Newspaper Page Text
6 B
| News and Views b?Ex;erts of Finance, Industry, Crops and Commerce
Crisis of Decade Ago Came onSharply
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 15893 and the present. In 1893, the decisive liquida
tion was exhausted in six months. It was a eruel, relentless and
precipitate panie, 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 (-u.filmlly was bankruptey for more
than one-third of the country's rail
ways; including Union Pacific, Krie, !
Atchison, Wabash, Reading, Northern |
Pacific, Southern Raillway (then lhe‘
Richmond Terminal) and the Bnln-‘
more and Ohio. These receiverships
did not ensue immediately upon lhu‘
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 bheen
dividend-payers. Thelr stock at one
time had ccmmanded high K
ures. One, the Reading, had been
iwice reofganized. 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
sourd Pacific remained solvent
throughout that severe probationary
period. ;
Poor Men Get Rich. *
Small, moderate and vast fnrlunes!
were made during the flnancial re
construction era of the ninetles,
Many modest rallway employees put
their all in the stocks of roads whose
shares, assessmen: pald, 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 capltal of approxi
mately $600,000,
Harriman, with Kuhn, Loeb & Co.
backing him, began acquiring Union
Pacific certificates at 10. Previously
Yie was a nas{lible factor in finance;
neglible literally, in that his persistent
solicitation for capital to reallze his
endless schemes had glven him the
Yeputation of an unbalanced bore. Be
fore he passed away—a ho(! con
sumed by a restive braln séething
with yet greater plans—he saw his
Union Pacific holdings quoted at $75,-
000,060, Morgan, whose fee for re
organizing the Northern Pacific the
second time was $6,000,000 n%rnmmnn!
stock, sold those certificates ten years
later to a Buropean gyndicate 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 situation to-day Is far better than
in the desperate epoch hetween 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
etatecraft and political economy
would match that of Faubert's coun
try town druggist, Homos; are bur
dened with an Interstate Commerce
Commission which payvs more atten
tion to demagogy than to railway scl
.
Take a Trip to the
P Pacific Expositi
anama-lacific Lxposition
In 1915 at Our Expense
Your expenses will be said from the !(me_}-.ou step on the train at yeor heme
station until you step off on your return, his Tour to the Coast will be the
treat of a lifetime, and our Plan enables you to enfoy it without investing any of
your own money. Moreover, it is not a contest—there is no competition. You
return the conpon and we'll make you an offer that you can easily qualify for,
especially if you begin at ance.
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;lhn 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 !firough 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
apother opportunity to see so much in Californiaas you will during the Exposition.
& Andhere's your chance to see it all, to spend 24 days in delightfal, comfortable,
Y, 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 eamn it without any great effort on your part. Remember—it is
hot a contest; there is no competition; it isa straight out and out offer
duter- \ 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
{MagazineCo. \\ tion without any expense to you. We will also mail you a com
(119 West 40th St plete description of the Trip, points of interest covered, etc.
Bew Yerk Gy \ Send the coupon today.
{ Bend particulars of N\
B e \ Travel Bureau
1L - -
R M. International Magazine Company
.0s s s v 5405 \ 119 West 40th Street New Yook City
o caamt eeetssst bt s at Baare s tassenes @ - -
ence; yet these disadvantages con
sldered, the roads are better placed
than twenty years ago.
The country is incalculably weal
thier; is, all things said, more tole
rant of corporations, Railways are
not exposed to the annihllating rate
wars prevalent in the nineties. are
not subject to the browbeating of big
shippers or to the backmalling 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 wete offering
the Gould family when not so long
ago they bid $4O a share for all the
Gould holdings of the Missouri Pa
eific. Had that bid been accepted, the
chances are at least several that Mis
sourt 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
pr()(‘fl’dlll?\\'hl(‘h 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 Mlissouri Pacific to make
certnin 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
$£260,000. The Inauguration of a sink
ing fund on Iron Mountain bonds July
1 last added another $BOO,OOO, and
‘r‘arr,\'lng charges on the new Kansas
ity terminal will add another $250,-
000,
Thus the charges in the fiseal year
to end June 30, 1916, will be {ncreased
$2,600,000 without the addition of new
capital. For elaven months to May
31 last, the companv earned only $58,-
558 above operating expenses, fixed
charges and miscellaneous deductions.
