Newspaper Page Text
6 D
TTEAJtST’S SUNDAY AMERICAN. ATLANTA, OA., ST T ND AY. DECEMBER 2«, 1213
News and Views by Experts of Finance, Industry, Crops and Commerce
Cotton Advances 15
Points on Takings
$4,940,301,000 in 1913 By Large Spinners
Profit Taking Causes Crons Give Farmers
Decline in Stocks on 1 r
New York Exchange
Feels Sure Railroads Will (let Advance, but
Urges Matter Should be Settled at Once, Not,
Only to Increase Revenues, but Also to In
spire Confidence Among Investors Abroad.
By B. C. FORBES.
NEW YORK, Dec. 27.— Investments should do better, dis
tinctly better.
But business depression has not yet run its course.
The new currency system can not stop the
rising tide of unemployment. Unhappily labor
will suffer severely during the winter months.
May the weather be merciful to those who are
out of work—and out of homes.
If, however, the Interstate Commerce Com
mission and those associated with it will only
bestir themselves, and if they will stop their
diddy-dallying and proceed with businesslike
dispatch to adjucate the Eastern railroads
freight rate case, the effect of the ruling, if fa
vorable, will be instantaneous and far reaching.
That the railroads will be granted conces
sions I have not one iota of doubt. I claim no
knowledge; I base my conclusions merely on
intuition, on instinct, guided by the psychology of the situation, by
some acquaintance with the material facts and by some slight un
derstanding of human nature.
I have received many latters of
criticism for laying so much
itress upon the importance
this matter. I have been con
demned for apparently “siding
with the railroads.’’
Well, I can only say that I am at
•his moment more Impressed than
ever before with the immensity of the
lutie that is at stake.
Do you know that Intelligent in
vestors In Europe, Investors who have
eupplied millions upon million*—bil
lions—of capital for the development
of this country, regard the United
Htates as having reached the parting
of the ways? I>o you know that they
are consumed with nervousness over
the treatment of our grout business
organizations to whom they have
handed over their savings?
Decision is Epochal,
These Investors look upon the pend
ing decision as epochal, as the final
test.
It the Interstate Commerce ( om-
mlrsion repeats previous performances
and turns a deaf ear to the plea of
the railroads, then the deduction they
will draw ts that they can no longer
safely entrust their capital to the mer
cies of the American governmental
powers.
That is my profounde*t conviction.
On the other hand, If the railroads
are granted permis«ion to bring their
Income more ill line with their ad
vancing ex pen Be s, the effect—the sen
timental effect will be enormous.
Buch a decision. 1 believe, would
mark a turning point in American af
fairs. The immediate dollars and
cents benefit to the interested rail-
run (is would bn among the least of the
consequences that would follow.
Therefore when 1 write of the
freight question. I have in mind not
merely the comparatively small Bum
that would be added to railroad treas
uries. but the Infinitely wider consid
erations Involved - considerations
whose ramifications reach from th*
fartherest corner where American se
curities are held, all down the finan
cial. Industrial, political, aocia.1 and
labor fccale at home.
That Is not on-the-spur-or-tne-
nnoment hyperbole. It i» not by way
of a peroration
aH a |
de-
6iight .Recovery Shown In Later
Trading—Clearing House Re
serves Show a Decrease
NEW YORK. Dee. 27—Profit taking,
announcement of a forthcoming reduc
tion’ in th* Adams Express Company
dividend and the passing of a dividend
by a large New England textile concern
combined to bring about a slight reac
tion during the short session of the
stock market to-day. Reading was off
about %, Lehigh Valley lost 1 % and
Canadian Pacific 3%. The latter was
new low record for the year These d
( lines were scored rather early In the j
session and there was a slight recov-
.n the general list toward the close
the foreign markets there was a I
decline in Hritinh consols, but a stronger
market for French Government secur
ities Americans were generally lower,
Canadian Pacific in particular declin
ing 1% at London.
Discussion In the street to-day was
mostly concerning the Impending
changes in the banking system and the
attitude of the Government toward the
trusts. Washington advices on the lat
ter point being rather encouraging, in
dicating a conservative administration
program.
Stocks were fairly well absorbed to
day, considering the Increase in the sup.
ply. Honda were strong and fairly ac
tive.
For the first time In several weeks
rv 1.
In
Farmers of the United States will
receive $182,958,000 more for their
crops this year than in 1912, accord
ing to final figures published yester
day by the Department of Agricul
ture. The value of the nation’s four
teen principal farm crops is given as
$4,940,301,000. Prices are based on
those prevailing on December 1 last.
Yields of corn and cotton were the
Actual clearing house reserves showed a ! most valuable ever produced, while
re as*, the loss amounting to. $8,060.- | the oat crop was the second best in
~ | history.
How 1913 Harvests Compare With 1912
Final,
F Inal,
Value —
1913.
1912.
1913.
1912.
Winter—
Winter . . .
• 523,561.000
400.000 000
$ 433,005.000
$ 323,572.000
Spring
. 239,819.000
330 000,000
176.127.000
231,708,000
Total ...
