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Latest Reports From the World’s Great Markets—-Cotton, Grain, Stocks
DECLARES B. C. FORBES
Dividend-Paying Investments Give
Increasing Interest as Years Go By
and Provide for the Future of
Children—Extravagance a Curse.
By B. C. FORBES
Don't you wish they devised Christmas and New Year presents
that would make money instead of eosl money' Hiid prove more or
less useless?
Wouldn’t it be fine to discover some sort of
gift that would earn money every day of the
year for the party receiving it?
Wouldn’t such a souvenir, such a token of
friendship, be worth while?
Wouldn’t it constantly keep the giver in the
mind of the recipient as it silently, smoothly,
persistently, garnered money and laid it in the
lap of its grateful owner?
If a gift possessing such qualities and abili
ties could be invented, Christmas and New Year
giving could become a genuine, lasting blessing.
Well, is there such a gift obtainable at a cost
not beyond the pocket of moderate size?
Can there be found a present that, while costing less than a
king's ransom, will from the moment it is bestowed begin without
sught of trouble or attention to
Tremendous Rebound
In Am,Tel.&Tel,Stock
•am money daily, weekly, month
ly, yearly for its possessor, a gift
that, if simply deposited in a
mitable plane, will in time dou
ble and triple its original cost
without one ounce of effort on
the part of its owner?
There are auch Christmas end New
Tear (rifts.
What are they?
Baby nonds costing abont J100 each.
Also half-size, or 1500, bonds and
the full-grown variety worth $1,000.
Then, too, there are stocks, stocks
ef thoroughly sound railroads, public
utility corporations. Industrial com
panies and the like.
Just think how sensible It would
be to buy your wife, your children
cherished relatives or valued friends
In modest circumstances a trust
worthy Interest-bearing bond or divi
dend-paying stock In place of some
more or less useless flumgummery.
A good bond or slock would not
have to he constantly dusted. It
would take up no needed air space,
would not be In the way, would not
become dilapidated, It would not wear
out In a >ear or 1 wo
No. it could simply he plnced in a
lank or trust company and allowed to
1., . ere, accumulating Interest or dlv-
i i - n;i which newly earned sums
1 institution would allow you more
1 ■ i,-st, SO that each year your hank
i nouhi grow thicker and thicker,
-i r and taster, after the manner of
a roiled snowball.
Value Would Double.
Supp ■ se you a ere to buy one one-
1 mlied-dollar bond for your baby
■ i other young child and iet the In
terest accumulate. By the time the
ciii.d finished the primary school the
one hundred dollars would have grown
Into two hundred dollars.
t ir If you could, by strict economy,
repeat the one-hundred-dollar bond
gift every Christinas, think what a
nice sunt would he lying In the bank
ready to put your son or daughter
through college or to give them a
comfortable start In life.
1 know a man receiving only a
fairly good salary, who. realizing the
Immeasurable benefits of a thorough
education, has carefully exercised
frugality In order to save enough to
give his sons a college course, and
bis method has been to purchase, aft
er the fullest investigation as to safe
ty, etc , an attractive bond or slock
for each i ne Just as often as he could
•crape together the necessary funds.
And lei me tell you that this man’s
happiness Is enviable, lie carries with
him a sense of duty well done. He
knows in his heart that he has prac
tlced every reasonable self-denial for
the sake of those whom he has
brought Into the world.
Thought It Out.
"I thought it all out long ago,' lie
told me the other day when he came
to ask me about the merits of cer
tain securities. "I saw that If 1 did
not begin to save right then and keep
cn adding a little every month. I
would not in all probability be able
to provide a college education for my curses? Are not our shopgirls, our
® _ ■ i • . 11, A vi 1 e m of 1 11 _
boys. Bo I hit upon the plan of in
vesting in the best securities on their
behalf.
‘Money makes money, you know
After a few years 1 found that 1 was
not the onlv worker for the family.
Mv children’s Investments were
working splendidly, making more
money every year, of course, as 1 let
the interest accumulate in the hank
until there was enough to make it
worth while to take out to help pay
for mother bond or stock.
-To-day l feel very comfortable
-The i ldest boy." he added, "is
ait tut to graduate from high school,
tint, there is now enough lying to his
fr , ;? in the bank to put him through
, t . best universities in the
r.,;t;)s you will aav that YOl’U
vn ’ngf :ire so Mnall that it would
i - wor»h bothering about buy-
\jns ,i i-onii or a stock.
\ Baby" Bond* Grow Up.
i >r not small things.
; ir bonds grow it if
l . ■ , L’NDISTURBED. THEY MUL-
'i 3 'LY.
7 e important thing is to begin in-
\ - rg. The moment you buy a se-
< ..jt ju become a capitalist—-Just
*•«- -ure thing a capitalist a* John D.
I. h r or Andrew Carnegie
Yi imess your money. You put
r m<»rey to work. You not only
|. yourself, but you thus provide
meant; for. developing your coun-
s scarcely scratched resources.
.r.d let me tell you that the United
t*s reeds to-day, more almost than
bther material blessing, an army
of frugal men and women who will
contribute their savings to enable
more railroads to be built, more land
to be cultivated, and so more ma
chinery to be provided, more mer
chandise to he produced, more textiles
to he manufactured, more ships to he
built, more parks to be opened in and
around cities, more facilities to be
created for the health and comfort of
the po&r everywhere.
