Newspaper Page Text
S D
HEARST’S SUNDAY AMERICAN, ATLANTA, OA., SUNDAY, DECEMBER 7, 1013.
News and Views by Experts of Finance, Industry, Crops and Commerce
INVESTORS, FORBES SAYS
Predicts That When Majority of
Citizens Are Shareholders in Bi^
Enterprises, as They Are Growing
To Be, Conditions Will Improve.
By B. C. FORBES.
NEW YORK, Dec. 6.—How soon are “the people” to become
and be thought of as investors?
Wouldn’t it make a mighty difference to America’s fiaterial
progress if the majority of our citizens, in
stead of a small minority, were savers and in
vestors of money, people personally and vitally
interested in the welfare of business, deter-
Traders a Blue Lot
In Gotham Markets;
SurprisesFurnished
New York Has Been Carrying Europe
on 118 Back, and Wall Street
Whimpers.
NEW YORK Per ft.— It may b« said
of the stock market of the past week
that It waa pushed ahead in one direc
tion by Its own Instincts and pulled
hack In the. other by the iack of proper
| credit facilities. Instead of Europe car-
tying Wall Street on Me hack, as on
i many a former occasion. New York has
j recently been carrying Europe
In View of this condition It Is prob
ably fair to say that the stock market
advance thin week may have meant
more than a rfse In an ordinary season.
For to-day's market the opening was
quiet, with unimportant price changes,
and a dull and uninteresting session was
expected VW action of stocks in the -
first hour surprised the traders. It
showed them the market Is no longer
In their hands. They were as Idle and
; blue a lot of men as could be found,
but the market was active and strong as
1 a. result of accumulation by large ln-
I tercets.
Stock quotations and net change:
Olos. Net
High. Iy>w. Bid. Ch'ge.
71% 70% ' 70% — %
German Potash Trust
Hopelessly Smashed
Government’s Attempt to Monopolize World’s
Fertilizer Supply Fails Completely.
By BOERSLANER.
STOCKS
A trial. Copper..
Am. Agricul..
mined to force politicians to have Icrr regard | American can
for thflir own vflriogatprt ambition* and rnnro ' do, prpf..
regard for industrial prosperity and the pros- j Am. car F<jy..
perity of the multiplied millions dependent
upon that, prosperity?
Too often “the people” are viewed solely as
the “have-nots.” The consequent tendency is
to clamor for law's antagonistic to the “haves.”
But don’t you see that once Americans become
a nation of investors they will be “haves” arid 1 Atchison 113
will be less anxious to cripple capital than to ! a. c. t
+ V4
Am. Cot. Oil...
American lea.
j Ain. T/ocomo..
! Am. Smelting.
I Am. Hug. Ref..
Am. T.-T
j Am. Woolen...
1 Anaconda
30 %
«2%
10ft
120%
34%
30%
62%
106%
119%
News and Notes
Of the Grain Crop
By JOSEPH F. PRITCHARD.
CHICAGO, Dec. 6.—Unlew* there are
heavy snows in the Immediate future,
followed by much lower temperatures, j
the trade In wheat will doubtless hear <-j en . Electric.,
more of the ravagea of hessian fly in 1 G. North, pfd
sections of Kansas. The latest re- | G. North. Ore
O.
Ill.
Interboro ..
do, pref
ports from the central part of that j n - Western...
say that ii many instances 1 111 Central....
bring about, equitable conditions enabling trade of all kinds to
flourish? And we are slowly becoming a nation of investors. Have
mn false notions on that score.
Statistics show that the num
ber of security holders ha* appre
ciably increased during the last
twelve months.
And now let the statement be ndd-
•d that security holders in the United
States are to receive a fairer, squarer,
better deal than heretofore.
The New York Stock Exchange,
■which sets the lead for the whole
country, has officially decided to em
brace suggestions for .eform vigor
ously advocated Vr American.
The exchange's task, however, has
only been begun, not completed. Here
is the gist of its action:
"Whereas the questions Involved in
the incorporation, organization, pro
motion and capitalization of corpora
tions and the flotation of their securi
ties vitally affect the securities listed
on tbs New York Stock Exchange, a*
weH as the great quantity of securi
ties not so listed and
"Whereas it is the desire of this
exchange to co-operate as far as pos
sible in bringing about the adoption
of uniform measures for the greater
protection of the investing public
through more careful supervision of
corporate organization, with greater
publicity and fuller and more fre
quent roports of operations than has
been customary with many compa
nies in the past; now, therefore, bo
It
“Resolved, That a committee of five
or more be appointed by the presi
dent to make the above-mentioned
matters tbe subject of special study."
Steps must lie taken by Govern
mental authorities to prescribe stand
ard forma for the financial reports of
all corporations in which the public
1s interested. Industrial companies
now can issue any old mangy sort «>f
report they see fit. They can put
out entirely false and misleading
statements. and no one can Bay them
nay. Two innovations imperatively
needed are standardized reports and
quarterly reports
The whole American situation, in
my humble judgment, calls for the
most careful and discriminating
handling if we are to avoid the awful,
the dangerous, specter of able-bodied
men going hat in hand to soup kitch
ens.
B. and O. ...
feeth. Steel. .
B. R. T
<’an. Pacific.
