Atlanta Georgian. (Atlanta, Ga.) 1912-1939, October 01, 1916, Image 123

Atlanta Georgian., October 01, 1916, Page 7E, Image 123

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Newspaper Page Text'THE SUNDAY AMERICAN'S FINANCIAL AND COMMERCIAL PAGE, | Traders Anxiously Await Census Figures C'n.i Ginnings and Condition—Operations Dm‘ingi Week Confined to Evening Up Lines. | By VICTOR BARRON. ; There was not a spark of life to the cotton market last week. On the! whole, the market was a slow, dra.ggy} affalr, with price changes the smallest fn months. Traders adopted a watch ful-waiting attitude, pending the pub lication of two of the most important Government cotton reports to be pro mulgated this season. | At the close of business Saturday the New York future contract market stood 2 points lower to T points higher than the closing quotations of the pre vious Saturday. The New Orleans market showed prices unchanged to 11 points net lower, while Liverpool showed a net decline of 20 to 26 1-2 points. Spots remained practically unchanged from the previous week. Operations were ‘confined almost entirely to evening up in advance of the census report. At no time dur ing the week were traders inclined to commit themselves to any extent on either side. Southern hedge selling end realizing sales encountered ready ebsorption from Wall street, the West and trade houses, which sustained values within striking distance of the vlosing quotations of Saturday, Sep tember 28, Low temperatures throughout the belt, reported frosts and bullish pri vate condition reports stimulated ac tive demand, but all the market could do was to back and filll. Shorts satis fied themselves with ‘scalping” and taking hazardous profits. Cables attributed weakness {n the Inglish market to increased offerings from the South and to selling of hedges against cotton already pur chased, together with expectation of large ginning figures. However, the market there firmed up late in the week on seeing that the Ameri can markets were holding steady. Record Ginnings Expected. The Government ginning figures will be issued at 9 a. m. Monday, and will show the number of bales ginnad to September 25. One hour later, the condition report will be flashed, show ing the condition of the crop to the same date, aljso indlcated yleld per scre in pounds, and also indicated to tal production in bales. Close students of the situation ex pect ginnings to surpass all previous records, and represent the greatest percentage of the total crop in his tory. Perfect weather during the pe riod has permitted rapld plcking and ginning. Crop reporters are a unit in saving the crop will be gathered ear lier than ever known. Judging from private crop reports the Government condition figures likely will be higher than the trade Week’s Financial Summary The following Is a brlef day-to-day summary of the most essential financial news made public last week: MONDAY, SEPTEMBER 25. Atlanta bank clearings, $4,293,009.76; last year, $2,845,852.98. Atlanta spot cotton advanced 10 points 10 16.00. New York cotton scored a sharp ad- Yance early in the session on strong. Liverpool cables. Heavy realizing, how- | ever, trimmed the advance in the clos ing hour; prices closed 3 to § points lower. New York Stock Exchange had the biggest boom day of stock epculation in its history. United States Steel spared 10 120. New high records were made Inl the copper issues. Just before the close the bottom dropped out of the market on lellln{ by t?mld speculators. Steel dropped to 114%. The market closed nervous. Liquidation by longs depressed wheat in the closing hour. Marshall Field & Co. reported heavy demand for dry goods. Bradstreet's reported record retall sales. 1 Memphis Commercial-Appeal made the condition of the cotton crop at 8.3 P Postms G 1 ted 1 f! ostmaster General repor a gain o $5,000.000 for the month of August by postal savings bank. ] Wilson addressed National Grain gellou' Aﬁ::t]:htlol: os‘ B:lu‘more on Sues pecu Yy relat to business. ,Whol?ulc prices of commodities In‘ United States according to Bureau of | Labor statistics showed the highest In-‘ dex number on record. TUESDAY, SEPTEMBER 26. | Atlanta bank clearings, $3,836,125.95; last year, $2,481,908.46. 1 w%lunu spot cotton unchanged ulf New York cotton closed Practlcqnh unchnngod from Monday's close. Re newed buying checked the early decline, | Bpot houses and New England mills ' Were the leading buyers. | New York Stock Exchanfe closed ! strong. Unjon Pacific soared to 160%. Mcnr issues made new high records, | Steel was excited throughout the day .. Chicago wheat declined % to 1 cent on I?