Newspaper Page Text
12
THE SUNDAY AMERICAN'S FINANCIAL AND COMMERCIAL PAGE
Plan 1s to Build Up in New York City Great
Banking Organizations Capable of Handling
“‘u*l‘,‘;!luh\ ol Ihe First \l;t‘_flélUUi",
By 8. C FORBES
1 can annsunce that during 1914
& new banking policy of international
importance will be adopted here
The most powerful financial insti.
futions In this country are to bring
here the ablest hankers money ©ah
engage 10 Europe
Negotiations have alreaay been
epened with the most desirable inter
pational banking experts in London
The plan is to build uwp In Newa
York banking organizations capable
of intiating and handling, with un
surpassed skill, financial operations
of the fArst magnitude in any part of
the world,
America now has the capital, the
credit and a nucleus of the banking
machinery for reaching out to be
come the world's ilnternational
banker,
We are capable of producing more
goods with which to supply the
world's markets than can any other
pation on earth. The income of the
American people from agriculture,
mining, manufactures, transportation,
fsheries and other productive occu-
Ppations s compuled at $30,000,000,000
annually.
Our population is greater than that
of any European competitor, and
since we have not lost our best brains
and brawn by war, our ability to both
s¢l! and buy should be supeiior.
Will Not Be Boycotted.
Our nationsl wealth ($185,000.000 .
600) is almost equal to that of Great
Britain, Prance and Germany com
bined.
We have made a beginning in
bringing into belng American ships to
carry American merchandise to and
from foreign markets.
We will not be boycotted by any
race afler the war as certailn power
ful oversea nations probably will
All will be anxious to trade with ur
What, th:}tma, do we lack to
equip us 0 the twentieth century
fight for supremacy in international
finance. international commerce and
international exploitation of rail
yoads public utilities, industries,
mives and other enterprises? |
We lack experience,
We lack trained men,
We lack “international” brains.
Yery well, we are going to pel
-
erever there is a man of tran
scendent abllity, be he in London,
Paris, Berlin, Petrograd, Peking. Rio
or Buenos Alres, sfforts will be made
in due course to enlist him in Ameri-’
ca’s army of commercial world-con
quest.
Announcement of the fArst ap
poimiment of this kind, in London, by
A great American mm?“ institu
tion, should shortly be ma
&flu the last five years New
Y banks and trust companies have
attracted to their forces business
men of mark from all parts of the
‘vountry, So far the movement has
been only national,
Now it is to .be international, for
internationalism is the new keynote
of American enterprise.
The news here presented is, there
fore, of infinite significance. |
International Balance Sheet.
‘We have strengthened our interna
tional financial position tremendously
since the war began,
Mere is a rough outline of our in
ternational balance sheet for 1916:
5 '.\“Our International Income.
Ba of exports over
" imports .............:$1,700,000,000
Gold imports ........... 450,000,000
Interest on loans to for
olgners .............. 50,000,000
' ! $2,200,000,000
~ Our International Payments.
Ag:flc‘n securities re-“-”omm
‘loans and credits to
Dividends and interest
~on American securities
~ still held abroad, pay
ments to foreign ship
_ ping companies, remit
_tances, etc, perhaps... 400,000,000
5 i ~ $2,600,000,000
Leawing unexpended cash !
and cr#it Dbalances
here of ............... 400,000,000
Europe still owns Amer
ican securities to the
amount of, say, ....... 2,250,000,000
Our export balance is running at
the rate of about $150,000,000 monthly,
and, despite ¢fforts by the Allies to
reduce it, the figure for the current
year can not fail to be very large.
Meanwhile our dividend and inter
est payments to Europe are being cut
down and foreign interest payments
1o us are increasiug.
Befare 1916 ends our international
interest (and dividends) account
should about balance.
Banking Resources Increased.
Our domestic financial position has
also experienced remarkable lim
provement.
The resources of our national banks
_alone have increased $1,000,000,000
since the war began. By comparing
the Comptroller's statement imme-I
diately preceding the war (June 30,
1914) with his latest return (Septem
ber 2, 1915), a gain of $785,000,000 in |
. resources is revealed and the in
. erease during the last 'fuur months
~ has unquestionably brought the grand
total to the billion mark.
s The country’s trust companies in
_the first year of the war added more
E:«aln $400,000,000 to their resources,
~ bringing the recorded total to well
_above $6,000,000,000.
Total deposits of American banking
Z_;;*mutlonu—--nluonfl. savings and
-Su banks and trust companies—
-5@ estimated by Comptroller Wil
_ liams at fully $28,000,000,000, an in
_ erease of $14,500.000,000 since 1900,
~ Gold imports last year reached al
most $450,000,000, a movement never
?:i unl::g by any country.
T in large measure to the low
_er reserve requirements under the
Pederal reserve law, the member
,}hnk.l have surplus reserves which
gflmld permit of additional expansion
of loans by at least $3,000,000.000, a
s fact of the most momentous consider -
ation in anatyxing our general finas
cla and commercial outiook
American investments henceforth
will oceupy an enviable position of in
ternational pre-eminence |
European institutions will buy back
lwn large quantities of them, to be
held as & “secondary reserve’ as re- |
sources little less liguid than gold
and profitable instead of expensive 1o
CRrm
Wealthy European families also will
realize the value of huvlng part of
their fortunes invested in the United
Hiates, with its freedom from the con .
stant political bickerings of the w 4
| World and where revolutions are not
among the reckonable possibilities
| 1 may say that a generation ago
more than one very rich European
family, foreseeing the danger of & Ku
ropean cataciysm, wisely invested mil- |
Jlons here, & vourse that has proved
almost supernaturally prudent. 1
We can safely count, I think, upon
A very important oversea demand hv!
ihe best grade of American invest.