Gen. heather.. 25%
C and 0 56%
Golo. F and I
Colo. Southern
Consol. Gas
Com Products...
D. and H
Pen. and R. G..
Pistil. Secur..
Erie , v ,
do, pref...
9% 9%
16%
28%
- %
139 %
124%
32%
11%
139%
124%
32%
11%
Russia in Need of Cash
And Is Applying Here
ST. PETERSBURG, Pec. ft -General
weakness on the Rt Petersburg Stock
Exchange occasions must comment It
was stated here that the Government
intends curtailing the credit of several
banking house* accused of having fa
vored extensive speculation; but the real
cause Is uneasiness due to unfavorable
rumors concerning the recent visit of
Premier Kokowtsoff to Berlin and
Paris
It seems his mission was not nearly
to successful as reported and the fact
is that foreign markets are not In
clined to open their pursestrings to Rus-
*ia.
It was stated that .KokowtsofT is mak-
ng overtures to a number of Anieri-
an banks for a loan which is required
for the extension of railway* and the
construction of new ones
Here’s One Man Made
Richer by Income Tax
NEW YORK. Pec. 6 —Strange to sav.
uaasage of the Income Tax law will
Increase, ar.d. not decrease the income
of at least one lucky person In this
country He is W P Morgan, a hank
cashier, of Hartford. Conn , who has .
prepared and patented a special form
of certificate to be u*ed in the collec
tion of interest coupons.
A large number of banks, including
several hlg institutions In this city,
among thorn the Irving National
Bonk, have placed orders for thou
sands of the certificates.
It is e.8tim0»**d that Mr. Morgan will
reap a small fortune
country
wheat has bean reseeded. as the fields
havs been swept dean by these little
pests. The acreage to wheat in the
Sunflower State this year is the lar
gest ever known, and the condition of
the wheat is the best at any time In
thirteen years. The crops of Kansas
were exceptionally poor this year, but
they are expected to show marked im
provement in 1914
• • •
The bears in wheat at Chicago are
a hard nut to crack. They follow all
the advances and sell that grain free
ly, and in many cases they have born
obliged to cover their outstanding
contracts at losses The smaller men
in the wheat trade are bearish, while
the larger men are bullish. Those
who control December wheat and corn
are among the big men of the trade.
The bears in oats were more or less
surprised bv t >i♦-* ItriBgth shown by
that grain, following the liberal de
liveries on December contracts. The
oats changed bands has been taken
in by strong concerns and a great
deal of this grain will be Hhlpped to
outside points where stocks are light.
It was expected that the big influx of
Canadian oats would prove a draw-,
back to prices, but that Influence
seems to have spent its force.
* # •
Speculation in all the grains has
been much larger the past week, with
the outsider favoring the bulls or long
side of the market. Conditions seem
to be right for higher prices for wheat
and corn, as exporters are taking out-
hard w-heat in goodly amounts and
the stocks of corn are the lightest
known in this market in many years.
• « *
According to the opinion of many
men in the provision trade, that mar
ket is now in an overbought condi
tion and prices are likely to sell
downward in consequence. The run
of hogs of late haa been heavier than
looked for, and this has proven some
thing of a drawback to the market in
the pit. Foreigners are not taking
our lard ss rapidly as expected, and
salt meats are selling in moderate
quantities only.
8«%
226%
25
66%
26%
28
128
9
161
17%
16% — %
28 -f- %
43% -f %
139
124% 4- %
32%
11%
f07
14% — %
60% — %
101% + %
20
63% 4- %
148%
132%
26%
95%
125
43%
103
107 Vi
27
109
23% — %
118% -f %
25% -f %
162% + %
19
80% — %
14% — %
+ %
— %
- %
— %
-F %
McAdoo Chides Banks
For Curtailing Credit
WASHINGTON. Pec.
-Following
Big Plant Soon to
complaints from business men that
banks were restricting credits on com
mercial paper to meet expected pro
visions of the new currency law. Secre
tary M' Adoo assured bankers the Gov
ernment contemplated no regulations
which would in any way interfere with
the business of the country.
The Secretary further stated the
Treasury Department had large avail
able resources, which it would not hesi
tate to use to aid banks To comply with
the law
A letter from a note broker from
Ohio alleged that large banks had ad
vised theTr correspondents to "make
themselves just as liquid as possible ami
stay so. in order to meet the require
ments of the new bill." These banks
said the note brokers have not been
buying any paper since March and busi
ness "is at a standstill."
Lumber Produced in
1909 Worth Billion
15% 16
66% 60%
Int. llarv. (old) .. ....
M. . K. and T
do, pref
Ii. Valley. . .148% 148%
G and N. . . 133 133
Mo. Pacific . . 26% 25%
N. Y. Central 96% 96
Northwest
Nat. Dead
N. and W
No. Pacific . . 107 Vi 107%
O. and W
Penna 109% 109%
Pacific Mail
P. Gas Co.. .118% 118%
P. Steel Car
Reading .... 168% 162%
R. I. and Steel. 19% 19
do, pref
Rock Island
do, pref.. . 23% 28
S. -Sheffield
So. Pacific . . 87% 87%
So. Railway. . 22% 22%
do, pref.. . 75 75
St. Paul . . . 99% 99%
Tenn. Copper. 30 29%
Texas Pacific
Third Avenue
Union Pacific. 158% 152%
U. S. Rubber
U. 8. Steel . . 57% 66%
do, pref.. . 105 106
Utah Copper . 47% 47%
V. -C. Chem.. . 29 28%
Wabash
do, pref.. . 10% 10%
W. Union . . . 62% 62%
\\ M.nslund
W. Electric
W. Central
Total sales. 115,800 shares.
