Newspaper Page Text
6 D
\News and Views by Experts of Finance, Industry, Crops and Commerce]
Crisis of Decade Ago Came onSharply
v . r ,
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 cruel, 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 _\'vars[
ago; its real pressure has been on for three years.
The consequence of 1893 casually was bankruptey for mnrvl
than one-third of the country’s rall L i l
ways. including Union Pacific, Erle
Atchison, Wabash, Reading, Northern
Pacific, Southern Rallway (then the
Richmond Terminal) and the Balti
more and Ohlo. These receiverships
414 not ensue immediately upon the
erash in the flnancial 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 hankruptcies had been
dividend-payers. Thelr 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
iy—J. P. Morgan It should bha
understood significantly that the Mis
souri Pacific remalined solvent
throughout that severe probmionury‘
period. |
Poor Men Get Rich. ‘
Small, moderate and vast fortunes
were made during the financlal re
construction era of the nineties
Many modest railway employees put
their all in the stocks of roads whose
shares, assessmen: pald, were quoted
petween 10 and 20. A telegrapher on
the Atchizon system managed so well
with Atchison shares that he became
a capitalist with a capltal of approxi
mately $500,000
Harriman, with Kuhn, Loeb & Co,
backing him, began acquiring Union
With the Movies
B
l Atianta’s Theater Beautiful,
Monday.
Mary Pickford, in “The Engle'l
Mate,” one of the g:-utelt produc
tions ever seen In Atlanta, a mas.
terpiece of the Famous Players that
was naged in the mountains of Vir.
ginia. his plcture will hold you In
Its grip of interest every minute.
S Coolest Place In Town.
Monday.
Grand climax of ‘“Lucille Love,
the Girl of Mystery,”’ the greatest se
rlal ever produced in America. The
Universal always goes one better in
real big productions.
e ————————————
The Theater Comfortable
Monday,
“Qur Mutual Girl"” in another In.
terutln? character that hag made
this serial so popular. *“The World
and the Woman," a strong Biograph
drama.
THE STEINWAY COMEDY FOUR.
'l' HE ELITE
Home of Feature Plotures
Monday.
““The Medicine Bag.'" a three.part
Miller Bros.' 101 Ranch. A startiing
drama of an indian uprising, iove
and adventure
———eeee
LAMO No. 1
The Little Playhouse With
the Blg Show
Monday
*Lucilie Love, the Girl of Mys
tery,"”” a continuation of the great
Universal serial that has set the pace
in these great silent dramas Other
good pictures every day
i — ———————————————————
LAMO No. 2
Tha House With the
Clean Policy.
Monday.
“In Wolft's Clothing.' the fourth
of the Ailice Joyce serial, ‘‘Love, the
Clairvoyant,” a strong Vitagraph
drama Last week of Hugh S:v\er
nd Ray Rogers
'
H bt
| I‘HE GEM
Marietta, Ga.
Monday.
“The Sob Sister,” a great two.part
R:x drama of newspaper life. “A
Berch Romance,” a Sterling comedy
| of kids
Monday.
“The River's Secret,' a special
two-part feature drama. “A Night
ith a Miillon, and Back to the Sim.
le Life.” a corking good comedy
drama.
SOLON DRUKENMILLER,
8§ . The Great Tenor.
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 glven him the
reputation of an unbalanced bore. Be
fore he passed away-—a body con
sumed by a restive brain seething
with yet greater plans—he saw his
Unlon Pacific holdings quoted at $76,-
000,000. Morgan, whose fee for re
organizing the Northern Pacific the
second time was $6,000,000 of common
stock, sold those certificates ten years
later to a European syndicate at $lBO
a share,
Situation To-day Better.
Although a number of properties
are already in the courts and more
are likely to seek the same refuge,
the sltuation 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
ence, yet these disadvantages con
sidered, the roads are better placed
than twenty vears ago. |
The country is {incalculably weal
thier; lis, all things sald, more tole-‘
rant of corporations. Railways are
not exposed to the annihilating rate
wars prevalent in the ninetles; are
not subject to the browbeating of big
shippers or to the backmaillng rebate
exactions of big industrial companies.
Rates may be low, but they are uni
form. There are no deadheads; ani
mate or inanimate.