8aving Spells Progress.
Saving—yes, SAVING —is the
foundation on which all such prog
ress Is based. Unless some people
consume less than they earn there
can be no surplus, no new capital for
any new purpose whatsoever.
The citlsen who saves is a
patriot.
The citizen who sinks Into debt
through extravagant, riotous living
is a curse to his country.
Are you not a little more Inclined
now that you see things In this light
to exert yourself to brgin saving'.’
Don’t you realize that by so doing
you will better perform your duty to
your beloved country?
If you can’t be moved to econ
omy by any selfish consideration,
will you not respond to the larger
appeal of patriotism?
I have never known a poor per
son regret having laid aside money
to tide over a rainy day.
I have heard many of them be
moan. with anguish of soul, their
carelessness, their heedlessnoss,
their recklessness, their thriftless
ness, after it was all too late.
Haven’t you?
Wi \|d Speak as Prophet.
So often have l seen the misery
that poverty breeds that I would to
heaven that I could now speak with
tho tongue of a prophet that my
words might be heeded by thousands
ere it be too late.
Americans are lamentably behind
other nationalities in laying aside
neat eggs in savings banks.
Only one persons in every hundred
of our population has a deposit in a
savings bank. In Switzerland one of
every two of the Inhabitants Is a
savings depositor, while in France,
Holland, Germany and England one
in every three (In round figures) has
a savings account.
I wonder, too, how many of the
American depositors are aliens?
Would you guess one-half? I think
you would be well within the mark.
That would leave only one Amer
ican citizen in every 200 a “saver.”
Isn’t that disgraceful?
Most Extravagant Nation.
We are the most extravagant
nation on the face of the earth. Most
of us indulge in luxuries unknown to
nine-tenths of the people in other
countries. Even those of us who
are of the "working class” go in for
more costly and more numerous
pleasures, clothes, eatables, vacations,
etc., than the corresponding classes
of any European land.
Do we not love ostentation over
much? Are we not too prone to ape
those better circumstanced than
ourselves? Is not envy one of our
flagrant national characteristics and
Agreement Between Government and
Company Give the Entire List
A Fillip—W, U. Off.
F3y CHARLES W. STORM.
NEW YORK, Dec. 20. Announcement
in Washington of the agreement reached
j between ihe United State* Government
1 ami the American Telephone and Tele- i
graph Company, by which this corpora
tion is to relinquish its control of the
Western Union Telegraph Company, I
caused a tremendous rebound in Ameri- j
can Telephone and the opening of the i
stock market to-day.
American Telephone, which had closed
at 117>4 on Friday, opened at 120%, but
within half an hour had touched 124
for a net advance of 6%.
Western Union did not respond as
sharply as American Telephone, open
ing at 61 for a gain of 1 noint.
Traders regarded the Washington an
nouncement with great optimism for va
rious reasons. They believed that it
had temporarily checked the movement
for Government ownership of telephone
and telegraph lines, and It was evident
that it forestalled long and hitter liti
gation and legislation under the Sher
man anti-trust, law.
Trading wun so vigorous at the open
ing of the stock market and the con
fusion was so great lhat the floor com
mittee of the fctock exchange had to
hold a special meeting to determine
upon an official quotation as the open
ing price of American Telephone
Ft was finally decided to make the
opening price as follows:
“Two thousand shares of American
Telephone and Telegraph traded In at
froth 120Vi to 124.”
These 2,000 shares, however, came In
lots of f»00. 200 and 100.
The strength in the wire stocks was
imparted to the balance of the list, and,
taken all in all, bigger overnight gains
were recorded than at any other time
for two years
At the end of 45 minutes American
Telephone touched 124% for a net gain
of 7 points. Selling set in then and a
few recessions were noted throughout
the list.
Among the other gains were: United
States Steel common. Vi: Union Pacific,
K: Third Avenue Traction. Vi; Southern
Pacific, %; Heading, %; Northern Pa
cific, V. New Haven, Vi: Lehigh Valley.
1 % . Erie. Vi; St. Paul, %; Amalgamated
Copper , and Canadian Pacific, 1%.
The curb was strong
Considerable buying apepared in
Americans In London before the local
market opened and the American issues
there were strong An exception, how
ever, appeared in Denver and Rio
Grande Canadian Pacific in l^ondon
was firm on covering.
The market cloned steady. Govern
ments unchanged; other bonds steady.
Stock quotations and net change:
Cloa. Net
CDTTDN MARKET 33 (ents for E ^ s J ust
Right, Expert Figures
U. S. Department of Justice Traces Product
From Farm to City Tables.
High. Ijow.
STOCKS—
Antal Copper.
Am. Agricul.
Am. Beet Sug.
American Can
do, pref.. .
Am. Car Fdy..
Am. Cot. Oil..
American Ice..
Am. Locomo..
Am Smelting
Am. Sug. Ref.
Am. T.-T
Am. Woolen..
Anaconda ....
Atchison
A. C. L.
B. and O
Beth. Steel....
B. R. T
Can. Pacific...
