Newspaper Page Text
8 D
H KARST’S SUNDAY AMERICAN, ATLANTA, C.A., SUNDAY, NOVEMBER 30. 1013.
FORBES SUGGESTS TRIAL
Bank Statement
’Causes Heaviness
In Leading Stocks
Reading. Steel, Union Pacific and St.
Paul All Decline After it
Is Issued.
SPOTS Ft TO
FULL SS FUST
OF ONE GREAT RAILROAO
Experiment Would Settle Whether
Public or Private Possession Is
Better, He Argues, and Might Solve
Perplexing Question of Funding.
By B. C. FORBES
NEW YORK, Nov. 29.—Will the 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
tee the present dividend rate of 6 per cent and
few stockholders would not grasp an opportu
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 arid 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
"option, then the country would
know where it stands in the mat
ter of its railroads. Similarly
were the experiment, after full
ind fair trial, to prove a failure,
fhen the country would in that
rase also know where it stands
rail road wise.
Thts suggest ion Is not mads In
Jest. It is not made In a spirit of
cynicism. It Is not Inspired by bit
terness.
Trend Is 8trong.
It is made because the trend to-
' urd Government ownership is very
uch stronger than many people,
roeially those In the financial and
■Broad world, realize — although
i ■ sicient Rue. of the Pennsylvania,
c. i i \ - President Mellon, of the New
*1 * n. apparently are alive to what
Ins on. Judging by their recent
ncet.
•os the suggestion here
is a little beforehand
is
u.t
D- .. s the suggestion here put
’"urwa11; is a little beforehand. It
ins; he regarded by some, or even
mnny, ;ts farcical. But let them be
assured that the drift is unmis
takable.
lit slow going Britain tlie Oovern-
h ent has appointed a commission to
»n\e»tigftte the whole railroad status
with a view to ascertaining whether
-Mow nnicnt ownership is feasible,
advn%bb or Inevitable
Some Solid Facts.
But it may serve a useful purpose,
it may interest the Interstate Com*
rneroe Commission and ill other par
ties Interested in ihe railroads' appli
cation for permission to Increase
their freight rates, to reflect upon a
few concrete facts.
An enormous mass of railroad ob
ligation la 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 terms would be 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
$26,000,000 4 % per cent notes due
June 1 next. Were these notes re
newed on the income basis at which
they are now selling <7% per cent),
the ADDITIONAL ANNUAL ("OPT
To THE ROAD WO OLD BK5 $760,-
1)00. FoR THIS $760,000 THE ROAD
WOULD GET NOT ONE DOLLAR
ADDITIONAL CAPITAL. How would
dividends fare under such circum
stances?
Money Costs Dear.
Missouri Pacific has about $26,090,-
000 5 per cent notes maturing next
June. These are to-day selling on n
20 per cent basis, at which rate
RENEWAL * )F THE N< >TES W( H’l.D
ADD $S,76O,00o ANNUALLY TO THE
ROAD'S CHARGES! Is that fact*
not calculated to make investors feel
uneasy?
Missouri. Kansas and Texas has
Ilk.000,000 notes due in May. 1915,
and if these were renewed on the
present Income basis the extra bur
den annually would be $613,000.
International and Great Northern
hr s $11,000,000 notes to meet next
* o-ist If It paid the same rate
r virh the notes now yield to buyers
0 npr cent, against the f> per cent
- •• »*ir(i on »helr face—the additional
• v upon the mad's treasury would
; >• eint t () $440,000
N >\ York Central. New Haven.
■ 1 p. Seaboard Air Line and others
y -» • iiso confronted with »ftnie
fr >blem.
News and Notes
Of the Grain Crops
By J08EPH F. PRITCHARD.
CHICAGO, Nov. 29— While the
prices In the wheat pit failed at all
times to repretent the bullish feeling
surrounding that market. It may be
•aid without stretching matters that
there are more bulls than bearH 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 jif them taking on more
wheat than they could digest.
There are sessions when they nl-
low the market to take Its own
course, and *? tt Is under pressure
prices decline. There la still con
siderable talk among the well post
ed men as to the shortness In the l>e-
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 hero 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 4he 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 kind.** of
wheat and thofr purchases would
have been larger had certain grades
been availably.
• • •
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 wav from 86,000,-
000 to 101.000,000 bushel a. The later
figures were sent in by an accepted
authority in that country, but it Is
generally believed among the trade
here that the tatter figures were too
large by at lea at 10.000,000 bushels
• • •
When viewed from an Impartial
standi>olnt, 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 iccelpts here are small
and the stocks are down to bedrock.
The longs are men with strong finan
cial hacking, ami they w ill absorb the
corn as rapidly as the> can get hold
of it and ship.lt out of here. The
shorts are scattered, yet there are
several big men In the trade on that
side.
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 largo batches ot
notes offered by the Carnegie company
with the understanding that If they
would he 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 .
