Newspaper Page Text
THE SUNDAY AMERICAN'S FINANCIAL AND COMMERCIAL PAGE
Values Break 128 to 158 Points Last Week on
Heavy Selling, Due to Beneficial Rains in the
West—Trade Houses- Absorb Contracts.
bt By VICTOR BARRON,
The cotton market last week was
dominated by the beays, 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
10 148 points from the previous Sat
urday's close, and in New Orleans 128
10 158 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 hetter erop
advices from all seotions of the belt,
gave the bears sufficient ammunition
3 hammer the market rerlistently.
ad it not been for 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 naticeable
on the selling side. Leading bulls, like
McFadden, Mitchell, Waters et al.. of
fered only occasional support, evident
ly 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. Timid shorts,
however, also were moderate buyers
on scule down. Close observers con
tend that the market may soan find.it
self in the same position as last month
when shorts, attempting to cover,
found contracts scarce as hen's teeth, |
with the result that prices soared sky
ward.
Crop accounts were distinttly en
couraging. especially east of the .\lis-‘
sissinpi River, while advices from the
western section of the belt stated
that the rains have resulted in im
provemeont in the plant, and that
hrospects point to a good vield, as the
‘)lk of fields have had ample mois
“thre.
As expected. some discussed bnlls‘
now are claiming there has heen 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 cron travelers
wire that the cron is making rapid
nrogress. Whether this is true or not.
let the Government condition report
August ! tell the story. — |
Bureau Day August 1.
The next hureau day is August 1,
‘showing condition of the crop on July !
25. The trade expects the report to
Federal Farm Loans at a Very
Opportune Period, Says Expert
Financing the farmer through the
Federal Farm Loan Beard and stimu
lating production of foodstuffs to aug
ment the strength of the United States
and 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
fean 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
lnfi them the farmer can not now be
entirely successful unless he has the
ca‘yital to avail himself of these new
alds. The rural credits act was de
sigred 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
years. 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 Soid.
“Under the rural credits act 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 ,)psue of bonds on July 1,
1917, to bear 41 per cent interest per
annum. Within a year the board plans
to 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
mwoney shall be lent through the rural
credits system, Under the farm loan
act the responsibility of the twelve
Federal land banks is joint. The act
exempts these bowmis 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 from
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 broug};?to our command.
If you are interested in buying or selling any Fertilizer Materials
a wire letter or phone call will bring you the immediate attention of the
’
TAYLOR COMMISSION CO.
Dealers and Brokers,
Cotton Seed Meal and Fertilizer Materials,
Phones: Ivy 8036.3037. L. D Bell 9956. L. D. Postal. Taylor Commission,
Offices, Healey Bldg., 1510-1511-1612-15613,
ATLANTA GEORGIA
he around 71 or 72 per cent. ‘The
\qut report made up to June 25 showed
a condition of 70.3 per cent. A year
ago, on July 15, the condition of the
crop was 72.3, against 75.3 two years
‘u’sn’and 76.4 in 1914 and the same in
1913,
The Government's weekly weather
report, issued Wednesday, was consid
ered a stand-off. It follgws, in part:
The temneramreflau above
normal during the week, except
in Arkansas, Tennessee and North
Carolina, where it was helow nor
mal. Showers were general from
Oklahoma and Louisiana east
ward, except in parts of North
ern Georgla and South Carolina.
Showers occurred at three-fifths
of the reporting station of Texas.
Cotton, althaugh small, improved
where rains occurred. The plants
are blooming well from Oklahoma
castward 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 districts 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 gold 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 Mmst 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 onen interest is said to be small
—confined princinally to spot houses—
but it is believed that those who are
short will experience considerahle 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 svot houses are experi
encing in shipping eotton to New
York. owing to the car situation.
Exvorts last week again were small,
tot:h!nz only 65898 bales, against 117,-
784 the corresponding week a vear
ago. The outego se far for the season
totals 5471330 bales, as compared
with 5,826 014 the previous correspond
ing period,
former Justice Charles FE. 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 aggrega(e
capital. This has been done v the
borrowing 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 as them are be
ing arranged and by the end of the
summer the hoard 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 tryving 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 bonds as by pur
chasing Liberty Loan war honds. In
this attestation they have the support of
the Administration to a large extent.
““California is the leading State of the
U'nion in Government !arm\oans €0 far,
Her farmers already 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,
$7€1,000: Washington, $491,000; Kansas,
$412,000; Montana, $404,000; Indiana,
$307,000; Nebraska, $242.000, and Illinols,
slll,lOO. Fven Massachusetts, where
money rates are proverbially low and
where the act was reported to rouse
little interest, has received a quota of
$28,000 in farm loans. The farmers of
the New Fngland States have applied
for a total of $2.000,000 in loans, but
only a few of tPMgse have been grant
ed, as the Springtield, Mass., Federal
land bank was slow in getting organ
ized.
Two Local Banks Organized.
“Two joint stock land banks, the
quasi-official finaneial institutions per
mitted to ogerate under the rural
credits act, have been organized—one
t Sioux Citv, lowa, and the ather at
aharlenmn. W. Va. Severab others are
arARST'S SUNDAY AMERICAN — A Newspaper for People Who Think — SUNDAY, JULY 22, 1017
| A A A A A I I PPN
3 . . .
