Newspaper Page Text
‘THE SUNDAY AMERICAN'S FINANCIAL AND COMMERCIAL PAGE
Buying by Trade Houses, Exporters and Spot
Firms, Due to Strong Spots and Drought in
Texas, Offsets Many Bearish Arguments,
: Cottoft had another dull and fea
tureless five-day session last week,
with values showing trifling changes,
being 2 points higher to 4 points off
for the week in New York and 2
points higher to 18 lower in New Or
leans.
. Buying by trade houses, exporters,
spot firms and absence of noticeable
greuure gave the market a firm tone.
horts covered at intervals, while
pressure from Western interests,
thlch contributed largely to the pre
lous week’s decline, was not much in
@vidence. |
- Most of the selling came from ring
traders, Wall Street, commission
Qouses and Liverpool. |
The oversold condition of the mar
ket also held the market steady. But
continued demand from big trade
houses stood out as the principal
malinspring in the market. This class
of buying caused nervousness among
eshorts and leading bulls started talk
ing about the absence of rain in Tex
as and the backwardness of crop
preparations.
. The character of spot news was un
changed—strong. Holders are not
worrying about bearish news and are
standing firm.
Bulls Confident.
Bears are selling the market on the
present high price of cotton, agitation
for the fixed price on the staple, fuel
shortage and belief that foreign con
sumption will fall off.
The sinking of the American trans
port Tuscania had only a passing ef
fect on sentiment,
However, the bulls are confident of
their position, emphasizing the
strength of spots, scarcity of white
cotton, unfavorable weather condi
tions and backward crop prepara
tions. The inquiry for white cotton is
heavy-—more than can be supplied
Spot cotton—middling—in most sec
tions of the belt are bringing virtual
ly 82 cents a pound, agalnst about
30.50 for March contracts in New
York—a premium of about 1 1-2 cents
on the spot option in New York. How
ever, there apparently is a liberal
supply of lower grades, but the de
mand for this staple is reported to be
light. But leading bulls claim
that after the white cotton is ex-
Yiausted mills will rush to buy the in
ferior grades.
No Cotton Legislation Seen.
The hears were given rather a set
ack late in the week on a flash that
¢otton will NOT be included in the
price-fixing bill. Some of the most
prominent bears, however, argued thaf
they never have believed that there
would be any price legislation for cot
ton. But there certainly has been
considerable selling from this clique
and when all their arguments are
c¢ombined—if you omit price-fixing
gossip—they wouldn’t have much am
munition to attack the market with.
Conservatives state that-legislation
to fix minimum values on cotton
would be extremely difficult to get
through Congress. Southern Con
gressmen and Senators are opposed
Week’s Financial Summary
Following 18 a brief day-to-day sum
mary of the most essential financial
news made public last week:
MONDAY, FEBRUARY 4.
Atlanta bank clearings, $4,131,006.51;
Jast year, $4,076,003.81.
All’ American exchanges, except Chi
cago Board of Trade and New York
Produce market, were closed—"heatless
and lightless’’ Monday.
TUESDAY, FEBRUARY 6.
4 Astlhsgm spot cotton advanced 15 points
o 81.65.
Atlanta bank clearings, 36.32.724.0!;‘
last year, $3,195,358.43.
New York cotton closed 26 to 40 points
higher. Covering by shorts, buying by
spot firms and trade houses, due to
more favorable shipping outlook to
North Atlantic ports. together with bull
ish ssot news an light offerings,
caused the rise.
New York Stock I[xchange closed
strong. General Motors rose 8% points
to 140% during the- fternoon. I{)H is
sues scored brisk go ns.
Chicago grains c! 1 slightly higher.
Oats were under p qure at the open
lni’ but trading was rather dull
sual dividend deciared on Stude
‘baker-—common and preferred stocks.
A dividend of 1 per cent was declared
on International Nicl -l 1
American Sugar <ompany declared
r.%ulnr dividend. I
Canadlan Pacific declared ' usual
quarterly dividend.
Atlantic Gulf and West Indies sold its
Mexican Navigation Fleet to Mexican
financiers at price sald to be $4,260,000.
Government assumed control of fuel
oil industry by placing all dealers who
handle 10,000 barrels a year under Fed
eral license.
Anaconda production totaled 24,900.000
mxnds copper in January against 22,-
000 in December and 21,666,332 in
November.
WEDNESDAY, FEBRUARY 6.
Atlanta spot votton advanced 10 points
te 313 c. ’
Atlanta bank clearings, $7,100,150.83;
last year, $4,211,669.52.
New York cotton closed 18 to 44 points
Jower. Absence of active demand and
fgesh liquidation, due to price-fixing
alk, caused the reaction.
New Yogk Stock Exchange closed
strong. Shipping issues scored sensa
tional gains, with Marine preferred ris
lnq.xo 993, against 941 at the opening.
Atlantic Gulf and West Indies soared to
114%. All shares advanced.
Chicago grains closed higher. Oats
were under pressure at the opening.
“American Tobacco Company declared
lcrj(g dividend of 5 per cent, also usual
dividends »n preferred stock.
American Smelting and Refining Co.
declared reg-lar dividends.
Sales of sears-Rocbuck for January
totaled $14,770922. an imerease of sl,-
ERT.IIO, or 12.04 per cent over the same
month of iast vear
Hoover prehihite *=ading in green cof
fia on New York ¢ “ce and Sugar Fx-
LN e,
. THURSDA TRUARY 7.
sAtlanta spot coti teclined 15 points
19 31%c.
tlanta bank clearings, $7,029,604.75;
‘last year, $3,258,945.20.
