Newspaper Page Text
HEARST’S SUNDAY AMERICAN, ATLANTA, OA., SUNDAY. DECEMBER 14, 101,1.
7 D
READY TO SOT
DISCREETLY TOWARD
Due Regard for Delicate Conditions
Likely to Restrain Impetuous Dem
onstration Against Exchanges and
Railroads—Some Reforms Needed.
‘ By B. C. FORBES.
NEW YORK, Dec. 13.—The world’s business pace is slowing
down, but security quotations already have been rigorously read
justed. Investments, therefore, may do better,
even though prosperity wanes.
Let me state very plainly, however, that the
most powerful financial interests are not yet
ready to recommend the purchase of full lines
of stock. Bonds are believed to be distinctly
cheap, and as money is released from commerce,
the expectations are that choice investments
will recover.
Happily, the administration has awakened to
the need for acting discreetly. President Wil
son and his more responsible advisers are ready
to shape their policies with due regard to the
delicate conditions now prevailing and that are
likely to prevail in the new year.
But there are short-sighted hot-heads in and out of the market
who want to ran riot in the corporation baiting, arid their antics
may gratutuously disturb mat
ters unless the President and
public unite in peremptorily de
manding a cessation of unreason
able anti-business demonstra
tions.
0£ course, measures will be intro
duced correcting abuses tn lug.i
finance. Justice calls for clear-cut,
emphatic legislation governing the
conduct of trusts and trust makers—
who sometimes prove prosperity
wreckers, as the New Haven Rail-
road calamity painfully demonstrates.
Public opinion will be with the Ad-
ministration in prohibiting mischiev
ous interlocking of directorates by
men of the stripe who nave wrecked
the New Haven and who are still in.
fluential in the finances of the New
York Central Railroad.
Guilt Should Be Personal.
A law to make guilt personal in
stead of. as now, corporate, will be
upheld by all not interested in crim
inal flimflamming. ,
A law providing for Federal su-
"ervislon of new security issues by
■,.!npai■ i-'S doing interstate business
i-.j v'M meet widespread approvad.
‘, , (hough it in*:v entail Inconven
ience and, perhaps, irksome delays.
There may be an .itt ,, T* t '!n lo turn
the New York Stock exchange up-
..| ( > down. Federal action would al-
*most certainly do more harm than
eor.l The exchange governors are
ho c ’trying in work out their own
7 ini are accomplishing a
vatic
id deal,
f the St.
■ unis
; Exchange wants to
question its sincerity,
..•■age and its determination to
l "wrongdoing, let It examine
■ very brokerage account that would
i.*t cal whether the B. F. Goodrich
directors speculated in the company’s
shares during the weeks they kept
strictly secret their declaration of a
dividend. .....
Facts Only Needed.
“We have no power to inflict pun
ishment.” say the governors.
Very well: just gather the facts—
all the facts—and provide them to
the newspapers, giving the names of
ev"rv flimfliimmer.
The newspapers will insure no light
punishment for anv thieves who may
be caught in the net.
If the exchange lets so flagrant an
episode nas* unpunished, then the
public wt!|#be pardoned for having
little faith in its ability to cope with
unsavory conditions.
The stoppage of the New Haven
Railroad dividend is in the nature of a
national calamity. New Haven stock
was not merely a stock; it was an
institution, almost a fetich. New
Engl nders for two generations have
looked upon it with something akin
to veneration. It was to them what
government rentes to the Frenchjn-
vestor, and consols to the staidest of
Britain’s aristocrats.
New Haven Smash Criminal.
That so splendid a property, serv
ing the finest territory in the Union,
should have been brought to such
pitiable straits is CRIMINAL, and if
norix; of the multi-millionaires who
contributed tr the wrecking of the
roan are brought to bar, then who can
wonder if there is an uprising against
capitalists that will not stop within
the bounds of calculating reason?
Can not the Morgan'-Rockefeller-
responsible for the dissipation of
sc ores of millions of dollars saved by
trusting men and women and placed
in the custody of the brilliant finan
ciers? It is not my mission to set
class against class, to stir up strife,
to howl for blood revenge for past
misdeeds. But it is everyone’s duty
to demand justice.
And unless there be a convincing
demonstration in various spheres that
ultra-rich men and other, directors of
corporations can be brought to book
and made to suffer for wrongdoing
thousands upon thousands of house
holds and that opportunities for
plundering the people' are to be les
sened in the future, then it can not
but appear to those who have been
robbed that something drastic must
be done to gain desired, necessary
ends.
Time Being Wasted.
Stop wasting time, money and tal
ent prosecuting corporations and get
ready to go after individuals.
A “corporation” can do nothirig of
itself. Tt is as a machine which must
be set in motion by somebody. Find
out WHO sets the machine in motion
in a wrong direction and inilict upon
the guilty individual his. deserts.
Good securities are not oil a high
level. They are low. They aVo in
trinsically chean. They may go low
er—probably will go lower—before
any permanent recovery sets in. But
there will be a recovery and a most
substantial one some day.
