Newspaper Page Text
8C
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,
By VICTOR BARRON.
Cotton had another dull and fea
tureless flve-day session last week,
with values showing trifling changes,
being 2 points higher to 4 points off
for the week In New York and 3
points higher to 18'lower in New Or
leans.
Buying by trade houses, exporters,
spot firms and absence of noticeable
pressure gave the market a firm tone,
Shorts covered at intervals, while
pressure from Western interests,
which contributed largely to.the pre
vious week’s decline, was not much in
evidence,
Most of the selling came from ring
traders, Wall Street, commission
houses 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
malnspring in the market. This class
of buying caused nervousness among
shorts and lTeading bulls started talk
ing. about the absence of rain in Tex
aß and the backwardness of crop
prg-nfion-.
e character of spot news was un
changed—#atrong. Holders are not
'o‘rla;lng about bearish news and are
~standing flrm.
Bulls Confident.
Bears are selling the market on the
munt high price of cotton, agitation
the fixed price on the staple, fuel
shortage and belief that foreign con
sumption will fall off. °
The sinking of the American trans
m;t Tuscania had only a passing-ef
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
ll 82 cents a pound, agalnst about
0.60 for Maroh 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 lberal
supply of lower grades, but the de-.
‘mand for this staple is reported to be
u{m. But \ leading bulls claim
that after the white cotton is ex
hausted mills will rush to buy the in
ferior grades.
No Cotton Legisiation Seen.
The bearg were given rather a set
back late in the week on a flash that
ecotton will NOU pbe included in the
‘price-fixing bill. Some of the most
prominent bears, however, argued that
they never have believed that there
would be any price legislation for eot
ton, But there certalnly has been
considerable selling from thls clique
and when all their arguments are
gombined—if you omit price-fixing
,;mlp——they wouldn’t have much am
& ition to attack the market with,
~ Conservatives gtate that legislation
;’fio fix minimum values on cotton
- would be extremely difficult to get
through Congress. Southern Con
gressmen and Senators are opposed
Week’s Financial Summary
By STOXAN BONS.
e l‘nllowlnfl 18 a 4 brlef day-to-day sum
_mary of the most wgsential finanelal
- news made public last week:
MONDAY, FEBRUARY 4.
© _ Atlanta bank clearings, $4,181,008.51;
~ lnst_year, $4,076,008.81.
~ All American exchanges, except Chl
m Board of Trade and New York
Produce market, were closed-—"heatless
and lightless'' Monday.
: TUESDAY, FEBRUARY 5.
__ Atlanta spot cotton advanced 15 points
»'hla.::.
~_ Atlanta bank clearings, $6,222,724.08;
& hfi year, $3,195,868.48,
; ew York cotton closed 26 to 40 points
_ higher., Covering by shorts, buying by
t firms and trade houses, due to
re favorable -hlppln% outlook to
Atlantic ports, to? her with bull
':sot news and light offerings,
oau the rise. ’
New York Btock E:chanse closed
&m% (General Motors rose 8% points
140% durlnf the afternoon. All is
sues scored brisk fninn.
Chicago grains closed auxhu“ higher.
Oats were under pressure at the open
hfi but trading was rather dull,
sual dividend declared on Stude
baker--common and preferred stocks,
A dividend of 1 per cent was declared
on International Nickel.
American Sugu Company declared
Nslhr dividend.
anadian Pacific declared usual
quarterly dividend.
Allg:lic Gulf and West Indies sold its
rexlc n Navigation Fleet to Mexican
nanclers at price said to be $4,260,000.
Government assumed control of fuel
fl industry by placing all dealers who
ndle 10,000 barrels a year under Fed
eral license.
A:sconda production totaled 24,900,000
mx " copf.r in January against 22,-
000 in December and 21,666,332 in
November.
WEDNESDAY, FEBRUARY 6.
Atlanta spot votton advanced 10 points
to 31%c.
Atlanta bank clearings, $7,100,150.83;
last year, $4,311,569.52, ¢
New York cotton closed 18 to 44 points
jower. Absence of active demand and
“fresh liquidation, due to price-fixing
talk, caused the reaction.
New York Stock Exchange closed
".‘;.?if' Shipping i{ssues scored sensa
th gum. with Marine preferred ris
lna.to PB, against 941§ at the opening.
Atlantie Gulf and Wost Indles soared to
lla. All shares advanoced.
icago grains closed higher. Oats
were under pressure at the opening.
American Tobacco Company declared
scrip dividend of § per cent, also usual
dividends n sprelerred stock.
American meltln‘f and Refining Co.
declared regular dividends.
Sales of Sears-Roebuck for January
totaled $14,770,622, an increase of §l,-
687,110, or 12.04 per cént over the same
month of last {ur.
Hoovu'- prohibits trading in green cof
fee on New York Coffee and Sugar Ex
change.
THURSDAY, FEBRUARY 7.