NEW YORK BANK STATEMENT.
NEW YORK, Pee. 6.—The weekly
statement of the New York Associated
Ranks shows the following changes:
Average statement:
Excess cash reserve. $2.500,2o0; de
crease. $3,347,700.
Doans, decrease, $42,686,000.
Specie, decrease, $16,129,000.
Legal tenders, increase. $462,000.
Net deposits, decrease, $54,556,000.
Circulation, decrease, $16,000.
Actual statement:
Loans, decrease, $51,314,000.
Specie, decrease. $2,229,000.
Legal tenders, decrease. $655,000.
Net deposits, decrease. $50,184,000.
Reserve, increase. $8,641,100.
OUTSIDE SECURITIES.
NEW YORK. Pec. 6. Trading in the
market for outside securities to-day was
on a small scale although the general
undertone was firm. There was only
a light inquiry for the Standard Oil is
sues which displayed an irregular ten
dency. United Cigar Stores on small
dealings moved a point. Mining stocks
were quiet but steady: Close:
Rav State. 3-16@5-16; 900 British
American Tobacco. 23%ti/24; Standard
(>ti mo bid. 230 British Columbia,
2 l S 'f '2 s. Con. Aria., 3-ISCa 5—16; Davis
Paly. 1 Giroux. %(dl%; Greene
Can.. 6%'<t7; Kerr laike, 4%®4%; 100
La rose, l%'q2; 100 Mck Par.. 1 3-16(&'
1%. Nipissing, 8@8%; Yukon Gold,
22%.
BONDS.
NEW YORK. Pec 6.—Government
bonds were unchanged. Railroad and
other bonds were steady.
28
25
87%
22%
74%
99%
29%
13
40%
162%
64
66%
104%
47%
27%
3%
10%
62
33%
65 %
43%
+1
4-1
+ %
— % '
-F %
4- %
— %
4- %
+ %
~F %
-F %
CHICAGO, Dec., The potash
monopoly Is hopelessly and helpless
ly disintegrated. At a meeting of
the German potash syndicate held in
Berlin the other day monopolistic
purposes were abandoned and meas
ures adopted in an attempt to pre
vent utter demoralization of the
trade.
This Is the miserable end of false
pretenses on the part of the Prus
sian Government and of diplomatic
hypocrisy.
The antecedents should still be
vivid in the minds of all who are
interested in fertilization—and in in
ternational diplomacy. Some inde
pendent potash mine owners had
contracted to deliver a large amount
of the commodity to American enn-
siuners, chiefly to the Vlrginia-
Carollna Chemical Company and to
another agricultural fertilizer con
cern. The Prussian Government in
tervened. It pretended not to pro
test against the price, but against the
amount that was to be exported to
one country "which endangered the
world’s supply.**
So far as was then (and is yet)
known, potash mines are confined to
Germany and potash is a necessary
ingredient in agricultural fertiliza
tion
The Prussians professed to be so
licitous of the world’s welfare in
that no country should he permitted
to take out of Germany more of the
essential ingredient than was abso
lutely imperative to its needs. Pot
ash was peculiarly precious. It must
be jealously preserved.
American contractors did not ac
cept the Prussian Government's pro
testations and insisted thafc the in
dependent producers be permitted to
fulfill their contracts. The matter
Anally received the attention of the
Department of State in Washington,
which instructed the American Am
bassador to investigate the question.
Supplies Limitless.
Investigation proved the Prussian
Government was seven-tenths owner
of the largest potash mine In Prus
sia; that it was trying to effect a
monopoly; that mines were being
discovered in other parts of Ger
many; that one new’ly discovered
mine in Alsace also contained
enough potash alone to supply the
world for a century.
The discoveries were fiercely re
sented not only by the Prussian, but
by the Imperial Chancellery In Ber
lin. The integrity and veracity of
the American Ambassador were im
pugned with plausible indignation,
in a moment .if confusion and ti
midity in Washington the American
representative in Germany was on
the point of being recalled. He prob
ably hod lost his post but for the
courageous stand taken by a number
of Rerlln correspondents of foreign
newspapers who confirmed the Am
bassador’s findings.
The "prevention of a wasteful use
of national resources" was in es
sence an attempt to monopolize the
industry In every respect—in limit
ing output and in fixing prices. The
Prussians thought to hold the uni
verse by the tail. They went so far
as to Induce the Berlin office to try
for a heavy duty on exports.
Seventy Square Miles.
Since then the deposits in Alsace
have been further explored and have
Grains Just Seesaw
In Inactive Session
ST. LOUIS CASH QUOTATIONS.
Wheat—No. 2 red 95 @96%
Com—No. 3 (new) 74 @75
Oats—No. 2 41%
By JOSEPH P. PRITCHARD.
