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THE SUNDAY AMERICAN'S FINANCIAL AND BUSINESS PAGE
~ FROM BOTTOM RECOADS
Values Hammered s‘Unmoreifu]]y, With Bulls
Dormant Until Late in Week, Then Fresh
Demand Stemd Decline—Market Statistically
and Technically Decidedly Strong.
By VICTOR BARRON,
* Cotton was slam-bamed and
‘drushed flat as a slitter last week un
der weight of persistent selling for
‘whort account and liquidation of out
standing long
ines, T !
W all Btreet, e }
¥ New England, o R |
Japanese, Webt- BB ¢ 0 ‘
ern, Southern and £&F - kE. B
eomal-u:'!oun o - !
houses 8o - Bl R St S |
_ though the A¥ S§§
‘amount of South- E& * . LA
ern hedge selling e !
was negligible, N |
Idverpool oper- e P |
ated on both S
sides, but proba- Nor g
bly sold more B
than ' she pur- o |
chased. Trade in- e
terests, spot firms i
and a few shorts MESRGESE
supplied the bulk of buying orders.
Pemand did not become of sufficient
3lume to stem the tumbling market
amtil late in the week. -
“* The old bull crowd, was bewildered
and stood aside, allowing values to
‘erumble beneath the bears’ steam
toller, which was kept full of fuel—
gdonstant pressure until those against
‘the_market realized that it was haz
ardous to further push theip tactics,
4n view of the faet that technically,
Statistically and otherwise the market
. was in the strongest position in years
". & respond tremendously to the least’
t of “spunk” on the part of the old
bull crowd, better demand for the ac
fual and easier ocean freight rates.
On the whole it was a glorious week
. for the bears, but sad days for those
. friendly to the constructive side of the
. market,
i - 240 to 323 Points Lower.
'+ The closing quotations in New York
. ‘Saturday stood 120 to 268 points below |
the final prices of the previous week,l
while futures at New Orleans exhibit
ed a net loss of 95 to 325 points.
. January New Yo'k went out Friday
470 points net down for the week.
From the week's low levels both
Erkets enjoyed a substantial recoil,
pressure diminished and demand
wroadened, chiefly the result of con
tinued strength of spot holders, heavy
; exports, renewed demand for foreign
. account for the actual and the enor
' mously oversold condition of the mar
/ ket, together with greatest outstand
ing short interest in years exigting.
At the bottom levels established
4 gxrmg the forenoen - session ~Friday
tures in both markets stood at the
fowest marks in the last two years,
with October delivery at New Orleans
at 17.74 and the same month in New
York 18.02,
:f January option in New York expired
. at 21 cents, or 1,060 points below the
' final quotations on December option.
There was a big long interest in Jan
uary and constant shaking out of
. these holdings kept that month on the
down path with considerable rapidity.
The highest price January reached
was 36.35, on September 3 last.
" The following table showing the
¢losing prices on January 2, the highs
of September and the lows of last
.‘g&eek gives the whole thing in a nut
ell and tells a big story:
Options. 2,1919. 3,1918, 24,1919,
Close, High, Low,
Jan. 2, Sept. 3, Jan. 24,
Ontions, 1919. 1918, 1919,
.*flnmary sl w R 36.35 21.00 |
March ... « . 23194 36720 20.95 |
MAY in oy o 0004 35.90 20.00
Fuly §sy a-i BBOS 35.20 19.15!
October . . . 2335 37.25 N 1802
# Bullish News lgnored.
“Parly .i]n the week a false
report was circulated that Man
whester mills wcre on the verge
of shutting down. This, coupled
with pessimistic advices from domes
tic trade circles, based on unfavor
uble labor situation, led to heavy
pelling from all quarters, sending
prices down with a bang. The next
day Lancashire cabled that the mills
were putting in 10 per cent more ma
shinery. Bears also ignored the fact
rhat a cable was sent to President
Wilson by Southern Senators and
Reprerentatives nnd the Farmers’
{Tnion to lift embargoes against cot
' ton exports. In reply the President
eabled that the cotton now could be
b #xported to all countries in amounts
sdequate to their needs, and that fur
gher exports to enemy countries
¥aijsed important questions of poiicy,
} Wwhich were the subject of attentive
sonsideration by the associated Gov-|
#rnments, ‘
l At present exports are increasing, |
' but the outzo still is held down, ow- |
ing to high rates, KEverybrdy known‘
that FEurope is without cotton, but
freight rates are out of reach. Stahil
ization of rates to September 1 is
* urged by Louisiana banks in a mes
#age to their Washington representa
| tives. .
; Exports Growing Heavier,
e Nevertheless, exports last week
ff/ totrled 201,438 bales, against 50 653
?,,' bales the same rc'ek last year. 'This
* ‘brought the total outgo so far this|
season up to 2,450,033 bales, against
2,676,396 the previous corresponding
. period, thus confirming the repgated
assertion in these columns that ex
. ports soon will surpass those of a
. vear ago. The Jdeficit rapidly is van
ishing.