If the Interstate Commerce Com
mission would only get down to hard
work and issue its decision on the
Eastern railroads’ application to raise
freight rates five cents on the. dol
lar, the effect, if the demand be
granted would. 1 believe, mark the
turning point toward prosperity#for
the United States.
Pennsy Head Attacks
Legislative Evils
PITTSBURG, Dec 13.—Ivy L. Lee,
executive assistant to the president of
the Pennsylvania Railroad, before the
Traffic Club of Pittsburg, said: '
“The railroads find extraordinary
difficulties in meeting the situation by
reason of numerous and anomalous fac
tors, such as
“(1) Different tribunals arbitrate the
wage questions from those which settle
what the railroads shall charge.
“(2) States may impose expenses,
and yet through the inter-relationship
between States an] interstate rates, the
national Government, in effect, if not
in act. prevents the increase of State
rates tc meet the increased expenses.
“(3> We are compelled by the Sher
man act to compete, yet under the Hep
burn iaw in effect forbidden to com
pete with other railroads.”
Canada’s $20,000,000
Loan Is a Failure
LONDON, Dec. 13.—Eighty-three per
cent of the Canadian Government loan
of $20,000.0*0 at 4 per cent, Issued at
97. was left on the hands of the un-
' : , . i was it
Baker clique of plutocrats be made to i ^erwriters.
.slight share of their ill- j The feeling prevails that Canadian
borrowing has been much overdone.
An Opportunity
ToMake Money
i*ventor», men of idea* and laTaatnre ability, should wnte to
day for our list of iamboM neodad. amd prize* offerad by leading
manufacturers.
Patents secured or our toe returned. **Why Sana for•• tors
Fail,’’#“How to Get Your Patent and Yaw Money. ’ and other
valuable booklet* teat free to any addraaa.
RANDOLPH 8k CO.
Patent Attorneys,
£*£>*'* 618 street, N. W.
WASHINGTON, D. C.
Stock Market Ends
Week Strong After
Wabbly Half Session
New Haven Exerts Depressing Effect,
American Telephone Hitting
New Low Point.
NEW YORK. Dec. 13.—Wide varia
tion occurred in the stock market in
the half-session which closed the
present week. After showing pro
nounced weakness at times, a strong
tone developed and advances were in
order toward the close, when the raa-
jority of active issues showed some
net gains.
New Haven, although in better de
mand, continued to exert a depress
ing influence on many issues, espe
cially American Telephone, New York
Central and Pennsylvania, which were
affected partly by liquidation and
partly by a belief that the suspension
of the New Haven dividend fore
shadowed uncertainty in regard io
the maintenance of dividend rates on
the stocks of other Eastern roads.
New Haven itself made a substan
tial gain, and was in better inquiry
than at any previous time during tne
past few days.
A new low record was established
in American Telephone, which sold
under 115 for the first time in its
history, ind New York Central,
which declined about 1 point, sold at
the lowest point touched in sever., 1
years. American Telephone in the
late trading recovered part of its loss.
Copper stocks shared with the rest
of the list at intervals of weakness.
Stock quotations and net change.
Clos. Net
STOCKS— High. Low. Bid. Ch’ge.
$23,181,545,433 Is Total of
Banking Resources in U.S.
Average Dividend 11.4 Per cent in 1913, Com
pared to 11.01 in Previous Year.
WASHINGTON, Dec. 13.—The
banking resources of the United
States total $23,181,545,433.
Of this enormous figure tlie na
tional banks contribute $10,8 76,852,344.
National banking was a trifle mora
profitable last year than in 1912, the
average dividend being il.4 per cent,
as compared with 11.01 per cent the
year previous.
The total amount of savings depos
its in the United States has reached
the huge sum of $4,727,403,£50.
The number of Rational banks La-
creased from 7,420 to 7,488 during the
year.
These facts are taken from the an
nual report of the Acting Comptroller
of the Currency, Thomas P. Kane. It
contains an enormous mass of statis
tics. most of which, however, are to
be found in the regular statements
showing the condition of the banks,
issued five times a year.
The Acting Comptroller does rot
discuss currency reform.
News and Notes
Of the Grain Crop
Antal. Copper. 69%
68%
69%
+
% j
Am. Agricul
44
—
*4
Am. Beet Sug
22
.. X
American Can 26%
26
26 Vi
+
*
do, pref... 88
87%
87%
Am. Car Fdy
43
+
%
Am. Cot. Oil
36
+
%
American Ice. 21%
21
21%
+
%
Am. Locomo. 28%
28» s
28*4
Am. Smelting. 60%
60%
61
+
*
Am. Sug. Kef. 101%
14H4
102
—1
Am. T.-T. .. 116
114%
115%
+
vx
Am. Woolen
15
Anaconda .... 34%
33%
34
+
%
Atchison .... 92%
92%
92%
A. C. L. .... ....
117
—
%
B. and 0 9144
91%
91%
—
*
Beth. Steel
29
..