CHICAGO, Pec. 6.—May wheat was
the only future of that grain to hold
its own to-day and to close ut the best
prices of the session. That month was
a bull favorite, and in addition to this
there waa good buying by scattered
shorts. The December future, as well
as the July, closed with losses of % to
%c. The weakness displayed by corn
was more of a drawback to the wheat
market than was generally known In
the trade. H drew out some of the
long wheat that was being held—espec
ially the December and July—and It also
caused some selling on short account.
The snow which was reported as well
spread over some of the Southwestern
States was looked upon by the trade
as a bearish help, and there was some
wheat sold on it. The advance in the
condition of the growing winter wheat
plant has caused many in the South
west to believe that unless it is well
protected by snow that lower tempera
tures will bring out heavy looses. There
were additional messages from Kansas
and Missouri telling of the wheat hav
ing already jointed, and of the fields
being in such a muddy condition that
It is Impossible to turn stock in for the
purpose of leveling the plant to the
ground. The Michigan December re
port as wired by C. A. King & Co., of
Toledo, made the condition of winter
wheat high at 98. It was 95 in Novem
ber and 90 a year ago.
Corn show'ed a weaker feeling to-day
and prices declined % to Vic for the
day There was considerable strength
displayed during mid-session. Prices at
that time were particularly well suited
to the holder and they not only filled
up all comers, but when the decline
was inaugurated they followed it down
and sold quite freely,
i Grain quotations:
been shown to be enofmously great
and rich. The field has been proved
by borings to extend to about 77
srquaxe mile* of continuous deposits
The first mine began production
there last year and since then ten
others have begun producing or have
received allotments in the syndicate.
More recently deposits have been
found in Baden, between the Rhine
and the Rlack Forest, evidently a
conlnuation of those In Alsace. Mean
while, new mines have been opened
up very rapidly by the older dis
tricts around the Hartz Mountains.
The first mines opened there lay In
the plains to the east of the moun
tains; later on deposits were struck
to the north and then to the south
of them; and still later the district
has been greatly extended toward the
northwest into the Province of Han
over and to the south into Thuringia.
It is thus a case of embarrassment
of riches with which the potash people
have to deal.
Propose Drastlo Remedy.
The Prussian ‘‘preventive" bill
proposed a Draconic remedy for the
excessive increase of mines; no new
ones were to be allowed to begin
production during a period of twenty
years. This proposal was naturally
objected to by all Parties interested
in undeveloped properties and among
the objectors were several of the
German States themselves, which
have become Interested in potash
mines, or which hoped that discov
eries of the valuable •alts would be
made withfti their borders.
The Prussian bill was accordingly
modified In its most essential fea
tures by the Federal Council and as
enacted it provided that all mines be
gun up to a certain date should re
ceive production quotas for imme
diate use, but after that date, a period
of five years should elapse, after get
ting a quota, before the mine in
question might begin production.
The law also made it possible for
existing mines to buy up the quo
tas assigned to new ones and to pro
duce the corresponding quantities at
their old shafts. No mine was al
lowed to sell its own product; all
sales had to be made by a central
selling agenpv. Thus, while the law
did not specifically provide for a
syndicate it practically necessitated
the continuation of the old syndicate.
The price at which potash might he
sold was also specifically stated in
the law. with a provision for changes
from time to time by a government
board that has charge of the ad
ministration of the law.
Result Unsatisfactory.
The result of the law has been em-
minently unsatisfactory. Instead of
checking the establishment of new
mines, it has proved a strong stimu
lus to the exportation of undeveloped
properties. This was only a natural
result, inasmuch as the law guar
anteed production quotas to all new
comers and fixed prices far above the
necessary costs of production, with a
reasonable percenta 0 "* of profit. The
new mines, too, were sure to find
ready buyers of their quotas, in case
the latter should turn out to be too
small to Justify them in erecting
operating plants and exploiting their
mines upon their own account.
Now the leaders of the potash in
dustry are complaining that the law’
merely placed a premium upon the
organization of new potash companies
and that demoralization has ensued.
California Oil Lands
Not for Settlers
WASHINGTON, Pec. 6.—On recom
mendation of Secretary Lane, President
Wilson has withdrawn from entry 45.720
acres of public land in Southern Cali
fornia. believed by experts of the Geo
logical Survey to be valuable for its
oil contents.
One hundred and twenty thousand
acres of supposed coal lands in West
ern Montana have been restored to en
try. Only a small part of the lan<J
was found to contain coal, and that was
of a low character.
OF 14,211,111
Markets Quiet Awaiting Federal
Figures—Private Guesses In
cline to Higher Level.
MONEY AND EXCHANGE.
NEW YORK, Pec. 6. Posted rates:
Sterling exchange, 4 82(n 4.86. with actual
business in bankers' bills at 4.8540(g)
4.8545 for demand and 4.81 for 60-day
bills.