‘Idluon by longs. i ederal reserve act and lh?pin‘ hn.l sald Government is now friend, not en-i ’fmﬁ'. of business. . W. Bliss Company declared 100 per | cent extra dividend on the common ! stock. ! Central Leather Company declared | regular quarterly dividend of 1 per cent | on common stock and an extra dividend | of 1 per cent. | WEDNESDAY, SEPTEMBER 27, | Atlanta bank clearings, $4,260,081.04; last ﬁur, $2,711,027.54, | Atlanta spot cotton was quoted 10 points lower at 15.90. | New York cotton closed 2@&5 points | lower. Market was dull and uninterest- Ing throughout the day. Builish private condition reports had no effect on quo- | lations, | New York Stock Exchange closed | Strong. General Electric advanced 614 Points to 184'4 at the outset. Norfolk and Western ciimbed 5 points to 157% on heavy buying. : Chlca’o wheat closed lower. Receipts from Kansas City reﬁardln‘ the crop “ncouraged genera! selling | Usual “quarterly dividend of 1% per cent was declared on Norfolk and West arn. , Regular quarterly dividend of 1’ nn:'i cent was declared on Westinghouse l‘g'me Company - ment, CF\:'HI. Company placed the expected early in the month. One private authority estimates ginnings to date at 4,290,000 to 4,390,- 000 bales. A majority of traders con tend that these flgures are too high. The trade looks for the figures to be in the neighborhood of 3,800,000 to 3,- 900,000 bales. The condition figure is expected to be between 57 and 58. Ginnings and condition to Septem ber 25 for the last five years, as fur nished by the United States Depart ment of Agriculture, are given below: Year, Ginnings. Condition. 9B . laeviae e 2,908,000 60.8 A L. 8349000 73.5 TBRS 5 s cvives “8:287000 64.1 918 oivieii.. 2018.000 69.6 1981 L. 8:688.000 711 M 0 rin e 819000 66.6 Ten-year BVETAES . C.oiivaii. 82 Rapidity of picking and ginning of the crop were emphasized in the Gov ernment’s weekly weather report is sued last Wednesday. Tt showed that weather has been favorable for pick ing and that the growers throughout the belt have rushed their staple to the gins because of the high prices. Mills Large Buyers. Evidence that mills continue heavy buyers of cotton was had in Hester's weekly statement, whieh showed that spinners’ takings during the week amounted to 207,000 bales, bringing the total takings so far this season up to 1,648,000 bales, against 1,792.000 bales the same period last vear and 724,000 the same time in 1914. While exports for the week showed a slight falling off, the total amount ed to 123,711 bales, bringing the total for the season up to 814,180 bales, against 530,817 bales the correspond ing period a year ago. ; Public Switches to Stock. There was a noticeable diminution in outside trading during the weelk, The public, which cleaned up hand some profits in cotton recently, switched thelr operations into Wall street, where the supreme activity of securities offered considerable specu lative opportunity. After tomorrow's| census reports are out of the way the public likelv will be tempted to re-{ enter the cotton market, should the bull movement be resumed. | With the ginnings expeected to: eclipse all records and the condition report sensationally low, lively scenes are expected Monday. The market is in a healthy condition to accept both renorts. The stage is set, with evervone pa tiently awaiting the two Important documents, which will either cause ‘m‘fm-s to tumble or to coar. 1 condition of the cotton crop at 56.8 cent; 6.5 below last montl:).b perl ~ J. W. Jay & Co. made the condition of the cotton crop at 59.7 per cent. ~ Government's weekly weather reports was unfavorable. ; THURSDAY SEPTEMBER 28. Atlanta bank clearings, $3,823,098.13; last year, $2,711,027.50. . ‘ \ Atlanta spot cotton was quoted § points higher at 15.95. I I New York cotton closed 8 up to 3 points lower. The market ruled dull and featureiess. | New York Stock Exchange closed ir regular. Republic Iron and Steel soared to 82, for a net gain of 8 points. I..essi vigor shown in trading. ! I Chicago wheat advanced 2% cents. It was a bull market throughout the day. Inspiration Co?per Company declared extra dividend of 2 per cent. Virginia-Carolina Chemical Company ‘declared regular quarterly dividend of 2 per cent. 1 - National Ginners made the condluonl of the cotton crg& at 5.8 and placed ginnings at 4,290, to 4,390,000 bales. ‘ Henry Ford in ursln% Wilson election denied war is responsible for country's grusperily and said business of United states has momentum that so man or group of men can stop. } FRIDAY, SEPTEMBER 29. \ ~ Atlanta bank clearings $4,267,605.35; last year, $2,647,853.09. I Atlanta spot cotton was quoted un-‘ changed at 15.95. New York cotton closed unchanged to 3;:01:1&: m{her. Trade houses absorbed offerings. rost waining helped to subi tain values, New York Stock Exchange closed strong. United States Steel made a new high record, reaching 120%. All steel shares soared. Reported that new pools were behind these ssues. Chicago wheat dropped on heavy proﬂt-tuxinﬁ by bulls, who took advan tage of dullness and lack of outside trade and hammered prices down. | A. Norden & Co. made the condition of the cotton crop at 58.2, while Miss Giles made the condition 58.2. ‘ Spinners’ takings for the week were | 207,000 bales. & ‘ President Vanderlip, of National City Bank, spuklni &t & meeting of the American Bankers' Association, urged broad national preparedness. | Syndicate underwriting $50,000,000 city g! Paris five-year 6 per cent bonds paid : I SATURDAY, SEPTEMBER 30. Atlanta bank clearings, N.z&l.z&zo!;' last vear, 1‘.’,T00.C01.0?. P&?r week, $24,- 721,173.31; last year IIC. 0,401.66. For mon R, $01,998,202.57; last year, $77,780,- 94.44. Atlanta n{mt cotton was left un-1 chanped at 15.95, New York cotton closed 2 points high er to 5 points lower. The market was steady in the face of weax Liverpool cables. Cold weather susiained vuluu.