“Yep, I have heard them questioned.”
$11,000,000 Issue to
Pay Louisiana Debt
NEW YORK, Nov. 29 Today’s stock
market was uneventful. Aside from the
antioum cim iit of the tiling of the Oov-
It to dissolve the American
t 'a11 Company, there was ifttle In the
to ws to affect the market one way or
of «
I’rices of conspicuous issues, however,
developed h downward tendency. This
most pronounced In Reading. Steel,
i nton Pacific. Ht. Paul. Goodrich ami
Missouri Pacific The only explanation
offered for this heaviness whh the ex -
pertatlon of a poor bank statement,
which was apparently Justified by the
statement when it did appear after trie
close of the market
Foreign sentiment was generally
cheerful, but Ixindon sent a lower range
of quotations on American Issues which
•■aused a dull and Irregular opening here
fonaols were easier and French rentes
declined In Paris.
Discussion in the Street to-day cen
tered mainly upon Samuel Untertneyer’s
declaration at Springfield last night that
Government Investigations must cease
in tire Interest of prosperity. Secretary
Me A don's offer of additional treasury
relief if it should be needed caused a
favorable impression, as did the report
of the settlement of the General Elec
tric strike at Schenectady and the tex
tile strike at Luwrence.
Call money was nominal to-day In the
absence of transactions Time Vm.ney
also was largely nominal and unchanged
in consequence of light offerings.
The hank statement showed the ex
pected large decrease in cash, and for
the second time this fall there was a
deficit In reserves I^st week's surplus
reserve of oyer $14,000,000 was replaced
bj a deficit of $995,960
NEW YORK SOTCK MARKET.
Stock quotations and net change:
Clos. Net
High. Low. Bid. Ch'ge.
69% 69
No Undue Eagerness to Sell Can
Be Discovered by Bears.
Estimates Larger.
STOCKS -
Atnal Copper.
Ath. Agricul...
Am. Beet Hug
American Can
do, pref. ..
Am. Car Fdy..
Am. Cot. OIL.
American Ice..
Am. Iaieomo...
Am. Smelting..
Am. Bug. Rff.
Am T.-T
Am. Woolen....
Anaconda ....
Atchison
A* C. L. ...
B. and O
Beth. Steel..
B. R. T
can. Pacific..
Cen. Leather..
•' UdO
Colo. F. and I.
Colo Southern.
Consol. Gas...
Corn Products.
i • ft nd h
Den. and R. G.
Distil. Secur..
Erie
do, pref
Gen. Electric
c North pfd 123%
G. North. Ore./ 31 Vi
G. Western,
Ill. Central
Interboro
do, pref. . e
Int. Harv. (old)
28
90
43%
37*4
29 %
61 Vi
33%
92
92
86%
225 Vi
9%
18%
26 %
26%
88%
43*;
87%
29%
61%
23%
92
86%
! 24 %
9%
16%
26%
%
— %
+ %
%
- %
- %
M. , K. and T.
do. prof. .
L. Valley. . .
L. and N. . .
Mo. Pacific . .
N. Y. Central.
Northwest. .
Nat. Lead . .
N. and W. . .
No. Pacific . .
O. and W. . .
Pa mi a
Pacific Mall. .
P. Gas Co. . .
P. Steel Car . .
Beading .
R. I. and Steel.
do, pref. .
Rock Island. .
do, pref. .
S. -Sheffield. .
So. Pacific. .
So. Railway. .
do, pref. .
St. Paul . . .
Tenn. Copper.
Texas Pacific.
Third Avenue.
Union Pacific.
U. S. Rubber .
U. S. Steel . .
do, pref. .
Utah Copper .
V. -C. (’hem. .
Wabash. . . .
do, pref. .
W. Maryland.
W. Electric. .
W. Central
67%
19%
146%
TV-' ‘
26
125%
106%
123%
31 Vi
19%
199
160
146
24%
125%
106%
108%
159%
87% 87%
69
42
23
27%
89
43
27
20
29% — %
61%
107% — %
120%
16% - %
33% — %
92
317
92 — %
28% — %
86Z — %
225 £ %
23% —1
56%
26% + %
27%
126%
9 - %
149 — %
17% + %
16%
26%
40
136%
128% —
31% -|-
11% £
106% —
13% +
67% £
100% +
19%
58
146% + Vs
180
24% —1%
95% — %
125% — %
43% — %
102 — %
106% + %
26
108% + %
23
116%
24% — %
169% — %
19%
78 — %
13%
22 -f- %
26% + %
87% — %
21%
— %
— %
—1
£ %
MEMPHIS, Nov. 28.—No startling
events or special activity has char
acterized trading In the cotton mar
ket during the week just ended. Con
servative action has been a feature
on both the bull and the bear sides,
with profits to either almost negligi
ble. There has been much attention
given to reports from trade and man
ufacturing centers, and the bears
have been disposed to accept state
ments of pessimistic character. They
also have received encouragement
from the enlarged crop Ideas, conse
quent upon the heavy ginning for the
first half of the month, being slow to
accept claims that the figures repre
sented an unusually largo proportion
of the total.