,fork cotton closed 2 points off
15 10 points higher Buving by trade
By VICTOR BARRON.
. Double Holida
: i€ Holiday
$ All leading American ex- ¢
{ changes will be closed Monday,
g except the Chicago Board of
Trade and New fork Produce
Market, in compliance with the
fuel administrator's order.
; Tuesday, February 12, all
American exchanges will be
5 idle in observance of Lincoln's |
0 Birthdaé, except the New Or
i leans Cotton Exchange, will
close on account of Mardi
3 Gras. - %
A SN S
to fixing a price on cotton unless
every manufactured product of cot
ton also is subjected to price regula
tion.
Congressman Lever is credited
with saying that the price-fixing bill
wlill not be as drastic as proposed,
and he hinted that cotton would be
eliminated,
Technical Conditions Strong.
Technically the market is stronger
than it has been for some time. There
is a general idea that a March short
interest for Western account exists
in the New York market. This nat
urally suggests the possibility of
pressure to force covering. Should
spot holders tighten up in their of
ferings, it is said, this short interest
will be forced to cover.
The suspension of the “lightless
and heatless” days In the South has
created a more confldent feeling
among the bullish clique, and the
opinion is expressed that consump
tion will pick up, especially as soon
as the fuel shortage and unfavorable
traffic situation is relieved.
Consumption to Increase.
Much of the attack on values has
been based on smaller consumption,
due to the fuel holldays and diffi
culty in getting cotton to Northern
spinners, However, the opening of
the Southern ports and belief that
transportation conditions will im
prove is expected to offset this. Mills
have got to have cotton and the
Government will see to it that they
do get it. Rallroad Director MAdoo
has done a great deal during his brief
period as director. Movement of
grains and live stock has increased
considerably dufln: the last few days
and cotton soon will be moving to
mills in much larger quantities than
for several months.
Mill takings last week were dis
appointing, being only 164,000 bales,
against 409,000 bales the same week
last year and 324,000 the same week
in 1916. Takings so far this season
amount to 7,273,000 bales, against 8,-
609,000 the previous corresponding
period. Exports also were l;s:; than
a year ago, totaling 52,76 bales,
against 77,662 the game period {n 1916.
Exports so far this season total 2, -
666,692 bales, compared with 8,842, -
392 the same period last year,
By STOXAN BONS.
houses, exporters and slpot firms checked
early downturn in values. Sinking of
Luscania, grlce-flxlng talk and expec
tations of bearish week-end statistics
caused heaviness at opening,
New York Stock Exchange closed
weak. All issues except shipping shares
held firm until the last few minutes of
trading, when the market turned weak
under Yreuure and leading issues sus
tained losses of from 1 to 3 points.
Chicago gralns closed higher; also
provisions. Good demand from commis
sion houses was the' stimulating factor
in oats.
New York Coffee Exchange voted to
clome each Monday in February and
March. The New Orleans Cotton Ex
change also voted to close February 12
—Lincoln’s Birthday.
Coal ahorta.dges in New York City and
State reported worse. Shutting down of
industries sald to be on the increase.
Steel trade organs said January steel
production was smallest for any month
since May, 1915.
Secretary “McAdoo in offering issue of
$500,000,000 certificates of indebtedness
to matures May 9 at 4 ger cent postponed
call for another Liberty Loan until
April.
FRIDAY, FEBRUARY 8.
Atlanta spot cotton advanced 25 points
to 31%.
Atlanta bank clearings, $6,479,161.14;
last year, $3,234,617.71.
New York cotton closed 1 point to 16
points higher. Reported that cotton h:‘!
bcen left out of price-fixing bill, caus
sharp spurt just before the close.
New York Stock Exchange closed
strong. General Motors continued its
sensational upturn, rising to 141, but
reacted nearly 3 ‘;(:olms before the close.
Other issues broke from their top lev
els.
Chicago grains closed lower, Oats
was in demand from pit traders at the
opening.
Spinners’ takings of cotton for the
week were 164,000 bales.
Railroads of the country in 1917
earned about $958,000000 based on in
terstate commerce reports for eleven
months and estimate for December,
compared with $1,087,583,000 in 1918.
Fuel administration authorized higher
prices for soft coal at mines in Mary
land and parts of West Virginia,
New Y%rk bankers generally ap
proved of McAdoo's plan for selling cer
tificates of indebtedness every fortnight
and especially plan wider distribution.
SATURDAY, FEBRUARY 8.
Atlanta spot cotton declined 20 points
to 31.55.
Atlanta bank clearings $7,218,948.43;
last year $3,324,438.78. For week $42,-
010.45’2.57: last year $21,345,932.95.
New York cotton closed 12 to 16 pointg
lower. Trade house buying prevented
market from breaking- more further.
Selling over the holidays caused the
dip. .
’i—ew York Stock lExchange closed
firm. All issues were in good demand,
with specialties showing the greatest
strength.
Chicago grains closed with trifling
changes. Provisions were irregular.
U. 8. Steel Corporation reported un
filed orders on hooks as of January 31
at 9,477,853 tons, against 381,718 on De
cember 31--a gain of 96,135 tons.