‘ments once the “forced selling,” under
the aegis of the Allies, has effectud
its purpose
. This will be beneficial. because il
‘will absorb American securities and
enable our financial leaders to divert
a corresponding amount of home sav
ings Into new channels—into the de
velopment of South America, Russia,
China and other countries with which
our commerce can be enormously ind
profitably increased,
No amount of foreign absorption of
our securities, however, can render
unnecessary consistent saving by our
own people,
It is basically tr that upon the
readiness of the A:fl:-nn people o
spend less than they earn rests our
future as a world power,
If we consume all we produce, if we
create no surpius capital avallable tor
investment, we can never hope to be
come the greatest financial center in
the world. the greatest power in bani
ing. or, indeed, to look far ahead, the
greatest naval and military power, for
the abliity to maintain armaments ia
dependent upon & people’s ability to
provide funds therefor
It is vitally important, of course, to
have the right brains in the nation, to
have energy, entefprise, ingenuity,
Inventiveness, daring, stamina and
ambition.
But capital is the tool which all
these require for the accomplishment
of their ends.
Capital is a prerequisite for every
form of business activity,
And In the end It is the nation
which can create the most capital
which, other things being equal, will
endure.
The European struggle Is now en
tering a -uttdcmomlnuvc of ‘Lls
fundamental fact.
One of the highest forms of patri
otism open to Americans at this stage
of our evolution is, therefore, rational
economy,
Kvery dollar saved and Invested
adds one stone to our glorious edifice
in-the-making, the ['nited States,
Speedy Ending of War Good.
The best fiilng. not the worst thing,
that could happen for the Unlited
States would be the speedy ending cf
the European war.
Were the struggle to drag into 1917,
with its additional expenditures of
$35.000,000,000 or $40,000,000,000, it
would leave the whole world in a piti
able state,
We in the United States would have
an artificial, exotic, dangerous species
of “prosperity” for the time being.
~ But it would prostrate half of the
human race, it would ruin the great
bom' of our customers, it would ren
der them unable to buy from us and
plunge us In time into depression, for
commerce is an exchanv of wealth,
and if one side has nothing to give,
:ho other can not afford to go on giv
ng.
1 know no great finavcler, however,
who expects the war to outlast 1816,
‘Not one believes the belligerents can
go through another winter of warfare,
~ The strain is already becoming un
‘bearable. Ro:ortn of uprisings and
riots among the peopel are becoming
‘more frequent.
I German exchange has lately fallen
more than 22 per cent, reflecting
gomething of the conditions there.
Austrian exchange is down nearly 40
per cent,
Bnglish exchange has recovered to
within 2 per cent of normal, but the
masses In Britain are beginning to
revolt against the compulsory mili
tary service which some of the Gov
ernment leaders deem essential to
success, Political strife is also be
coming x’ute.
Everything, therefore, suggests
that long before 1916 has run its
course the belligerents will be in a
mood to entertain peace proposals.
~ What Will 1916 Bring?
Industry, in my opinion, has gained
sufficient momentum in the United
States to carry us through 19216 irre
spective of the course of evénts
abroad.
But we have one or lwo\aerioun
jssues to adjust at home, The up
shot of these may cause temporary
unsettlement.
The chief problem confronting the
country is labor's attitude.
The anthracite coal miners and or
ganized railway workers (hroughout
the country are preparing demands to
be presented when existing agree
ments expire next April.
It is not at all certain that grave
Itrouble will be averted, particularly
in the coal reglon.
A second danger, arising from our
superabvadance o# money and cred
it, is ‘aflation and, as a corollary,
overexpansion and overproduction.
That we wiil end up in overproduc
tion in numbers of non-basic indus
tries, and even in some basic indus
tries, I have not the slightest doubt.
It is inevitable,
But limiting our survey to 1916, the
prospects favor:
Extremely active trade.
Full employment of labor at ad
vancing wages as long as the war
lasts.
A continuance of the advance in
good secugities not already extrava
gantly overboomed.
Ml’ronounced nation-wide prosper-
HEARST'S SUNDAY AMERICAN. ATLANTA, OA. SUNDAY, JANUARY 16, IS,
NDAY AMERICAN. ATLANTA, GA. SUNDAY JAN AN
How U.B. Can Kee
Increased Trade
By WILLIAM A GASTON,
President Shawmut Bank, Boston,
UR pressnt commerce is net
O the resuit of our own of.
forts, but of unusual and
temporary circumstances. Main.
tenance of our present position de
pends upon our ability te hold and
extend this trade. Of vital imper
tance are’
First—The creation of industrial
and banking machinery to give our
merchants the same advantages
our competitors enjoy.
Second-—A realization that the
extension of capital and trade go
hand in hand,
There never was a time when
genuine co-operatjon between gov
ernment and business was more
essential. New legisiation should
be on bread, censtructive lines,
with the sole viewpointef further.
ing American trade.
