Newspaper Page Text
THE SUNDAY AMERICAN'S FINANCIAL AND BUSINESS PAGE
COTTON RIGES oTEADILY
IFTER MOWEEK SLUM
Following a temporary halt in the
wward tendency of the market on
ednesday, as the result of the Gov
ernment’s annual crop estimate, cot
ton picked up again on a resumption
of bullish activities and finished the
week sharply above the midweek's
and 30 points higher to 30 points under
the previous week's close in the New
York market and 3 to 135 points high
er in New Orleans.
Small ginnings to December 1,
larger exports and the extreme stead
iness in spots, together with a belat
.ed bullish construction on the crop
estimate figures larger November con
sumption than expected and heavy
discount of futures under spots, fur
nished the bulwark of strength.
‘s Business was more active than for
some time, probably the result of the
lifting of the ban of short selling of
cotton. Naturally those bearishly in
clined felt it their duty to sell a lit
tle, regardless of the condition of the
‘v market.
When the crop estimate of 11,700,-
000 bales, exclusive of linters, made
its appearance there was a free sell
ing move for a few minutes, because
those quick on the trigger construed
the guess as bearish. There was some
Southern hedge selling, spot firms
also lined up with the sellers and
Japanese and Liverpoel sold a little,
while those friendly to the market
stood back, allowing values to break
90 to 100 points before they opencd
the eyes of the bear crowd by ex
plaining the crop estimate as mean
ing a commercial yield of about 11,-
350,000 bales, based on the average
weight of bales—sos.B pounds, against
502.4 last year, and arguing that the
supply is inadequate, especially in
times of peace.
And if this wasn't enough, the bulls
were unanimous in the expression
that ginnings from now on will prove
that the crop was overestimated.
. After careful digestion, the trade in
general was inclined to pronounce
the estimate as distinctly bullish.
Eager to Replace Lines.
This, combined with the decidedly
bullish zinnings report, issued Mon
day, showing a total considerably
less than even the lowest expectation
9,563,913 bales, against 9,712,923
bales to December 1, 1917—coupled
with continued holding of spots in
the South and steadily increasing ex
ports, encouraged optimistic views,
with the result that shorts, sold-out
Jongs and foreign and domestic trade
houses and commission houses turned
active buyers. As values started up
ward, Wall Street operators and in
vestors from the financial district
(the latter for some time have re
garded cotton as a sound investment,
but awaiting some definite news be
fore buying) joined the buying side.
From the bottom levels the New
{ York market crept steadily upward
and at he top exhibited a net gain
of 101 to 113 points from the bottom,
while futures at New Orleans show
ed a gain of 85 to 250 points—s4.2s
to $11.50 a bale.
On the crest of the rise December
stood at 28 cents, January 26.75,
March 25.60, May 24.68, July 24.03 and
Oectober 22.12 cents. December at New
Orleans also stood at 28.50 cents at the
top, while January reached 26.85,
March 25.14, May 24.37, July 23.75 and
October 21.60.
Covering of December hedges was
responsible for the heavy rise in De
cember at New Orleans.
Mills More Interested.
Confidence on the long side of the
market increased as the week pro
gressed, bascd largely on reports of
increased mill interests, strong spots
and bright export outlook.
Here it might be stated that the
457,376 Bales Consumed in
November; Exports 350,003
The cotton trade was given another
surprise Saturday. Practically every
one expected November’'s consump
tion of cotton to be about 390,000
bales, but the census report, issued
Saturday, showed a total of 457,676
running bales consumed last month,
a 8 compared with 440,833 the previous
month and 520,427 bales in November
a year ago. Uncertainty in the goods
trade, together with the influenza epi
demic and lack of labor, was larfi:aly
responsible for the smaller consuinp
tion. The total, however, was con
sidered exceedingly excellent,
Of the total amount used last
month, 259423 bales were consumed
in cofion-growlng States, against
332,604 in 1917. Linters consumed
“totaled 63,325 bales, agrinst (0,048 the
same period a year ago. Cotton heid
in consuming establishments on No
vember 30 amounted to 1,670,226
bales, as compared with 1405711 in
¥ 1917, and in public storage and at
Domestic Consumption. Exports.
Month. 1918, 1917, 19186, 1918, 1917, 19186,
Fovssss seis chdvvey DU TN 542,081 461,667 600,853 639,415
ssssssscesesediess 510,187 547,174 540,733 359,774 367,778 703,933
B sssvsesesssingas DRLENE 603,019 613,764 311,681 365,295 464,035
sisessenenansrsins BESEES TURANE 631,714 217,802 271,763 622,376
I . s casssversssssee BINAES EEB.A33 - T 595.808 292,041 376,822 610,081
B . icciiossessnssens DBY, 408 DV 200 * 570,507 273,302 245,709 649,926
B L uihdavoervecivan. DOLTIS © RET NS 489,033 218,877 271,697 479,763
B o ssoetssassssscans 550,014 569,351 667,780 287,450 470,447 424,639
B basnsecesssecccss SDOTTD 622,389 628,288 836,376 464,047 639,679
s«: Sid s essbiinessees SHOANO B DED 550,665 383,906 630,668 796,688
B S dUisanssiansceers DUEIT -AN 583,044 350,033 418,085 733,270
DY s iossnnapborsine wesens 516,580 636,675 477,034 766,321
RS . coansiionde Jeuvses DERTED . €SBO ceenes 4,820,676 7,028,914
JACKSONVILLE LIVE STOCK.
fim: Receipts heavy; prospects 2.00
lewer; hold them out today. Sales extra
eholce heavy, 14.26@14.50; ordinary cholce
Jbeavy, 13.76@14.00; roughs, 13.60@p13.75;
lMghts, 12.50@13.00; heavy pigs, 12.00@
12.60; light pigs, 10.26@10.50.