The spinning world has adhered to
Its attitude of buying supplies of raw
material in hand-to-mouth fashion,
which has Increased the relative
weight of the movement, no matter
how moderate It might become later
on. The supply of hedges has thus
found a restricted demand, for sen
timent among the speculative element
of the trade has leaned to the bear
side. Continuation of the uncertainty
to the Mexican situation and the
reactionary state of business in many
lines in this country have given stim
ulus to the efforts to depress values.
Not Eager to Sell.
Rut a significant feature has been
that wnile prices in the spot depart
ment of the market have yielded
somewhat, they have not gone down
! in proportion with contracts, and
there has been no undue eagerness to
sell. Around the bottom absorption
of contracts developed and it was
credited to trade and spot interests.
This lessened confidence In a material
break and discouraged Increasing of
the short interest among the profes
sional and outside traders who usually
follow the trend of values rather than
act on the legitimate factors of pros
pective supply and demand.
More crop estimates came to hand,
being indicative of a growing idea
that the commercial out-turn will be
In the neighborhood of 14.250,000 bales.
Picking About Over,
In this territory the crop is turn
ing out fairly well, though some claim
that yield is disappointing. Unless
bad weather intervenes soon, fields
will be clean as a rule before the
first of the year, even in the delta
sections. The uplands are nearly
through now.
Movement continues free and un
sold stock is Increasing, though there
is no evidence of undue anxiety to
sell at concessions. Demand has been
llftCk, but having sold so much al
ready and at such good prices, there
is no difficulty In financing the rest.
The rapidity of movement toward
spinners and a feeling among the
holders that there will be a large dif
ference between the yield and the
consumptive requirements encourages
the producer to take his time about
marketing the rest. Statistics con
tinue bullish, and until they prove
otherwise there will be plenty of peo
ple who will doubt claims as to poor
business and enough raw material to
fill requirements.
97%
28%
151 %
53
66%
104%
47%
97%
28%
151%
53
56%
104%
47%
— %
~ %
74
97%
28%
13
39
151% — %
62% — %
66% — %
104%
47% — %
26% — %
3% — %
10
34% - %
63% + %
43% +
LIVE STOCK MARKET
MICA •< Ni’V Hogs Receipts 1
Market, *!■-*•!•• higher. Mixed BATON ROUGE, LA.. Nov. 29 The
bcicher*. 7 401! 7 86- good heavy, Louisiana. constitutional convention
rh7f*0; rough heavy 7.25fa'7 60. light. I unanimously adopted an amendment for
pigs. 5.50 17.16. bulk, 7.601$ 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
serfi-^^bonds at not more than 6 per
c*ntSfe» run net longer than 50 years
7.75.
Cattle Receipts 1.200 Market steady
Heeves 6 751*9.to; cows and heifers. 3 25
<7 7 90. stockers and feeders. 6 2667 40;
Texans 6 40J?7.75; calves. 9 25fallOO
Sheep Receipts 6.000, Market steady.
Natw e and Western, 3 75fa5 10. lambs,
t.»W, 70
Number of shares sold to-day, 77,2.%),
a year ago. 106.448 Ear value of bonds
sold today. $416,000-; a year ago, $961-
000.
NEW YORK BANK STATEMENT.
NEW YORK. Nov 29. The weekly
statement of the New York Associated
Banka shows the following changes:
Average statement:
Excess v ash reserve, $6,847,950; de
crease, $10,720,260.
Loans, increase $4,935,000.
Specie, decrease $11,522,000,
Legal tenders, decrease $1,185,000.
Net deposits, decrease $8.983.0(H)
(Circulation, decrease $69,000.
Actual statement;
Loans, decrease $16,116,000.
Kp le. decrease $21,465,000.
Legal tenders, decrease $627,000
Net deposits, decrease $37,824,000.
Reserve, decrease $13,334,500.
MONEY AND EXCHANGE.
NEW YORK. Nov. 29 Posted rates;
Sterling exchange, 4 821*4 86. with ac-
iua! business in bankers' bills at 4 8X30
for demand and 4.fti for 60-day bills
BANK CLEARINGS.
NEW YORK. Nov, 29. Bank clear
eg* 4 today. $460,383,314, against $380.-
* _c 53.'. a year ago. an Increase of $80.-
362.779. »
GOVERNMENT BONDS.
NEW YORK. Nov. 29. —Government
bonds were unchanged Railroad and
other bonds were irregular.
MINING STOCKS.
BOSTON. Nov. 29. The market to
day was quiet, narrow and easy Clos-
Iru: Superior and Boston. 2%; Santa
1 1V Kerr l^ake. 4%; Alaska. 18%.