• Cen. Leather..
C. and O
Colo. F. and I.
Colo. Southern
Consol. Gas... 129*4 129
Corn Products. 9V4
71%
23%
£9%
88% •
44%
37%
22%
£9%
62%
107
124%
34%
94%
71%
23%
28
88%
43%
87%
22%
29%
62%
103%
120%
34%
9 3 Vi
» fj
116% 116Z
92% 92%
30%
87%
30%
87 %
217% 217% 218% +2%
telephone girls and our stenographers
obsessed by the notion that they must
immediately copy the clothes of the
Vanderbilts, the Goulds, the Astors
and other plutocratic families? And
do not our flO-a-woek clerks and
many of our artisans overreach
themselves in a silly pride-bom de
sire to cut the dash of a million
aire?
Such foolishness not only costs
money, but it squanders time. It
leaves too little leisure for mental
repose or for mental exertion, too
little opportunity for self-culture, top
little time for learning the art of liv
ing which, after all, Is the end we
all have In view
SAVE! SAVE! SAVE!
[This article will appear also In
Hearst’a Magazine and other Hearst
publications.]
26%
58%
26%
58%
161%
io%
28%
42%
D. and H
Den. and R. G
Distil. Secur..
Erie
do, pref...
Gen. Electric.. 138
G. North, nfd. 126%
G North. Ore.. 33
G. Western
Ill. Central
Interboro 14%
do, pref... 59%
Int. Harv. (old) ....
K C. S.. . . 24%
Mi. K. and T. 20%
do, pref. .
L. Valley. . .
L. ami N. . .
Mo. Pacific . .
v v Central.
Northwest. . .
Nat. Ijead . . .
N nnd W. . .
No. Pacific . .
O. and W. . .
i 'rant
Pacific Mail . .
P. Gas Co. . .
P. Steel Car .
Reading . . .
R. 1 and Steel
do pref.
Rock Island,
do, pref.
S. -Sheffield.
So. Pacific .
So. Railway
do, pref.
St. Paul
Bid. Ch’ge.
71% % %
43
23*4
28% +1
88 *f1
44% 4- %
36%
22% + %
29% 4 %
62% 4 %
106% 4-3%
122% 46%
15% + %
34% 4- %
94 4- %
116% 4- %
92% -F %
30% -f %
87% 4- %
26% 4- %
58% -F %
28% 4-1
27% 4- %
129 4 3%
9 4- %
151% 151
.... 17% -
S*
138
126
33
14%
59%
24%
20%
%
19 4-1%
28% -F %
44% 4- %
138 4-1%
126*4 4-1
33 4-1
11% 4- %
105*4 —1\
14% -f- %
59%
101 4- %
20 4- %
63% — %
152% 162% 152% 4-1%
134% 183% 133% 4- %
25%
93%
126
104 '
109
109"
24
119
26%
165
20%
80
14
21%
26%
93
126
25
92%
126
... 44
104 103% +
108 % 108% 4-
.... 26% 4-
108 Tf
4- %
4- %
•er.
Tcnn. Coppi
Texas Pacini
Third Avenue.
88
22%
75%
100%
30
12%
108%
24
118%
25%
164%
20%
80
14
21%
87%
22%
75%
100
29%
12%
ft
r . %
23% 4 %
118% 4-1*4
25% 4 %
164% 4 %
19% 4 %
80 41
13% 4 %
21% — %
26%
87% 4 %
22%
75% 4 %
100 4 %
30% 4 %
12% 4 %
41 4 %
Union Pacific. 155 Vi 154% 154% fl
U. tt. Rubber.
U S Steel .
do. pref.
Utah Copper
V. -C. Chem.
Wabash. . .
do, pref. .
NV. Union
VV Maryland
W. Electric.
W. Central.
56
68%
66
68% HR
106% 105% 106%
48% 48% 48
~ ‘ 26%
3%
55% 4 %
58% -fl
2« 7 »
61
61
64 H 64 >4
2514 — H
S + %
+H
G7V4 —2%
3S + %
64
4314 + \i
BAR SILVER
NEW YORK. Dec 2ft ‘ -Commercial
bar silver 58 Mexican dollars. 44%c.
liONDtiN, Dec. 20 Bar silver un
changed at 26 13-ltd.
COTTON SEED OIL.
Cotton seed oil quotations:
| Opening
1 Closing
Snot . .
.
6 60tf
re.95
December . . .
. 6.72 ft 6.78
! 0.70(f
'6 75
January
. 6 79 ft 6.80
6 7fi*
6.78
February
. 6 93@ 6.95
t; sol
^6 92
March .
. 7.06 ft 7.07
7.01 <f
[7.03
April .
1 7.1507.717
! 7.09*
*7.12
May .
. 7.24ft 7.25
1 7.19<C
b7.20
June
. 7.270 7,22
! 7.234:
f 7.25
J uly .
. 7.34ft i.36
7 29 31
M .30
Closed
t
steady;
sale*. 8.600
barrels.
NEW
YORK
COFFEE M
ARKET.
