Newspaper Page Text
THE SUNDAY AMERICAN'S FINANCIAL AND COMMERCIAL PAGE
Valugs Break 128 to 158 Points Last Week on
Heavy Selling, Due to Beneficial Rains in the
West—Trade Houses Absorb Contracts.
e 1 By VICTOR BARRON,
The cotton market last week was
dominated by the bears. They took
hold of the reins at the start Monday
and held them, e xcept at brief inter
vals, until the markets closed Sat
urday, with the result that values in
New York showed a net decline of 134
to 148 points from the previous Sat
urday's close, and in New Orleans 128
to 158 points—s6.4o to $7.90 a bale,
The Liverpool market closed un
changed.
Rains over practically the entire
Southwest, relieving the prolonged
drought, together with better crop
advices from all sections of the belt,
gave the bears sufficient ammunition
to hammer the market persistently,
Had it not been sos continued peace
talk and strength of spots, the decline
undoubtedly would have extended fur
ther, as the trade was in a good mood
to sell and tired longs were noticeable
on the selling side. Leading bulls, like
McFaddén, Mitchell, Waters et al,, of-
Tered only occasional support, evldent-‘
Iy wanting to see a large short inter
est built up before the next bu
reau report,
Trade Interests Best Buyers.
Trade interests, including Japanese
firms, were steady buyers, absorbing
the bulk of offerings. Timia shorts,
however, also were moderate buyers‘
on seale down. Close observers ron-‘
tend that the market may soon find it
self in the same position as last month
when shorts, attempting to cover.i
found contracts scarce as hen's teeth,
with the result that prices soared sky-‘
ward.
Crop accounts were dist{netly en
couraging, especially east of the Mis
sissippi River, while adviees from the
western section of the belt stated
that the rains have resulted in lm-‘
provement in the plant, and. that
respects point to a good vield, as the
gulk of flelds have had ample mols
ture. &
As expected, some discussed bulls
now are claiming there has been too
much rain, and if the rainy spell con
tinues for a few days longer it will
force the plant backward.
Texas needed rain badly and she got
it, and conservative crop travelers
wire that the crop is making rapid
progress. Whether this is true or not,
let the Government condition repert
August 1 tell the story.
Bureau Day August 1.
The next bureau day is August 1,
showing condition of the crop on July
25. The trade expects the report to
Federal Farm Loans at a\i;y_—
Opportune Period, Says Expert
. Financing the farmer through the
Federal Farm Loan Board and stimu
lating production of foodstuffs to aug
ment the strength of the United States
angd its allies in the prosecution of war
are subjects that should be considered
together. The rural credits act is now
being put into effect, and the first
farm loan bond issue has been con
summated with great success.
‘Writing in The Journal of the Amer
fcan Bankers’ association, Homer, Jo
seph Dodge analyzes the advantages
to be derived from financing the farm
er. Mr. Dodge says:
‘“‘Because of new and improved meth
ods of producing crops and of market
ing them the farmer can not now be
entirely successful unless he has the
cagita.l to avail himself of these new
aids. The rural credits act was de
signed to fill this niche and the Fed
eral Farm Loan Board, now sitting at
‘Washington as a permanent body, is
charged with the duty of administer
ing a law calculated to provide the
American farmer with funds, secured
by mortgage on his acres, which he
may repay in a maximum of forty
vears. Not so considered at the time
of its creation, this board has now
swung into a position of importance in
the war councils of the nation.
Bonds To Be Sold.
“Under the rural credits aet the
capital stock of the twelve Federal land
banks totals but $9,000,000. The act
contemplates that the great bulk of the
funds to be lent through these banks
to the farmers shall be provided
through the sale of bonds to the gen
eral public. In accordance with this
plan the Federal Farm Loan Board an
nounced an issue of bonds on July 1,
1917, to bear 4% per cent interest per
annum. Within a vear the board plans
t 6 authorize the twelve banks to issue
from $100,000,000 to $150,000,000 in these
bonds.
“Farm loan bonds constitute a mort
gage on all the farm lands on which
money shall be lent through *e rural
credits system. TTnder the loan
act the responsibility of the twelve
Federal land banks is joint, The act
exempts these bonds from taxes ex
cept inheritance taxes, and Attorney
General Gregory, in an opinion, has up
held the constitutionality of this and
all other provisions of the act. A syn
dicate of investment houses has ob
tained a separate legal opinion troml
Cotton Seed Meal and Fertilizer Materials
The business man of today considers first of all efficiency and
service, and when he gets that he knows he is dealing with a concern
that does business on a business basis.
We are continually studying the requirements of those who are
interested in the purchase and sale of Cotton Seed Meal and Fertilizer
- Materials, and are in a position to give to our clients every facility
that years of experience have brought to our command.
If you are interested in buying or selling any Fertilizer Materials
~ awire letter or phone call will bring you the immediate attention of the
’
TAYLOR COMMISSION CO.
Dealers and Brokers,
Cotton 7Seed Meal and Fertilizer Materials.
Phones: Ivy 3036-3037, L. D. Bell 9956. L. D. Postal. Taylor Commission.
Offices, Healey Bldg., 15610-1511-1512-1513,
ATLANTA GECRGIA
be around 71 or 72 per cent. The
last report made up to June 25 showed
a condition of 70.8 per cent. A year
ago, on July 15, the condition of the
crop was 72.3, against 75.3 two years
agloaand 76.4 In 1914 and the same in
1913.
The Government's weekly weather
report, issued Wednesday, was consid
-ered a stand-off. It follows, in part:
The temperature was ahove
normal during the week, except
in Arkansas, Tennessee and North
Carolina, where it was below nor
mal. Showers were general from
Oklahoma and Louisiana east
ward, except in parts of North
ern Georgia and South Carolina.
Showers occurred at three-fifths
of the repotting station of Texas.
Cotton, although small, improved
where rains occurred. The plants
are blooming well from Oklahoma
eastward to North Carolina, and
are fruiting well in the southern
part of the area. Hot winds |
[ caused some shedding in Texas. |
~ Rainfall improved corn, but in
| some districtg it is suffering for
~ lack of it. |
| Squeeze in July Likely. |
The large premium July New York!
held over October was curtailed con
siderably during the week, However,
it still maintains a premium of about
120 points,” but at one time during
‘the previous week it sold more than,
200 points above the fall option, Nev.
ertheless, the spot position is strong,
and close observers believe the trade
will witness brilliant fireworks before |
the month ends. July 25 is last de- |
livery day. Although some believe
that the squeeze in the option has
‘spent its course, the trade is watching
developments in that position closely.