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By JOSEPH F. PRITCHARD
CHICAGO, Jan. 15 The wieal spec- |
ulator of Great Britain used new ilactios
n the market here to-day Hear news
of all discriptions of many colors was
received before the opening and it
caused an army of seliers to throw their
wheat overboard with the price declin
ing rapidl) An early break In the May
future sent the price down to 1236' and
July 1o LI%Y These prices were to
the lking of the Chicago speculator
and they also seemed to suit the Eng
lish speculator, and the May advanced
from 1 '.‘s‘g o 1L.27T%91L3TN and the Juiy
from 1.19%9% to 1.21% These advances
were fairly well held and the nearby
months closed unchanged for the day
and the deferred was up 4o
The bear news from sbroad was led
by decilnes in the r+vu' market at Liv
erpool of ‘¥ id his weakness was
a reflection of the reported arrange
ments for more boats to be sent to
Australia and Argenting to carry wheal
to Great Britain and lmporting coun
tries. The same cable sald thal Grea
Britain proposes to take the freight
rate situation in hand and make con
ditions easier for both exporters and |
Illl‘rnrlm'
‘here. were declines in cogn of '@ %e,
and this, too, In the face of & promise
for unsettied weather sSome of the
larger longs In the market sold freely
causing an early decline, but the ad
vance in the wheat helped corn no it
tie Shorts led in the buying In order
to even up over the week-end. Cash
sales were 75,000 bushels
Omts showed but '"**le change for the'
day and the volume of business was
some better., The Cl’ml‘l demand has
improved with sales of 1,000,000 bushels
late vesterday and to-day at the sea
board for shipment abroad The salas
here to-day were 270,000 bushels, with
100,000 bushels for export
""T products closed strong and frac
tionally higher
urain quotations: |
™ ious
High. low Close. Close.
WHEAT |
May..... L3T% 1.36% 1.27 T% 1.27%
S ... LT 1O 1M 1.20% |
OATS -~ I
May. 8 8% R 0
July » 9% 8% ] W
CORN— I
May..... 0% 0y 50'% 0l
July .. 48, aßy 484 |
PORK I
Jan..... 19.27% 18,92% 19.37%5 19.00 |
May. 19.87% 18.47% J19.87'% 19024
wARD- {
Jan. .. . . 10.55 10.471%
May.... 10.83% 1050 10.85 10.774% |
July. 10.97% 10.82'%% 10.% 10,90 |
RIBS -
IR, 10.55 10.40 |
May.... 10.9% 10.75 10.95 10.80 |
- e e et |
CHICAGO CASH QUOTATIONS. I
CHICAGO, Jan. 15.—Wheat—No. 3 red
1.26@1.235%; No. 2 hard winter, 1,24'90]
1.25%: No. 8 hard winter, . 1.10@1.11%;
No, Northern spring, l.‘.’fi\?@l.i’?; No. |
2 Rorthern spring, 1.24@1.25. ‘
Corn—No. 3 white, 74'¢: No. 4 mlxrd,]
72@73; No. 4 vellow, T21.@73%.
Oats—No. 3 white, 468 @47%: No. 4
white, 45l @46; standard, 49@49%.
__PRIMARY MOVEMENT. ~.1
Receipts— |Sat'day. Last vr.
Receipts ..............; 973,0001,454,000
COrn_..o.oooionainiinas $00,000'1.083,000
Shipments L 1 ¥ -
WHROAL ....vcconsensvss]| SBLO00) . 740,000
Corn ......... _l ¢3s,oool_§)2.oo')
CHICAGO CAR LOTS.
. CHICAGO, Jan, 15.~Following are re
ceipts for Saturday and estimated re
celpts for Monday: g I IES
POPRIAE ysiicsonites et 7 | 24
EIPR: «colarsannerarsd 266 | 1156
BRI ¢ isissnts vaonnns 190 | 166
R e ikl R
NEW YORIK COFFEE MARKET. I
__Coffee quotations: g
| Opening. \thml_l
JRUUALY , + & ] svasnvees | SETEEEN.
February .. . « o) ssessenres IG,RGQI‘!L:'I
March . . 0.0 » I 7.00 | 1.03@7.06
AP ¢v oo os Y aeauaiss | T.07@7.09
MARY . . « o s +f 1.1007.20 | 7.10@7.12
JUBS iy vy v 5100 | 1.15@7.17
July . . . . o 7.2007.24 | T.20@7.29
AUGUAt . 4 o ol sevasensas | T SOQT.ST
Sepiember . . . T.30@7.38 | 130%7.3'.‘
October ~ . . .| 7.35@7.40 | 7.36@7.37
November . . .| .....j... | 1.40@7.42
Decemmber . . . TA8@7.50 | 7.45;;7.18
Closed steady,; sales 9,000 bags -
NEW YORK SUGAR MARKET.
Sugar_futures quotations:
| Opening. | Closing
January . . . .| 3.08 | 3.64@3.70
February . . . . 3.40@3.45 | 3.46@3.47
March \ v« ol 3.40@3.49 | 3.48@3.50
A. N ¢ il RS | 8.54@3.566
May . . .o o . 3.55@3.57 | 3.60@3.63
IR e | 3.65@3.67
JUIY . . .« o o] 3650863 | 3.71@3.73
Auguast .. . SRR | 3.79@3.81
September . . . 3.73@3.74 3.82@3.84
QOtoBAE ' .+ o] sveimaves | SEEQASE
November . . .| «..f%.... | 3.86@5.88
December . . o osaiaha o | 8.88@8.90
Closed steady: sales 3,460 barrels.
ST. LOUIS CASH GRAIN.
ST. LOUIS, Jan, 15.—Cash Wheat—
No. 2 red, 1.31@1.233: No. J red, 1.24@
1.28%: No. 8 hard, 1.17T3%@1.19.