. Financial Sunshine
{ Despite unfavorable weather,
. clearings through local banks
! last weelk were remarkably
. large, totaling $23,156,547.34,
. against §12,2560,854.06 the same
' week in 1916——a gain of $lO,-
905,603.29,
Week’s Range
In Cotton
The foliowing shows the highest and
lowest prices of the active options on
the New York and New Orleans Cot.
ton Exchanges last week, together with
’l!u'dly'l close and net changes from
riday’s close; also net ghanges for the
week: |
NEW YORK,
i | } Sat. | Net
& |High.| Low.! Close. [Chg.
uly. . ~ ,1%27.30/126.00/25.80.26] —SO
&ctobfl' £ ." .38! gn) 29.47 —37
December, . .[*256.41 .]I .43.45 —37
January . . ,1%25.45'124.41/24.40.43 —43
March . . . 125,584 .“IH.M_I —39
NEW ORLEANS. {
at. | Ne
i |High.| Low.| Close. |(Chg.
R I 492e-98-070 —3B
October. . .|*24.4 .60 23, 6-17! —-g
?Oclmbcr ' : .’I! 3 :g' 8."-::! '—“l
anuary . . . 8 - —29
March *, . | | l-a_.a( ag.mfig-oa! —3l
“‘Mondly; -Tuesday; {Friday; tSatur
‘ot ch’lngn for week:
N PRS- vav 55 o eiDD 'a
New Orleans.. .. .. .. .. ..—l2B@l
The Atianta Federal Reserve Bank
Saturday reported its condition at the
close of business Friday as follows:
Resources. \
Gold coin and certificates in %
REME o oiiciliniiriivinivc TR BA DD
Gold settlement fund ...... 7,340,600.00
Gold with foreign agencies.. 1,675,000.00
Gold with Federal Reserve l
.\sem siALErSss desare vie e TR TRVED
Gold redemption fund....... 346,604.29
Total gold re5erve5........534,626,260.05
Legal tender notes, silver,
OB iTR The et 718,141.50
Total reserves ... ....... .$21.’>;¥44.401,:’.'0!
Bills discounted. members. . $4,628,940.03
Member banks’ collateral
L e AT 571,000.00
Rills bought in open market 1,358,574.58
U. 8. long term securities
SRS s siioagaveinainin 668,600.00
U. 8. short term securities
(certificates, etc.)......... 1.584,000.00‘
Total earning assets...... $8,841,114.61 1
Due from other Federal Re- |
serve Banks, net......... $3,926,602.33
Ungellected iféms ......... 7,716,388.78
National bank n0te5........ 1,137,245.00
Mutilated currency forward
ed for redemption........ 8800000
All other resources......... 214.465.89
Total re50urce5..........557,268,218.20
Liabilities. C
DR D Il icioniiiines SZ.KR!*.]:\?.Q‘_)
Government deposits ...... 4,220,915.75
Due to member banks #e-
SOrve SOCHUNT ... .. .0l ‘.’.'1,074.4."5‘22
Collection items ........... 5,0620,456.96
Federal Reserve notés in
actual cirenlation ........ 19,838,17500
All other liabilities ........ 105.029.27
Total liabilities ...........$57,268,218.20
LIVE STOCK MARKET.
CHICAGO, July 21.—-Hogs—Receipts
6,000. Market, A@lic up. Mixed and
bntehers, 14.25@15.50: good and heavy.
14.95@15.60: rough heavy, $14.10@14.85;
light, 14.00@12.25; pigs, 1085@13.75;
bulk. 14.40G@15.40.
Cattle—Receipts 1,000, Market steady.
Beeves, 8.75@14.05: cows and heifers,
6.00@12.40; stockers and feeders, 6.75@
9.75: Texans, 9.50@1200; calves, 11.50@
14.50.
Lreep—Receipts 000 wfarket wea'ti,
I\':\Yi\'epmu! \\‘ostmz. 7.75611.00; lambs,
11.50@15.90.
ST. LOUIS, July 21.—Cattle: _Re
eeipts AOO. including 70 southerns. Mar
ket steady. Native heef steers $7.50
@13.50: vearling 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 §0.50@9.70: prime
southern heef steers $8.00@12.25: cows
and heifers $4.25@900: prime yearlings
and heifers $7.50@ 1000, 7
Hogs~-l}ecei§‘tn 25,000, Market 5 and
10¢ higher. ixed $1490@15.50; good
15, 45@15.55; roueh 114.0(\(614.?.’-: lights
$14.75@15.10; pigs $10.00@14.75; bulk
$15.00@15.50.
Sheen—Receints 700, Market steadv,
Ewes $8.00@8.50: canners 84 00@4.50;
lambs $10.50@15.50; choppers $6.00@6.50.
"HICAGO PRODUCE MARKEKT
CHICAGO, July 21.—Butter: Receints
13,3¢3 tubs. Creamery. extra, 37%ec;
extra firsts 37c¢: firsts 35%@37c; pack
ing stock 32@32%c.
Eges—Receints 15,085 cases. Current
receipts 29@32c: ordinarv firsts 30@
31e: extra 36%c; checks 25@28¢; dirties
28@285¢,
Cheese, twins, new 25%e: dalries 25%e
Young Awmericas 20i¢, Longhorns 25lg¢,
brick 23%ec ’
Live roultrv: Turkeys 18c; chickens
18¢; snrings 22@26¢; roosters 15c; geese
15¢; ducks 17c.
in process of organization, but the Farm
Loan Board does not expect to see
many of these institutions come intc
existence in the first few years of the
operation of the act. !
“The farm mortgage rate fixed bty
the board is 5 per cent. The average
private farm mortgage rate in the Unit
ed States is above T per cent. The
shave between the 41% per cent paid
for the money and the 5 per cent re
ceived for its use will be used by the
Federal land banks to pay their ex
{xenses of o{peratlon and dividends on
he stock of the National Farm Loan
association which is held by the hor
rowing farmers—s per cent of the
amount of his loan by each horrower.”