The open Interest is said to be small
—confined principally to spot houses—
but iy is believed that those who are
short will experience considerable Qif
ficulty in meeting their contracts. |
The main factor causing the
strength of July is due to badly de
pleted stocks and tight offerings of
the actual, combined with the great |
difficulties spot houses are experi- |
encing in shipping cotton to New
York, owing to the car situation.
Exports last week again were small,
totaling only 65,898 bales, against 117,-
784 the corresponding week a vear
ago. The outgo so fm\ for the season
totals 5.471.330 bales) as compared
with 5,826.014 the previous correspord- |
ing period, \
’former Justiee Charles E. Hughes
which agrees with that of the Attor
ney General. Consequently these se
curities are regarded as gilt edged.
$100,000,000 Applications,
" “The twelve Federal land banks have
applications on file for $100,000,000 in
loans. The twelve land banks have
lent a total of $9,465,739, or nearly half
‘a million more than their aggregate
capltal. This has been done by the
\borrowlng of money by the banks in
order to satisfy some of the most
pressing demands.
“Two thousand national farm loan as
sociations have been organized and
‘have made applications for loans for
‘their members.. More of them are be
ing arranged and by the end of the
Summer the board expects a substan
tial increase in the number. This will
mean a heavy demand for funds at the
opening of the planting season next
‘spring.
“It is for this demand that the board
Is trying to raise funds by the sale
of bonds. Members of the board as
sert that the public will be aiding 'in
the prosecution of the war as much by
purchasing farm loan honds as by pur
chasing Liberty T.oan war bonds. In
this attestation they have the support of
the Administration to a large extent.
“‘California is the leading State of the
Uhnion in nment farm loans go far.
Her farmer ady have received sl,-
450,000. Other States in which consid
erable amounts of money have been
sent out of the original capital of the
twelve Federal land banks are: Texas,
761,000; Washington, $491,000; Kansae,
412,000; Montana, $404,000; Indiana,
307,000; Nebraska, $243,000, and Illinois,
111,100. Tven Massachusetts, whern
money rates are proverbially low and
where the act was re{)orted to rouse
lttle interest, has received a quota of
$28,000 in farm loans. The farmers of
the New England States have applied
for a total of $£3,000,000 in loans, but
only a few of these have been grant
ed, as the Springfield, Mass., Federal
land bank was slow in getting organ
ized.
Two Local Banks Organized.
“Two joint stock land banks, the
quasi-official financial inetitutions per
mitted to ogerate under the rural
credits act, have been omnizeg-—one
at Bfoux City, Towa, and the other at
Charleston, W. Va. Several others are
HEARST'S SUNDAY AMERICAN ot I Newsßaßer for Peonle Who Think — - SUNDAY, _JULY 23, 1917,
. . .
Financial Sunshine
Despite unfavorable weather,
clearings through local Zanks
last week were remarkably
large, totaling = $23,156,547.34,
against $12,250,854.05 the same
week in 1916—a gain of $lO,-
905,693.29. ;
Week’s Range
The following shows the highest and
lowest prices of the active options pn
the New Ycerk and New Orleans COt.
ton Exchanges last wgek, together with
Saturday’s close and net changes from
Friday’s close; also net changes for the
week:
NEW YORK.
| | , Sat. | Net
e '|High.| Low.| Close. [Chg.
duly. . . . .1%27,30/126,00/25.90.26] —SO
October . . .|*25.60 {24.50/24.53.57| —37
December, . .[#25.41/124.37/24,43.45| —37
January . | .|*26.45/124.41/24.40.43 —43
March *. . . .|%25.58|124.62/24.60 | —39
NEW ORLEANS.
| I } Sat. ’Net
S __|High.| Low.| Close. |Chg.
SR N .*-25.30‘124.60'24.25.27! —33
October. . .'24.49}23.6023.75-77! —2B
December . “‘24.70‘.23.66‘23.75-761 —2B
January . . .1%24.72 ;23.55 23.83-84| —29
March .. . .|*24.90/{23.70/23.90-93| —3l
o *Monday; -Tuesday; {Friday; tSatur
ay.
Net changes for week: .
B TAR i iy ..-—1348148
New Orieans. . .. ... .. .. . %188 158
4 i |
The Atlanta Federal Reserve Bank!
Saturday reported its conditlon at the!
close of business Friday as follows: 1
' Resources.
i Gold coin and certificates in
1 vsult Stbi ek knkancniires s STIRRONE .00
i Golfl settlement fund ...... 7,340,000.00
+ Gold with foreign agencies.. 1,5675,000.00
' Gold with Federal Reserve
Lo BNE L ilisiiarscasiiiirs LN DN
I Gold redemption fund....... 346,604.29
i _Total gold re5erve5........34,626,260.05
Legal tender notes, silver,
WU it inicia i 718,141.50
Total reserves ...........$35844,401.59
Bills discounted. members. . $4,628,940.03
Member banks’ collateral
MO 500 b vy 571,000.00
Bills bought in open market 1.358,574.58
U. 8. long term securities
CODBERIY, i foiviv i 698,600.00
U. 8. short ferm securities
(certificates, ete.)......... 1,684,000.00
l Total earning assets...... $8.841,114.61
{ Due from other Federal Re
| “serve Banks, net......... $3,926,602.33
| Uncollected items ......... 7,716,388.78
| National bank n0te5........ 1,187,245.00
Mutilated currem?' forward
ed for redemption........ 88,000.00
All other resources......... 214.465.89
Total re50urce5..........557,268,218.20
Liabilities.
Capital paid in............. $2,389,150.00
Government deposits ...... 4,220,915.75
Due to member banks re
serve account ............ 25,074,491.22
Collection items ~......... 5,620,456.96
Federal Resgerve mnotes in \
actugl circulation ........ 19,858,175.00
All other llabilities ........ 105,029.27
Total liabilitfs coeenenn . $67,268,218.20
LIVE STOCK MARKET.