HEARST’S SUNDAY AMERICAN . A Newspaper for People Who Think — SUNDAY, FEBRUARY 10, 1918
Financial Sunshine
mancial sunsime
The Southern Railway re- ‘3
ports gross earnings for the |
fourth week of January at 3
$3,136,470, a gain of $49,969
over the same week last year.
Gross, since July 1, $72,203,522,
a gain of $11,650,894. $
|
| o
'
Pressure From Liverpool Also Item
in Reaction—Trade Houses
and Wall Street Buy.
NE WYORK, Feb. 9.-'The cotton
market was nervous and unsettled to
day, finishing weaker. Some traders
had expected active covering in ad
vance of the three-day adjournment,
but if the short interest was heavy
the action of the list showed no sign
of alarm in that quarter,
As a matter of fact initial prices
were 7 to 12 points lower but the
tone was comparatively steady. Later,
however, the pressure continued and
by the end of the first ten minutes
additional losses of 3 to 8 points
were recorded.
The market ruled steady toward 11
o'clock on covering, trade demand and
a fair amount of buying from Wall
Street sources. Local futures worked
up to a net advance of 3 or 4 points,
but early in the second hour turned
easier again under increased offerings
of March.
Liquidation of March cantracts
continued throughout the second hour
and this pressure combined with sell
ing by Liverpool exerted an unset
tling effect on the late positions. The
market closed steady at a net decline
of 12 to 15 points.
Receipts at the ports for the day
were 12,000 bales, against 17,5569 a
year ago.
Spot here was quiet at a decline of
20 points at 31,60 for middling; no
sales. Spot at New Orleans was
steady and unchanged at 30.63; sales
4,944 bales,
Receipts at Galveston were 4,017,
New Orleans 2,965, Savannah 2448,
Memphis 1,906 and Houston 5,483,
NEW YORi< COTTON FUTURES.
g |e i e ¥ ¢ f;'
\ne n
18150 y lgl 8158
Fb. .....{.....fi.‘...f.....{30.]6 130.33
Mr |30.35/30.40/30.25/30.26/30.26-29/20.42-44
AD: Lo orilivia sl £ 080 < °[20.03
My ‘29.70'29.87'29.70}29.73'2&71-73‘2!1‘83-86
b be s 18081
Jui ]29.15/29.2729.10/29.16(29.16-16/29.25-28
AR L eR A L 19800 13908
Oc. [27.87/28.00/27.85/27.91/27.90-92/27.94-96
De. [27.76127.76/27.76/27.76127.66 |27.70-73
Closed steady.
NEW ORLEANS COTTON FUTURES,
© . ©
|§ | gle 55| 8 | 58
o S ...3 5 e
Fb ,| iaril s s WD B 0 -|0
Mr [29.38]29.42{20.29/29.32/29.20-32(29.30-38
AP Jiseceleoieddsvails.. ..]20.80.82/29.38-38
My |28.80/28.82/28.70/28.74(28.71-76 28.74-78
Je ’....,1.....!.....!...."2&71-76128‘78
Jly [28.33/28.38/28.25/28.2828.25-29/28.30-34
Oc |26.98|27.04|26.69/26.95|26.95-9626.97-9y
De '20482;2&82!26.82'26.82‘26.80-83‘36.821}
Closed steady.
Week’s Range
Following shows the nighest and low
est nrlcea of active cotton options on
the New York and New Orleans Cotton
Exchanges last week, together with
Saturday’s close and net changes from
Friday's close; also below net changes
ROWORN | e
NEW YORK. e
| i | Sat. |Net
___*___VlHigh.( Low.) Close. |C’se
March. . ..1%30.65/131.10/30.26.29|—16
May. . . . . |*30.01129.40/29.71.78|—12
July, ~ . ~ . .|*29.54/128.91/29.15-16 —lO
October . . [[#28.15/127.65/27.90-92(— 4
oot MEW ORLEANNG . o
| | | Sat. |Net
_______lHigh.| Low.| Close. |C'se
March. . . . .[*20.60/129.31/29.30-32|— 6
IMRYL s .!‘28.09‘1'28.66128.71-76!—3
July. . . ~ . .|*28.60/128.20!28.25-29' — b
October . . . .[%27.22(126.84/26.95-96 -- 2
*Tuesday; tThursday.
Net changes for week:
BN NI i i iivgenvinsivati@y
New Orleans ........s.sessisevst+3; —lB
SPOT COTTON.
Atlanta Commerclal Exchange quotes
good middiing, quiet, 31.55; sales 1,725
bales.
Atlanta Warehouse Company quotes
good middling 31%g.
leerq{ool. middling, 23.614.
New York, middling, 31.50.
New Orleans, quiet; middling, 30.63;
sales 4,402 bales.
Charleston, middling, 30c.
Wilmington, middling, 30c.
Galveston, quiet; middling 81c; sales
322 bales.
Savannah, quiet; middling 30%{.
Augusta, steady; middling, 303%; sales
851 bales.
Philadelphia, quiet; middling 31.90.
Boston, quiet; middling 31.70.
Norfolk, steady; middling 30c.
Little Rock, steady; mlddling 30%
sales 460 bales.
Bt. Louis, steady; middling 31%.
Montgomery, firm; middling, 3ic.
Dallas, steady; middling 20.35; sales
504 bales.
Houston, quiet; middling 30.60; sales
185 bales.
Mobile, nominal; middling, 30%.