; The Census ginnings repopt issued
Thursday was in line with gen®al
expectations, totaling 11 061,845 bales,
against 10,670,753 bales the same date
lust year. Ginnings for-the period-
JanuAary 1 to 16-—totaled 296,567 bales,
The National Ginners' Assoeiation
. torecasted ginnings at 10,915,000 bales
and the writer said they would be
batween 11,000,000 and 11,100,000
bales,
Ginninge to Jahuary 16,
; Dutring the wind-up period gin
nings must total virtually 700,000
% balex in order to confirm fhx Govern-
L’ nont estimate of 11,790,000 bales, ex.
vdugive of linters, Some argué the
«{ g}mm» will be sustained, while others
¥ ke an adverse side
3 or the interest of those who prob
iy failed to read the ginnings re
g Pt jusied Thurgday, the report by
; N\
States, showing returns prior to Jan
uary 16, with comparison, follows:
\ 1919 1918
AIADAMA ...ieseesss 763,167 488,284
ATiIZOD® Joossosarotpe 35,713 16,443
Arkansas .....,.....» 868358 868,109
ORULOTRIR . wev.sossi 56,440 41,670
FTOrIGs i okiengssriad 29,242 47,107
BOOFEIR . .unacraseens LDETIS 1,781,783
Louisiana ........s.. 540,762 607,934
Mississippl .........v 1,073,403 818,016
MIBSOUR] .. ccocooono 52,984 46,145
North Carolina ...... 811,075 661,366
Oklahoma ....,..... 064,017 909,142
Bouth Carelina ...... 1,440,608 1,162,122
Tennessee ....,...... 280,662 203,324
ROENE .05 i\ iirarae :.515.71; 2,998,681
SERIAS vsos i o's vis 0o 21,25 16,664
DI "o (s asdapenri 4,770 3,068
PORR) .- iosiicasnns 11,050,848 19,870,783
Round bales ........ 149,412 186,014
Sea Island ~....:... 41,088 88,540
! Statistics Read Bullish.
Spinners takings of cotton Jast
week totaled 227,000 bales, against
268,000 the same period-in 1918, while
the total takings since August 1, ag
gregate 5,870,000, compared with
7,001,000 during the same interval a
year ago.
With a crop of not more ' than
11,700,000 bales in sight and mru
expected {p clostly appro ate
7,000,000 bales this season and do
mestic consumption conservatively
placed at 7,000,000 bales, it appears
that someone is going to have to beg
mighty hard for ecotton before an
other crop is made,
It doesn’t matter in what angle an
ohserver looks at the cotton sitvation
it seems impossible to construe it
other_ than bullish. This big break in
futures has been the direct resuit of a
false idea that cottocn should come
down to pre-war levels and that the
South is going to plant the staple all
over the face of the earth this year.
In fact, those responsible for the de
cline have pictured in their minds a
crop of more than 16,000,000 bales.
Where they get such an idea is be
vond the writer. Certainly no one
could expect the South to plant a
crop of even the most meager size
it present prices next fall future con
tracts are quoted at. '
The writer is informed by a prom
inent spot merchant that unless the
market takes a great upswing and
spots rise to at least 35 cents there
will be great cancellation of fertilizer
contracts, because farmers are not
rools enough to raise cotton at prices
below the cost of production. Some
are the more indepéndent growers
already have purchased next fall op~
tions and. will not plant cotton. Oth
ers are expected to follow in their
tracks. Why should the South plant
cotton when they can buy futures
cheaper than they can srow it. They
can buy centracts and Cultivate their
land in food and feed products. Eu
rope has got to be feed as well as
clothed @nd the T.ord only knows how
«he can afford to be clothed in any
thing other than the cheapest of
fabries, which is cotton.
The South ecan not overproduce
foodstuffs. The bill for $100,000,000 to
feed ‘Europe for a while already has
heen passed.- This only is only for
emergency—to feed the masses, and
Goes not represent all Europe. That's
separate—usual export trade,
'Friday and Saturday the market
showed plainly that bears were un
casy and just as soon as they get a
genuine scare watch them take. to
their heels and cover, but my good
ness, what a punishment they're go
ing to get before they even_up their
commitments ?