WASHINGTON. Dec. 6.—Lumber
H/r 1 TXT' 1 "XT *1 I ranked third in value 1n United States
Make Wire and Nails i T mjn.no stocks
lishments in the business, with a total BOSTON, I ec t>. The market to-day
capital of $1,182,330,552 they em- , was quiet and steady without any pro-
ployed 797,825 persons, who received j nounced features Closing. Superior
$367,863,055 in salaries and wages. 1111,1 boston. - 4*. ^err Lake. 4 *-16;
The products totaled $1,160,644,628 1 Alaska Gold -0 %: Last Butte. 10; Ma
in value. In addition lumber and its
more elementary products to the value
of $5,667,950 were reported by establish
ments engaged primarily in the manu
facture of other products, chiefly furni
ture. refrigerators, fancy and paper
bores. Jind pianos, organs and mate
rials.
BIRMINGHAM, Dec. 6.—Machinery
in the big plant of the American Steel
and Wire Company, a* Fairfield, near
the outskirts of Birmingham, is now
being worked out. It is announced
that tbe plant will go to making wire
and nails during the first week ir> Jan-
Yuary, and before the end of that
I i
"man ployed in the big plant.
5%.
BAR SILVER.
NEW YORK, Pec 6. Bar silver in
London to-day was % penny higher at
27% pence per ounce. To-day's New
York prices _• higher at 58%; Mexican
dollars, 45%<u 49.
High.
WHEAT—
Pec 88%
May 91%
July 89%
CORN—
Dec
May
July... .4
OATS—
Pec
May
July
PORK—
Jan... 21.07%
May.... 21.10
LARD—
Jan.... 10.80
May . . 11.15
RIBS—
Jan.... 11.05
May.... 11 27%
72%
71%
70%
40%
48%
42%
Low.
87%
91%
SS%
71%
70%
69%
39%
42%
42%
21.03%
21.05
10.77%
11.10
10.97%
11.20
Previous
Close. Close
88
91%
i - 4
71
70
40%
43
42%
21.02%
21.10
10.77%
11.10
11.00
11.22%
88%
11%
72%
71%
70%
39%
43%
42%
21.0 / T%
21-12%
10.82%
11.15
11.02%
11.25
New Steamship Line
Will Use the Canal
Special Cable to The American.
CHRISTCHURCH, N. Z., Dec.
When the Panama Canal is opened to
the world's traffic the New' Zealand
Shipping Company, Saw and Savlll
and the Albian Company intend to
establish a regular steamer service
*between New Zealand and Atlantlo
ports of America.
MEMPHIS. Dec. -Comparative
dullness, which usually characterizes
trading in the cotton market just be
fore the Government issues its quanti
tative estimate of yield, has prevailed
during the week. To make the dull
ness more marked, there has been
discussion of what the ginning re
port, due Monday at the opening, will
show as having been turned out to
the close of November. -Several pri
vate reports have been issued and
their usual accuracy has caused them
to be given attention.
Using the information contained
therein in connection with that re
ceived from other sources, there has
been a crystallization of ideas around
12,000,000 bales, or a little more as
the amount ginned, compared with
11,885,000 bales by the same date last
year, w'hioh was 87.9 per c ent of the
total, and with 12.817,000 in 1911,
which was 82.4 per cent of the total.
For the latter half of November, gin
ning has been heavy. Tf the census
report comes in line with average ex
pectations, the amount will be some
thing over 1,600.000 bales, which
would compare with 1,554,000 for the
same time last season.
Such an Increase would hardly
regarded as bearish, judging from the
recent action of the speculative mar
ket. as opinion leans decidedly to the
view that progress in picking and
ginning has been unusually rapid and
the total will represent as high per
centage of the entire crop as last
year, or higher. It is freely predicted
that subsequent reports will show a
big falling off and thus confirm bull
ish ideas.
Await Estimate of Yield.
A few days after the census report
on ginning the trade will receive the
Government’s estimate of the yield,
and much Interest and importance at-
| taches to it. This will come Decem
ber 12 and will give the amount of
growth expressed in bales of 500
pounds. As the commercial, or run
ning. bales usually run about 3 to 4
per cent heavier, it will be necessary
to reduce the official figures propor
tionately and then make allowance
for the linters and repacks. Last sea
son linters were 602,000 bales, and this
year they should be as much or more,
as each year there is an increased
proportion, because of Improved ma
chinery for separating the lint from
the seed.
It Is generally felt that the Gov
ernment estimate will point to a com
mercial crop of 14,000,000 to 14,250,-
000 bales, and the market during the
past week or so has seemingly been
trying to adjust itself to this figure,
i The average of the numerous private
. guesses that have come to light is
! around the higher figure, and if there
is official confirmation, the cotton
I world having leayied that the Gov-
| ernment experts have improved their
| method of arriving at conclusions, the
probabilities are that bullish activ
ity will be stimulated, unless trade
developments become much worse
than now they seem to be.
Crop Movement Falls Off.
The movement of the crop during
the past week ha-s shown further
falling off. Bulls attribute this to ex
haustion of supplies and an unwill
ingness to sell at prices offered, and
bears blame It on the attitude of
spinners as a result of their knowl
edge that manufacturing activity was
to be lessened.
In the belt there has been an ab
sence of pressure to sell the actual
that seems significant. The holders
have showed patience during the pe
riod of small buying and refused to
become alarmed enough to slash
prices, middling seemingly having
been pegged at 13 cents at the larger
centers.