CHN'AGO, July 21.--Hogs—Receipts
6,000. Market, s@l6c up. Mixed and
butchers, 14.25@15.50; good and heavy,
14.95@15.60; rough heavy, $14.10@14.85;
light, 14.00@12.26; pigs, 10_85@13.7:}:'
bulk, 14.40@15.40.
Cattle—Receipts 1,000. Market steady.
Beeves, 8.75@14.05: cows and heifers,
6.006@12.40; stockers and feeders, 6.76@
9.75(:) Texang, 9.50@12,00; calves, ILSO@
14.50.
Sheep—Receipts 2.000. Market w}rrk.
Native and Western, 7.75@11.00; lambs,
11.50@15.90,
?T. LOUIS, July 21.—Cattle: Re
célpts 600, including 70 southerns. Mar
ket steady. Native beef steers $7.50
@13.50: yearling steers and heifers
$8.50@13.25: cows £6.00@10.50; stockers
and feeders $6.00@9.50; calves $6.00@
14.00; Texas steers $5.50@9.50; prime
‘southern beef steers $8.00@12.25: cows
and heifers $4.25@9.00; prime vearlings
and heifers $7.50@10.00.
Hogs—Receipts 25000, Market 5 and
10c higher. Mixed $14.90@15.50; good
$15.45@15.50; roush XH.OO@H,?S: lights
214.7.'%115.10; pigs $10.00@14.75; bulk
15.00@15.50.
Sheep—Receints 700, Market steady.
Ewes $2.00@8.50;: canners $4.006@4.50;
lambs $10.50@15.50; choppers $6.00@6.50.
“HICAGO PRODUCE MARKEKT,
CE&!CAGO. July 21.—Butter: Receipts
13,353 tubs. Creamery, extra, 37%ec;
extra firsts 37¢: firsts 351 @37c; pack
ing stock 32@382%ec. .
Fggs—Receints 15,585 cases. Current
receipts 20@32c; ordinary firsts 3)@
31c; extra 36%c; checks 25@28c; dirties
28@ 28140,
Cheese, twins, new 25%e: dalries 25%e
Young Americas 2c, Longlfi)rnu 25%e¢,
brick 23%ec.
Live poultry: Turkeys 18¢; chickens
18¢; springs 22@26¢c: roosters 15c; geese
15¢; ducks 17c.
Lt e c: \
—— L
~ J
in process of organization, but the Farm
Loan Board does not expect to see
many of these institutions come into
existence in the first few years of the
operation of the act.
“The farm mortgage rate fixed by
the board is 5 per cent. The average
private farm mortgage rate in the Unit
ed States is above 7 per cent. The
shave between the 4% per cent paid
for the money and the b per cent re
ceived for its use will be used by the
Federal land banks to pay their ex
penses of operation and dividends. on
the stock of the National Farm Iban
association which is held by the bor
rowing farmers—s per cent of the
amount of his loan by each borrower,”
General Selling, Led by Sales of
July, Causes Break—Big Vis
ible Supply Decrease.
NEW YORK, July 21.—Liquidation
caused weakness in the cotton market
today. The downward movement was
led by July. Next Wednesday will be
final notice day. During the last two
days 2,900 bales hawve hgen inspected
by the local bureau.
A steady tone was displayved at the
opening although price changes were |
irregular, September advancing 380
points, October 7, December 4 and
May 2, while January was off 2 points
and March declined 1 point.
Prices broke sharply late in the
morning under general selling led by
offerings of July and sold down 50
points, Despite New Orleans buying
in the last few minutes the market
closed unsettled and irregular at net
declines of from 37 to 50 points,
Port receipts for the day were es
timated at 3,000 bales, against 2,416
last year,
The Chronicle estimates the world
vigible supply of cotton at 2,968,854
bales, against 8,484,791 a year ago. The
total American supply is 1,867,854
bales, against 2,309,791 last year.
Spot here was quiet, 35 points lower
at 26.40; there were no sales. The
spot article at New Orleans was
steady and unchanged on the basis of
25.75; sales 512 bales.
NEW YORK COTTON FUTURES.
1
o ' - o . ;O
| 2ig] lyly | g
izl 31831 ¢ et
——————— O VO
Jy |26.00:‘26.(K'j26._00126.00"25.90-28]26.40-50
AR Toi. . ahiii ol 508 9508
Sp ‘25.10<25.10'25.10;25.10[24.7] 25,90
Oc |24.96/26.05|24.53 24,54 24.88-67 345062
Ny Lo .i:u.t; 124.84
De '24.84/24.02/24.43 24.43(24. 845 24.50-85
Jn 124,82 24.94/24.40/24.42/24.40-43'24 83
Mr 125.01]25,03/24.65/24.68|24.60 ]24.99-01
h_g_v_12§.1_2'25.12§25_.12?25.12.’24.72 25.10-12
Closed irregular,
NEW ORLEANS COTTON FUTURES.
e ———————————————————————————
s o . y
el EIE 5
sI | S 133|l & |£B
Iy Lol oo i, . I 35119460
B Lol ..|24.00-10124 25
L R R S R
Oc¢ '23.85‘2-1A03‘23.70!23‘77!23,76—77i24.00-03
Ny .ol 0. 0] L. 188.76-77]24.01-08
He 23.77324.0-3;23.75‘23.7&23,7546;24.03-06
Jn [24.01124.10/23.80/23.82/23.83-84 24.12-14
Fbh ; !.....1....‘23.88-5924.17-19
Mr 24.1524.1623.90(25.91(23.90-93 24,21 -24
My I....oooiideoii)oe . ]84.04-05]%4.28-29
Closed barely ste A
SPOT COTTON.
Atlanta Commercial Exchange quotes
good mlddllng qulet at 24.70.
Liverpool, firm; middling 19d.
New Orleans, steady; middling 253%.
New York, steady; middling 26.40.
Charleston; middling, 25c.
Wilmington: middling, 25%. *
Savannah, firm; middling 26.13.
Boston, quiet; middling 26.60.
Philadelphia, quiet; middling 27.15.
Little Rock, steady; middllgfig 26c.