‘ New York Stock Exchange closed ir regular. General list suffered sharp re cessions. | Chicago wheat closed lower. Beptem ilbm- dropped 2'4 cents on liquidation by ongs. Journal of Commerce reported the condition of the ecotton crop at 59.6, a decline of more than 4 points for the month Watkins made the condition 57.7 per cent Reported that the Associated Dry Goods incorporated under \'lrfmlu laws will take over properties of Associated Merchants Company and United Dry Gioods Comﬂ.ny, completing reorganiza. tion of Claflin business OEARST’'S SUNDAY AMERICAN, ATLANTA GA., SUNDAY, OCTOBER 1, ivio. e e e )T2 oA, vuivuboi 1, Ivio. fewT 41 R Week’s Range I In Cotton The following shows the highest and lowest prices of the active options on the New York, New Orleans and Liver pooi Cotton Exchnnges last week, to gether with Saturday’'s close and net changes from Friday's close; also below net changeg for the week: NEW YORK. h"h—-—————_'——__ IHIgh.LLow.I Sat. | Net | | Close. | Chgs. T SRR 116.02| 115.66/15.80-82— 3 Beay 116.27‘ *16.00/16.08-09|— 2 Jan. . . . .| 116.54) *16.08/16.10-12|— 5 ML el e e 3 .4316.51-52{4 1 Qulys, o 0 Ils.n iu.cxhs.ss-soa— 3 NEW ORLEANS. s i ;HI;h.I Low.| Sat. Net i i | Close. } Chgs. Oct. . . . .| t15.68[ $16.88[15.45. |— 4 Dea - o ( 115.82) $15.61/15.62-64|— 7 Jan. . . . .| 11608 *15.74/15.76-77)— 8 March, . . o +16.46f -15.96/16.96-98' — 9 May. . . .| 116.46 -16.15/16.18-20|— 8 Suly, . 116.59| -16.39/16.34-36|— 8 LIVERPOOL. ‘Hl(h.' Low.’ Sat. | Net o“"“r“ . | Close. | Chgs. ct.-Nov, . .[19.62 [z9.2¢ [9.28 |— 1 Jan.-Feb, . .lfs.ss I-s.u 19.351¢|— 7 March-April ,'g.u |9.38 fo.ss — May-June . .19.60 [29.40%9.4135/— 7 TMonday; *Wednesday; sThursday. zFriday; -Saturday, = Net changes for week: Now. Fuplevicp L T 2,4+ 7 New- Orlgansie . .00 5l ..ugd; —ll Liverponl.. o s 0 L —20@26 P 55 0 T TR GOSN L ~ Worth $35.22 a Ton | Prlces‘ paid for cotton seed on the farms the middle of August this year compared with last year are shown in the following table: » Cotton Per | Seed, Ton, _State— 1016, 1915. YITROMA L d e e K | North Carolina .. .. .. ;. ..35.00 27.30 South Carolina .. .. .., .. ..36,00 21.80 ’(;eorgia.. od %4 snienss 0 088,00 20.60 TONNesse®.. 42 ov is se.s. ».86,00 21.60 Alabama.. .. . . 4. .. ..38.00 21.40 Missigsiopt ~ ~ .. 00, ..38.50 19.30 LOUISIONG 0300 iui v i o 0 . 3650 17:00 TOXRE.. . iay iied o 3060 1580 OKIBhOM. o vv ou.voiivs oo +.38.50 16.80 ATKENSAS.. (. .i o 0 oo .o ..42.00 19.50 United States.. .. .. .. ..35.22 20.14 N. Y. Nati . Y. National Banks i Buying Securitie NEW YORK, Sept. 30.—The latest re | port of the national banks of this city to the Comptroller of the Currency Ishows that those institutions have been lrecent heavy buyers of securities not withstanding the hlTher money rates. Of the six banks which were the larg est holders of securities on September 112 the five following disclosed approxi mate increases between that date and June 30, the last previous call of the ! Comptroller: First National, $20,000,- 000; National City, $10,000,000; Chase National, $7,000000; Bank of Commerce, $5,500,000, and Machanics and Metals, $500,000. The sixth of the group, the Hanover National, alone showed a de- Icrease in holdings. ‘ | . | ‘Wheat Estimates | ~ 69.8 Per C f'ls | .0 Fer Gent o i} OTTAWA, ONTARIO, Sept. 30 —A cablegram recelved today from the In | ternational Institute of Agriculture at | Rome, Italy, gives the following estimate iof this year's wheat production: y The total production of wheat In Spain, lin?land and Walrs, Ireland, Italy, Ewitzerland, Canada United States, India, Japan and Tunls is esti mated as 1,626,041,000 bushels, or 69.8 Iper cent of the production in the same | countries last year and 92.6 per cent of Itheir averase production in the five years 1909-1913. ] Aol ‘Baby’ Bonds Are i l aby’ Bonds Are in ’ NEW YORK, Sept. 30.—Small as well as large (investors have entered the | bond market in large numbers. The de \ mand for ‘“‘baby'’ bonds is now greater than it has ever been. One house Iwhich specializes in these SIOO denomi nations says !t is doing the greatest |busmesa in “baby’ bonds in its history. The demand is for all classes of is sue. One favorite is the Argentine Go\'«‘ Ic'nment 58 which are not listed on the ' Stock Exchange, but which are part of |l‘le same issue. These unlisted bonds are selling at 87, or about six points lunder the price of the listed ones. . et nindusn 200,000,000 Pound | ' ' Oun S Copper May Be Sold l s, 1 | NEW YORK, Sept. 30.