There has been some revival of
demand during the past few days
and a slight advance in quotations
at many centers. However, sales
have not been indicative of a dispo
sition on the part of spinners to buy
freely, and it looks very much as if
| the spot people will be put to a test
as to their ability to dictate the price
for which the remnant will be sold.
Spot Cotton Drops 10
Points and Sales Go
Off to 5,000 Bales
Little Change of Sentiment Edicated
With Reference to the Census
Ginning Figures.
By EDWARD LOW RANLETT.
NEW YORK. Pec. 6.—The action of
to-day’s cotton market suggested lit
tle more than some further evening up
of commitments for over the week-end
and the approaching Government re
ports. '
While Liverpool futures were a shade
better than due, the showing as a wnole
was hardly encouraging as spot cotton
was 10 points lower, with sales dron-
pin* off to 5,000 bales Of course the
spot business on a half-holiday Is ex
pected to run under a full day, but pri
vate cables received commented on the
less active spot demand and increased
Southern hedge selling which, how
ever, was absorbed by American and
Continental buying , _
There was nothing in the action of the
local market, or in the talk around the
ring, to indicate any change of senti
ment with reference to the shoeing of
either the census ginning figures, due
at the opening Monday morning, or of
the crop estimate by the Department^of
Agriculture, which is to be issued Fri-
day afternoon. Prjvate returns have in
dicated a winning of about 12,000 bales
to December 1.
Both New Orleans anfl Memphis re
ported an increase demand for spot cot
ton after the close on Friday and that
local spot people and Eastern mills have
been Increased buyers in low-grade cot
ton In the Atlantics.
Reviews of the dry goods situation
showed no special change, indicatine a
fairly good demand for prompt ship
ments hut comparatively little business
for forward delivery.
Weather conditions, as far as they
Influence the crop at this state, con
tinue favorable, inasmuch as the crop
is practically gathered and wet weath
er at this session is considered favor
able.
Estimated cotton receipts:
Monday. 1912.
New Orleans M00 to 9,400 10.634
Galveston 4,000 to 5,000 21,775
RANGE IN NEW YORK FUTURES
Liverpool Market Stronger Than
Expected and Has Tendency
to Buoy Up Prices.
„„ 13 15I13.15I1S.07 13.09 13.07-09 13.10-11
Jn 12.84 12.91 12.82 12.86 12.85-86 12.85
Fb 112 80 12.81 12.80 12.81 12.82-84 12.83-85
Mh 12197 13.05 12 96 12.99,12.99-1 3112.98-99
An | .. .1 ! 112.94-9612.95-97
Mr 112.93 12.99 12.91 12.92 12.92-93 12.92-93
j n 12.87-89 12.86-88
Jly 12 82 12 88.12.80-12.80,12.82-8312.81-82
Air 12 60 12.60:12.60 12.60 12.57-58:12.56-58
OC '12.00124)012.00:12.00111.99-12111.98-99
Closed steady.
RANGE IN NEW ORLEANS FUTURES
c
•
c
a
*
a
o
O
X
J
O
12.95 12.9612.95112.96
13.03 13.10 13.02 13.07
131813,24131513.21
13 25
13.3112.2313.29
13.25 13.33 13.24 13.29
12.97
13.06
13.07
13.21
13.22
13.27
13.27
13.30
12.00
NEW OH LEANS, LA., Dec. 6,—Fur.
ther efforts to depress the price of cot-
ton met with defeat In this market to
day. Liverpool, in the first Instance
did not show as much weakness as had
been expected. In cnn. e! .. Jence 0( , h
dine In the American markets Fridav
and an improved spot demand at ths
ower basis on this side checked bear
Ish sentiment.
The local market opened a trifle bet.
ter, but shortly afterwards receded to
the level of 13.1oc for March contracts
under pressure ftom short imprests’
which thought it possible to influence
further long liquidation. Instead of
fresh liquidation, however, the market
encountered good supporting orders
causing shorts to reverse their tactics ’
During the rest of the half dav's ses
sion shorts were the principal ‘buyers.
March contracts being bid up to IS >4
' Profits Are Taken.
At that level, professionals who had
bought on the early morning dip took
profits, the market easing off several
points from the ton. Short covering was
again much in evidence on the last re
cession and the market closed steady
with prices showing a net gain of t to
4 ££! nt ? on the actIv e trading positions
rhe local spot market was officially
reported steady and unchanged. Sales
amounted to 543 bales of spots and 1 148
bales to arrive on the basis of 13 3-16'for
middling.
Market Tone Quiet.
Pending the Issuance of the Cental
report on ginnings and the Bureau cron
estimate Monday and Fridav of next
week, respectively, the market has ex
hibited rather a quiet tone the past
week. The movement continues to show
a comparative falling off, indicating ap->
proachlng exhaustion of interior receipt*
from plantations and farms. On the
other hand, mill takings continue large,
takings since September 1 to date be
ing more than 400.0(H) bales In excess of
the corresponding period last year
Should the market decline on th*
ginners’ report Monday, it is believed
there will be heavy speculative buying
in anticipation of a bullish estimate on
the Friday following.
-31
12.92-95
13.03-04
13.04-06
13.17- 18
13.18- 9
13.24-26
13.24-26
13.26-27
12.00
Closed steady.
LIVERPOOL COTTON MARKET.