Futures Close 37 to 50 Points
Lower—Heavy Selling.
July Weakest,
NEW YORK, July 21,—A steady tone
was displayed at the opening of the
cotton market today, although price
changes were irregular, September de
clining 10 points: October advanced 6
points, December 4 points and May 2
points, while January was off 1 point,
and March down 1 point,
New Orleans and other southern in
terests were good sellers. Liverpool
purchased Ociober and sold January.
After the call there were declines 'of
1 to 11 points from the opening, but a
fair demand at the low levels sent the
list up to a net gain of 11 to 15 points,
Later the top levels were trimmed
Prices broke sharply in the last hour
under general selling, led by offerings of
July, the market selling down 50 points
The close was unsettled and irregular
despite New Orleans buyving in the last
few minutes Final prices were 37 to
80 points net lower
NEW YORK COTTON FUTURES.
|
: . ) @ ;U
818 slul g |3
¥l 31831 & et
e ———— e S
Jy 126.00(26.00 26.00/26.00/25.90- 26|26, 40-50
S fewul .ol 1.0 0000 155
sp ;as.xofga.m 25.1025.10/24.73 25 90
Oc (24,06 5,05324.53'24.54;24.5:5-67_24.1«»-92
Ne |l o]l 02446 12484
De 124 84/24.92124.42 24.43/24.43-4524.80-85
Jn ;tut 24.9424.40(24.42 24,40-43 24.83
Mr 125.01135.03/24.65/24.68 24.60 |24.99-01
My [25.10%602 26.12/25.12/24.72 25.10-12
Closed irregular,
L i
NEW ORLEANS COTTON FUTURES.
———————— e ——— .
. J @
£ 5 | 1l ¢ F
[ , il 5 148
¥ leevalesocdouaideo. .. 24.98-97'24.60
A 8 bonleae il ull 3]24.00-10124.25
o b, 198.88-87154.70
Oc |23.85/24.0323.70(23.77/23 75-77/24.00-03
Ny Loonleoo i doa ol .. 188 78-77184.01 08
De [23.77/24.03!23.7523.7¢ 23.75-76 24.03-04
Jdn [24.01/24.10(23.80,23.82 23.83-84 24.12-14
S Lk leveei]. .. ]28.88-69124.17-19
Mr 124.15/24.16/23.002,.91'25.90-93 24.21-24
MY loooee oilonn. . 24g4-05]54.28-20
Closed bareiy steady.
SPOT COTTON.
Atlanta Commercial Exchange quotes
goq? mlddlln! quiet at 24.70.
Liverpool, firm; middling 194,
New Orleans, steady; mlddling 263%.
New York, steady; middling 26.40.
Charleston; middling, 25c.
Wilmington; middling, 251%.
Savannah, firm; mhlsllng 26.13.
Boston, quiet; mldd"nr 26.60,
Philadelphia, quiet; middling 27.15.
Little Rock, steady: middling 26c.
Augusta, steady; middling 25.06.
Norfolk, steady: mldd!ing 25.38.
Galveston, steady; middling 25
Mobile, steady; middllnf 2%0.
Houston, steady; piddling 25.60.
St. Louis, steady; middling 25%.
Dallas, steady: middling 25c.
Montgomery, steady; middling 23e.
Memphis, steady; middling 26.
l PORT RECEIPTS.
The following table shows receipts at
the ports today compared with the same
day last year:
e B -
New Orleans . . .| 632 949
Gaiveatom. .. . J 510 ’ 747
giobne... ; 35
laVßpnah . . . ~ .| 2,623 4
l(‘har‘eslon R 1 !8
TR 47
o PR 882 191
] 270 a 8
Philadelphia . . . .! 42 64
EORER CRONE v . L. 1L ER
Yorioun, . . . smp)ococoeontd 267
v R 5,238 | 14,613
INTERIOR MOVEMENT,
————————— e ot
LAY 1 IS
HOWIRY . < ] T
RS . L 174 | 18
Mampnts. ~ . ..l 529 | 368
STN . s 955 H ! 1,217
Cinginnatl. . . . .} 208 | 438
Little Rogk . . . .| 3B Liisiriiien
TR e 1,804 | 2,548
:_A'[L_ANTA COTTON STATEMENT. _
_Saturday. |Bales
Lge(-eiptn sescensnnavansennssncneensl 183
IR ox o civiersisaisrisriicit BTN
‘St_or'ks PSR PR ARG By |
ATLANTA COTTON SEED PRODUCTS
’ Crude @il, basis prime, nominal,
Cotton seed oil, caked sacked, loose,
8. 8. Savannah—July, $42.00; August,
$43.50@45.00; September, $14.00@ 46.00.
October, $45.00%47.00.
| Cotto nsa2éd meal—July, $43.00@14.25;
August, $43.50@44.25; September, $44,00
@46.00; October, $45.00347,00,
’ Cotton geed hulls, loose—July, $16.00@
17.50; August, $16.00@17.25; September,
$16.00@17.09; Octiber, $15.50?17.00,
| Cotton seed hulls, sacked—July, $18.50
G 20.60; August, $18.50618.50; Septem
‘ber, $18.50@20.00; Octiber, $18.00@19.50.
Linters, first cut,, high grade—July,
10@13; August, 10@13.
Linters, eclean, mill run—July, 6% @
7% August, 6% @7%,
COTTON MARKET OPINIONS.