75(‘,orn—No. 2, 73%: No. 2 white, %@
3&!5—-No. 3 white, 64%; No. 2, 46@
0%,
‘- KANSAS CITY CASH GRAIN.
KANSAS CITY. Jan. 15.—Cash Wheat
—No, 2 hard, 1.16@1.18; No. 2 red, 1.20
@1.25.
Corn-—No. 2, 69%; No. 2 yellow, 71; No.
2 white, 70.
i OQats-No. 2, 401.@41%. No. 2 while,
40y @abls; No, 3 while, 44la@dola.
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‘Mexican Crisis Wanes—Agitation
|
I for Nomination of Business
Man for President Approved. I
| By BROADAN WALL |
NEW YORK. Jan 15 - The stock mar
ket was irregular to-day Iwalings were
the heaviest in the industrial group,
which in several instances touched uw'i
high prices early in the session A
substantial part of the Eains, however,
were lost In the late dealings, owing)
to the appearance of realising sales. The
profit-tak.ngs was grealest in those is |
sues which have been mast wnmm-fil}
recently interest in the Mexican situs
tion seemed to have waned, but mmnl
stress was aid on the agitation for the
somination of a business man for t'r--h‘
dent A% was to be expecied the lat
ter .u.,onmn was received with mueh
approval in the street
A strong tone prevalled at the ..gwmn.l
with the specialties at the front, Short
iy after the beginning of trading, Vrreg- |
m‘é"’ developed, byt It gave way 10
A esnive buying that swept several
sues to new high marks. The most |
notable among these were Inetrnational
Nickel and Western Union. War stocks
continued to recover their losses made
early in the week. Crucible scld up to
10%, or nearly 18 points above the low
established on the last break Rati
roads falled to show any animation and
moved within a narrow range
Is the present recovery in the war
stocks the forerunner of another but
milder wave of speculation In that
group? This is the question that has
been frequently asked ever since these
shares began recovering from their sharp
break early last week. Much of the re
bound has been attributed to short cov
ering, but knowing judges of the markel
were inclined to belleve that it was
something more than short covering that
caused the recovery of about 18 points
in Crucible from the low of 52%.
Strength of General Electric with a
rise of more than 3 points, was well re
eelved. This stock is regarded to some
extent as a war issue, bur with more
intrinsic merit than any of the other
stocks composing that grodp, iis busi
ness being based on the improved do
mestic business resulting from the war
orders
Some disappointment Was expressed
over the way the move in Corn Products
common seemed o peter out to-day The
quotation eased off more than a point
The preferred lost nearly 3 points,
International Mercantile Marine 4';s
dominated the bond marke and crossed
101, which is a new high mark.
The foliowing shows the ':‘la'ul‘l. low
est ang closing bide, with ehlnco.
on the New York Stock Exchange Sat-
B e ————
i iClon.| Net
ETOCKS— liian'Low. Bid. Ch'ge
Allis-Chalmers " My My s
do, prel 8N Soy T .
Am, Agricultural . .
Am. Beet Bugar R, 68 67 ‘s
American Can ... Sd4ig 62%' 62% ‘e
Am. Car Fdy. . 715} 704 o%+ 1
Am. Coul Prod 168+ b 4
Am. Cotton Ofl b 6 bble G 54 + 1%
Am. Locomotive .| 6Th 664 684 '— '
Am. Smelting .... 107151106% 106% ~ i's
Am. Eteel Fdy 108 (58 I+ N
Am. Sug. Ref. ...116 (118 ‘ll4 s
B TAR . casrss l;’h 1378121 + B
Anaconda Copper | 837 8640 894 — Iy
AtChISON ........ 107 [106%/108% . g
Baldwin Locomo. 114 [lll% lll» 1
B. and O vl BB M MBI W
Beth. Steel ......'479 436 470 +2O
BT T, Lavissenn b i - ‘s
Cal. Pet nsees] BON! 34%] 34981 3
Can. Pacific ..... 179% 179% 179%] ...
S 00l 0. livooase] vusilisias] PO »
. and N cost baialSinsiPUEE osery
Colo. F. and L..| 49% & 48 - A
C.. M. and St. P.. 101 1007 100% —
Chino Copper ....| 58 | 54l 4% +
Consol. Gas ...... 148 [143 (148 14+ %
Corn Products ...| 54%! 2241 23% -1%
Crucible Steel ... 08 67% 68 —
Distil. Securities .| 47% 46 46% .....
DOBB .. aiacveeses] 4081 OB] ORI~ ¥
do, Ist pref. . 7% 57§1 87 | .....
Gen. Electric .... 175%172% /1743 4 %
General MoOtor ...| .:asl os-2]488 b= b
Goodrich Co. .... Ta3%| 724/ 72%-— %
G. North,, r(d...‘\l20"~"l“". 124% 4+ 1%
G Northern Ore .| 493 48% 418% — 2.
1. Central ....‘..'107"107%)% 1+ .
Insp. Copper .... 47%| 474| 47%| .....
B+ . i i vt el IR B
B Bl ieosl “soal arial TV «conn
Int. Harvester .. .... vee 11088 ...