‘Cattle: Receipts medium; prospects
'1.!; do not ship; steers, 95.15@1\‘00;
bulls, 6.256@0.50; yurllngs, 5.00@5.75;
cows, b.25@5.76; heifers, .50?6 26, veal
gvfl. 6.60@9.60; canners, 4.60 up.—~Wil
n and Dennis, December 13,
o —————
COTTON PORT RECEIPTS,
The following table shows receipts at
.!‘t.o ports today compared with the same
y last year:
FA RN ¥ . RON
o orteama |lO X
veston. . . . . 7.317 3,227
gbfle. 5450 b b 1,231 23
Eow N 5,471 2,428
e k. ¥8 ¢4 1.:24 1,5::
ngton . . . - 85
: MR ¢¢o o & 1,709 1,676
YOrR « « o o shossovasins 646
B Lo s 0o @ m 696
1 Iphia. . . hesciiieanen 100
Pacific Coast . . .foo.coozizon 1,797
Various., . . . . . 000 |...iccocoo.
- - .
amount of tonnage available for com
mercial purposes already is increas
ing and can be expuvcted to increase
from now on, In this connection it
might be said that it was reported
that a big French steamer would take
a cargo of cotton—3o,ooo—from Gal
veston, and that a number of Japa
nese ships were expected to arrive at
Seattle with cargoes of Oriental prod
ucts and on their return voyage
would carry part cotton as their load.
A Export Becoming Larger.
Exports for the week again were
large, confirming the assertions re
peatedly made in th's column that the
outgo steadily would increase as more
ships become available. The increase
in exports has only begun in a trifling
degree as to what they will be a few
months off. Exports last week totaled
127,866 bales, against 84,675 bales the
same week last year This brought
the total so far this season up to
1,567,140 bales, against 1,970,341 the
same period a year ago.
In this connection it might be well
to quote from the statement issued
by the Government cotton committee
at Washington, which accompanied
the order removing the ban on short
selling, to wit:
“Our Government having made
agreements with neutral nations, the
exports to all but enemy countries is
now assured. Available tonnage in
sufficient quantity to allow of export
fully 50 per cent in excess of last sea
z(lm‘,s shipments is more than proba
e.”
This means that the committee stil}
believes our cotton exports this sea
son will be fully 2,000,000 bales in ex
cess of 1917-18's outgo.
Another factor in the firmness of
the market probably was due to more
optimistic news that prospects were
brighter for an early end of the Lan
cashire strike. This was followed by
reports of increased domestic trade
demand.
Farmers Standing Pat.
Spot news from all gections of the
belt state that farmers are turning
deaf ears to all bids for cotton and
that practically no transactions are
being made, except a few sales here
and there, which, however, are con
fied to a few weakly held lines. But
what sales are being made are com
manding high basis.
Here's an illustration of the strength
of the spot situation shown in the
following wire from a Texas point:
“We can't buy good middling f.O. b,
Texas points. No selling of cash
cotton in the South. Futures must
reflect this soon.”
That's the attitude of practically
every farmer and merchant in the
belt. They will not sacrifice their
staple at prices below the cost of
production, and no one with common
sense should expect them to, either,
The farmers have the situation in
their hands and if they continue
steadfast nothing under the sun can
keep them from commanding a mate
rially higher price—3s and possibly
more, by next spring.
Here's a tip to farmers: After the
turn of the year a good rise probably
will set in, which might be termed a
fecler, or rather a stimulant for you
to get out. or plant more cotton next
year, but don’t let go your cotton and
don't plant one single acre more cot
ton next year, but if anything, reduce
vour cotton aereage and plant foods
and feeds. ‘That's one sure way in
keeping the price up. Just feed your
cotton to the mills in dribblings—
make them pay a satisfactory price
for it, or don't sell.
The announcement that maximum
price restrictions would be removed
from the goods trade, effective Janu
ary 1, was without effect.
compresses 4,476,339 in 1918, against
3,763,188 in 1917.
Imports for the month totaled 26,901
equivalent 500-pound bales, against
27,038 in 1917.
BExports for the month were 350,003
running bales, as compared with-418,-
(85 bales the same month in 1917,
That mills again are operating more
freely ls shown by the fact that ac
tive spindles during November totaled
33,121,507, against 32,700,623 in Oc
tober last, and 33,618,218 in Novem
ber, 1917,
Linters held in consuming estab
liskments totaled 197,816 bales,
against 90,937 in 1917 and im public
storage and at compresses 90,394
bales, against 114,666 in 1917.
Linters exported during November
were 13,423 bales, compared with
9,700 in 1917.
The following shows the domestio
consumption, excluding linters, and
domestic exports, including linters,
for each months this year, with com
parisons:
MONTGOMERY LIVE STOCK.
UNION STOCK YARDS, MONTGOM
ERY, ALA., Dec. 14 -<Cattle: Steady, un
changed, Butcher steers, 7.00@12.00; feed
ing wsteers, 1,00%w.50; bhutcher cows and
heifers, 8.00?! 0; ecanners and cutters,
65.00606.00; bulls, 6.00@K.560,
Hogs: Steady; 160 up 12,60; 130 up to
165, 12,60; pigs, 12.00@12.60; roughs, 4.50.
' LEHIGH SIGNS CONTRACT.