On the face of the figures the outlook
s not propitious. Possibly a recelver
must intervene. RBut the company is
in a far bhetter physical condition than
{t was two years ago.
It should be remembered that this
ivnmpnn_\' has been made to bear much
unnecessary financial burden, Ita
treasury was lald under contributions
for the benefit of the Wabash, of the
Rin Grande and other Gould enter
prises, Securities were sold to it that
could not be (therwise advantageous-
Iy marketed
Missouri Pacific may not he 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
sight-seeing. Then to Los
Angeles, Santa Barbara and
the Coast Line to San Fran
cisco. A one hundred mile
sight-seeing tour by Special
Tmlleywifihegiventhro h
Southern California. \?11
days first class hotel ac
commodations will be pro
vided in San Francisco, as
well as sight-seeing tnips,
etc., etc.
‘The return trip will be made
via Mount Shasta Route to
Portland, Oregon, Tacoma,
Seattle, and tficnce via the
scenic Canadian Pacific R.
R., through the mountains
to Glacier, Field, Banff,
Laggan, St. Paul, Minne
apolis and Chicago. Auto
mobiles will be provided for
sight-seeing in Portland and
Seattle,
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 impuarted a weak
tone to the stock market at the opening
‘of the two-hour session to-day. The
undertone, however, was“one of firm
ness, and after. the initial decline prices
rallied strongly, with most of the stan
dard railroad and industrial issues sell
ing fractionally above yesterday's clos
ing on short covering purchases. The
general attitude of traders was to await
developments, particularly the frelght
rate decision.
The foreign markets were unsettied.
Inittal declines here ranged from ‘g
in Steel to % in Amalgamated Copper.
Subsequently Steel lost further g:'ound.
but met good support around b 59%, and
rallled sharply. Further pressure
against Baltimore and Ohio forced the
price of that stock down a large frac
tion. New York Central reacted %; To
ledd, 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‘
Fn(er!nt on the collateral trust bonds.
Southern Pacific was an exception to
the generad weakness, advancing for a
gain of % on g%od buying. New Haven
touched the Mf est level in three days.
Stock quotations and net change:
Clos. Net
STOCKS—~ High. Low. Bid. Ch'ge,
Amal. Copper.. 69% 6915 691 -+ %
"Am. Agricul., .... 4% + %
Am. Beet Sug. .... iy 28 -+ %%
American Can. 28% 26% 2614 + %
Am. Car Fay.. ... 0% — %
Am. Cot. Oil.. ..., e B 8 S G
American Ice.. 28 28 27% — %
Am. Locomo.. 20% 29 2015 ..ose
Am. Smelting. 66% 66 66 -+ Bn
Am. Sug. Ref.. .... s 08 e
A WeTiino 118 118 18 Wy
Am. Woolen... ... 13
Anaconda .... 30% 30% 30% .....
Atchison ...... 98% 97 98 + Y%
A C XllB 118 VI s
Hoand O .5 % LHEA 841, +3%
Beth. Steel... 40 40 40% .....
BoRE . WY 90y, 9% "s‘
(Can. Pacific.. 1865 186 188%¢ .....
Cen, Leather.. 35% 333 i ety ‘
C.and O. ..... 4% 46% 46% + %
Colo. ¥ and 1. 35% 256% 36% <+ ™
CQolo. Southern. .... i 22 + Y%
Connol.: G8E...» 15 oo 1219 —l§
Corn Products. .... B 4
L Rno B i 146‘/’..._....‘
Den. and R. G. 4% 455 3 s
Distil. Becur.. ... P 14l + s
B ey 261, 2698 26% —
do, pref. .. (.. iy 40 + 13
Gen. Electric g cea. 141% 4+ W%
G. North., pfd, 121% 121% 122 + e
G. North. Ore. 30% 305 2914 ...
Q. Western .. .... Tk 13 —3%
1 Cantenl.....7 ~ . syl
Ihtsrbore .:... 18% 18% 18 — %
do, pref... 63y 623% 63% ....