B. R. T. 86%
86
86
Can. Pacific... 222%
221H
222
+
Vi
Cen. Leather.. 24Vi
23%
24%
+
C. arid 0 56%
56%
57
+
%
Colo. F. and l
26
C?olo. Southern
28
Consol. Gas.... 127
126%
126
—1
Corn Products. 8%
8 S »
8%
—
*4
D. and H
150
Den. and R. G. 17%
1714
17
—
%
Distil. Secur
15%
—
%
Erie 27Vi
£7!4
27*4
+
*
do, pref.... 42%
4214
42*
*i
Gen. Electric.. 137
137
187%
-t-
*
G. North, pfd. 124
123%
123 V*
—
%
G. North. Ore.. 21%
21
21%
—
Vs
G. Western
11
••
Ill. Central.. 105%
105%
103%
lnterboro
14%
+
Va
do, pref. .. 58
5714,
58*
+
%
Int. Harv. (old) ....
100
M., K. and T
12 »
—
%
L. V alle> .... 147%
14714
148
+
%
L. and N. . ‘. 132
132
132
..
Mo. Pacific . . 25%
25%
25 %
+
*
N. Y. Central 96
97 %
97%
+
%
Northwest
124%
+
%
N. and W. . . 103
103
102%
+
%
No. Pacific . . 107%
107
107
+
*4
O. and W
25%
+
*
Penna 107%
106
106 %
+
%
Pacific Mail
23
+
%
P. Gas Co. . . 117
117
116
+
l /4
P Steel Car . 25
25
25
—
Vi
Reading .... 160%
131%
162%
+
V4
R. I. and Steel
19
+
%
do, pref. . 80
80
80 Vi
*4
Rock Island . 13%
12%
13*4
do, pref. . 20
19
19%
—
S.-Sheffield
25
—1
So. Pacific . . 86%
85%
86
+
*
So. Railway . 21
21
22
+
*
do, pref
74*
St. Paul . . . 97Vi:
97 >/ 4
97 V2
Tenn. Copper. 28%
28%
29
Vi
Texas Pacific . 12%
12*4
12
Third Avenue
3S44
+
*4
Union Pacific. 151
149%
150%
—
Vg
U. S. Rubber
54 Vi
+
%
U. S. Steel . . 55%
55
55%
4*
*
do, pref. . 104%
104%
104%
—
%
Utah Copper . 48
47 %
47*
4-
Vi
V.-C. Chem. . 26%
26%
%
Wabash
2*
—1
do, pref
10
W Union . . 60%
60
60
—
%
V\\ Maryland
29%
4-
Vi
W. Electric . 63%
63%
63%
—
%
W. Central
42 %
By JOSEPH F. PRITCHARD.
CHICAGO, Dec. 13.—For some days
past the situation in wheat looked
very much like a bootstrap game.
1 he larger longs were endeavoring to
hold the pi-ice up around a certain
level, in order to dispose of their
grain at as great advantage as ,pos-
sible. In order to accomplish this
they were obliged to take on more
or less May wheat, while at the same
time they were disposing of their
December future. The entire “school”
of professionals followed the buying
of May, indulged by the large houses,
and the small fry found themselves
with more wheat on their hands than
they could possibly digest and the re
sult was lower prices. The resell
ing of some cash wheat at the sea
board by exporters was the principal
fear factor of the week. As long as
the cash demand kept up at Chicago
the buying power was in evidence,
but with a let-up in the cash takings
there were signs of liquidation by
holders.
• • * i
There is little hope for a bull cam
paign in wheat, unless the outsider
can be induced to come in and take
a hand as a buyer. Without him the
market will continue in the same
old rut. and it will be subject to nar
row price changes, with sentiment
more or less bearish. The trade in
wheat is more evenly divided at the
moment in the matter of sentiment
than in some time past. The larger
people are adhering to the bull side,
because of their position in the mar
ket, while the smaller people are on
the bear side.
* * •
The advices received from the
Southern Hemisphere as to the prob
able exportable surplus of wheat in
that country have been so wide apart
that these cables have become a joke
instead of a market factor. On Thurs
day a ridiculous estimate was made
by somei ,ie at Buenos Ayres and it
was given circulation not only in
Chicago but fiver the entire country.
Following the buying by scattered
shorts on this piece of news, a cor
rection was made and those longs
became sellers at losses.
Some of the most ardent bulls in
the wheat market, of as late as a
week ago. were on the selling side
Friday and Saturday. The country
is inclined to let go of its corn in in
creased quantities and with only a
small demand on shipping account.
The situation has veered around and
may now be called more bearish than
in many months. The delivery M
40.000 bushels of corn on December
contracts was probably one of the
most potent bear factors of the week.
Municipal Bonds
Show Great Growth
Total sales, 165.000 shares.
NEW YORK BANK STATEMENT.
NKW YORK, Dec. 13.—The weekly
statement of the New \ ork Associated
Banks shows the following enanges:
Average statement:
Excess cash reserve, $11,907,900; in
crease. $8,587,650.
Loans, decrease, J23,448j)()0.
Specie, increase, $2,'<o6,000.
Legal tenders, increase, ij.,020 000.
Net deposits, decrease. $l»,o4»,000.
Circulation, decrease, $75,000.