WASHINGTON, Dee, 14,~The railrond
administration today announced that it
hafl signed a contract with the Lehigh
v.“? Rallroad for its annual rental of
$£11,321,233. 'This is the sixteenth railrond
that has signed such a contract with the
Government,
KEYSTONE T. AND R. DIVIDEND,
NEW YORK, Dec. 14-~The Keystone
Tire and Rubber Co., today declared the
regular quarterly dividend of 3 per cent
on the common stock. Payable January
2 to stock of record December 20
BUTTE €. AND Z, MEETING,
NEW YORK, Dec. 14.-~Butte Copper and
Zine directors are secheduled to meet De
cember 20, It .is n‘s:ou‘ that deciara
tion flmu dividend on shares will
‘be consi o
» o )
HEARST’'S SUNDAY AMERICAN — A Newspaper for People Who Think — SUNDAY, DECEMBER 15, 1918.
New York Stock Quotations
Stock market closed steady.
Total stock sales, 222,900 shares. ,
Total bond sales, $2,5639,000.
Total stock sales for week, 4,5682,00 shares.
Total bond sales for week, $55,847,000,
[ i lmt(fiv,
ATOCK B§— IHigh| Low |Sale |Close
Allis-Chalmers . .| 32% :mi 32%[ o 1
do pref. . .....|'Bs 84y 36* 83
Ameriohn Bime ] ...} ceen] Vo] 188
B R LGI vk sa e D sy RS
Amn, Beet Sugar .| 63 62 62 62%
Amerfcan Can . .| 468 45% 46| 456%
Amn, Car. Fdry, 863% | 863) 868 88
Amn, Cotton Oil sestfisyantcesa] 438
Amn, Loco, ..... .| 63 63 63 634
Amn. Smelting . .| 821 81% 82%| 551%
Amn. Steel Fdrs, .| ....| ....| ....| 87
Amn, Bugar Ref. .| ....) ...} .+.+]llo
Amn. Tel. & Tel. .[103%[102% 102 %(102%
American Woolen .| §8 67%, o 8 57%
American Linseed .| ....| ....| ....| 46%
R R R N R L
At. G. and W. 1, .[llO {llO [llO (110
Amn. H. and L. .| 14% 14% 11%l 14%
do_pref. . . . M| Tl%| 71%| Tl%
Amn. Malt Corp. .| ... ..oof oo 3%
do pref.. . wisol ak) sirsk. BB
Amn, Tobacco . .| .... 4...|4,..1M |
Amn, Sum. Tob. .| 97 964 |97 95%
SN I i Ul sissl veaal Sivat P
Anaconda ~ ..... .| 64% | 64% 64“] 645
DB &« < o o baaii] sl sl
G 0 PYOE. .vv o) 5305) sunal sevs) 89
Baldwin Loco. . .| 75 TAM%! T4%| T 4%
Bal. and Ohio . .| b 4 5334 53& 53%
Beth, Steel B . .| 66%| 66 66 661 y
Brook. R. T. . ...| 33%] 32%/| 33 33
Butte Cop. B-6 | .éiifissne] ss s %
Cal. Petroleum ..| 21 ‘2l 21 e
dorpet. . . . QW 69 69 A
Can. Pacific . ...[159 |158%|159 l 13&%
Chel.andOh\o...‘.... soesl ks il TN
C. and N. W. . .| 99%/ oua] 9% ..
Col. F. and 1. . |3O |39 39. |39
C., M. and St. P, .| 46%| 44%/| 45 4G
Chino Copper . .| 37%! 87 37%| 37
SR BE & .ol hava) siiil aihil DS
Corn Products . .| 41i| 473 47%| 47
Crucible Steel . ..] .... ’ oA g| )
Cuban Amn. Sugar .| ..i. ....| ....]| 30%
Central Leather ..| 6234 62 nzu' 62
Chile Copper . .| 19%[ 193] 19%| 19%4
Columble Gas . o sl vanolise o] 38
Del, and Hudson .[lll [lll 11} il
Dist. Securities ..| 50 49% |SO 48%
Erse . . . . . .. 18%[ 183 18%( 18%
do pref. Ist | 30%| 30%| 301%| 30%
General Electric . .|lsl [149% /151 [149%
General Motors . .|126 |126 |126 |126
Goodrich Rubber . | ....] «...] «...] B 1
Gt. Nor, pref. . .| s.oof coen] cres 90%
QL Now. Ov . CFE ot vesd] eves) AN
Great Western. « o) vossl vassl seeil B 9
do pref. . . . .| 26%! 263 | 26%| 27%
Yost Wig. . 130 30 \3O oy
Greene-Cananea . . 48%/ 48 48 ] 487%
I Central ..... .| ..l ] ...l 08
Inspir. Copper . .| 47 1 465 | 4«7/.1 46
INtOrbore . . o o ol voanl soail Loy 6%
;Infl. Alcohol . .|10134(101% [1023{101%
(Int. Nickel . . . 32%, 3296_1 32% ] 32%
Int Agri. Corp. ..l ...l ..o.f ....| 56%
Int. Paper ..... .} ....1....1.... 31y
Kelly-Spgfld. ... J 65% 653 66%/ ..
Kan. City Sou. . . ssl kel veveh BB
| d0pref.....1....¥....1....’54
Kansas & Texas . .| ....| ....01 .... 5;/{
‘Kennecott . . . .| 34%] 34%| 34%] 34
Weck’s High Spots in Finance
Followln? is a brief day-to-day sum
mary of high spots in finance and Im
portant price movements in the various
stock and commodity markets: ’
MONDAY, DECEMBER 9.
Atlanta bank clearings, $10,324,801.92;
last lyeiu‘. $9,270,465.28.
" Atianta spot cotton declined 15 points
to 28.55 cents.
New York cotton futures closed 5 to 30
yolms net lower. Bullish xinnlng report
to December I—more than 150,000 bales
less than a year ago—totaling 9,563,124
bales, together with stronqrspots. failed
!to have material effect. raders werec
inclined to await Wednesday's Govern
‘ment crop estimate. There was some
‘short selling, the cotton committee at
Washington having removed restrictions
on short sales.
