Newspaper Page Text
THE SUNDAY AMERICAN'S FINANCIAL AND COMMERCIAL PAGE |
Plan Is to Build Up in New York City Great
Banking Organizations Capable of Handling
H]wru'mu» of the First “.‘t;’!lllmIc y
By 8. C. FORBES
1 can announce that during 1916
a new banking policy es international
importance wili be adopted here
The most powerfu! fAnancial instl
tutions in this country are to bring
Bere the ablest bankers money <©an
engage in Eurupe
Negotiations have alreaay besn
opened with the mont desirably inter
sational banking experts in London.
The plan is to bulld uwp In New
York banking organizations capable
of intlating and handling, with um
surpassed skill, financial operations
of the frst magnitude In any part of
the world. |
Aflm now has the capital, the
credit s nucleus of the banking
machinery for reaching out to be
come the worlds International
banker,
We are capable of producing more
goods with which to supply Ihe
world’s markets than can any other
pation on earth. The income of the
American people from agriculture,
mining. manufactures, transportation,
fiaberies and other productive occu-
Ppations is computed at §30,000,000.000
annunky.
Our population is greater than that
of any European competitor, and
since we have not iost our best bumnl
m hnv: by war, uubr.nlnls!y 1o both
and buy shouid superior.
Will ‘Nt Be Boycotted.
Our national wealth (3185,000.060, -
660) is almost equal to that of Great
Britain, France and Germany com
bined.
We have made a Dbeginning In
bringing into being American ships to
carry American merchandise to and
fPom forelgn markejs.
We will not be boycotted by any
race afier the war, as certain power
ful ,oversea nations probably will,
Al ‘will be anxious to trade with us
What, therefore, do we lack to
oquip us for the twentieth century |
fight for supremacy in International
fnance. international commerce and
intermmtional exploitation of rail
roads public utilities, Industries,
mines and other enterprises?
We lack experience.
We inck trained men.
We lack “international” brains,
Very well, we are going to get
them,
Wherever there is a man of tran
muden-(‘ ?‘b!llg‘ be h: l'r:“!.oad:‘n
Paris, riin, trograd, ing. Rio
or Buenos Alres, :aru will be made
in due mr:; to enlist him in Ameri
ca'y army of commercial world-con
. Aunouncement of the first ap
tment of this kind, ip London. by
great American institu
on, should shortly -.7;
During the last five years New
York banks and trust companies have
attracted to their forces business
men of mark from all parts of the
country. So far the movement has
mouly national.
w it is to be international, for
Ainternationalism is the new keynote
of American enterprise.
~ The news here presented is, there
fore, of infinite significance.
~lnternational Balance Sheet.
. We have strengthened our interna
m‘l financial position tremendously
W war began. |
o is a rough outline of T" in
ternational balance sheet for 1915:
__ Our International Income.
Balance of exports over
~_imperts ..,..........-.u,':00.m.m
.flw siasssvians . GNOANOAOO
§ on loans to for- :
§ wmcnibinitpe i
. . : $2,200,000,000
Our lahrut:‘ml Payments.
American securities re- ;
*lrm en s inas s e +51,200,000,000
ns and credits to
v and interest
~on American securities
. still held abroad, pay- |
~ ments to foreign ship
~ ping companies, rwu
~iances, etc, perhaps... 400,000,000
o 0 s
; i ca L AR N,
. Leaving unexpended cash
' and credit Dbalances
: here of ............... 400,000,000
"~ Burepe still owns Amer
. dcan securities to the
& amount of, say, ....... 2,250,000,000
v Our export halance is running at
- the rate of about $150,800,000 monthly,
. and, despite efforts by the Allies to
~ reduce i, the figure for the current
_ yeas can nol fail to be very large.
~ Meanwhilé our dividend and inter
- .fi, payments to Europe are being cut
‘down and foreign interest payments
. to us are increasing.
. Before 1916 ends our international
" interest (and dividends) account
o Ohot%({ about balance.
& anking Resources Increased.
L. Owr domestic financial position has
. also experienced remarkable im
provement.
. " The resources of our national banks
_ alone hgva increased $1,000,000,000
~ Bifice the war began. By comparing
¢ the Comptroller's statement imme
. diately. preceding the war (June 20, |
. 1914) with his latest return (Septem
i per 2, 1915), a gain of $785,000,000 in
. pesources is revealed, and the in-|
~ erease during the last four months
" has unquestionably brought the grand ‘
fotal to the billion mark. L
| ' The .country's trust companies in/
‘the first year of the war added more
“than $400,000,000 to their resources,
_bringir s the recorded total to well
- Total deposits of American bunkin‘
institutions—national, savings an
State banks and) trust companies—
_are estimzted by Comptroller wil
liam. “at “fully- $23,000,000,000, an in
_crease of $14,500,000,000 since 1900,
. Gold ‘lapuru-lut year reached al
‘most $450,000,000, a movement never
_paralleled by any country.