LIVERPOOL, Dec. 6.—Due 2% points
lower on December and 4% to 5 points
lower on other positions, this market
opened easy at a net decline of 5 to 6
points.
At the close the market was quiet and
steady. 3% to 4 points net low'er than
the final quotations of Friday.
Spot cotton easier at 10 points de
cllne; middling 7.23d; sales. 5,000 bales.
Futures opened quiet and steady.
Ope m nr; Prev
Range. 2 p. m. Close.
.6.93 -6.92% 6.94% 6.98%
.6.90%-6.91 6.92 6.96
.6.89 6.91% 6.95%
.6.90 -6.90% 6.91% 6.95%
Dec
Dec.-Jan. .
Jan.-Feb. .
Feb.-Mch. .
Mch- April.
April-May .
May-June .
June-July .
July-Aug. .
Aug.-Sept.
Sept.-Oct.
Oct.-Nov.
.6.91
.6.90
. 6.90
.6,88
.0.85
.6.72
, .6.49
.6.38
-6.90 6.92 6
-6.90% 6.92% 6.96%
-6.9J 6.92% 6.96%
Closed quiet and steady.
6.90
6.87
6.73
6.49V
6.39 V
6.94
6.97
6.77
6.53
6.43
SPOT COTTON MARKET.
Atlanta, steady; middling 13%.
Athens, steady; middling 13%.
Macon, steady; middling 13%.
New Orleans, steady; middling 13 3-16.
New Y r ork, quiet; middling 13.50.
Philadelphia, easy; middling 13.75.
Boston, quiet; middling 13.50.
Liverpool, steady; middling 7.33d.
Savannah, steady; middling 13 1-16.
Augusta, steady; middling 13 5-16.
Charleston, steady; middling 13%.
Norfolk, steady; middling 13%.
Galveston, quiet; middling 13%.
Mobile steady; middling 13%.
Wilmington, steady; middling 13c.
Litle Rock, quiet; middling 13c.
Baltimore, nominal; middling 12%.
St. Louis, quiet; middling 13%.
Memphis, quiet: middling 13%.
Houston, steady; middling 13 1-16.
Louisville, firm; middling 12%.
Charlotte, steady; middling 12c.
Primary Markets
For Textiles Quiet
NEW• YORK. Deo. 6.—Absence of for
ward orders In textiles features the
current trade while primary markets re
main quiet. Cotton yarns rule lower.
Jobbers are still asking for deliveries
on contracts, and retailers give little
beyond the seasonal inkling of a lessen
ing In trade In staples..
Fancy firints for spring are growing
in broader demand, and nigh noveltie#
in cotton goods are in demand for next
year's delivery.
Heavy goods of all kinds are steady
for spot deliveries, but concessions front
rpot prices will be made to induce lat4
business.
PORT RECEIPTS.
The following table shows
the ports to-day compared
same day last year:
receipts at
with the
LIVE STOCK.
CHICAGO, Pec. 6.—Hogs: Receipts,
15,000; market shade higher; mixed and
butchers. 7.46(0:7.95; good heavy. 7.66<Q)
7.85; rough heavy, 7.25@>7.65; light, 7.35
(67 85; pigs. 5.75(q)7.15; bulk. 7 60(9)7.80
Cattle: Receipts. 300; market steady;
beeves, 6.75(6 9.50; cows and heifers. 3.25
<6 7.85; Stockers and feeders. 5.25@7.40:
Texans, 6.40@7.70: calves. 9.25011.00.
Sheep: Receipts. 2,500; market
steady; native and Western, 3.00(^5.40;
lambs, 5.75(6*8.00.
ST. LOUIS CASH.
ST. LOUIS, Dec. 6.—Wheat—No. 2
red, 95^96%; No. 3, 93®94; No. 2 hard,
87%tr-88: No. 3 hard. 87§93.
Corn—No. 4, 69%; No. 3, 74@75; No.
4. 70.
Oats—No. 2. 41%; No. 3. 40%; No. 2
white, 43%; No. 4 white. 42%; No. 4. 39
@41%.
Raw Wool Now Free;
Bond Goods Released
WASHINGTON, Dec. 6.—Raw wool
went on the free list Monday under the
provisions of the new tariff act. Wool
held in bonded warehouses awaiting ad
mission free of duty in New York alone
is estimated at $1,000,000.
Philadelphia manufacturers withdrew
more than 8,000.000 pounds of raw wool
from bonded warehouses this week, ac
cording to estimates of customs house
officials. Most of the wool came from
New Zealand, England and Ireland. Be
fore the withdrawals began it was
stated the warehouses contained about
10,000,000 pounds.
At Providence, 1,300.000 pounds of wool
were withdrawn from bond.
New Orleans. ,
Galveston. . . ,
Mobile
Savannah. • .
Charleston. . .
Wilmington • ,
Norfolk. . . . ,
New* York. , • ,
Boston. . . . ,
Pensacola . . .
Newport News
Various. . . .
Total.
1913.
10.086
8,592
3,955
10,245
2,211
2,121
6,440
10
175
10.850
*4,483
1912.