Atlanta spot cotton
‘OA'J:AC- P declined 15 points
nta bank clearings, $7,029, T 5;
Tagt year, 13,263,045, 20, B e
ew York cotton closed 2 nte oft
10 10 points higher. Buyin&pggv trade
Double Holiday
All leading American ex
changes will be closed Monday,
excopt the Chlcvo Board of
Trade and New York Produce
Market, in compliance with the
fuel administrator’s order,
Tuesday, February 12, all
American exchanges will be
idle in observance of Lincoin’s
Birthday, except the New Or
leans Cotton Exchange, will
close on account of Mardi
Gras.
to fixing a price on cotton unless
every manufactured product of cot
t;m also 1s subjected to price regula
tion.
Congressman TLever is credited
with saying that the price-fixing bill
will 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
Inleres‘Nfr)r Western account exists
in the New York market, This nat
urally suggests the possibility of
pressure to force covering. Should
spot holderg tighten up in their of
ferings, it is sald, 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 bulllsh cligque, and the
opinion is expressed that consump
tion will pick up, especially as soon
as the fuel shortage and unfavorable
traffic situation is relleved,
Consumption to Increase.
Much of the attack on values has
been based on smaller consumption,
due 1o the fuel holidays 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. Railroad Director MAdoo
has done a great deal during his brief
period as director. Movement of
grains and,live stock has increased
conslderably during 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 824,000 the same week
in 1916. Takings so far this season
amount to 7,278,000 bales, against 8, -
609,000 the previous corresponding
period. Exports also were less than
a year ago, totaling 53,765 bales,
against 77,662 the same period in 1916.
Exports so far this geason total 2,-
666,692 bales, compared with 3,842 -
392 the same period last year,
houses, exporters and spot firms checked
early downturn in values. Sinking of
Luscania, grlcemxlnl talk and expec
tations of bearlsh 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 Yreasure and leading issues sus
tained losses of from 1 to 8 points.
Chicago grains closed higher; also
provisgions. Good demand from commis
slon houses was the stimulating factor
in oats.
New York Coffee Exchnnge voted to
close each Monday in February umll
March. The New Orleans Cotton BEx
change also voted to close February 12
~Lingoln's Birthday.
Conal ahortarl in New York City and
State reported worse. Shutting down of
Industries said to be on the increase. |
Steel trade organs sald January steel
production was smallest for any month |
since May, 1915,
Secret(%x' McAdoo In offerll:!g issue of
:mo.oo‘o. Mce"!)mctli“ of in ebtodneels‘
0 mature Ma a r cent postpon
call for nno{her ng:rty Loan until
April, |
FRIDAY, FEBRUARY 8. ‘
4 Aqtll:.‘ntu &pot cotton advanced 26 points
0 81%. |
Atlanta bank clearings, $6,479,161.14;
iast year, $3,284,817.71.
New York cotton clon%l point to 16
Eomtn higher. Reported that cotton has
een left out of %rlce-flxmx bill, caused
sharp spurt just before the close.
- New York Stook Exchanie closed
;Mron{. General Motors continued its
sensational upturn, rlllns to 141, but
reaoted nearly 3 Eolntl before the close.
g:her issues broke from their top lev-
Chicago grains closed lower. Oats
was in demand from pit traders at the
opening.
B;l\(lnnern' takings of cotton for the
week were 164,000 bales,
Railroads of the country in 1917
earned about $958,000,000 based on in
terstate commerce reports for eleven
months and estimate for December,
compared with §1,087,5683.000 in 1916,
Fuel administration authorized higher
{\rioes for soft coal at mines in Mary
and and parts of West Virginia,
New York bankers generally ap
proved of McAdoo's plan for selling cer
tificates of indebtedness e\'erir fortnight
and especially plan wider distribution.
SATURDAY, FEBRUARY 9.
Atlanta spot cotton declined 20 points
to 31.66.
Atlanta bank cleflrlnfl: $7,218,048.43;
last fifmr $8,824,438.78. or week $43,-
010,452.57; last year $21,345,982.95.
New York cotton closed 12 to 16 points
lower. Trade house buying prevented
market from brukln: more further.
Selling over the holidays caused the
dip.
INew York Stock ¥xchange closed
firm. All issues were in good demand,
with agechltloa showing the greatest
strength.
Chicago grains closed with trifling
changes. Provisions were irregular.
U. 8. Steel Corporation reported un
filled orders on books 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 AMERIOCAN . A Newspaper for People Who Think — SUNDAY, FEBRUARY 10, ;1918.
I”Financial Sunshine I
The Southern Railway re
ports gross earnings for the
fourth week of January at
$3,136470, a gain of $40,969
over the same week last year.
Gross, since July 1, $72,203,622,
a gain of '511,660,894.
Prices Break 13 to 17 Points,
’
Exporters and Trade Houses
Good Buyers.
NEw YORK, Feb. 9.—lnitial prices
were 7 to 13 points lower on the cotton
market today. The early tone was
steady, but later pressure forced prices
down 13 to 17 polnts net lower.
Exporters and trade houses were
good buyers.
The market closed steady at a net
decline of 12 to 16 points.