—The copper trade reports that the Allles have an :oplion on 200,000,000 pounds of copper 'at a price approximating 27 cents per Found. If the report be true this is ' better By about 2 cents a pound than | the price understood to have been pald by the Allies for last week’'s big con tract. Should this option be exercised its consummation will bring {urplfn g’;r— chases of 1917 copper to the neighbor hood of 850,000,000 pounds, Small Railroad Sma t ~ Bonds Hard to Buy | NEW YORK, Sept. 30 —Ths continued | absorption of small railroad bonds has cleaned up the avallable supply. Houses report they have a substantial volume of orders on hand for issues that they can not now obtain in the market, par ticularly Chicago, Milwaukee and 8t | Paul convertible 4348, and Norfolk and Western consolidated 4s, and some mu | nicipal issues, ,HUTTON & CO’S COTTON LETTER. NEW YORK, Rept 30--I,lverg.r»ol ca bles were daﬂldndW lower than due, and our market doubtless would have met | their decline ex"o’p( for reports of kill- L ing fros in parts of Oklahoma, Texas and | Tennesses Journal of Commerce makes | the condition 68-8, which indicates a erop of about 13,400,000, including linters. This is cv»n-Morußly larger than the | trade is figuring on, and should the | Government confirm these figures on | Monday a sharp daciine 18 likely, as the crowd is looking for about %6 or lower, !'r.. forecast the market Monday 's guess ing on the report, 80 we can only say, if prices deeline on it we think cotton should be bought fresly | _ELGIN BUTTER UP 1 CENT. | ELGIN, Sept. 30.—Butter sold on the l Board today for 34 cents, an advance of | 1 cent over last week | | NEW YORK BANK CLEARINGS, ' NEW YORK, Sept. 30--Bank clear inge today $604,5685,068, against 3634211, 706 last vear, an increase of $60,352.749 Evening Up by Traders Before Bureau Day Only Feature Satur . . day—Killing Frosts Reported. NEW YORK, Sept. 30.—At the outset May cotton was xupolntn higher and the other active options 2 to 4 points lower. Wall Street interests were the largest buyers. Spot houses also bought an commission firme took limited Quantities. Room traders were the principal sellers, two prominent brok ers disposing of 1,000 bales of January and May. With the exception of some evening up on the part of traders in prepara tion for the Government reports on Monday,' the market was without fea ture. New Orleans sold moderately in this market and epot houses sold Mareh agalnst their January purcnases. Kill ing frosts were reﬁorted in private dispatches from Oklahoma and Arkan sas and caused a demand from Wall Street speculative interests. The tone was steady. Late In the session trading was more active with prices -howing little net changes. The market was finally bare ly steady, a net advance of 1 point to a decllne of 5§ points. Spot houses continued the lurﬁast buyers. Spot in New York was quiet and un changed at 18 cents; sales none. le:ots at New Orleans was qulet and unchanged at 15.50 the sales were 2,120 bales. The receipts at the &();)rts for the day were estimated at 45, bales, against 41,430 bales last week and 23,353 bales a year aFo. The Chronicle esti mated the world's visible supply of the staple at 3,400,184 bales, against 4,243,561 bales & year ago. The American aquly is 2,615,164 bales, compared with 3,124, 551 bales last year. New York Cotton Futures. E e } .4 | + ‘ iaf & b '§ |Bl 85| § |33 o| & | 3 (32| © |BO Uc |15.82/15.84,15.80(1 .32(15A80-82'15.§8-ﬂ NY Lot sossty oo sovss | 15.08 15.94 Dc [16.04/16.15 16.04 16.08 16.08-09 18.10-11 Jn 16.1216.31;1‘.10'}6.11.16.10-12|16.15-18 By osalacaleudo: s ieie HER Mr 16.31/16.38,16.29 16.30,16.30-3116.33-34 As biasedra olis uli i 11638 11640 My 16.49;16.5{1649,!653;16516—-53‘16.50-51 Jol wividlidvaalodoaate iy 1608 \16.63 Jly [16.63 16.65 16.58/16.60 16.59-6016.57-60 Closed steady. New Orleans Cotton Futures. \ I 1 I 1 g : | 4 a 3 1 - { Sl | I PlB ({5 Iged! & |&R ‘ | @ | | B .1 a 3 | ©8 &=S | | 2 |&= |3|3B]| 5 |&g Oc [15.48 15.48 16.44/15.44]15.44 __ 15.48-50 N Lovobuaibon. pilts. b9t IS BBOT 'De 115.63/15.70/15.6215.63 15.62-64,15.69-70 Jn |15.81/15.84/16.76/15.77 15.76-77,15.84-85 ' 4 A ceeeiliaean ..., 15.86-8815.94-96 Mr [16.01 16.08/15.96 15.97/15.96-98 16.05-0% AP [isoselsnssatossole.iicll6.oß-08{1621-18 My 16.24 16.27/16.19 16.20 16.18-2016.26-27 Je ssosnfiveaelesena]essas|l6.Bl-23/16.89-81 Jly 116.39/16,89/16.39,16.39 16.34-36 16.42-43 Closed steady. LIVERPOOL COTTON. | LIVERPOOL, Sept. 30.—Dus %@2% points higher, this market opened quiet % point lower. At the close the market was easy with brices at a net decline of 7 points. I Spot cotton_dull, at 3 points advance; middling, 9.47d4; sales, 4,000, Includin’ 2,000 American bales; imports, 12,000, o which all were Amerfcan balés; specula tion and export, 500 bales; tenaers on new docket, 3,000 bales. Prev. Opening. 83 p.m. Close. Futures opened quiet. Sept. 9.37 9.40 9.27 Sept.-Oct. 9.25 9.35 .36 I”rl.—.\’ov. 9.33 -9.34% 9.28 9.35 ' Nov.-Dec, 9.35% 9.30 5.87% ' Dec.-Jan, 9.38 9.32% §.39ig i.lAn.AF'eb. 9.41 -0.42% 98.35% 9.421 Feb.-Mch. 9.43 9371 944 y ’Mch.-:)\,frll §.44%-5.45 9.35 9.46 April-May 9.40 9.40 5.47 | May-June 9.47 -9.48 9411 9.48% June-July 9.3914 9.3915 9.«:2 ‘Ju(l:y-Au‘. 8.43 9.37 T% 9.4 } losed easy. ’ ATLANTA, STRONG; GOOD MID. DLING 15.95, - New York, quiet; middlind( 16c. New Orleans, steady; middling 15,50, Liverpool, firm; middling 9.50. Philagelphia, quiet; middlmg 16.20. Savannah, firm; middling 15.63 ~ Boston, quiet; mlddan 16.15. i Little Rock, quiet; middling 15.63. Charleston, quiet; middling IS‘/?