. 763,380,000
730,000,000
$ 610,124,000
$ 655,280,000
Corn
. 2,446.988,000
3,124 746.000
$1,692 092,000
$1,520,454,000
flats
. 1,121,768,000
1,418 000.000
4.39,596.000
452.469.000
Harley ....
178,189,000
224,000,000
96 731,000
112.957,000
ftyc
41,381 000
35,664,000
26,220,000
23.636,000
Buckwheat
13.833,000
19.249.000
10,445,000
12,720.000
Flaxseed
13,853,000
23,000,000
21,399,000
32.202.000
Potatoes ..
. 331.525,000
420,647,000
227 903,000
212,650,000
Cotton ....
•13.077,000
13,703,000
797.841,000
780,224.000
Tobacco ...
. f947,399,000
'162.855,000
121.697 000
104,063,000
Hay :
$64,116,000
72,601,000
797,077,000
856,695,000
•Bales.
tPounds. iTons.
1 Operators Surprised by Development
of Strength—Liverpool Mar
ket Is Closed.
?Ion in ‘-entiment Is exactly in ac
cord with fixed laws of economics and
psychology.
Some Turn Optimists.
A return of confidence among In
vestors, provided nothing unreason
able be done to check It, should
shortly set In. Already a few far
sighted financiers are becoming opti
mistic although the Rockefellers,
the Morgan interests and many other
powerful capitalists are still unable to
see daylight ahead.
The next stage will be an Increase
in unemployment, a continuance of
failures (some of which are likely to
be very disturbing temporarily), a
tendency toward lower wages, a
marked Improvement in the efficiency
of labor, the practice of economy, the
accumulation of money in deposit in
stitutions. the inauguration of a new
investment movement, and. as a corol
lary. the restarting oft ha wheels of
industry and prosperity.
Security prices will not wait for ail
this to happen before they begin to
advance. Liquidation gives signs of
having already run its course.
Therefore, while looking for poorer
business, I believe bonds and stocks
should do better.
The convertible bonds of sound rail
road systems look peculiarly attrac
tive Indeed, if rates are advanced,
all GOOD Issues should advance sub
stantially. The wary Investor, how
ever, will not buy poor railroad stuff
simply because prices are down.
There may be heavy mortality among
such securities.
000. Preparation for January disburse
merits caused a loan expansion of $11.- I
719,000. The decrease of $0,911,000 ini
( ash was due In part to Christmas mon
ey withdrawals. Surplus reserves In-
reused $2,976,150 over last year.
Stock quotations and net change
Clos.
High. Low.
74% 74%
60%
10
151 %
23%
30%
01 ,
107%
123%
35%
94
92%
88%
207%
26%
60%
10
151%
28% 28%
127%
34%
16%
62
127%
34%
15%
61%
News and Notes
Of the Grain Crop
By JOSEPH F. PRITCHARD.
CHICAGO, Dec. 27.-—It will be re
membered by the men who have given
corn their attention for many months
that Arthur Cutten was one of the
most persistent bulls to be Been -,n
the Chicago market. It is generally
believed that he cleaned up quite a
sum of money In this grain on the
long side, but he now says there are
1 mean every word; I too many bulls at the present price
I*have welshed every word. Nor have ] level, in the absence of a demand for
1 ever felt surer of my ground {he , ash article, and that he is now a
whole matter hear for a 10-tent decline for the
I hnve. you May futures. lie pointed out the
I
shall
en-
I simply give
fact that there are some large lines
of the May still held here, with the
fold-time bulls endeavoring to get out
before prices strike a still lower level.
If after giving the
as much thought as
reach a different conclusion,
not quarrel with you. You are
titled to your opinion.
n>lne. _ ,
Wilson More Friendly. . „
The American and other news 1 he bull side of the corn market
papers that print these articles have has been the most profitable, as will
accomplished what they set out to »» ‘ Popular, one for many
do n respect of inducing Washington 1 nionllls - Wlls only necessary some
to pen hs eyes to actual economic «*"* »*". * "Peculator to take on
° world over i a ,lnt ‘ of <y,rn and await for an ad-
C °Three months ago. most of those! vance, which was certain to follow.
- - ■ Those who adhered to the bear side
STOCKS—
Amal. Copper
Am. Heet Sug
American ran. 30% 80V
do, prof
Am. Car Fdy
American Ice. 23%
Am. Locotno.. 31%
Am. Smelting . 64%
Am. Sug Ref.. 107%
Am. T.-T 123%
Anaconda .... 36
Atchison 94%
A C. L.
R and 0 92%
Beth. Steel
B. R. T 88%
Can. Pacific 209%
Cen. Leather.. 27
C. and O
Colo. F. and I..
Colo. Southern..
Consol. Gas....
Cofn Products..
D. and H
Distil. Hecur...
Erie
do, pref... .
Gen. Electric...
O. North, pfd..
G. North. Ore..
G. Western....
Ill. Central
Interboro
do, pref.,..
Iowa Central..
K. C. S. . . .
M. , K and T..
do, pref. .
L. Valley. . .
L. and N. . .
Ho. Pacific . .
N. Y. Central.
Northwest. .
Nat. l^ead . .
\ and W, . .