Augusta, steady; middling 25.06.
Norfolk, steady; mlddlin? 25.38.
Galveston, steady: middl mg 256%.
Mobile, steady; middling 25c.
Houston, steady; middling 25.60,
St. Louis, steady; middling 25%.
Dallas, steady; middling 25c.
Montgomery, steady: middling 25c. \
Memphis, steady; middling 26. \
| PORT RECEIPTS.
The following table shows recelpts at
the ports today compared with the same
day last year: :
§ 1917, 916,
New Orleans . ~ , 632 049
Salveston. ~ . 510 47
SO, . . ke 35
Savannah ..,., . 2,623 249
Cusniamitin .00 3 il
SIMRNSOW . s » sliiionys 47
ORI . . osu ol 882 191
BONERE . . . a 270 98
Philadelphia . . . .| 42 54
{‘a(‘}fic Oolnt .. : 11,8!4
Various. . Ao el 267
_Total. ...... 6288 | 14518
INTERIOR MOVEMENT.
o e AL T
] 30%%, 1% JOIM ol
DOUIOR. & o ¢ v o 68 507
ROEUNEN. . . i 4l 174 18
T R | 529 368
B TOME. v vis o 955 1,217
Omeinnatt, .. . . 208 l 438
Little Rock ... .| o 92 1..........
TN ... 1,804 2,648
ATLANTA COTTON STATEMENT.
__Saturday. |Bales
FONPEE ..cccnasrinsiusssiinneisich- DAB
BUINONLS . s srshsvivinseveaneisiil TR
Btocks ...........c.e0ii00000000...]17,443
ATLANTA COTTON SEED PRODUCTS
Crude oil, basis prime, nominal, \
- Cotton seed oil, caked sacked, loose,
S. 8. Savannah-—July, $42.00; August,
$42.50@45.00; September, $14.00@46.00;
' October, $45.00%47.00.
~ Cotto ns2ed meal—July, $43.00@44.25;
August, $43.50@44.25; September, 844,06
@46.00; October, $45.00%47.00.
Cotton seed hulls, loose—July, $16.00@
17.50; August, $16.00@17.25; September,
$16.00@17.00; Octiber, $15.50@17.00,
Cotton seed hulls, sacked—July, $18.50
@20.00; August, $18.50@19.50; Septem
ber, $18.50@20.00; Octiber, $18.00@19.50.
Linters, first cut,, high gpade—July,
10@13; August, 10@13.
Linters, clean, mill run—July, 63 @
T%; August, 6% @7Y%,
CHRONICLE'S COTTON STATEMENT
15198, 1916. | ‘1915,
In s'g't wk.| 43,733/ 67,055/ 61,214
In s'2't, sea 12.421,868‘12,593.251'15.381,214
Vis, all k'ds| 2,983,025 3,465,204 4,635,044
Vis. suF.Am‘ 1,689,025 2,319,204| 3,215,044
Dec. vis. ull! 69,737 139,004 272.501
De. vis, Am| 81,737 " 88,904| ' 185,501
Spin's taks., 134,896 152.959. 246,715
Taks, _Anub_2-9_6_7,_391.7.@&129-«.5:13783_8.&0\
LIVERPOOL WEEKLY STATEMENT.
[ 10T 1016 ] 1918
Week's sales .| 12,0000 32,0000 56,000
American ....| 10,000 26,000 47,000
RO k] 1,400‘ 900
gpecuistion ..l ... 500 5,700
Forwarded ...| 54,000 67.000) 89,000
Total stock ..| 878,000/ 632,000(1,874,000
Of which Am.| 183,000 522,000/1,389,000
Ac. wk's’expts!.......... 10,000 16,000
Rctps. for wk. | z;,ooo‘ 44,000/ 32,000
Of which Am..| 16,0001 33,000 38,000
Repts, season (3,301.000/3,294,0004,974,000
Of which Am. . 2,5623.000/2,630,000/3,232,000
Stock afloat ..| 102,000 222,000 86,000
American .....| 61,000] 188,000| 26,000 i
CHICAGO GRAIN CLEARANCES.
RS T STR )
Wheat ............04:..| 281,000(1,887,000
OMBI io s dvinas b Gmwead oo 10“.000{ 404,000
Oats ‘ 589.000' 9,000
F’10ur........‘.........1 1,000/ 22.000‘
Wheat and f10ur.......|” 286,00011,436,000
——————————————————
et LRERNL NOVION, = i 1
Sales agency of Walker & Barber dis
solved, H. D. Barber retiring. All as
vets and obligations assumed l'g H. H
Walker, H. D. BARBER,
H. H. WALKER.
.
New York Stock Quotations
SATURDAY, JULY 21.
Market closed strong.
Total sales Saturday, 837,700 shares.
Total sales for week, 3,404,100 shares.
Total bond sales Saturday, $995,100.
Total bond sales for week, $13,207,800.
Following shows the highest, lowest and last sale prices on the New
York Stock Exchange Saturday, together with Friday's close:
| 1 ant‘Prev
STOCKS |High Low.|Sale.|Cl'se
Allls-Chalmers . .| 206;] 29 29%} 2854
WO DL &l ]oL L 88T OEY
Amerfean Zine ..| 35| 25°°| 25 |25
Rt e
Am, Aglcultural 038 93% 033, 9
Amer.- Beet Sugar,| 9215 913, 92 9
T . 9315 934
American Can. . .| 4014 49 | 4914 47&
TL e e
Am. Car Foundry.| 7614 75%| 781 754
Amer, Cotton O#l . ....| ....| 87 |37
Am. Locomotive .| 72%| 71| 721! 71
do, Sref. voeoaf e .4..1102’
Amer. Smelting. /1083 102% 103310214
B ol Lt LIR ;113
Am, Steel Fdy. .| 68%! 68 6814 6614
Am. Bl'lx!'m' Ref. .[123 1221412214 (12214
Amer. T. and T, ,|'....| ~..[120%[131
Am. Suma. Tob. J4O 49 49 471
American Woolen |64 53 64 528,
American Linseed | ....| ....| 25 | 2514
NPR . ] il i 80 |8
Atl. G. and W. L .[IOB% 1073 1081106
Amer. H. and L. .| 12 12161 12| 1214
| do, pref. . ..| b56%{ 563 564, G 661,
Amerfean Tee , .| ....| ..., 20l 1
do.firef. E , caiaf canlf ULI B 2
Amer. Malt Corp. .| 16% ! 16% | 168/ 161
do, pref. . . ' 69%| 69 | 691 69
Amer. Tobacco .[2OB (208 (207 (206
AR TS PR .l ... .