‘. 2 : .\ugunta. steady; middling 15.63. Mobile. quiet; middling 15.50. Norfolk, quiet; middling 15.62 Wilmington, quiet; middling IS‘? Montgomery, quiet; middiing 14.88. Galveston, steady; middling 15.65. | Bt. Louis, steady: middlini 15.68. ' Houston, steady; middling 15.55. Memphis, steady; middling 15.76 i Dallas, steady; middling 15%. INTERIOR MOVEMENT, 1916 1915, Houston .. .. o 19,679 12,007 AUSUBEER. : <. o 5 oo} 3911 | 5,855 | Memphis.. .. oo .. 6444 ( 3432 Bk TN 'l 1,463 | buo Cineinnati .. .. ..| 644 134 Little Rock .. ..1ic........| 609 SRR .. s 82,136 23,607 LIVERPOOL COTTON STATEMENT, 1916. | 1916. | Week's sales ..............| 42,00/ 61,000 lAmmcun Cassunsssrisisissl TR BE DN For export cessessessraee] 10000 1,000 11".,r speculation ....... 2,800 17,500 Forwarded P soses 62,00 70,000 TSR R osoniiis .. 564,000 983,000 American . shhisis 430,000 743,000 Actual week's exports 1,000 19,000 ' Receipts for week 39,000 28,000 American . . >4 34,000 20,000 lece!pu since Sept. 1 .+ 453,000 215,000 | American . .o “se 374,000 102, #v | Stock afloat e e | 204,000 218,000 | American . 187,000 186,000 | > ——————————————— | _ATLANTA COTTON STATEMENT. Baturday. Bales BODORIND: . co: sovs 0b 08 54 ve s3] DIBR PUIDIDORED .. i o 0 89 65 e oo 00l DNED B¢ o % as B 8 o% a 5 .o 131,842 | NEW YORK BANK STATEMENT, I NEW YORK, Sept 30.--The weekly statement of the New York Associated Banks shows the following changes: Average ?utomont. Loans increased $32.458,000 Demand deposits Increased $31,764,000 | Time deposits Increased §748,000 , Reserva decreass $24 544,560 Actual Statement, Loans incraased 531820000 Net demand deposits increased §7,. 768,000, Time deposits decreassd 32,066,000 Reserva decrease 324,54, 560 METAL MARKET, NEW YORK, !-v;.x 30.~Metal Rx change prices. HKpeiter firm; prime spot, |9% . November and December, 8%, Cop per strong: November, 20,@20%;: De cember, 204 @29%. First quarter, Twe 48 second quarter, T 4 @27%. Deliver. ox for the remainder of 1017, 27Q27% ' ' Option Drops 6 Cents From High ' gt g ' Point on Liquidation by Be lated Holders. G S CHICAGO, Sept. 80.—Belated longs, trying to even up thelr September wheat contracts, caused a sharp break in the price of that delivery in the last few minutes of the session today. Pre viously the shorts had run the fw‘lce up 2%c over Friday's close, but ollowlng| the liquidation by holders, who expected & sharper bul!e, it reacted 6c from the high point and closed with 2'%c net loss, Deterred futures finished lg¢ to e lower. Uncertainty over the action of the September delivery kept the market in a nervous state all through the ses slon and the volume of trwlng was small. Prices were strong and higher early as a result of bullish foreign news, but sentiment was inclined to be bearish | ang the market suffered more from lack | of demand than from actual selling pressurae. There was an abundance of Argentine news and practically all of it was bull ish. One private cable stated that rain was n.llmil in the province of Santa Fe, gart of the territory where the crop. as suffered much from drouth, while Broomhall's and other private ndvlcea'l all reported continued dry weather. One of the private cables stated that the | wheat crop was greatly damageqt by drouth in more than 50 per cent of total sown area, while another claimed that the only good wheat section was in the | southern part of Buenos Aires province. Indications were that a large export] business had -been put through at the seaboard, but no figures were forthcom- | ing. It was stated that the Greek Gov ernment had made large purchases of wheat at New. York, though this was not confirmed. Omhaa reported 100,000 bush- ; els of wheat sold for export at 13¢ over December price, delivered at New York, the highest premium on the crop. Lo~ cal shipping sales were 40,000 Imshvls* and included 25000 bushels for export. | Cagh wheat here was relatively steady. Corn was quiet and the trade was watching September. Latter closed un changed, while deferred months were %c to %c lower. Holders of the Sny tember corn supplied shorts freely around 90c. Cash corn ruled steady to 1e hlfher. with shipping sales %8000 bu-::e 8, including 20,000 bushels for ex por | September oats finished %o highet, while distant deliveries were Y%e lower for the day. Trade in general was light, with short covering in Septembar the Prlnclpal featufe. Cash oats were e ower, with shipping sales 120,000 bush els, including 60,000 bushels for export. Provisions were erratic, short cover ing forcing September pork 42%c higher and September ribs 37%ec. Graln quotations: Previous High low. Close. Close. WHEAT- Sept..... 156% 1.50% 1.52 1.54% De 0..... 1.55% 1.537% 1.54 1.54%4 May..... 1.55% 1.53% 1.53% 1.53% CORN~ Sept..... 90 894 893, 893 Do % 731 73% 783 MAy..... 7%% 7615 76% 76% . OATS— . % o 1 ePpt...:. T 4 465 4¢ 4 2900, .5+ . 5 483 48 Isq 8% May.i... Bl 51 Sl 513 PORK— Sept.. 28.87% 2860 28.87% 28.45 Ok ..... 8 62% 26.35 26.65 26.42% .D'c-"“ 23.50 22.80 22.95 23.35 Jan.. . 