Coffee
quotations:
< opening
1 Cloalnu
Gossip Hurts Trade;
Merchants Ask Help
MILWAUKEE, Dec. 20—Constantly
recurring re pons of impending disas
ter to several business houses here, in
cluding one bank, drove merchants af
fected to appeal to the District Attor
ney for warrants ui:<#r the r « w State
anti-gossip law. One department store
whs said to have suffered a loss of $25,-
000 in volume of business.
The District Attorney convinced the
complainants that to issue warrants
would be only to give additional publici
ty ti> Vi* reports, and instead, issued a
public warning.
January. . , .
February. . .
March
April
May
June
July
August . . . .
September. . .
October. . . .
November. . .
December. . .
Closed firm.
I 9 23 ft 9.24
1 9.36 ft 9 38
! 9.45 9.49# 9.50
9 61 ft 9 6S
1 9.67ft 9.74 9.74# 9.75
9 84*i 9 85
9.88ft 9 93 9 94ft 9.95
f 10.04 ©10.06
10.004J 10 06 10.13#10.14
10 20 10.10 ft 10.21
10 25ft 10.26
9.19ft 9.20
LIVERPOOL COTTON MARKET.
Dec
Dec.-Jan. . .
Jan.-Feb. . .
Feb.-Mar. . .
M:i: Apr . .
April-May. .
May-June.
June-July.
July-Aug .. .
\ug.-Sept . .
I Sept.-Oct.. .
I oet - Non
1 Closed quiet.
-6 78
Opening
Range
6.77
6 75%
6.76
6.79
6 8l%-6.82
6.81 -6 80
6 80
6.78 -6 77*
6.75*2-6.76
6.63
641 -6.42
6.31 -6.32
Prev.
Close. Close.
6 75 6
6 74% 6
6.76% 6.
6 78% 6
6 SOL, 6
6.97% 6.
6.79 6
6 76% 6.
6 74 6.
6 62 6.
6 41 6
6.31 6.
8%
8%
79%
81%
84
S3
82%
80 "
77%
64 %
43
33
8? PRODUCERS
Bears May Be Checked by Grad
ual Marketing of Unsold Crop,
Spot Business Smail.
MEMPHIS, Dec. 20.—“Will the pro
ducer of cotton, through a gradual
marketing of the unsold part of
the crop and a refusal to he
intimidated into selling, in line with
lower contract prices, be more pow
erful, or will the professional specu
lative trader and hear prove so?” Is
a very important question now fac
ing the trade. The bears have made
progress the past week.
This has resulted In the shaking
out of a lot of cotton ‘‘longs’’ who
h&d held on through the protracted
fullness preceding the Government
ginning report and quantitative esti
mate of the year’s growth, disregard
ing the clamor about business get
ting bad and promising to become
worse. /
They were assisted In this policy of
hanging on hy the continued bullish
ness of statistics as to movement of
the crop from plantation to market
end thence to the mills. The best es
timates as to probable consumption
for the year were that the total would
be well above the bearish ideas on
the crop, and the rapidity with which
the consumers had been taking the
raw material, at prices admittedly
high, encouraged the idea that, bears
were not likely to try to force values
down very far below 13 cents.
Bears Show Activity.
But just as soon as the Govern
ment estimate came, generally re
garded as quite bullish, there was en
larged activity on tho part of the
bears, and results indicate that they
have met with no very strong re
sistance in pushing values downward
The pessimistic feeling as to general
business that has pervaded the stock
market for so long became prominent
in the arguments of the cotton mar
ket, and It has had restraining influ
ence on prospective buyers of the ac
tual. The movement in the belt has
held up well, and ginning during the
first half of this month has been
larger than bulls expected, tending to
throw discredit on the accuracy of the
official estimate on yield.
The private bureau figures on the
amount ginned to December 12
showed an excess of something over
100,000 bales for the period, as com
pared with last year, which naturally
encouraged the waiting attitude on
the part of the spinners. That has
been one of the chief influences for
lower speculative rates, as the trade
has assumed all the while that there
would be confirmation from the cen
sus department.
Holders Not Alarmed.
When the speculative market dis
played its weakness, tt^ break ex
tending over $3 a bale before there
was serious interruption thereto, at
tention naturally turned to gee what
affect it would have on the spot de
partment, as the moderate buying of
spinners fo*a period of several weeks
had caused an accumulation at some
centers. There was an absence of evi
dence that holders were alarmed, and
a significant lack of pressure from
banks, despite the fact that the bears
on one day had It reported that sales
were being forced at Rpot markets In
the belt because of loans on cotton
being called by banks. ,
Quotations were reduced some
what, though it did not always mean
that holders were willing to accept
lower prices for their cotton. In many
directions there was simply a with
drawal from the market, such having
been the case here, where stock was
larger than at any city in the belt,
except at two of the ports. The inde
pendent attitude of the holders re
flected their financial strength, for
they had sold a large portion of their
crop at big nrtoes. and banks had
less money advanced on the rest than
usual. Stock here has reached about
250,000 bales, the previous high rec
ord having been 234,000 bales in Jan
uary, 1911, yet the b«nks have nol
encouraged selling or called any loans.
Spot Business Small.
