Newspaper Page Text
iNews and Views by Experts of Finance, Industry, Crops and Congl
Crisis of Decade Ago Came onSharply
] : ’
~and Was Over Quickly—To-day’s
Depression of Slow Development,
but Opportunities Are as Rich.
By BOERSIANER.
CHICAGO, July 18.—Except in opportunities for the discern
ing, there is little similarity between the distress on the Stock
Exchange in 1893 and the present. In 1893, the decisive liquida
tion was exhausted in six months. It was a eruel, relentless and
precipitate panic, which inflicted quite sudden poverty upon count
less thousands of investors.
The troubles of to-day came gradually. The agony has been
long drawn out. Its preliminary manifestations began. eight years
ago; its real pressure has been on for three years.
~ The consequence of 1893 casually was bankruptcy for more
than one-third of the country's rail
ways; including Union Pacific, Erie,
Atchison, Wabash, Reading, Northern
Pacific, Southern Railway (then the
Richmond Terminal) and the Balti
more and Ohio. These receiverships
did not ensue immediately upon the
crash in the financial district. They
occurred at intervals some time after
the Street had fallen into a prolonged
torpor—the torpor which follows in
tense excitement.
All of these bankruptcies had been
dividend-payers. Their stock at one
time had commanded high fig
ures. One,- the Reading, had been
twice reorganized. The Northern Pa
cific had been once before rehabili
tated and by the same financier who
subsequently financed it successful
ly—J. P. Morgan. It should be
understood significantly that the Mis
souri Pacific remained solvent
throughout that severe probationary
period.
Poor Men Get Rich.
Small, moderate and vast fortunes
were made during the financial re
construction era of the nineties.
Many modest railway employees put
their all in the stocks of roads whose
shares, assessmen: paid, were quoted
between 10 and 20. A telegrapher on
the Atchison system managed so well
with Atchison shares that he became
a capitalist with a capital of approxi
mately $500,000,
Harriman, with Kuhn, Loeb & Co.
backing him, began acquiring Union
Pacific certificates at 10. Previously
he was a neglible factor in finance;
neglible literally, in that his persistent
solicitation for capital to realize his
endless schemes had given him the
reputation of an unbalanced bore. Be
fore he passed away—a body corni
sumed by a restive brain seething
with vet greater plans—he saw his
Union Pacific holdings quoted at $75,-
000,000. Morgan, whose fee for re
organizing the Northern Pacific the
gecond time was $6,000,000 of common
stock, sold those certificates ten years
later to a European syndicate at $lB9
a share. .
Situaticn To-day Better.,
Although a number of properties
are already in the courts and more
are likely to seek the same refuge,
the situation to-day is far better than
in the desperate epoch between 1893
and 1897. True, we struggle under an
academic tariff and must contend
with an obstinate academician in the
White House; are blessed with a Sec
retary of State whose knowledge of
statecraft and political economy
would match that of Faubert's coun
try town druggist, Homos; are bur
dened with an Interstate Commerce
Commission which pays more atten
tion to demagogy than to railway sci
.
Take a Trip to the
P Pacific Expositi
anama-tacific Lxposition
In 1915 at OQur Expense
Your expenses will be paid from the time you step on the train at your home
station until you step off on your return. This Tour to the Coast will be the
treat of a lifetime, and our Plan enables you to enjoy it without investing any of
your own money. Moreover, it is not a contest—there is no competition. You
return the coupon and we'll make you an offer that you can easily qualify for,
especially if you begin at once.
More than fifty million dol
lars have already beenappro
priated, exceeding by many
millions any appropriation
ever made for any previous
Exposition. China and
Japan are each expected to
appropriate nearly five mil
lion J:)llars for it. It will
be ‘the greatest Exposition
of all time.
The Tours will leave at fre
quent intervals after the Ex
position opens up, and will
cover a period of twenty
four days for the round trip.
From Chicago the first stop
will be Denver where a day
will be spent. Automobiles
will be provided for sight
seeing. The next stop at
Colorado Springs will in
clude a drive through the
Garden of the Gods to
Manitou (at the foot of
Pike’s Peak) and a trip over
the mountains to Cripple
Creek and the Gold mines,
one of the finest mountain
You many never have another chance like this one; you certainly will never have
another opportunity to see so much in Californiaas you will during the Exposition.
N\ And here's your chance to see it all, to spend 24 days in delightful, comfortable,
¥, instructive travel, without one penny of expense to you. A Tour like this
\ one is worth working for, and by beginning now you will have sufficient
% time to earn it without any great effort on your part. Remember—it is
\ Dota contest; there is no compstition; it is a straight out and out offer
Inter- \ that depends entirely on your own efforts. Sign the coupon and let
national us tell you how you can earn a Trip to the Panama-Pacific Exposi-
Magazine Co. N\ tion without any expense to you. We will also mail you a com
-119 West 40th St. 3 plete description of the Trip, points of interest covered, ete.