"“Thanks in large measure (o the low
er. res ve reduirements under the
Federal reserve law, the memba{
‘bapks have surplus reserves whigh
would ‘permit of additional expansion
‘of loans by at least $3,000,000,000, a'
ation in analyzing our general Anan
, ja. and commercial outiook
i American inveslUinonis hencefortn
| will socupy an enviable position of in-
I ternational pre-eminendce
| BEuropean institutions will buy back
{very large quantities of them, to tee
IMM as & “secondary reserve” as re
sources little less liguid than geld
lu,d profitable Instead of expensive 1o
| carry
Wealthy Buropean families also will
realize the value of having part of|
their fortunes invested in the United
| Mtates, with sis freedom from the con
| stant political bickerings of the UM
I\\odd mnd where revolutions are not
among the reckonable possibilities
I I may say that a geneialion ago
more than one very rich Furopean
family, foresesing the danger of a Eu
ropean cataclysm, wisely invested m.l
lions here, & course that has prov.d
almost supernaturally prudent
We can safely count, 1 think, upon
& very important oversea demand fr
the best grade of American invest
ments onoe the “forced selling.” under
the aegis of the Allies, has effectyl
its purpose.
This will be beneficial. because I!
will absorb American securities and
enable our financial leaders to divert
& corresponding amount of home sav-
Mmgs into new channels—~into the de
velopment of South America, Rustia
China and other countries with which
|our commerce can be enormously and
profitably increased,
No amount of foreign absorption of
our securities, however, can render
unnecessary consistent saving by eur
‘own people.
! It is basically true that upon the
readiness of the American people 1o
spend less than they earn rests our
future as a world power,
| If we consume all we produce. If we
create po surpius capital avallable for
investment, we can never hope (o be
come the greatest financinl center in
the world, the greatest power in bani
| ing. or. indeed. to lobk far ahead, the
‘.mlnl navakand military power, for
the ability to maintaln srmaments s
| dependent upon & people’s abllity tu
| provide funds therefor.
It 1s vitally important, of course, to
Ihcn the right brains in the nation, to
have energy, enterprise, ingenuity,
‘lnvonflfinu-. daring, stamina and
ambition.
But capital Is the tool which al
these require for the accomplishment
of their ends.
Capital I 8 a prerequisite for every
form of business activity.
And in the end it f¥ the nation
which can create the most capital
which, other things being equal, will
endure,
The Buropean struggle is now en
tering & stage demonstrative of *his
fundamental fact.
One of the highest forms of patri
otism open to Americans at this stage
of our evolution is, therefore, rational
economy,
Bvery dollar saved and Invested
adds one stone to our glorious edifice
in-the-making. the United States,
Speedy Ending of War Gopd.
The best thing, not the worst thing,
that could happen for the United
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, exotie, dangerous specles
of “prosperity” for the time being.
But it would prostrate half of the
human race, {t would ruin the great
body of our customers, it would ren
der them unfiblo to buy from us and
plunge us in {ime into d lon, for
commerce I 8 anp exchangs of wealth,
and if one side has n to give,
:ho other can not afford to on giv
ng. $
1 know no great finarcier, however,
who expects the war to outlast 1916,
Not one bellaves the belligerents can
go through another winter of warfare,
The strain is already becoming un
bearable. Rogoru of uprisings and
riots nm‘ the peopel are becoming
more frequent.
German exchange has lately fallen
more than 22 per cent, reflecting
something of the conditions there
Austrian exchange is down nearly 40
per cent, A
English exchange has recovered to
within 2 per cent of normal, but the
masses in Bfl!{n 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 acute, ]
hrvorythln& therefore, suggests
that long fore 1016 has run its
course the Mllllnrents will be in ;‘
mpod to entertain peace proposals. |
What Will 1916 ‘,ring? |
Industry, in my opinion, has gained
sufficient momentum in the United
States to carry us through 1916 irre
npgfivvl of the course of events
abroad.
But we have one or two serious
issues 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
funlud railway workers throughout
he country are preparing demands to
be presented when existing agree
nients expire next April. 3
It is not at all certain that grave
trouble will be averted, particularly
in the coal region, ¥
A second danger, arising from our
superabundance of money and cred
{it, is inflation and, as a coroliary,
overexpansion and overproduction.
That we will end up in overproduc
tion in numbers of non-basic indus
tries, and even in some basic. indus~
tries, 1 have not the slightest doubt.
It is inevitable,
$ limiting our survey to 1916, the
pros favor: i
Extre! y active trade.
- Full employment of labor at ad
vancing wages as long as the war
B '
| A continuanee of the advance in
good securities not already extrava
e » overboomed.
} Pronounced nation-wide prosper-
MEARSTS SUNDAY AMERICAN. ATLANTA, GA, SUNDAY.' JANUARY 16, Ime
How U.B. Can Keep
Increased Trade
By WILLIAM A, GASTON,
President Bhawmyut Bans, Boston
UR pressnt commarce is not
O the result of our own of.
forts, but of unusual and
temperary circumstances. Man
tenance of eur present position de
pends upen our ability te hold and
estend this trade. OF vital imper.
tante are:
First—The crestion of industrisl
and banking machinery 1o give our
merchants the same advantiages
eur competitors enjoy
Second—A realization that the
extension of capital and trade geo
hand in hand.
Thers never was & time when
genuine ce-operation between gov:
ernment and h,mou wias mere
essential. New legisiation should
be on broad, censtructive lines,
with the sole viewpoint of further.
ing Amaerican trade.