Central Leather .| 53% | 53% 531 a - 1
K. C. Southern...| 81 |3l 3(}\,4.1
M, K. and T.....| 6%| 6% 6% — 4
80. DEOL. - voi o] 2354} 25a] 188814 08
Lack. Steel .....| 84 | 82% 828, |— 2%
Lehigh Valley ... 81 | 80%) 80% 4+ ‘a
Miami Copper ...| 38% 38% 3844+ s
BR I, looe ras] Vaee] SoiniiOE ] seore
Max. Mo, Co. 1 pf| ....| ....| 89 | ---::
Mo. Pacific .....| 8%/ Gy 8% - e
Mex. Pet. .A.....‘HG!‘flHwylH"«.&- i
N. Y. Central.... 11081095110 |— %
N.Y.N.H. &H. 76%| us\g‘ 5% — lz
National Lead ..| To%| 691 y 693 —
N. and W. ....... 120341120 }1” iy
No. Pacific .‘....lllfi\e‘lm 116%— '
Ny, O and W..{ 29 |29 |2O | .....
Pennsyivania ....| 58%| 683/ 58%|— %
People's Gas .v..znov.lno%lno%
P. Stee! Car 161 6115 61141+ 4
Ray Consol. .....| 25 | 24%) 24% 4 24
Reading .........| 33%| 82 817% — %%
R, 1. and Stele...] 53 | 521 Blig}— 1
B nrat il il LGN 14 %
Rock Island .....| 18% Il| ITI 1%
S.-Sheffield ......! 61": 1% 6L |— %
So, Pacific i 102% (10214 (102% |+ 3
So. Rallway .....| 231|238 |23 ]—- i
do. pref.u...!64%'64§i 64
Studebaker Co. . 1533%[167 |167 f=—l
Tenn. Copper .... 601! 59%/ Mm|— Y%
Texas CO. ....... 2331%(222%|232% |+ 1
Third Avenue o, 534) 2 I‘g;g;— %
Unio acific ....!/138% i
U 8 \Rubber ....| 66 | 65%| HTA I
U S. Steel .....| 86%/ 86 |B6 i 0
B 0 Bl b i TR %
Utah Copper .....) 79& 791,,J Wk
V.-C. Chemical .. 48 48 % — ¥
Western Union .| 92 | 80 | 81% |+ 1%
W. Flectric .....| 677%| 67| 87%|— 3%
W.-Overland . ....|226 2314|225 |+ 4%
| Totalia\es of stocks Saturday, 42..-
400 sharés: bonds, $4,208,000.
Total sales of stocks for the week,
4,024,600 shares; bonds, $83,017,000.
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| N.Y.Curb Stocks |
WWW
Curb stock quotations:
STOCKS— Opening, Close.
Tob. Prodl. pfd. 3t 338 31 32
Anglo-Am. Oil 16% 17% 163 17%
Brit.-Am. Tob. 15 )16 14%.@ 15%
Un. Tank Line. 84 % 85 87
Int. Merc, Mar. 30%4@ 21 2035 20#;
do, pref. ... 9% @BO 9@ B§o4y
Savoy Ol .... 9 @ 10 9 10
Kath. Brz., pf. 21 @ 24 22 24
Hegeman ..... 5S%@ 5% Bu@ 5%
Nipissing ..... 7hg T 3 TwW@ T 3
Marconi® .l An@ 4% k@ 44
World Film ... 2@ 2% 1% 2:;2
Jumbo Exten.. 1% 13 1% 1
Manhat. Tran.. 2 214 2 ) 2%
8t OB .N. Y.,.218 220 215 218
Bt. Off, N. J.,.816 520 516 520
Bt. Oil, Cal. ..374 379 373 377
Bt. Ofl, Ind. ...528 532 520 530
PERIIIE & i iotss e 408 432
Ohio Oil .......197 @2OO 19 @2OO
U"L"fl Profit- @ 1% %
sharing, new. 1 I%@ 13
Midvale ........ 73%g 3% TR @2%
Submarine Boat 40 @ 401 9% @ 40
Lake Boat .... 10 @ll We@ 12
Kepnicott ..... MW@ 55 %@ 85'%
\firh\)fl sersssessweeson 2 @ ia
|
Liverpool Scores Healthy Ad
vance, While New York Mar
ket Takes on Dip.
NEW YORK, Jar 13 Fadeowing
firmaness in the early dealings ootian
I' irned easy late to-day on Feallsing cn».l
the ciose barely steady at a netl de- |
1.. n.: of 1 polnts to an advance of 3
points, Trade was small I
Spot here was quiet and unchaneed
at 1250 there wers no sales I
Spot At Liverpool was quiet at & de |
eline of & points on the basis of §.l3d
for middiing upland Futures In the
Ilnu!l-‘- market fAnished firm at & net
advance of € to My points
| The Chronicle estimated the visthis
-m‘m at 6081 084 Lales against 6315,
e los last year
Ahe American supply is 176,078 bales ‘
agninst 5084276 last year Port re
ceipta for the day were estimated at
25600 bales, against 32,588 last year. |
New vorx Cotton Futures. I
——————
I'l - » I
o iElsiul
T 1250153015801 13 n::I
Fb ~ 12.38 123
Mr (1258 12591247 12.47 12474813 u«'.«l
Ap 12.57 13.57 |
My 128012812 65 1268 126570125374
Je 12.78 13.7% |
Jiy 129212921281 12821281-8212 85-88
AR 12.93-75.12.77-00
Sp 127512751273 12 13 12.65-70 1264748
N 1276 12.7713.7112.71 13.71-72 12.68-80
Jn 1287128912 §713.87 12.81-82 12.80-81
I Closed barely steady. 7’ I
|
New Orleans Cotton Futures,
———————————————
4 . I
g & -
HEEERRES
= e = -3 -3 D &l
In 12.1312.17)12.1212.1712.11-13 12.08-0%
' Fb . 13.21-23/13.18-20
dr 12.3012.4012.34 12.34 12.33-34 12.34-35
Ap 1250 12.50125012.50,12. 43-45 12 44-43
My 12671388 126112621261-6212 62-62
- fr e enadssonsiessssilß6s-67112.63-68
[ Jly [13.8512.85 12.79 12.79/13.78-7912 980
Ag (128212821282 128212.77 12.74
Sp (12.5412.54/12.54 12.54 12.47-49/12.55
Oc 112,63 12.67/12.61/13.61.12.61-82 12.58-5¢
Mr 12.06.68 12.82-64
l_:c 1274 12,78 12.7412.76112.72 12.67-65
. Closed barely steady. |
~ LIVERPOOL COTTON.