NowYerkCty \ Send the coupon today.
Send particulars of \
Jetemivutabesty o Travel Bureau
O - -
PR M. International Magazine Company
ot s\ 119 Weet 40th Street New York City
ence; yet these disadvantages con
sidered, the roads are better placed
than twenty years ago.
The country is incaleulably weal
thier; is, all things said, more tole
rant of corporations. Rallways are
not exposed to the annihilating rate
wars prevalent in the nineties; are
not subject to the browbeating of big
shippers of to the backmailing rebate
exactions of big industrial companies.
Rates may be low, but they are uni
form. There are no deadheads; anis
mate or inanimate.
1t is altogether likely that the rall
roads knew what they were offering
the Gould family when not so long
ago they bid $4O a share for all the
Gould holdings of the Missouri Pa
cific. Had that bid been accepted, the
chances are at least several that Mis
souri Pacific would not have slumped
under 10, as it did last week. The
Rockefellers quietly and privately
would have financed the road. There
woud have been no cheap shopping
of the company’s note maturities, a
proceeding which is mainly responsi
ble for the discredit into which the
securities have fallen of late.
For the current fiscal period, the
Interstate Commerce Commission has
ordered the Missouri Pacific to make
certain charges for depreciation,
which will increase annual operating
expenses $BOO,OOO. The additional wide
10 per cent interest on the $25,000,-
000 Mexican extended notes will add
$250,000, The inauguration of a sink
ing fund on Iron Mountain bonds July
1 last added another $BOO,OOO, and
carrying charges on the new Kansas
City terminal will add another $250,-
000,
Thus the charges in the fiscal year
to end June 30, 1915, will be increased
$2,600,000 without the addition of new
capital. For eleven months to May
31 last, the companv earned only $58,-
553 above operating expenses, fixed
charges and miscellaneous deductions.
On the face of the figures the outlook
is not propitious. Possibly a recelver
must intervene. But the company is
in a far better phykical condition than
it was two years ago.
It should be remembered that this
company has been made to bear much
unnecessary financial burden. Its
treasury was laid under contributions
for the benefit of the Wabash, of the
Rio Grande and other Gould enter
prices. Securities were sold to it that
could not be ctherwise advantageous
ly marketed.
Missouri Pacific may not be one of
the numerous prizes offering by the
stock market. But prizes are there—
as many and as rich as were drawn
in 1893,
trips in the West, Then
through the Royal Gorge
and over the Rocky Moun
tains to Salt Lake City.
Automobiles here also for
jght-seeing. Then to Los
xngeles, Santa Barbara and
the Coast Line to San Fran
cisco. A one hundred mile
night-sceinfi tour by Special
Trolleywill begiventhrough
Southern California, Six
days first class hotel ac
commodations will be pro
vided in San Francisco, as
well as sight-seeing trips,
etc., etc.
The return trip will be made
via Mount Shasta Route to
Portland, Oregon, Tacoma,
Seattle, and thence via the
scenic Canadian Pacific R.
R., through the mountains
to Glacigr, lfi\:ild’Mßm”’
Laggan, St. Paul, Minne
apolg:.:nd Chicago. Auto
mobiles will be provided for
sight-seeing in Portland and
Seattle.
New Support Gives
’
Stocks Good Lift;
!
Steps to Recover $300,020,000 Stimu
lates Issue—Marked Activity
in U, 8. Steel.
By ®HAS, W. STORM,
NEW YORK, July 18.—New York,
New Haven and Hartford continued the
center of interest at the opening of the
stock market to-day on account of the
financial status of the system and the
suit to recover clalms of more than
$300,000,000 instituted in Boston.
The first sale of New Haven was
made at 52%, the same price at which
it closed last night. Then evidences of
lu%porl developed and soon the stock
sold at 523%. By the end of twenty min.
utes the {ssue showed a net gain of 3.
The action of New Haven was ' the
more exceptional because its advance
was made in the face of general de
clines. Practieally all the important
stocks were lower,
Amalgamated Copper opened at 69
for the loss of %, and Chesapeake and
Ohio showed the same amount of loss.
American Locomotive declined %.
There was considerable activity in
United Btates Steel common, which be
!;n 1% lower and fluctuated around
I"Srle was % lower at the start, in
creasing this decline soon after. Read
ing showed a fractional gain and so did
Baltimore and Ohio, Union Pacific, Tex
as Company. New York Central, Louis
v'itl,le and Nashville and Northern Pa
cific.
The curb was quiet. Americans in
London worg weak on selling, which had
been advised by New York cables.
The stock market closed strong.
Government bonds unchanged. Other
bonds steady.
NEW YORK STOCK MARKET.
Btock quotations to close:
Clos. Prev.