Lake. 5; North I<ake. 1%
BAR SILVER
NEW YORK. Nov 25‘ Bar silver In
l»ondon to-day was 5-16d lower at
26 7-i6d per ounce. To-day’s New York
prb-e was %o lower at 57%c Mexican
dollars were 44% fa 49.
Coal Market Weak
Because of Weather
KNOXVILLE. TENN., Nov. 29.—The
unseasonable weather has served to re
duce very materially the strong demand
on practically all grades of coal, espe
daily domestic coal. The cold snap re
suited in a decided improvement in She
market, which was beginning to show
signs of weakness. The warm weather
since has again caused the market to
be weak in spots Mid reports would In
dicate the operators are a little discour
aged. So far there has been no change
In prices reported of consequence.
Stocks of coal are much smaller than
usual at this season, particularly in
Southern territory It consequently wili
not require any great amount of cold
weather to bring about a condition sim
ilar to that which prevailed thirty days
ago.
So far the demand for steam coal has
continued good. Some operators have
had surplus coal to offer, particularly so
on the Southern Railway.
Production of coal In December Is al
ways very much restricted. The miners
have had such regular work this sum
mer and fall that they are likely to
take more time than usual tp celebrate
the holidays It stems a foregone con
clusion that little coal will he mined be
tween December 20 and the first of th«
year.
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 15 per
cent was earned on the common stock,
against 7% per cent In the previous
twelve months.
Gross increased $8,961,508. but oper
ating expenses expanded $9,070,100. leav
ing net down $106,291
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
lt\ 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
tlonal amovtnt of $841,806. and other
Increases have been brought about by
legislation. Federal and <tate, and by
the requirements for a higher standard
of service In all directions than ever
before.”
Steel Trust Likely
To Acquire Plant at
LaFollette, Tenn.
i
Capacity of Present Plant To Be
Doubled If Deal Gees Through,
Is Report.
KNOXVILLE, TENN.. Nov. 29.—It
is persistently rumored here that the
United States Steel Corporation will
take over the great coal properties,
Iron ore mines, blast fivrnace and
coKe ovens of the LaFollette Coal,
Inn and Railway Company at LaFol-
lelte, Anderson County, Tenn., a few
m lea north of Knoxville.
Colonel H. M. LaFollette, who is at
the head of the present company, has
been In the East fhe greater part of
the last three months, and it is ex
pected that official announcement of
the new organization will soon be
made. It Is expected that If the deal
goes through the United States Steel
Corporation will more than double
the rapacity of all the various de
partments and that a large steel mill
will be added. This company now
employs 400 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 of Europe are becoming apparent
In the huge total of foreign Govern
ment loans now being arranged or con
template*!. The aggregate pending loans
reach the stupendous sum of $1,450,000,-
000, of which something more than $600,-
000.000 Is being asked to pay the Balkan
war debt and to finance France’s mili
tary expansion.
A like amount is to go into railroad
construction, largely In Russia and Ja
pan. A .salie.nt fact is that virtually
none of these loans will be used to re
pay existing obligations, and If the
countries get the money they are now
seeking there will be an Increase of
mure than 3 per cent in the exsting na
tional debts of the world. This in
crease would be nearly twice the aver
age annual advance in national in
debtedness in the past ten years. The
total of these obligations has risen
from around $35,000,000,000 in 1902 to
approximately $42,000,000,000 at the
present time.
Freight Rate Tariff
Books Are Still Free
CHICAGO, Nov. 29.—As a result of
a conference between a committee of
the Nutlon&l Industrial Traffic League
arid the Southwestern Tariff Bureau,
the railroad!- in the Southwestern
group have agreed to recede from the
position to make a charge for tariffs
furnished shippers.
This probably will be followed by no
tices from all roads in every part of
the country that the stand to charge
cash for the distribution of infromation
sheets regarding rates will be aban
doned. The railroads a few months ago
announced that in their campaign
for greater economics one of the big
wastes has been In the olstrlbutlon of
tariffs. They did not object so much to
legitimate distribution of the bonks, but
it was 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 care is given
them, and that more cooles than ac
tually nee/led are asked for every time
a change is made.
Type Founders’ Co.
Increases Profits
ft
NEW YORK. Nov. 29—The Amer
ican Type Founders’ Company for ho
year reports, after preferred divi
dends, ret profits equal to 5.27 per
cent on the oorranon stock, compared
with 4.84 per cent profits the previous
year. President Robert W. Nelson
said In his remarks to stockholders:
“Tour 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 be
as favorable to American industries
as the past year.”
The balance sheet show's total as
sets and liabilities of $10,361,222 and
a total surplus of $81 4,644; 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 bankers and bro
kers to submit to banks 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. The bro
kers demand the right to deal directly
with the District Collector.
Robert McWflliams. 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.”