Business in spot* has been small,
hut one reason is that offers were
light. There has been talk of low-
grades pressing on the market and of
liberal concessions in prices on such,
hut the extent thereof i s believed to
be comparatively small. The feeling
among those who refuse to accept the
bearish point of view, although not
helping to support the market, is that
the bears are being misled by the
ginning figures as to the size of the
4 rop and that they will begin to real
ize it when the January' report comes
They also believe that there will he
abundant demand for every bale of
the present crop before the" next one
is available.
NEW YORK, Dec. 20.—The various
items entering into the cost of cold
storage eggs from the time farmers in
the Mississippi and Missouri valleys
got 16 oentB a dozen for them last
spring until the eggs reached the
consumer’s kitchen this winter have
been figured cut for R. W. Joyce, a
cold storage investigator of the De
partment of Justice, as follows:
Hucksters or freight cost. 1-2 cent;
caves and fillers, 3-4 cent; repacking
loss in breakage and overhead
charges. 3-4 cent; freight and cart
age. 2 cents; carrying charges, cold
storage (including interest and insur
ance, six to eight months). 2 cents;
Jobbers, labor, loss in repacking and
overhead charges, 2 1-2 cents, making
the eggs cost, without profit to the
Western packer and to the Eastern
receiver or jobber, 24 1-2 cents a
dozen. To this amount must be
added 1 cent for profit to the packer.
1 cent for the receiver and 3 cents for
the Jobber. These figures make the
price, with normal profits to the
wholesaler. 29 1-2 cents a dozen. Aft
er giving these figures. Dr. Droste,
the expert who compiled them, said;
"The retailer must average 15 per
cent profit to exist. In the flush sea
son of March, April, May and June
he scarcely averages G per cent. In
the winter months he must get from
25 to 30 per cent to strike his average
He makes that on his high-priced
sales. On the low-priced, even in
winter, he makes a very meager
profit.
Best Egg* Always Scarce.
The well-to-do pay him well—if
they do pay—and the poor or the
sensible buyers can get good values
at moderate prices if they are not too
proud to be satisfied with something
that is not called ‘the beat.’ Really
new-laid eggs are always short and
bring high prices except when all
eggs are new* laid, as in the flush of
April and May.
“The most unsatisfactory eggs are
the ‘country held,’ held by the farmer,
the storekeeper, the country packer
A large percentage is of this class, far
in excess in the total aggregate of
the much-talked-of ‘cold storage
eggs.’ These ‘held fresh’ come to the
receiver mixed with new eggs and
are more difficult to divide into
grades than cold storage eggs.
Blames Farmer’s Cellar.
"The rots and spots’ and weak eggs
are bred mainly in the farmer’s cellar
or barn, in the country store, in the
shippers’ little warehouse. When
they are found in coid storage it is
because they w-ere in this condition
before they w’ere stored.
“The spring cost, 16 cents on the
farm, has really nothing to do with
the value In the winter. That value
depends upon conditions then pre
vailing. If the fall production is
large and consumption Is small, then
values go to smash and the 24 1-2
cents cost stock is sold at a loss. A
year ago the loss was 5 to 8 cents a
dozen. If fall production is light and
consumption is large, then the 24 1-2
cents, and higher if the demand con
tinues and if the high prices fail to
draw increasing supplies from other
centers or the production is nothing.
16 Cents First Price.
“We have now the country cost, 16
cents to the farmer, and the city re
tail price, 33 cents, with normal prof
its to the handlers. If the retail price
is less, then the normal profits have
to be cut to that extent. If the de
mand and supply do not sustain these
values prices go down and dealers
profits disappear or become losses
and the consumer benefits. If the
demand outruns the supply the deal
ers' profits increase and the con
sumer pays the increase. The farm
er’s net result remains fixed from the
start, as does the profit of the case
manufacturer, the huckster, the rail
roads and all the labor engaged in
the transaction.”
Sees No Combination.
Mr. Droste says there is no busi
ness in which competition is keener,
and there Is not a vestige of combi
nation anywhere. Every dealer tries
to take the business of the other away
and the retailer tries to drive his op
ponent out of business. He declares
that the wholesale merchants can
rarely show an average gross profit
of 5 per cent on sales, including even
the years when fortune favors them
in speculative ventures, and the small
retail grocer who can pay his debts
is the exception.
Cotton Drops With a
Thud on U. S. Report
Tremendous Selling Orders Cause
Break of $1.75 Bale—South
Unloads Long Lines.
LIVE STOCK.
20.—-Hogs: Receipts.
In.OOOj market steady; rolled and butch-
ers. .. 3o -r 7 SO; aotui heavy, 7.6007 75
rough heavy, 7.5(107.55; light. 7.35®7 T* :
pigs, 5.75®..15; hulk, 7.50®7 70
Tattle: Receipts, 400; market steady
I reeves. 6.73(0 0.50; cows and heifers. 3 25
JS 10: stockers and feelers. 5 SOd 7 35
Texans, 6.400 ..70; calves. S 50-iflO 25
Sheep: Receipts. 2,000; market steady
»" d Western, 3.00(« 5 40; lambs'.
5. i i*(i1 8.00.
ST. DOUIS, Dec. 20 — Cattle: Receipts.
450. including 200 Southerns: market
steady; native beef steers. 7 50*1 9 75-
cows and heifers. 4.15*78.50; stockers
and feelers. 5.00@7.50; calves, 6 0047
II 00; Texas steers, 5.75ft7.00; cows and
heifers, 4.00ft 6 00.