It is altogether likely that the rail
roads knew what they were offering
the Gbould family when not so long
Igo 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
Ruckefellers quietly and privately
lwnuld have financed the road. 'l"here‘
woud have been no cheap shnpplngi
qu the company’'s note maturities, a
proceeding which is mainly responsi-l
ble for the discredit into which the
securities have fallen of late }
For the current fiscal period, the
Interstate Commerca Commission has
lol'd(’ri‘(l the Missouri Pacific to make
l\‘Pl‘YHh\ 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 lron Mountaln bonds Jnly‘
1 last added another $BOO,OOO, and
carrving charges on the new Kunsns‘
ity terminal will add another 3250.-‘
000, |
Thus the charges in the fiscal vear
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 faca of the figures the outlook
is not propitions Possibly a recelver
must intervene. But the company is
in a far better physical condition than
it was two yvears ago.
It should be remembered that this
company has been made to bear much
unnecessary financial burden. Its
!u»-:un'f\ was laid under contributions
for the benefit of the Wabash, of the
| Rio Grande and other Gould enter
prizes. Securities were sold to it that
| conld not be therwise advantageous
|!\- marketed
. Missouri Pacific may not be one of
|t!n4 numerous prizes offering by the
| «tock market. But prizes are there—
'as many and as rich as were drawn
in 1893
Monday a. m. film orders fin
ished 6p. m. same day. Devel
oping fres. 4 siitiees Bhuat
WATCH THE
Live Wires—Grow!
| J DI
GOOD-SHOES-for-EVERYBODY:
FRED S. STEWART CO.,
1 ': Whitehall St.
l But Rally Quickly
Traders Appear To Be Awaiting De
velopments, Particularly Freight
Rate Decision.
NEW YORK, July 18.—A lower range
of prices in London imparted a weak
tone to the stock market at the opening
of the two-hour session to-day. The
undertone, however, wag ane of firm
ness, and after the initial decline prices
rallied strongly, with most of the stan
dard rallroad and industrial fssues sell
ing fractionally above yesterday's clos
ing on short covering purchases. The
general attitude of traders was to await
developments, particularly the freight
rate decigion.
The foreign markets were unsettled.
Initial declines here ranged from ‘g
in Steel to % in Amalgamated Copper.
Subsequently Steel lost further fl'nund.
but met good support around 59%, and
rallled sharply. Further pressure
against Baltimore and Ohjo forced the
price of that stock down a large frac- |
tlon. New York Central reacted %: To- |
ledo, St. Louls and Western common
and preferred shares lost about a point
each on definite reports that the com
any would default on the August 1
rmerem on the collateral trust bonds.
€outhern Pacific was an exception to
the general weakness, advancing for a
gain of % on good buying. New anenl
touched the hlfheaf level in three days.
Stock quotations and net change:
Clos. Net
STOCKS— High. Low. Bid. Ch'ge
Amal. Copper.. 69% 695 681 -1%
A ARMIONL. U i MR 4+ %
Am. Beet SBug. .... s a 3
American Can. 26% 26% 26% + %
Ath. Cae My, .0 . 0% — N
Am. Cot, Oil.. .... e LT
American Ice.. 28 28 27% — %
Am. Locomo.. 29% 29 2958 <
Am. Smelting. 6634 66 6615 +%%
Arg. Sug. Ref.. .... 106 + %
ke P i 1 118 118 + %
Am. Woolen.,, .... (isy 13
Anaconda .... 20% 30% 30% ....
Atchison ...... 98% 97% 98 + %
& O L i 118 118 17% ...
B.and O. ..... 84% 83% 84% + %
Beth. Steel... 40 40 0% .....
B RIT ..... 90% 904 9% + %
Can. Pacific.. 1868 186 1861 .....
Cen. Leather.. 33% 36% .... .....
GO ... 46% 48% + %
Colo. F. and 1. 255 5% 25% -+
Colo, Southern. .... Gooi UGB b 4
Cotl GRE ... .0 wivo DS %
Corn Products. .... 8% .....
B, &Hd B i as o M
Den. and R. G. 4% 4% 4}2
Digtil. Becur.. .... e L
Wole i i... 28% 0 88% SN — B
do,r‘_{)re{. S Ve M ek A
Gen, Electrie... .... L AT N
G Worth, pra, 13i%4 134 122 + 4
'G. North. Ore. 305 308 294 .....