Actual statement:
Loans, decrease, $10,616,000.
Specie, increase, $6,398,000.
Legai tenders, increase, $1.696.000.
Net deposits, decrease,^ $2,403,000.
Reserve, increase, $8,335,150.
MINING STOCKS.
BOSTON. Dec. 13.—The market con
tinued quite active in New Haven to-
dav with other issues quiet. Closing:
Kerr Lake Mining, 4 7-16; Nipissing, 8;
Superior and Boston. 2%; Hedley Gold,
.JO; Alaska Gold. 20%; Indiana, 3>4; La
Salle,
EANK CLEARINGS.
NEW YORK, Dec 13. — Bank clear
ings to-day. $391,668,697. against $375,-
000.561 a year ago, an increase of $16,»
668.136.
CHICAGO, Dec. 13.—The Bond Buyer
reports a total of $32,125,369 permanent
municipal bonds brought out in this
country during tho month of November,
as compared with $12,494.414 in the same
month last year. The total for the
eleven months of the year is $274,108,209,
against $290,798,503 for the correspond
ing period last year.
In addition to the above-mentioned
figures, eleven municipalities made tem
porary cans aggregating $54,969,465 of
which $54,489,4 io was borrowed by the
city of New fork.
In view of the inactivity in tb* mar
ket for all kinds of stocks and bonds
that was marked during the month just
passed. The Bond Buyer considers that
the showing made by municipals is ex-
| ceptionally strong.
GOVERNMENT BONDS.
NEW YORK. Dec. 13. Government
bonds were unchanged. Railroad bonds
and other bonds were irregular.
BAR SILVER.
NEW YORK, Dec. 13.—Bar silver in
New York. 58; at London, 26 13-16d.
Mexican dollars unchanged at 44%.
RICE MARKET.
NEW ORLEANS. Dec. 13.—The local
■ market for clean rice continues to ex-
' bibit a quiet but firm tone on both
j Honduras and Japan. Quotations on
the leading grades follow:
Honduras. Japan.
Head 4 (g 6 2% @3%
Straights 3 @4% 2%@3'
1 Screenings 1 % &2 % 214
Indiana Bank Bobbed;
Dakota Alarm Bings
HUDSON, S. DAK., Dec. 13.—Hud
son people claim the most sensitive
piece of machinery in South Dakota
is the burglar alarm at the Bank of
Hudson. A bank at Shelbyville, hid.,
was robbed the other night, and at
that very minute the alarm in the
Bank of Hudson started an alarm.
The whole town assembled at '.ho
bank. The door was opened and a
thorough search of the premiss
made, but no burglar could be found
Finally a machinist was sent for and
he managed to stop the alarm.
The next day ii was discovered tha:
the burglary really occurred at Shel
byville, Ind.
1,236,150 Factory
Hands in New York
Based on capital am surplus, the
gross earnings of national banks dur
ing the year were greater by over 2
per cent than in 1912. The capital of
national and other banking institu
tions amounts to $2,096,800,000, of
which slightly more than one-half is
the capital of national banks. Of in
dividual deposits aggregating $17,-
475,700,000 national banks held ap
proximately one-third.
The distribution and proportion of
loans as of June 4, 1913, in the banks
of New York, in all central reserve
cities, other reserve cities and in
country banka are:
Per
Amount. Cent.
New York $886,966,804 1 4.4
Chicago 1,315,735,177 21.4
Other reserve cities 1,640,317.608 26.7
All reserve cities.. $2,956,052,785 48 l
Country 3,186.975,348 51.9
Total $6,143,028,133 100 0
Wheat Market Now
Lure to Speculator
Plant Farther Advanced Than for
Many Years—Cold Snap Would
Trouble Bears.
By JOSEPH F. PRITCHARD.
CHICAGO, Dec. 13.—When the sit
uation in wheat is carefully weighed,
it may be said that the market pos
sesses many possibilities for the spec
ulator. It has been many years since
the wheat plant was in as advanced a
state as at present, and this is any
thing but favorable for the men who
own the farms and who have seeded
the wheat with the expectation of
leaping a good harvest, and being at
least faiiiy well paid for the money
invested, as well as their labor.
A cold snap at the present time
would mean trouble for the wheat
bears, as the plant is advanced and
tender and is susceptible to freezing
weather. The great caution which
has been shown by the bears in put
ting out short lines under present
conditions is a reflection of what they
look forward to in the way of crop
news during the remainder of the
winter arid spring.
We all know that an unfavorable
outlook in the Southwest would bring
a bull market. The farmer would
come in as a buyer, as was the case
in corn a few months ago, the country
banker, as weH as the country mer
chant, would be seen in wheat on the
bull side. These bullish conditions
may not be seen, but the prospects
are in favor of them. The price will
pivot on the weather, and the chances
are in favor of the bulls.
Quietly, biit persistently, the longs
in corn were again slipping out of
their holdings to-day, and they were
willing to accept lower prices for
their grain. Net losses for the day
were 1-4@1 -2c, and there was little
reaction from the lowest price.
There were deliveries here to-day of
20,000 bushels December corn on De
cember contract, which makes the de
liveries this mon'th 60,000 bushels.