No. Pacific . .
Penna
Pacific Mall .
I*. Gas Co. . .
P. Steel Car
Reading .... 170}
R. 1. and Steel ...
do, pref
Rock Island
do, prsf. .
So. Pacific . .
So. Railway
do. pref.. .
St. Paul ....
Tenri. Copper.
Text i Pacific .
Third Avenue.
Union Pacific .
U. S. Rubber.
U. S. Steel . .
do, pref. .
Utah Copper .
V. -C. Chem.. .
Wabash . . .
do. pref.. .
W. Union . .
\V. Maryland .
W. Electric . .
W. Central . .
Net
Bid. Ch’ge.
74% 4- %
23 — %
30% — %
90
44% — %
23%
31 — %
64% — %
107% -f- %
123% — %
35% + %
94% + %
116
92% — %
30% + %
High prices for corn resulting from
the large shrinkage in yield accounted
almost entirely for the increase in
value. The com crop alone is worth
$171,000,000 more, the total being put
at $1,692,092,000.
For the crops as a whole the aver- ^
apf production per acre was about j
$16.50. The corn crop averaged $15.96
an acre, cotton $22.91. wheat $12.14.
oats $11.44. potatoes $62.10, tobacco
$100.30, rye $12.84, and sugar beets
$59.64.
David V. Houston, Secretary of
Agriculture, commenting on the
showing made by his bureau's figures
yesterday, said:
“The corn crop. th« most valuable
product of this country, is smaller
than any crop since 1903. Wheat
production is the largest ever record
ed in this country. The crop was
practically matured before the
drouth became effective. The oat
crop is the third largest of our his
tory. The hay crop is smaller than
the large crop of 1912. Rather lib
eral rains in the late summer and
fall have produced good pastures.
The cotton crop will perhaps rank
fourth or third in size.”
208
27
61
28%
26
130% - %
9% -f %
151% 4 1%
18
28
44%
140
127
34
11%
109
16%
—1%
— %
%
— %
Expert to Give Atlanta.
Cotton Men Trade Hints
By EDWARD L<3w RANLETT.
NEW YORK, Dec. 27.—A degree of
strength developed in the cotton market
to-day which was a surprise to some
operators. The market opened steady,
with an average of unchanged prices,
but the short Interest soon put the
situation In a different shape and prices
were advanced about 15 points before
the close, all of which was very well
held.
The Liverpool market was not opened
to-day, but will be opened Monday.
The advance was mainly attributed to
the large spinners’ takings for the week
and to some fear that the short inter
ests will be frightened out of their hold
ings on notice day.
The weather map promises fair and
warmer to-morrow and Monday There
will be some rain or snow In the western
belt.
The trading during the past few days
is said to have resulted in some spec
ulative liquidation wnlch has made the
market stronger.
Dull business is reported from the cot
ton goods division of the dry goods
trade. Manufacturers are closely follow
ing the price list of the coming year.
Mills have not reduced any surplus
stocks, and are, if anything, behind with
deliveries.
Taking of stock and general prepara
tions for dullness in January has been
reflected to a certain degree in the mar
ket for textiles. This will be shown In
the week-end statistics, while good au
thorities claim business is really active,
considering the season. The price range
for the week was comparatively narrow.
RANGE IN NEW YORK FUTURES.
KEEK I CUT PRICE OF
re nj
-1 (/)
o
0.0
+ 1
— %
61% — %
6
151% 149 %
who sit in high places at the Capital
were bent upon “going after the cor
porations.” They foolishly Imagined
that they could win popularity that ,
wav Perhaps most of them sincere-'
ly believed they could better condi
tions by an aggressive devil-takr-the
hindermost-4'(»rporations policy.
The Hear Ft newspapers gave warn- I
ing that business all over the world
was to fall back: that America was
approaching a period <*f Industrial
distress and of widespread unemploy
ment. and that unless the politicians
and capitalists sought to work In)
harmony to alleviate the coming de- >
pres si on the upshot would be disas- j
trous.
President Deserves Credit.
Washington, it is deeply gratify- i
ing to be able to record, has modi
fied its attitude President Wilson'
and his more rational advisers have,
23%
92%
126%
26%
109%
22%
92%
126%
26%
109%
120% 120%
169
24%
19%
52%
149%
133% —
23
92
126
44
101% — %
26%
109% — %
34%
120
WASHINGTON, Dec. 27.—To en
able American cotton manufacturers
to obtain at first hand information
regarding the market for their goods
in foreign countries, the Bureau of
Foreign and Domestic Commerce, De
partment of Commerce, has arranged
that Ralph M. Odell, one of Us com
mercial agents, shall visit the princi
pal cities of the country, in order to
meet the manufacturers, discuss with
them the special features of the mar
kets he ha» visited and suggest means
and methods for obtaining a larger
share of the trade.
Mr. Odell has just returned from a
second trip abroad, on his first trip
he made a study of the cotton goods
trade and industry of Spain. Portugal,
Italy, Russia, the Balkan States and
parts of Turkey. His second journey
took him to Egypt, the Red Sea mar
kets (Arabia. Eritrea. Somaliland, the
Sudan and Abyssinia), British East
\frica, Uganda, German East Africa,
Portuguese East Africa and the Un
ion of South Africa.