BTOCKS— Hl{h. Low. Bid. Close,
Amal. Co&per. 69 69% 692 89%
Am. Agricul.. .... v o 8 54
Am. Beet SBug. ... cugn e N 22%
American Can 28% 28% 2622 26
Am. Car Fd¥. s e 5034
A Cat O oo s 3822 38
American Ice. 28 28 27 38
Am, Locomo.. 20% 29 L 1 ROV
Am. Smelting. 663 66 661 66%
Am. Sug. Ref. .... i 1108 105;2
A, T-T. ... 118 118 118 118
Am,;: Wooleh.. ... BRI
Anaconda .... 80% 30% 30% 30%
Atchison ...,. 98 97% 98 97
AC L e 18 118 117% 117%
B.and O. .... 84% 83% 841, 837
Beth, Steel.. 40 40",2
BiR T W 201, %0 90
Can. Pacific.. 186 186 1863, 186
Cen. Leather. 385 xs:z v
C.and O. .... 46 45 461, 46
Colo. F. and 1. 26% 25% 235% 25
golo. lSogthern gz n:z
ongel. Cigw. . ..o 1N 127
Gorp Preduots. ... ..., 822
g. and fx{'n”c' oy 1485 ...
en. an Ll 4 4 4
Distil. Secur... .... N:’Z H%
Hrie Lo 0K 26% 25% 257%
do; . pres .. ... ol el 397%
Gen, Electric.. .... couti 1473 1473
G. North, Bld. 121 1211 122 12114
G. North. Ore. 30% 30% 2915
G Weatern..i . 13 1334
10l Centralic - . i 110 111
Interboro .... 13% 13% 18 135%
do, pref... 631 62% 63%% ey
Int. Harv. (old) .... s 108 10635
lévn:‘ Céntnl‘. i i 6 6
Ol oy L ARe 26 2% 263
M, K. and T. 11% 10% 11% 10%
g 0 pEST. . Saina o SRR TR
L. Valley. . . 136% 136 136 136
L. and N. . . 133% 183% 133% 133%
Mo. Pacific. . 11% 10% i
N. Y. Central 8615 843% iRk
Northwest.. . 181% 13115 130 130
NEL Jeed .. S 4h 45
N. and W. ~ . 104 1037% 104% 1033,
No. Pacific. . 109 108% 1083 1088,
g. and W. .41i6'flg' ik oo 20
enne:- . . s 110% 1101, 1095
Sl i T T e B
P. Gax Co. . , e 190 11914
P. Steel Car . 43 43 42% 427%
Reading . . . 1617% 160% 1611, 161
R. I. and Steel ... S R
do.frer. vy - ok
‘Roc: Island . ;% 21‘ 1 1
: o. 'pref. . % 1% 214
gohemed. | Ll g My M
0. Pacific, . ! a: 051
Soo. Rallway . 21% 20% 21& 203
40, ‘vref. A 77 77 7%
Bt. Paul . . . 184 98 98 9712
Tenn. Copper. 321 32% 382 321%
Texas Pacifie. 133 13y 131, 181
Third Avenue, .... §ois 40%' <4O
Union Pacific. 157 186% 18”7 15614
U. 8. Rubber. .0.. S b
U. B Steel . . 60% 59% 60% 60
donref. . . oo 109% 10914
'l7tah Copper . 86% 664 56:’ B3¢
Vo=CoCnem o cacyo TN TN
Wabhhalh - 0 S 5
do, pref. . 2% 2% 2 22Y
West, Union . 58% 58% 58% 58
W. Maryland. .... 15314
W. Electrie . 78 Mm% 77% o
W. Central .. . . S 88 38
A. Tobaeeco . .... ... 227 226
Cal. Pat. . .o N% 1% 13% - 31
@i - Motors. ; .\ .q. e a 0
o BUNber. . i 24% 24%
Mex. Pet.. . . 64 64 64 60
New Haven . b4y 852% 58:2 521
Woolworth. . ... by 8D 853,
MONEY AND EXCHANGE.
NEW YORK, July 18.—Posted rates:
Sterling exehlnge. 4.86Q4.88, with ac
tual business in bankers’ bills at 4.8650@
4.3695 for demand and 4.8495@4.85 for
sixty-day bills. Prims mercantile pa
per, nothing said.
.
NEW YORK BANK STATEMENT,
NEW YORK, July 18.—The weekly
statement of the New York Associated
Banks shows the following changes:
Average statement:
Excess cash reserve, $15,740,600; in
crease $8,557,750.
Loans, decrease $30,204,000.
Specie, decrease $5,025,000.
Legal tenders, increase $6,835,000.
Net deposits, decrease $29,638,000.
Circulation, increase $232,000.
Actual statement:
Loans, decrease $34,988,000,
Specie, increase $5,880,000.
Legal tenders, increase $3,766,000.