11,319
27,275
839
7,179
1,230
1,079
8,214
508
386
** 8,397*
15,967
58,627 ! 74,383
Sugar Trust Suits
Total $29,000,000
NEW ORLEANS. Dec. 6.—With fifteen
additional suits filed In the United
States District Court, the American
Sugar Refining Company is made de
fendant in civil anti-trust prosecutions
under the Sherman law’ for damages ap
proximating $29,000 000.
The suits were filed by Louisiana cane
growers, sugar dealers and manufactur
ers, alleging that the American Sugar
Refining Company Is a monopo’y and
has manipulated the sugar matket to
the detriment and financial loss of the
petitioners.
NEW YORK PRODUCE MARKET.
NEW YORK. Dec. 6.—Petroleum firm!
crude Pennsylvania. 2.50.
Turpentine firmer; 46®46%.
Rosin dull; common, 4.10.
Wool firmer; domestic flsece, 22 , ??2<M
pulled, scoured basis, 32@60; Texas,
scoured basis, 40(3)52.
Hides easy; native steers, 19% oldi
branded steers, 18%@18%.
Coffee quiet; options opened 5 to »
lower; Rio, No. 7. on spot, 9%.
Rice steady; domestic, ordinary t*
prime, 3%jg)5%.
RICE MARKET.
NEW ORLEANS, Dec. 6—The tocM
market for clean rice ruled firm on
Honduras and barely steady on Japan.
Quotations on the leading grades a**
as follow’s:
Head “Hr gff*
? tral *^ s lilL
Screenings
spoi r
December
January
February
March .
April , .
May • •
June . •
July
COTTON SEED OIL,
"" [ Opening. y OoBtng.^
-Tyo
.'.oofiot
7.0407 05
7.07(37.11
7.1507.16
7.1837 2T
7.2537.26
7.2»|73J
7.8537.36
. i.oi@7.oS
. 7.0637.07
7.10@7.13
7.1537 18
7-20(5
7.261
17.22
_ '7.38
7.2907.84
, 7.8537.87
Closed eael«r; aalea 9,000 barrr.».
* Progressive Bank In the Leading City of the Crowlngjg^j!
VERY OFFICER AND EMPLOYEE
PRIMARY MOVEMENT.
CHICAGO CASH QUOTATIONS.
CHICAGO, Dec. 6.—Wheat: No. 2 red,
90%®91; No. 3 red. 93(u95; No. 2 hard
winter. 90®91; No. 3 hard winter. 89®
90. No. 1 Northern spring, 91 % fu 92; No
” Northern spring. OO'uOl; No 3 sprinc
88©S9.
Corn: No. 2 white. T3%f;74; No. 2
yellow, 78'<i78%; No. 3 white. 72%.
Oats: No. 2. 42%; No 3 white. 41%(h
41%, No 4 while, 40% (a 41; standard,
41%.
WHEAT— | 1913.
1912.
Receipts
Shipments
890 000
1.262,000
1,435,000
976.000
CORhf—
1913. 1 1912.
Receipt*
Shipments
705.000 756.000
402.000 1 426,000
CHICAGO CAR LOTS
Friday. Saturday.
Wheat
Corn
Oats . . . . . .
Hogs
25
61
42
15.000
21
67 1
88
43,000
LIVERPOOL GRAIN MARKET.
LIVERPOOL, Dec. (J.—Wheat closed
unchanged to Ud higher.
Corn closed %d higher.
NEW YORK COFFEE MARKET.
NEW YORK. Dec. 6.—The coffee mar-
kat was strong with prices 17 to 22
| points higher. Trading, however, was
light, only 27,000 bags changing hands.
Havre was off % franc and Ham-
j burg was % to 1 pfg. lower. Rio was
I unchanged, while Santos declined 50
| rels.
Opening. [ Closing.
9.42
January.
February.
March. .
April . .
May. , .
June. . .
i July. . .
August. .
September.
October. .
November.
9.47
9.70(0
9.75*3
9.75
! 10.00 '
0.71
9.40(2
9.53(2
9.66(2
9 801
9.971
10.0ft!
10.15a
10.21$
10.27(£
'10.27(1
;10.35(?
9 56
9.70
9.83
9.98
10.08
10.18
10.23
10.29
10 29
10.3’
2 9.30
Closed steady.
NAVAL STORES.
NEW YORK. Pec. 6.—The naval
stores market was generally unchanged
to-day.
of this bank wants to KNO)N each
depositor.
This way of KNOWING each other
means more than merely handing your deposit in - 1,
the Receiving Teller’s Window—it means SAI L
BANKING and good fellowship combined.
Your account and acquaintance invited.
AMERICAN NATIONAL BANK
Alabama and Broad Streets
CAPITAL AND SURPLUS $1,200,000.00
Officers: Directors:
RIDLEY & JAMES
AUDITORS
ATLANTA - - - GEORGIA
WILLIAM L. PEEL Fre«.
KOBT. F. MADDOX V. Pre*.
rUOB. J. PEEPLES Caehler
)AS. P. WINDSOR. . .Aest. Ca*U.
J. F. ALEXANDER. . .Asst. Cast,
L- H. BECK
B. M. BLOUNT
W. S. ELKIN
J. T. HOLLEMAN
W. H. KISER
g, I: & A c»
T ' J* p’kI'pUM ,
B L. WILLING***
United States, City, State and County Pepos*' J2L