the market was quiet, at
a net of 3%@4 points from the clos
ing quotations of Friday,
Spot coton dull at 6 points advance;
middling 7.28d; sales 4,000 bales.
Futures
opened quiet.
Opening
Prew
Range. 2
p. m
Close.
Nov. . . .
. . .7.06 -7.10
7.05%
7.08%
Nov.-Dec.
. . .6.89
6.88%
6.93
Dec.-Jan
. . . 6.87% -6.86%
6 87
6.91
Jan.-Feb.
. . ,s».88 6.86
6.87
6.91
Feb.-Mch.
. . .6.87%-6 88
6.88
6.91%
Mch.-April
. . .6.89 >4-8.90
6.88
6.92%
April-May.
. .6.89 %
6.89%
6.83
May-June
. . .6.90 -6.89%
6.90
6.93%
June-July
. . .6.87%
6.87%
6.91
July-Aug
. . ,6.85%-6.84%
6.87%
6.01
July-Aug.
. . . 6.85%-6.84%
6.85
b.88 %
Aug -Sept.
. . .6.74 -6.72
6.72%
6.76%
Sept.-Oct.
.6.49%
6.50
6.o3
Closed quiet.
HAYWARD & CLARK’S
DAILY COTTON LETTER
NEW ORLEANS. Nov. 29.—The press
this morning contains an important an
nouncement by Secretary McAdoo. of
Washington, to the effect that he would
be willing to grant an extension of time
for the return of loans to any national
bank holding crop movement deposits.
This is considered as a further step
taken by Washington to defeat any
move in certain quarters to bring about
financial stress and force sacrifice sales.
This step is greeted with much satis
faction in the South and will go far to
ward restoring confidence in the finan
cial situation.
Liverpool is good on spots, which are
quoted 6 points hlher with sales of 4,-
000 bales, but poor on futures, which
closed 3 points lower than due. This
weakness in futures Is generally consid
ered a reflection of the bearish spirit
prevailing in New York. The rumor of
a large ginning forecast by the Na
tional Ginners was officially contradict
ed A well posted party says ginnings
will be-large, but will be at the expense
of the crop, which turns out shorter
than expected in Oklahoma and Georgia.
The map shows general and rather
heavy rains over the Central and West
ern States. The rainstorm over North
Texas will moVe eastward over Sunday,
and cause generally had weather in the
entire belt, except possibly fair and
co'der in Oklahoma and ' Northwest
Texas.
The weekly Liverpool statement shows
an aver increasing loss In stock, which
Is now 373.000 bales smaller than last
year. The necessity of coming to this
side for supplies Is increasing cor
respondingly and a general demand can
not he far off. The market opened well,
but fell hack on weakness in New York.
There Is. however, confidence here that
the situation Is strong enough to resist
depression and the financial move by
Washington instilled further confidence.
The market held tvell around last night’s
closing prices.
RANGE IN NEW ORLEANS FUTURES
LIST QUIET;
PRICES IRREGULftR
Weak Cables Wheat’s Easing
Factor—Corn Firm on Bad
Weather.
CHICAGO, Nov. 2 9.—Losses were
shown In an the grain markets on the
Board of Trade to-day. These in
cluded declines of 3-8 to 3-4 in wheat,
1-8 to 5-8 in corn and 1-8 to 1-4 in
oats.
Hog products were 2 1-2 to 10 cents
lower. There was liquidation by longs
In December, wtio were buying May
at a difference of 4 1-8.
The news from the outside world
was mainly bearish.
CHICAGO GRAJN MARKET.
Grain quotations;
Previous
High
I yOW.
Close
. Close.
WHEAT—
Dec
86%
86
86%
36%
May
, 90%
90 «4
90%
90%
July
88
87"i
87%
88%
CORN
Dec
7114
70%
70%
70%
May
. 70%
09%
70
70%
July
69%
69%
69%
69%
OATS-
Dec
37%
37%
37%
37%
May
41%
41%
41%
41%
July
Hork-
41%
41
41%
41%
Jan....
21.15
21.00
Tl. 10
21.15
May....
21.10
20.87%
31.00
21.07%
LARD—
Nov....
10 70
10 65
10.70
10.65
Jan....
10.85
10.82%
10.85
10.87%
May. ...
11.15
11 05
11.10
11.12%
RIBS—
Nov....
11.02%
Jan....
ii os
ii.oo
11.05
11.10
May....
11.25
11.15
11.22%
11.27%
CHICAGO CASH QUOTATIONS.
CHICAGO. Nov. 29.—Wheat—No 3
red, 94%@95%; No. 3 red, 91@93; No. 2
hard winter, 87%@88; No. 3 hand win
ter, 86@87%; No. I Northern spring, 89
@89%; No. 2 Northern spring, 88@88%;
No. 3 spring. 87%#>88.
Corn—No. 2 yellow, 76%; No. 3 72, new
67%#69; No. 3 white 75, new 69@70; No.
3 yellow 76, new 69@71%; No. 4 yellow,
new, 63%@65%.
Oats—No. 2 white. 41%; No. 3 white.
38% @39; No. 4 white, 38%; standard,
40%.
PRIMARY MOVEMENT.
WHEAT—
1913.
1912.