Net deposits, decrease $18,895,000.
Reserve, increase $14,684,450.
NEW YORK PRODUCE MARKET,
NEW YORK, July 18, —Petroleum
steady: crude Pennsylvania, $1.70.
Turpentine firmer; 49@4%
RosPn quiet; common 3.90@4.00,
Wool firm; domestic fleece, 27@30;
pulled, scoured basis, 38@55; Texas,
scoured basis, 42@82.
Hides steady; native steers, 18@181;
branded steers, 186% @l7
Coffee steady; options opened 2 points
lower; Rio No. 7, on ?m" $%.
Rice steady; domestic, ordinary to
prime, 3% @5%.
Molasses steady; New Orleans open
kettle, 35@85.
Sugar, raw quiet; fine granulated,
4.40; cut loaf, 5.30@65.35; crushed, 5.20;
mold A, 4.85@4.20; cubes, 4.65; pow
dered. 4.50; diamond Al 4.40; conteetion
ers’ A, 4.30; softs, No. 1, 4.1‘?4.20. (No,
2 is § points lower than No. 1, and Nos.
8 to 14 are each § points lower than the
preceding grade.)
Potatoes weak; white nearby, 2.00@
2.76, sweets, Southern, 1.00@1.50.
Beans barely steady; marrow, choice,
4.76@4.90; pea, cholce, 3.25@3.65; red
kidney, cholce, 5.45@8.80.
Dried frults steady; apricots, choice to
faney, 18 ®18%; ag&lea. evaporated,
;-r!me to fancy, 93 @l2; prunes, 30s to
60s 10%@11%, 60s to 100 s 633@10,
peaches, choice to fancy, 614@8, seeded
raisins, choice to fancy, 63(@8%. ‘
[ImARSM™E STUINNAY AMERICAN, ATLANTA, GA., SUNDAY, JULY. 19, 1914
Cotton Trade Hears Georgia Alone
May Beat 1911 Record.
Bears Hammer Prices.
MEMPHIS, July 18.—Irregular con
‘ditions for the crop continued in the
cotton belt during the week, and one
result was that sentiment was mixed
as to promise of yileld. Texas and
fklahoma, with part of Arkansas,
Mississipp! and Alabama, received
{ittle or no rain, while temperatures
ranged rather high, it being belleved
that the crop suffered some as a con
sequence, Over most of the centra!
and practically all the eastern belt
there was no scarcity of molsture and
temperatures were conducive to prog
ress.
So favorable is the promise In
Georgia that some very optimistic
people are talking of that State pro
ducing 3,000,000 bales, whereas her
record was slightly over 2,800,000
in 1911. South Carolina also is ex
pected to have a large outturn, while
Alabama, but for the presence of the
boll weevil across the southern coun
ties, would be counted on for a rec
ord yleld.
Bears the More Active.
The Government’'s weekly summary
of the weather for the week ending
with Monday night told of conditions
as above described, and its citing the
need of the Western States for rain
to aveld injury to the crop confirmed
private views, but proved futile as a
bullish influence on prices. The spec
ulative element in the market, which
has dominated more largely than ué
ual because of the absence of outside
trading, appears to have had its eyes
trained almost solely on the favored
gections of the belt for inspiration, as
bears were more active than the bulls
and values receded rather steadily
for several days.
The rains that fell over scattered
pections about the middle of the week
did much good, for the trade real
izes that in the upland sections it is
well-nigh impossible to get too much
rain at this time of the year. Where
fertilizers are used this is especially
true, so that if rains should be con
tirued throughout the fruiting sea
son there would be no concern as to
ultimate results The continuation of
the drouth in the West, however, will
soon prove very serious, for a large
pertion of the crop is late and has not
reached the stuge where it can with
stand high temperatures and little
rain, -
Spinners Hold Off.
The spinners have not changed
from their attitude of buying spar
ingly of the new crop options, which
has been a great help to the bearlish
element in the market. It is assumed
that they are afrald to load up on
contracts above 12 cents with the
trade outlook uncertain and time yet
for the crop to be larger than prom
ised. The fallure of any strong peo
ple to take hold of the bull side and
try to give the bears a run for their
money also affords a degree of reas
surance to the spinners.
There has been no appreciable
change for the better in the trade
outlook abroad, and many things con
tribute to this feeling of doubt, al
though there {s no doubt of the rea
sonableness of present values if the
crop does not turn out more than
the average person now thinks prob
able. The fact that for several days
the Liverpool market came better
tkan expected was by some regarded
as significant, as indicative of some
concern over the situation in Texas,
where Great Britain, especially, buys
largely for {ts requirements.
Statistios Surprising.
There was a surprise for the trade
as to conditions in the United States,
the Census Bureau's report on con
sumption for the month of June
showing that 5000 more bales were
‘used up in that period than for the
same time in 1913. Expectations were
for considerably less, May having
shown a falling off.