Memphis, steady; middling 3174
COTTON PORT RECEIPTS.
The following table shows receipts at
the ports Tuesday, compared with the
same day last year: iy
o T | I
New Orleans. . . . 2,965 | 3,119
Galveston. . . . . 4,017 6,601
Mobile. . . . . 796 iO7
Savannah . . 148 706
Charleston . . . . 221 112
Wilmington . . . . 90 22
SVORTOINE, & el 1,466 | 900
Boston. . i 805 360 | 50
Pacific Coast . .7 . 624 | 5,942
—_ 8
Totald. . . . . 12,787 | 17,659
NTERIOR MOVEMENT.
g, T It
Hlouston, . »'% 4 & 5,488 | 2.367
Augusta. . ) 438 | 463
Memphis. . . . . .| 1,906 | 2,403
S-Louts. .. ~ | 6,107 ! 1,299
Cincinnati. . . . .L einaagenl 44
Little Rock .. . """ "'166 | 113
OLo M 0 L e
New York Stock Quotations
SATURDAY, FEBRUARY 9.
Market closed firm.
Total sales, 239,300,
Total sales for week, 2,675,900 shares.
Total bond sales, $2,604,000.
Total bond sales for week, $19,944,000.
Following shows the highest, lowest and closing bid prices on the
New York Stock Exchange Saturday, together with Friday's close:
IClos.‘Prev
STOCKS— / _ [High|Low.|Bid.Cl'se
Alljs-Chalmers . . 24%) 28 24%/| 23%
o " beak . .e e % 75
Amfirican fZlnc el senal eenn };% 1%,
oy B Gl ] e L
Amer. gee; Sug. | 18ig| 78i4( 18% s
0 Bl et iy
Am?‘rican (;an A " 40%’ 39% %‘;%, -';l;%
et o
Am. Gar Fay i 48K e | T3n
Am, Writ. Pager 27&?
Amer, Cotton Ofl .| .... Wil B 812:
Am.d Locon;otlve .| 6is¢| 60 gé% gg
5 DEOE. L] s ek 2
Amzr. Smefmng. A sm‘ 811 15522]132
0 PO S
.:m. Ssteel Felxiv.r. 3 62"7.“ sz%'-ls"z’,tghgz’
A Sugnf Bel. .} ... 0. 71104
Amer, T. and T. .|loe%uom;xg;swu:{ i
AMar, Weolan: . .| .ovof Sies
Amer. Linsced ..|B4 |B4 3: ‘-Slg%
do, BT Lok it B
Atl G. g:\d Wl .‘llß% 112% 1123 1128
Amer HLognd L, oot mqlg
do, Yref. Voo W smen] dag s b pgi vl BB
AmaMatN(;:orp... nranh sviipiies é}
o, sl G N 1
Amer. l')!‘oba«'ecr). 164|184 ]164 164&
fim. r.‘Buma..! Tob. , 16?;2 16?2
MErienl 108 . ol . onkoay 2
40, Dref. okl aasal vl B 8 39
Alloy S?eel Vo 3 383, | 384 asnl roes
Alaska Gold |, . . I l o 0 93] 314
Anaconda . . .., .| 62%/ 621 62101 &7
Atchison ~ ~ . [i '| .|| 88'&::3
Ao oCe Fa oy iyl Ll i
Mmnticind | G £ 61 &
t sherfes .| 2 2
0i o B /£ §
0 t«;l‘o, sntrefl. R e i el ‘.’i..‘ gg%
eth. M bt s
((]lO, pregf_ pref. 1101 xoossl'fog gl?’g
o, prEE. . ..
& do,'r%. i TR e zgz‘ ‘Hz",
Butte Superfor ..| 19 19 |l9 19
Cal.dPetrol;um el ek }2 1&%
O DORL 4 oL bade) e,
gan.ndl’agmo Von 1;;& “a lg lgglé
a Eaa oy
ZoAnd Moo, bST 92%
Colo. F. and 1. *3T fl:t 37 3
C, M. and St. P. .| 42 41 41 4215
do. pref. . .|TB 72:2 T 72%! 73
Chino Copper .. .| 438! 435! 48841 435¢
Consolidated Gas |9l 20 191 ’ 201,
Corn_Producta , .| 33;2! 3% .'m\} 34
Crucible Steel . .| 69%| 57%| 69%!| 67%
Cuban-Am. Sugar.| ] Lkl RN
(‘uh(s‘m Can: Sug&r.‘ 31 | 30% | 30% :‘l’
Oy PRE. L ket e
Cast Tron Pipe ..| ...l ....] 18%] 14
Central Leather .| 70 69%, 69;’ 09%,
Chile Copper .. .| 16 16 |l6 | 18Y
Columbla-Gas . . .| ....| ....| 84%| 83%
Corro. Do Pagen .of wooi il GRS
Continental Cnn,.i Gl e D
%a;'blde(.‘ Bk 151 , 50%]1% it
el. an slo G
Qini. " Securitles | 141:2"! 1«&} 14}:4} dik
8L 4
do, Ist pref. . .! ' !25 |2B
do, 2 oeer . Do oAI L D
General Eleetric .1185;2 1857 /1357 135
Gengm] Mt;tors + ."140 g 139 Il;g 2139%
A, L it e
. Nortgem, pfd. .| 90 | 897% 89:’2! 0%
Goodrich Rubber | 47%| 47%| 47T%! 47¥%
G. Northern Ore . .| ....| ....| T%| M
Great fotem ; ; i 1 6% &%
B N . oFel kD
Gulf States Steel .| } L 8 i 90
Greene-Cananea .| 41 41 |4l | 4114
INinois Central .| ....[ ....| 048] 94
Hipp. Cobwer, .0 0L 0L AR YBB
Int»drboro ot 8 8 431 |42
YOO BRI o o)
Indus, ,x)lcnhol . 126881126 z|12576/124
Inter. Nickel . . .| za}z, 28 | 23141 283
Inter. Paper . . .| 313%] 80%]| 3114| 31
By JOSEPH F. PRITCHARD.