. Futures opened steady
I Prev
Opening. Close. Close,
Jan .88 T 8 M
jan.-Feb 88 -1 1.92% "M
Feb -Mch T BTy T. 80% 783
Mck.-Apr 785 -1.88% 188 1.9
Apr.-May .8 T. 84 TRy
Muy-June 1.18%45-1.7¢ .50 .73
June-July 5.93 7.5 .68
July-Aug ) 0% TB4,
AUR -Sept .58 -7.64 .58 T. 49%
Sept. -O¢t .35 73608 7.30%%
Oct.-Nov .38 -7.30% 1.8 7.23%
Nov. -Dec 7.23 7.23 .17
Dec -Jan .17 1T Ty
| Closed firn
PORT RECEIPTS.
| The following table shows receipts at
| the ports to-day compared with the
same day last year:
o e W - 1815
| New Orleans. . . 6,512 10,875
Galveston. . . . .! 4,225 26,772
Mobile. . shie ] 259 2.066
'Rl\'nnnnh >5 % 3.485 11,083
. Charleston. . ~ . . 581 1,382
| Wilmington . . . .! 879 1.404
Nerfolk. -«¢«o «o] 1,958 *3,987
| Now York. « « « .} 923 175
. Boston. . . v&l 1,919 | 839
Pacific Coast . . .}, T L s
'\'nrimxl. RIS 4,688 4616
| A S 26,530 81,292
] ———————————————— . ———
' INTERIOR MOVEMENT,
i | 1916, 1915.
| HOuSton: « « « « -} 6023 | 24572
| Augusta. ..o o - 697 | 1,699
| Memphis. ..o ..} 2,761 | 2,320
L. 2OuI. .000 ol 1,708 | 4.469
| Cincinnati. ... .} 1,100 | 2,084
ILm!e ROOK . oo hiioniia, 1,393
‘ Total. ..s.- .1 15387 | 38,887
SPOT COTTON.
ATLANTA, QUIET; MIDDLING 1204
New Orleans, steady; mlddlinr 12.19.
New York, quiet; middling 2.?).
Liverpool, easier: middling 8.12 d.
Boston, quiet; middling 12.60.
Philadelphia, quiet; middling 12.80.
Savannah, quiet; middiing 12.25.
Charleston, quiet; middling 12¢,
Little Roclk steady; middling 12.33.
Augusu. steady: midd"nf 12.086.
Mobile, quiet: middllng‘l 1.88.
| Wilmington, quiet; mi lln; 12¢. .
Norfolk, steady; middling 12.13.
Baltimore, steady; midaling 12Ze.
Houston, quiet; middling 12.50. |
St. Louis, steady: middling 12.28.
Galveston, quiet; middling 12.45.
Dallas, quiet; middling 12c.
Montgomery, quiet; mSSdlln‘ 11.81,
Memphis, steady; middling 12.38.
KANSAS CITY LIVE STOCK.
KANSAS CITY, Jan. 15.—Cattle—Re
ceipts 400. No market.
Ho*l-Rocelptl 4,000, Market 15c low
er. Top, 8.10; bulk, 6.80@7.00; heavies,
6.9087.10: mediume, 6.80@7.05; lights,
6.60@7.00.
Sheep—Receipts 1,000. No trade.
A New Service
To This Community
W,I'I'II the purpose of affording an op
portunity for investing your sur
plus funds in high-class Municipal. In
dustrial and Railroad securities, our
Stoek and ‘Bond Department has effected
an arrangement with the Guarantee Trust
Company, of New York (total resources,
over $3500,000,000), whereby we are en
abled to offer you the benefit of the com
prehensive investment service maintain
ed by that institution. s
We cordially invite inquiries
concerning investment securi
_ ties, and shall be pleased to ex-.
ecute your orders.
TRUST COMPANY OF GEORGIA
ATLANTA, GA.
Fairfax Harrison on
» » '
Dixie's Wheat Boom
EFERRING to the repert of Ihe
R United States Department of
Agriculture on the acreage
sown 1o winter wheat this fall, Fair.
fax Marrison, president of the Seuth.
ern Raltway Company, sald;
“This report is Interssting chiefly
.Nuuu it shows & continuing ten
dency te diversified agriculture I 8
the South,
“As compared with last year, the
States of Vieginia. Nerth Careling,
Georgla, Kentuoky, Tennessee, Ala:
bama and Mississippl all show in
creased areas sown in wheat. In
South Carclina the area s the same
o last year.
“These States as 2 whole show an
Agoregate ingrease of 1000 acres,
or 292 per cent, while the States
outaide the South show & net de.
crease of 4,907,000 acres, or 1319 per
cent.