Bpindles In operation were also
about 900,000 more than in June, 1913,
while spinenrs’ stocke were about
50,000 bales smaller. This report
failed to have any effect on prices,
and did not stem the tide of pessi
mism that seemed to find one of its
chief inspirations in the weakness
shown in the security market. One of
the bear arguments was that the cot
ton manufacturing {ndustry could not
escape the reaction in activity that
had pervaded practically every other
line.
$56,537,998 Earned
.
By Railroads in May
WASHINGTON, July 18.—Steam
rallroads in the United States having
operating revenues in excess of a mil
lion dollars a year earned during
May, 1914, net operating revenues of
856,587,998, according to an an
nouncement by the Interstate Com
merce Commission to-day. Aotal
operating revenues of the railroads
for May amounted to $232,567,938 and
total operating expenses $176,029,940.
The total net earmnings of the rall
roads in the eastern district, the dis
triet In which are located the thirty
two railroads which are asking the
commission for a § per cent horizon
tal increare in frejght rates on ac
count of the impoverished condition
of their finances, amounted during
‘May, 1914, to $23,563,295 nearly half
of the net earninge of the rallroads
throughout the ‘entire country,
For the eleven months ending May,
1014, the prifeipal railroads in the
United States earned total net oper
ating revenues of $762.931,274. Oper
ating revenues amounted to $2 747 -
275,207, and operating expenses to
$1,081,324,392,
The rallroads asking the 5 per cent
increase earned during the eleven
months ending with May, 1914, net
revenue of $290.063 333, or about one
third of the earnings of all the rail
roags in the country. ‘
Reported Rain Causes
Shorts Cover Despite Predictions of
More Rain Over Sunday.
Cables Weak.
NEW YORK, July 18-—Trading was
exceedingly quiet at the rirening of the
cotton market to-day and first prices
were unchanged to 7 points lower than
Frldu{'s close, as a result of poor Liv
er‘)oo cables, which were about 3
points lower than expected. Liverpool
was apparently influenced against this
market by reports of rains over the
southwestern belt.
The market was featureless during
the first fifteen minutes, there being
less than 3,000 bales traded in on the
call. Later, however, an active selling
movement developed on continued re
{sorts telling of scattered rains in the
West, with temperatures 10 degrees low
er in Oklahoma. In connection with
this private weather, experts predicted
showers in Oklahoma and northern
Texas over Sunday, but no general
rains indicated, and in the northern
Central and Eastern States unsettled
weather will prevall. At the end of
the first half hour the selling became
aggressive, some of the leading spot in
terests, who were recently noted to have
accumulated considerable new crop cot
ton on high temperatures over the
Western States, were among the lead
ing sellers. This forced the list 7 to
12 points off from the opening range,
save the two most remote options,
which were depressed only 3 points.
The decline encountered a wave of
good buying, attributed mostlf' to week
end shorts, causing a few points recov
ery. Offerings, however, continued free,
with the tone barely steady.
At the close the market was barely
steady, with prices at a net decline of
4 to 8 points, except July, which was
1 point higher than the final quotations
of Friday. :
Estimated cotton receipts: < ‘
Monday. 1913,
New Orleans .......500 to 1,000 526
Galveston ..........800 to 1,400 907
NEW YORK COTTON FUTURES. ‘
£l2 )5 |8
o Tl allnl. e [
y [12.3 12.88§12422512.22.12.28-20.12.35-!3
Au 12.27[12.27‘12,15.12.20;12.19-20{12.2‘.‘-28
Sp ...A..4.,.;...”1....‘-12v15-17;12.21-22
Oc ,{12.18/12,19/12.09'12.16 12.16-17;12.22-23
NV [ooeefonneo. . 12.14-16/12.18-20
De ,12 36/12.36/12.26/12.34 12.34-35'12.36-40
Jn [12.28(12.29 12.21'12,28’12,27-2”12.82-33
Mr [12.30 12,324131;12..’;2]12.32-33112.37-38
Ap |..-:o|eeealsaonnfs....[l2.6o-62/18.56-67
My '12.54/12.54/12.48/12.60/12.53-54/12.68-59
Closed barely steady.
i it
LIVERPOOL COTTON.
LIVERPOOL, July 18.—Due 4 to b
points higher, this market opened quiet,
at a net advance of 3% points.
At the close the market was gulel. 1
to 2 points net higher than Friday's
ciose. 1
Spot cotton steady, at 3 pointe ad
vance; middling, 7.38 d; sales, 3,000, o!‘
which 2,000 were American.
Futures opened quiet. ‘
Opening. Frev. |
Range. Close. Close.