NEW YORK COTTON FUTURES.
r—————————————————
§ 18! » |Bl & |SB
A& |=l Q |dg = =
BP: hivialbcheiliraiative s IBEIE . INENS
Mr {30.3&30.40230.25‘30.28 30.26-29|20.42-44
Ap. Lot OE U laeeo 19098
My ;29.7029,87<29.7029.73i29.71-73129.83-86
gn Ll I,”..‘za.w (29.51
Jul f’1fi‘.15‘:9.27,‘.’.9,1029.161&15-16\29.25-28
Ag.;.A...1,A...1.,.”‘.‘...i28A90 {29.06
Oe, 127.8'«‘}28.%;27,85‘27}11 27,90-92;27,94-96
I_’i' -27.75&7.76327.76?27.7612’?.66 127.70-73
Closed steady.
NEW ORLEANS COTTON FUTURES,
g|& le wo| 3§ |:8
| =1 @ o °
o g 3 38 B (505
Fb !'1|2980 |129.26
Mr ,29,38129.42:29A29;29.32.29.30—32,2').3'1-38
BD §ionbeleviiolsgntele s wdd89.50:5539. 5038
My [28.80(28.82/28.70/28.74/28.71-76/28.74-78
OB Lo i dih chbov 1081141612818
Jly |28.33|28.38(28,25 28.28/28.25-2928.30-34
Oc [26.58/27.04126.69/26.9526.95-96/26.97-99
Do _|26.82126182 26.82/26.82/26.80.3126 8281
Closed steady.
! Week's Rangel
Following shows the nighest and low
est prices of active cotton options on
the New York and New Orleans Cotton
Exchanges last week, toq‘other with
Saturday’s close and net changes from
Friday’s close; also helow net changes
for week: R
NEW YORK. e
| I J Sat. |Net
|High.| Low.] Close. |C'se
Mardh. . . ..|%30.65 131.10 30.26-29|—16
May. . , . . .|*30.01/129.40/29.71-73|—12
Y vy .!'29.54,;28.91 29.15-16/—~lO
October . |%28.15/127.66(27.90-92|— 4
NEW ORLEANS,
’ ' ! Sat. |Net
High.| Low.| Close. |C’se
March. . . . .|*29.60/129.31(29.30-32|— 6
May. . . . . .[*28.99/128,66/28.71-76|— 3
. .’tza.eo .20 28.25-29|— 5
October . . . .|%27.22/126.84/26.95-96|— 2
*Tuesday; {Thursday.
Net changes for week:
NP YO ... aiviid iol
New Orleans ...................+3; —lB
SPOT COTTON.
Atlanta Commercial Exchange quotas
go'od middiing, quiet, 31.55; sales 1,726
ales.
Atlanta Warehouse Company quotes
good middling 315,
Live 1, middiing, 28.614 d.
New %ork, middling, 31.50.
New Orleans, quiet; middling, 30.63;
sales 4,402 bales.
Charleston, middling, 30c.
Wilmington, mlddllnf 80c.
Galveston, quiet; middling 31e; sales
322 bales.
Savannah, gquiet; middling 30';;‘
Augusta, steady, middling, 30%; sales
851 bales.
~ Philadelphia, quiet; mlddllnq 31.90. I
Boston, quiet; middling 31.70.
Norfolk, steady; middling 30c.
Little Rock, steady; middling - 30%;
sales 460 bales.
Bt. Louls, steady; middling 31%%.
Montgomery, firm; middling, 310. I
Dallas, steady; middling 30.36; aalesl
504 bales. |
Houston, quiet; middling 30.60; saleg
185 bales. ‘
Mobile, nominal; middling, 30%. |
Memphis, steady; middling 31%%. |
_ATLANTA COTTON STATEMENT, I
Saturday— |Bales
SRR "l eik e el 1.367‘
IR ~. v i --{ 1,252
BRRRIRE .y ciins imrassisi B i
TN e s |
- BEREEIRELIET EARALI TR ACATRNLLSS B 2 0L g
ATLANTA COTTON SEED PRODUCTS
Crude oil, basis prime™=February and
March, 171%.
Cotton seed, 7 per cent ammona—
February and March, 47.50.
Cotton seed meal, 7 per cent, Ceor
gla common rate point—February and
Maroh, 47.50.
Cotton sed hulls, sacked—February
and March, 24.00@24.50
Cotton seed hulls, loose-—February and
March, 19.50@ 20.00,
Linters, clean mill run—February and
March, 4% @5.
COTTON PORT RECEIPTS.
The following table shows receipts at
the ports Tuesday, compared with the
same day last vear:
38 | 19T
New Orleans. .. . 2,965 119
Shelventeon:s .. .. 4,017 6,601
ORI . s 796 107
Savannah ~ . . . 148 | 708
Charleston , , , . 221 | 112
Wilmington . . ~ . 90 22
IREROE. L) 1,456 900
BENIOn. .... ’ 360 50
Pacific Coast . . . 624 5,942
_Totals. ~. .[ 13,767 17,569
INTERIOR MOVEMENT.
1918. 1917.
Housfon. . . . .. 5,483 2,857
AURUNSR. . . .\ 488 453
TTR | 1,908 3,408
T T R 6,107 1,299
SHBUIRNINRE. ¢ & v Bveiaianies 44
Little Rock .. . . 786" | 113
TOME . o | b% Y R
STEEL ORDERS INCREASE.