There were 341 cars received at Chi
cago. Cash sales here were small at
75.000 bushels.
Grain quotations:
Drop in Cotton Due
To Spot Interests;
South Is Seller
Hedge Sales Increase as Continent
Shows No Feature—Liverpool
Tone Less Bellicose.
By EDWARD LOW RANLETT.
NEW YORK. Dec. 13.—-To-day was
a surprise for the bulls on both side*
of the water, That Government esti
mate on Friday’s rise would seem to
indorse that view. Yet somehow or
other if. change came over the mood
of the world’s cotton .markets over
night. Whether it is to last remains
to be seen. But certainly to-day wit
nessed a drop of about a dollar a bale
on heavy selling. It was partly at
tributed to spot interests., To all ap
pearances, the South was selling on
balance.
It was estimated on Friday after
noon that it would be very appropri
ate to seize upon the uptnrn which
occurred then to sell and a good many
selling orders came from New Or
leans and Memphis, as well as other
parts of the cotton belt to-day. Bear
in mind there was some Southern
buying, but on balance there can be
no question that the South was a
seller.
The news was anything but inspir
ing. Liverpool, which remained open
on Friday until 8 p. nv In order to
trade up to our close, instead of ad
vancing again, as expected, actually
dropped 2 1-2 to 4 English points and
closed barely steady' ev^n at that,
with a drop in spot sales from 14,000
to 16,000 bales on previous days to
5,000 to-day. What is more, it re
ported increased hedge selling and not
a little selling by the continent. Liv
erpool's tone was manifestly less bel
licose on the bull side.
Large Philadelphia spot interests
were also believed to be selling here.
It was an open secret that some of
the spot element is more or less du
bious to the possibility of advancing
prices in these times of trade reac
tion/
Some large Wall Street interests
bought to some extent fo-day and be
fore the close there was more or less
covering of shorts. Spinners’ takings
thus fur this season are very close to
5,fi00 000 bales.
Estimate*! cotton receipts:
Monday. 1912
New Orleans 17.000 to 18.500 10.700
Galveston 5.000 to 6,500 21,375
^ A NOE IN New VO*<
13.13 13.14112.90,12.
12.97112.97112.75112.
I
;13.10 13.10 12.88 i2-
Dc
Ja
Fb
Ma
Ap
My
Ju
Jiil
Au 112.75112.75!12.70 12.
Spt ; j 1 | . .
Oct !l2.09|12.Q9!11.96ill.
Closed easy.
13.02 13.04 12.85:12
! 12.93 12.94,12 74 i2.
9112
75 j 12
, ..12
89)12.
. .12
85! 12,
. ..112.
85112
76112
. .112
95 11
91 il 3
76112.
<5 12
90,13
•88|13
85113
•81113.
75,12
53 12.
•1012
■96,12
15-17
98-13
.95-98
11-12
08-10
05-06
00-02
95-96
73-74
21-25
06-08
High. Low.
WHEAT—
Dec 89%
May 92%
July 8914
CORN —
Dec 70
May 70
July 69 >4
OATS—
Dec 42*4
May 41%
July 39%
PORK—
Jan.... 20.90
May.... 21.05
LARD-
Jan.... 10.77%
May.... 11.07% 11.02%
RIBS —
Jan.... 10.95
May..... 11.20
Previous
Close. Close
89
91 %
88%
69%
6J%
68%
41%
41
39%
20 90
20.90
10.72%
10.90
11.15
89
92
88%
69%
69%
68%
39%
. 41%
41
20.90
20.95
10.72%
11.05
10.90
11.15
89%
92%
89
69%
69%
69%
39%
42%
41%
21.00
21.02%
10 77%
11.07%
10.95
11.17%
LIVERPOOL COTTON MARKET.
LI\ ERPOOL, Dec. 13.—Due un
changed, this market opened quiet, net
unchanged to %d higher. At the close
the market was barely steady. 2% to 4
points lower than Friday's close.
Spot cotton quiet at 7 points advance:
middling. 7.33d: sales. 5.000 hales, of
which 4.000 were American bales; spec
ulation and export. 500
Futures opened barely' steady.
Opening Prev.
Range Close Close.
.7.06 @7.04 7.03% 7.05%
.7.02 @7 01 "
.7.02 @6.98
.7.03 @6.99
.7.03 @7.00
.7 02%@7.03
Dec
Dec.-Jan .
Jan.-Feb. .
Feb.-March
March-Aprii
April-May.
May-June.
June-July.
July-Aug. .
Aug.-Sept.
Sept -Oct. .
Oct.-Nov
7.99% 7.02
6.99 7.01%
7.00 7.02%
7.01 7.03%
7.00 7.02%
.7.02%@6.98% 6.99% 702
.6.99 @6.97 6.96% 6.99
.6.96 @6.92% 6.93% 6.96
.6 82 @6.78 6.78% 6.82
.6.54% 6.54% 6.58%
6.49 @ 6.40 6 44% 6.48%
Closed l»arely steady.