In each of these countries he made
a careful study of the market require
ments. the competition among foreign
countries for the trade, and the best
methods of furthering tlie interests of
American cotton manufacturers.
A particularly valuable feature of
21
89%
23%
100%
30%
21
89%
23%
100
30%
156% 155%
60% 59%
61% 50 1 4
57%
66 % 66 %
—1
27 -»- %
169% — %
20
80 — %
13%
20% —
89% -
23%
76
100
30
12% ..
41% —
155% —
56% ..
59% —
106% 4-
50% —
27% ..
2% —
7%
67%
34%
66
42%
his work was the collection of sam
ples of cotton goods. Where found
practicable Mr. Odell will exhibit a
number of these samples in the cities
that he will visit. The itinerary of
his trip through the South is as fol
lows:
December 29—Charlotte, N. C.,
Greater Charlotte Club and American
Cotton Manufacturers’ Association.
December 30—Greenville, S. C.,
Board of Trade.
December 31—Augusta, Ga., Cham
ber of Commerce.
January 2—Atlanta, Ga., Chamber
of Commerce.
January 5—Birmingham, Ala.,
Chamber of Commerce.
January 7—Mobile. Ala., Chamber
of Commerce and Business League.
January 8—New Orleans, La., of- j
fice of the bureau, Association of
Commerce Building.
January 12—Memphis, Tenn., Busi
ness Men’s Club.
January 14—Nashville, Tenn., Board
of Trade.
January 16 Knoxville, Tenn., Board
of Trade.
January 19—Greensboro, N. C., In
dividual manufacturers.
January 20—Durham, N. C. # indi
vidual manufacturers.
January 22—Danville. Va., Com
mercial Association.
Dc
Jn
Fb
Mh
Ap
My
Jn
Jly
Ag
Sp
Oc
12.13
11.91
12.18
i.2.18
i.2.20
11.63
12.2312.13 12.19T2.19-20 12.07-09
12.06; 11.90 12.05 12.05-06:11.92-93
112 10-15,11.99-12
12.18 12.35 12.34-35112.19-20
!. .. .J12.29-32 12.15-17
12.18 12.30 12.29-30 12.15-16
T2.29-31112.15-16
12.20 12.31 12.30-31 12.15-16
| j 12.10-12111.96-98
11.79-80111.89-90
11.63111.70111.70-72 11.56-57
12.35
i.2.30
i 2.3*1
11.70
Unsteady Tone of Friday Is Re
versed in Saturday Session
and Market Is Solid.
Closed very steady.
Buying of Wheat Coal Prices Weak
Is on Modest Scale And Mines Suspended
Open
£
9
I
Low.
Last
Sale
Close.-
Prev.
Close
Dc
Jn
Fb
Mh
Ap
My
12.29 12.39
12.17:12.41
i2.49 12.68
12.29 12.39 12.38-39 12.13
12.17 12.38 12.38-39 12.14-16
12 48-45[12.19-21
12.48 12.65 12.65-66(12.43-44
12 65-67 12 64 66
12.62
12.80
12.62il2.79J12.79 12.67-58
Jly
Oc
12.70 i2.8*7
11.84;ll.84
12.67-12.87 12.8fi-87 12.62-63
11.84;li.S4|ll.84 [11.48
SPOT COTTON mahKET
Talent Fears Lower Prices at Liver
pool and Are Cautious on
New Commitments.
ST. LOUIS CASH QUOTATIONS.
Wheat—No. 2 red 95
Corn—No. 2 65 @66
Oats No. 2 39% (g 40
By JOSEPH F. PRITCHARD.
CHICAGO, Dec. 27.—The buying pow
er In wheat was quite modest to-day.and
while the May was held firmly around
90c for quite a period during the ses
sion. the closing of that month was at
90%<£i90%c, showing a small gain over
the resting spot of yesterday. The De-
,, J eember was lightly traded in and closed
'* | unchanged, while July was a trifle lower.
I The talent In wheat used a great caution
In making new commitments on the
j buying Hide to-day. They fear lower
, 1U 1 prices at Liverpool and the other mar-
“h lv * ! kets abroad Monday and they also fear
4- %
+ %
Total sales. 181.000 shares.
seen the light. They are now strain
ing themselves not to wound confi
dence. hut to revive it. to work with
large employers of labor rather than
against them, to gain genuine results
for the benefit of the people rather
than cheap political applause.
For this better, more sensible atti
tude President Wilson is receiving
the credit he deserves. His recent
utterances have been conciliatory.
They have breathed statesmanship.
His new policA >f settling knotty trust
problems out of court has had a
mollifying Influence—al though that
such a • nirse. wholly outside all law.
is necessary in a country’ supposed to
b* governed by law and not arbi
trarily bv individuals is a sad com
mentary upon our lawmakers and
their handi-work
The cycle of unrest and depression
is nearing :n;> etion.