Jule & o s T AT 118
July-Aug.. . . .7.19-7.16 T 7.16% 7.15%
Aug.-Sept. . . .6.94 $.92 6.90%
Sept.-Oct. . , . .6.73 6.711% 6.691¢
Oct.-Nov. . . .6.68-6.86 6.661% 6.6412
Nov.-Dec. . ~ ..6.61 6.60 6.58
Dec.-Jan. . . . .8.61 6.501% 657
Jan.-Feb. . . . .6.61-8.59% 6.60 6.58
Feb.-Mar. . ~ . .65.62 6.61 657
Mar.-April .¢, . .6.63% 6.67%% 6.60%
Aprfl-NFay v v 048 6.63 6.61
May-June . . .6.64 6.63% 6.81
Futures closed quiet. |
NEW ORLEANS COTTON FUTURES.
e]> I >
IxM'li" : lé
18 g 1 3138 5 |BB
Jly ;12.90}13.00112.90;13.00]12.95-97:12.94
Au (12 69;12.89’12.66112.66‘1172-73;12.'_17-to
Sp [12.40/12.40(12.40/13.40/12.43-45{12.51-53
Oc |13.31/12.32/12.23/12.29|12.29-20,12.37-38
Nv s"""'""i‘""f"'";l2‘”3”l2’36'3'
De ;12.88,12.88‘12420@2.30]12.30-81|12.38-39
Jn ‘\12.33‘12.38,12‘38-12485‘12.35-38‘12.43-«
Mr 112.45/12.4512.3912.44(12.44-45/12.82-53
My !12.50{12.51112 50112.51/12.49251]12.57-69
Closed steady.
s
PORT RECEIPTS,
i The following tabla shows recelgtl at
the ports to-day eompared with the
same day last ysar:
51016 191;.
New Orleans. I 668 574
Galveston ........ 1,085 1,185
WOMIe b iy 7
'Bavannah ~......| 319 879
Charleston .......| 22 18
ENortolke ,iveieover] 647 920
ORtON . i s | 548
Newport New5....|1.......... 861
Various ..........1.......e00! 24
[ RORY L iiciiiis 2,750 4,838
| INTERIOR MOVEMENT,
AN 1915.____
Houston ......... 283 457
AUBUNIS . ios 0o 80 U
Memphis 11...0 0] 128 23
5t.L0ui5.........1..“.......' 879
Cinefnnat! ......... 87 842
TOtRY Vs ahvsl 1,018 | 2,001
SPOT COTTON MARKET,
Atlanta, nominal; mlddlln‘s 13%.
Athens, steady; middling 13%.
Macon, steady: middlihg 13%.
Ll\'ergool, eagier; middling 7.33 d.
New York, quiet; middling 13 25,
New Orleans, quiet, mlddl‘.ng 13 5-18,
Boston, quiet; mlddllnf 13.26.
Savannah, quiet; middling 13%,
Augusta, steady; midaling 14\?.
Charleston, quiet; midc#sing 131-18,
Norfolk, quiet; middling 135,5.
Galveston, quiet; middling 13%.
Mobile, firm: mlddllnr 12 11-186,
Little Rock. quiet; middling 13c.
Baltimore, nominal; middling 128,
St. Louls, qulet; dellnfi 13%&.
Dallas, qulet; middling 13 6-18, 1
Memphis, quiet; middling 13%, ‘
Houston, quiet; middling 13 5-18. |
Louisville, firm; middling 13%.
COTTONSEED OIL. ‘
Cettonseed ofl quotations: ;
| Opening. | Closing.
BpaL i i iy it ....‘.....'."10@7.20
JANURTY .y <o s o e 6,63316.67 6.61@6.68
February .. .. .. 6.63@6.686.61@6 67
TR Ll NGt 1.15717.257,16'37‘33
August.. .. .. ..| 7.30@7.31{7.26@7.37
September .. .. .. 7,31§7 32/7.28@7.29
October ve s o+ 71.04@7.066.98@7.01
November ~ .. ..| 6.68§6 736 65%8463
December .. ~ .. 6.62@6.666.61Q6.65
Crude Boutheast .| ~......,.16.37%
*Nominal.
Closed weak. Sales 4,500 barrels.
Cotton Freights in
Georgia Are Revised
WASHINGTON, July 18.—The In
terstate Commerce Commission to
day ruled that rates ranging from
10 to 18 cents per 100 pounds on cot
ton from South Carolina stations to
Augusta, Ga., over the Southern Rail
way were unreasonable to the extent
that they exceed rates in effect prior
to September 23, 1908. The old scale
of rates was ordered re-established
and ranged from 7 to 35 cents per 100
pounds The Augusta Cotton Ex
change made the complaint,
' '
Proposes to Deposit Funds in the
Sections Where Cash |s Needed
'
to Help Business.