Hogs: Receipts. 6,000; market 5c low-
er. mixed 7 50ft 7.75; good. 7.65ft 7.75:
rough. ..Soft..45; lights. 7.50®7.65 uirs
6 75ft 7 50; bulk. 7.50ft7.60. p * ’
Sheep: Receipts. 150; market steady
muttons. 3 76ft4.65; yearlings. 6.00ft 7.15•
lambs, 5.25ft7.65.
NEW YORK, Dec. 20 —Prices went
I down with a bang at the opening of the
cotton market, to-day on the publication
of the bearish Census Bureau figures
on cotton of the 1913 crop ginned to
December 13. The first transactions
were made at prices 10 t 20 points under
Friday’s closing. After that the market
steadied for a breathing spell ami then
cracked wide open under a wave of
tremendous selling orders. While the
selling movement was at its height
prices broke $1.35 to $1.80 a bale lower
than Friday’s final. .
The ring crowd sold aggressively.
Wall street, the South, the uptown
crowd and longs were noticeable on the
selling side. No one seemed inclined to
support the list and the break made
without a pause. Leading bulls and
some of the larger spot houses who
have supported the list for the past few
days were not in evidence and the bears
hammered with confidence. January
was the weakest option of the list, drop
ping to 11.89.
The Census figures exceeded the gen
eral expectation by 200,000 bales. Just
before the opening guesses ranged from
12.450.000 to 17,798,000 bales The report
seemed to put an end to the hope of a
commercial crop under 14.000.000 bales.
The most discouraging feature of the
break was the absence of support from
the bull crowd, but there was good de
mand at the bottom and recovery of
about 6 points ensued. After that the
market continued on its downward jour
ney and repeated the lowest point of
the day. As March and May went tum
bling on the way down from 12.50 to
12.14 there was considerable stop loss
orders uncovered. It was liquidation of
the same sort as has been the feature
of the market since last Monday. Much
of it caiuc from the South and may be
described as distress cotton. There
seems to be no doubt that the long In
terest In the belt is enormous In spite
of the extensive liquidation of late.
The whole South went long of futures
in the belief that the early frost and
mid-summer drouth and all of the other
blows that the crop has received would
result in a big bull campaign.
These speculative buyers, however,
forgot the rise of 14 cents had discount
ed considerable of the damage.
The amount of cotton ginned from De
cember 1 to 14 totaled 843.000 bales.
The principal Increase In glnnings was
In Georgia, which showed an increase
of 148.000 bales, against 111.000 bales
last year. Arkansas bowed an Increase
of 96.000. against 43.000 bales last year.
All the eastern States showed increases
accordingly. Texas and Oklahoma were
about the same.
At the close the market wo* steady
with prices at a net decline of 22 to 35
points from the final quotations of Fri
day
Estimated cotton receipts:
Monday 1912
New Orleans .... 9.500 to 10,500 9.111
Galveston 10.000 to 16,000 22.929
Grain Prices Flurry
With Narrow Limits
December Wheat Weak and Shows
No Recuperative Power—Close
Sales and Buying Feature.
ST. LOUIS CASH QUOTATIONS.
8 ’ON—»ri*0
GiFTSTO BEFEW
Employees of New York Banking
Houses Face Prospect of a
Barren Christmas.
: 09 $> 89
ft 90® £0
Z 'ON—UJOO
paj z 'OM-l«aqAl
CHICAGO, Dec. 20—Wheat closed
with losses of % to %c for the day, and,
while the December was quite weak
i and showed no recuperative power, the
May and July reacted %c from the bot
tom prices on short covering.
Corn was off % to %c. while oats
were %c higher to %c lower.
Hog products were lower all around.
Grain quotations:
High. Low.
WHEAT-
Dec
May
July
CORN—
Dec
May
July
OATS—
Dec
May
July
PORK—
Jan.... 20.
May.... 20
LARD—
Jan.... 10.
May.... 10
RIBS—
Jan.... 10
May.... 11
Previous
Close. Close
88%
91%
88%
70%
70
69%
39%
42%
41%
60
.80
65
88
91
87%
69%
69 %
687k
39%
41%
41
20.47%
20.72%
10.62%
97% 10.97%
7% 10.77%
05
11.02%
88
91%
87%
69%
69%
687k
39%
41%
41%
20.52%
20.75
10.62%
10.97%
10.77%
11.05
88%
91%
88%
69%
69%
69
39%
41%
41%
20.80
10.62%
10.97%
10.47%
11.05
CHICAGO CASH QUOTATIONS.
CHICAGO, Dec. 20.—Wheat—No. 2
red. 05®96; No. S red. 93ft®94%; No. 2
hard winter, 89%@90; NO. 3 hard win
ter, 88%ft89; No. 1 Northern spring. 91
I @91%; No. 2 Northern spring, 89%@
I 90%; No. 3 spring. 88ft89.
Corn—No. 2 new, 70%ft70%; No. 2
white, new. 70 % ft 70 %; No. 2 yellow,
: new, 70%@70%; No. 3, new, 64%ft66;
j No. 3 white, new. 65%@67; No. 3 yellow,
new, 65@67%; No. 4. new, 67%@)60; No.