Receipts
1.584.000
2,105.000
Shipments
2,356.000
3,318.000
CORN—
1913.
1912.
fteecipts
874.000
757.000
Shipments
364.000
318,000
CHICAGO CAR LOTS.
Following are receipts for Saturda
| Saturday.
Monday.
Wheat
47
Corn ....
251
253
Oats . .
169
96
Hogs
13.000
50,000
LIVERPOOL GRAIN MARKET.
Nov. 29.—Wheat clos<
%^%d lower.
Corn closed %d lower.
COTTON SEED OIL.
Cotton seed oil limitations.
Opening
Closing.
Spot ...
7.05® 7.18
December . . ,
7.07 @7.10
7.08® 7.09
January . .
7.14@7.15
7.14® 7 15
February. .
7.17@7.20
7.17 @7.19
March ....
7.25® 7.26
7.23® 7.25
April . .
7 30 @7 31
7.29ffi7.. 0 .l
May ....
7.38® 7.39
7.37® 7.38
June
7.40® 7.45
7.4 L® 7.43
July
7.46@7.49
7.47® 7.48
.-r\,vv4/ i .-»i7 l.lint 1.1
Closed very firm; sales 8,000 barrels.
NEW YORK COFFEE MARKET.
Coffee quotations;
January. .
February. .
March. . .
April. . .
May. . .
June. . . .
July. . . .
August. . .
September
October. .
December.
1 Opening, | Closing.
j 9.57® 9.59
9.70$ 9.71
. 9.85
. 9.99@10.00
.10.05
.jlO.10
., 10.26@10.35
‘.110.40
. 110.45@10.47
9.83 i
9.96<F
9.84
9.97
10.09 @10.10
10.19@10.20
10.29 @10.30
10.37@10.39
10.45@10.46
10.50@10.51
9.43@ 9.44
Closed steady. Sales, 38,750 bags.
ATLANTA LIVE STOCK.
(By W. H. White, Jr., of the White
Provision Co.)
There was but little change in the
character of cattle coming to the yards
this week. Fair supply of medium
grades, with but few’ strictly good
butcher cattle to be had. The market
is quoted strong on the better grades
with a good demand, while the medium
grades and mixed lots have sold about
steady with sufficient demand to keep
the yards pretty well cleaned up from
day to day. Commission men look foe
a better assortment and a more de
sirable class of cattle as the season ad
vances.
Good t© choice sters, 1,000 to 1,204
pounds. 6.00@6.50; good steers, 800 to
1.000, 5.75@6.00; medium to good steers.
700 to 800. 5 2fi@5.50.
Good to choice beef oows, 800 to 900,
4 76@5.50; medium to good cowa, 700 tft
800. 4.25@4.60.
Good to choice heifer*, 750 to 85<L
5.00@5.25; medium to good heifers, 65#
to 750, 4.25@4 50
The following quotations represent
ruling prices of good quality of beef
cattle. Inferior grades and dairy type*
selling lower:
Mixed to common steers, if fat, 800 t©
900. 4.50@5.50; mixed to common cowa,
if fat. 700 to 800, 3 7o@4.75; mixed com
mon. 600 to 800, 3.25@3.75; good butcher
bulls, 3.50@4.50.
Prime hogs, 160 to 200. 8.00@8.25t
good butcher hogs. 140 to 160. 7.75(9
8.00; good butcher pigs. 100 to 140. 7 60
/ T7.i5; light pigs. 80 to 100 , 7.00@7.25;
heavy rough hogs. 7.00^7.75.
Above quotations apply to cornfed
hogs, mash and peanut-fattened lc to
1 %c under.
© fli
j t/\
ts
r o
Dc T2.86T2 89 12.86 12 88 12.87-90J12.85-87
Jn ilS.01'13.08 13.01 13.08'13.07-08 i 13.01-02 1
Fb ........ ! 13.08-1 Ol 13.03-05
Mh T3.17T3.21 13.15 13.21 13.19-21 13.16-16
Ap 13.21-23 13.17-19 I
My 13.24 13.27 13.23 13.26 13.26-27 13.21-22
Jn 13.27-29 13.22-24
J1 v 13,28 13.30 13 27 13 30 13 27-30 13.24-25
Closed steady.
SPOT COTTON MARKET.
Atlanta, steady; middling 13%.
Athens, steady; middling 13%.
Macon, steady; middling 13Vi-
New Orleans, steady; middling 13c.
New York, quiet; middling 13 40.
Philadelphia, easy: middling 13.40.
Boston, .quiet; ( middling 13.50.
Liverpool, easier; middling 7 22d.
Savannah, steady: middling 13c.
Augusta, steady: middling 13%.
Charleston, steady, middling 13%.
Norfolk, steady: middling 13%.
Galveston, quiet; middling 13%.
Mobile, nominal; middling 13c.
Wilmington, steady; middling 13%.
Little Rock, steady; middling 13c
Baltimore, nominal; middling 13%.
Louis, dull; middling 13%.
Memphis, quiet: middling 13%.
Houston, steady; middling 13%.
Louisville, firm; middling 12%.
Charlotte, steady; middling 12c.
RIDLEY & JAMES
AUDITOR*
ATLANTA - GEORGIA