NEW YORK, Feb. 9—lln its moath
ly statement issued at noon today the
United States Steel Corporation re
perts unfilled orders on its books as
of January 31 last of 9,477,853 tons.
This comjares with 9,381,718 tons on
December 31 last, an increase of 96,-
135 tons, and with 11,474,054 tons on
January 381, 1917,
.
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 Btock Exchange Saturday, together with Friday's close:
oot it b i s
: |Clos.|Prev | *|Clos.|Prev
STOCKS— High |Low.|Bid.|Cl'se | BTOCKS High |Low.|Bid, |Cl'se
¢| _STOCKS— |High|Low.|Bld.|Cl'se
s~ mers ~| 24% 23 RO pomibern ..l .l T 8 T
do. pret. . . il L IBN T 8 0 oeel. . L i s #BI3O
Amerfosn “Bino '\ loL el 18 b ama e et 44l 4
do.gn!. skl e do, pref. ... .| ...l ....| 7% 722
Amer. Beet Sug. .| 78%! 78%| 78%| 78% | Kennecott . . , .| 23 | 82%| 83" |3B
o, Ppref. . . ] i.. iinn) oies] 80 Lackawanna Steel | ....| ....| 76%/*76
Amerfcan Can ..| éo%| 36%4( 89% 89% | Lehtgh Valley . .| .| 'l &7 6822
SO DI .o o] il sl IR I AN, ....|112% (11314
Am. Car Fdy. | [ 143[ 133 14 134 | Maxwell Motors || 39°) 35| 38" |29
Am, Writ. Psgor wrnslavevt saast ST QO. TBB -boato L b 168 o] e
Amer, Cotton Ol .| ....| ....] 81 ll& do. 2d pref. ..| ....| ....| 24%]| 26
Am. Locomotive || 81%| 80 | 81%| 80% | Mo. ‘Pacific (new).| 23%| 2°'| 2348| 52
do, ;rof. 50l daval itirsl 97 Mex, Petroleum .| 91 89% | 90% 8922
Amer. Smelting . . 82%1 81% 82 8222 QO. Wk Sk APG
do, pref. . . .| ....| ....1108%41106% |Marine. . . . . .| 26 | 261%| 25i¢| 25
Am, Steel mr{. ..| 627 623%) 62 ez"'z do. pref. .. .| 96% 9522 9622 9522
Am. Sugar Ref. .| ....| ....[104%(104% | Montana Power. .| ~..| ...0| o, ° 0%
Amer, T. and T. .[106%106%(108% 106% | Mtami Copper . .| 30%| 30%| 363 | 304
Amer. Woolen. ..|!,52 |6l Midvale Steel., . .| 44%1 4454 443, |45
Amer. Linsced . .| 34 | 34 |3¢ | 33% |National Condult .| 18%| 18 | 181 16%
18l 75 |National Enamel .| 45| 419| 4414| 4414
80, 9L, . -; I il s 742‘
Atl. G. and W, I, .111814/11214/112% /1128 | North American ) coool Lol 44| 4B
Amer. H. apa L" . IKI N X Central 10| 76 5
am Staft orp. 1| 111 2 Netohal Kena )6| 4| Y 4
do, ?l‘re" et e 84% IT:I OG- W, o 0 ~:’\ ....10834103%
Amer. Tobacco. .|164 [164 |164 118414 (Northern Pacific .| 1!3/-:r 83| 83% /| 831¢
Am. Suma. Tob. .| ....[ .... 35%1 6614 |N. Y., O. ar‘\d W.,‘ ~..[20
American Tee . (| 11| 11| 1135] 1284 | Nev. Con. Copper.| is¥| iߥ| 18y 18%
ancystest [| i) aiial dhs| ~ | Ohio Cities Gan |%)i) I'l
0 o o} i - s
Alaska Gold ", ") ‘, V’l zl\'/fI zz. Pitts,-W. va. Coal| 269|263 2635 2614
Anaconda .., , .| 62%]| 621;| 6214! 62 do. pref. ... . I I ..oo| 8733
{ | ! Pennsylvania . . .| 456 | 44%/| 46 | 447
Atohteen '. ol <ol b L OBIELEEE People’'s Gas { i 50 5252
ALo . ..o o] 9 | SRS ERS - ¢ ] éi"lfiflfi
Baldwin Locomo. .| 68%| 67 |67 | 673 |~ o€ LAr -- -] 04%) g
Booth Fisherles 'I 247 | 24%) 24%,) 24 Pittsberg Coat .048 ] 48| 48 ¥
B.and 0. ... [T 60W! bos | EUAUTE Coml ot SBul Bul Bwl L%
SR Ll }8 | Reading AR Fas| 78 Thng
Beth, ‘Bteel . . .| ....1 ....| 78 F 78% IR ana Steel | | 7%’/I Tok| low| Tois
do, preg, .pref. .| ....| ....| 90 |BO % e pref NI AT 90 I%d
gO, pret.. . . 9 (100310010 I Rook Taland ... il 03] 0! 8] 19y
B TR L R do. pref. “A”. 63 | 62%| 63 |63