E. F. Hutton & Co.: ‘“Although at
the moment the situation would seem
to warrant a further setback, we do not
look for low-priced cotton and are in
clined to favor purchases on good re
actions.”’
. - -
A. Norden & Co.: “‘There continues
to be a good demand for cotton on de
clines, and those who attempt specula
tive short sades find, as they have for
months, that the market s bare of
floating contraets, and that the cotton is
not there when they attempt to cover.”
CHRONICLE'S COTTON STATEMENT
1_1917. | 1916. [ 1915,
In s'g't wk.| 43,733 67,055 61,214
In s'g't, sew 12,421,868 /18,508,251/15,361,214
Vis. all k'ds| 2,983,025 2.465.204| 4,635,044
Vis. suF‘Am‘r 1,686,025| 2,319,204 3,215,044
Dec. vis. alli 09,787 139.904; 272.500
De. vis, Am| 81,737 88,904 185,501
Spin's taks. 134,896 152,959 246,715
Taks. Am'fli_z,%?‘,gfi 13,420,445 13,833,260
LIVERPOOL WEEKLY STATEMENT.
1 10T 1 3910 -} “2HLE
Week's sales .| 12,0000 32,000 56.000
American ....| 10.000; 26,0000 47,000
Export [I 1,400“ DOO
Speculation ..1.........| 1,700 5,&3
Forwarded ...| 54,0000 67,000/ 89,
Total stock ..! 878,000 632 0001,874,000
Of which Am.! 183,000 522,000'1,389,000
AL W' axtisl. o i 10,000/ 16,000
Retps. for wk.! 25,006 44,000/ 33,000
Of which Am..! 18,000/ 332,000/ 38,000
Repts, season (2,301,000 3.294,000/4,974,000
Of which Am.. /2,523 0060 2,630,000 3,232,000
Stoek afloat ..| 102,000| 222,000 86,000
American .....| 61,000 1_&8_.00/:' 26,000
S————————————————
e R NOTION, . o
Sales n?ency of Walker & Barber dis
solved, H. D. Barber retiring. All as
sets and obligations assumed by H. H,
Walker H. D. BARBER
H. H WALKER.
.
New York Stock Quotations
SATURDAY, JULY 21.
Market closed strong. I
. Total sales Saturday, 337,700 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:
G Eo= ko - FRANtTINeY
‘ STOCKSE mlg_':‘,—;l‘lSule.}Cl'm
Allis-Chalmers , .| 2087 20 ;29«\'.] 2884
| R T, cooof 83 | 824
Am;r!’cun ?lnc o 2 ) 26| 2 |2MS)
T L
Am, Asrlculturul | 938 o3ag | 03| 04
Amar. eetf uunr.i 92%; 91-&: 92‘ | ":1"’
IR g sael ..ol D93o] OBM
Amcértcun ?_an. ) aig] 497 anigl 32‘..
e TR vl s sisa] vinr OBRSS
Am. Car Foundrv..! 8% 6% Thig| Thig
Amer. Cotton Oif , ....| ....! 87"| 87
Am.d lncor?ouva J 728 71%{ 72%13‘2
A el L
Am;r. gm?lung. .lwsx.im:s. 1?2%&(;?;%
I R ol skl ocaes]d |
18 B By LN
Amer. T and T, ‘ Sivol os.s 100 102
Am. Suma, Tob, .| 49 49 |4O | 4T%
American Woolen |o4 B 3 |64 | 629
Amsrlcan [f.lnued [ asail szs) 3?'&
R T ] Y
AtL G and W, 1. U 108141073 10814106
Amer. H. and L. .| 13%| 12%| 12| 1254
do, pref. . . .| 68%| 6635 66% A 6,
Amarlcan ’lce i i e ol tl’;
BOU ) e i
Amer, )\fnlt Corp. I 168, IH.’J 164 1614
40, gt . . 69351 69 | 6014| 69
Amer. Tobacco ./208 (208 (207 (206
AN IWHL B 0 4. ...1.0..1 00 |Bl
Anaconda . .. .| 7777) 76| T 76y
Alshs GIS ..} .l 08 |/8
Alloy 80l o . of ...l i) 434
Atchison . .. . 11008 100% 1004 1067}
. c(l‘o. lprel. 4d l 3\?3%!1;’3
. ‘e v sl Rl aae
Paldwin Locomo. ‘ T 70 | 11y 6!9%”
BoA ... N 70%‘ 0% T 0
SheooeE Loo RET 68
Bet:lehemrsuel .1182 1129 'fifi% h’g
o el ol L ol
do, [}ref. B. . .[12014]1265:/129 ;l!fif‘.
B. R.T. . . . .00 | 59%] 69%| 58%
Butte Buperior . .| ...:1 450 37%| 87
(?nl,d l'e\rolteum « o] 18% I!%} lgl;‘ :g
Loty Yk s s sl
(‘ann:("f;u‘t‘lrePacmc 1163 ‘lga 1168 ‘IOB%
Coamd 0. .| 61%) 60% 61%| 60
C AN ~ ol L T e
Colo. F. and I ./50 | 49 |SO | 4814
C., M. and St. P. .| 70%| 6884/ 6841 6904
Chino Copper . .| 53%| 531/ 636! 526 y
Consolidated Gas | ....| ... [IOB%/1081
Corn Products . .| 34%]| 343/ 84%| 34%
do, pref. . . .} ....]| o 97 9715
Crucible Steel ~ .l 83 | 813 83 | 813
Cuban Am. Sugar.| ....! ....|IBB [lB7
(_fuh'.'im (‘anf Sugar‘w’ 41"4.: 415/ 3{l’%: g{l’
0. PR ) ] ¢
Cast Tron Pipe . .| 21 | 217 '| 21 | 20%
Central Leather .| 87%! 86 | 875 851
Chile Copper . . ' 20 |2O |2O | 19%
Columbia Gas. . ! 40 | 40 | 40 | 40
Cerro De Pasco . .| 34% | 34%/| 34%| 341
Pel. and Hud, . | ....} ... 11001611121,
Distil. Securities .| 251! 24% | 24%,| 251
Erl(-‘. garisd v o 25%:’ 25 I;2]s:';»‘ ‘:;4;'4.