:
I
|
l
|
I
|
|
I By JOSEPH F. PRITCHARD
' CHICAGO, Jan. 15 -The wheat spec
uintor of Great Britain used new tacties
in the market here to-day Bear news
of all discriptions of many colors was
received before the opening and it
caused an army of sellers to throw their
wheat overboard with the price declin
ing mapkdly An ecarly break in the May
future sent the price down to 1 26% and
Il.aly to 1.18% These prices were o
the Nking of the Chicagoe speculator,
and they also seemed 10 sult the Kng
lish speculator, and _Lhe May advapced
from 1.88% to 137%@1.57% and the July
from IH‘. to 131% These advances
wers fairly well heid and the nearby
months closed unchanged for the da)y
and the deferred was up N«
The bhear news from abroad was led
by decilnes in the n'rd market «t Liv
erpool of LW ld Bis weakness was
a reflection of the reported arrange
ments for more boats to be sent o
Austraiia and ,\zgvkut.a 1o carery wheai
to Great Britain and importing coun
tries. The same cable sald that Grea!
PBritain proposes to take the freight
rate situation in hand and make con
ditions easier for both exporters and
lm‘roncn
There were declines In qorn of % @ %o,
and this, 00, in the face of & promise
for unsettied weather Some of the
Ill*.u jongs In the markel sold freely,
’uunm. an early decline, but the ad
vance in the wheat heiped corn no it
tile. Shorts led in the buying in order
10 even up over the week-end. Cash
sales were 75,000 bLushels
Onts showed but Ve change for the
day and the yplume of business was
somd better. The export demand rv
Amproved with sales of 1,000,000 bushels
late yesterday and to-day At the sea
‘bhoard for shipment abroad. The sules
hqruo-dn,v were 270000 bushels, with
100 bushels for u‘po'L
[!o' products closed strong and frac
tionally higher.
wrain quouuonn:
Previous
High. lLow. Close. Close
WHEAT-
May..... L2TH 1264 1.27% . 1.4
Ju1y,.... I.3TW 1.18% 1.3 1.20%,
OATS -~
May..... 9% % 8% 9%
July. . L L™ 9 0y
CORN —
May..... 0% 49% ooy 20y
Rii.as W 5y 48 8%
PORK - |
Jan..... 19.274 1803 1937 19.00
May.... 18.87% 18.47% 19874 18.02%
wARD-—
BRI s ik 1066 10.47% |
May.... 10.982% 10.70 10.85 10.77%
July.... 1037\: 10.82% 1090 1090
" RIBS-- |
R iae .o an .10 10.56 10.40 |
May.... 10.85 10.76 10.95 10.80
———————————— e I
CHICAGO CASH QUOTATIONS.
CHICAGO, Jan. 15.--Wheat—No. 3 red
l.tsxl.lbk: No, 2 hard winter, 1.24% @
1,268 ; No. 3 hard winter, LIOQ%\.H%;I
'No. 1 Northern spring, chstux. 7; No.
2 Northern spring, 1.24@1.25.
- Corn—No. 3 white, 74“: No. 4 mixed,
I7:873: No. 4 vellow, 72 ,878‘5. |
I ats—No. 8 white, 465, @473 No. ¢
white, 45% @46, standard, 40G49%. |
PRIMARY MOVEMENT. ‘
“Ferelpta— . [Sarday [Lasive
Recelpts ... .ucovveni'if 973,000 1,454,000
Corn ...........0......| 8000001098000
e
Wheat . ........v5....| 651,000/ 740,000
COrn_ . iaennionenss 40_90_.__.L_~I 513,000
CHICAGO CAR LOTS, I
CHICAGO, Jan. 15.~Following are re
ceipts {orusnurduy and estimated re-I
ceipts for Monday: |
7 N T
WHEAL. coivvescniansd 8 | " . |
O s ciessagriivrsen 286 | 116
DR 4 i i o A I 156
Hogs ............... 32,000 Nl
.
NEW YORK COFFEE MARKET,
~Ooffesquotations: =~ o t 0 L
\ Opening. ' Closing
JANUATY . . - ‘ S Ban ey T INUEUNLIG
POMAEY .o o i) ivicinoos | B OOENERT
March . . » ¢« I 7.00 T.08@7.06
REBEE L % ety o) saxsisasas 1 N SEEEE N
May . .« 4 o o .10@7.20 | T.10@7.13
JUDE « &i of 118 ‘7.15( 717
July .. s e | 120078 | 1.3000.20
hre T G RPR )
September . . .| 7.30@7.38 | T.30@7.32
Oc!obot. . I T.35@7.40 | T.85@7.37 |
Novemßer . . .| .......... | 7.40 742
December . . . TAS@7.SO _7_s;;3l_’._’_l_B_
Closed steady: sales 9,000 bags
NEW YORK SUGAR MARKET.
Sugar futures quotations:
| _Opening. | Closing
Januvary . . . .| 3.58 8.6423.70
February . . o . 3.40373.45 3.48@3.47
March . . « « « +| 3.40@3.49 | 3.48@3.60
April ..y .. .| 380 | 5.64@3.56
MAY . . « o o « 3.55@3.57 | 3.60@3.62
June .|. .4 .[.388 | 3.6503 67
T o s v a 0 3.65@3.68 | 3.7T1@3.73
August . i 5T | 3.79@3.81
September . . I 3.73@3.74 I 3‘253.“
OOREE *: . ) i L 3550
November . . ‘ la.asm.sa
December . . . iseeies | 8.88@8.90
Closed steady: sales 3,450 barrels.