Anaconda ;.. . .| 77 76%' 765! 761
AIERS TRI < it Ll B 5
Alloy Steel .. l ‘ ves [AB K
Atchison . . . . .!100% /1008 1003 11005
do, Eref. &k f vens] coa] 95%] 98 .
G 8 ke oy bl LO3OO T
Baldwin Locomo. J 1%;2 0 | Tl%) 693
BaMe: . 08| 708 701,
. PPN i E SE L) ....168
Bethlehem Steel ./132 [129 ‘lB2 128
B It B, luigiclsascline % 116
D, pret. B, . . (124
e RENT IR \sml 59% | 588
Butte Superior . .| ....| ....| 37%]| 37
Cal. Petroleum . .| 18% 18%! 1!", 18
A Pl T 49 L
Canadian Pacific 163 (163 163 [1628,
Goand O. . . . .| 61%] 60% 61% 60
Cae N ] ... (109 10815
Colo. F. and I ‘SO ‘49 'SO 481,
C.,, M. and St. P. .| 70| 6854 68% 6!“:‘,]
Chino Copper . .| 63%| 5314| 5314 525,
Consolidated Gas | ....| ....|IOB% /1081
Corn Products . | 345 34%1 348 34,
do, pref. . . . ...l 5. 97%‘; 974
Crucible Steel . .| 88 !81% 83 | 813
Cuban Am. Sugar.| ....| ....|IBB |lB7
Cuban Cane Sugar| 417%/ 416 | nn‘ 41
S 0 PR . LV oD |%O
Gast fron Pige . || 4i '| 3i"'| 21 | 20
Central Leather .| 87% 86 | 8754) 8514
Chile Copper . . .| 20 |2O | 20 ,19-%
Columbla Gas. . .[ 40 | 40 | 40 |4O
Cerro De Pasco . .| 34%/ 4% 34Ra§ 341,
Del, and Hud. . | ' ... 110018111215
Distil. Securities .| 3514/ 243! 24%;| 2%1,2
BUe . v ian . L LSS %25% 247
do, Ist pref. . .| ....| ....| 873g] 874
do, 2d Frr-f. do slionint el B 8 L 8
General Electric 156 [154 )ms (153
General Motors /1158 /114 [1158;/114%
Goodrich Rybber | b 61%! 51 |sl | 6%
G. Northern, pfd. .'lO5 11043 10474/105
Greene-Cananea .| ‘ " ‘ 4015
G. Northern Ore .| 33%| 333! 331, 33
Great-Western . .}..5 ...l 1T | 11
O B ] s 33‘{;‘ 33y,
Gulf States Steel (120 (120 120 [ll7
do, ist pref. .| ....] ... 110 ‘
do. 2d pref. . .| ....| ....[ll9 | ...
Ilinois Central . .| ... .| ... .[lO3 11031,
Insp. Copper . . .| 551! 84% | 5514| 54
RN - s L 94| 9%
NDL i ]el ... B6lp) 5614
Indus. Alcohol . .5159%5151 ‘IBX%J.":!'*
lrner. Nickel. . .| 393%] 38%/| 393/ 383,
Big Gross Increase
The Southern Railway reports gross
earnings on lines Kast and West for the
second week of July at §2,070,040—a gain
of $320,604. From July 1, gross, 34,530,-
316, an increase of $577,310.
HUTTON & CO.’S COTTON LETTER.
r NEW YORK, July 21.-~While Texas
and Oklahoma had beneficial rains, there
i 8 some complaint of too much rain in
the eastern belt. A week of dry weath
er i 8 needed in the East for cultivation,
‘Bentiment is inclined to be bearish. We
Prefer the long side and only advise buy
ing on big declings.
N. L. CARPENTER’'S STOCK LETTER,‘
NEW YORK, July 21.—Wall street to
day decided that at least one definite
action had been taken at Washington
when the drawings for the new army
were completed and made known. This
affected sentiment favorably and helped
the impression that announcements
would soon follow for fair prices being
fixed on Government purchases for war
supplies.
Indications are for further improve
ment next week and general list appear
id attractive at close today.
COMMERCIAL BAR SILVER.
NEW YORK, July 21.—Commercial
bar silver is off 14c at 7TB%ec. I
Depositors of the Neal Bank
On August 20, 1917, this bank. as Re
ceiver, will pay a dividend of 8% on all ap?
proved claims against the Neal Bank.
To mmsure proper delivery of dividend
checks, which will be sent out by mail
August 20, 1917, depositors who have
changed their address since payment of the
last dividend, are requested to notify this
bank at once, furnishing both old and new
address.
Trust Corporati
Receiver of the Neal Bank
tiPrev
_BTOCKS-— High| Low.|Sale.Cl'se
Inter. Paper .. .| 38 26 36 36 i
K C Bouthetn . o ...l ....;. % | %
40, PO . . il vad RS
R, OBT . Jiati o ® 614
80, pref . Lol iiadiaas] lAB
Kennecott . . , .['43% 42:2 421 42%
Lackawanna Steel | 935! 92 93 | 01%;
Lehigh Valley . ./ 63 |63|63 |62
agleds Gan . . | .o oiii] M 4 94
OO BN . . ] AT el 39
TR T . . il ae il sl BB
o RBEN. . . oIR 123& 13322 123
Maxwell Motors, .| 354 34 347%) 8
Gt 88 DL I il weel BB 62
aO, 34 Pt ikl B 2%
Mo. Pacific (new).| 321 82& 32& s
Mex. Petr?hum .| 96%] 95 96 %
X ?o. PR « "{(')i/.' 2%“ 91 ”%
BRI, . v 4008 g 30&
do. pref.. . . .| 8085| 860, 887| 86
Montana Power .| 90 90 90 | 004
00 Dl . o nied o [VE B
Midvale Steel . . .| 69%| 68Y% 59% b 8
N TNI . . . ms, 37}2 37| 36%
National Enamel .| 425 41 2% ....