AAA A A A AAP NS
E WEEK'S COTTON RANGE, i
A A A sA i
#Following shows the highest and lowest
;fleu of active cotton wflzu on the New
orkk mnd New Orleans Ceotton Exchanges
m x;:::ctolrlther v}*lt:nh Saturday’s close,
b nrices ol l.u.
i net changes for the :efgl:‘ " Vo
NEW YOBR TR
| | Sat. Wesli[Net
i__._.._lnml"_',!fl" ] Close| Age IL"n
anuary ... *26.10/421.00/¥21.3526.05 —4.7
March . ... I *24.04 ,’+2oJ)m 2:.2:‘!4.901’—3.53
L .(‘25.;2:*10.«:\; 21.20123.66|—2.46
July . .....|*22.69/419,15] 20.8!122.52’—-].”l
Uctober . ..[*20.35+18.02] 19.30/20.50,—1.20
4R TNEW ORLEANS, RS
January ... |*26.90/425.30| 23.55 26.80/—3.3
March ... .[525.15 431,50 53.85/35.00 —3 1
May ......(*25.56(420.10| 21.55:23.«(—1.91
Y. 1. '22.5!9#1».30} 20.!2‘2::& —1.53
Detober ... [*20.50.417.54] 19.05/20.00/~ .95
—*Mondaylg +lriday.
el b ipsisciios |
ATLANTA PROVISION MARKET.
(Clqu'!;?:(l;'dq(l;y' V\’li!u- dl'ruvhdun Companys
nite States J* Ad -
! "*";""'h?'f””v) 00 ministration L 4
ornfie am, 10-12 RS b Bs ol
Corhfield hmns, 121-14.‘.".'. BVI A hnis ;3}:
Cornfield skinned hams, 16-19 ..... 357
Cornfield pienic hams, 6-8 ..........20
Cornfield breakfast bacon ......... 49
Jornfield siiced baeon, l-pound boxes
bt k. SO Sl s o
irocer's baton, wide or narrow ......38
Copnfield pnrf( Suusage, fresh link
BT IR ks NGRS s aah s v ine ssl
Cornfield weiners, in 10-pound ear-
MBI+ 5o o gove s p ¥ Kndbain YvV as ane BB
Cornfield welners, in 12-pound iuu
in ’Plr'klp oo nhhmaniansdseyibubiens B 0
Cornfield Bologna sausage In 26-
POUNGA BOXOE ... .ocisvves.in rasisn3o%
Cornfield smoked link sausage, In 25«
BRUNS BORAN o v e i o M
Grandmother's pure leaf lard, tierce
basis Vaphasversasiasasns iunavanens s BTih
Country style lard, tierce basis ..., 26
Compound lard, tierce basis ~..... 24
% B OBITE TIOB s oo svaivadivncary B 8
D). 8. hellles, medium average ..‘..,2.:2
D. 8. bellies, light average .........,30
ATLANTA LIVE STOCK MARKET,
(Corrected by W, H, White, Jr., President
of White Provision (o,)
Good to choice steers, §6O-1,000 potnds,
10.00@11.00; good steers, 760-860 pounds,
. 00@Y.60; mediumn to good steers, 660-
760 pounds, 8.50@09.00,
Medium to choice beef cows, 760-850
pounds, 7.50@@8.60;: medium to good cows,
(60-760 pounds, 7.00@7.60; good to cholce
heifers, 5560-660 pounds, 6.50@7.00,
The above represents ruling prices for
good quality fed cattie. Inferior grades,
dalry types and range cattle quoted be
low : \
Medium, to good steers, 700-800 pounds,
7.6504p8.50; medium to good cows, 600-700
pounds, 8.50@7.60; mixed common, 5.50@
8.50; gvod fat oxen, 7.00@7.50; good butch
er bulls, 6.60G@8.50.
Cholce veal ealves, 7.00@8.60; yeoarlings,
6.50@7.60,
Pritne hogs, 165-825 pounds, 13.00 @ 13.25;
lfght hogs, 130-165 pounds, ll,fi(»gnz.oo;
heavy pigs, 100-130 pounds, 10.26@10,76;
Ilq‘)‘lt pl{s. KO-100 pounds, 9. 25G9.76.
he abeve applies to good quaiity mixed
fed hogs.
CALL MONEY RATES.
NEW YORK, Jan, 25.-<'all money
rangel between hly and 4% per cent on
the stock exchange during the past week.
i ft y
HEARST'S SUNDAY AMERICAN — A Newspaper for People Who Think — SUNDAY, JANUARY 26, 1919.
Sst . S e osstvaisppue gt . A eN AR oRS 5 B ek 10 AT S 8 AAte PAgP ©
e e e A I .
Optimistic Feeling
| That business conditions here con
tinue of a gratifying volume with
1} the feeling most ?llmlstic, is shown
¢ in the weekly trade review of Brad
| street:
Manufacturing continues - active.
Some idle labor is noticeable, chhflg
l.monf returning soldiers, thoug!
this featyre has not yet assumed
An{ lmpo‘unco, {
rade at wholesale is good and
| retail is holding up well
- The effect of the heavy decline
in cetton seems to be offset by the
fact that.&t is being held and plans
formulated for the formation of a
’12.000,000 corgornuon to finance the
armers and banks whose resources
are not extensjve to enable them to
hold their groduct for an indefinite
gedod‘ Similar action, it is said, is
eing taken %.other cotton grow
ing States, only apprehension
expressed by the trade is that the
retail merchants who have hought
heavily in anticipation of an unusual
) spring trade resulting from sales of
i cotton held by farmers may find it
¢ hard to met maturing obligations
'y pending settlement of satisfactory
¢ price of the staple and movement of
{ the crop. Basic conditions, however,
§ are good and the trade as a whole
¢ are optimistic,
| Collections are gocd.