Int. Harv. (old) .... s A 0 Bk
lowa Central.. i b 8 e
K. C. bouthern. 25% 261 257% —l'%
¢ andetio i 1 11 10, 1% + %
do, ;{ref.. IR
Lehigh Valley 13614 136 136 e
l.and N. .... 133% 133% 138% — 4
Mo. Pacific,.. 1% 1074 11% 4+ %
N. Y. Central.. 86% 843 86 +l%
Northwestern, 131 131% 130 .....
Nat. Lead...... .... S Al
N.and W. .. 104 1087 104% + %
North. Pacific, 109 108% 1083, .....
Pennsylvania.. 1103% 110% 110% + %
Peo. Gas Coi. ... v Rol A
P. Steel Car... 43 43 2% + %
Reading ..... 1817% 160% 161% + %4
Rep, I. and 8. "v... viae 2% 4
do, {m-rv.. iy vl R Dolly
Rock Island... I'% A 1
do, pref... 2% 2 1% - B
Sloss-Sheffield. . ... iygs AR e
South. Pacific. 963 9615 95% + 3
So. Raflway.. 214 20% 2% + W
do, pref.... 17 11 T thish
St. Pau1.....;. 98% 98 aBy, + &
St. Paul ...... 981, 98 981, -+ B
Tenn. Copper. 32 32% 324 — %
Tex. Pacific.. 13% 13% 13% — &
Third Avenue.. .... oo 40% 4+
Lnion Pacific.. 157 1557% 167 4 3
R RuNber.. o 00l RSR
U. S; Steel.... 608 59% 603 + %
O, Dl .oL i .o 1098 + 4
Utah Copper. 56l 86% bl + 4
Y.-Car. Chem;.. .... e RO R
WaDAENh * 4 i i 8 Lk
do, praf..... 2% 235 Bl .
West. Union., 0583 58% 58% + %
W, Maryland... % 10
West. Electric. 78 PO4 - TlB% iy
Wis, Central,., .... e EERestRAs
American Tob.. 28T 41
Clol. Pat. ... 1% 218 213 4+ &
Goodrich flub... .... Sk 24y + Y%
Max: Pet. ..., 61 64 66 +4
New Haven ... 54 B 2 b3l +IY%
Woolworth ... oy e 85 + W%
NEW YORK, July 18 —Number of
shares sold to-day, 120,828, a year ago,
121,750 Par value of bonds sold to
day, $796,000; a year ago, $704,000. Gov
ernment bonds wera unchanged. Rall
way and other bonds were irregular,
CURB SECURITIES,
NEW YORK, July 18, —Trading on the
ecurb to-day displaved 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
pertant.
Specialtles were quiet and about
steady. Automobile issues were about
unchanged. Willys Overland closed afi
B§6l, after touching 90, and Maxwe
common at 145 @ 14%. 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 Canadlan Pacific 6s at 103%.
Closing quotations: Bay State Gas,
3-16@ Y, : British American Tobacco, 313
@22; 260 Riker and Heieman, ML @YY,
Standard Ofl, old, 1850 bid; British Co
lumbia Copper, 1% @13,; Consolidated
Arizona Smelting, % @9%16; Greene-
Cananea, 32%@33; 1500 Kerr Lake, §s7s
@6; Laßose Consolidated, %?\1; 350
McKinley Darragh, 52@58; Nipissing
Mines, 51%@6%: 400 Tonopah Extension,
2, @23%; Yukon Gold Mines, 2%.@2'%.
MONEY AND EXCHANGE,
NEW YORK, July 18 -—-Posted rates:
Sterling exchange, 4 86@4.88, with ac
tual business in bankers’ bills at 4 860 @
4.8695 for demand and 4.8486@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 $8,557,750.
Loans, decrease $30,104,000,
Specie, decrease $5,025.000.
Legal tenders. increase $6,835,000
Net deposits, decrease $29,533,000.
Circulation, increase $232,000.
Actual statement:
~ l.oans, decrease $34.988,000.