ST. LOUIS CASH GRAIN.
BT. LOUIS, Jan. 15.—Cash Wheat—
No. 2 red, 1.81@1.33: No. 2 red, 1.24@
1.28%%: No. 3 hard, 1.17%@1.19.
15("!‘orn-—No. 32, 73%; No. 2 white, 5@
Oats—No. 3 white, 643 ; No. 9 46@
4615, i
s iS Al
, KANSAS CITY CASH GRAIN.
KANSAS CITY. Jan, 15.-—Cash Wheat
SI\T-‘-’S 2 hard, 1.15@1.18; No. 2 red, 1.20
Corn—No. 8,691 g; No. 2 yvellow, 71; No.
¢ white, 0.
, Oats—No. 2, 40%@41%: No. 2 white,
soiaibim, No, 3 white, ¢4i3@ibia.
Mexican Crisis Wanes—Agitation
for Nomination of Business
Man for President Approved.
l By BROADAN WALL
' NEW YORK. Jan. 15.-The stoxk mar
Ih'! was lrregular (o -<Jda) Iwalings were
'the heaviest In the ,m,uou;!. group,
which in several instances louched new
hMgh prices esarly ia the seasion A
substantial part of the gains. Bowever,
were losy in the late dealings, owihg
Lo the gpprarance of reallging sales The
profit-lakings was grestest in those i
suss which have been most prominent
recently interest in the Mexican situs.
thon meemed 10 have waned, but mueh
siress was aid on the agitation for the
nomination of & business man for Fresi.
dent As was 1o be expected the lal
ter -uqo.unm was received with much
approval indhe street I
A strong !\m prevalled at the oper .I
with the specialties at the froal. Bhort
iy after the beginning of trading, lrreg
ulagity developed, but it gave way to
-ll‘mn‘. buying that swept several
issues 10 new high marks The m--MI
notable among these wers Inetrnational
Nickel and Western Union. War stocks
continued 1o recover thelr losses made |
early in the week Crucible sold up !-»“
W%, or nearly 18 points above the low
established on the last break Ratls
roads falled to show any animation and
moved within & narrow range ’
Is the present recovery Ip the war
stocks the forerunner of another bt
milder wave of speculation in that
group? This is the gquestion (hat has
been frequently agked ever since these
shares bagan recovering from thelr sharp
break early last week. Much of the re
bound has been attributed to short cov.
ering. but knowing judges of the markel
weare inclined to belleve that it Was
something more than short covering that
caused the regovery of about 18 points
in Crucible from the low of 52%.
Strength of General Electric with a
rise of more than 3 peints, was well re- |
celved. This stock is regarded o some
extent as & war lssue, bur with more
intringle merit than any of the other
stocks composing that group, s busi- |
ness being based on the improved do- |
mestic business resuiting from the War
orders
Some disappointment wWas expressed
over the way the move in Corn Products
common seemed to peter out to-day. The
quotation eased off more than a point. |
The preferred lost nearly 3 points '
International Mercantile Marine 4lps
dominated the bond marke and crossed |
101. which is a new high mark. .
The following shows the highest, low. |
est ang cloflv bids, with net chanr.l
on the New York Stock Exchange Sat- |
SRR e e P sT TR
S— ] c“ '
! :Clo--‘ci.:_ ,
ETOCKS - _NIllllh‘l:«;‘v._« A
Allis-Chalmers .. 2% “‘; 4 N
' ;'._‘"f“ ral oy 6[+ %
Am. Agricuitu . E L &
As< Heet Sugar .| :".. :!\ :2%; ' ‘:I
American Can ... ’l:“ ol R+ 1
Am, qmrl 'i-d:d 00l TIN T 1680 + t{_‘
4 i o : { Q|
A, Cotton Ofl . B | gl s+ 1
Am, Locomotive .| "V.Il”~ e l— 118
Am, lmomu: oo v l“\‘:! % B+ 8
Am. Bteel Fdy. .. AE MR hiewl~ %
i T i f.'f‘::laf|:l:2,|=;3+ s
A?‘.vfl.on‘ . ;lg ’!a’{!“ ii. ’I
Ate ; 111 . |
B‘deu(;‘l»ronw...!;; 'lu: l;‘aum"
E'-s‘r:f Tfll'cél..‘....‘fl’ o 5 a‘.g ;f '-s|l
B R T ..........“v 3| 2%~
C. Pet. ........ 3 3 P
:‘:: Pacific ...../179% l.’?gl::;: 28
1'.nngg‘u......% :I.;‘B;\‘ \’
C.and N, .......f o 2 L i '8 ;
Colo. F. !...i "h! 100% |~ |
oM. and St. P..n0l ’13':27 uh e :zp
Mm:g‘t.‘sgger il "“ I“;;.I* 1;‘:!