33,839 Average $91
In N. Y. Postal Banks
NEW YORK. Nov. 29. Tost master
Morgan made public yesterday that in
the postal savings banks in the New
York postal district. Manhattan and Tee
Bronx, on October 31 last, there were
33.83!* depositors, with $3,092,099. an av
erage of $91 pei person, on deposit.
Trie nationalities by which the postal
savings system is used most in New
York are Americans, Italians. Russians.
Austrians. English, German. Scotch and
Greeks.
Sugar Plant to Close:
Tariff Law Is Blamed
JANESVILLE, WIS,. Nov 29 orders
to close «9>wn the Dork County Sugar
Company's factory In this city as 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 closing.
The factory employs two hundred men.
Prolonged Absence of Speculators
From Wall Street Forces De
cision to Retire Jan. 1.
NEW YORK. Nov. 29.—Because of
the prolonged absence of speculators
and Investors from Wall Street many
commission houses and small brokers
<nd investment banking concerns are
to go out of business at the end of
the fear.
Some firms have taken time by
the forelock and quit already. The
New York Stock Exchange firm of
H. L. Smyth '& Co., of No. 42 Broad
way, has Just dissolved after being
in business for more than a quarter
of a century.
Unusual Interest was shown In this
dissolution, sa the firm years ago Is
reputed to have done an extensive
business for Standard Oil interests;
doing $1 10,000 in one day during the
Northern Pacific panic. The firm con-
si srted of Sidney L. Smyth and
Charles O. Hartich. The partnership
was entered into May, 1895, but the
house has been In business in one
form or another for more than 50
years, the late B. L. Smyth having
been a member of the New York
Stock Exchange since 1969. Mr.
Smyth will remain his Exchange
membership and make his headquar
ters with O. W. Turner & Co.
Other firms are making prepara
tions to reduce overhead charges by
discharging clerks and cutting down
office space. A number of the wire
houses have given up wires they have
had for years to Chicago, Boston,
Philadelphia and other cities.
An unusually large number of con
solidations is looked for among bro
kers. Partnership agreements are al
ready being overhauled.
Changes contemplated will be a
hard blow to clerks and stenogra
phers. Upward of 1,000 clerks, it is
estimated, have been discharged dur
ing the last, six months, and many
more have had wages cut.
Holders of Grain
Unloading Quickly
Recessions Noted Despite Precau
tions to Carry Prices Downward.
Corn Needs Buying Power.
By JOSEPH F. PRITCHARD.
CHICAGO, Nov 29.—Weary holders
of grain were unloading in as active a
manner as possible without carrying
prices downward too rapidly to-day. As
it was. there were recessions all around,
losses being shown of %fa%c in wheat,
%fa%c in corn and %fa%c in oats.
Those who believe in wheat doing bet
ter in the near future point to the small
er receipts at primary markets, which
were only 8,322,000 bushels last week, or
2.200.000 bushels smaller than for the
corresponding period in 1912. Receipts
at those markets since July 1 have been
195.000,000 bushels compared with 225,-
300,000 bushels for a like period last
year. Northwestern receipts during last
week were a little less than 5,000 cars,
while for the corresponding time in 1912
they were nearly 6,800 ears. Wheat con
tinued to pile up at Minneapolis, the
gain for one day being 125,000 bushels,
while Duluth decreased 965,000 bushels
for the week. Minneapolis stocks are
now 16.276.000 bushels, while a year ago
they were only 11.818,000 bushels
Corn was badly in need of additional
buying power to-day. although the pur
chasers were among the best concerns
in the trade. A message was received
from a dyed-in-the-wool bull at F’eorta
which told of the arrival of Iowa corn
in that market in extra good condition—
considering the weather. lie said that
it looks as if Iowa corn with clear, cold
weather. would grade No. 2 in Decem
ber.
Heaviness was one of the character
istics of the oats market, and there
was an absence of any new outside buy
ing. Elevator concerns led by Armour
bought December and sold May at 4fa
4%c difference.
The weakness in provisions was
caused by liquidation and realizing, cou
pled with a sprinkling of hedging sales.
Some of those who were long in pro
visions were on the selling: aide because
of the expectation of a larger run of
hogs next week. The trade in fresh
meats was reported as smaller and the
business in salted meats and lard was
only moderate. Close:
CHICAGO GRAIN MARKET.
Grain quotations:
High.
WHEAT—
Dec
May
July
CORN—
Dec
May
July
OATS—
Dec
May
J u ly
PORK—
Jan.... 21.15
May. .. 2L.10
LARD—
Nov.... 10.70
Jan.... 10.85
May. ... 11.15
RIBS—
Nov
Jan .... 11.05
May.... 11.25
sb n
90%
88
71%
70%
69%
37%
41%
41%
Low.