- Specie, increase $5.880,000
Legal tenders, increase $3,758,000.
Net devosits, decrease §lB 895,000
Reserve, increase §14.534,450.
SILVER MARKETS.
NEW YORK, July 18.—Bar silver in
London to-day was unchanged at
25 1-16 d per ounce. To-day's New York
price was unchanged at 545e¢. Mexican
dollars, 423, @45,
NEW YORK CLEARINGS.
NEW : YORK, July 18 —Bank clear
ings, $181,475,832 ngalnst $274,337,804,
an increase of §7,737,938.
NMARST'S eTNNAY AMERICAN, ATLANTA, GA, SUNDAY, JULY 19 1914
i
| .
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 yield. Texas and
f)klahoma, with part of Arkansas,
Mississippi and Alabama, received
iiitle or no rain, while temperatures
runged rather high, it being belleved
) that the crop suffered some as a con
sequence. Over most of the central
and practically all the eastern belt
there was no scarcity of moisture and
temperatures were conducive to prog
|
ress,
8o favorable s the promise in
Georgla 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, whllel
Alabama, but for the presence of the
boll weevil across the southern coun
ties, would be counted on for a rec
ord yield.
Bears the More Active.
The Government’'s weekly summary
of the weather for the week ent}lvlg
with Monday night told of conditions
as above described, and its citing U)e
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 jargely than us- |
nal because of the absence of outside
trading, appears to have had its eyes.
trained almost solely on the favored
sections 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
sections about the middle of the week
did much good, for the trade real
izes that In the upland sections it is
iwn-11-niuh impossible to get too much
rain at this time of the year. Where
fertilizers are used this is especially
{lrm-, 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 serlous, for a large
[ portion 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
frnm thelr 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 afraid to load up on
contracts above 12 cents with the
trade outlook uncertaln 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 apprec!ahleJ
change for the better in the trade
outlook abroad, and many things con-}
iribute 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
than 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.
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
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.
Spindles in operation were also
about 900,000 more than in June, 1913,
while spinenrs’ stocks were about
50,000 bales smaller. This report
fajled 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.
$566,637,998 Earned
By Railroads in Ma
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 operating revenues of
$56,537,998, 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 overating 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 ac
count of the impoverished condition
of their finances, amounted during
May, 1914, to $23,563,295, nearly half
of the net earnings of the railroads
throughout the entire country.
For the eleven menths ending May,
1914, the principal railroads in the
United States earned total net oper
atk:g revenues of $763.931,274. Oper
ating revenues amounted to $2.747.-
275,207, ‘and operating expenses to
$1,981,324,382.
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
roads in the country. ‘
.
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 Is becoming
more and more apparent that foreign
spinners recently have extended their
purchasing commitments into new .crop
deliveries in American markets, The
steadiness of the cotton market on a
basis of 12.25 for December has for the
past two weeks strongly indicated a
demand for investment or accumula
tion. It 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
‘oemly at a time when crop prospects
were improving over three-fifths of the
3cnnon belt. Spculation counts for very
Jittle in the market at this time. In
deed, general pessimism in other direc
tions and dull trade is about the only
thing that holds cotton contract levels
down.
The coiton 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 process 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
‘Galveston it 00 To 1,400 907
‘___r_d_E“Vl_yOßl(__c_OTTON FUTURES.
NN
= d| dn © LS
Jly [12.33]12.33]12.22/12.22/12.26-28/12.35-36
Au |12.z7'12.27‘12.15:12.20'12.19-20;12.27-28
Sp ~.A...;.....t.....‘.....112,1547;12.21-22
Oc 12.18/12.19 12,09‘12.16{12.16-17|1'."22-23
Nv ;.....[.....‘.......,...f12A14-16413.18-20
De 112.36/12.36/12.26 12.34/12.34-35/12.39-40
Jn 12.28i12.29112.21!].2‘28212.27—28'12.82-33
Mr 12.30/12.32/12.2712.32/12.32-3312.37-38
Ap ‘;; v0r..12.50-52/12.56-57
My |12.54]12.54/12 48/12.50/12.53-54/12.68-59
Closed barely steady.