CHICAGO, Feb. 9.—Cash corn was
sto 15¢c lower today. It hnfi‘been ex
pected all along that wi an in
creased movement of corn there
would be lower prices all around.
Western receipts this week were
large at 7,118,000 bushels, compared
with 2,710,000 for a like period last
year.
Corn futures were 1-8 to 1-4¢ low
er today. There are no stocks of con
tract corn here and prospects are for
no accumulation for some time to
come,
The oat market was under consid
erable selling pressure and closed at
losses of 1-4 to 3-82. There was some
strength shown early on light buying,
but a reaction and decline in values
was made late, Business was entirely
lccal and many in the trade were
anxious to even up their position, as
Tuesday will be a holiday.
Nothing was heard of seaboard or
gulf demand for oats, and despite the
light receipts premiums for the same
were agaln lower. The hulk of the
sales showed a decline of 1-4 to 3-8 c
for premiumse and 1-2¢ in prices, as
compared with those of riday. No. 3
white was around 5 3-4 to 6 1-4 c over
the Muy future. Country offerings of
oats were generally light and mainly
for 60-day shipment.
There was a demand for ribs from
brokers who usvally act for the pack
ing interests, which induced covering
by some of the smaller shorts. This
offset the siow hog market and gains
for the day were 12 1-2 to Ibc,
Grain quotatlons: :
Previous
High, Tow. Close. Close,
CORN—
March... 1.27% 1.26% 1.27% 1.27%
May..... 1.28% 1.25 1.2614 1.25%
OATS—
March.... 83% 8255 825 83
May...... 80% 9% 9% 80
PORK-—-
May.... 46.95 46.70 46.02%; 46.7214
LARD—
May.... 25.65 25.52% 25.65 25.52%
Ut v 0.
RIBS—
May.... 24.72% 24.62% 24.70 24.65
CHICAGO CASH QUOTATIONS.
CHICAGO, Feb, 9.—Cérn, No. 4 yel
low, 1.68; No. 5 mixed, 1.40@1.52; No,
5 white, 1.55@1.65;: No. b yellow, 1.45@
1.68; No. 6 mixed, 1.40; No. 6 white,
1.456@1.60; No. 6 ellow, 1.3566@1.40.
Oats, No. 2 mixed, 81; No. 2 white,
87@87'%: No. 3 white, 85@86; No. 4
white, 84; standard, 85% @87%.
COTTON SEED OIL.
otton seed oil quotations: z
Opening. Closing
GOOV 1L v 000
FODPUSEY - . 's o i) 209 840 d s 13000
March: . . . . .][20.90 120.30
clprlL o o e s +120.25@20.5020,25@20.50
MRy .. .120.30 120,300 20.50
JACKSONVILLE LIVE STOCK.
JACKSONVILLE, Feb. §.—Hogs—
Receipts medium; prospects steady to
weak. Heavy choice, 14.50@14.60;
heavy rough, 14.00@14.40. Mixed, 14.00
@14.50. Lights, 13.50@138.75. Heavy
pigs, 13.00@13.50; light pigs, 9.25@9.50.
Fed cattle—Receipts merium; procpects
steady. Hteers, 7.50@11.50 Lignt
steers, 6.50@17.50. Bulls, 6.25@7.50
Heretice, 5.75@6.50. Cows, 5.75@7.25.
Canners, 500 up.—-Wifliamson & Dennis.
‘ e |(os. Prev
STOCKS-— High |Low.!Bid, |Cl'se
K. (d: Soufl{mm 3 ‘ vreef I' 12 | 17
N 6L Sl T s 50
BT g ml 4\2
do, pret. .. .| 00l Lol | 7
Kennecott . , , | 83 82%! 33 33
Lackawanna Steel | ... .| [ T6%| 7614
Lehigh Valley . .| ...5| ...} 677 6644
RS Rl N, N R <o (11216111214
Maxdv:;e!ll ):{otor's .| 20 29 gg g;i
ANt el sl 3
.oM aNe 24141 25
o Pacind (new).} 22%’ 23 | 22%! 22&
Mex. Petroleum .| 91 | 89%| 903 |B9
do. pref. ~ . t ..A.(....:55%
Msr:!%?.m:er'. b a%] ggl‘fl 32%5 %g::
Montana Power, ! Rosel vinel as} TG
Miami Copper . . aoé ao:rz 303 304,
Midvale Steel. ..| 448,| 4450 348, 45
Natfonal Conduit . 1322 18 ]B%‘ 168,
National Enamel .| 45 4455 445! 4415
North Amerfcan .| ~..| ....] 44 45
Q. 1¥ genlf{ml&.fl' ‘ll‘»%l 70 ;3% ;g%
il imd ) ) i
. a so 'yl s el T Sl 4 )
Jfi{ox}horg Pafiiflfi I 83% asv.’ ss%) ggl/.