A A AA D
[ NEW YORK, Jan 5-Removal gs
restrlq{loru on borrowing of funds stif
‘ fened the cotton market today, although
there was a setback from the "'3 on
groflt taking. There wag considera
le discussion of President WT.son's
cable to Senator Smith, of South Caro
lina, indicating that the ban on ship
ments of the staple to enemy coungries
would be taken off as soon as possgle,
but it was not generally¥ congiderad as
roreshadowinfi any immediate change in
export conditions. First prices werg 5
to 36 points net up.
Tlie list turned firm in the second
hour on srenewed active covering by
Wall Strete, with March rising to 22,53,
lor 145 points above Friday's low level,
¥inal prices showed a net gain of 43
I to 68 points, realizing trimming the
hest levels near the close.
Receipts at the port for the day were
16,000 bales.
Spot here was quiet at an adiance
of 60 points at 26.20; no sales. 5})0( at
New Orleans, was nominal and un
changed at 27,50, with 253 bales.
Receipts at Galveston were 3,728,
t New Orleans 3,441, Savannah 4,733, Nor
folk 1,689, and Memphis 5,421 bales.”
| —___NEW_YORK COTTON.
|Open. |High. | Low. |L.Salel Closs. [Prv.Closs
EW . Tel it
I Mch )21.79/22.53)21.79/22.25]22.22-28]21.67-71
FR§ oo ks el damik s BB RD 20982
May ]21.05/21.54]21.04]21.22/21,20-23/20.77
Jne svithbrsiboireal 2ex il 20.20
Jly |20.45(20.92{20.43/20.62/20.61-6320.12-15
BN Y iid) sl dial s lER S 19.22
Spt 19.20{19.20119.20{19.20]19.40 18,98
Oct 119.00/19.60/19.00]19.32/19.30-33/18.77-87
Nov { ....‘....|19.30 18.62
Dec 119.256119.68/19.26{19.68/19.10 18.47-562
Closed steady.
———— e
: NEW ORLEANS COTTON.
Open. | IG_.‘II:EI_I_M Close. | Prv.Close
Jan 23.13'23.4k|23.43]23.45]28.55 123.85
Meh 127.70(23.00(22.54/22.91/22.85-91]22.50-52
May/ 121.20/21.72]1.17/21.656/21.55-65/21.07-09
Jly |20.45(20.95/20.40120.85/20.82-86{20,25
Oct 18.59,10.20?1&5’0’1’.10)1'.05-10}ll.30
Dee J....01..001.. 00l uss|lß.96
Closed steady.
SPOT COTTON, b
Atlanta Cemmercial Exchange quotes
geod middling, basi nominal, 25.55; sales
Friday, 800 bales.
New York, middling, 26.20.
New Orleans, middling, 27%; sales 1
bale.
Liverpool, good middling, 17.86 d.
Savannah, steady; middling, 31,
Augusta, steady; middling, 256 c
Boston, stescy, 25.60
Phlladel?flu. middling, 26.85
Cha lestén, mddling, 30c,
Wilmington, middling, 23%.
No'folk, middling, 24c.
Memphis, middling, 28e.
St. Louis, middling, 28.
Dallas, midiling, 24.65.
Mobile, middiing, 24.
Montgomery, steady, 27%.
Galveston, middling, z“‘i
Little Rock, middling, 26%.
Houston, middling, 26%.
ATLANTA COTTON SEED PRODUCTS.
U, 8. Fixed
Descriptions-— Prices.
Crude ofl, basis prime.......chsses .17
Cotton seed meal, p. ¢. c0mme0n.....566.00
Cotton seed meal, 7 p. ¢. Georgia
common rate point, .....c..ecvv., 56,00
Cotton seed hulls, 1005e........c0... 16.00
Cotton seed hulls, sacked.....,....nominal
Linters clean mill run.......c...0.. 8 4.67
NEARREiNG RERREE G
HESTERSS COTTON STATEMENT,
Comparisons are to actual date, not to
close of corresponding weeks, Bales,
In sight for week ..........sss. 304,000
do, seme reven days last year 264,000
do, same seven days year before 243,000
40, for Ihe manths .......»:» L 335.000
do. sume date last year ..... 1,046,000
do. same date year before .... 1,002,000
do. TOF BOAROR ' .........v.0004 1,002,000
do, same date last year .....10,044,000
Port receipts for season ........ 3,434,000
do. same date last year .0 4,269,000
do, same date year hofore last 5,862,000
Overland to mills and Canada for
PO el e SN
do. same date last year ....,. 952,000
do, same date year before .... 1,072,000
Southern mill takings for season 2,759,000
do. same date last year ...... 2,683,000
do. same date year before .... 2,764,000
Interior stocks\in excess of Bep
tember 1 vo Yok udawonp o 658,000
0 BREE MONE i e b ins 746,000
C T T BESE RRN R 745,000
Fereign exports for week ...... 201,000
do, same seven days last year . 71,000
do. same seven days year before 187,000
do, for season L 0 s 0y dasibens HAREADE
do. same date last year ..... 2,576,000
do. same date year before .... 3,667,000
Northern spinners’ takings and
CODRAR TOr WORI . ..o.vvseosrod 44,000
do, same seven days last year 24,000
GO, 20r BOREOH L. saviiseries LSOOO
do. to same date last year ~ 1,633,000
Statement of Spinners’ Takings of Ameri
can Cotton Throughout the Weorld.