LIVERPOOL COTTON,
LIVERPOOL, July 18.—Due 4 to &
points higher, this market opened quiet,
at a net advance of 3% points.
At the close the market was ]gule(. 1
to 2 points net higher than riday's
close.
Spot c¢otton steady, at 3 polnts ad
vance; middling, 7.38 d; sales, 3,000, of|
which 2,000 were American.
Futures opened quiet. |
Opening. Frev.
Range. Close. Close.
AT e s eAR LAT e
July-Aug.. . o -7.19-7.16 17.16% 7.15%
Aug.-Sept. . . .6.94 6.92 6.90%
Sept.-Oct. . , . .6.73 6.71% 6.691%5
Oct.-Nov. . . #.68-6.68 66615 6643
Nov.-Dec. o o «.8.61 6.60 6.58 |
Dec.-Jan. . ¢+ « .6.61 6.591% 6.5
Jan.-Feb. . . . .6.61-6.59% 6.60 6.08
Feb.-Mar. . . . .6.62 §Bl 657
Mar.-April . . . .6.631 6.671, 6.601%
April-May . . . .6.63 6.63 6.61
May-June . . . .6.64 6.6352 6.61
Futures closed quiet. !
NEW ORLEANS COTTON FUTURES, ]
i . o ;8
ifi‘Ha\ : ‘*
£| 3N 6 £5
Jly 112.90]13.00/12.90/13.00{12.95-97/12.94
Au ‘12.69,12.69'12.66;1286512.72-73*12.77~§0
Sp 112.40.12A40112A40|12.40112.43—45{12,51-.)3‘
Oc [12.31/12.32!12.23]12.29(12.20-20.12.37-38
Nv i....‘1...A.v.....!.....}12.£§-31|12.36-33
De |12.38 12.33;12426}12.80\12.30-31{12.38-39
Jn [12.33(12:36/12.33/12.35(12.35-36/12.43-44
Mr !12.‘5'1145 1139]12.44'12.14445;12.52-53
My ‘1:53:}142»5)]1_2‘50512.51§12.49=51:12‘57.59
T Closed steady.
‘ PORT RECEIPTS.
The following table shows receipts at
the ports to-day compared with the
same day last year:
. 1914, 1913.
New 0r1ean5....../ 668 574
Galveston ........ 1,095 1,185
Mobile .ic.ivicins]ievaveniven 7
Savannah ........ 319 879
Charleston ....... 22 18
Norfolk ‘ 647 920
Hoston ...:.oveees 3 546
Newport New5....[...........| 661
Various crossvacacliiiaeaniiasd U
TTMORL o - s inaa] o MIDO ] 41838
| e
| INTERIOR MOVEMENT.
J 1814 .| 1918
Houston ......... 283 457
AURUStA eevnvceans 830 oescaiviine
Memphis .........] 128 23
Stylouls ...ooieiifieaacn. s 679
Cincinnati ‘ 87 842
T T0ta1'...........] 1,018 ‘| - 3,001
SPOT COTTON MARKET.
Atlanta, nominal; middling 131§,
Athens, steady; middling 13%.
Macon, steady; middling 13%.
Liverpool, easier; middling 7.33 d.
New “:’ork, quiet; middling 13.25.
New Orleans, quiet: mldd]mg 13 5-18,
Boston, quiet; mlddlinfi 13.25.
Savannah, quiet; middling 137&.
, Augusta, steady; midaling 144,
Charleston, quiet; middfing 13 1.18,
Norfolk, quiet; middling 13%.
Galveston, quiet; middling 13%.
Mobile, firm: middling 12 11-15.
Little Rock. quiet; middling 13c¢. -
Baltimore, nominal; middling 12%.
Bt. Louis, quiet; mlddllngs 13%.
Dallas, quiet; middling 13 5-16.
Memphis, quiet; middiing 13%.
Houston, quiet; middling 13 5-16.
Louisville, firm; middling 13%.
. COTTONSEED OiL.
Cottonseed oil quotations:
| Opening. | Closing.