RANGE IN NEW ORLEANS FUTURES
Dc 13.08 13.08 13 06:13.07! 12.88-
Jan I13.20T3.1I0,12.98 12.98 12.98-
Feb 12.99-
Ma ,13.38 13.38 13.17 13.17 13.17-
Ap ! 13.17-
My 13.43 13.43 13.23 13.25 13 24-
Jun 13.25-
Jul T3.44 [13.44113.25! 13.26'13.26-
Oct ! j ! L ... .{11.95-
89113.
99113.
01; 13.
18 13
19 13.
25 13.
27! 13.
27113.
12 12.
10-11
20-21
21-23
38- 39
39- 41
45- 46
46- 48
47- 48
10
CHICAGO CASH QUOTATIONS.
CHICAGO, Dec. 13—Wheat No. 2
red, 96%@97%; No. 3 re/1, 94@96; No. 2
hard winter, 90@90%; No. 3 hard win
ter. 88%@89%; No. 1 Northern spring.
92% @93%; No. 2 Northern spring, 90%
@92; No. ’> spring. 89 @89%.
Corn—No. 2 70%@71. new 70@70%,
No. 2 white 71%@72, new 70%@71; No i
2 yellow 74@74%. new 70%@71; No. 3!
70%@71, new 65<g>66; No, 3 white 70% (8
71. new 66%@67%; No 3 yellow 73. new
66@P8; No. 4 68@69, new 61%@63; No.
4 white 68@69, new 63@64; No. 4 yel
low 70%@71%, new 63@65.
Oats- No. 3 white, 40@40%; No. 4
white, 39%@40%; standard. 41 @41%.
PRIMARY MOVEMENT.
NEW YORK. Dec. 13.—The 48.851 fac
tories of this State employ 1,236.150 per
sons. according to statistics of the State
Department of Labor issued yesterday.
Based on a popu at ion of 9.500.000. one
out of every eight persons is employed
in a factory and one male in every six
is a factory worker.
The progress of the movement for
shorter hours is strikingly shown by
the fact that £0 per cent <»f the factory
operatives are. working less than fifty-
two hours per week and 16 per cent be
tween fifty two and fifty-eight hours.
! Clothing and millinery establishments
j employ nearly one-half and textile mills
about 20 per cent of the women work
ers.
WHEAT—
i 1913
1912
Receipts . .
Shipments .
. . . I 898.000
. . .! 348,000
1 1.243,000
898 000
CORN—
1 1913.
1912
479,000
368,000
Receipts . .
Shipments
... 1.145,000
. . . 1 531,000
LIVERPOOL GRAIN MARKET.
LIVERPOOL, Dec. 13.—wheat closed
%d higher.
Corn closed unchanged.
cotton SEED OIL.
Coton seed oil quotations.
| Opening.
Closing.
Spot . . . .
6.75@7 05
December. .
. ' 6.80@ 6.83
6.81 @6.84
January . .
. J 6.93@6.95
6.92@ 6.94
February . .
. 6 99@ 7.01
6.96 @7.00
March . . , .
. .{ 7.08(a7.09
7.67@ 7.09
April . . . .
. .! 7.11@7 16
7.10@-7.15
May . . . .
. . 7.22®7.24
7.22 @7.23
June . . . .
. . 6.24 @6.30
7.24@>7.29
July . . . .
. . 6.30© 6.31
7.30@ 7.31
Closed very
firm; sales 4,100
barrels.
Closed steady. ,
SPOT COTTON MARKZT.
Atlanta, nominal; middling 13%.
Athens, steady; middling 13^
Macon steady: middling 13%
New Orleans, quiet; middling 13%.
New York, quiet; middling 13.25.
Philadelphia, easy; middling 13.50.
Boston, quiet; middling 13.25.
Liverpool, steady; middling 7.33d.
Savannah, steady; middling L3c
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.
Little Rock, quiet; middling 13c.
Baltimore, nominal; middling 12%.
St Louis, quiet- middling 13%.
Memphis, quiet; middling 13%.
Houston, steady; middling 13 1-lf.
Louisville, film; middling 12%.
PORT RECEIPTS.
The following tabie shows receipts at
the ports to-uay compared with the
same day last year:
r~ml
LIVE STOCK MARKET.
CHICAGO. Dec. 13. Hogs—Receipts
16,000. rflarket shade higher. Mixed and
butchers $7 40@7.90; good heavy. $7.65
@7.85, rough heavy. $7.25@7.56; light,
$7.35@ 7.80; pigs. $7.70@7.80; bulk, $1.85
@7.15
Cattle—Receipts 700; market steady.
Beeves. $6.55@9.60; cows and heil’ers.
$3.25@8.10; stockers and feeders. $5.60
@7.40; Texans, $6.40@7.70; calves $8.50
@11.25.
Sheep—Receipts 2.000; market strong.
Native and Western, $3.00@5 40: lambs
$5.85@ 8.25.
ST Lot'IS, Deo. 13.—Cattle—Receipts
500. including 200 Southerns; market
! steady. Native beef steers $7.50 /9.15;
i rows and heifers. $4.25@8.50: stockers
land feeders. $5.00@7.60; calves, $6.00@>
11.Q0; Texas steers, $5.75@7.00; cows and
I heifers. $4.00@6.00; calves $4.25@5.50.