. . dstie s 0 w]l sanel suei} s " agre 1 1/ 1/ z
Butte Superior .. 19 |l9 |l9 |l9 Ry dsc’fpéi":qfi;rm%-'I gg{z ggé;l gg{/‘I g%s"fi
SRR -). - foeeed }f%l 18% | Sears-Roebuck ..| ... ..:’.ll.‘il‘}z‘lm%
Can. Pacific . . |[146341146141145% 1481 | SloBB-Sheffleld '133’?‘1;3:,'2!1335/5 45
G ana Q- - |3% 53 83| B 3 | Southern” Pacifio .| 83%| 8344 8314 314
Colo. F. ‘wnd' I | 13 #7%) 3734 9784 s°“}i'})"grg}“““y~r e zsyx{ =
C., M..and Bt. P. .| 42 | 41%/ 4141 42% \ g qebaker . . . .| si%| 503! si%| 6035
(’mdo.(‘pref. el Zg%“ 3’% Zg:@ Zg‘ ol e ‘ i |O3
“hino Copper .. .| 435 4350| 435 438 ; I 3
Consolidated Gay | 91| 90| 91 laovz BT R e I e
Corn Products ..| 33%| 3314 33%| 84 |ginclair ONI . . ..| éé"/I 361 3654| 36
Crucible Steel ..| 69| 57%| 59%) 67% |gA" 1, oy - i | 714
Cuban-Am: Sugar.| ....| Co ol [ SRR I eReR Tel
Cuban Cane Sugar.| 31 30% ! 30% |3l Tob. Products ..| 54%| B 4 | 54%| 54
R BIeE . S Ibo Tenn Coppér o 15" 116 1161115’~4
Gast fron Pipe ..| ..o} (L 1341 14 | hird Avenue . | .u..| si..| 19 | 187
Central Leather .| 70 692, | 693, 693 Texas Oil Bt 153%“55 115314
Chile Copper . I 19,0418 )16 11081 pegdny Pacid” |il L. ] L 1T
Columbla Gas . . [| .| ...\ se/ 338 | TOMS JRERC - oligae g hii* lr3as
Cerro De Pasco . .| .| [l <o 314 | Union” Pacific .| [|114%/114 |114%/114%
Continental Can ~| ...} ...l ¢, .| 933 o mret. .il .4..170‘
BAk fodsce 9L [ WORI M.l '8 Ruebber .} 88| s4%] 5 Ism.
‘Del. and Hudson .| ....| ....[llO | ... e meer ol oed Lol el Ll
Listll. Securities .| 418, 40%| 4114] 41% U. S. Steel e g [ 941‘1 937 | 94%1 9414
Wie oy L TOREANT TR Teh | o e .[llOl2 1101511014109 %%
~ do, Ist pref. ..| ....]'....| 35 |26 |ls Cigar Stores 196 | 951 95% 95
do, 2d pref. . I sinzlaz-| 18 | .... | Utah Copper . ..|B3 |B3 | 83| 8254
General Electric .|135%/135%135% 1135 '| v "C. Chemical .| ....| ....| 40 |4O
General Motors . .|140%/139 (139 "|189% | Wabash . . . . .| 0= "8 | Tsy
do, gref. ovby i.o 08l L. do. pref. “A”.| i vee.] 41 '] 40%
'G. Northern, pfd. .| 90 | 897%| 89%| 90% | wegtern Maryland| 163/ 153 16%3 157
Goodrich Rubber | 47%| 47%| 47%| 47% | Western Union. | 9034 | 90%; 908 | 8915
‘G. Northern Ore..| ....| ....| 27%] 27 | Willys-Overland , 18% 18 | 18%) 18%
Great Western. .- .|i....} ... B%} 6% |Woolwerth . . .| ....l1 .... 115 1118
""do, pret. .. || 111 l 11102 19" Fewestinghouse | L) 41| 47 41 |4i%
Gulf States Steel .| ....| ....| 90" | 90 /| Wis. Central . | 42% 142%| 4%} 43
Greeme-Cananea .| 41 | 41 | 41 | 41% | White Motors . o] ' Soeel 41
Illinois Central .| ....] ....| 94%]| 04 Wilson Pack. Co. ;! SRt i vees| 5116
Insp. Copper. .. l coeif eoee] 4B ,45 Anglo-French 6s .| ....} ....l ....| 80%
Inte&'horu o 8 I 8 45% 42 ik
0. Dlt L L & : 197 70197 70! )
Indus. Alcohol . .[126%!126 2112514112414 U. 8. Lib. 3%5. ',‘9"10,97'10;97'70192'90
Inter, Nickel .. .| 2814| 28 | 2814] 283 do. Ist 4s . . .|95.38/95.38 95.3819::52;
Inter. Paper . . .| 313! 30%| 3115| 31 do. 2d 4s . . .!956.20195.201956.20{ ....
THIFLING GAIN
IN GRAIN LIST
tions more favorable to the movememl
of grain to markets causea oats to
show firmness at the opening here to
day. Opening prices ranged fraction
ally higher than the previous close.
Trade was very light and the market
easily influenced.
