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— —————'— - • 7- — 6 D 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