PRI WO . i s satresvia 227,000
Same seven days last year ...... 268,000
Mame seven days year before .. 366,000
Total gince September 1 ... 6,870,000
Same date last year ~,..... 7,001,000
Same date year before . e 7,993,000
’ Statement of World’s Visible Supply.
Total visible this week é . 4,825,000
do, last week 4,724 000
do, same date last year ~,.. 4,446,000
do. same date year hefore .... 6,363,000
Of this the total American this
WK vovccnivvsamainsntessnss 5000000
do, last Week ....veeesveenisss 3,487,000
do, last year ssesassesensnns 3,713,000
do., year before ..........esss 4,180,000
All other kinds this week ..... 1,264,000
1 dog last week ....... Vessens 2.801 008
do, last year ~.... s iR REYY
do. year before ......... 1,173,000
Visible in the United States this
W L dododrisideei- 3008999
do. this date last year svevies 3,462,000
Visible in other countries this
Wi N 4 wis soo DlB 1000
do. this date last year . 1,984,000
ATLANTA COTTON STATEMENT,
Bpot Cotton 1919, Last Wi, 1818 1917
Basis good mid. 28.56 28.16 31,60 17.76
( : 1919 1918 1917
! Receipts 407 767 262
Bhipments ....ceoo.: 016 1,918 364
Btocks .........¢...26,717 G 0.588 TR 448
IO ks v v visene 700 660 .
ATLANTA'S BUSINESS BAROMETER,
Atlanta bank clearings Suat. $10,544,494.00
SBame day Inst year s o 6 6,886,098.41
increase v ‘ $3,657,490.50
Bame day last week 10,862,192.20
SBamé day 1617 » 3,164,740.98
Atl. bank clearings for wk . .8565,861,659. 84
Bame week last year 61,013,846.70
g i
Increase $4.847,713.05
Lost week G 4, 44%.611.75
Bame week last year 24,302,282.56
Corporation Maturities During
February Will Total $333,158,70(
Industrial Group Has Biggest Amount Falling
Due Next Month With Total of
$88,341,100. ,
. Maturities falling due in Februuy.‘
1919, represent the largest amount of
maturities of any month in the year,
total being $333,158,700. |
The largest item is United Kingdom
of Great Britain and Ireland 5% per cent
notes, due February 1. As these notes
are convertible into a long-term bl per
cent issué of the British Government at’
par, the chances are that nearly the en
time amount will be converted, as the
long-term issue is very attractive, being
free from all form of British tax. |
Among the corporation issues tth
largest amount of maturities is in the
industrial 'froup, $88,341,100. This in
cludes Bethiehem Steel Comgu&g two-‘
year b per cent notes for $49,950,000. .An
issue of 7 per cent notes has already
been sold for purpose of paying off these
notes. Westinghouse Electric and Man
ufacturing Company had $15,000,000 6
ger cent notes, due Februa~y 1. Provisioa‘
as already been made _or extending
and paying off these notes. Plans tor‘
taking care of them are now under con-
GOVERNMENT BONDS
Dus - Issue .Rate Amount
Feb. 1. Unit. Kingdom 2-year cv n0te5............0% "~ $142,000,000
RAILROAD BONDS
Feb. 1 Balt. & Ohio notes extended 4 m05...........6 $22,600,000
Feb. 1 Argentine Ry. extended notes ....,.,.ceees:B 7,600,%00
Feb, 1 Hocking Valley extended notes >.......evee.-6 5,000,000
Feb. 1 Canadian Northern Ist land {r sebsasesnne o 2,000,400
Feb. 1 Baltimore & Ohio qp. tr. 1912 ... .eveee.-4% 1,000,000
Feb. 1 Monongahela River R. R. 18t. .......000000.8 695,000
seg. 1 l.eh;lh&v€vlle{l§ R. c01.utr.“..ifia..........:* 2338‘\;3
‘eb, I.Norf, es y. €q. b sesssenane N
: am:ellnneoua cesseseisesessurertasisasacnase 3,816,100
February toßel ..scevsepaiecson, . oo L . 43,611,100