: X, Ok an 00l i bIo O ol oy
Nev. Con. Copper.| 18%| 183, 183! 187%
N Y. Mrbrake | ...01 ... 80 1180
Ohio Cities Gas . 4122 41& 41% 41
Pitts.-W, yva., Coal| 261’ 26 26 264,
B 0 BeRE b it s 675
Pennsylvanla . . .| 45 | 44%/| 45 | 447%
l;eogtle'al gu SSO “% & g(‘)zz 521 y
. ee MRS h i seen
B POE . . sl ciisl il BB
Pittsburg Coal ..| 48 48 48 47%
gayd‘Cm\soHdated. ;g% ‘fit’i ?g% ’?:2
ORAINE . . . ..
R. I&‘md s:eel o o T6%| 76 ’;g% gg%
B TIROE boo wasE ok eed
Rock Inrand coa | 20%) 20141 2041 19%
so ot A G
40, praf. B’ g 52
Ry. Stee‘i Sprlnn.{ 53*2 52 56314 | 53:’:
Sears-Roebuck , .| ....| ....Ilfil%lwl
Sloss-Sheffield . . “"M 447 | 4% 45
Bwitt Co., . . ..]128% 126 ’128%
Southern Pacific .| 83 \sal 83% 8314
SOu:!hem }}allwsy.'i 23%) 231%) 23 gg%
RN B SN s
Studdebafler'. 2 l ma! 50ig| 5134 so%
B DPEE s s vk chial seesh avee
Superior Steel | . .. i il s 35&
St. L. and 8. W, . f sagol ar il N 0
ginxlaiLOH ot 36%’ 36%[ 3655 Sg&
CORA e
Tob, Products . ‘ 84l 54 541;) 54
Tenn. Copper . .| 16 il6 16 1614
o 'Héé"ilééi,{ 185 (183
exas £ oy o fEN o
pßek Faoto ol CVn T
fiited IEAt . - s as
Unk‘)ln P?ci,flo X .'lH‘,/.;HA 1,}3% 1141
0y PR wle b el e
U. 8 I{Jub;)er o 8 " 67%’ Eg%} 7%
S DO e exisliveail 8
18, 1, .. .| 94ig] 937 | 9415] 841
S .;no‘Z'nox@_nos?,'mo;z
7. Cigar Stores .| 96 | 951 951! 95
1 g | | | 82
Utah Copper . ..| 83 |B3 |flz 40“
%mi)g.hChemlcu .| ‘a4 88 .&
PRI S oLt sl e e
do. pref. Al ....;41_ 40
Westgmpmuryland' 18:’! 16%] 16%| 167
Western Union. .| 90%| 90% 903 89
{ | | 18141 181
V&'Hl{s-(gtv;rland .] 183 18 u%géus
W | | li"‘ i 41 ;n%
Wis, Central . .| 43% |42%] 42% 4
White Motors . o <iss] ofess , 51
WllslonF[;ackhcso. ke o it g i 83&
Anglo-Frenc Bo] amked vonal waak
U. 8. Lib. 3%5. .—:;‘7_.—70197.70}97470197.90
do. Ist 4s , . .|%.38/95.38/95.88/65.62
do. 2d 4s . . .!95.20/95.20(95.20( . ...
CHICAGO, Feb. 9.-—There was a de- ‘
cline of $1 in the hog market during
the week. A run of about 750,000
at primary points is mostly respon
sible for the drop. Those receipts,
however, were not more than a sea
sonal average. A heavier run is ex
pected during the next 30 days if rall
roads are able to furnish cars.
All sorts of cattle closed some
what lower for the week, The decline
in steers, selling at between 25 and
50c.
Cows and heifers were 25 to 50c off
on the week's trading. There was a
big drop in calves, the market being
$1 less than a week ago. There have
heen excessive receipts since Wednes
day, and it is wunlikely that the
choicest cattle obtainable would have
passed the $13.50 mark today.
Compared with last week’'s trade |
the general market for live muttons '
was steady, Aged muttons were in
good demand throughout the whole
period and values closed strong com- |
pared with a week ago. Prime West
ern lambs made $17.85 during the
week., But few natives were on sale
'and the best of this class could not
get beyond $17.50, I
NEW YORK CURB STOCKS. !
NEW YORK, Feb, 6.--Business on the
curb today was of small proportions,
Chevrolet was a strong early fedture
and some improvement was shown in
[Tnited Motors, but near the close the
Motors lost the small initial advances,
Mining stocks were quiet and retained
most of the gains scored. Quotations:
Sales. Stocks. Close.