Q. Western .. .... i3~
SR Oenerl o o iy AL
Interboro ..... 13% 18% 13 — %
i do, pref... 633 6a% 63% ....
Int. Harv. (old) .... 08 - ok g
lowa Central.. .... 8§
K. C. Southern. 25% 25:2 25% -1%
X andT . 11N 10 118 + %
do, Rraf... S .
Lehigh Valley 1363 136 136
L and N. .... 133% 133% 133% — %
Mo. Pacific... 113% 107% 113% 4+ %
N. Y. Central.. 88ls 843 86 1%
Northwestern, 131% 131% 130 .....
Nat. Legd. ... i 46
N.and W, .. 104 103% 104% + %
North. Pacific. 109 1081, 1083 .....
‘Pennfl,\'lvunia‘. 110% 110%% 110% + %
Peo. Gas C 0... .... inie A + W
P. Steel Car... 43 43 4'.‘.% + 4
Reading ...... 161% 160% 1614 + %
’Rep. Loand B 21% + %W
| do, rrer... s
Rocé( Isanfd... 21‘:& 3 s 1-,l n'
o, pref... - 9
Sloss-Sheffleld. .... .!,
South. Pacific. 963, 9615 95855 -+ 1
So. Rallway.. 211 20% 21, + &
do. pret... 0 1T 77 2T
Bt Paul..i... 8% 08 081 + %
#t. Puu(l: ?{:\,‘ ?‘E‘a gg:} + %
enn. Copper. 3 82 -
et et RE UL BB O i
TRING AVatinh... .. . ... OB - %
Union Pacific.. 157 168% 167 + %
Y. 8 Bubbap.. o 0 Piis o übe
U. S. Steel.... 60% 59% 6038 + 3
d0.Pref......... oee 10958 4 1
Utah Copper.. 561 y b6l el +
N.=Car, Chem... ... 3
WaDASh oivie ores 5’
do, Fre!..‘.. 2% 28 3%
West. Unfon.. 583 581 581 +4%
W. Maryiangd... .i.. 00
West. Electric. T 8 R TaE L
Wis. Central... ..., i OB
American Tob.. ..., Sron BT el
Col. Pet. .0, 218 01% 2% 4 %
Goodrich Rub... .... 4% + %
Max. Pet. ... 64 64 64 +4
New Haven ... H 4% b2l 63% +l%
Woolworth .s.. «.». 9% + 'a
NEW YORK, July 18—~Number of
shares sold to-day. 120,823; a year ago,
121,750, Par value of bonds sold to
day, $796,000; a year ago, $704,000. Gov
ernment bonds were unchanged. Hall
wayv and other bonds were irregular
CURB SECURITIES.
NEW YORK, July 18.—Trading on the
curb to-day displayed the usual char
acteristics of the summer half-holiday
session, being extremely quiet and al
most devoid of features. Interest was
scattered throughout a small list and
price changes were narrow and unim
portant
Specialties were quiet and about
steady. Automobile i{ssues were about
unchanged. Willys Overland closed ‘Tt
891, after touching %0, and Maxwell
common at lflgq\flg, Metal shares
were quiet and slightly below yester
day's finals, Standard Oil shares
showed little change.
Bonds were neglected except for small
'sales in Canadian Pacific 6s at 103%.
}t‘loflnf %uotauons: Bay State Gas,
3-16@ 1 : British American Tobacco, 21%
@’3‘.’-. 260 Riker and Hci‘emnn. AL @Y%,
Standard 011, old, 1350 bid; British Co
umbia Copper. l‘«s@l%; Consolidated
iAr(znnn Smelting, b&i 9-16; Greene-
Cananea, 32134033; 1 Kerr Lake, 57
@s; Laßose Consolidated, '!sq\l. 350
‘!\HKmloy finrra%g. 52@53.; Niplissing
Mines, 0% @6%: 400 Tonopah Extension,
21, @2%; Yukon Gold Mines, 2% @2%.
MONEY AND EXCHANGE.