" In removing restrictions on short sales
of cotton the committee stated that
availabie tonnage in sufficient quantity
now to allow exports fully more than 50
per cent in excess of last season's ship
ments is more than probable. |
The New York Stock Exchange closed
strong. Led by steel Industrials and
rallway issues, practically all snares
scored brisk gains as the result of ac
tive demand and scant offerings.
Chicago again closed higher. Short
covering and light offerings caused the
advance, which was 1-2 to 3 cents for
corn and 1-4 to 7-8 cent for oats.
Federal Reserve Board summarizing
business conditions throughout the
United States said reports generally are
favorable.
The war labor board notified Bethle
hem Steel Company that the board's
fining in respect to wage differences
must be carried out until {ueuce treaty
is ratified and refuses to withdraw Fed
eral examiner at plant. |
TUESDAY, DECEMBER 10.
Atlanta spot cotton was quoted un
changed at 28.556 cents.
Atlanta bank clearings, $9,973,662.95;
last year, $8,042,401.51, |
New York cotton futures closed 3
points lower to 6 points higher. Dull
ness and stagnation characterized the
market throughout. Traders were in
clined to mark time over Wedncsday's
Government crop estimate. Backing and
filling was the order for the leaturdiess
mession. |
The New York Stock Exchang» c\cne«l‘
strong. After working lower, the «nihe
outburst of buying and absence of of
ferings, exce‘at in dribbling quantities.
Steels and ralls were the leaders. Aulo
and oil shares also were in excellent de
mand,
Chicago grains closed irregular, corn
being 1-8 to 1-2 cent lower and oats
1-4 cent higher to 1-1 cent lower. Both‘
pits were well supplied with derings
near the close.
Members of the Atlanta Commercial
Exchange estimated Government crop
estimate Wednewv at 11,347,250 bales.
Members of the New York Cotton EX
change guessed that the crop estimate
will be 11,647,000 bales.
U. 8. Steel Corporation reported un
filled orders on its books as of Novein
ber 30 at 8,124,663 tons, against 8,353,293
on October 31 last-—a decrease of 288,-
630 tons.
Washington remmod that Interna
tional Mercantile Marine nemtllgon- a 8
rrol'ronnlng satisfactorily for American
nterests,
Judge Gary, of Steel Corporation, pre
alcted era of progperity in the United
States duflnf thie next five years, He
favors maintenance of present wages
to workingmen until the cost of living
is reduced.
WEDNESDAY, DECEMBER 11,
Atlanta spot cotton dropped 656 points
27.90 cents,
Atlanta bank clearings, $10,801,073.89;
last year, $11,201,180.87,
New York cotton futures closed 20 to
74 points lower, Publication of Govern
ment cotton crg&’ommno for season of
1918-19--11,700, bales, exclusive of
linters—~was a signal for heavy selling
forcing prices 75 to 9 points lower, hut
a late lrurt of more than 40 points
from the lows ensued before the close on
tresh buying for trade account and cov
ering of shorts, The majority of the
trade, while admitting the flfuru were
higher than expected, were Inelined to
regard them as low a-plenty to justify
NQwr prices,
New York Etock Exchange closed
heavy. Free offerings In a more or
lesr qufet market caused a general re
action, with steels displaying the most
wenkness,
Chicago grains closed irregular, corn
being 1-2 to 5-8 higher and oats 3.8
hl}her to 3-8 lower,
ollowing a meeting of a committee of
the American Iron and Steel Institute,
headed by Judge E. H. Gary, with B,
M. RBaruch and other officials of the
way Industries board, it was announced
(hamuont fixed prices on steol wili
be wed to ngm by limitation on |
Jamuary 1. The life of the war indus
tries board ends on that date.
Government eetimated cotton crop at
' ] 'lfi‘?rfl
_STOCKS-— High ) Low Bale |Close
Lack. Bteel ~ ~ . . Cla fl& 65%%4| 6
Lehigh Valley . .| 68 68 589 59
Loole-wt}lu coe o] 438| 42 42 42
Sor TEE-OI » 0 s o ok e maaf in vl van s IARE
Maxwell Motors, o] save] neosf aive !ln
| AO, 308 PIOE o f ssihel ndaa) onan] BB
A SRS . oG el sl vl B 8
Mo, demc‘ (new).| 2634 | 2605/ 26% ::
| DI S e sk rsesd esesl Ninh
‘Mex. Petroleum. .[163%[161%[1631 /162
LD e Y 274 27 2T%
T 4, Jref. | L udiing R s
Miami pper. ~ .| 23 23 23 24%
Midvale Steel . . .| 4434| 44 44| 43%
National Enamel .| 46 4“ 44% ) 463
N. Y. Central .., .| 76%| 76 'l(n 76 %
N. Y, N. H. & H..| 34%]| 34%| 34 3435
USR] 1008 . .lieceel siach savst PO
P B W o 5 o o sitad sxssl 1131008
\Northorn Pu;l% 94| 94| 94 o:%
N. Y., O. and o) sxsak sicak- vissl 8
Nev. &on. Copper .| 18%| 18%| 18%| 18%
‘()h!n Cities Gas. .| 433 43%| 42%| 42%
Pitta.-W. Va. Coal.| 36%| 36%| 36%4| ....
Pere-Marquette . .; 16 16%! 16%! ....