4 PUBLIC UTILITY BONDS ¢
Feb. 1 Am. Telephone one-year notes .. ==~ 6 $40,000,000
Feb, 1 United Gas Imp. one-year notes .. . . . .6 7,600,000
Feb. 1 Laclede Gas, b-year debentures .. . . __ . § 2,850,000
Feb. 1 Amer, Rn.llwa!{‘- Co. 8-year notes.. ~ ~ § 1,672,000
Feb. 1 Eighth Ave. Roetin ot dobt ~.. ... ...8 750,000
Feb. 1 Connecticutt Co. provisional deb. .. . .. ..6 250,000
Feb. 1 Zanesville Electric Hg. B ir il tienn il 250,000
Feb. 2 Washington Water Power notes.. . ... ...6 2,600,000
Miscellaneous o teeTeee et a ettt iiaanets 1,134,500
Tebruary totml ..eecsociiissoooß,ioniscboznse $58,006,500
INDUSTRIAY, BONDS
Feb. 1 Remington Arms U. M, C. notes.., ... . .....6 > $15,000,000
Feb. 1 Westinghouse E. &M. l-year notes, ~ ... ....6 ’ 16,000,000
Feb, 1 Stern Bros. 5-year Notes ......55,..00004¢:8 2,000,000
Feb. 1 U, 8. Morglco & Te lut sorien. ... .. c..0}008 920.700
Feb. 1 Waltham Btel OF. OB o.v v oh, rsnessssd¥ 500,000
Feb. 1 Butler Brothers notes .......ssese,.oooooos:o - 325,000
Feb. 1 Allegheny By-Prod. Coke first ..., ...........8 300,000
Feb. 1 Kirby Lumber (Houston O.) es... . ........8 266,000
Feb. 1 Norton Co. first serial .....ccco00,,00000a4:8 250,000
Feb. 1 Gorham Mfg. Co. serial ......ce00.000000:0.7 250,000
Fem.ls Bethlehem Steel 2-year notes ....,.........0 49,050,000
Feb.ls Union Tank Line eq. tr. netes .. ..........5 1,600,000
Feb. 1 Mid-C. Petroleum serial .......ev0,0000000..7 300,000
MincellanDeoUS .....cccvevsescessesiosnsansasese 1,790,400
Pebruary tothl .....cscssesvacsiciiirssssrsven $88,341,100
Entire issue called in February, with due date:
Feb. 1 Niagara, L. & O. P. notes, 1920 ..............6 $1,300,000
Total of maturing and called bONAS ........coeevonresrinnsans $333,158,700
}_________._.____—__—_—_——-————————-—-————————-——————
U. S. Exports Last Year Only
$83,000,000 Less Than 1917
Heavy December shipments brought the total exports for 1918 to
$6,150,000,000, a decrease of only $83,000,000, from the 1917 total, accord
ing to an announcement by the United States bureau of foreign.and domes
tic commerce, Department of Commerce. Imports for the year totaled
\33,031,000.0(00, or not quite half the exports. Imports for the previous year
‘were valued at $2.952,000,000,
| Exports for December, the first full month after the signing of the
armistice, reached a total of $566,000,000, a decided increase over the
$522,000,000 recorded for November, although not up to the high mark of
$600,000,000 for December, 1917.
Imports for December, however, were low, being $211,000,000 against
$251,000,000 for November and $228,000,000 for December of the previous
year.
Imports as well as exports of gold continued to decrease, the imports
Ymounting to $62,000,000 in the calendar year 1918 against $552,000,000 in
917, and the exports to $41,000,000 and $372,000,000 in the same year.
Imports of silver increased from $53,000,000 in the calendar year 1917
to $71,000,000 in 1918, The exports of silver during December, 1918,
amounted to $48,000,000, a larger amount than in any month during the last
three years. For the calendar year exxports of silver amounted to $253,-
000,000 in 1918 against $84,000,000 in 1917,
IWWW
.
{f New York Stock Quotations ‘
\ Market cloged unsettled.
| Total stock sales, 428,900 shares.
. Total bond sales, $5,1563,000.
} Total stock sales for week,.3,107,400 shares,
, Total bond sales for week, $68,969,000,
!