BRBL .. o 0 000 nilsa i T IBT.OB
January.. .. . . .| 6.63@6.67.6.61@6.66
February .. .. ..| 6.63@8.686.610@6.67
July.. .. .. .. ..| 7.18@7.25(7.15@7.23
August,. .. .. ..} 7.30@7.31{7.25@7.27
September... .. ..| 7.3:@7.32/7.28@7.29
October.. .. .. .. 7.04@7.05/6.98@7.01
November .. .. ..| 6.68@6.736.65@6.69
December .. .. ..| 6.62 6.66'6.61%6.65
Crude Southeast o cecirenns .16.27¢
*Nominal.
Closed weak. Sales 4,500 barrels.
Cotton Freights in
Georgia Are Revised
WASHINGTON, July 18.—The In
terstate Commerce Commissioft 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
\pvunds. The Augusta Cotton Ex
change made the complaint, <
, Influence Comes From Rain Pros
pects in the Western Half
' of the Belt.
! NEW ORLEANS, July 18.—The cotton
‘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 ralns
might not materialize the basls for the
expectation of rains in the West over
Sunday was the fact that several sta
tions 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
in Texas and Oklahoma either Sunday
night or Monday, except from the West
ern belt, where rain is badly needed in
-most localities; crop reports are dis
tinctly favorable. Sentiment in this
market is bearishly inclined on account
of poor trade conditions and good, s6ak
ing rains in Texas would 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 c for middling.
htaib ebt B T
NEW YORK PRODUCE MARKET.
. NEW YORK, July 18.—Petroleum
steady; crude Pennsylvania, $1.70.
Turpentine firmer; 43@49%.
Rosin quiet; common 3.90@4.00.
Wool firm; domestic fleece, 27@30;
pulled, scoured basis, 38@65;, Texas,
scoured basis, 42@62.
llides steady: native steers, 18@18%;
branded steers, 16% @l7.
Coffee steady; options opened 2 points
iower; Rioc No. 7, on spot, 8%.
Rice steady; domestic, ordinary to
prime, 8% @5%.
Molasses steady; New Orleans open
kettle, 35@bho.
Sugar, raw quiet; fine granulated,
4.40; cut loaf, 5.80@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 to 14 are each 5 points lower than the
preceding grade.)
Potatoes weak; white nearby, 2.00@
2.75: sweets, Southern, 1.00@1.50.
kldney, choice, 5.46@5.50.
Beans barely steady; marrow, choice,
475@4.90; pea, choice, 3.26@3.65; red
raisins, choice to fancy, 63, @B3.
Dried fruits steady; apricots, choice to
fancy, 16%,@18%; apg)les. evaporated,
prime to fancy, 9% @l2; prunes, 30s to
peaches, choice to fancy, 64, @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 .. .. .. .. ..4%@6Y% 2% @3%
Straights .. .. .. ..23 @4% 215 ‘
Screenings.. .. .. ..13% @2% 158 1
g L 0
SNSRI 7
Nl
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for $1.50 the year, or 15 cents at your nearest news
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sl ' The Oldest Woman's Mogasine in Americe
Noted
Modistes Hi : S :
Downacs Sarharte z .
3% ter rounal. Tha -
and a quarter () wil
Barar 155 Wost 400 St hew ° x .
Y«idg’-
NI ..ot ttnssecsesssrisisesssancannsasens
M 119 West 4oth Street, NeurVork City
QT ceirrninseencccssercsisrtisessassssscitsesesensecsens -
-
All Grains Weak
‘ ' Mark
:
- In Chicago Market
|
Influenced by Cool Weather in Corn
and Wheat Areas, and Curb
ing of Rust,
By JOS. F. PRITCHARD.
CHICAGO, July 18.—Cooler weather in
the spring wheat country was the princi-
Eal bearish factor surrounding that mar
, et on the Board of Trade to-day, where
prices showed losses of Y% @%c. It was
a market that was chock full of nerv
ousness, and at no time were specuia
tors decided as to the course to pursue.
One thing was certain, and that was the
black rust reports to come from the
arrlng wheat country were less per
sistent and that some of them were
more favorable to the bears.