do, lat pref. ..| ~..] ..,.| 31%! 31%
do. 2d pret. .. | L T
General Electric .'156 154 [156 152
General Motors .‘115%-114 116565111408
Gaadrieh Rubber | 51 ,»’1 Bl |O% | &%
G. Northern, pfd, .[lO5 11043 1047% /105
Greene-Cangnea . ....! ....| ....| 40%
G. Northern Ore .| 33%| 333% 231 23
GVEt Waltery . - ... L. BT
do, pref. . . .| ....0 ....| 38%] 331,
Gulf States Steel 120 1120 120 117
‘ do, Ist pref. / s 1000 | eere
536 eE TL) e T e
linols Central . .| ....' ... . 1108 1034
Insp. Copper . . .| 56'%| 64% | 56 54
[lnterboro L > <} Sa ik shent 2:’:' g".
L AR I L L
Indus. Aleohol . .[159% 1157 15814 1581,
Inter. Nickel. . .! 393% ! 284 394, 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 $320,504. From July 1. gross, $4,130,-
316, an increase of $577,310.
HUTTON & CO.'S COTTON LETTER.
NEW YORK, July 21.—While Texas
and Oklahoma had beneficial rains. there
is some complaint of too much rain in
the eastern belt. A week of dry weath
er is needed in the Kast for cultivation.
Sentiment is inclined to be bearish. We
prefer the long side and only advise buy
ing on big declines. g
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 airmy
were completed and made known. This
affected sentiment favorably and helped
the impression that announcements
would soon follow for fair prices being
fixed on Gavernment purchases for war
au}mllos.
ndications are for further improve
ment next week and general list appear
ed attractive at close today.
COMMERCIAL BAR SILVER.
NEW YORK, July 21.--Commercial
bar silver is off %e¢ at TB%c.
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 msure 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
| M. [Prev
STOCKS-— ___ [High |Low.| Bld.(Cl'se.
Inter, Paper ..,| 36 36 8| 36
K, :" Bout:\ern . t :;% g}%
0. PSR . Lo vews] G |
= e (AT e 1331
Kennecott . . ~ .| 42%| 4214] 42%| 4268,
Lackawanna suelg 083% | 0215 03 | 914
Lehigh Valley . .| 63 |63 63 62
}.ncled;u‘(m vit , ;; g;
ong Isla e s N h
Ten TS } iyt dolas L B
Ry . .123»«-.1123:2;133%1123
Maxwell Motors, .| 35% 34%| 347 35
(:g.'lzllt ;v::'l of vavnl esriel BB :2“
aO, S« ) et o} sess s oes
Mo, Pacific (new). 32* dy “;2 !i
Mex(.i Petrr;leum i 6 054 3!13 w 414
API T s
ineé. . . ... .| 30%] 20%! 30 2014
eet 4 BRI ..?2’ o
Montana ower l 90 ;90 138 'lgg%
Midvaie Steel | | || Big| 8 sml o 8
Nat, Cond.. .. . 37%| 31| 4 36%
National Knamel .| 4214 415 42%] ....
:or:{h (chtark-inn ! .”‘( 8 i‘;i/’ u&
, X. Geantral |, . ‘%
N T W BB R ol il B 36
National Lead . .! ....! ...,/ 66 |56
N. and W, . .. .1122 1122 1133 122
Northern Pacific .[lOl% (101 101 1101
N T 8 PRAW. ] civi) viia ?“4 23
Nev. Con, Copper.| ....! ....| 21%] 21%
N. Y. Airbrake . \ cavel ooooflßl 1181
Ohjo Cities Gas . r:gs,i A% Bi% go%
Miami r‘o‘per e |4o| 40 9
l'm:{-w. » Coal ‘ g;u :gs‘
D, PR o o WAI i
Pasiie Ml .« Lot il 11
FF:enn'oylvnnla § : g:}l\d _?;\.{ ;_?l/. ;2:
eople’'s Gas ~ . .| T |
P, Steel Car .. .| 73," 7 ‘l3 2
l‘lttst;:nrg Coat . | 55%\ s!‘\2) Mh’ 14%
Ray Consolidated. 2838 26% 26%, 26'@
Reading | 964 8 ;95'/4 851
.‘l. mf\:‘l Steel . :103% }B;‘l].,lo2‘“
O o i
Rock 'lllfll'lil i I‘ ;‘5"2% 3%
Ry, “.?;.S.’Zé‘;;r‘fng.:; o ::::ufii g
Sears-Roebuck . .! ....] ...4]
Sloss-Sheffield . ./ S2‘,&i SZ%i 53\/‘ 5;
Southern Pacific .| 9311 9314/ ?§‘:’. 931
Soutlhe-rn Rfullwuy.} 27%| 2;%} géh; g%'h
G 0 Pref., . o} ssse) siss o
Studebaker. .. .| 55!/.‘ B3| B 53%
s Mor Steel ..l oo viidd sl iIS
Bt. L. and 8. W. .| ;io| ol 333 1%
glnl("ltai(l; QN .. i 43-\.3 43..]- 43% 133%
w B.o) i asebo ist
EAR .l ““’s”“‘l 128,
do. pref.. . .| ....0 ....| 88%5] 38%
Tnbncc-'v'l'rnducll‘{ o 63"1{ 3% ?'7“‘
Fobd Aedhue . i} S% UM %6»:& 15
rd Avenue . .| ....| .... |
Texas Ol . . . .[192%[19 \11!2'&.15'1
" s essl icist AUIRL 10
Uarea Pratt | lad ',:.imm;l-;gfihas
Union Bag . . .+ | 00l 00l
Union Pacific. . .1133%:1«!8 ‘1%“‘132:2
RAR AR AR TR
; WU S e e T
u. §°,.:Pex S .512:@‘.‘12-!.-:,/‘;}-I.'3:‘(}‘l:3
natCaolrel: - 1104 lladitliod " 103
tah Cu?per ¢y ost | . ’!'11 Rt
United Cig. Stores/118 11 %l ‘lh’ i
VL {‘h“m('f&ke'i il sc'u,‘ 614
. L. Uah o seeef e | 8
i s ed e mit il FEN TR
- 4»3.1 i) 4932‘:‘ anty
Western Union . .* aiirl aol 91: ! 21‘?