The latest public statements of The
President, the Vice President and of
Untermeyer are
^luil of «**i,aibv.ance. The L&nsXorma-
were losers. Their losses may not
have been swift, but they were goner- 1
ally to be seen. The country men ;
made money In corn, and they made I
it on the bull side. They were close '
to the situation and were enabled to
judge their position better than those
who were otherwise situated. Many
men in the corn belt who were com
paratively poor in this world’s goods
last spring are now considered
wealthy, and the money accumu
lated was mude mainly on the bull
side of corn.
• • •
The Argentine wheat market is less
of a factor than for some time past.
The weather there Is favorable for
the harvesting and thrashing of
wheat, and the movement is increas
ing The exportable surplus is now
estimated by conservative men at
anywhere between 84.00.000 and 94.-
000,000 bushels.
• • •
Manufacturers of flour at Chicago
feel there will he a better demand for
that commodity after the holidays,
and that the buying power will in
crease from week to week. It is well
known that stocks in the hands of
jobbers, as well as others, are the
lightest in years, and that many of
the«e interests will be obliged to take
on rtour for the purpose of self-prj-
tectlon, if for no other reason. The
mills# at ‘’hlcago ere running on part
time only, and millers say that the
shipping directions on old sales are
coming in slowly.
NEW YORK BANK STATEMENT.
NEW YORK, Dec. 27.—The weekly
statement of the New’ York Associated
Hanks shows the following changes;
Average statement:
Excess reserve, decrease $5,030,000.
Ijoans. increase $12,726,000
Specie, decrease $2,270,000.
l-rt-gal tenders, increase $372,000.
Net deposits, increase $13,620,000.
Circulation, increase $212,000.
Actual statement:
Loans, increase $11,719,000.
Specie, decrease $7,904,000.
1/egul tenders. Increase $993,000
Net deposits, increase $3,648,000.
Reserve, decrease $8,066,000.
MONEY AND EXCHANGE.
NEW YORK. Dec. 27.—Posted rates:
Sterling exchange, 4.8264.86, with ac
tual business in bankers’ hills at 4.8620
®'4 652? for demand and 4 8110 for sixty-
day bills.
further increase in the visible supply
in the nlted States
The cash wheat market at Chicago
was a dull afTalr, as the report in the
sales was confined to 10,000 bushels to
interior millers.
There were additional deliveries of
corn on December contracts to-day and
the grain was taken in and paid for
by the Patten concern, which looks as
if the principal long in the September
Is likely to stand his ground and at least
make the shorts pay up around the
present price level in order to even up
their position. The cash market at Chi.
cago was a weighty affair and the sales
for Eastern shipment amounted to only
110.000 bushels. The May future was
taken In scattered interests including
some of the provision men. Only a few
stop-loss orders were executed, which
helped to hold the market in a steady
position.
Oats receded in price, showing the
same losses as in corn. Cash values
were %®%c llower in Western mar
kets. Primary receipts for the week
were 4.270,000 bushels, against 5.422,000
bushels a year ago.
Previous
Close. Close
MINING STOCKS.
BOSTON. Dec. 27.—The market was
firm generally with some slight easing
at the close on profit-taking in the min
ing group. Closing Superior and Bos
ton Mining. 2%; Trinity. 4%; Nlpissing,
8 1-16: Tuolomme. 66c; Bonanza, 70c.
High.
WHEAT-
87*
90%
86%
Dec
May
July
CORN—
Dec C8%
May 68%
July 68%
OATS—
Dec 38 %
May 41
July 40%
BAR SILVER. j Jan 20.SO
YORK. Dec. 27.--Bar silver In May ... 20 80
to-day was unchanged at i*ARD—
To-day’s New 1 Tan ... 10 62%
at 57%c.
NEW
London
26 11-16 pence per ounce
York prices were %c higher
Mexican dollars. 44%fo49.
BANK CLEARINGS.
NEW YORK. Dec 37.—Bank
incs to-day. f312.054.2S6 against
961.337 a year ago. a decrease
913,071.
clear-
8314.-
of $2.-
GOVERNMENT BONDS.
NEW YORK. Dec. 27.—Government
bonds were unchanged: railroad and
other bonds were strong.
QUESTIONS MAY BE POINTED.
WASHINGTON, Dec. 27 —It is re
ported that the Interstate Commerce
Commission will send a set of ques
tion* to the railroads to answer Theaaj new YORK bond sales.
The a NEW YORK, Dec 27 Number of
object is - learn wV \ the commission shares sold to-day. 181.640; a year ago,
»h”'id advance rat* s ?.. pay dividends . 115.035 Par value of bonds sold to-day.
on ihib 4a&* of securities. I $1,041,odd. a year ago, $918,000.
May ... 10.91
RIBS—
Jan ... 10 72Va
May... 11.02%
Low.
87%
89%
86%
68
68
67%
38%
4d%
39%
20.17%
20.55
10 57%
10 87%
10.62%
10.87%
87%
90%
86%
68%
68
67%
38%
40%
39%
20.17%
20.56
10 57%
10 90
10.62%
10.90
87%
90%
86%
68%
68%
68%
38%
41
40%
20.32%
20.77%
10.62%
10.97%
10.72%
11.02%
Demand Poor for This Reason
Year and the Market Is
Depressed.
