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: . i. A i liAA 1 A, iSUAi/il I , wjLULAiiiLn 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.