“amocxe— len| a 0 o
_#TOCKs— en ) Low finte IClom
Allis-Chalmers , .| 32%] 31% 1% 32
American Zing o | seosl cons] sree] 111
Amn, AGri. iof coiof seee]tees ]IOO 5y
SR BUER o+ B soeil csnstisesl 8P
Aimn Carpary. | slw| dow| 80 :;2
mmn. Car St
Amn, Cot, o’;{ . o 43%] 43% 43%2 42%
Amn. Loco, . ....| 61 ‘cou 60%| 61 |
B 0 Dol . i il X iihal dsas iBN
Amn Bmelting . .| 72%| Tl Tl%| 91
DR Nia ad i) s il ssl B 0
Amn, Steel Fdrs, ..| 81 80 90% | 913 |
Amn Bugsr Bes .f 00l ssved e [2lB
Amn T, aßd T, o of cove] anvel coos|loo%
Amn. Woolen . + o | sovel ssoaf sees “n
Amn, Linseed . . .| 60 | 49%| 49% ]| 49 ‘
At, G, and W. T. .[103%]1103% (103 (102
Amn. H, apd L. . .| N!?I 1494114 16
do pref, . . .| 83%]| 80%]| 81 £l%
AN Toheooo .. i sssifizecr) 12:7|308
Amn. Sum. Tob. .[IOB%/102 [102% 102
American lee . . . .l il eaae] saal 41
Amn, W, PaJnr o of sswed sonsl vene] 3435
AISEEE Goid o ol cood sshel sniel B
Anaconda . . ~ .| 60%| 68%| 68%| 69
ALChiBOn . . o o ol sises ares] seee| B 2
'At. Coast Lige . .] ....] ....|....| 9
Baldwin lLoco. , .| 73 70& 70%; 70
Bal. and Ohio . .| 49 48 48| 47
‘Booth Fisheriog . 51 . whuisl devof 100 N
Beth, Steel pref. . .f ....] c.os] ....]IO2B
Beth, Steel 'B ~ .| 624 80‘& 61 61
| Brook. R. TV . ....] 31%| 18 18% ”“
fßutte Superior . o] ..-.] cees] FoN] 1Y
Butte C. and Z. . . a ssns] B
Cal, dl‘lfl.roh‘:\um « o 26%1 26%( 25% fi;
O PrOf. o o &) sxis) o ssast o snes
'Oln. Pacific ~ . .]160% “.:2 16814 (168
Ches. and Ohfo , .| 66 b 6 b 6 6b
O and N W, . o eeee] meee] waee 96%
B 0 PIUE s L alhe il il YLkt ee
Col. F. and 1. . { 37T%| 36% ll& 36%
C,o M and SBt. P, , .| 39%| 39 39 39
duclorst. vie ol hevel pawnd dibe 10&
Chino Copper ~. |34 34 34 33
Consol, Gas . . vs bo} iensoriimsisl BB
Corn _Products .., .| 49 AT 4T% | 48%
Crueible Steel . .| 66%/| 64 b 4 b 4%
Cuban Am. Sugar .} ....} -] %180
Cuban C Sigar . | 24%} 22% 22%] 24%
O BNE S il asn e rresl B
Cast Tron Pipe . . . i iss ot 28
Central Leather , . 69%. 50% | 69 69%
Chile Copper . ..| ....0 ovosl ooeel Vl%
Chandler Motor . .| ....! J 1 1104%
Columbia G .. | 43% !43 3| 42%
Corrgsde-Pasco, . .| «...] sav.} 25.3] 83
Dol angd Wud, 7, o ot G LTS
Elnt. Securities ~ . 53%’ b 214) 63% 15314
BN N e el sb e b
40Pl I o Jeised igiline [SUR
do pref. 24 . . ’ .l 18%
Beneral Wleotrle « o) o) ssesl 000|149
General Motors . .nnmnm 1269 (123%,
Goodrich Rubber ..| 81%! 61 |6l J 6014
Gt. Nor, pref. ..[ 93%] Ola 93 921,
Gt. Not. Ore .«Jd 3 !an 1% 1%
B WS Sv . o i e s
SO PP i o v Al gl il B 8
Gulf States Steel . .} ...} ....] ....] 63
B Contraly ... il viiallcooal sl 98
Inspir. Copper . .| 46% | 44% ) 44% 44%
'lnte:"(x'ur;?"r, coe el el sl |=::
Ind. Alcohol,"." | .[lO4 110214 108% 102
w{m. 'r:mm‘ V%4 27 127 |37 ?tm
Int. B Oovl ol siiel sie cival 84%
TNt Paper . . 36186 |B] 35K |
Kan, City Sou. ;{ e I'VIN
’ do pref. . . { o Fiievel A 0
Kanh & Texas . .} i .f «vs ol B
: dp pref, . hoiid Wil e aaid ’ 9%
LIEOOROOIEE <oo b b e T s
Kenneeot { i { 32%
sideration and will be announced in a
few days. |
Bulk of the rallroad issues falling due
in February are those of Baltimore and
Ohie Railroad Company extended four
months’ notes for $22,500,000 and eqo\:’léa
ment trust Asfirper cent notes for $1,000,-
000, both due February 1. Plans for tax
ing care of these lssues have not yet
been announced.
The largest and most Important is
sue In the public utility list is Ameri
can Telegraph and Telephone (?Ol&mny
one-year 6 per cent notes for 340.0 ,000.
The company has already sold an issue
of debenture 6 per cent bonds, the pro
ceeds of which will be used to pay off
these notes. Laclede Gas Company, of
St. Louis, Mo., has 33.850,000 5 per cent
debentures, “’""‘fi, ue Pebruary 1, for
the payment of which they are offering
$5,000,000 first mortgage ten-year 7 per
cent bonds, while United Gas and Im
provement Company has $7,600,000 6 per
cent notes, due on same day which will
be extended for one year,
Following is a list of corporate ma
turities in February, 1919, as compiled
by Dow, Jones & Co.:
ek b :
STOCKS— I !.lQ_'llllg_w Jlose
K “Bpefl s<l 1T 7 k 4 ok
Lack. Steol v ovinil 01 88 | o .