NEW YORK, July 18.-Posted rates:
Sterling oxohungfl. 486@4.88, with ac
tuxl business in bankers' bills at 4.86%0@
4.8695 for demand and 4 8485@4.85 for
sixty-day bills Prime 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 $8557.750.
looans, decrease $30,204,000
Specle, decrease 35,025,000
l.egal tenders, increase 36,835,000
Net deposits, decrease $2B 533.000.
Circulation, increase $232,000.
Actual statement
lLoans, decrease 334,988 000
Specie, increase $5.880,000
Lega! tenders, increase $3.756,000
Net devosits., decrease $lB 885 000
Reserve, increase $14,534 450
SILVER MARKETS.
NEW YORK, July 18— Bar silver in
London to-day was unchanged at
26 1-168 d per ounce. To-dav's New York
Syhm was unchanged at.s4%c¢. Mexican |
ollars, 42 @ 45.
i NEW YORK CLEARINGS. l
NEW YORK, Juiy 18 —Bank clear- ]
ings. 3281.875,832. against $274,237,834¢,
an increase of §7,737,908.
NMEARST'S @IWMNAY AMERICAN, ATLANTA, GA. SUNDAY, JULY 19, 1914,
|
i
|
|
|
| iiidbiocit
| Cotton Trade Hears Georgia Alone
|
| May Beat 1911 Record.
f Bears Hammer Prices.
; e
| MEMPHIS, July 18.—Irregular con
| ditions for the crop continued in the
fnu'!:m belt during the week, and one
| result was that sentiment was mixed
[as to promise of yield. Texas and
[ /)klahoma, with part of Arkansas,
Mississippl and Alabama, received
‘mn» or no rain, while temperatures
Er:mged rather high, it being believed
} that the crop suffered some as a con
]:-r:;unnve, Over most of the central
’und practically all the eastern belt
%Yhf‘!‘!‘ was no scarcity of moisture and
E temperatures were conducive to prog
| ress.
| So favorable is the promise in
[(;fanrmu that some very optimistic
people are talking of that State pro-
Imu'ing 3,000,000 bales, whereas hm‘%
record was slightly over 2,800,000
in 1911. South Carolina also is ex-i
I]urted to have a large outturn, ‘\'h“"‘
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 avold 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 us
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
bhears were more active than the bulls
and values receded rather steadily
for several days.
The rains that feil over scatiered
sections about the middle of the week
did much ~god, for the trade real
izes that ia 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 rafns 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 stage 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 bearish
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 failure of any stronz 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 splnners.
There has bheen no appreciable
change for the better in the trade
outlook abroad, and many things con
tribute to this feeling of doubt, al
though there is 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
ttan expected was by some regarded\
as significant, as indicative of some
{ronvpm over the situation in Texas,
where Great Britain, especially, buys
largely for its requirements. ‘
Statistics 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
Ishu\\‘ing that 5000 more bales were!
used up in that perind than for the\
same time In 1913. Expectations were
for considerably less, May having
shown a falling off.
Spindies in operation were also
about 900,000 more than in June, 1913,
while spinenrs’ stocks 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 industry could not
‘escape the reaction in activity that
‘h’ad pervaded practically every other
line.
\
$56,637,998 Earned
; . ’
|
By Railroads in May
WASHINGTON, July 18 —Steam
railroads in the United States having
operating revenues in excess of a mil.
lion dollars a year earned during
May, 1914, net aperating revenues of
$56,637,998, according to an an
nouncement by the Interstate Com
‘merce Commission to-day. Aotal
operating revenues of the rallroads
for May amounted to $232,567.938 and
total operating expenses $176.029 940,
- The total net earnings of the rail
‘roads In the eastern district, the dis
‘trict in which are located the thirty
‘two railroads which are asking the
commission for a 5 per cent horizon
tal increase in freight rates on ae
count of the impoverished condition
of their filnances, amounted during
May, 1914, to $23,568,295, nearly half
of the net earnings of the rallroads
throughout the entire country.
For the eleven months ending May,
1914, the principal railroads in the
United States earned total net oper
ating revenues of $763,931,274. Oper
ating revenues amounted to $2,747,-
275.207, and operating expenses to
$1,981 324, 332
The rallroads asking the 5 per cent
increase earned during the eleven
months ending with May, 1914, net
revenue of $3BO 063 383, or about one
third of the earnings of all the rail
roads in the coumtry, l
.