Although corn prices were up slightly
]v.he market was inactive and feature
ess,
Despite lower hog prices at the yards
provisions opened about unchanged
from the previous close with the market
dull and trade very light. '
Grain quotations: I
. Previous
High. TLow. Close. Close.
CORN— |
garch. i }?"73: l.gg"fi 1.37!& 1.%7% I
" 1 1.2 1.25% 1.25%
OATS—
March.... 83% 825 y 823% 83
May...... 80% T 9% T 9% 80 !
ey A 6.70 46.92% |
&Y ae o .95 46.7 46, 46.72
LARD— » I
May.,.. 25.65 25.52% 25.65 25.52%
WO il v : BIN i
RIBS—
May.... 24.7215 24.62% 24.70 24.65
CHICAGO CASH QUOTATIONS.
CHICAGO, Feb. 9.—Corn, No. 4 yel
low, 1.88; No. 5 mixed, 1.40@1.52; No.
5 white, 1.55@1.65; No. 5 yellow, 1.45@
1.58; No. 8 mixed, 1.40; No. 6§ white,
1.45@1.60; No. 6. ellow, 1.35@1.40.
Oats, No. 2 mixed, 81; No. 2 white,
87@87%; No. 3 white, 352786. No. 4
white, 84; standard, 85%@%7%.
COTTON SEED OIL.
Cotton seed oil quotations:
| Opening. ¢ Closing
R e I coniv cowe RO |
PODFRSYY- . Jiieof i ook nse s R
March. . . . . .|2030 120.20
fiprll. « o ov oo +120.25@20.50 20.25G@20.50
&Y. T 120.20@20.50
JACKSONVILLE LIVE STOCK.
JACKSONVILLE, Feb. f,-—Hogx: Re
ceipts medium; prospect -tead{ to
weak; heavy choice, 14.50@14.60; heavy
rouqh, 14.003‘14.50; mixed, 14.00?14.50:
lights, 13.50@13.75; heag p}!n, 3.00@
13.50; light péga. 9.26@9.50. ed Cattle:
Recelpls medium; prospects tseady;
steers, 7.50@11.50; lliht steers, &50?
7.50; bulls, 6.26@7.50; heretics, 5.75@56.50;
cow:. 5.76@7.25; canners, 5.25 up.
| LIVE STOCK MARKET. i
CHICAGO, Feb. 9.—Hogs, receipts,
28,000; markets, slow; mixed and butch
ers, 16.10@16.15; good and heavy, 15.90@
16.65; rough heavy, 15.90@16.15; light,
Im.oogm.o 7 pigs, 13.00@15.25; Dbulk,
16.00@ 16.60.
I Cattle, receipts, 4,000; markets, weak;
‘beeves, 8.40@13.90; cows and heifers,
6.26@11.656; stockers and feeders, 7.20@
10.40; calves, 9.50@156.25.
| Sheep, receipts, 7,000; markets, slow
and weak; native and western, 13.00@
18.40; lambs, 14.25@17.70.
~ ST. LOUIS, Feb. 9.—Cattle, receipts,
1,200, including no Southerns; market,
steady; native beef steers, 3.00813.50:
Iyurlln: steers and heifers, 7.00@13.50;
cows, 6.00@11.50; stockers and feeders,
6.00@10.50; calves, 6.00@16.00; ' prime
l:gthcrn steers, 7.50@10.00; beef cows
a heifers, 6.00@10.00; prime yearlings
and heifers, 9.00@12.50.
Hogs, receipts, 1,100; market, 20@25c
lower; mixed, 16.20@16.45; good, 16.25
18.50; rough, 15.00@15.25; lights, 16.00
}:4‘6 pigs, 12.25@15.00; bulk, 16.15
Sheep, receipta, none; market un
changed.
ariARP ADVANGE
IN SPECIALTIES
NEW YORK, Feb. 9.—Only fracuon-|
Bot o Sous et teley with.
ng of the stock m
trgding during the first fifteen minutes
dull and uninteresting. Steel common
rose % to i‘/. and Baldwin was 1§
higher at 67%.
aeneral Motors rose 115 to 141 anld
Mexican Petroleum advanced % to 95%.
Distillers Securities gained 14 to 41%.
Marine preferred rose to 963 and the
common so!d 3 higher at 26. 4
Liberty bonds were actlve,'the s
selling at 95.3767:11118 the 3%s were
n D
(n.lfl(;grl thaet first fifteen minutes of
business the market showed a strong
tone with, a general broadening ac
tivity. Industrial Aleohol became prom
inent, ad®ancing 2% to 126%. Crucible
Steel rose 1% to 59 and American Lo
comotive moved up 13; to 613.
Be nE et 200 k, el
CAUSEe oesn’'t move. |
t:g; aIl get out it will have one Of its
old tlme moves. Trading largely pro
fessional. Rarnings statement of Am
erican Locomotive showing 12.38 earn
ed on common in six months are well
received.
In the late dealings nearly all the
business was concentrated in a few
speciaities which were controlled I':y
pools. Crucible after reacting to ‘58‘,2
g e bßk g v o
n a (in
Car :md“F'oundry. . National Conduit and
Cable was unusually active, advancing
ov';_;‘l pfilint tI) lf;'fih Government
e mrket close rm.
bonds unchanged; railway and other
bonds heavy.