Pennsylvania.. . ‘ 465 | 46% | 165 4614
People’s QBB . . «f ..ss] cansh oot B 8
P. Steel Car . . .| 63%/| 63%, 63%| 63%
Pittsburg Coal . .| «...f covsf +:v.| 46%
Plerce 01l . . . .|-6%| 16| i6%] ...+
Pullman Company sos a 1 A sLR
Ray Consolidated .| 22 22 22 21%
Reading . . . . .| 83%/| 83| 83% l!%
R. 1. and Steel . .| 76 T4%| 75 T 4%
PR, v BTI s pi ke 97 %
Rock Island . . .| 26 25% | 26%| 26%
Sears-Roebuck . .!168 [l6B 'l6B sy
Sloss-Bheffield . ) ....] (.oi] 00| 49
Southern Pacific ,[lol%|lol %‘ll()ll/.‘lm?fi
Southern Railway .| 303 30 30% | 30%
do. pref. . . .| 694 fi'\fil 69% | 69%
Studebaker . . . .| 528 52| 52| 62
St. L. and 8, Fran Hf% 16 16%) ....
Siaeclair 01l . . 5 . Jn*‘ 36* 36%| ....
Tob. Products . . .| 80 9% 80 79%
Tond. Covper « o Fasvslisiid ssn] 329
Texas Oil . . . . .(188 [lB7 [IBB 187‘
Texas Pacifle .« ] oo oven] sues zel/.
United Fruit . . o} ...} c.oof coes l“‘/.
Union Pacific . . .[120% IEQ'A'IH% 1291%
U. 8. Rubber . . .l 74%| 74 | 4 7414
U. 8. Bteel P atie 96 ”%‘ 95% 1?;"/2
G, Pl s ¢l sasel paesh 51
U. Cigar Stores . . 195“ 106 % 105& 104%
Utah Copper e 7% 77 m :z“:
Va.-C. Chemiocal .} ....] «coaf oot
Wabash . . . . ‘ 9% 015 !% 9‘,‘,
do. prt'fi A . .| 37%) 38 %[ 36% ;l;;,:
Western Union . .| ..ol covel oone
Willys-Overland . !26 255’.| 26 ]zgl/.
Woolworth . .« o ssood coos] 524:]18
Westinghouse . . .| 43% 42%: 43% | 42%
White Motors . . .| ....| ....0 ... !6‘,
Wilson Packing Co.| 76 T4%| 75 5%
BONDS,
ÜBR Tlh SHE. of coen ....?4....07.70
do. Ist 4s .f I ’::I“'g
S 0 .|se.lo!u.os'os.u|=g.}g
. 2‘5'451:“. .'95.90’.6.90,96.90%95.!5
do.- 4th 44=s .|)8.38]95.18105.88 95.86
By VICTOR BARRON.
11,700,000 vales, without linters, against
)tolal production last year of 11,302,375
'bales (500 pounds) in 1917. The aver
age weight per running bale was esti
mated at 505.8 pounds, against 502.4
pounds in 1917,
THURSDAY, DECEMBER 12.
Atlanta spot cotton advanced 35 points
to 28 1-4 cents,
Atlanta bank clearings, $11,394,285.64;
last year, $8,963,1556.54.
New York cotton futures closed 18 to
256 points hl%‘her. The trade was in
olined to look upon Wednesday's crop
estimate in a more bullish light, espe
cially when it was figured that based
on running bales the report indicates
b&tween 11,260,000 and 11,300,000 bales
of lint. Liverpool was firm throughout.
Trades in that quarter for some time
anticipated an estimate of 12,000,000
bales, arguing that the total would have
satisfied them. Spot news continued
bullish, holders standing gat. Shorts
and spot firms were the best buyers,
with offerings light.
New York Stock Exchanre closed
‘weak. After displaying rallying power
early, the market became unsettled late
‘in the date, with leading issues reacting
sharply.
~ Chicago grains closed higher, with
corn closing 3 3.4 to 4 3-8 cents higher,
but these levels were about 2 cents un
‘der the day's best. Oats finished 7-8
to 1 1-8 cents higher.
Secretary McAdoo announced the is
suance of $500,000,000 treasury certifi
cates, dated December 19, in anticipa
tion of the fifth Liberty Loan. Payment
is due May 20, 1919.
Announced that the New York Coffee
and Sugar Exchange will reopen De
cember 26 for trading in months of May
and thereafter at limited dally fluctua.
tions of 150 points.
Aetna Explosive -eourlt¥ holders
agreed to plan for ending of receiver
ship.
FRIDAY, DECEMBER 13,
Atlanta spot cotton was quoted un
changed at 28.26 cents.
Atlanta bank clearings, $10,643,303.42;
last year, $9,367,996.16.
New York cotton futures closed 17
higher to 20 I)m"u lower. After 46 to
58 points early on resumption of ac
tive demand, due to export situation,
strong spots and n!rong cables, the mar
ket reacted during the final hour on
realizing.
New York Stock Exchange closed
weak. A wavering tendency prevalls
throughout. Copper issues were heavily
¢old during the final hour on a false
report that there had been offerings of
the metal helow 20 cents per pound,
Chicage grains closed sharply higher,
due to heavy buying and light offerln;u.
Corn’s final prices were 2 6-8 to 3 3-8
cents higher, and oats were 1-2 to 1 1-4
cerrléa up.
ices of cotton fabries and cotton
yarns, which expire on January 1, 1919,
will not be rentwed, according to an
nouncement by the War Industries
board,
Senate Interstate commerce commit
tee opposed McAdoo's plan for further
Federal control of rallroads; much
disfavor among Congressmen and finan.
cial interests, |
McAdoo's request for legislation to
permit extension of credits to Allles to
the amount of $1,600,000,000 for year
after peace is declared was bitterly op- |
mm* by the House ways and means
committee, |
President Grace, of the Bethlehem
Steel Coropration, denled to national
war labor board that the company plans |
any wage reductions.