Willys-Overland .| 313 31% 3135 3114
Waolwarth . . . .| caoel ....}125 'tl23
Westinghouse . .| 497 19 ’49%' 4Q§.
Wis. Central . . . ....] ..o sos e ng
White Motors . . .| ....| erel 4(-2‘/;‘ 461
Wilson Pack, C 0..! ....| ....] 68%] 69
Cen. of Ga. Earns
$34.90 on Common
' Annual report of the Central of Geor
gin Railway Company for the calendar
I_\'var December 21, 1918, shows surplus,
after charges, amounting to $2,649 651,
an increase of $955,5628 over 12156 period.
Allowing for 6 per cent dividends on
the $15,000000 preferred stock, the
“amount available for the common stock
" was equivalept to $34.99 a share.
} HUTTON & CO.'S STOCK LETTER.
NEW YORK, July 21.—The pegsimism
of the past week has received a good
‘shm‘k. Since the beginning of the war
every 30 days some prophet has predict
ed its speedy ending. Probably a vear
from todsy they will be doin the same
thing. We believe that in tfw and big
business will be handled in this big
war in a bhig way. Big bond flotations,
such as we are likely to get, have al
waye brought abdut inflation. It will he
remarkable if what has occurred before
under somewhat similar conditions does
not occur now.
HUNTER RETURNED TO CUBS.
CHICAGO, July 21.-~Herbert Hunter,
infielder, has been returned to the Cubs
by the Vernon team, of the Coast
League, because of poor fielding. Hun
ter came to Chicago as a part of the deal
,invulving Larry Doyle and Heinie Zim
merman, of the Giauts, but he didn't
play much in the big show.
\
General Electric and Steel Com
' '
mon Record Big Gains—Mar
’ ket Closes Strong.
|
. NEW YORK, July 21.-Opening fig
‘ures of the stock market today gener
ally showed advances, the gains rang
ilng up to 1% in United States Steel,
Crucible, Marine preferred, American
Can, Industrial Alcohol, walle smaller
gains ook place in Union Pacific, An
aconda, American Smelting, Westing
house, Reading and Hethlehem B.
Prices moved up to the high points
In the last hour. General Eleetric rose
3 points to 166, Steel common advanc
ed to 123%, but shaded off to 123% in
the last few minutes, There Were fup
ther recoveries in most of the active is
sues that had shown wewknes sin the
early dealings,
The market eclosed strong: Govern
ment bonds unchanged; rallway and
other bonds steady.
Stock quotations to close:
NEW YORK CURB MARKET.
The curb market opened firm and
closed strong.
STOCKS Opening. (floumai
Atlantic Bteel 136 @l5O 130 @1
Chevrolet ..... 98 @ 9% 94 @ %
Brit.-Am. Tob.. 18 @ 18% 18 1814
United Mines.. 25% @ 268, 25‘;‘3 268,
AR iBB@ I 8 30 838
Hecla Mines .. .. 8% @ ¢ 87 9
Oklahoma ...... 8% @ 4% 8% @ 9%
Lake Boat ...... Blem 7 bl 17
Marconi ........ 8@ 2% @ 2%
Nipissing ....... T%%@ 8 Th@ 8%
Submarine Boat 31% @ 315 Nigw 31,
Bt. Oil, N. Y... 284 @BB7 284 @B7
St. Oil, N, J... 576 @6BO 576 @hne
St. Oil. Ca1...28 @261 268 @261
St. Oil, 1nd.... 760 @760 i @760
Prdirie .........510 @B2O 10 @520
Ohlo Ofl .......376 @3BO 475 @ aso
Indiana Pipe .. 94 @ 97 M @ 9
Houston 0i1.... 19 @ 22 19 @ 23
Cosden Oil .... 12%@ 12% 12% @ 12%
Anglo-Am. Oil, 18% @ 18% 1854 184
Union Tank .98 @lO 98 alon
Savoy Ol .. .. 8§ @ 10 8 @ 10
Vietoria Oil .... 9% @ 10 Y@ 10 ‘
Inter. Pete.... 18 @ 13% 13 @ 13%
gsl get e
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,
Demand deposits, decrease, $116,742,-
000,
Time deposits, increase. $i,261,000.