2,000 Aetna Explosives .... 6%@ 7
: 400 Chevrolet ~..........118 @l2O
- 2,600 United Motors ....... 26% @ 25%
| 700 U. S, Steamship ..... 6§ @ 5%
. 1,800 Anglo-American ..... 1@ 2 |
| "10 Standard Oil of N. J.. 574 @578 |
S A Cosden OIS v iviiadn 3 A 0
| 1,000 Federal Oil .......... 3% @ 3%
10,000 Metropolitan Pete .., Yo @ L
2,000 Midwest Ofl .........110 @ll2 |
1 400 Oklahoma P. and R... 7T @ 7%
- 3,000 Oklahoma Ofl ....... 3%@ 4
0 VIOtOMR. .ii.civuniin. B9NQ B%
1,000 Atlanta .... Kisesss 10 0 13
1,000 Big Ledge "..........t I%®@ 1%
100 Jerome Verde ....... @ %l
1,000 Mother l.ode ........ 25% @ 26
2000 BUBEABE 'L i ciikse i 0820
800 Tonopah Extension ~ I%@ 1%
_ATLANTA COTTON STATEMENT,
_ Saturday- * |Balcs
ORI i i kNt BBT
BISPINOURS 4 hsssesionsosmsnindrssndd 2208
OGN " iosvivsiviinrisisdbidiniszis 0 ADO
BRI sahßsbbpensasisel Rilal
e ————— |
Interest Semi-An
nually.
s First Mortgage
/ ’
0 GOLD EONUS
Write for descrip
tive clircular, |
The Guarantee |
Mortgage and |
: Trust Co., !
70 W. Monroe St Chicago, 114,
) . (
‘Local Business 3
. Continues Active, |
5
{ Says Bradstreet§
4 RADSTREET'S summary of§
B business conditions here for s
the week ending Friday,
$ February 8, follows:
3 Wholesale and retail trade
g manufacturing and industry
2 active,
? Business is still of active ;,
) volume, though handicapped !
; by weather conditions. {
} Jobbers report active sales,
$ though a restless feeling is
{ apparent among country mer
, chants, dye to the many prom
¢ lems arising from the war,
% Collections are good. $
) Farmers are being urged to %
( reduce their cotton acreage at $
{ least 10 per cent and plant |
! large crops of foodstuffs $
§ 801 l weevil preparedness ;
3 clubs are being organized ¢
throughout the State. (\
1% Winter wheat and oats are |
i badly damaged by freezes. §
Oils, Steels and Equipment Issues
Strong—Bill to Keep Liberty
Bonds at Par Angers Street.
By BROADAN WALL.
NEW YORK, Feb. 9.—Specialists
ruled the stock market again today,
the standard issues being quiet, al
though firm. Net changes were not
important except in a few specialties
and among these the leaders were
Mexican Petroleum, Smelters, Cruci
ble, American Locomotive, National
Lead and Virginia Iron, Coal and
Coke. All rallway equipment stocks
were firm,
In coanection with the advance of
Mexican Petroleum and Smelters it
was announced that the latter had
made arrangements to reopen its
smelter at Chihuahua and that pass
ports had been secured for that pur
pose for employees. This report
bears out recent intimations that
Mexican affairs are improving rapid
ly. The real reason is that the Amer
ican army is growing to such propor
tions that even Mexico is beginning
to look upon it with respect.
American Locomotives report for
six months, showing earnings after
taxes at the rate of $25 a share per
annum, caused buying of that issue.
These earnings were made with two
of the companies’ largest plants out
of commission, and as they are now
working and as the demand for loco
motives is far in excess of the possi
ble production for the next few years
this company may be expected to give
a good account of itself for an ex
tended period.
American Can was in good demand
in expectation of a report that will
show about $22 a shhre earned on the
common stock after war taxes. As
the company paid off back dividends
on the preferred stock during the year
the net result for the common will be
a little above sl3. Business for 1918
is on such a scale that earnings fully
as good as those of 1917 are expected,
Much interest was exhibited in the
bill introduced in Congress to keep
Liberty bhonds at par. With all due
respect to the patriotism of the Con
gressmen, it must be said that the
financial world considers this a most
dangerous measure. The fact that
$6,600,000,000 of these honds can be
kept afloat and not fall under 95 in
the market at a time when money is
worth at least 1 per cent more than
can be obtained from these bonds is a
most surprising proof of public con
fidence in the American Government.
If the law proposed is put into oper
ation the price of the bonds will
break 10 points,
o v'shliffi.v‘ ik
A ’l(‘[“p. *"‘ o
Qo
o
“‘:‘s’:' T"|"*:I
‘ MEu L |oo R
BRI 5t 8 6 1
s By o
s ' "HHJ:Ji
eG| gy N 9
§ i o &&8 N
O/
‘I“'; ,’il J _}; l
ON SAVINGS
Assets $12,007,000
CENTRAL BANK & TRUST CORPORATION
CANDLER BUILDING ATLANTA, GEORGIA
’ ASA G. CANDLER, President
JOHN 8. OWENS, Vice President A. P. COLES, Vice President
WALTER T. CANDLER, Cashier
HENRY C. HEINZ, Asst. to the Vice President
CARL H. LEWIS, Assistant Cashier and Trust Officer
JAMES P. WINDSOR, Assistant Cashier ARTHUR J. €ETITT, Assistant Cashier
Member Federal Reserve System
President of Third National Bank Swamped
With Letters From Georgia Bankers Pledging,
Co-Operation in Heavy Production Campaign..
The agitation for “bumper” food
and forage crops in Georgia ti¥s year
is having its effect.
President Frank Hawkins, of the
Third National Bank, who sent 10,000
letters to bankers throughout the
South, showing the seriousness of the
food situation and urging strenuous
activities for heavy increase of food
production, is being swamped with
letters from all sections of the coun
try, especially Georgia, not only
strongly expressing the approval of
the position taken by him In urging
farmers to curtail the cotton acreage
in order to raise heavy crops of food
and feeds, but In many instances state
that the writers will conduct a cam
palgn in their particular sections sim
ilar to that which he has undertaken
throughout the South.