SATURDAY, DECEMBER 14,
Atlanta spot cotton advanced 35 points
to 28.60 cents,
Atlanta bank nlosflnfl: $10,019,71.12;
last year ?n.m.‘m.ns or week, $63,-
147,545.94; lant {aur, $56,421,081.31, |
New York cotton elosed 30 to 57 points
higher, Heavier domestiec eonnumptlnn‘
of cotton during November than ex
pected, together with dlssolution of
cotton eommittee at Washington and
bullish vmt news, eaused decline,
New York Stock Exchange closed
steady. Kntire list showed a wave of
strength during the closing hour. Trad
lnq_ was light.
he war trade board !fted all re
g;rlcuom on the importation of rub
r.
Interstate Commerce Commission per. (
mitg Brooklyn Borough Qas Company to
increase its rate from 9 cents to §l.lO
per 1,000 cuble feet, ‘
Washington reported that the war
trade board soon will lift prnvtlr.’w all
restrictions on exrort of commodities
ln' foreign lands with exception of ene- i
mies.
R. G. Dun reports fallures in United
States during last week at 130, against
162 the previous week,
Chicagn grain closed lower, dus to
heave selling and small demand, corn
being 21-2 to 3 cents off and oats 13-3
to 1 7-8 cents off,
NEW YORK, Dec. 14.—Today's short
session of the stock market seemed to
be a traders’ affair entirely and bore
no relation whatever to the news devel
opments of the day. There were but a
few issues, among them being Allis-
Chalmers, American Linseed and Mexi
can Petroleum, which made any partic
ular show of strength, Many profes
sional operators offered stocks simply
because of the weakness which pre
vailed in the late dealings yesterday.
Prices opened a trifle lower and the
greater part of the list for a while
showed a superficial weakness. Prices
generally were vamable, however, and
within & narrow range,
There was no outside pressure, how
ever, and before the first hour initial
losses were generally recovered and
some stocks showed substantial gains,
The Alcohol shares gathered consider
able strength, and Marine preferred
also. Net changes were In general
slight, nevertheless, both in the indus
trials and the rails. Traction stocks
continued heavy. Traction bonds, how
ever, showed distinet improvement,
In the late dealings the market was
steady, but fractionally lower, Steel
common reacted siightly, closing at
95 2-4, while Mexican Petroleum closed
2 3-8 points higher at 163 7-8.
NEW YORK CURK STACKS.
NEW YORK, Dec, 14.—Trading on the
curb market was quite active during the
first hour with a steadier tone. There
were few changes in price during the day,
most attention being paid to the higher
priced oil stocks: International Petros«
leum rose to a new high for the current
yvear while Midwest Refining selling "ex
rights' declined more than a point. Quo=-
tations:
Opening steady; closing firm
Aetna BEx. ..., @ 8 T'V.?W 7%
Anglo-Am. Oill l':‘l._’.(}; 17% IT%@ 17%
Chavrolet ~ ...140 @l5O 142 @l6O
Consol. Copper . 6@ 6% 648 6%
Cosden Oil ... 6%\ @ % 6@ T
Curtigs Aero, ... 12 @ 156 12 @ 16
Houston Oil ... 76 @ 77 Th‘q‘.f# %
Ind, Pipe .... 87 @IOO 97 @IOO
Inter. Pete . ... 154 @ 16 16% @ 16%
L. Val, Coal .. 87 @ % 87 @ 9
Magda ~...... 8% @ 29% 28 % 294
Marconl ....... 4@ 4% 4%Q@ 4%
Merritt Oil ..... 22% @ 23% 23 24
Midw. Oil ....111 @ll6 111 115
N. A. Pulp ... K@ 2% !!fi;‘ 2%,
Ohio Ofl ......312 @316 312 @316
Ok. Prod. ...... 9% @ 9% %@ 9%
Prairie Ol ~..666 @665 656 565
Sub. Boat .... 11%@ 12% 12% 1214
St. Oil, N. X. ..286° @290 285 200
St. Oil, N. J. ...576 @6BO 575 @©sßo
St. Oil, Cal. ...230 @233 230 233
St. Oil, Ind. ...680 @690 680 1690
Union Tauk ...106 @lO2 106 @lO2
United Motors 34% @ 34% 36’4@ 4%
Victoria Oil .. 2%@ 2% 2N@ 2%
Wright-Martin . 4% @ 43 1% @ 4%
Midw, Rfg. ....118 @l2O 118 @l2O
NEW YORK CALL MONEY RATES,
NEW YORK, Dec. 14.—Call money
reigned between 6 and 4% per cent on
the stock exchange during the past week,
MONEY AND EXCHANGE.
NEW YORK, Dec 14 Sterling ex
change was steady with business ip bank
ers’ bills at 4.7565 for demand; 4.73% for
60-day bills, and 47115 for 90-day bllls.
1865 The Oldest National Bank in the Cotton States 1918
The Atlanta National, ancl-“
® Y
Georgla s
Brlght
Outlook
| Georgia’s business and finan
cial conditions are sound.
| The Federal Government has
just estimated our eotton erop
at 2,100,000 bales, which at
present priees, is worth $300,-
000,000.00-—more than SIOO
for every man, woman and
child in the State—and our
cotton seed another $75,000,-
000.00.
1 Six packing houses, five of
which have been recently es
tablished, have stimulated be
yond our dreams the live
stock industry of our State,
| One packing house, built less
than a year ago in South
Georgia, will pay for hogs
this year, bought largely in
its own territory, more than
$2,500,000.00.
| The sale of beef cattle and
hogs is now pouring a new
stream of gold through this
section.
{f The rapid inerease in the
growth of peanuts, velvet and
soy beans, is proving that the
boll weevil wa;’a blessing in
disguise. ;
T Our manufacturing plants
and our merchants have en.
joyed a successful year, and
we approach 1919 with every
confidenee in eontinued pros
perity.