KNOXVILLE. Dec. 27.—The dominant
note among the coal trade generally is
one of discouragement. As is generally
known the coal market after the 1st of
December Is a weather market. Since
there has been no cold w’eather worth
mentioning since November 10, it is a
source of some surprise that the mar
ket is not even more thoroughly demor
alized than it is. Considering the un
usual weather conditions, the market
has held up much better than could
reasonably he expected.
At the present time domestic grades
are in very poor demand and prices are
from 15 cents to 25 cents per ton lower
than they were 30 days ago.
The demand for steam coal, while not
so active yet remains fairly good. The
absence of a demand for a large quan
tity of steam coal, that is ordinarily
used for heating purposes, has had its
effect It Is worth while to mention,
however, that the last report of un
filled orders by the Steel Trust was
somewhat encouraging, in that a less
decrease was shown than In any month
since January.
Steam prices generally have been
about honildg their own with occasion
ally some slight concessions.
It seems fortunate that the holiday
season is at hand. This means a sus
pension at the mines of from a w r eek to
ten days at least, and with favorable
weather conditions during this period,
the market will have a chance to get
on its feet again by the first of the year.
The consumption of this country aver
ages over a million tons of soft coal
dally.
Atlanta, nominal; middling 12%.
Athens, steady; middling 13%
Macon steady; middling 13%
New’ Orleans, quiet; middling 12 11-16.
New’ York, quiet; middling 12.60.
Philadelphia, easy; middling 12.85.
Boston, quiet; middling 12.60.
Liverpool, holiday.
Savannah, steady; middling 12%.
Augusta, steady; middling 12%.
Charleston, steady: middling 13%.
Norfolk, steady: middling 12%.
Galveston, steady; middling 12%.
Mobile, steady; middling 12 7-16.
Wilmington, steady; middling 13c.
Little Rock, quiet; middling 13c.
Baltimore, nominal; middling 12%.
St Louis, quiet- middling 13%.
Memphis, quiet; middling 12%. 1
Houston, steady; middling 12%.
Ix>uisville, firm; middling 12%.
NEW ORLEANS, Dec. 27.—To-day’s
cotton market dlsp’ayed a complete re
versal of form from that of Friday, when
pronounced weakness was the rule.
Overnight the situation developed
strength.
Although Liverpool was still closed on
account of the Christmas holidays, pri
vate cables reported a more cheerful
feeling in trade circles on the other side,
while financial news from New York
was also of a more reassuring charac
ter.
Opening about six points higher on
the active months, the market displayed
a very steady tone during the early
trading. Professionals who have been
selling recently on every rally again
put out short lines, but all offerings
were absorbed without any lowering of
the price level.
Later a report was received from New
York that a prominent spot man from
Alabama, who had Just arrived in that
city, expressed the opinion that the gin-
nings for the present period would be
comparative’}’ light.
Professionals Scared.
A bullish message also came from a
former prominent bear, showing a
change of sentiment in New York.
The result was that professionals, who
had sold short early in the day, be
came uneasy, and when they attempted
to cover, bulls took a hand and hid the
market up sharply.
Before the buying movement was
over, March contracts, which had sold as
low as 12.35 Friday, advanced to 12.68.
while July contracts sold as high as
12.87, or 34 points above the low point
touched Friday.
Although there was some profit tak
ing By longs at the advance, prices were
well maintained until the close, which
was steady at a net gain for the half
day of 22 to 24 points on the active
positions.
Interior Steady Also.
Spots were officially reported steady
and unchanged. Sales amounted to 435
bales of spots and 230 bales to arrive,
on the basis of 12 11-16 for middling.
Interior spot markets also ruled
steady.
A depressing feature of the market
recently had been the heavy liquidation
going on in the January position. This
was induced by the persistent hammer
ing of that month by bearish spot In
terests in this market, January con
tracts being offered down until prices on
that month stood at a big discount
under the price of middling cotton.
Unable to find an explanation for the
apparent weakness of the January posi
tion. longs became frightened and liqui
dated on every little rally in the mar
ket. Friday was first notice day for
January de’lveries in this market, and
notices for the delivery of less than two
thousand bales w r ere sufficient to in
duce fresh liquidation of the outstand
ing long Interest.
Had Put Out Hedges.
To-day it developed that the interests
which have been selling January con
tracts so freely have been using that
position to put out hedges against pur
chases of what are known to the trade
as blues, grays and dulls, a character
of cotton for which there is no standard
and w’hlch spot people have been able
to buy in the interior at a cent to two
cents discount under standard white cot
ton.
Sninners contend that w’hile they can
bleach tinges and stains, w’hich are rec
ognized as defiverable on contracts at
certain differences off the basis, blues,
dulls and grays do not yield to the
bleaching process. For this reason, ex
porters have not been anxious to re
ceive cotton on contract *n this mar
ket. which account sfor the big dis
count to w’hich the January position has
been allowed to go.
January longs, that Is. the few re
maining, contend that such cotton can
not be delivered on contract, and this
question will probably be fought out
during the coming week. If deliveries
of blues, dulls and grays are attempted.