Con 14l 2% |-
Corn Pmductls oee] g&| 2;:2’ oY= 2
Crucible 8!«’ o) 47i0] 48%a| 8% ... "
Distil. Securities ,gl 4 “}%l_ %
Erie ........ .00 sl 8 &
Ist pref. .| 87% o sig
(:en.?oheotric "'w“‘a;"?_,da:"’i 3
General Motor vl 'I"QI aiict 7"‘;“‘
Goodrich Co. uz 112478 124% I+
G. North., pfd... ”:2‘ ol ué‘_
G. Northern Ore 'I\M% Aher I+
1. Central s esre IS "“‘ Rt
o I gol | 101
Interboro ........ aconf sunfilly
e ....%\;otgl%.i..
Int. Harv o] 222 3 1
Centrai Leather .| §3% g{/.l B+ 1
K. . Southern... %] 8% C§,l—— W%
M., K. and T..... B % 15&-&— i
do. pref. ...... it it B %0,
‘“l"ns{’-fi‘leé”" 81 aoa 3%1 ;.
Lehigh S de ;
Miamt Copper | 58% el oot
LLand N, .... ... Serdf PHEPR o
Max. Mo, Co. 1 pf| sl “onl Sl
Mo, Pacific .....‘““‘ 1R “”‘l"‘ :2
Mex. Pet. ..,....:“m lo’%lno o
no-¥. i?entral..‘.; R el Te%l— :2
N.Y,N.H & H. _O:2 “%‘. “& >
National Lead ..I‘. a 2 e o
N Facine 110 lAL 18 lEw—
N Y., O. and W 2 2 J PRI
penhagivania .-+l 188 uo:; 10%| .- .s
People's Gas ... 1 tidbr |IR
P.g.lult‘ur..... - 3“: Rl 1
I“;t‘ydr,‘o‘neol. 00l vl 88 :;’*"" “.
n Vatessven £
R?.l. and g'(el....' 53 52% 08 T 1"
do, pref. ... ss.4] & ult lit
Rogk Island ..... a& 3 i ’z
8.-Sheffield .....s 1024 IM& 100% |+ :z
80, Pacific ......t 4 o 8 SR
Rl lom 86 | ouons
do. ?‘ref. ””“153‘4 8t Vet =i
Studehg er Go. I 801 598! 5,:2_ Y%
qenn. COPPEr .- - igagie 929712293814 1
Texas Co. saaee o (RERINIESS ‘“%_. %
Third Avenue ... 158141138 [l37%R| ...+
Union Pu'lza | SR ' Bea |+ 8
1. 8. Rubler .... Soal 86 %6 I~ 4
U. 1-= S;Qr;lf ----11,;:2*' 2
o. POIPRIR, Y
lUtn;\ Copper ..... I::z 23% R I_ :
V.-, Chemical .. - o 9%+ 1%
‘Western Union . Sl B ”%1_ ::
W. Electric ..... o 8 Plagaitiazs 1 4
W.-Overland ..... T o
Total sales of sto‘(‘! 5 |
o :hu:r?.:hl:m::-,“oék. “for the week,
40'2(4":00 shares; bonds, 388.017.000.‘ ‘
ity |
.....,......\MMW;I
I N. Y. Curb Stocks |
Curb stock quotations: .
STOCKS— 10')(’0“18’}%" o
Tob. Prodl. pfd. ‘6 e Teud fTu
Anglo-Am, Oil 16% 3 it St
Dt rank Tine. 8¢ @lB 15°¢ e
n. Ta b :
Int.dMe;anu. gg:zg 3‘l' “§%
o, A 3
Savoy Oil .... 0? g;2 zg 213
Kath. Brz., pf. e 3 B 8
Hegeman ..... _“:: 7& 5.3 -
Nipissing ..... i%fi 4,4 r.v 3
Marconi ...... 3 3 S 0
World Film ... & i% 128 i
Jumbo lExten.. ;,. iR N 8
Manbhat. jl'mn..o“ lad id B
g:’ o, N Yois G i @B2O -
® o N-J.. 5% 2 ity
it O, 0n1.~..378% 379 2
gt. ‘Oill. Ind. ...528 832 Egg .7‘
Ohio ?)i;a..m....1fl @3OO 19 200
United Profit- ¥ I
:harlng. new. 7;&@ 7;:: 7};2 71;
Midvale ........ m_g 40';" BER. 8
Submarine Boat 3 n 5 2
Lake Boat .... g & fiik» it
Kennicott ..... 54% A &
Victoria 01l ...onescacasess
Liverpool Scores Healthy Ad
vance, While New York Mar
ket Takes on Dip. I
NEW YORK, Ja: 15— Foliowing
firmpess in the early deal rv,!; cot o
turred eaty late to-day oft realiging &nd
the oose barely steady #t a 4 nel de
cline of 4 points 1o an advanoe of 3
points. Trade was small
Spot here was auiet and uag hapeed
iat 1200; there Weale RO Saies
| spot at Liverpool was quiet at ade
cline of & points on the basis of 8134
for middliing upland Putures In the
English market finished frm 8t A Bal
advance of § 1o B peints
The Chronicie estimated the visthis
..‘p{: at 6,085,084 bales against 3159
n les last year 2
Ahe American supply I 8 4,176,078 bales,
apainst 5084076 last year Port re
ceipts for the day were estimated at
25,000 bales, against 2504 last year
| New vork Cotton Futures.