2295 23.45 22.50 22.97 Y% LARD- - Sept.... 14.80 14.40 14.40 14.50 0ct..... 14.40 14.30 14.30 14.35 Dec.... 13.87% 13.50 13.50 13.70 JaN..... 13274 13.15 18.15 13.30 RIBS— Bept.... 14.82% 14.45 14,75 14.37% 0.. B 18.82% 1385 13,821 Jan..... 12.37% 12.20 12.232% 12.40 NEW YORK COFFEE MARKET. NEW YORK, Sept. 20.—The custom ary Baturday dullness prevatleg 1 the coffee market today. Coffee quotations: i | _Opening | Cios'ng. January . . . of cecennen.. | 8.8108.83 February . , . ol sesooces. | $.54808.88 ‘ March . ..., .. 885@8.90 887(88) ‘ yrll s e afiac ] RETEEN AY . o ¢. . 894@8.97 | 895@8. 04 SUBE - . s 0 o o] sisiseees. | 5.99809.00 July . . . . . . 9.00@9.02 | 9.02Q5.05 AN sos sonsinenas | 5.07@9.08 Qotober . . ~ . o]l covinnenes | 8.9008.99 Novembder . . .| .........| 8.33685.85 December . . .!' 8.75@8.85 l,Tlél,io Closed steady; sales 10,250 bags. COTTON SEED OIL. NEW YORK, Sept. 30.—Cotton seed oil was gteady today. Btrong markets for greases offset the effect of the hedgs selling. Crude ofl {s firm Speculative trade was quieter. : Cotton seed oii quotations. 1 Onening Clos ng I January . . . 1024@10.26 10.2310.25 February . . . 10.33@ 10,37 10, :ISQN..'M‘ Mareh .. , . +110.43@ I'v4: ig 430010 ;5‘ S s ke v 10.50@10.58 10.51@ 10. ‘ lﬁy Ciie 10.68@10.62 xomglo,coj October . .110.2 : | ' November . . 10.22@190.23/10.21 ’ﬁ 10.23 | December . 10.20@170.2'10.22@10.24 Closed steady; sales 10,100 barrels NEW YORK SUGAR MARKET. NEW YORK, Sept. 20— Raw sugar guiev. centrifugal, 6.77@ 5.8 molasses, 00G5.12. Reflnied quiet; granulated 6 5QT7.00 Bugur quotations S | Opening Closing. January . o 418@420 9 :3@0,25 February . $.00Q401 | 405408 | March ~ v e 800G04 404 eos | April d 6 s Ml o> 408410 ;.\lay . « 411@4.13 | June ¥oy acel an | Lldgely iJ.u)’ e o o $160Q4.17 | 4 .90.9 | August . 4.2094 22 ' Uctober . ) ABBQLY | 4.06@6.00 | Novermber 4.72@4.78 | 4 wéo 81 December 406Q450 4.59@4¢.61 Closed steady; sales 2,850 hags BT, LOUIS CASH GRAIN, BT, LOUIS, Sept. 830 —Cash wheat Noa 2 red, IL.O@I &). No. 2 hard, 1.60 Q 1.6 Corn: No. 8, 88%: No, 2 yeliow, 1% © 88; No. 3 No. 2 white, 87 Oats: No. 2, 48%; No. 2 white, %@ 47%; standard, 48. CHICAGO CASH QUOTATIONS, CHICAGO, Bept. 30.—Wheat. No 3 red, IMl.dI 85; No. 2 hLard winter, 1.67%; No. 8 hard winter, |.57@1.96, Corn: No. 2 mixed, 85%; No. 2 white MUO, No. 2 yellow, MW@ woik: No. ‘ mixed, 87@87%; No. § white \T%QIi; No. 8 yellow, 874 @88; No, 4 mixed, 8314 @R4; No. 4 white, 84@84%; No. 4 yellow, 4. 4 Oats: No. 2 white, 4714 No. 8, %6 47%; standard, 474% BAR SILVER NEW YORK, Sept 20 Bar silver in London today was 11-164 lower at 32%d rr ounce; New York price 4e lower at ’II‘. Mexican dollars, 58%¢ to 8% NAVAL STORES MARKET NEW YORK, Eept 3. —Turpentine steady. 48%e 1o 47¢ Rosin steady. common, €36 5 . . :: Recalls Civil War | i ! $ Days in Wall St. | ¢ e ; % EW YORK, Sept. 30,—Veter- | ans of Wall Street were | $ reminded this week of the ! wild markets experienced in Civil ! d V&ar times. One of them remark- | S ed: § s . “You think this is a wild mar ket. In the days of the Civil War ¢ it was nothint for active stocks to ¢ \jump or break 30 or more points { E in a day. | have seen New York ' ! Central stock close at 110 and open ¢ § the next day at 160. In those | { times we had no tickers and no ! ; telephones. No tape gave quota- | tions every second. The only way ! { commission houses could get word g of what was going on over the | § floor was throug?\ meuonfgers. 2 | The bottom could drop out of the } . market while messages were being ¢ delivered and the fact not become * ! known for minutes at a time.§ Brokers would send out printed | ) forms from the Stock Exchange | . floor on which they filled out quo- ' ! tations at a given hour, These | , would be distributed around the | ! Street. Imagine such a system of ? ¢ publishing quotations en days like § . we have had this week! § NEW YORK, Sept. 30.—With todly‘ the end of the month, closlng the thlrdl quarter of this year for the United States Steel Corporation, estimates arel already being made of what the show- | ing will be, despite the fact that the | statement will not be prepared and mﬂde! public until the last of October. All these estimates, which are made by In terests who make a close study of the corporation’s affairs ,establish new hign records. In the three months ended June 30 last the corporation reported net reve nues amounting to $81,126,048, a new | tgg mark, and an increase of about $20,- 400,000 over the first quarter of the year, while the balance after the pnsymont ot the Freferrvd dividend was $59,401,841, equal to 11.69 per cent on the outsand ing common stock, or at the annual rate of 47% per cent. In the first three months the balance available for the | common stock amounted to $39,207,952, equlvalent to 7.71 per cent on the junior issue, or at the rate of 30.84 per cent per annum. As the highest prices in the history of the steel trade were realized on the or ders being filled during the currnt three months it is certain that the net earn ings will be considerably ahead of those for the second quarter. Estimates now being made generally are for an in crease of more than $10,000,000 over the | revenues oft he three months ended June 30 last. Some interests