Reserve, decrease, $41,137,760.
Actual Statement.
Loans, decrease, $124,997,000,
Demand deposits, decrease, $67,717,000.
Time depostis, increase, §6,360,000,
Reserve, increase, §107,600,770.
| MONEY AND EXCHANGE,
NEW YOREK, July 21.- Sterling ex
change was steady, with business in
bankers' bills at 4.75% for demand,
4.72% for sixty day bills and 4.70% for
nineity day bills,
} CHICAGO GRAIN CLEARANGES.
| Sat. |Last Yr.
Wheat ....,............| 281,000/1,337.000
COPR . ..iiivsnididisoniil TN 9500
“mls“.‘..v. ceeesss| 589,000 49,000
N i I,ooo] 22,000
Wheat and f10ur.......| 286,0001,135.000
ELGIN BUTTER.
ELGIN, lILL., July %I.—Butter was
offered at 38¢ on the Elgin market to
day. There were no sales. Last weeks
price was 37%ec.
NEW YORK COFFEE MARKET.
Coffee quotations:
| Opening. ! Closing.
JEBUATY .. . | enreaes: |RO
Febrvary . ; sresienes 2 BASERLE
March i 8.17@8.i8
AR 5 .., s ot iaksisris TR RN
Y e a 0 | 8.27@8.28
June % ceneeee | 8.38600.85
July v e e | 7.8007.82
August . AR : e | 10IQ108
September , . 8.00 P 71.94@7.95
Oetaber . . . M......... ) 1010708
November . . .| 819 7990 8.00
December . . 810 | 8.02@8.03
SEMIANNUAL STATEMENT :fi
IFor the six months ending June 20, 1917, of she condition of the Yoo
OF NASHVILLE, TENN,, iy 2
% i
Organized under the laws of the State of Tennessce, made to the Govery
of the State of Georgia in pursuance to the laws of said State, o
Principal Office—3o2 Seventh Ave, N., Nashville, Tenn. b
I. CAPITAL STOCK. 4
1. Amoumit of capital stock .. 7. «: isivi i i .. TEDO.OOO D L
2. Amount of capital stock pald upineash .. .. .. .. .. .. .. 3300,00’7&
“11. ASSETS.
1. Market value of real estate owned by the company.., .. .. $90,025.6%
2. Loans on bonds and mortgage (fl"r/;t liens) on real estate,. 1,627,128.07
4. Lwans secured by pledge of bonds! stocks of other market-» 2
ARIO ODIIREOrEIN ", . i ek ee D e R 30,900 .00
6. Bonds and stocks owned absolutely: Market value (car-
Ml oUL)Y . i v il e et 330,315.47.
T. Canh in conipAny's o 0 .. i . iJi i v iidisi i 2,629.36
8. Cash deposited in bank to credit of company .. .. .. .. .. 245,963, 4
9. Cash in hands of agents and in conrse of transmission. .. 24,600,00
10. Interest ducoraccrued and unpald.. .. .. .. .« ¢s s« 62 +s 24,455, 2
1, BHIS PoCeIVADIe . v v S i il vl « 160, 'g
15, ABOBU'S BAIANOD .. .. . s ihiiiae rks s 7,353.40
15. All other assets, both real and personal, nost included il
Bakalnbalore .. .. o1i) W e e 2,131.Ҥ
'——'——*4
PORE) oooOtl .\ i e clih on Vi sc i bl ’2,3‘5,.‘2.“;
1. LIABILITIES. 4
Not premiumrossrve .. Vi .. v isiiiaieh o ul v $799,112.688
2. Death lessvs and matured endowments due and
ÜBRPRIR oi o eibe v qs ik Bt en Yty et s T :
3. Death losses and matured endowments in process
of adjustment, og adjusted and not due .. .. .. 3,910.00
1. Death losses and ether policy claimg resisted by é
SO OBMBERY vvi 4h o il il e s ’,;
o mr————" i 3
Total polioy phAIMS ~ .. .. ov i Wb ss Hibiss i) D 30,155.00
§. Contingent and ather reserves .. ... «. s «s saitehiin 760,482.51
10, Amount of all other claims against the company .. .. .. .. 79,404 .85
11..Conh ORINE i v 00l De e b l”,m.;fi:
12. Burpive. over B Noabiltlns .. .. .. .i%csi ss BT 407, .“
Total URDINEIOR .. oo vvgis Bst i MR N sz,;“s.uz., ‘
IV. INCOME DURING THE FIRST SIX MONTHS OF THE YEA ’ggfl.
1. Amonunt of cash premiums received.., .. .. ... .. .« .. 35258 A 1
3. lotersit Tarived .. .L.Wt s s KA e Y 02, %
4. Amount of income from all other SOUrees .. .s +u vo +v o % .
e
Total income ~ R 0 eVe T e ‘2.‘o_{63: .