WASHINGTON, July 18.—Secre
tary of the Treasury McAdoo sald to
day that Government money Wwill be
deposited in the banks throughout
the country to assist in moving the
crops if 1t becomes necessary to do
go. He was emphatic in saying that
it i§ his intention to deposit Gov
ernment funds in any and all parts
of the ecountrv to assist legitimate
business enterprises, and will not
confine his efforts to moving the
crops.
The new Federal reserve banking
system, he declared, should be in op
eration in time to ald the crop move
ment, but, even if it is not, the Treas
ury Department is ready to lend all
necessary assistance. There {s no in
dication of tight money at this time,
and the financial condition of the
country is unusually sound, accord
ing to the Secretary.
The Reserve Bank Organization
Committee has gathered valuable in
formation which will enable the Fed
eral Reserve Board to facmta‘p its
work when it organizes, and befause
of that the Federal reserve banks
will be ready for business a great
deal sooner than was expected.
Claflin Failure a Warning.
Secretary McAdoo declared that
the Claflin failure has not affected his
policy of accepting commercial pa
per as security for Government de
posits. The Treasury Department
lagt year deposited $37,386,000 largely
against that type of security, and all
the money was pald back, he said.
The Government received as profit 2
per cent interest, $267,844.
The Claflin failure, Mr. McAdoo be
lileves, was a sharp warning against
overexpansion, and proved that too
much consolidation is an economli:
fallacy.
Regarding panics, the Secretary
said that he belleved they would be
largely averted by the organization
of the naw Federal Reserve Associa
tion, and that he looks forward to an
exceptiona! period of filnanclal sta
bility. The foreign trade of the coun
try has, he says, heretofore been re
strained by foolish tariff laws and
poor banking facilities in the Unitad
States. These obstacles have been
removed by the new laws, he be
lieves.
Predicts Prosperity.
Large crops have already begun to
move, the Secretary declares, and in
creased business has been reported
from virtually all parts of the Unlon.
The Government finances are 80
good that an issue of bonds is not
proposed for the immediate future,
according to Mr, McAdoo. The Treas
ury Department statement issued July
1 proves that the fiscal year closed
with a surplus of $38,784,452. More
than $34,000000 was spent on the
Panama Canal, which is now an asset. |
el
U LW,
NI
LA L) S 0 1 "' N/
Dress!
That word of such immediate concern to women.
Successful, and madame is happy. “Not quite the
thing,” and her peace of mind is marred. Consider
ing the importance of this essential, it is well to
be sure.
\
5 Anyone may write about dress, but the modistes
who originate the styles are alone able to assure cor
rectness in every detail.
The fashion suggestions in Harper’s Bazar are the
ideas of world famous couturiers. The foremost,
Lucile and Poiret, contribute exclusively their orig
inal sketches and very latest models, with careful
descriptions of the new styles and the proper way to
wear them.
: Here is real fashion service. Here is real, authori
tative advice with which you cannot be in error. No
matter how much or how little you spend on clothes,
you are sure of their smartness. You have the gosi
tive knowledge, if you choose with the aid of
Harper's Bazar, that Eown, suit or hat will neither
disappoint nor suffer by comparison.
‘ Do not hesitate! Harper's Bazar, accepted as
the final authority among fashion pictorials, still sells
for $1.50 the year, or 15 cents at your nearest news
dealer.
'3:): ¢ The Oldest Women's Magasing in Americe
Noted
Modistes ,
Y ¥
1 Harper:s
Hl%&”m.
bl N _
brng 7o ol e a’ : acr
‘;z";;':,:%‘l Weet (68 Strewt New . -
NN, . cevrssessssssacssssscisssossnscsenenne
L s aae 119 West 40th Street, New Yorb City
Ity eeciuerasissnisssscnssosnsssssascseseconsancosnsesses .
Wheat Prices Drop
Off on Fine Weather!
Disappointing Liverpool Cables Also
Contribute Weakness—Corn
and Oats Lower,
BT, LOUIS CASH QUOTATIONS,
Wheat—No. 2 red ............78 @TO%
Corne=NO. & ... cccavivissnsesld
OR=NB § ...iiiiiinninnicn 8T
CHICAGO, July 18.—Wheat prices
were sharply lower at the o§ninc to
day on fine weather in the Northwest
and disappointing Liverpool cables. Corn
was stéady and selling was qulet.
Oats were ic to lgc lower,
Provisions were steady and dull, ‘
CHICAGO, July 18.—Wheat closed !jc
to %e¢ lower.
Corn was unchanged to ",’c lower.
Oats closed with net losses of 4c to c.
Provisions were lower,
The board closed fifteen minutes
ahead of time out of respect to the
memory of Walter Fitch, a former pres
{dent, who died two days ago.