Cool weather over practically the en
tire corn belt with more rain in the
Southewest and extending Into Okla
homa were sufficlent to depress prices,
and clos:fg figures’ were 3 @'%c lower
than Friday's resting spots. :
Qats finished with losses of 1 @3c.
The market was neglected and was de
pressed by the weakness in other
Igmlns. There was an irregular trade
n Yrovlsions with the list closing gen
erally lower,
CHICAGO GRAIN MARKET.
Grain quotations:
Previous
High. Low. Close. Close
WHEAT-—
Ju1y..... 79% 79 9% 9%
Sept..... 179% 8% 783 79%
Dec..... 824% 8153 81% 8215
CORN—
Ju1y..... 683% 68145 6814 6815
‘Sem..... 665 6635 663 661 p
Dec..... 00l 5578 56 56%
OATS—
Jnly.. o 6% 3614 36% 363,
‘Sept..... 25 343, 343 8515
DOE. oo -S0 361% 361% 361
PORK—
gul};.... 33;? %2.75 22.75 22.80
epE.i .. B 21.15 21.25 21.27%
fiARD—~
July.... 10.22% 10.20 10.20 10.27%
Sept.... 10.37% 10.30 10.30 10.40
0ct.... 10.45 10.35 10.36 10.42%
RlBS—
‘Ju]y.... 12.20 12.20 12.20 12.25
Sept.... 12.07% 12.00 12.05 12.06
Ootis . TLRH 11.60 11.62% 11.65
CHICAGO CASH QUOTATIONS,
CHICAGO, July 18.—Wheat: No. 2
red, 801, @80%; No. 3 red, 79% @80%;
No. 2 hard winter, 80% @81; No. 3 hard
winter, 8Q; No. 1 Northern spring, 90@
91%:; No. 2 Northern spring, 88@90%;
No. 3 spring, 85@86%.
Corn: No. 2 white, 76@76%: No. 2
vellow, 71%; No. 3 white, 7514 @75%; No.
3 yellow, 71; No. 4 white, 743,
~ Oats: No. 3 white, 36@36%: No. 4
white, 35@353%; standard, 37% @37%.
CHICAGO CARLOTS.
Foliowing are receipts for Saturday
and estimated receipts for Monday.
|Saturday.| Monday.
| Friday. | Saturday
WheRE oo 740 460
Corn.. .. .. . .. 165 106
QOREE. .. aiievivas ol 170 90
BOEN e 210,000 35,000
¢ PRIMARY MOVEMENT.
WHEAT— PRt -1 118
Recelpts .. .. ....!2.459,000 ‘ 1,518,000
Shipments .. .. ..[1,155,000 590,000
CORN— [ 3RI ol IREE
Receipts .. .. ‘ 422,000 l 281,000
Shipments .. .. ..| 356,000 817,000
NAVAL STORES.
NEW YORK, July 18.—Naval stcres
turgemina, 48% @49; at Savannah, 45%
@46; rosin, common to good strained,
4,00; tar oil, barrels, 6.00@6.50.
t
. .
Government Report Points With
' '
Concern to Monopoly in Timber
g 0
‘Land Holdings.
WASHINGTON, July 18.—~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 Come
misstoner 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 time«
ber diminishes.
“The main fact shown is that 1,694
timber owners hold in fee over one«
twentieth 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 the
area. .
Grants Attacked.
‘“Most of the land grants wers
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 ot
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 compieted 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
Februdt¥ise v o ol Syoenaieoo | 8.93@ 8.94
March. . . . « ,|. 8.99@ 9.00| 8.98@ 8.99
Aprileyie oy il i e 08l 908
May. o .. . .. 9.01@ 9.06 9.05@ 9.06
JUDe. - s s RvR D& 900
Nily . LNt L RN &4E
August 2w Bl o e ek 3SR 849
September. ~ . . 8.51@ 8.59 8:55@ 8.56
October. . . . .| 855 . | 8.64@ 8.65
November. . . .| 8.76@ 8.78| 8.74% 8.75
December. . . . 8.85 | 8.84 8.85
T Closed quiet. Sales, 11,000 bags.