Steadies N. Y. Market
Recent Trading Indicates That Con
tracts Are Being Made for In
vestment or Accumulation,
By EDWARD LOW RANLETT.
NEW YORK, July 18.—It {8 becoming
more and more apparent that foreign
spinners recently have extended their
purchasing commitments into new crop
deliveries !n American markets, The
steadiness of the cotton market on a
basis of 12.256 for December has for the
past two weeks strongly indicated a
demand for investment or accumula
tion. Tt is known that early deliveries
of the new crop will find a ready mar
ket. 'The world's spinners have been
using middle and lower grades because
better grades were scarce and high, and
now curtailment is being resorted to
partly because of this fact.
These considerations partly explain
the strength of the cotton market re
cently at a time when crog) prospects
were improving over three-fifths of the
cotton belt. Spculation counts for very
little in the market at this time. In
deed, general pessimism in other direc
tions and dull trade is about the only
ththg that holds cotton contract levels
down.
The cotton crop Is now entering its
most critical stage. The combination
of growth, maturity and general condi
tion must from now on meet the im
pact of fruitage. The trial of the plant
will have its test of endurance in this
last procegs and upon this the final re
sult depends. The Government will is
sue its July condition report from data
furnished next Friday and this report
will perhaps be the most important one
issued for the crop under cultivation.
Estimated cotton receipts:
Monday. 1913,
New Orleans .......500 to 1,000 526
luulvestnn Siiss s 800 to 1,400 907
_NEW YORK COTTON FUTURES.
:' 5 3 :z, i |3t
= ° an B
oX]e < a "
Jly 12.33/12.33/12.22/12.22/12.26-28/12.35-36
Au [12.27/12,27,12.15/12.20/12.19-20{12.27-28
Sp {..... b canelain s 12:16-17112:21-22
Oc ‘]2.18 12.19/12.09/12.16/12.16-17{12.22-23
\Nv Lo iliiihn g 118045161218-20
De [12.26/12.36/12.26 12.34/12.34-35 12.39-40
Jn 112.28/12.29/12.21/12.28 12.27-28/12.32-38
Mr (12.30!12.32/12.27{12.32/12.32-33/12.87-38
Ap Lol ol 112.60-62113,65-6 T
lMy [12.5412.64/12.48,12.50/12.53-5412.58-69
r Closed barely steady.
} . LIVERPOOL COTTON.
LIVERPOOL, July 18.—Due 4 to 5
points higher, this market opened quiet,
at a net advance of 3% points.
At the close the market was quiet, 1
to 2 points net higher than Friday's
close. .
Spot cotton steadv, at 3 points ad
vance; middling, 7.38 d; sales, 3,000, of
which 2,000 were American.
Futures opened quiet.
Opening. Frev.
Range. Close. Close.
Uy e s o e 117 7.16
Inly-Aug.: . « 1.10-738 1.16% 7.16%
Aug.-Sept. . . .6.94 6.92 6.90%
Sept.-Oct. ~ . .6.73 6.711% 6.69:2
Oct.-Nov. . . .6.68-6.66 66615 6.64%%
Nov.-Dec, . . ..6.61 660 6.58
Dac:-Jan . - « 8,61 6.591% 6.571,4_-'
Jan.-Feb, . . . .6.61-6.69%; 6.§0 6.58
Feb.-Mar. .. . .6.62 6.61 6.57
Mar.-April . , . .6.63% 6.67% Q.GO%
.—\pril—.\Fay i b 0 .63 6.61
May-June . . . .6.64 6.63%2 6.61
Futures closed quiet. s
NEW ORLEANS COTTON FUTURES.
d s 3
’ B‘s\ "?" : l‘s
& T 3 -fl 0 &U
Jly 12.90/13.00112.90 13.00‘12.55-97“12.94
Au |12.69/12.69/12.66 12.66/12.72-73/12.77-80
Sp 112.40/12.40/12.40 12.4012.43-4512.51-58
Oc [12.31/12.32/12.28112.29/12.29-20.12.37-38
Nv |. l velesvaslssess]lB.29-31112,36-38
Dc 112.33 12.33‘1;’..’26[12.30 ]2.30-31!12.38-39
Jn ’12.33;12.36,12.33 12.85/12.35-36/12.43-44
Mr [12.45/12.45/12.39 12.44/12.44-45/12.52-53
My |12:5012.51/12 50112.51/12.4951]12.57-59
" Closed steady.
| PRmbiißA SR G S DL
PORT RECEIPTS.