—————————————
:i } 4 L -
- s s ! ‘
I__..Tl slzl3 1531 ¢ £
tdn (12 :nsxwxzaua-n 12.30-32
|Fb : 1238 1331
|Mr 12.55,12.59/13 47 12.47 154748 12 45-50
Ap : 13.5¢ 1857
IMy 128012801269 1279 1265-7012.73-T4
Je . 13.55 1256 ‘
| Jiy 12921292 12.51,12.82 138182 128586
‘Ag | # 12.73-75 12.51-00|
Sp 123518751273 12.73 12 §9-70 12.67-68
[Oc 12,7613 $T12.71.12.71 13.51-72 12 68-4) |
dn 1387128913 811387 12.81-82112 w-n‘
| Closed barely steady. |
New Orleans Cotton Futures,
e
(g 1 8 s :zl § ‘ 4
‘___9:_[::l .SI.!! 2 &5
Jon 121815.0712.12/1217 13.11-1212.08-00
. Fb doseasltinnse 12.31-33 12.18-20
|dr 122381240 12.34 12.34 12.33-34:12.34-35
|Ap 12 »li.zflz,”lk SOOI A 5 12,4448
My [12.67 12681261 1262 12.61-62 12 u-c:]
s cealesnsalsssselß.6s-67113.63-08
| Jly [12.85 12.85 13.79 12.7% 12.78-79 ¥2.79- %0
|AR 12.821282/12.8212.82.12.77 13.54
Sp 1254/ 13.54/12.54 1254 12.47-49/12.53
Oc 12,63 126712611261 12 61-6212.08-59
Mr X ke . 12.66-68 13 62684
De 1274 12.78/12.94 12.76112.72 [12.47-6)
| Closed barely steady.
~ LIVERPOOL COTTON.
| Fulnres opened steady
Prev
I Opening. Close. Close.
Jan 1.5 T 02% M
Jan.-Fed, s TN 7.03% M
Feb. -Mch. TR .8y TR
Meh. -Apr 785 -T83% T 8 1.5
Apr.-May .5 T 8 7.9%%
May-June 7.78%-1.7¢6 T 8 :.73
June-July T.lB 1.i6 TENL
July-Aug .68 1000 TB4,
|Aug-Sept. 7.53 -T.54 1584 T. 40%
| Bept.-Oct, 1.3 T. 364 T 7.30%
Ot~ Nov .28 -T.0% 130 7.23%
| Nov.-Dec. .33 .23 717
' Dec.-Jan, a 7 TAT% Y
| Closed firm
PORT RECEIPTS!
I The following table shows receipts at
the ports to-day compared with the
' same day last year: R
I g I TN
| New Orleans. . . 6513 | 1087
| Galveston. ... .] 4,335 | 26,772
B 5 ovo so) 250 | 2.056
Savannah. . . , .! $485 | 11,088
Charleston. . . . . 68 | 1,392
Wilmington , , . .| 87 | 1,404
OPPPE. « < s ¢ o] 1,958 | 3,087
| New York. . . o - 928 | 176
DO . « « 40 » 1.8 230
Pacific Coast . . . R Lo
R, 2. .oo 4,688 | 4,616
- TR 3y oty s 26,630 | 81,492
I O —————
I INTERIOR MOVEMENT,
P 1916. | 1916,
flouston. ... .-| 0.088 | 24513
AUgusta. . « 4 ¢ 697 1,699
Mempiis. ..,. .| 2761 2330
(Pt LOWS. . « 4.0 » 1,706 4,469
Cincinnati. .. . , 1,100 2,584
Little Roek .. . .1..........| 1393
‘I Tothl: . .. 5.1 JRB7 -1 80.087
I ATLANTA, QUIET; MIDDLING 124
~ New Orleans, steady: mldd!ln{ 12.19,
. New York, quiet; middling 12.50.
Liverpool, easier: middling 8.12 d.
~ Boston, quiet; m_lddlln’ 12.60.
Philadelphia, quiet; m ddlin‘ 12.80.
~ Savannah, qufet; middimg 12.25,
Charleston, quiet; middling 12c.
Little Roek; steady; middling 12.38.
Augusta, steady: m‘d«flm, 12.06.
Mobile, quiet; mlddllnsd 1.88.
yflmlnflon, quiet; mi lln! 12¢.
i orfolk, steady; middling 12.13.
~ Baltimore, steady: middiing e
~ Houston, quiet; middiing 12.50,
St.. Louis, steady; middling 12.38.
~ Galveston, quiet; middling 12.45.
- Dallas, quiet; mlddllnfidlzc.
~ Montgomery, quiet; middling 11.81,
Memphis, steady; middling 12.38.
| S st
I KANSAS CITY LIVE STOCK.
KANSAS CITY, Jan. 15 —Cattle—Re-
I“}f" 400. No market.
| o*fl———Recelpta 4,000. Market 15c low
er. op, 8.10; bull(. 6.80@7.00; heavies,
mog'md; mediums, 6.80@7.05; lights,
6.60@7.00. \
Sheep—Receipts 1,000. No trade.