86
90%
87%
70%
69%
69%
27%
41%
41
21.00
20.87%
10.65
10.82%
11.05
Previous
Close Close
90',
87%
70%
70
69%
37%
41%
41%
21.10
21.00
10.70
10.85
11.10
11.00
11.15
11.05
11.22%
21.15
21.07%
10.65
10 87%
11.12%
11.02%
11.10
11.27%
CHICAGO CASH QUOTATIONS.
CHICAGO, Nov. 29. Wheal—No. 2
red. 94% fa 95%; No. 3 red. 91*^93. No. 2
hard winter. 87% fa 88; No. 3 hard win
ter. 86$r87%: No. 1 Northern spring. 89
fa 89%: No, 2 Northern spring. 88*9 88%;
No. 3 spring. 87%<5 88.
Corn No. 2 yellow. 76%; No. 3 72, new
67 1 • fa 69; No. 3 white 75, new 69@70; No.
3 yellow 76. new’ 69<&71%; No. 4 yellow,
new'. 63% @66%
Oats No. 2 white. 41%: No. $ white.
38\ fit39; No. 4 white, 38%; standard.
40%.
PRIMARY MOVEMENT.
WHEAT—
1913.
1912.
Receipts
Shipments
1.584.000
2.356.000
2.105.000
3.318.000
CORN—
1913.
1912.
Reeclpts
nts
874.000
864.000
757.000
318.000
CHICAGO CAR LOTS.
Following are receipts for Saturday
and estimated receipts for Monday:
Saturday, j Monday.
Wheat . . .
... 65
47
Corn . . .
. . . 251
253
Oats . . .
. . . 159
96
Hogs . . .
. . 13.000
60.000
Trend of Cotton Is
Toward Higher Level
Results of Week's Trading Against
Bulls, but Short Crop Favors
an Advance.
By EDWARD LOW RANLETT.
NEW YORK, Nov. 29.—The cotton
market gave no evidence to-day of pre
conceived bearishness, and, In fact, the
general trend of opinion, while indis
posed to increase commitments, was dis
tinctly toward a higher market later on.
The results of the week's trading have
been against the bull element, but at
the same time this was contributed to
by heavy offerings, which can not. in
the nature of tnlngt*. continue much
longer. There are many views of the
market which predict much lower lev
els. based upon a surplus of raw mate
rial.
We do not see how this opinion can
last much longer, though at present the
supplies seem to largely outweigh the
incoming receipts, and then again, from
this time forward, the predictions are
for 343.000 bales, against 683,000 la-st
year. This counts against the export
demand.
Notwithstanding some moderate rain
falls in the cotton belt, satisfactory con
ditions have prevailed.
In the cotton goods division of the
dry goods trade, the advantage continues
almost altogether with the seller, and
there Is no disposition at present to in
crease forward commitments.
Estimated cotton receipts:
Monday. 1912.
TO BUDGE THE
coni mi
New Orleans. . . . 4,000 to 4.500 6.595
Galveston 18,500 to 20,500 21,767
RANQft IN ctfftW VO*H 5
a
Dc
Jn
Fb
Mh
Ap
My
Jn
Jly
Ag
Oc
13.60T3.6S
12.85
12.87
|ii.78
112.54
!12.00
12.94
13.03
12.95
12.84
12.54
12.00
13.00 13.08T3 04-
12.84 12.93 12.93-
I ! 12.90-
12.94 13.03(13.02-
I ' 12.96-
12.87 12.95 12.94-
I '12.90-
12.78 12.88 12.83-
12.64 12 54 12.58-
12.00112.00 12.02-
OS 13.02-03
94 12.88-89
92(12.85-88
03 12.97-98
98 12.91-93
95 12.89-90
92 12.85-87
M 12 79-81
59 12.64-56
04 11.98-12
Closed firm.
LIVERPOOL COTTON MARKET.
LIVERPOOL. Nov. 29. -Due un
changed to 1% points lower, this market
opened quiet, 2% @3% points decline.
At the close the market was quiet, at
a net of 3%fat4 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.
Ooenmit Frev
Range 2 p. m Close.
.7.06 -7.10 7.05% 7.08%
.6.89 6.88% 6.93
.6.87%-G.86% 6.87 6.91
.6.88 -6.86 6 87 6.91
. 6.87 %-6.88 6.88 6.91%
.6.89%-6 90 6.88 6.92%
.6.89% 6.89% 6.93
.6.90 -6.89% 6.90 6.93%
.6 87% 6.87% 6.91
.6.86%-6 84% 6.87% 6.91
.6.85%-6.84% 6.85 6.88%
.6.74 -6.72 6.72% 6.76%
.6.49% 6.50 6.53
Nov. . . .
Nov.-Dec.
Dec.-Jan
Jan.-Feb.
Feb.-Mch.
Mch.-April
April-May. .
May-June . .
June-July . .
July-Aug . .
July-Aug. . .
Aug.-Sept.. .