The following table shows recslrt! at
the ports to-day compared with the
same day last year:
1914, 1913,
New 0r1ean5...... 668 574
Galveston ........ 1,095 1,185
Mobdle .. iiisaaadlianiviaaas T
Savannah ........ 319 879
Charleston ....... 23 18
Norfalk ...ocveres 647 920
Boston ......c.voo 3 546
Newport New5....|...cc..c.0u0s 661
Various Codiis e rvalentnen a 4
Total ...........| 3,760 | 4,83
INTERIOR MOVEMENT,
SO M R TS,
Houston ...c....s 283 457
AURUSER ooiosvesee 080 Leveusviios
'Memphis ......... 128 23
BTN o LR 679
Cinennat! ..., .. 87 .} 842
T
i TOERL ..ohveaohaar. 1018 | F7200]
i
| SPOT COTTON MARKET,.
Atlanta, nominal; middling 13%.
~ Athens, steady; middling 13%.
Macon, steady;: middling 18%.
u\'er;;onl, easier; middling 7.33 d.
New York, quiet; middlinf 13.25.
New Orleans, quiet; middling 13 5-16.
Boston, quiet; middling 13.25.
Savannah, quiet; middiing 137%.
Augusta, steady; middling 1414,
Charleston, qufiet; mtdding 13 1-16.
Norfolk, quiet; middling 13%.
Galveston, quiet; middling 133,
Mobile, firm; middllnf 12 11-18.
Little Rock, quiet: middling 13c.
Baltimore, nominal; middling 12%.
St. Louls, quiet; middling 1314.
Dallas, quiet: middling 13 5-13.
Memphis, quiet; middling 133¢.
Houston, quiet; middling 13 5-16.
Louisville, firm; middling 13%.
COTTONSEED OiL. |
Cettongeead oil quotations:
| Opening. | Closing.
Spot .. .. e ee e sraiaai.n 7.10@7.26
January.. .. . . .| 6.63@6.676.61@6.66
Februsly i oo os 6.63%&68 6.61@6.67
JUIY.. ee W b TSGT.2SIT.ISOOT 28
August.. .. . gef 7.30%7.31 7.253;7.27
September .. .. .. 7.31?\?32 7.28@7.29
OOtobEr: . (v iicl TOSETINN 6.98%‘.’.01
November .. .. ..| s.ssés.:s s.ssgs.ss
December .. .. .. 6.62@6.66.6.61@6.65
Crude Southeast % RIS L |
*Nominal. \
Closed weak. Sales 4,500 barrels.
Cotton Freights in
Georgi Ag Revised
eorgla Are nevisea
WASHINGTON, July 18.—The In-1
‘terstate Commerce Commission to
day ruled that rates ranging from
10 to 1R 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, 1909, The old smlel
of rates was ordered re-es:ah?ished’
and ranged from 7 to 35 cents per 100
pounds. The Augusta Cotton }:;x-‘
changs wmade the complaing, A
|
?
'
Influence Comes From Rain Pros
'
pects in the Western Half
of the Belt.
NEW ORLEANS, July 18.—The cotton
i market developed an easier tendency to
day in consequence of prospects of rain
in the western half of the belt over
Sunday Longs who had bought freely
Friday liquidated their holdings to-day,
early selling pressure causing October
contracts to sell as low as 12.23. At
that level shorts covered to some extent,
while there was some little fresh buying
on the theory that the expected rains
might not materialize. The basis for the
expectation of rains in the West over
Sunday was the fact that several sta
tiops in Oklahoma reported an average
of .30 of an Inch of rainfall.