A New Service
. . \
To This Community
WITI{ the purpose of affording an op
portunity for investing your sur
plus funds in high-class Municipal. In
dustrial and Railroad securities, our
Stock and Bond Department has effeeted
an arrangement with the Guarantee Truit
Company, of New York (total resources,
over $500,000,000), whereby we are en
abled to offer you the benefit of the com
prehensive investment service maintain
ed by that institution. ;
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 the
R United States Departmert of
Agricuiture on the acresge |
sown to winter wheat this fall, Fale. |
mummoflnhflt
ern Raitway Company, sad: §
“This report is interesting chiefly
Decause it shows & continuing ten- |
Gency e diversified agriculture I 8
the Bouth )
“As compared with last year, the
States of Vieginia, Nerth Carclina,
Georgla, Mentucky, Tennesses, Als- |
mmnmwmui’
cressed areas sown in wheat. In
South Caroling the area is the same |
as last year :
“These Slates as & whole show an
sggregate increase of WLOOO acres,
or 292 per cent, while the States
outside the South show & net de. |
crease of 4,507,000 acres, or 13.19 per
tent. )
“While the acreage sewn s &
slender basis on whigh to base an |
estimate of the final yield, o far |
unmnnunnfl'hw.uth
as Indicating a larger ylelg In our
section at & time when a emaller
yield in the United States as & whole
will gend to advance the price.” ;
MEMPHIS, Jan 15.-—Deadiocked
continues the condition of the cottun
market, with the South holding the
whip hand in its possession of :the
most avallable supply of raw mate-
Inal in the world, and no particular
reason for being anxious to sell at
Iprtcu not to their liking. There has
}beqn small activity in the speculative
department during the week, and the
luium that it is not safe 10 sell a dull
market appeass to have appealed to
the judgment of most traders. News
developments were neither siriking in
thelr character nor did they prove of
importance as immediate value infiu
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 takea.|
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 should
have been asked was interpreted to
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 beit that they would
find plenty of demand for their hold
ings within the next few months,
The export movement has picked
up a littie, but buyerg for that di
rection' have been operating moder
ately, the main trouble being scarcity
of boats rather than the lo‘linm of
rates. In the meantime consumption
abroad goes ahead at a rate that
means early exhaustion if there is not
larger movement from this side. The
opinion is widespread that the iime
will soon come when some steps will
be taken to increace 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 buy
ers. Thelr business is constantly im
proving, and the basis of profit is re
ported more satisfactory than in
vears. The potential value of their
pmlongfii policy of buying from hand
to mouth is being felt by the South.
cofTON SEED OIL.
Cotton seed oil quotations:
6mnln¢. I Closine.
s Ro i s tie bt eLW
Semary oy itietid | 9.00@9.25
February . « . . 85.90@8.92 | 9.04@9.15
March . .« « . »| 9.02@9.04 | 9.04@5.05
AUV . s o 60 b 2.01@9.05 | 9.04@9.10
May . - o %% 9.01@900 | 9.0009.10
FRRS ' e W 909%9.15 [ 9,12@09.13
Toly .o o o o] 9.1809.17 | slo@a2o
August . . . .| 9.17@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 following changes:
Lia ‘Avorago 'sltsl:s;nw
ns, increase, v ) .
Demand deroalts. increase, $34,725,000.
Time deposits, increase, $316,000.
Reserve, increase, $19,887.560.
Actual Statement.
Loans, increase, $1,689,000.
Net demand deposits, increase, $28,-
673.000.
Time deposits, decrease, $2,134,000.
Reserve, increase, $18,606,110.
iy
NEW YORK SUGAR.
NEW YORK, Jan. 16.—Raw sugar was
niet to-day at unchanged prices. Re
'flned sugar was unchanged at 5.75.
————————————
. . . . . . ; « ny *
Louisville and Nashville’s Gross in Last Six
i AN . x
Months Regains 47% of Loss in 1914—5¢ ywth
-1.:. 2 2 e
ern and Coast Line Are Gaining Fast,
Gross earnings of the Southera roads have been making big strides
taward recovery of the ground loe! a year age There is still considerab.e
ground to be passed over to put the current fiacal year on a par with (ha
1914 fiscal year, but the record of the last four months 13 such that the
outlook is very gromis' ng
For instance, monthly groas only began to show gains in Neptembier,
yet in spite of the handicap of starting the year with two months against
them. such recoveries of ground lost & Year age have been made at 47
per cent for six months in the case of Loulsville and Nashville and al«
most 35 per cent in the case of Southern Raliway
Monthly gross of Loulsville and Nashville sAtlantic Coast Line and
Southern Rallway, beginning with last July, the Increase over Lhe same
months of the preceding year comjared with the decrease shown for the
same months In 1914 and the ratio of the recovery to the loss follow
LOUISVILLE AND NASHVILLE.
1915 1904 Per Cent
Gross Increase Decrease. Recovery,
Smonthe ..ovvvvense 529,164,613 $2.320.337 §4.5%0 048 A
December . 5054110 917,188 1024300 a 5
November .. ° 5.110.3448 1,060 201 1,086 953 21
Octoder . 5.023.510 477102 1,311,188 4
September 4. 882,438 260, 409 11920 143
August .. ond 8283 “TE R 406 850 .
JULY ccovsnnsncnnnnns 44802 *317.800 141,298 P
ATLANTIC COAST LINE.