who follow close ly the Steel Corporation's business are looking for as high as $95,000,000 to $96,- 000,000 in net earnings and the estimates range from these totals downward to £91,000,000 Allowing for deductions of the same totals that were charged for depreciation and reserve, interest and premium and preferred dividend in the second quar ter, or approximately $21,725,000, a bal ance for the common stock of about $69,275,00 would be left on net revenues of $61,000000, while on earnings of the higher estimate, namely $06,000,000, a bafanro of approximately $£74,275000 would be available for the junior issue. The condition of the Atlanta Federal Reserve Bank at the close of business Friday, as reported yesterday, was as follows: Resources, Gola coln and certificates— old settlement fund .. ...$3,040,000.00 g!vp per cent redemption FOME . .suviisiissmninsincny TN Held by the bank ......... 4,453,302.83 TO ......cccivimvncns SNO 11 Bils discounted— Commercial paper ......... 7,083,901.28 Investments - Municipal warrants .......8 289 285.00 United States bonds ...... 2,024,000.00 TORAY . ..oaoviugeinnee s BRADRINNY Due from Federal Reserve DERRS. DOt siiesvininsint 58.080.19 All other resources ......... 216,703.78 TR &o i chaii ey ..$17,263,390.3¢ Liablities. Capital paid in . .$2,450,950.00 Governmant deposits ~...... 3,857,642.18 I Reserve deposits, net ........ 9,882 36692 | Federa! Reserve notes, net | HADIMRE ... .cuivesiinisiie 3RS PrOfL NG 1008 .. cisrvvins 1,205.59 | All other lfabilities .......... 65.050.67 | i tetiions Total . ‘e .317,363,890.36' Federal Reserve notes {s- } R .. coee .. $19,040,700.00 Federal Reserve notes on hand .. ssseqesscusse IR DOOO Federal Reserve notes | outstanding ............$17,3564,085.00 Gold with Federal Reserve ABL .c.covarsnsascines JLONLDIDON Net liability, Federal Resarve | WD ¢ooicieariihaiiioeh .lI.OGG,M.Ooi LIVE STOCK MARKET. { CHICAGO, Sept. 30.--Hogs—Reaeipts 14,000, Market 10c to 15¢ lower, Mixed and butchers, 9.35@10.50: gn(xl heavy, $ 7113110 45; rough heavy, 9.2609.70; II!M, "nwrtIOAS, pige, 7.0099.00; bulk, 9.75@ 10.85 | Cattle—Recelpts 600, Market steady. Beeves, 5.76@11.10; cows and helfers, 3.75 @9.50; stockers and feaders, 5 WaT.4O; Texans, 6.75@8.60; calves, 11.00§12.50. | Bheep—Receipts 600, Market steady. Native and Western, 4.0098.50; lambs, 7.65@10.20, ‘ BT. LOUIS, Sant 30.—~Cattle: Re ceipts 900, including 200 Boutherns: market steady; native beef steers, 7.00¢ | 11.00; yearling steers and heifers, uoz‘ 10.66; cows, 5504750, stockers and . feeders, §5.30G7.50; calves 6.00@11.75,; | Texas steers, 5 50@8.00; prime Southern steers, §.00@9.00; commons and heifers, 460G7.50;, prime yearlings and heifers, 1 wgooo. Hoge: Receipts, 2,500, market 10¢ | higher; miged, 9 nhmow, good, 10.50@ 10.60; ‘rough, 9.25@9.50; lights 10.105§w 10.50; pigs, 8.00@9.40; bulk, 9001050 - Sheep: Recelipts, 1,850; mrkat‘ steady; slaughter ewes, 50097 35 brmmnr ewes, 8.50G9.50; yearlings, 8.00 @9.00; lambs, 7.00@10.00. | f KANSAS CITY CASH GRAIN, | | _KANSAS CITY, Ha{m 30, —Cash, Wheat No. 3 hard, 1.54@1.58; No. 3, | L.52%1.88; No. 4 red, IH‘SIIW | Comn No. 2, 85; No. 3, 83%: No. 2 (yellow, 85: No. 3 white, 85, 1 - Oats: No. 2, 46@46; No. 2 white, 47, ' - \ | CHICAGO CAR LOTS | CHICAGO, Sept 30. ~Following are re- I L celpts for Saturday | | Wheat . ’ 123 | In:.n i Al 29 Hogs s 14.000 ?This Is Indicated by Large Decrease in Surplus ' Reserve and Big Increase in Loans—Bankers | Warning Promotes Profit-Taking, ; ! By BROADAN WALL. ' NEW YORK, Sept. 30.—The reac tion that came in Wall street today was fully explained by the bank statement that followed it. If this; statement means anything, it means that professional traders and bo.nkers; who have been carrying stocks on margin in the banks have liquidated, and the stocks have been taken by the public either for cash or on much heavier margins than they were ear-} ried the previous week. This is in-; dicated by a comparison of the actual and surplus statements. The actual statement shows a de crease in surplus reserves of $24,944,- 660, an increase in loans of $31,825,- 000, and an Increase in net demand deposits of $7,765,000. The average statement shows a decrease in sur plus reserves of $7,833,120, an increase in loans of $32,458,000, and an in crease in net demand deposits of $31,764,000. The question is frequently asked by the new traders in Wall street what items in the bank statement threw light on this point. It must be admitted that the indication is not absolutely correct, but in theory when a broker borrows money he immedi ately puts it on deposit, and it be comes a demand deposit, A large In crease in loans, therefore, with a much smaller increase in demand de posits as shown in the actual state ment made today indicates that the loans made by brokers were material ly smaller than for the previous week. It shéws further that brokers’ loans were reduced heavily toward the end of the week because of the item of $31,764,000 for the entire week. The net demand deposits stood Increased at the close of business Friday night, compared with an Increase in the same item of $31,764,000 