The official forecast was for partly
cloudy weather Sunday and the talent
took this as a precursor of general rains
fn Texas and Oklahoma either Sunday
night or Monday. Except from West
ern belt, where rain is badly needed in
most localities, crop reports are dis
tinctly favorable. Sentiment in this |
market {s bearishly inclined on account
of poor trade conditions and good, soak
ing rains in Texas wu?ld be the signal
for a short drive on values. :
Spots to-day were officially reported
quiet and unchanged. Sales amounted
to 235 bales of spots on the basis of
13 5-16¢ for middling. |
e e ee e }
NEW YORK PRODUCE MARKET, |
NEW YORK, July 18.—Petroleum |
steady; crude Pennsylvania, $1.70.
Turpentine firmer; 49@49%. ‘
Rosin quiet; common 3.90@4.00.
Wool firm: domestic fleece, 27@30;
pulled, scoured basis, 88@55; Texas,
scoured basis, 42@62. ]
Hides steady; native steers, 18@18%;
branded steers, 163, @l7.
Coffee steady; options opened 2 points
lower; Rio No. 7, on spot, 87%. \
Rice steady: domestic, ordinary to
prime, 3% @5%.
Molasses steady; New Orleans open
kettle, 35@55.
Sugar, raw quiet: fine granulated,
4.40; cut loaf, 5.30@5.35; crushed, 5.20;
mold A, 4.85@4.90; cubes, 4.65; pow
dered, 4.50; diamond A, 4.40; confection
ers’ A, 4.30; softs, No. 1, 4.15@4.20. (No.
2 is 5 points lower than No. 1, and Nos.
3 10 14 are each 5 points lower than the
preceding grade.)
Potatoes weak: white nearby, 2.00@
2.75; sweets, Southern, 1.00@1.50.
kidney, cholce, 5.45@5.50.
Beans barely steady; marrow, choice,
4. 75@4.90;. pea, choice, 3.26@3.65; red
raisins, choice to fancy, 6% @B%.
Dried fruits steady; apricots, choice to
fancy, 16%@181%; apples, evaporated,
prime to fancy, 93% @l2, prunes, 30s to
peaches, cholce to fancy, 614 @8; seeded
. RICE MARKET.
NEW ORLEANS, July 18.—The local
market for clean rice continues to rule
steady on both Honduras and Japan.
Quotations on leading grades follow:
Honduras. Japan.
Head .. .. .. 0 -.4%@6% 28, @3%
Straights .. .. .. ..24@4% 2%
Screenings.. .. .. ..1%@2'% 138
iD @
' NI
: fi&r ',‘ j'.v
; %, S - ) Y
= e Dame 2.
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.
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 posi
tive knowledge, if you choose with the aid of
Harper's Bazar, that gown, suit or hat will neither
disappoint nor suffer by comparison.
l 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 newse
dealer.
5‘::“ The OldestWomanw's Magazine in Americe
Noted
Modistes ! [ g .
allotrance go farther if
o el o
Bing T ' the s T 3
mom.rg’fn > spectel introduc. a‘ a?d
B i i e ' kL4
York Gity.
DO . .cvncniiatnscransassrsocasanasssasssssssoses lxg w“'t 40?‘.‘ S‘tfff’, A?e:” -Y’o'k Ci”
Q... CeAarea M e iataiiaaias s R tetsaens s iest
All Grains Weaken
In Chicago Market
Influenced by Cool Weather in Corn
and Wheat Areas, and Curb
ing of Rust,
i By JOS. F. PRITCHARD.
I CHICAGO, July 18.—Cooler weather in
’ the spring wheat country was the princl
- pal bearish factor surrounding that mar
| ket on the Board of Trade to-day, where
| prices showed losses of @ 3c. It was
a market that was chock full of nerv
ousness, and at no time were specula
tors decided as to the course to pursue.
One thing was certain, and that was the
black rust reports to come from the
srrlng wheat country were less per
sistent and that some of them were
more favorable to the bears.
Cool weather over practicaily the en
tire corn belt with more rain in the
Southewest and extending into Okla
homa were sufficient to depress prices,
and closing figures were 3@ %c lower
than Friday's resting spots,
Qats finished with losses of '4@%oec.