Holders Present Solid Front to
Opponents, Aided by the
Banks’ Backing,
NEW YORK COFFEE MARKET.
NEW YORK, Dec. 27.— 1 The coffee
market developed a heavy tone in the
late trading to-day under sel’ing by local
interests. Offerings were not so heavy,
but the buying power was only meager.
The continued holiday at Havre and
Hamburg again tended to restrict busi
ness. Prices were 11 to 14 points lower.
Rio and Santos were both unchanged.
No. 7 Rio, 9%. The close was barely
steady. •
Coffee quotations;
No Corporation Tax on
Insurance Dividends
WASHINGTON, Dec. 27.—The Su
preme Court to-day refused to review
the decision of the Circuit Court at
Philadelphia that the corporation tax
, was not collectible from “dividends”
I of mutual insurance companies, ronsist-
1 ing of premiums returned or otherwise
invested at the option of the policy
holder.
As a result, the Government will be
required to refund about $1,500,000 al
ready collected and to forego any such
collections under the present income tax
law.
Opening.
January. .
February .
March. . .
April. . .
May. . .
June. . . .
July. . .
August. .
September.
October. .
November.
December.
Closed barely steady.
9.15(9? 9 25
9 29
9.35(9? 9.40
9 53
9^639 9.66
9.73® 9.78
9.80(a) 9.86
9.92
9.98
CHICAGO CAR LOTS.
Follow* ig are receipts for Saturday
and estimated receipts for Monday:
1 Saturday, f Monday.
56
Wheat
Corn .
Oats .
Hogs
932
130
15.000
102
694
300
7,000
PRIMARY MOVEMENT.
CHICAGO CASH QUOTATIONS.
CHICAGO, Dec. 27. Wheat: No. 2
red. 94% 9 95%; No. 3 red. 9l%®92%; No.
2 hard winter. 87%®88%. No. 3 hard
winter. 87®88; No. 1 Northern spring.
S‘*(rt90; No. 2 Northern spring. 88®89;
No. 3 spring, 86%®87%.
Corn No. 2. new. 68®69; No. 8 white,
new. 68® 69; No. 3 yellow, new. 68® 69;
No 3. new. 61%a63; No 3 white. 63%®
64%; No. 3 yellow, new. 62%®'64% . No.
4. new. 53®56: No 4 white, new. 58®
61: No 4 yellow. 56®60%
Oats; No. 3 white 38%®39%; No. 4
while. 38® 39; staiuluxd, 34 4 4 36%.
WHEAT
Receipts . .
Shipments .
CORN —
1913.
Receipts .
Shipments
1.002.000
316.000
ins
1,700,000
723.000
1912
1.403.000
524,000
_ 1912
1.637,000
653.000
LIVE STOCK MARKET.
CHICAGO, Dec. 27.—Hogs—Receipts
15,000. Market steady. Mixed and
butchers. $7 65® 8.00; good heavy. $7.85®
7.95; rough heavy. $7.60®7.80; light. $7.65
@7.90: pigs. $5.90® 7.40; hulk. $7.70® 7 90.
Cattle—Receipts 200. Market steady.
Beeves, $6.75® '.*.50; cows and heifers.
$3.25®8.00; Stockers and feeders, $5.60®
7.40; Texans, $6.40@7.70; calves. $8 50®
11.00.
Sheep—Receipts 2.000 Market strong.
Native and Western. $3.25® 5.30, lambs
$5 85 @85
ST. LOUIS, Dec. 27.—Cattle: Receipts
150. including 75 Southerns; market
steady; native beef steers. 7.BO®?.76;
cows and heifers. 4 25® 8 50;
and feeders. 5.00 @7.50. calves. 6.00@
11.00; Texas steers. 5.75@7.00; cows and
heifers. 4.00®6 00.
Hogs: Receipts. 4.500; market 5c low
er; mixed. 7.75® 8.15: good. 7.95® 8 10;
rough heavy. 7.50® 7 70. fights. 7.70®
8.00; pigs. 6 60®7.50; bulk. 7.75®8.00.
Sheep: Receipts. 100; market steady:
muttons, 3.75®5.00: yearlings, 6.00@
7.15; lambs, 5.25@8.25.
NEW YORK PRODUCE MARKET,
NEW YORK, Dec. 27.—Petroleum
firm; crude Pennsylvania. $2.50.
Turpentine steady; 45(g)46%.
Rosin steady; common, 4.00.
Wool firmer; domestic fleece. 21%(?2€;
pulled, scoured basis. 32® 50; T#xa«.
scoured basis. 40@52.
Hides quiet; native steers, 18 asked;
branded steers, 18%.
Coffee steady; options opened un
changed to 6 lower; Rio No. 7 on spot,
9%.
Rice steady; domestic ordinary to
prime. 3%G5%.
Molasses steady; New Orleans open
kettle. 35@55.
Sugar, raw quiet; centrifugal, 3.12%
@3.23; muscovado, 2 62%@2.70; molasses
sugar, 2.33@2.4S.