for the entire week. The net demand deposit must have been near $80,000,000 earlier in the week to give such a large aver age to be compared with such 4 small actual at the end of the week. Other influences are always at work in the banks, for there are loans ot, which the public knows nothing for special purposes, and particularly now when so muen internal business is ‘being done. But the deduction drawn from the bank statement is exactly In accordance with what observation about the streets indicate has hap pened, Much of the liquidation by profes slonals toward the close of the week was due not so much to the big prof its accumulated as to the warnings issued by prominent bankers. Pro fessionals take advice from bankers much more quickly than the publicl does. The bankers are willing to see prices mount higher and, in fact, ex pect them to go a great deal above the highesat recorded in any stock, but they want the advance to be orderly. Since the entire market acted un der the same influence, thers is littls virtue in speaking of individual stocks in a market like today's. It should be noted. however, that the talk of a special Union Pacific dividend is re vived again in banking houses close to the management. The dividind talked about in the very highest of these inner circles and 5 per cent cash and 25 per cent In stock. Another company with which banking gorsip was busy today was the Submarine ‘Boat Corporation. The stock of that concern acts as if a hig news item ":‘"e struggling to make itself pub e The 30,000-car order Russia wants fto place in this country {s belngl fougzht over by the-various equlnmeml concerns, and will be a big plece ot‘ business, but it is not for astandard | cars such as are used in America, but for cars of not half thelr size. It will b t‘_f‘;r‘. R e Y o ) R S RBT '5; _&_ T P I L r—,"‘:.-;' % ) kil ) LANTA . & Good for improvement Is there ground for improvement in your banking connection? If so, become acquainted with the factors of safety, the disposition to serve and the facilities which the American National Bank places at your disposal. ATLANTA, GA. like the anything : Imt' therefore, b:t donkich enmuaﬁgé o 18 have said it would astic protessiona ; be. ne highest, hows t The followlﬂﬂ| :.b;rd‘prlu. 20 the N : st ang it S el : ; or with the Sang IGlo-t 2% High —————&s‘—— STOCKS— AR T T # Allis-Chalmers ..| 21%) - A]ul-chﬂ-;“ g ..--|ii" 41 *smil . do, pre Zino .| 43 197 | 9650|— > American Sugar .| 97% 5% 65 1 Am. Beet Sugar . §Th| 864 88 ® 3Am°"°‘"pdy. el 78 7" 54%)— % A Gaen bl b HES A Eocimoive ."lxgg\%ﬁﬁé‘%{. 2 Amer. s G| eeens ASI I g s L Am. Suga nd Tois 1”*[1“ 47 ceien Amer. %oﬁxen g%‘ 97 97* I“;?l | ﬁ;na}ﬁf;“ﬁ‘ Sl% 1%”*“&? e ﬁ Bon 'ks B s By HEH ol Beth el il i B G i Wis) arier e e Cal. Petr ne ..ol giil 65%‘ 6695 |— G 2 & §3l2| 60| Sokt , (é‘_ l:ndFUén'd' Rty gz |96 ’g%—l i Cor M. ang & e | 56% 13 .3 et A o e il iß°'| 16 |Seodg Consc!l‘:-;].gé%cts ;g i;2 ‘ 93& B ‘orn d g [ sl (%?Eclblq szc;f‘l‘eﬂ'-} ,s;’& 43‘%; :g ‘_;‘,-‘. ; Distil. Secu ' ‘oa‘ 24%1 54%‘*‘."1; : a 1 181% 18115 == G ndoi:‘]lsctric veee|lß3 [....|135 e (G}te*n'('ral Motor o 7‘%1 7:%11’{331‘; , Gooyirich CC;‘- prd. 118 In‘s%l BRI B ‘Ore .| 46%| 451 [105% |— - % & Northars Ove .| 48 10434 “%I_, \ Ilinois C°nr wur| 679 68 {17%4-, ; Insp. Subpe ,:.... saee ""‘ 73 ‘— i TS e ST T A Interna. Jiacvens 8% 1334 B 8 Central Le" lith- sveal sool 4 l__. ! Kan, c"-ydeoex. srof, siif o (=32 - A 187 si%ihy do phg Bt. 190 'z%! 84 3 Lenigh Valiey w 0 SR SR iﬁami COPPer“'.""'[l;‘ {134 'l.':?[%_#3 Nax. Mot 18 e oo | ol . > Yeisalediat — ?\%Tsourl P“f’&; j,hlz&i“”‘.%;" e N7y Gentral .. Toads 100 SR~ NY. (v:qenﬂ., H...| 60%/ m7O STy National Ledd Tk (laenis S g’-a‘";]d E;c{ﬂ;:“::tvlls’ﬂus%llgg‘%—a‘f Vorth, d % ! N St 00l il 57%.133%'11;3‘. Pennsy : 7=l Feo. Gﬁsctio{ 00l 8 | 22 l gs&\ﬂ- ; P. Stee lidated el isa s froa2 Ray Conso oo o |113%1 71%! w%'ﬂj 1% Reading nd 8.....) 82 .{lna:-r:’.- Rep. L ‘nf i erti R——" R 8| 6id! 8e il i . e NWU R o Raimay 101 SRR R Y ol} So. Tesh 88} 132141 7% do, pref. - ..|133 1182 3 findabater 00, o zc&‘} WL — 1 Tenn. Coppe ny 1221 ,%g% 59 {g( ! eoy e oy Thin cific ee'es )81 8 gt Tnion Pac) o) 82%) Lo -y eel u,gytluc !3{9 | e I s;::ﬂ ioen] 88 983 % —'?ﬁ Jtah Copper ... 42%) 43 . Vi Car. Unioa o s ] i(S e “‘ester%lz-c’t‘ﬂc .| 6 2: «“ Witlys-Gveriana | 4 o CURB tmcx&,‘.oliz | YORK 30.—Midvale o ORK, Sept. 30, t Surhis NEW Y , and that abou voums ched 77 today, st of the . tou eof the re mlnll‘d.f”x --i, Yty et e arket. an & tive “Hoat with It bid and esk prices pei?:‘,el with closing Clog low: ) " e— 44 R tves ‘o 08 4,200 Aetna let %{otor' " 1,145 146, '2OO CM‘"’°i°Motorl w. L % ¥ 1,000 %&“"': Munitions . ’ 755 7 ‘ém imdvaleMso't?r'. 2L ::% 1500 United Moters . . "v'234 g, 1,500 White rtd il, of N. 189 200 snndlr 3 8". of N. J. 16 }a 250 Standa Oiit b 13 X 90 Cosden oil Gas com--“_ -® 7,000 Cosden Ol "V 811 0% 1,500 F.d.nxpotroh“m' STy 2,200 Inter, litan Petre. .10 137 iR Smelel 716 1% 14500 Oklaho Aris. Smelt. o 884 l 500 Consol. Cons. .. .. " 16%0. 4'-¢ocoxdnelaou pooeasins RN ":‘°°C°'d°n|~~"".s % 15,000 Rex Con,' B .o I’m guec..h .mt.". N 'SOO Tonopa 7E