Hogs Receipts 7,500; market steady.
Mixed. $7.65@7.85; good. $7.75@7.90;
rough. $7 40@7 60; light. $7.65@7.75; pigs,
^$6.50@7.50; bulk, $7.65@7.85.
New Orleans. . .
12.480
8.913
< ialveston
5,846
7.016
Mobile
3,736
578
Savannah. . . .
9.477
4.902
Charleston . .
6.351
1,143
Wilmington . . .
2,280
2,364
Norfolk
2.954
1.883
Pacific coast . . .
15,426
New York . . . .
210
Boston. . . . . .
252
851
Pensacola
123
\ arious
1.402
4.340
Total
56,154
42,283 "
INTERIOR
MOVEMENT.
1913.
1912
Houston
3,864
13.528
Augusta
3.184
2,044
Memphis
5.454
4,609
St. Louis. . , ,
4,695
9.183
Cincinnati. . . .
1.610
5,209
Little Rock . .
1.157
Total
17,697
35,737)
NEW YORK PRODUCE.
NEW YORK, Dec. 13. Petroleum
firm; crude Pennsylvania, 2.50.
Turpentine steady. 46@46%.
Rosin steady; common, 4 00.
Wool steady; domestic fleece, 22 @26,
pulled, scoured basis. 32@50; Texas,
scoured basis. 40@ 52.
Hides quiet: native steers. 19; brand
ed steers. 18%.
Coffee steady; options opened 10 to 17
points higher: Rio. No. 7. spot. 9%@
9%.
Rice steady; domestic, ordinary to
prime. 3%@6%.
Molasses steady; New Orleans, open
kettle, 35@55.
Stogar, raw. easy; centrifugal. 3.39,
muscovado, 2.89; molasses, «5ugar, 2.54.
mm jumps HomuE
El
CROP ESTIMATE IS ROLLS SELL
Federal “Guess” at Yield Proves
Unexpectedly Low, and Bulls
Conduct Sharp Rally.
MEMPHIS, Dec. 13.—After see-
sawing for over a week in anticipa
tion of the Government’s final esti
mate of the cotton yield, the whole
list jumped 16 points on the news
that the total'of crop of the United
States this season will be 13,677,000
bales, compared to 14,076,430 last year.
The figures were unexpectedly low.
and the bulls conducted a sharp raid
on their strength.
The Census Department’s report on
ginning to December 1, its figures be
ing 12,081,100 bale^ compared with
11,854,000 to even date a year ago,
was so nearly in line with expecta
tions that it failed to influence prices
either way to any important extent.
It showed that during the latter half
of November ginning had bpen heavy,
the amount having been 1,647,000
bales, compared with 1,555,000 for the
same period last year, but this was
reported due to unusual conditions
and the bulls argued that it repre
sented an abnormally large propor
tion of the total crop. Bears offered
against this the improbability of suf
ficient falling off in ginning after*
December 1 to bring about final fig
ures in line with bullish ideas. The
inability to agree ou this and the
uncertainty as to what the Govern
ment estimate would be, encouraged
the waiting attitude and helped ex
plain the refusal of prices to show
much change.
Crop Movement Reduced.
The movement of the crop has
showui some reduction compared with
the previous week, but has been due
to some extent to the flood condi-
tions in the Southwest, transportation
facilities having been demoralized in
tho greater part of Texas. In the
Memphis territory, however, it lias
not subsided much from the recent
heavy volume and receipts have been
running well above a year ago. Stock
in this center on Wednesday went
above the largest amount on record,
amounting to 235,BBS bales, whereas
the record was- 234 299 hales, touched
January 4. 1911. The crest is usually
reached the last week of December,
or the first in January, so it is be
lieved the high mark this season will
be 250,000 or mdre bales. The sta
tistical record shows that during the
period of mo’erate buying an,d the
liberal movement, although receipts
are running behind a year ago, here
has been some accumulation at in
terior towns. They show an excess
of-nearly 150.000 bales over last
year, but are offset by the fact tha.
at ports there is a shortage of over
300,000,
Prices May Soar.
As to (low much the producer is
carrying at points not counted, no
body can tell, hut the bulls argue
that in view of the marketing policy
all the season and the ease with
which sales have been made, it is
reasonable to assume that the propor
tion is not large. Whether it be
large or small, there is no denying
that the producer as a rule is ad
hering to his attitude of independ
ence and there is general confidence
in prices holding where they are or
going higher. There seefns reason
for thinking that subsequent ginn ng
reports will confirm claims that the
crop has been picked ginned and
marketed very rapidly. The man who
lias not sold nis cotton appears to
be influenced by that more than he
is by the claims that the state or
business is such as to assure reduced
requirements on the part of spinners.
Business in spots has been re
stricted. though it has not resulted
in offerings being pressed for sale at
concessions. All the news from man
ufacturing circles has not been had.