North AMOIORN o il 00l ons 6122
N. Y. Central . .| 89%]| 89 8914 89
BTN M &Nt .l B 36
National Lead . .| ....| ....| 66 56
N, and W, . . . .[122 1122 (122 (122
Northern Pacific .|lOl%lOl [lOl |lOl%
N Xy O.and W, o] oos] 'cooc] 33%] 38
Nev. Con, Copper.| ....| ....| 21%]| 21%
(NG =X AIRIRRe o o] oarsl seiilßT IB
'Ohio Cities Gas .| 55%| 54%| 56%| 66%
‘Miami Cogper , .| 40 |4O |4O | 39%
Pitts.-W. Va. Coal] ....| ....| 32%] 824§
GO PP o ] il vl BB 63
THMNG Ml ..o it BT LS
Pennsylvania . .| 53%) 53%] 53%] 63
Peoxle‘n GaS . . 11 ZT 77 6%
P, Bteel Car . . .| 18%! 13 3% 72
Pittsburg Coal ..| 56 bb 656 h 4
Ray Consolidated.| 263 |26 26% ] 263
Reaging . . .. . .f 9% 9% 95 951
R. 1. and Steel . .| ....| ....[102%|1021,
do. gfd. iasonvas AU ..‘,x0z&v.....
Rock Island . . .| ....| ....] 36%| 86%
S PR, . :f il acsil I
Ry. Steel Springs.| ....[ ....| 51 51
Sears-Roebuck . .| ....| ..../168 167
Sloss-Sheffield . . 52:7 52%| 621%| 62
Southern Pacific .| 93141 9314 93% | 034
Southern Railway. 278 | 2714 )1T
0O PR v sl siielirans
Slud(':)akesr. g i 55%1 53% | 64% {2%
SUDSIIOr BUBE . ] «iie] sevia) 2ass
St. L. and B. W, | ....| «ss.] 28%] 28
Sineclair Ol . . . .| 43%] 43% 434 42:2
Swift (I:o, Foiba O Cont bkin s l?g;‘
- Adn. DM, o il el ssisl B TB9
Tobacco Products.| 64 635/& 63?’ 6314
Tenn. Copper . . .| 17%| 17%] 17%| 17%
Third Aventue . .| ....| ....] 20%] 19
Texas ;,)ll e .;192% 191 lgg ll!l'}'
Texas Pacific . . .| ....] 4...
United Fruit . . .[13714/185%[13515/135
Union Bag . . . [ shent rse sk B 9 sl
Unlc:ln F‘floi'flc. . .‘136% 136 I#3 79&
0. POL.. « % o] soeel sose
1. S“olh?bhofr il ; 6114 6014 011‘,2 ol
h e o b sias) eaead aiin
U, K St«’:l Sy g .!123% 122'% 123:)6"122
do. pref.. . .11815 /1181511814118
Utah Copper . . .|lO4 ,103;2‘104 § 1?3
United Cig. Stores/118 [11634/117% 117
VO /Chollenl « F ..o o]l BB 4&
VCYECapdConel ...:f .1 98 81%
Wabu5h......‘.... sseo] 33 111,
40 prat.. .. 8 498, | 49% |49 49&
Western Unfon ..| ....| ....| 933} 94
Willys-Overland ; 318, | 313} 31 31%
Woolworth . . . | e ....1125 132
Westinghouse . .| 497%]| 49 499 48%
&’lhn C:;xttral R R connl ‘é..t :g;:
o JROTORE .. 1 o.qio] v
Wilson Pack. (1‘0..‘ oo el e
Cen. of Ga. Earns
$34.90 on Common
Annual report of the Cantral of Geor
gia Railway Company for the calendar
vear December 31, 1916, shows surplus,
after charges, amounting to $2,649.651,
an increase of $955,5628 over 1915 period.
Allowing for 6 per cent dividends on
the $15000,000 preferred stock, the
amount available for the common stock
was equivalent to $34.99 a share. |
HUTTON & COO.'S STOCK LETTER.
NEW YORK, July 21.—The pessimism
of the past week has received a good
shock. Since the beginning of the war
every 30 days some prophet has predict
ed Its speedy ending. Probably a year
from today they will be dolng the same
thing. We believe that jn the end big
business will be handled in this blg‘
war in a big way. Big bond flotations,
such as we are likely to get, have al-]
ways brought about inflation. It will be.
remarkable if what has occurred before
under somewhat similar conditions does
not occur now.
|
HUNTER RETURNED TO CUBS. |
CHICAGO, July 21.—Herbert Hunter,
inflelder, has been returned to the Cubs
by the Vernon team, of +the Coast
League, because of poor fleldhtfx. Hun
ter came to Chicago as a part of the deal
involving Larry Doyle and Heinie Zim
merman, of the Giants, but he didn't
play much in the big show. !
Low-Priced Roads, Reading and
Marine in Demand—Market
Closes Strong.
By BROADEN WALL.
NEW YORK, July 21.-—Average
loans today showed decrease of $61,-
130,000, demand deposits a decrease of
$116,742,000 and reserve a decreasge of
$41,137,760, Actual loans decreased
$125,997,000; demand deposits de
posits decreased $67,717,000 and re
serves increased $107,900,770.
The stock market was strong
throughout the day and closed with
only moderate reactions from the best
prices. Stocks that have been specu
lative favorites were most active,
United States Steel was the leader
and had an upward swing of 2 points
on moderate transactions. Of the
other steel shares Republic seemed to
attract most attention.
The weak feature during the day
was St. Paul, which broke 2 points
after an early advance. Wall Street
evidently considared the regular divi
dend on St. Paul a very bearish fac
tor at this time.
Marine preferred was strong
through the effect of a correction of
the story of U-boat losses which de
pressed the market on Thursday,
Reading is apparently being ac
cumulated again by the same inter
ests that have frequently caused sharp i
movements in the past. New York
Central and Norfolk were well hought.
There is also excellent buying of the
stocks of rallroads recently reorgan
ized, such as Rock %sland, Missouri
Pacific, Frisco and New Orleans, Tex
as and Mexico.