+ Stock quotations:
I NEW YORK CURB MARKET.
The curb market opened and closed
steady. .
.~ STOCKS— Opening. Closing.
Chevrolet ......118 121 118 @l2O :
United Motors.. 26%@ 256% 25%@ 25%
grlt.-dAméTob‘. 1; g 13% 1;1 13%
Canada Copper. L
| Alaska ......... 26 35 25 35
‘()kmhoma T% T T 8
Hecla Mines ..., 3 + 3%8 4
Jumbo_Exten.. 17 19 17 19
Lake Boat ...... 2% 8y 2%@ 3Y
Manhat. ‘Tran... % Yo K@ %
Marconi \,........ s%g 35 %@ 3%
nginlng ceenen 8@ 8&2 8&@ 815
Submarine Boat 12% @ 131 13% @ 13%
World Fi1m..... %g ny N Sy
San N Yom e mem
St. 011, Ca1....228 @233 228 @233
St. Ofl, 1nd....640 @650 640 gsso
Prairie .........465 (@470 465 @470
Ohio Oil .......327 5333 327 @333
Indiana Pipe ... 94 98 94 @ 98
Houston Ofl ... 41 44 42 @ 43
Cosden Oil ...... T T 4 7 TY%
Anflo-Am. Oil. 11%Y@ 11% 11%@ 11%
Union Tank .... 83 86 82 86
Savoy Ofl ....... 8 10 8 10
Victoria Oil ..... 3% @ ®7% 35 3%
Inter, Pete.... 12%@ 13 12 13
NEW YORK BANK STATEMENT.
NEW YORK, Feb. 9.—The weekly
statement of the New York Assoclated
Banks shows the following changes:
_Average Statement.
Loans, increase, $23,878,000.
Demand deposit, increase, $24,772,000.
Time deposits. decrease, $1,136,000,
Reserve, increase, $13,321,580.
Actual Statement.
Loans, decrease, $15,954,000.
Demand deposits, increase, $616,000,000.
Time deposits, increase, $842,000.
Reserve, increase, $2,6997,980.
METAL MARKET CLOSED.
NEW YORK, Feb. 9.—The metal mar.
ket was closed today.
. \
Local Business
Continues Active,
Says Bradstreet
RADSTREET'S summary of
B business conditions here for
the week ending Friday,
February 8, follows:
Wholesale and retail trade
manufacturing and industry
active,
Business is still of active
volume, though handicapped
by weather conditions.
Jobbers report active sales,
though a restless feeling s
apparent among country mer
chants, due 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 feodstuffs.
801 l weevil preparedness
clubs are being organized
throughout the State.
Winter wheat and oats are
badly damaged by freezes.
Buyers Want Print
I I(Il th at Any Pri
_NEW YORK, Feb, 9.—The print cloth
situation becomes more acute each day,
according to statements of mill repre-
Isemat!ves in New York. Buyers in
| great numbers are in the market bent
on getting merchandise at any cost.
Prices with most purchasers seemed to
' be a secorrdary consideration and one
Ipremium on top of another was volun
teered. This extra fraction of a cent
‘at times resulted in the orders being
accepted, but tended to advance mills’
list prices the additional fraction of a
cent buyers offered in order to obtain
stock.
| Sellers of print cloths say the mills
‘are obligated for all the stock they can
rossibly deliver up to April. Therefore,
ittle additional business can be taken
except for the second and third quar
ters of the year.
Mills are being severely hampered by
the scarcity of coal and a number of
them have been closed on other than
coal holidays for lack of fuel. Besides
the Government has prohibited overtime
work and has compelled the factories
to discontinue operating their prepara
tory machinery at night.
It has been the habit of mill men to do
their warping at night so that the sup
plies would be ready for the looms the
following morning. Being compelled to
do the preparatory labor in the day ma
terially lessens the, mills’ output and
Lardens values of fabrics. \
Jan. Dry Goods Trade
The John V. Farwell review _of the
dry goods trade says:
*“Wholesale dry goods and general
merchandise business for January was
well ahead of the same month in 1917.
Collections also showed good increase,
indicating retailers’ successful January
sales. Buyers are arrivlnfi in market
in larger numbers, especlally from the
South, Southwest and Middle West.
“Offering of printed fleeced cotton
goods and also wool dress goods by mills
are very limited owing to restricted
production.
‘“The greatest handicap to business at
present is the difficulty in zettin¥ ship
ments from the mills. Silk mills are
working only half time and a scarcity
of silk fabrics is looked for during the
months of March and April.” 3
Stewart-War.Surplus
Supplementary details of the annual
report of the Stewart-Warner Speedom
eter Corporation for the calendar wyear
of 1917 shows a surplus of $1,260,774
was earned, compared with $1,5676,487 in
1916, a decrease of $315,718. The falling
off is accounted for by the corporation’s
incomk and excess profits taxes, which
are computed at $340.000. The income
account, compared with 1916, follows:
1 3917 "|- 1916
Net earnings .......|92,200,77452,215,043
War taxes I 800001 ;5. s
Dividends ...........| . 600,000] 600,009
Surplus .............| 1,260,774] 1,576,487
Total surplus .......| 5,456,215 4,105,441
® [ ]
\ [ e
e The Present Crisis
PR IL.}" ,;“’ jras
s ~""L{u! 4i']h‘l“l 5 L
: [*-Q.,_‘_l;l Present day conditions are bringing home to peo-
A R e O y :
Lt e ',.!N.II:I"'I".*'; ple the absolute necessity of safeguarding the future
, i —'z “«i,;j,%:::’_"i of their possessions.