Sugar, refined quiet; fine granulated,
4.10®4.15; cut loaf, 5.25; crushed. 5.15;
mold A. 4.80: cubes. 4.35@4.40; powdered,
j 4 20® 4.25; diamond A, 4.15; confection
ers' A. 4.00® 4 05. Softs—No. 1 4.00®
4.05. (No. 2 is 5 points lower than No. 1
and Nos. 3 to 14 are each 5 points lower
than the preceding grade.)
Potatoes barely steady, white nearby,
1.75@2.75; sweets, 75@1.76.
RICE MARKET.
• NEW ORLEANS, Dec. 27.—The local
market for clean rice exhibits a quiet
and firm tone on Honduras and firm
60 a 9 76 an(1 active on Japan. Quotations on the
Stockers ' leading grades follows:
1 Honduras. Japan
4 to 6 2% to 3%
Each Kansas Conntv
Now Has Own Bank
TOPEKA, Dec 27.—Every Kansas
county now has a hank. The State
Charter Board granted a charter to a
bank at Johnson, Stanton County.
Stanton has been the only County with
out a bank.
There are now 209 national and 930
State banks In Kansas.
MEMPHIS, Dec. 27.—It is too ear-
ly yet to say whether the holders of
cotton in the belt will win In their
contest with the speculative bears,
but tome things have happened dur
ing the past week to encourage them.
Sellers became less aggressive at a
time when it looked as If a large in
terest had finished Its liquidation, and
coincident with the changed attitude
in many circles as to the future
course of business and trade. The
strong front put up by the spot peo
ple In the belt also had to do with the
altered sentiment as to prices. Rare
ly, If ever, has there been witnessed a
more stubborn or determined effort
on the part of holders to withstand
the attacks of the bears, and the ex
cellent financial condition of the
South and the seeming disposition on
the part of the banks to render every
aid consistent with reason has had
stimulating effect.
FTom a speculative point of view
the week was not out of the ordinary
pre-holiday affair. There was marked
weakness In contracts early In the
week, and prices In New York futures
reached 12 cents Mnd below, an ap
proximate decline of $6 a bale from
the high level recorded Just after the
Government estimate December 12,
From the season's highest level, mads
about th last of October, the dip In
speculative values was nearly $15 the
bale.
New York Stock Grow,.
The Increase of the stock In New
York, which meant, according to cur
rent sentiment, large tenders on Jan
uary contracts, helped to send the list
to its lowest level, although In the
belt spots were selling away above
contract parity. But big Interests
seemed to be “gunning" for some of
the longs, and the state of general
sentiment as to business outlook and
the state of inactivity in spot demand
In the belt enabled them to be suc
cessful.
I-dverpool and the foreign traders
had much to do with the check to the
decline, for there was absorption of
offers at the lower levels and some
“calling'' of cotton on contracts. The
financial situation improved abroad,
and the prospect of the early passage
of the currency measure In this coun
try stimulated a feeling of optimism
In the foreign mind.
On this side also there was more
brightness in the financial and busi
ness sky, and It found reflection In
the stock market, so long the source
of pessimism. All of this helped in
the moderate recovery In contract
prices and In the marked change in
sentiment which is expected to find
response after the holidays.
Stocks Are Held Even.
The real brunt of the resistance to
bearish efforts, however, has been
borne bv the people who were carry
ing cotton, and this city has occu
pied a conspicuous position because
of Its large stock. The movement ha-
been about the same as a year uro
at this time, the falling off at Inte
rior points from recent volume beinr
offset by some increase to pori-
There have been no developments in
dicatlve of a change in statistic;^
comparisons, and bulls have foun-
much encouragement to their post
tlon from that direction.
Here stock has climbed a little
higher and reached almost 2« 0 ^' 10
bales by the middle of the week. The
trade outside the belt has evidently
been misled 1n Its conclusions by the
big stock here and has assumed that
there was corresponding quantity
being carried throughout this terri
tory. But peculiar conditions have
caused the stock here to become so
large, exceptional facilities having
been provided during the past few
years for handling cotton cheaply ana
expeditiously here. The banks ana
factors have offered unusual Induce
ments to shippers; besides, this city
Is In the heart of the section that has
probably produced the largest yield in
the belt. All of these things have
helped swell the local stock, and there
is perhaps less money advanced per
bale than has been the case for sev
eral years, value being considered.
Patience Needed.
The attitude of the holder* here
and throughout this territory ha*
been one of indifference to the break
In contracts, and they have made verj
little concession from prices ruling
two weeks ago. Middling at this cen
ter has held at 13 1-4 cents, and dally
sales have been small, due to ,h * re "
fusal to cut quotations. The feeling
is that all that Is needed to win tn*
fight Is continued determination ana
patience.
Head . . .
Straights .
Screenings
1% to 2% 1% to 2% I
NAVAL STORES.
NEW YORK. Dec. 27.—Turpentine:
New York. 45; at Savannah. 42% Rosin
common to good strained. 4.00. Tar ,
oil barrels, 7.50.
Empire State Bank
Capital $ I 00,000
Courteous, individual attention, com
bined with efficient banking facilities,
make this bank a pleasant place to do
business. Those considering a change
in banking connections during 1914 are
invited to call.
4 Per Cent Paid on Savings Accounts
19 South Broad Street