NEW YORK CURB STOCKS.
NEW YORK, July 21.—New high rec
ords in some oil shares marked today's
activities on the curb market. Perritt
Oil reached the highest price of its
present 'Tovement. Industrial shares
were fairly tctlve. Metal shares were
in fajr demand,
Sales, Stocks. Close,
2,600 Aetni ... .. .o .0 . TUD TH
HWoChovipiet..”.. ;. .. .. O N
DRI BERRIEN. . v bwe oe .20 2
300 North American Pulp 4% 43
1,000 United Motors.. .. .. 26 @ 263
1,200 Binp' §. 04 .. s lte e INE@ 2%
60 Standard Oil of N. J. 696 geoo |
500 Cosden Refining.. .. 124 y 12%
500 Cosden Gas .. .. .. 12% @ 12%
1,600 Federal 03l .. .. .. .. 4% 4%
300 ]flter. Pi:roleum ae o 13 @ 18%
1000 Met, Mét;. .Y, ViV, I 1%
1,000 Midwest 011 .. .. ~ .. 7‘ @ 80
200 Osage Hominy .. .. .. B%@ 8%
400 Oklahoma P. and R.. 9§ @ 91
5,000 Oklahoma Ofl .. .. .. T @ 7%
600 Keystone Congoligdated 6%@ 7
1,350 Victoria (new) .. .. 9% @ 10
L 0 ATIRE .- v s ihs o BN
[ T B LAI .. i . s IME IR
6,000 Boston and Montana .. 62 @ 63
5,000 Calumet and Jerome.. I%@ 1%
3,600 Con, Arizona .. .. 2¥@ 238-16
500 Goldfleld Consolidated 50 @ 52
700 Green Monster .. ~ ffig %
200 Jum!?o Extension., ~28 30
1,700 McK. Darragh., .. /53 %) 57
2,000 Mother lode.. .. .7 28 @27
2,000 Rex Consolidated .. .. 24 @ 25
IR Bueem..t.. » ..o D DD
400 Tonopah Extent .. 2%@ 27-16
500 Jerome Verde.. .. I‘A\@ 19-16
| FOREIGN EXCHANGE,
NEW YORK, July 21.—Colsing rates
of foreign exchange:
Franes: Demand, §.76% ; cables, 5.76%.
Cuilders: Checks, 411 ; cables, 41 9-16,
Lire: Checks, 7.22%; cables, 7.21%.
Roubles: Checks, 21.70; cables, 21.80.
NEW YORK BANK STATEMENT.
NEW YORK, July 21.—The weekly
statement of the New York Associated
Banks shows the following changes:
Average Statement.
Loans, decrease, $61,130,000.
o“!))emand deposits, decrease, $116,742,-
Time deposits, increase. $5,261,000,
Reserve, decrease, $41,137,760.
Actual Statement.
Bounn. decrease, $124,997,000,
emand deposits, decrease, $67,717,000,
Time depostis, Increase, $6,360,000.
Reserve, increase, SIM,SOO,’hOA
SEMIANNUAL STATEMENT §
For the six months ending June 30, 1917, of the condition of the A
OF NASHVILLE, TENN,, g
Organized under the laws of the State of Tennessce, made to the Governor
of the State of Georgia in pursuance to the laws of said State, o
Principal Office—3o2 Seventh Ave, N., Nashville, Tenn. 4
I. CAPITAL STOCK. o
1. Amount of capital stock .. .. .. .. .. .. ~ ..$800,000.00 i
2. Amount of capital stock paid upincash .. .. .. .. vv vu ou $300,000.00
11. ASSETS. ;
1. Market value of real estate owned by the company.. .. .. $90,025. ;
2, Loans on bonds and mortgage (first liens) on real estate.. 1.8!7,1”:: i
3. Loans secured by pledge of bonds, stocks or other market- i
AR COUMBYRIS .. . i i v i e 80,900,00
6. Bonds and stocks ownced absolutely: Market value (car- ¢
M OO i ih SE i e by ARI el 830,316.37
T. Caslt In cOMPARY'S BICe L iv «isv vide s b cba i 2,‘"..} ;5
8. Cash deposited in bank to credit of company .. .. .. .. .. 245.9“.” 1
9. Cash in hands of agents and in course of transmission. .. 24,600, f
10. Interest:due or accrued and unpaid.. .. .. .. ii co i oe v 24,455.52 )
5. BUI YelSlVabls .. i iiiiive s s sd e o 150.00 g
1. AROER DRIARIO®. . oy v v i S be R deee deal b 7,363.40
15. All other assets, both real and personal, not included ‘g’
BONGIENOROPS iisssvs SR s A el 2,131.60 g
it N
TOLAI'ABBOLS 1o ooa 0 4o wu o v ur iuai ds 0s ns on ov 82,385 SEE IS
11, LIABILITIES. %
Not preasyiim YOMIVE .\ i 1 v v ihcan bl i e $799.112.66
2. Death losses and matured endowments due and 5
ÜBDIRIR (& wo s lIN DVe s waradsdaisae eoRN N 3
3. Death losses and matured endowments in process 2
of adjustment, or adjusted and not due .. .. .. 3,910.00 §
4. Death losses and other policy claims resisted by %
THO COMPRBY s 5s o' wi e s v 0 dv sy by BATHON
SRR L.