1915 1514 Peor Cent
; Gross Increase. Decrease. Recovary,
b months cesess 313015534 81 858 $1.859.712 o 1
November 54 o 0 2 ASB 845 347 350 764,715 i
Octaber 2572335 118,648 £32.188 187
Sentember . 2359794 173,236 450 Ran i%n
August . . 2017153 156502 117,950
5 ook » b osd 2177387 *360.753 *rgo 985 .
SOUTHERN RAILWAY.
1915 1914 Per Cent
Groas Increase Decrease. Recovery.
£ months Neaas $34.234 850 sl. 469,284 S4B 484 s
December ..... d 6,057,024 T 2 1.318. 044 585
November ..... €OO9, 147 862 684 1,264 30% 60
October b . 6028215 496, 248 1953182 e
September . . 5616534 103,202 00 79T 14
August oo . 5311882 *276.153 £9.127 %
July . i NN 5,211,635 493454 151,908 s
*Decrease. **lncreare. (
1t iy ‘mportant to note that the enormous decreases shown for the
given months in 1914 were from the best earnings ever reported by the
Southern lines. Gross for the last half of tho calendar year 1913 ind
the first ha!f of 1814—In other words, the fiscal year 1914—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,
the losses reported each month a Year ago were all the more consplcuous,
With the coal, iron, lumber and mercliandise businesses good in the
South, the second half of the fiscal year may enable these companies to
overcome the handicap imposed on them in the first two montias of this
year and bring gross back close to the record of two years ago.
) 3 s
eek's Rangein |
Cotton Futures
PP AT NS P
The following table shows the h!emt
and lowest prices on the Nc;z ork,
New Orieans and Liverpool Cotton Ex
changes last week, together with
tnwr:,y'. close and net changes from
Friday's close; also net changes for the
week:
. NEW YORK.
] I | Sat. | Not
[High.| Low.| Close. [Chge
Jan.. . . . . ./11347/°12.23/12.39-31 —1
March ~ . . . 112,65 °12.40/12.47-48 —2
May . . ~ . .715.88°12.6412.69-70,—4
July .. . « ./113.08,°12.78/12 81-82—4
October . . . .|i12.77%1258]12.71-72 -3
NEW ORLEANS.
7 j I Sat. | Net
{High.| Low.' Close. ‘Chge
Janusry . ~ . ‘HZ.]TL‘H 9912.11-13/—-3
March . . . . .[t12.48/°12.28/12.33-34 —1
May.: . ¢« « J 13.58 *13.54,12.61-62/—1
July . . o o «4112.95/°12.71/12.78-79 —1
October . . . .|212.67/112.50/12.61-62(+3
LIVERPOOL COTTON.
I | Bat. | Net.
High. | Low. Close.|Chge
Jan.-Feb.. . .|{B.oß |*7.84 [7.0214/4+814
Mgr.-Apr.. . . n.o:;z $7.79%37.88 +8
May-June. . .[17.9215/%*7.73 7.80 |47
July-Aug. .. .([17.82° |*7.6415|7.70% 46
%t.—.\'ov.. , .i 57.3- [*7.28 [7.30 |+6%
2 Monday; sTuesday; *Friday; zSatur
ay.
Net changes for week:
MW TN ..o Toe sevtees. ocov =L
New OrIeRNG v .c:cs: see ses oo—11;48
TAVOrpool ... ... sso ese sec=A¥i 414
e adimiiehesibiniaalbiies
LEAD UNSETTLED: SPELTER FIRM,
ST, LOUIS, Jan. 15.—Lead unsettied,
5.70@5.82%. Spelter firm, 17.25@17.50.
] .”."\:‘;.]:); ~
fi’f _; N
A IS ‘s'/*; ;’::"‘_% ."f B I
'.’f-':i‘d"i‘;
B
“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. i
Capital. Surplus and Profits ...... .$1,250,000
The condition of the Atlanta Fedaral
Reserve Bank., at the close of business
Friday evening, was reported Saturday
as follows:
RESOURCES.
Gold coin and certificates
Gold settlement fund:.....53.525,000.00
HelMd by the bank......... C.lGtm.a
legal tender notes, et¢.... 2391
Total cash reserves...... .;,-.;l‘.m.fl
Due from Federal Reserve
DA WA . .arcinmasioei DETEEE
Bills discounted:
Commercial paper ........ 7.408,103.44
Investments:
Warrasits ... ............ 8141.08
BS .o otie sl en 25,000.00
All other resources ...... 2,226.616.43
$19,422,544.58
LIABILITIES.
Capital paid in ............52,419,700,00
U. 8. Treasurer's deposits.. 1.’1’,)fl.:
Reserve de‘,oslu. net...... 8,324,942.
Profit and loss ............ 88,049.9%
Federal Reserve notes, net e
BOBEY . .." ... enstupsnine RINRALIND
All other liabilities......... 40,680.22
$19,422,544.85
MEMORANDUM.
Federal Reserve noles out-
StAnding ... ............$18,180,000.00
Federal Reserve notes in
hands of bank ......... 1,204635.00
Gold deposited with Fed 5
e w -
eral lrco:orvo agent ...... 14,200,000.00
Net liability account, Fed
eral Reserve N0te5.......$ 2,635,315.00
NEW YORK BANK CLEARINGS.
NEW YORK, Jan. 15.—Bank clearings
to-day totaled $457,802.623. against $321,.
688,816 the same aay last year, showing
an increase of $136,113.807. . 4