4 white, new, 6©@>63%; No. 4 yellow
1 new, 58@63%.
Oats—No. 3 white, 40ft40%; No. 4,
whit*, 39ft40; standard, 41%.
RANGE IN NEW VQBK FUT'JWS
Dc
Jn
Fb
Mh
4 AP
My
Jn
Jy
Ag
Sp
Oc
■I
l j
12.36112.36 12.0’
12.14 12.14 11.89
12.30 12.34 i 2.14
"12 32 12*.T5“i2.14
112.33 12.33.12.33
’12.33 12.35 12.13
Il2.16|12.16jl2.00
T 1.56 11.50 11 42
NEW YORK, Dec. 20.—The number
of new automobiles which will be
bought by employees in the financial
district this Christmas will be small-
very small. Wives who have been pe
titioning for new furs will be re
minded that it has been a mild win
ter so far. A wireless from Santa
Claus—even the case-hardened mes
senger boys in Wall street believe in
Banta Claus for two weeks every year
•—has been whiskered by the cashier
to the office manager, by the office
manager to the bookkeeper, by the
bookkeeper to^the clerks and runners
that the “old rhan is feeling a little
pinched this year.”
“The old man,” If his business is
mostly stocks, has reason to feel
pinched. There been less money
made in 1913 by the strictly commis
sion houses, which have no Cotton Ex
change or grain connections, and
which do practically nothing in bonds
or banking, than in any year since
Hector \va* a pup, to quote' “the old
man.”
Now Seek Investment Business.
The investment business pays
steady returns, but the profits are so
small that they were Ignored by the
big firms in the old million-share days
on the Sto v ck Exchange. Those were
the times when Santa Clsus, carrying
a canvas bag full of gold pieces, was
a very real person 1 employees.
The kindly old gentleman remember
ed on December 24 even' night that
the clerks had been asked to stay
overtime to finish up the day’s book
keeping, and he usually could be de
pended upon to add a few coins for
good measure.
The most recent Christmas of that
kind was in 1907. when, despite the
severe jolt given to prices by the
panic, most houses had a big balance
on the right side. The next year was
dull, though not dull by the stand
ards since set ur». an'* 1909 was fair-
Iv good. The big bonuses of the 1907
Christmas have been shrinking ever
since.
The Central Trust Company always
gives President James N. Wallace 100
per cent of his salary, or a $50,000
remembrance, with the ending of a
good year—and the u^tral knows no
other kind. The other employees ex
pect about 50 ner cent of their year’s
salaries. The Central has not been
hurt by the dullness in the stock mar
ket. J. P. Morgan & Co. are liberal
givers, and undoubtedly they w'ill ob
serve the popular custom. Most of the
banks, including the private firms,
and the trust companies are expected
to make distributions on the scale
, obtaining in past years.
Where the Shoe Will Pinch.
The sufferers this year will be x he
j employees of the houses maintaining
expensive offices and customers’
rooms for customers who have not
been regular in attendance the past
year. Man., of them will \ be over
joyed to receive an assurance that
they are expected to report as usual
on the second day of January. In
the same class are bond salesmen,
who are rewarded at the end of a
good year by an increase in salary.
Few of the emnloyees are likely to in
sist on an advaace this year if the
partners forget to mention the mat
ter.
The telephone girl and the faithful
stenographer, who used to get $25
from the firm for matinee expenses
and a five-pound box of chocolates
from each of the men In the office,
probably will be delighted to receive
a greeting card this year.
Some of the telephone boys on the
stock exchange floor, and particular
ly those who had orders to place at
their discretion with brokers in 'he
absence of their own floor men. used
to have to telephone for their broth
ers and sisters to help them carry
home the money left on their -helves
the day before Christmas. When a
boy b —ned over several thou-
; sand n commissions to a fa-
; vor; the brokers, he wasrfiot
sur- have $200 fall into his
■ pock ristrfias time. On the
i contr. was likely to make new
alliam.tr- .ne day after the holiday if
; some such phenomenon did not oc
cur. One telephone boy of thirty-
some summers, w r ith many big orders
to parcel out, was suspected of own
ing a country' home and a racing sta
ble not many years ago. A few boxes
of cigars will satisfy him this year.
New Fashion To Be “Sprung” oi
Christmas Eve Will Be the
Thinnest of Frocks.
Special Cable to The American.
PARIS, Dec. 20.—After the proprie
tors of physical culture schools come j
the corset manufacturers in complaint j
that the tango is ruining their busi
ness, because the chief modistes are
making tango gowns to be worn cor
setless. Parisians regard the ousting
of the corset as a blow at one of the
city’s oldest and most monopolistic
industries.
A well known fashion editor says
that on Christmas eve the dressmak
ers will spring a startling new fash
ion for the late restaurants. The in
novation will include tulle frocks, to
be worn without underskirts and with
corsages unlined.
Next summer’s hats, which are al
ways introduced at Christmas eve,
will be large, covering the hair com
pletely and overhanging the shoul
ders. They will be of - straw and
trimmed with silk flowers, the silk
in brilliant colors.