e R BB
oyl cin el e el -
5 . -—-I ‘Tj.tl’ “I'Z 2 3 e
A g 5 “s*ITIT Our Trust Department is Th a position to safe
-10l |”I I;I:il guard your property and, in case of your absence
SO ~~I;IL.I ‘-I"II’I;; from the city, to protect your interests with fidelity
~.. jY O ;I and efhiciency.
U RYA g
"' SAT ‘ 0,1 Why not let our Trust Officer tell you about
\ Ir‘ "1~ the efficient and satisfactory service of this institu
: N: 7 5 tion—the largest Trust Company in Atlanta—in
ON Vi 6 all trust matters.
Assets $12,000,000 '
CANDLER BUILDING ATLANTA, GEORGIA
ASA G. CANDLER, President
JOHN S. 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. STITT, Assistant Cashier
Member Federal Reserve System
President of Third National Bank Swamped
With Letters From Georgia Bankers Pledgin g
Co-Operation in Heavy Production Campaign,
I
The agitation for ‘“bumper” ‘food
and forage crops in Georgia this 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-,
paign in their particular sections sim
ilar to that which he has undertaken
‘throughout the South. J
Abstracts from a few of tHe letters
received by r. Hawkins as printed be
low furnish concrete evidence that
when harvesting times roll around
Georgia will be forthcoming with her
share of the enormous quantity ol
food and feeds needed this year.
Bankers Back of Plan.
President Rufus H. Brown, of the
Georgia Bankers' Association, who is
vice president and cashier of the
Georgia Railroad Bank at Augusta,
writing in emphatic approval of Mr.
Hawkin's letter and declaring that
every reasomable influence should. be
trought to bear to increase the acre
age in food products, says:
“It has been my purpose to write a
letter to Georgia bankers along the
same line, and I am glad to note that
you have already preceded me in this
regard."
ashier D. N. Harvey, of the Farm
ers’ National 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 Georgia farmers
must make every effort to raise a
much iarger crop of food supplies this
vear, 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 ust 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. Merrian
says: ¢’ ¢
“You evidently realize as very few
people seem to, the seriousness 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
lT)ex:ation ,or assistance along this
ne.”
Continuing, Mr, Merrian points out
the extreme difficulty and in some in
Cotion Seed Meal--Fertilizer Materials--Cotton Seed Hulis
Prompt, EXPERT attention to all INQUIRIES and ORDERS.
Any DELIVERIES obtainable and PERMISSIBLE.
Shipments ANYWHERE in any CARLOT guantities.
ASEIN TAYLOR COMMISSION 0. 432 &
L/ « PRI ’
'3( & \:-: Healey Bldg., Atlanta, Ga. ZI @ §
Do U. S. Food Ad %”&\ v I
% z o inigtrati o N b
. ("‘ls,r_m}* License No. G-82701. &Y
Codes: Yopp’s & Rohinson’s Refs: The Mercantile Agencies
stances the impossibility of securing
the necessary fertilizers for making
good products. The farmer, he sayg
can make good money on his muun’,
but sees no profit whatever in plant.
ing food crops on much of his land,
Mr. Merrian further states:
Suggests 6 Per Cent Interest,
“It is most important that some
definite steps be taken immediately
yong this line, and the bankers arc iy
osition to help the situation more
than anyone else in our territory. |
would be glad to see you follow up
this letter with another one outlining
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 plants
his land to corn instead of cotton,
even at the present price of corn, he
is making a sacrifice in dollars for the
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 1o
those farmers who are unable to buy
‘seed and fertilizers for these crops,
making them an especially low rate of
interest—say, not over 6 per cent. In
this way they would prove their in
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 dt
the big majority to 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 impor
tance of such a move for a long time,
and takes the view that if other bank
ers will pursue the same course good
results will follow.
President Robert Holmes, of the
First National Bank of Sparta, says
the people of his section *have bheen
getting more and more on the basis
of living at home, and that regardless
of the splendid price of cotton their
intention is firmly fixed to make
larged food crops with cotton as their
surplus.
Wall Street Journal’s Comment.
The Wall Street Journal of New
York, printed Mr. Hawkins’ letter to
the Georgia ban}:ers on its front page
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 60 per cent of the
total increase in the United States
Its cereal production last year was
‘maore, than 1,500,000,000 bushels. The
mon%& 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 possibil
ities are far greater than what has
vet been accomplished.”
. Amonggmany other letters received
by Mr. H(:Vlkins were these from Sec
retary of the Treasury McAdoo, Food
Director Herbert Hoover and Stats
Food Director Andree; M. Soule
thanking him for the patriotic effort
looking to the much needed increase
in food production.