Sept.-Oct. . .
Closed quiet.
RANQB IN NIW ORLEANS FUTURES
c
V
r
o
i
«Q
a
o
O
A
J
_i
o
tl
CLO
Dc T2.86T2.fc9 12.86 12.88.12.87-90|12.85-87
Jfi 113.01 13.08 13.01 13.08 13.07-08,13.0 L-02
Fb 13.08-10 13.03-05
Mb [18.17(13.21 13.15 13.21 13.19-21 13.15-16
Ap : ! 13.21-23 13.17-19
Ms !3 24 13.2713.23 13.26 13 26-27 13.21-22
Jn !.... ! 13.27-2913.22-24
Jly 113.28T3.30T3.27il3.30,13.27-30|13.24-25
January Position Gains Strength
in Contrast to Recent Weakness.
Middling Shows Slight Gain.
NEW ORLEANS, Nov. 29.-—Despite a
disappointing Liverpool, to-day’s cotton
market exhibited a steady tone, which
was in evidence from the very open
ing. Several efforts were made by bear- 4
ish interests to depress prices during
the early trading, but, at slight conces-
siorls in prices, all contracts offerer* \
*
anticipating a bullish crop estimate by
The Tlmes-Democrat. were included to
cover their commitments on the short
side, while there was also some fresh
buying on the part of the outside public.
The best prices of the day were
reached at the close, the January posi
tion, In particular, showing marked
strength In striking contrast to weak
ness recently shown by that month,
which sympathized with the weakness
of the December position.
Most of the week the market exhib- ,
ited a sagging tendency, which was due
to the heavy liquidation of long holdings
of the December position, both in this
market and in New York. Export In
terests, which have engaged in a sys
tematic campaign to depress the mar
ket In order to dislodge spot holdings,
encouraged the bear attacks made on
the near positions.
There has also been some month-end
selling <>f spots, carried for the account
of interior customers by factors here,
giving a slightly easier tendency to the
local spot market. J
To-day. however, the demand had im-
proved sufficiently to warrant an offi
cial advance of l-16c in the price of mid
dling cotton. Sales of 516 bales of spots
and 1,720 bales to arrive were made on
the basis of 13c for middling. The tone
was called steady. Interior spot mar
kets also ruled steady, with rather large
sales for a Saturday.
Morgan Saved the
N.H.R.R. Say Counsel
BOSTON, Nov. 29.—The statement
was made recently by E. D. Robbins,
counsel for the New York. New Haven
and Hartford Railroad, that prompt ac
tion by the late J. P. Morgan Jn secur
ing from France one of the few loans
made in that country tided the road
over the 1907 panic.
He added that had that, loan been de
layed for a week the consequences f
would have been disastrous to the cor- ^
poration. ;'ts stockholders and the com- •.
mor wealth. \
This history came out In the hearing
before Judge Sheldon, of the Supreme
Court, on the appeal of former Govern
or Morgan G. Bulkeley from the Pub
lic Service Commission's decree author
izing the New Haven to issue $67,552,-
000 of convertible bonds.
J ly 113.2813
Closed steady
SPOT COTTON MARKET.
Atlanta, steady; middling 13%.
Athens, steady; middling 13%.
Macon. Steady; middling 13%.
New Orleans, steady; middling I3c.
New York, quiet; middling 13.40.
Philadelphia, easy; middling 13.40.
Boston, quiet; middling 18.50.
Liverpool, easier; middling 7.22d.
Savannah, steady; middling 13c.
Augusta, steady; middling 13%.
Charleston, steady, middling 13%.
Norfolk, steady; middling 13%.
Galveston, quiet; middling 13Vi-
Mobile, nominal; middling 13o.
Wilmington, steady; middling 13%.
Little Rock, steady; middling 13c.
Baltimore, nominal; middling 13%.
St. Louis, dull; middling 13%.
Memphis, quiet; middling 12%.
Houston, steady; middling 13%.
Louisville, firm; middling 12%.
Charlotte, steady; middling 12c
English Economist
Likes Currency Bill
NEW YORK, Nov. 29.—Sir George
Paish. the English economist, yes ter
clay cabled from Washington to his
paper. The London Statist:
“It is believed here that the situa
tion in Mexico will shortly right Jtse'f,- d
either by the resignation of President r
Huerta or by concerted action J)y the
Mexican people, or by the successes of
the Constitutionalists, and that no ac
tive intervention by the United State* 1
will beebme necessary.
“The two sections of the Currency
Committee are expected to present sep%
arate reports to the Senate on S, ur '
day, and inasmuch as there are no se
rious differences of principle between
the two reports the currency bill is ex
pected to pass through the Senate with
out much delay.”
COTTON SEED OIL.