CHICAGO GRAIN MARKET,
Grain quotations: '
Previous
High. low, Cloge. Close,
WHEAT—- '/
JUly. i D% 79 7914 798
e odd oMo myoße
9C. .. 1
CORN—
Ju1y..... 68% 8% 682 6814
Sept..... 668 88 68 661 e
Dec...... b 563% 55 56 5654
Lil POL S 38 363
gy, | 3
= 5 i o#
Poß®... e
-;uly'.... gg;g g%;fi 22.;5 gl.gg%}
Pt .. . 15 21.26 1.37%
EARD—
July.... 10.22% 10.20 10.20 10.27%
Sept.... 10.37% 10.30 10.30 10.40
0ct.... 10.48 10.35 10.85 10.42%
RIBB—
— 12.20 12.20 12.20 12.28
Sept.... 12.07 T% 12.00 12.06 12.05
et 1160 11.60 11.82% 11.65
CHICAGO CASH QUOTATIONS,
CHICAGO, .Yul{ 18.—Wheat: No. 2
red, 803 @80%;: No. 3 red, 79%?!0%;
No. 2 hard winter, 80% @81; No. 3 hard
winter, 80; No. 1 Northern spring, 0@
91%; No. 2 Northern spring, 88390%:
No. 3 spring, 85@86%.
~ Corn: No. 2 white, 16@16%{; No. 2
yellow, 71%; No. 3 white, 75%@ 5% ; No.
3 yellow, 71; No. 4 white, T 4%.
Oats: No, 3 white, 36@865%; No. ¢
white, 856@36%; standard, 37 @37%.
| CHICAGO CARLOTS,
~ Following are receipts for Saturday
and estimated receipts for Monday.
| |[Baturday.| Monday.
T ¥viday. | Baturday
Wt 740 460
000 i 0 il 1656 106
Dy .l ] 170 90
ek Lo G 00 35,000
PRIMARY MOVEMENT.
WHEAT— 1914. | 1818,
ecelpts .. .. ....[2,460,0 1,818,
Bjaes .. .. ..(1,166,000 590,000
| N | 1914, 913,
Receipts .. .. ‘ 422, ,000
Shipments .. .. ..[ 886,000 817,000
INNOCENT CONVICT FREED. |
SACRAMENTO, July 18.-—After two
K.". in Folsom Penitentiary for a rob- |
nrr which he did not commit, Fred
Welnberg s free, having received a]
pardon from Governor Johnson.
9 C
Government Report Points With
Concern to Monopoly in Timber
Land Holdings. -
WASHINGTON, July 15.—Timber
land concentration among a few owne
ers, mostly speculative, !s exhaus
tively treated in the Bureau of Cor
poration’s report on the lumber in
dustry, submitied to-day by Com
missioner Davies.
Two men hold 49 per cent of the
timber in Southwestern Washington,
the report says; five men, 36 per cent
in Western Oregon: six. 70 per cent
in Northeastern California: ten, more
than helf in the redwood area, and
four, 50 per cent In North Central
Idaho. The report says:
Condition Is Grave.
‘“The control of our standing time
ber in a comparatively few enormous
holdings, speculatively held far in ad
vance of any use thereof, and the
great increase In the value of timber,
resumnf in part from such specula
tive holding, are underlving facts
that will become more and more im
portant elements in determining the
price of lumber as the supply of tims=
ber diminishes.
*“The main fact shown is that 1,694
timber owners hold in fee over one=
twentleth of the land area of the en
tire United States from the Canadian
to the Mexican border. In many
States these 1,694 own no lands at all,
In the 900 timbered counties investie
gated they own one-seventh of the
area.
Grants Attacked.
“Most of the land grants were
made on oonditions, and it appears
that in many cases not all of the con
ditions were complied with. The
Government is now attacking some of
these grants for alleged violation of
the conditions imposed.
“The abuse of the general land laws
in the past suggests that any land®
restored to “the public domain by
these, or other, forfeiture suits should
not be disposed of under the present
land !aws. To allow such lands to
be taken up by private parties befors
the revision of the public land laws
has besen completed would be to lose
much of the publie benefits from their
recovery.”
NEW YORK COFFEE MARKET,
Coffes quotations:
| Opening. | Closing.
January. . . . .| B.BB@ 8.93) 8.89@ 8.90
Fobrual¥, « o o « veveesonn. | 3930 584
March. . . . . .| 8.99@ 9.00 8.98@ 8.99
Ar11.......i....,,,., 5.01@ 9.08
Mfiy, e s 0o s o ] 9.01@ 9.06 9.06@ 9.08
JUAR: o s 3 o sf mereianic | 8350 DOO
bl N R| S 8,435 8.45
SORUI i o] o] BN
Septamber. . . ‘ 8.51@ 8.59 fl.fifig 8.58
QOctober. . . . .| 856 8.64@ 8.68
November, . . .| 8.75@ 8.78 8.748 8.75
December. . . .| 886 | 8.84@ 885
Tlossd quist. Bales 11,000 bags.