The Atlanta National Banlc
Capital, Surplus and Profits $2,400,000.00
. |
Business Barometer
Atlanta bank clearings :
Saturday ..........$10,019,711.12 |
Same day last year.. 8506,782.85
Increase ..........$ 1,422,928.27
\, |
Same day last week.. 10,375,578.73
Same day, 1916....... 4,879,602.24
- .9 :
Atlanta bank clearings 1
for week........... 563,147,545.94
Same week last year. 55421,981.31
Increase ..........$ 7,725564.63
Last week .......... 62,032,419.78 '
Same week, 1916.... 30,795,302.38
. - - \
Atlanta spot cotton Saturday 28.60
Same day last week........ 28.70
Same day last year......... 29.65
Same day, 1916............. 1820
WEEK'S COTTON RANGE.
Following shows the hl&d and lowest
grlm of active cotton options en the New
ork and New Orleans Cotton Fxchanges
Inst week, together with Saturday's close,
the closing prices of the .flrevlou week
and net changes for the week:
T PR L
| ‘ | Sat. l'eekgld
e |High | Low | Close| Age |C'gw
Dec. . .......[=28.00426.61/27.72(27.76|— 3
Io v o sk ."26.75,1-25.40’26.35'2..85 —3O
I Mareh ... ."25.80 024.35(25.” 25.43|—18
| May .........|*24.68423.45/24.60/24.60/— 5
SO ey e .Ru.oumz.w'u.w 23.80| 4-20
L RS AR 2!.]!,%21.00[".01 21.85|4+17
NEW _ORLEANS,
SO < eok .|3zn.mr+zo.:oia.u|n.ao +135
Jan. .A.......:gse.m;vw.m]ge.vmu.zo + 50
o 25.!4‘*23.30‘!5.05‘25.00 5
R °N.:n'o29.ers|nm 24,22 3
DU s .ossvane tz:«.’m‘nz.m 23,10]23.51 13
¥y £1.60/+20.30(21.60/21.37| 4 23
*Monday; ~Tuesday; {Wednesday; 3Sat
urday. 1
e ————_———>
NEW YORK BANK STATEMENT,
NEW YORK, Dec. 14.—The weekly bank
statement follows:
Average Statement.
Loans increased §52.07§,000,
Demand deposits increased $65,07%,000.
Time deposits increased $11,647,000.
Reserve increased $6,030,600,
Actual Statement,
Loans Increased $2,687,000. ‘
Demand deposits increased $88,628,000.
Time deposits increased $10,8563,00.
Reserve vecreased $20,747,160.
oA |
ST. LOUIS LIVE STOCK MARKET, |
ST. LOULS, Dec. 14.--Cattle—Receipts
900. Market steady. Native beef steers,
11.50@ 18.50; yearling beef steers and heife
ers, 9.50@16.00; cows, 7.75@12.50; stockers
and feeders, 8.50@17.00; calves, 7.756@ 17.50;
fair to prime yearling beef steers, 10.00@
18.05; heef cows and heifers, 7.50@ 15.00;
beef cows and heifers, 7.560@165.00; South
err prime yearling steers and heifers, 6.60
pB.OO,
’ Hogs—Reecipts 600, Market steady.
Mixed and butchers, 17.25@17.66; good,
17.50@17.65; rough, 16.256@16.40; lights,
17 2”;17‘40; pigs, 13.00@16.00; bulk, 17.25
@17.55.
B ‘ B lld .
The Atlanta National Bank, with its splendid resources of more than
$27,000,000.00, IS BACK OF THE INDUSTRIAL ARMIES OF
PEACE, just as it stood with the armies of defense that won the war.
To the support of our armies in France, it contributed the sale of $lO,-
250,000.00 Liberty Bonds, bought largely the issues of Treasury Cer
tificates, and gave forty-four members of its force, to the colors, i
The war over and peace at hand, business building MUST follow; and
business success, as the victory of arms, must be built upon credit.
The Atlanta National's long record of 53 years in CONSTRUCTIVE
BUSINESS BUILDING, is assurance as to where it stands in the
economic contest that means progress.
As its large credit facilities were at the disposal of the Government for
the purposes of war, so they are AT THE SERVICE of substantial
and legitimate business, in the building that is ahead.
Customers of the Atlanta National are invited to lay their business
plans before us, assured of the same CONSTRUCTIVE SERVICE
that has characterized this institution for more than half a century.
Those contcmplating opening new bank accounts are most cordially
invited to confer with us.
NEW YORK, Dee, 14.--At the open
ing of today's session of the cotton mar
ket there was little change either way,
first prices being 9 points lower to 10
points higher. In evidence was a graa<
ual rise reflecting some covering hy
traders who sold yesterday in antici
g‘atlon of a bearish Government report,
he undertone after the call was strong
Sentiment continued bullish, with gains
of considerable proportions belng real
ized in active positions, New Orleans
was a fair buyer here this morning and
Wall Street seemed to be in a specula
tive mood.
The Bureau of Census consumption
report for the month of November
seemed to be the chief factor toward in
fluencing the market. The report had
been largely discounted by the trade
and flgures in general were higher than
expected. This revort, issued today,
placed the consumption figures for No
vember at 457,376 bales, compared with
590,427 in November, 1%17.
The further general rains that fell
over the South today, while checking
the movement somewhat, are putting
the ground in good condition,
The final close was steady at a net
advance of 30 to 57 points,
Spot cotton wag steady, 40 points
higher at 29.20, NO sales.
New Orleans spot cotton was steady
26 points higher at 28.76. Sales, 1,230
bales.
NEW YORK COTTON.
—___[Open.|High. | Tow. [L.Salel Close. [Prv.Closs.