V. DISBURSEMENTS DURING THE FIRST SIX MONTHS OF
YEAR 1917, S
1. LORBR DAL <. .. .. .. iVvs4ba oy sintiie e o TR 02
6. Dividends paid to policyholders or others .. . ... .. .. .. 60,000.00
7. Expenses paid, including ¢ommissions to agents and off-
ORTR BRIBIIOB .. oo oo s o 8 6s .ts Bs 6n &k 5t v & L 1.1“,‘:‘.‘
8 Taxes pald .. .. voovooo o 0 sy sonsie sainn so ol SRR 3
Total disbursements .. «o oo cr v560n44 a 0 i TN '3,3}4.”3-
Greatest amount insured in any one risk .. .. .. $2,500.00 ) A
Total ameunt of insurance outstanding. .. .. .. 29,886,872.00 b
A copy of the Act of Incorporation, Jduly certified, is in the office of g
Mmeurance Commissioner. : 1, B g
STATE OF GEORGIA—County of Fulton: ¥l
Personally appeared before the undersigned G. C, Liynch, who, bein duly.
sworn, deposes and says that he is the Local Agent of the Natioi *,‘;,n
Accident Insurance Company of Nashville, Tenn., and that fi:xj_;; oing
statement is correct and true. fGUCHEENG ,A‘v‘@,"ifl'},
Sworn to and subscribed before me thig 20th day of July. | Ym) B o
. 0. V. HOHENSTEINL L )
Notay Public, Fulton County, Geovgia. =
-
| |
" '
Option Closes 9 3-4 Cts, Higher.
- July Gains 5 Cents—Corn
|
| and Oats Lower,
|
| wigilindy
| By JOSEPH F. PRITCHARD.
CHICAGO, July 21.-—September w
#old up 7 cents from yesterday's :
|to §2.85 auring the first half hour
| trading on the Chicago grain excha .
| today. July wheat was stationary
(8259, Corn scored fractional 5&!
| while July oats rose 214 cents to ln
| " Heptember wheat was the stronger of
{ the futures, showing a gain of 910 un
der a pressing demand and the July «
up & cents with tne baying at th 5
quite urgent, Corn closed unchan
to Yw@ll'se Inwmr'l. 4 w@%e } =
Oats were unchanged to 4@ %e lower,
’\\hllp provisions were 5@152‘4(: higher
[for the list. The greater strength was
[ shown In the pork trade. There were
[no sales of cash grain
Gram quotations:
s
High. Low. Close.
WHEAT - :
July w 358 2.50 2.56 2,5’
Sept..... 2.27 T% 2.18 3.27% 21 ,
e 1.63 1.63% 1 *7
[ Sept 1.63% : 4 ’ ;
| Dec, 1.17% 146 1.1614 I.fi ,
| May. L 16% 1.14% 1144 Ll§
| 0AT5......
...... BB 6% 7% 7
5ept...... b 581 y 58% l:*
S s 61 Hle 6014 L
POLK .
July.. é 40.56 sobinl
Sept W2O 4000 4000 3097
'
LARD-—
July,... 20,42% 20.36 20.40 ses sa A
Sept 20067% 20.57% 20.62% 20.50
RIBS -~
July 21.62'% 21.60 21.60 o sus FAI
Sept 21.80 21.60 21.72% 2160
COTTON SEED OIL,
Cotton _seed oll_quotations.
— e Ay O g
| _Opening, | Closing -
. . r {15.50
January . . . .‘332@!3.83‘13.713‘31"
February ~, .J:uoan.osrs. 13.58
Iveust . % " 14.02014.08/15 so@lea
August . . . ,{14.02@14.05/18. :
September , , . 14.08014.05/13.95@1
[October . . | [[13.96@13.9713.90@1a.
' November ~ , . 13.70@13.77 13.68@13.78
ilu-w-mhvr 5 S 13.78@13.80/13.70@13.98
" Closed steacy; sales 3,500 bags.
ST. LOUIS CASH GRAIN.
| ST. LOUIS, July 21.—Cash wheat Na.
2 red $2.39@2.43; No, 3 red ‘2.3802.?;
No. 4 red $2.32; No. 3 hard $2.65. N\
Corn, No. 2 mixed $2.12; No. 3 mixed
$2.12@2.121%.
. Oats, No. 3 white 33?83%(!: No. ¢
white So%@Sßlc; No. 2 mixed soc,
KANSAS CITY CASH GRAIN.
KANSAS CITY, July 21.--Cash whea
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 l2.61f1)2.88: No.
hard $2.62@2.82.
Corn, No. 2 mixed $2.10@2.12; No.
mixed $2.08@2.10; No 4 mixed $2
@2.08; No. 2 yellow $2.13@2.14; No, §
yellow $2.11@2.13; No, 4 yellow $2,
@2.11; No. 2 white $2.16@2.17; No.
white $2.15@2.16: No. 4 white $2.13
2.14.
, Oats, No. 2 mixed 77@78c: No. §
mixed 7662 77¢: No 4 mixed 75?70(‘: No,
| 2 white 81@82¢;: No. 3 white o@Bo%s¢s
No. 4 white T7T@79%c.
CHICAGO CASH QUOTATIONS.
CHICAGO, July 21.—~Corn: No.
mixed, 2.12G2.15; No, 2 white, 217@2.1
No. 2 yellow, 2.12@2.16%; No. 3 mix
2.15 :
Oats: No. 3 white, 85% @B2l ; stand+
’(nd, 86l @874,
| PRIMARY MOVEMENT.
. Receipts— ‘iqt'qu;lult_!r.
Wheat ... ....0000.000] 600,00001,433,
Cary cresssssansessess| 606,000 858
OBRER . ..o.oiivnerassissh SR TN
Shipments— | |
Wheat .....cioeoos....] 293,000 798
Corn conssßsßßbE N 299,000“542'
Oats seseseesse .| 558,000 TG, 00
CHICAGO CAR LOTS.
CHICAGO, July 21 —Following are pres
ceipts for Baturday:
WhESt .. /. .. .0 s iX i ol
‘orn o) S 0 oss N . N veo W 9
Onts inlet ne ik e a¥ s iks TR
Hogs v dHBE vh b LN
9A