The statement of export business in
cotton goods and yarns by Great
Britain for the month of November,
issued by the Londen Board of Trade,
was much better than expected, show
ing last year’s record figures to have
been almost equaled.
Conditions in this country are re
garded as more hopeful, there hav
ing been an improvement in the tone
of recent expressions, while the eas
ier money situation abroad is ex.
pected to help dissipate some or
the pessimistic advices coming
from that direction. The statistics
on cotton are admittedly favorable to
the bull side, and it only remains
to be proven whether they have been
discounted by the height of prices
and the prospects of supply meeting
the world’s requirements.
Mongolian Produce
Diverted to America
Special Cable to The American.
ST. PETERSBURG, Dec. 13.—Great
concern is expressed in the Moscow
business world over the diversion of
the bulk of the Mongolian and Man
churian produce from the markets of
European Russia, in favor of the
American market. B«jth the new
American tariff and the coming open
ing of the Panama Canal have in
duced Americans to make future bar
gains for great consignments of beans
and wool from Manchuria anu Mon
golia, where such produce is extraor
dinarily cheap, and their import into
the United States by the new route.
The Kharbin Viestnlk, the chief
business organ of the Russo-Chinese
Orient, describes this transfer of trade
as the most notable economic phe
nomenon in the world to-day.
Bears Join Movement, but It Is
Checked and Close Is Strong.
U. S. Report Factor.
NEW ORLEANS, Dec. 13.—In the
absence of bull support, the cotton
market to-day displayed a strong re
actionary tendency. Liverpool cable3
were rather disappointing, both to
spots and deliveries, and longs showed
a disposition to liquidate as soon as
the market opened.
Finding tjiat the bulls were inclined
to take profits, bearinsh Interest?,
which had been caught short by the
sudden upshoot in prices immediate
ly following the publication of the
bureau figures Friday, joined in the
selling movement, wh|ch became gen
eral. Before the declining tendency
was checked March contracts in this
market sold as low as 13.17 and Jan
uary as low as 12.98.
From that level there was a rally
of about 4 points on covering by
shorts, but prices eased off on re
newed liquidation before the close,
which, however, was steady.
Interior Markets Easy.
Spots locally were officially reporl-
ed quiet and unchanged. Sales
amounted to 387 bales of spots and
578 bales to arrive, on the basis cf
13 1-8 cents for middling.
Interior spot markets ruled easier
in sympathy with the decline in fu
tures, Houston being quoted down 1-8
and Dallas down 3-16 cent.
Considering the character of Fri
day’s bureau report, which was ex
tremely bullish and caused a sensa
tional advance in this market, the*
course of prices to-day was rather
disappointg. Part of the selling
was attributed to anticipation of y.
bearish « r inners’ report one- week
from to-day.
It is contended by the bears that
the ginning report will discredit th3
bureau estimate, and it is expected
that the estimated crop of some of
the States will be shown, to have
been already ginned.
This same argument was used last
year to discredit the bureau, whose
estimate eventually proved to ha /©
been too high.
Ginners Support Bureau.
The National Ginners’ Association,
which is supposed to have the most
reliable information regarding gin-
nings, came out his morning with a
crop estimate of 13,590,000 bales, ex
clusive of linters, confirming the Gov
ernment estimate and indicating that
there Was nothing in the ginning fig
ures in the last report to discredit the
bureau.
A report by the Census Bureau on
consumption for November will be is
sued Monday morning, and is expect
ed to make a very bullish showing.
Continental spinning InterejPs,
which are always slow to digest the
bureau report as to the probable size
of the crop, are likely, it is thought,
to be heard from in Liverpool Mon
day. and Should these interests take
a bullish view of the situation tho
market might quickly recover from
to-day's depression.
Fortified by uch a bullish bureau,
Southern spot holders are in a strong
position, and should be able to resist
successfully bear attacks upon the
price of the staple engineered by spec
ulative interests in New York.
COFFEE MARKET.
NEW YORK, Dec. 13.—The coffee
market showed a firmer tone to-day.
European cables were higher, and Bra
zilian receipts lighter at interior points
and thern seemed to be some covering
for over the week-end. Havre advanced
% franc to % franc, while Hamburg
was % pfennig to % pfennig higher.
Rio declined 75 reis. with Santos 100
reis lower. No. 7 Rio, 9%.
Coffee quotations:
| Opening.
| Closing.
January. . .
. .1 9.30
9.38(g)
9.40
February. . ,
. J 9.45
9.5l@
9.53
March. . ,
.! 9.65
9.64@
9.65
April. . . .
. .1 9.75@
9.85
9.77fg>
9.79
May. . . .
. . 9.93
9.90 @
9.91
June. . . . .
lQ.OOCa
10.01.
July
. .’10.13
10.10@
10.21
August . . .
„ . |
...
10 19@
10.21
September .
. 10.33
10.28 @
10.30
October. . .
. . 10.34
10.32@10.34
November. .
. '10.38
10.36(8)
10.38
December. .
. . |
9.24(g)
9.25
Closed steady. Sales,
30,750 bags.
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AUDITORS
ATLANTA - GEORGIA