Dee 27.40(27.!0!27.40327.R0|27.72-fi0|27.30-35
Jan. |25.89]/26.45/25.89/26.40 20..1!.-4.’.;'25.93-01
PO Lo ak ioo Dvne ks 18800 26.00
Mrh )24.98/25.30/24.98/25.26/25.25-30/24.95-38
Apr ....L..J...,‘....ZCJ0 24.30
M'y 26.13,24.55,24.06 24.66/24.65 24.12-14
Jne §2F o§ s i 2000020 23.60
Jly 23.45|24.03|2!.45‘N.03 24.00 23.50-63
AU 15l e iis) aivalidova ] 20-ORISO. 38
Spt |‘ ..‘.llzz,'zz 22.15
Oct [21.65/22.12]21.60122.02122.02-12{21.60
Closed very steady.
: NEW ORLEANS COTTON.
—__[Open. [High. | Low. |L.Salel Close. |Prv.Clone.
Dec [28.35/28.560(28.356/28.43(28.656-70127.79
Jan 2&05126.85".’6.0&28.70 26.7(}-85]2",03-00
Mch [24.54/26.14/26.54]25.05/25.06-14{24.60-53
M'y J 23 RNH..‘!MZR.TD*N 26/24.26-36123.73-75
Jiy [23.2003.75/23.20/23.75/23.70-76/23.10
0ct__|21.20]21.60]21.20/21.60121.60 _ [20.95-05
Closed very steady.
SPOT COTTON.
Atlanta Cemmercial Fxchange quotes
g:?d middling, 28.60; sales Friday, 700
s,
e ?aw Orleans, middiing, 28%; sales, 1,290
ales.
Liverpool, good middling, 21.404.
New York, quiet; middling, 29.20.
Philadeiphia, middling, 2905,
Savannah, nominal; middling, 29.
Augusta, middling, 274.
Galveston, steady, middling, 29%.
Houston, steady; milling, 29.10.
Boston, steady, 28.75.
Charleston, steady; middling, 27.
Wiimington, middling, 26,
Norfolk, middling, 26%.
Memphis, middling, 29e.
St. Louis, middling, 29.
Dallas, nominal; middling, 28,
Mobile, middling, 267%.
Little Rock, middling, 28%.
- Montgomery, nominal, 27¢c.
l CHICAGO, Dee. 14.--Sharp price logs
es featured the corn market today and
sentiment throughout was more bearish
i than during any time since the Govern
| ment crop report was posted,
Liguidation was general and bears
pounded the market heavily. There was
|4 weak undertone and prices had a ma
terial setback reaching 3 1-8 cents off
at the lowest point. There was pres
| sure on the market from the start, some
jof it from local bears, but most of the
1 selling appeared to be in thg way of
'quuidut‘mn by longs who weré evening
jup their trade for the week rather than
icarry open commitments over Sunday,
] Oats also showed a rather severe de
cline. Pressure in this market was sim
rllill' to that of corn, with the weakness
in the leading cereal Inspiring shert
selling during the later trading. Liqui
dation and the week-end evening up by
longs were the features. Buying against
indemnities and short covering for proflt‘
held the decline in check. The lowest
level was I'% off the opening price.
Weakness wag noticed in provisions
with values sustainirg fair losses. Dis
position on the local element to Ilt‘ul
date their holds in January deliveries,
together with heavy hog arrivals and
a break values at the wards were de
pressing factors.
Grain quotations:
Prev
Open. High. Low. Closa. Close
CORN—
Dec. 1.39 1.39% 138 1.38 1.40
Jan. 1.38%% 1.38% 1.35% 1.36 1.38
Feb, 1.37 1.37 1.34% 1.345% 1.35%
Mch., 1.36% 1.38% 1.34% 135 1.37%
May 1.37% 1.38% 136% 1.36 1.38%
OATS- g
Dee. 73'& T 72‘! 7% 74
Jan, 74 4 73% 728% 4
Fob, T 4 4 73% 73% 74
Mech, 74 74 7% 7% 74
May T 4% 4% 2% 2% kL)
FORK —
Jan 48.60 48,60 47.78 47.85 4885
May 45.35 46.36 4636 456.35 45.65
LARD-— y
DS i 3580 .-
Jan 25.90 2690 2650 25.50 26.00
M'y 26.56 26.56 25.32 25.32 25.82
RIBS —
Jan. 26 62 26.63 2522 25.23 25.60
M'y 25.22 26.22 24.67 24.67 24.86
CHICAGO CAR LOTS.
CHICAGO, Dec. 14.—Following are res
ceipts for today:
Today. Cont. Insptd. 1817,
Wheat . , . . 102 68 62 19
S - 2 s 1B 93 123 u’
OME « o« » o 0380 216 229 11
Hogs . « . . .06,000 PO cow
CHICAGO CASH GRAIN.
CHICAGO, Deec. 14—Corn No. 4 mixed
1.38; No. 3 white, 1.41; No. 4 white, 1.30
@1.40; No. 3 yelow, 1.49; No. 4 yellowys
1.40@1.43% : No. 5 mixed, 1.35@1.36; N&
5 white, 1.36@1.33; No. § yellow, 7.37@
1.40; No, 6 mixed, 1.30@1.33; No. 6 whiteg
1.311.32; No. 2 yellow, 1.36.
Oats—No. 2 white, 75%; Neo. 3 white, 78
@74% ; standard, 73% @75.
CHICAGO LIVE STOCK.
(By U. S. Bureau of Markets, Dec. 14.)
Hogs: Estimated receipts, 55,000, Mar<
ket lower. Top, 17.70; butcher hogs,
heavy, 17.60@17.70; packing hogs, heavy,
16.75@17.35; medium and mixed, 17.253
17.46; light, 1&;5?6;7‘2:.;‘ pigs, 14.00
50; roughs, 15.75 75.
lsr‘u"h:: gEs(lmn!ed receipts, 3,000, Mare
ket steadw