Total polfek AIRIE /o .. .. & viviiim il 30,155.00
8. Contingent Rt OINEr POSOIVER ... .« civ oy os 4v sy Ssies 769,432,561 ’i
10. Amount of all other claims against the company .. ~ .. .. 79,494.85
11. BB OODIRY 1 e i 3 iv vi i . Wi b s sl s 300,000,00¢
12, Burplep ovor &R HRblltles .. .. .. v iblan i 407,357.48
il
Total UabIMBIRE .. .. (. .. i iis vooh ol ob saidaiivs.s SR RN
IV. INCOME DURING THE FIRST SIX MONTHS OF THE YEAR 1917.
1., Amount of cash premiums received... .. .. .. .. .. .. .. $2,862,288.48
5. JRTOVONE DUORIYRI . . .. .. ) . il s e 52.9“.
4. Amount of income from all other SOUTCES .. vv v vr os o 2.3”.,
s
TOtal INCOME .4 .. .. oo vo to vv v v vaveva v s oo S2AOT 581
V. DISBURSEMENTS DURING THE FIRST 81X MONTHS OF # )
YEAR 1917. L
LoEOBMOS PARIA .. .. .. .. .v s v cini o iiag e sn WA aetony R %y
6. Dividends paid to policyholders or others .. . ... .. .. .. 60,000,00
7. Expenses paid, including commissions to agents and offl- _,’"g‘
Cers’ Salariés .. .. .. oovu a saqve vn 4a vs sveoe e DASE SIS
B Taxen ÜBIA ~ ... ol oo oo vVi vk vhinn hien iy daok i 0 g 70,463.83
Total disbursemants .. .. .. .. ooosee vo e -.00 $2,304, 804008 2k
Greatest amount insured in any one risk .. .. .. $2,600.00 /i
Total amount of insurance outstanding. .. .. .. 29,366,872.00 b
A copy of the Act of Incorporation, duly certified, is in the office of the
Insurance Commissioner, i
STATE OF GEORGIA—County of Fulton: 17 A
Persgonally appeared before the undersigned G. ¢. Lyneh, who, ‘-' iy
sworn, deposes and says that he is the Local Agent of the National > and
Accident Insurance Company of Nashville, Tenn., and that the foregoing
statement is correct and true. G. C. LYNOM ¢« &
Sworn to and subscribed before me this 20th day of July, 1817. =
o C. V. HOHENSTEIN, »@té
Notary Public, Fulton County, Geurgia, =
{
!
-
.
’No. 2 White Reaches $2.20 a
| Bushel—Wheat Futures Up
| 5 to 93-4 Cents,
! CHICAGO, July 21.—~Another new
high price was recorded for cash corn
at Chicago today, 2,20 for No. 2 white,
216 1.2 for No. 2 yellow and 2.15 1.3
| for No. 2 mixed. These prices showed
gains of 5 to 7 cents at Chicago. No. 8
white at Omaha commanded 2.16 and
No. 3 yellow at Peoria sold at 2.15.
Corn futures were unchanged to
' 1-8 to 1 1-8 cent lower,
There was a further advance
wheat values with the July -emns b
cents higher and September 9 3-4
cents better,
July oats ruled strong and the ex
treme advance was 2 1-4 to . 2 3-4
cents, but some of this was Jost later
on profit-taking sales. :
The features of the provision ml:
ket was the sensational advances
Cumberlands and shoulders at Liver
pool, the gains thers being around
1 1-2 cents per pound.
Graln quotations:
Previous
High, Low. Close. Close
WHEAT
Ja1y..... 256 2.50 2.56 }Q
8ept..... 337%~-2.18 2.21% 18
CORN— 168 1
Sept..... 1.63% 1.63 o rw
Dec...... Lll% 1.16 1.183 1.17
May.. 1.16% 1.14% 1.14 1.16
OATS
JUI .0 764 71 6%
5ept......” 80% BBig 5:22 59
P W 5914 6014 60
o
SR s s K spesss
Sept.... 40.20 4000 40.10 36774
I.At{D—uo 4 20.8 20.40
July.... 20.42%¢ 20.35 h ogosn S
Sept.... 20.67% 20.67% 20.63% 30.80
1 a 162% 2160 2160
JUIY. i B 21.6 * siessnd
Sept.... 21.80° 2160 21.73% 9180
| COTTON SEED OIL,* ;
| __Cotton_seed oll_quotations: -
ik ST i
doweary ©l+ liiigisias eumee
January . , .[l3. .83/13.74 ;
February o o . .;13.50@13.9&13.70%‘1‘%,
JUIY .s oD Jll.?fl
August . . . .[|14.02@14.05/13. 14.
September . ,*./14.08@14.0513. 1
October . . . .[13.96@13.97(13.90@15.91
November , , .i18.70@13.77 13.68@13.
December . . .{13.78@13.80{183. 13.73
“Closed steacy; sales 3,900 bags. i
ST. LOUIS CASH GRAIN. 54
ST. LOUIS, July 21.—Cash wheat x&
2 red §2.39@2.43; No, 3 red $2.38@2.40;
No. 4 red i’z‘sz; No. 3 hard $2.65. ;
Corn, No. 2 mixed $2.12; No. 3 mixed
$2.12@2.121%. :
Oats, No. 3 white 83@83%¢c; No. 4
‘whltc §O% @81c; No. 2 mixed 80c.
KANSAS CITY CASH GRAIN.
KANSAS CITY, July 21.—Cash w
No. 2 red $2.44@2.51: No. 3 red $2.
2.48; No. 4 red $2.37@2.48; No. 2 )
$2.80@2.85; No. 3 red $2.67@2.83; No. 4
hard $2.62@2.82.
Corn, No. 2 mixed $2.10@2.12; NO.‘f,
mixed !2.08@;}‘2.10: No 4 mixed $2.06
@2.08; No. 2 yellow $2.13@2.14; No.
vellow $2.11@2.13; No. 4 yellow
@2.11; No. 2 white $2.16@2.17; 3
white' $215@2.16: No. 4 "white 52130
“"Oats, No. 2 mixed 7:(?78«:: No. 3
mixed 76@77c; No, 4 mix 7511‘0: No.
2 white 81@82c; No. 3 white 30@80%e¢;
No. 4 white 77@79%¢.
CHICAGO CASH QUOTATIONS.
CHICAGO, July 21.—Corn: No. 3
mixed, 2.12@2.15; No. 2 white, 1.17;2.13:.*
No. 2 yellow, 2.12@2.16%; No. 3 mixed,
2.16. 1
Oats: No. 3 white, 85% @82%; stand
ard, 86% @871%. ;
e
PRIMARY MOVEMENT.
__fif:(;(:_‘ijltrflj-— > | MS-il_t'dly. Last yr.
Wheat ....c.ooodseee.| 600,000/1,488000
COPR svsivsinsvisrsorsy) DO
Oath il oo i RN
_;‘.ll_lpmemn—- [ ;
WHEAE +oeresvsrrnacar| ROOOOO 00
COTR. vicievissisenvives] DDA 5
Oats ...oevevsansssess.] 558,000 1§
11C