“While the acreage sown is @
slender bDasis on which to base an
estimate of the final yleld, so far
a 8 1t goes It is faverable to the South
as ilndicating a larger yleld In our
section at a time when a smalier
yleld in the United States as & whole
will gend to advance the price.” |
MEMPHIS, Jan 15.—Deadlo ked
continues the condition of the cottun
market, with the South holding the
whip hand in its possession of :ihe
most avallable supply of raw mate
rial in the world, and no particular
reason for being anxious to wsell at
prices not to their liking. There has
been small activity in the speculative
department during the week, and the
axiom that it is not safe to sell a dull
market appears to have appealed to
the judgment of most traders. News
developments were nelther striking in
their character nor did they prove of
importance as immediate value intiu
ences,
There was some interest in the ru
mors of the British Government in
tervening in the shipping situation
looking to reduced freight rates, out
they proved without foundation as to
any actual steps having been taken
The basis for the circulation of ine
reports was probably the movement
among receivers of cotton in Great
Britain to have some Government re
lief if possible That such shouid
have been asked was interpreted o
mean added appreciation of the
growing seriousness of the raw ma'‘e
rial situation in that country, and It
helped to stiffen the confidence among
holders in the belt Ihr they would
find plenty of demand for their hold
ings within the next few months,
The export movement has picked
up a little, but buyers for that di
rection have been operating meoder
ately, the main trouble being scarcity
of boats rather than the loftiness of
rates. In the meantime consumption
abroad goes ahead at a rate that
means early exhaustion If there is not
larger fnovement from this side. The
opinion is widespread that the time
will soon come when some steps will
be taken to increare movement
abroad, and that it will mean larger
demand at the supply centers.
Spots have displayed steadiness
throughout the period and domestic
consumers have been the chief bhuy
ers. Their business is constantly im
proving, and the basis of profit is re
ported more satisfactory than in
vears. The potential value of their
prolonged policy of buying from hand
to mouth is being felt by the South,
COTTON SEED OIL.
Cotton seed oil quotations: ol Ee
| Opening. | Closing
o T arsnaiiat LD
SPOt ey * 1 ol Bei@ned | 9.00@9.25
February . o . . 8.90@8.92 | 0. 04@9.15
March . « « « « o 9.02@9.04 | 9.04@9.05
T R AR L 9.01@9.05 ’ 0.044@9.10
BRE &' v ] 9.0T@9.09 | 9.09@9.10
JUNG - & o o o o 900@9.15 | 9.12@9.13
Tuly. o eoo 3.18099.17 | 9.1909.20
August . S.l 917@9.19 | 9.22@9.23 |
“Closed steady; sales 10,000 barrel.s
NEW YORK BANK STATEMENT.
NEW YORK, Jan. 15.—The weekly
statement of the New York Associated
Banks shows the followjing changes:
Average atsa:gg\oe&)!.
ase, 867,000,
T[;::::fisngzgosi!s. increase, $24,725,000.
Time deposits, increase, $316,000.
Reserve, increase, $19,887,5660.
Actual Statement.
Loang, increase, $1,689,000.
Net demand deposits, increase, $28,-
flgfim deposits, decrease, $2,134,000.
Reserve, increase, $18,696,110.
e i sl
NEW YORK SUGAR.
NEW YORK, Jan. 15.-—Raw sugar was
quiet to-day at unchanged prices. Re
fined sugar was unchanged at 5.75.
.
—————————
. . Y s ‘e . . e : :
Louisville and Nashville’s Gross in Last Six
: ~¢ e & 3
Months Regains 47% of Loss in 1914—South~
. ¢ . .5 b -
ern and Coast Line Are Gaining Fast.
s
Gross sarnings of the Southern roads have been making big strides
loward recovery of the ground los! A year agoe There (s still considerab o
ground te be passed over to put the current fiscal year on a par with ihe
1914 fisca!l yvear. but the record of the last four months is such that the
outlonk is very promis'ng
For instance. monthly gross only began to show gaina in September,
yet in spite of the handicap of starting the year with two months against
them such recoveries of ground lost & year ago have been made at 47
per cent for six months in the case of Loulaville and Nashville and al~
most 35 per cent in the case of Southern Rallway
Monthly gross of Loulsville and Nashville, Atlantic Coast Line and
Southern Railway. beginning with last July, the Increase over the same
months of the preceding year compared with the decrease shown for the
same months in 1914 and the ratio of the recovery to the loss follow:
LOUISVILLE AND NASHVILLE.
1915 194 Per Cent
Gross Increase Decrease. Recovery,
& months ~ ces 3290164615 $2.320.337 34,590,044 174
ecember 5054110 $17.188 1,024,348 95
November . 5.110.348 1.060.20] 12586983 £
Octaber 5023510 477180 1.211.18%6 152
Seplember 4 882.428 260,409 19279 "w:
August : 828301 “T 6 844 406 850 e
July ... A 8 82 *317.800 141,298 -
ATLANTIC COAST LINE.
1915 4 Per Cent
Gross Increase Decrease. Recovery.
5 months vessss 312015534 Ssl 888 $1.880.712 “3
November .0 2 BBR R 45 347,350 764,715 4
(wtober 2,072,335 115,648 €321 187
Nentember : *.359.79 173,238 4565 R 4% it
Avgust : 2.017.173 *196.582 117,950 ’
Juls ] 2177587 *360.752 50,958 #
SOUTHERN RAILWAY,
1915 1814 Per Cent
Gross Increase Decrease. Recovery.
