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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