NEW YORK, Nov. 29.—The cotton
seed oil market was a trifle easier for
December under selling by refiners,
while the balance of the list was steady
to a shade higher on covering of shorts
and light pit offerings. Close: Decem
ber, 7.08fa09; January 7.14fa»15; Febru
ary 7 17faT9; March. 7.2S{£25; April,
7.29@31; May, 7.37C«38; June, 7.41 fa,43;
July, 7.47@48; spot, 7.06@18. Sales, 8,300
barrels.
Cotton ssed oil quotations.
Opening. | Cl OS g.
Spot
7.06 fa.
7.18
December . . . .
7.07fa 7.10
7.08 fa
7.OH
January . . . .
7.14^/7.15
7.14'U
7.15
February
7.17@7.20
7. Ufa
7.19
March
7.25 @7.26
7.23 fa
7.25
April
7.30fa 7.31
7.29fa
7.31
May
7.38fa 7.39
7.37 fa
7.38
June
7 40fa:7.45
7.41fa
7.48
July
7.46fa7.49
7.47 @
7.48
Advocates Clearing
House for Canal Zone
I
I
WASHINGTON, Nov. 29.—The estab
lishment of a great plearing house bank
for the Panama Canal Zone, through
which smaller hanks of the Latin-
American republics may transact busi
ness, was advocated to-day by Dr. I
C'arence J. Owens, managing director I
of the Southern Commercial Congress.
“Much of the banking of Latin |
^merloans Is now transacted through
London agents.” said Mr. Owens. “The
opening of the canal, however, wdl
focus trade interests upon the canal ]
zone, making It a singularly strategic
position for a great clearing house.”
Closed very firm; sales 8,000 barrels.
SUGAR.
NEW YORK, Nov. 29.—All grades of
sugar remained unchanged to-day. Eu
ropean sugar was unchanged at 9s 3%d
for November and December and 9s Od
for May.
LIVERPOOL GRAIN MARKET.
LIVERPOOL. Nov. 29.—Wheat closed
% fa %d lower.
Corn closed lower. V
RICE MARKET.
NEW ORLEANS. Nov. 29.—The mar
ket for clean rice exhibits a strong
tone. Quotations on the leading grades
are as follows:
Honduras. Japan
Head 4 @6 2Vu3%
Straights 3 fa 4% 2% fa 3%
Screenings 1%fa 1 2Vi l%fa-2%
MARKETS
NAVAL STORES.
NEW YORK. Nov. 29.—Turpentine,
New York. 46%c. At Savannah. !3%-\
Rosin, common to good, strained, 4.00.
Tar oil, barrels. 7.60.
NEW YORK PRODUCE.
NEW YORK. Nov. 29.--Petroleum
firm; crude Pennsylvania. 2.60.
Turpentine quiet; 46%fa47.
Rosin quiet; common 4,10
Wool better demand, domestic fleece,
tl@25; pulled, scoured basis, 33@60;
Texas, scoured basis, 40fa52.
Hides firm; native steers, 19% 1020%;
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.
Potatoes steady; white, nearby, 1.75@
2.75; sweets, 65@1.?5.
Beans steady: marrow, choice, 4.90@
6.40; pea. choice. 3.40@3.70: red kidney,
choice. 4.B0@5.35.
Dried fruits quiet; apricots, choice to
fancy, 5%fa8%; peaches, choice to fancy,
S@8; seeded raisins, choice to fancy, 6
@6%.
Lewis Now Predicts"
U.S.Parcels Monopoly
WASHINGTON. Nov. 29 —The inroada
of 1he parcel post Into the business of
privately owned express companies was
shown to-day in figures prepared by Rep
resentative Lewis, of Maryland, co-au
thor of the parcel post law.
Mr. Lewis says that In 1911-1912 the
profits of the five leading express com
panies were $5,771,940. In 1912 1913, the
profits were $3,289,602 and in June. 1013,*
the loss was $419,918.
He Intimated that it was only a. mat*
ter of time When the Government WOU14
have a monopoly of the retail parcels
carrying business.
Chicago Bonds Sold
On Installment Plan
CHICAGO, Nov. 29.—The City Con
troller’s attempt to dispose of $1,800,000
municipal bonds ‘‘over the counter” not
having met with success the Installment
plant of selling was adopted to-day.
Ten dollars down and the ba'ance In
60 days Is the new method of salesman
ship.
NEW YORK COFFEE MARKET.
Coffee quotations:
January. .
February.
March. . .
April. . ,
May. . .
June. . . ,
July
August
September . . . .
October
December.
Closed steady.
Opening. Closing.
I 9 67@ 9.69
9.70# 9.7U
9.85 9.83fa 9.M V
9 99@10.00 9.96@ 9.97
. 10.05 10.091
.10.10 10.19^
. TO.26@10.35 10.29
10.37
. 10,40 10.45
. 10.45@10.47 10.50 _
I 9.43$
Sales, 38.750
RIDLEY Sc JAMES
AUDITORS
ATLANTA - - GEORGIA