£ morths $34.234 5050 $1 480284 $4.218.4684 LS
December .. 6.05%7.0%8 172,788 1.3i8. %44 LS
November - 6000 147 82624 1,266,309 A 0
October : 028 M 496,248 1.282.182 "me
September 818504 105,202 500,797 1.4
August 5311882 *376.152 69,137 ]
July NN 5.211.835 IR 45 “r 101.908 é
*Decrease. **lncrease
1t is important to note that rhe enormous decreases shown for the
given months in 1914 were from the best earnings ever reported by the
Southern !nes. Gross for the !ast half of the calendar vear 1912 and
the first ha!f of 1914-—ln other words, the fisca! year 1514 —was one of the
railroad phenomena of the period In this country, for the Southern lines
were running away ahead of the rest of the country. In consequence
thie losses reported each month A Year ago were all the more consaplcuos,
With the coal, iron h?im.’ and merchandise businesses zood in the
South. the second half of the fiscal year may enable these companies o
overcome the handicap imposed on them in the first two months of this
vear and bring gross back close 1o the record of two years ago
AN SN
. . ;
Week's Ran%(‘alm I
Cotton Futures
g e ey O
The following table shows the Msbn!‘
and lowest prices on the New York,
New Orleans and Liverpool Cotton 11-I
changes last week, together ‘mhl
Saturday’s close and net changes from
Friday's close; also net changes for the
week:
NEW YORK.
[High.! Low.' Close. 'Chge
Jan.. . . . . .[112.47°12.3312.29-31|—1
March ~ , . .|113.65°12.40,12.47-48/—3
May . . . . ./713.88/°12.64,12.69-70—4
July . . . « .1113.0C°13.7812.81-82,—4
October .", ° [[H2.77 91288127172 3
NEW ORLEANS.
] | Sat. | Nat
[High.[ Low.| Close. [Chge
January . . . 113.17°11.9912.11-13/—3
March . . . . .[113.48/°12.28/13.33-34, —1
R. 4 e .4‘12.76,’!2.54,12.6\-62.—1 ‘
July . . . . .{112.95°12.71{12.78-79 —1
October .., . .1215.67/312.50/12.61-62|+3 |
LIVERROOL COTTON. I
i ! | Sat.] \.T"
High. | Low. |Close. Chge
Jan.-Feb.. . .|IB.OB |*7.84 |1.021% +w,l
Mar.-Apr., . .[18.0315/°7.7915 7.88 (48
May-June. . .[17.82%5/°7.73 ‘7.30 14+7
July-Aug. . . (17827 |*7.6415/7.70% +6
Oct.-Nov.. . .117.36 [*7.23" 17.30 |+6%
& tMonday; sTuesday; *Friday; zSatar
ay.
Nei: changes for week:
NAW T o eee sovTive. ol Bl
New Orleans ...... ¢ss 000 05.7=11;48
Liverpool ... ... «ee ooe 000—43% ;413
LEAD UNSETTLED: SPELTER FIRM,
ST. LOUIS, Jan. 15.—Lead unsettled,
5.70@5.82%. Spelter firm, 17.28@17.50.
'y t“ v’:,?,‘ .
PO o e O
e
IS ',?i.- B ;“_}"‘4 IR II IS
— /- ‘:‘{"‘ vt -fi\
%U| b ’
AV A
'\“!':xl.?.;
i
“Charge That Off”
That is what the directors of the American
National Bank say at once regarding any paper
among its assets about which even the slightest
doubt arises.
This bank is run for the institution as a
whole and its depositors—not for any special
group of directors, stockholders or borrowers,
and it is under the strictest and most constant
National supervision as a member of the Fed
eral Reserve Association.
ALABAMA AND BROAD STREETS.
ATLANTA, GA.
Capital, Surplus and Profits ...... .$1,250,000
Bank Statement
The condition of the Atlanta Federal
Reserve Bank, at the close of business
Friday evening, was reported Saturdey
as follows:
RESOURCES,
Gold coin and certificates:
Gold settlement fund” .. .. $3.526,000.00
Held by the bank......... 5,549,007,
Legal tender notes, ete.... :39.18:.“
Total cash reserves. . .. .. .};,;N.1“.”
Due from Federal Reserve
PR DR . svsesiveveaion - TIRRAD
Bills discounted:
Commercial paper ........ 7.408,108.44
Investments:
YRR ... ivsessicanoe: NS
5 R sc..oiivivivas 25,000.00
All other resources ...... 2,226,616.43
$19,428,544.85
LIABILITIES.
Capital paid in ............53,419,700.00
U. 8. Treasurer's deposits.. 6.’1’.”1:“
Reserve deposits, net...... 8,324,084 r
Pn:; SN TR oasonveSrss ~DRENNTE
Fi al Reserve notes, net
BRREEY v ihitiiuanii et 2,(5.!15.“
All other liabilities......... ,680.22
$19,422,544.85
MEMORANDUM.
Federal Reserve notes out
standing ... ............318,130,000.00
Federal Reserve notes In
hands of bank ......... 1,204,685.00
o with Peod $16,885,315.00
Gold deposited wit -
eral Reserve agent ...... 14,200,000.00
Net liability account, Fed
eral Reserve N0te5.......$ 2,635,315.00
NEW YORK BANK CLEARINGS.
NEW YORK, Jan. 15.—Bank clearings
to-day totaled $457,802.623. against $331,.
688,816 the same aay last year, showing
an increase of $136,113,807.