Abstracts from a few of the letters
recelved by Mr. Hawkins as printed
below furnish concrete evidence that
when harvesting times roll around
Georgia will be forthcoming with her
share of the enormous quantity ot
food and feceds needed this year.
Bankers Back of Plan.
President Rufus .H. Brown, of the
(Georgia Bankers' Assoclation, who is
vice president and cashier of the
Georgia Rallroad Bank at Augusta.
writing in emphatic approval of Mr.
Hawkin's letter and declaring that
every reasonable influence should be
brought to bear to increase the acre
age in food products, says:
“It has becn my purpose to write a
letter to (Georgla bankers along the
same line, and I am glad to note that
you have already preceded me in this
regard.”
Cashier D. N. Harvey, of the Farm
ers' Natlonal Bank of Monticello,
writes that it is his purpose to send
out a letter to all the bank's custo
mers and to the farmers generally in
that community, urging the adoption
of the food increase plan.
Similarly, President L. G. Council,
of the Planters’ Bank of Americus, re
plying, declares that Georgla farmers
must make every effort to raise a
much larger crop of food supplies this
year, and concludes:
“Please rest assured that we will
exercise our best influences from time
to time with our many farming cus
tomers and friends in this section
along this line.”
Bankers Must Help Farmers.
President F. J. Merriam, of the
Southern Ruralist, in replying to Mr.
Hawkins' letter, suggests the need of
some ‘plan whereby the necessary
financial assistance can be rendered
the farmers of the South through
their banks in connection with the
production of foods. Mr. Merriam
says:
“You evidently realize as very few
people seem to, the geriousness of the
present agricultural situation. Our
farmers are urged to produce more
food crops, but they have been given
up to the present time very little co
loipemtlon or asslstance along this
ne.”
Continuing, Mr. Merriam points out
the extreme difficulty and in some in
Cotton Sced Meal--Fertilizer Materials--Cotton Seed Hulls
Prompt, EXPERT attention to all INQUIRIES and ORDERS.
Any DELIVERIES obtainable and PERMISSIBLE.
Shipments ANYWHERE in any CARLOT gquantities.
AT 5
%.,, 5
o‘?s / .
TAYLOR ComMisSloN Co.
Healey Bidg., Atianta, Ga.
U. S. Focd Administration
License No. G-02701.
Codes: Yopp's & Robinson's Refs: The Mercantile Agenoles
The P t Crisis
Present day conditions are bringing home to peo
ple the absolute necessity of safeguarding the future
of their possessions. \
Our Trust Department is in a position to safe
guard your property and, in case of your absence
from the city, to protect your interests with fidelity
and efficiency.
Why not let our Trust Officer tell you about
the efficient and satisfactory service of this institu
tion—the largest Trust Company in Atlanta—in
all trust matters.
stances the impossibility of securing
the necessary fertilizers for making'
food products. The farmer, he says,
can make good money on his cotton,
but sees no profit whatever in plants,
ing food crops on much of his ‘
Mr, Merriam further states: z
Suggests 6 Per Cent Interest. |
“It is most important that some
definite steps be taken immediately
along this line, and the bankers are in
position to help the situation m
than anyone else in our territory.
would be glad to see you follow up
this letter with another one outllnln.f
some definite plan by which the banks
could aid the farmers in this emer
gency. You can readily see that in
the majority of instances if he plan
his land to corn instead of cotto
even at the present price of corn, he
is making a sacrifice in dollars for
good of the country., The same ap
plies to other food crops. Now, it
might be possible, it seems to me, for,
the bankers to advance money vu‘
those farmers who are unable to buy'
seed and fertilizers for these crops.
making them an especially low nu;:
interest—say, not over 6 per cent. I
this way they would prove their “3
terest by their acts. Of course, we
have many well-to-do farmers who
do not need this help, but there are
others who do require it, and what we
want is to enlist the co-operation ot
the big majority tc put our Govern
ment in position to win the war.”
President Jacob 8. Collins, of the
National Bank of Savannah, writes
that he has been stressing the !mtgr
tance of such a move for a long e,
and takes the view that if ifl.horbu:fl‘f,
ers will pursue the same course g fl
results will follow, 3
President Robert Holmes, of the
First Natlonal Bank of Sparta, says
the people of his section have been
getting more and more on the basis'
of living at home, and that regardiess’
of the splendid price of cotton thet:‘
Intention is firmly fixed to make’
larger food crops with cotton as thoit§
surplus. 2
Wall Street Journal's Comment. .
The Wall Street Journal of New
York, printed Mr. Hawkins' letter to
the Georgia pankers on its front MQ
of February 2, and followed it with'
this comment:
“The South possesses wonderful
possibilities as a source of food sup
plies. Wonderful advances also are
being made. Its increase in corn pro
duction in 1917 was 50 per cent of the
total increase in the United States.
Its cereal production last year was
more than 1,600,000,000 bushels. The
money value of all crops, not count
ing live stock, was $5,700,000,000—
more than 40 per cent of the total for
the United States. Yet, its possibfil
itles are far greater than what has
yet been accomplished.” '
Among many other letters received
by Mr. Hawkins were those from Sec
retary of the Treasury McAdoo, Food
Director Herbert Hoover and State
Food Director Andrew M. Soule,
thanking him for the patriotic effort
looking to the much needed increase
in food production,
v
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