The market was neglected and was de
pressed by the weakness in other
grains. There was an firregular trade
in provisions with the list closing gen
erally lower,
! CHICAGO GRAIN MARKET,
| Rt
Grain quotations:
‘ Previous
High. Low. Close. Close,
- WHEAT—
.éuIy..... 793 73 7:;’; 72:2
ept..... T 894 816 783 79
Dea.. ... 821 8155 813, 8214
CORN—
Ju1y..... 68% 6815 6814 6814
Sept..... 665 6635 663 g 6615
Dec...... b6l 557 56 565
OATS—
dIy..... 8% 3614 3614 36%
Sept..... 86 343, 343, 351
Dee,...... 863% 3614 3614 3615
PORK—
July.... 22.76 22.75 22.75 22.80
Segt.... 21.35 21.15 21.25 21.27%
ARD—
July.... 10.22% 10.20 10.20 10.27%%
Sept.... 10.37% 10.30 10.30 10.40
oty 1040 10.35 10.35 10.42%
RIBS—
July.... 1229 12.20 12.20 12.25
Sept.... 12071 12.00 12.05 12.05
GOt 5 1166 11.60 11.62% 11.65
CHICAGO CASH QUOTATIONS.
CHICAGO, July 18.—Wheat: No. 2
red, 80, @803: No. 3 red, 79, @80%;
No. 2 hard winter, 80% @81; No. 3 hard
winter, 80; No. 1 Northern spring, 90@
91%; No. 2 Northern spring, 88@9%0%;
No. 3 spring, 85@861.
Corn: No. 2 white, 7T6@76%; No. 2
vellow, 71%; No. 3 white, 756% @756%; No.
3 yellow, 71; No. 4 white, 743;..
Oats: No. 3 white, 36@36%; No. 4
white, 35@35%; standard, 37% @37%.
. E ot e D
CHICAGO CARLOTS,
Following are receipts for Saturday
and estimated receipts for Monday.
{Saturday.| Monday.
{ Friday. | Saturdav
WhHeat o> . o 740 | 460
Goeng o e v 165 | 106
QRIX Lo o 0 il 170 90
Hogt .. ... .. 0000 | 35,000
B
PRIMARY MOVEMENT.
WHEAT~— | 1914, { 191%.
Receipts .. .. ....[2,4569,000 l 1,518,000
Shipments .. .. ..i1,165,000 | 590,000
CORN— i 1914, - 21918,
Receipts .. .. ~..[ 422,000 | 381,000
Shipments ~ .. ..! 356,000 ' 817.000
NAVAL STORES.
NEW YORK, July 18.—Naval stores
turpentine, 48% @49; at Savannah, 433
@46; rosin, common to good strained,
4,00; tar oil, barrels, 6.00@6.50. ‘
Government Report Points With
' '
Concern to Monopoly in Timber
Land Holdings.
WASHINGTON, July IS.—~Timber
land concentration among a few own
ers, mostly speculative, is exhaus
tively treated in the Bureau of Cor
poration’s report on the lumber in
dustry, submitted 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 half 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,
resulting in part from such specula
tive holding, are underlying facts
that will become more and more im
portant elements in determining the
price of lumber as the supply of tim
ber diminishes.
“The main fact shown Is that 1.694
timber owners hold in fee over one
twentfeth 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 Investi
gated they own one-seventh of thse
area.
Grants Attacked.
“Most of the land grants were
made on conditions, 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 lands
restored to the public domain by
these, or other, forfeiture suits should
not be disposed of under the present
land laws. To allow such lands to
be taken up by private parties before
the revision of the public land laws
has been completed would be to lose
much of the public benefits from their
recovery.”
NEW YORK COFFEE MARKET,
Coffee quotations:
| Opening. | Closing.
January. . . ..| B.BB@ 8.93] 8.89@ 8.90
HehTuary. & o sbiv io' 38808 .04
Marohs . ¢ . « o 83.99@ 9.00{ 8.98@ 8.99
AprHe . sieii b a 0 10%
May. . o o o o .} 9.01@ 9.06| 9.05@ 9.08
Jupa. g gelsc b s 8'85? 9.00
VY on v ol w elsieine ey L SARE B
August . . o o o w000....0 | 8.45@ 8.46
September. , ~ .| 8.61@ 8.59 8.55@ 8.56
QOctober. . ~ , .| 855 8.64@ 8.65
November. . , .| 8.75@ 8.78 8.74@ 8.75
December. . . .| 8.85 '_§.B4fi 8.85
T Closed quiet. Sales, 11,000 bags,