Dressmakers have asked the police
to prevent photographers at the races
snapping the new' modes, alleging that
regular agencies exist to send photo
graphs of the new modes to minor
dressmakers the world over to copy j
without paying royalties.
The press is amused, since it has
been always thought that the dress
makers thernselves hired photogra
phers to snap the latest modes, pay
ing for the wide distribution of pho
tographs to advertise their own firm |
names.
SPOT COTTON MARKET.
Atlanta, nominal; middling 12%.
Athens, steady; middling 13^4
Macon, steady: middling 13%.
New Orleans, steady: middling 13c.
New York, quiet; middling 12.60.
Philadelphia, easy: middling 12.85.
Boston, quiet; middling 12.60.
Liverpool, easier; middling 7.1U
Savannah, quiet; middling L2 il-16.
Augusta, steady; middling 12 13-16.
Charleston, steady; middling 13%.
Norfolk, steady; middling 12%.
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, steady; middling 13%.
Houston, steady; middling 13 1-lf.
Louisville, firm; middling 12%.
MONEY AND EXCHANGE.
NEW YORK, Dec. 20.—Posted rates! I
Sterling exchange, 4.82@4.86, with actual
business in bankers’ bills at 4.8535ft I
4.8540 for demand and 4.81 for 60-day |
bills.
Be a Bell
Telephone
Operator
The work is agreeable. The sur
roundings ar pleasant. Yuu are paid
a salary whil - learning. The oppor
tunities for rapid advancement are
excellent. Increased .alary is assured
if you prove efficient
There are several vacancies in ouf
training school for young women who
have a common school education and
can furnish satisfactory references.
Apply in person at the
Bell Telephone Exchange
News and Notes
Of the Orain Crop
NEW YORK BANK STATEMENT - .
NKW YORK. n»0. 30 The weekly r>c iH f? H snh's Is zo-il
statement of the New York Associated Jn I 1 -- 46 1J 50 12.28 12.30 1-
Banks shows the following changes:
Average statement:
Excess cash reserve, $16,110,900; In
crease. $5,013,000.
Loana, decrease, $1,319,000.
Specie, increase. $7,084,00*1.
Legal tenders, decrease. $413,000.
Net deposits, increase. $6,560,000.
Circulation, increase. $9,000
Actual statement:
Loans, increase. $4,651,000.
Specie, increase. $3,848,000
Legal tenders, increase. $1,271,000.
Net deposits, itvjurease. $14,803,000.
Reserve, increase^ $1,459,050.
Closed steady.
RANGE IN NEW ORLEANS FUTURES
Fb
Mh 12.65 12.65 12.44 12.47 12
My 12.*4 12.75 12.55 13.59 12.
Jn J2.
Jy 12.79 12.79 12.60 12.60 12.
Or ; ;■■■ U.
Closed steady
LIVERPOOL GRAIN MARKET.
LIVERPOOL, Dec. 20. Wheal closed
unchanged.
Corn closed %d to %4 higher.
By JOSEPH F. PRITCHARD.
CHICAGO, Dec. 20.—It is generally j
believed in wheat circles that if the i
bulls In that grain are able to move j
along in 'the present rut and keep ,
values steady the bears will have !
cause for great disappointment. The
latter expect prices to sell off and '
they are now placing their cars with
that end in view. Some of the old-
time bulls who have switched over to !
the bear side of the market are short
goodly amounts of wheat at the mo- ,
ment and they expect to secure a !
profit because of declines later on. It
will take new buying power in this I
market to prevent sharp price losses
and this buying power will not be j
seen, unless the public can be induced
to sit in.
The larger longs, who were expect
ed to remain in the markets and wait
for shorts to bid the price upward,
have led in the selling and some of
them have been obliged to get out of
their holdings at losses. It was
claimed by the bulls in corn that the
Argentine receipts in this country
would cut no figure, but this has been
a mistake. The buying of that grain
has been scattered, but led by manu
facturers. and it has taken the place
of the Yankee corn in the South and
Southwest, where it was especially
j well adapted to feeding, because of
j the fact that it was in sacks.
A Progressive Bank in the Leading City of theGrowing South
IUST STOP AT THIS BANK
whenever you have money to send out of
town.
Our New York Drafts make most accept
able Christmas presents—the kind that are really appreci
ated. They are safe for transferring money and not ex
pensive.
We also issue American Bankers’ Association, Ameri
can Express Company and Thos. Cook & Son’s Travelers'
Cheeks, also Letters of Credit.
AMERICAN NATIONAL BANK
Alabama and Broad Streets
CAPITAL AND SURPLUS $1,200,000.00
Officers:
Directors:
'
WILLIAM L. PEEL Pres.
ROBT. F. MADDOX...V. Pres.
THOS. J. PEEPLES. ...Cashier
JAS. P WINDSOR. ..Asst. Cash
J. V ALEXANDER. Asst. Cash.
L H. BECK
B. M. BLOUNT
W. S. ELKIN
J. T HO LI. EM AN
W. H. KISER
R. F. MADDOX
G. A. NIC OLSON
W. L. PEEL
T. J PEEPLES
B L. WILLINGHAM
United States, City, State and County Depositary
35.60
JL.UM LUlve \ c.