SARIEE WL LN et sex
B 0 TWRE L o 6 6 of cosel dess ...."”‘
siaxwen Motors . | 30| 37| 38" "4
go ’:lll% p;af. Poks il vass ‘2}ll
o PERE el sese] Aeosl snes 15
Miss, Pac. (new) .| 24% 24% | 24%)| 2 :
Mex. Petroleßm ... l;t& I;2* l;:* l;:&
g érét.' 10438 1025 (102 % u’)g&
i i MR & il kel T s
flxfi?iu Bulel o nia] 48 |B% 4hN :i”/'
e v L] ARie] Ay 48 o !
SOEN BN v of peavl o aived wa¥e
entral . .| 73 73 73 72
N 1" u‘.‘i‘;‘.tu.. n% 20%| 29% 32\
Nat, 5“% o sk iia] vl si¥e ':::lol%
Nor. Pacitic . . | o] oiw| di% "ol
BT O W W oif o] sons] vers 19%
R Altsraka” . 2 oot 00l |
oiuo'gu:luu-f o .| A% 42%] 42% ;‘&
Pac, BEE i as serod osvs] tosol ssin
Pennsylvania . . .| 465| 46% | 461 :g":
Plerce-Arrow . . _.J AR {
PamAmualcan v wl ."\3‘ 8::& ‘}% .‘.!..*.i
lg's Gas . . .
g::qp»sa.m:el ‘Cnr .| 64 64 l“ o‘3‘4&“!
SEENBNEE CoMN v o ol iivilivasitbe. on
glor.ce U'L' Sasr 183 18%( 184 i |
llman Com siaaddeeaiali.. g
rt‘:;ym()onsol.lduted .17:0 |7:%‘6 '}.g% ;g;:l
R.e % | |
in{:';:ub';fi: 1. & Steel 70& 5% | 7|§ l":u;
do, rrel. ok Tulvadanbedevelenens 2an |
ROk lang . ~ liesvi l o
B 0 DY & s sliivian]evsee]iivia s
B 0 DYEE. M o W% iian it i 7.:”“,
Rallway Steel Spn,' 4 7 178 |
T ee M o
Bouthern Pagifio lioow| 0w | '9b By
Boutrl]umnmuwuy ‘ ‘ o I
0. oo slooesks sandlednks
baker o . . [ 40K 497 ] 40%! 494 |
:f.‘:jfln‘}kon}‘ . .| 96% :wn‘znq. 3% |
ttuck, e . i |
Robacco Produets ' I 10| lok 1o )
'l'nnnmcu Copoer ') .vs 1 i [
Third VORUR bo+ Jopnvilesssilosans i
Ol L, W, 190 1190 1190 11 |
Penoh Pacifie ', ‘ :ml am‘ 32 l:gal
ll,rmf;';{],mfl?rr»c £ .i’usy,‘uu.i:zu, l;;%l
Bh DRWES ¢ o o lVsimakins vki aines :
. l!(.nnt!)bh{er 1 'wkl 16 |76 764
QO. DML & o o s]iiias
v. 5,"31',’..”‘, o o\sy.l uml b2l o
B 0 DIOE. o« aloßivole v o udovaned
e eARMR T
Wi, Ohem. Go, 63%| 63%/ 633 62%
“l".”. p{!ofi “A .‘) cebes :',I“
retern nio o #odsssliinastiunsy
w‘lfi;lr-uvgrlnnd . ’20% 24% | 24% 1%%
Woolworth . . . ili.ooilieiadia.ns e
Westinghouse . . .| 1% 1% 1%
wh:o:'}’ncklnt t'-g_.!..,..‘....‘t.....} 08
BONDS,
| f 8.0%
U, 8 Lib. 3%s . .[99.00/99.00/99.00(9
[it 0 o s e e
U 8 . ¥ . 0193, 93.3094.2 2.4
. B Lib, 4%s . "93‘5"“"‘3':?'(‘;8~g;'23
U. 8. Lib. ist. 4%s :vo,go,as.g\‘“.._“;“.u
U. 8. Lib, 2d. 4%s (04,76/94.78) 141841 04
.B, Ldb, 4th. 48 (945694669466 64, ‘
e AP I NN
Vanderlip Sees
(ireat Prosperity
O Mr. F. A, Vanderlip the sait
uation “is particularly prom.
lalns{." He says.
“Our gold reserves are unpreces
dented in the world's history. Our
position internationally is so strong
that the only question is, how can
the foreigner pay us for what he will
owe and for what he will wish to
purchase? If we can buy his securi
ties to help him restore his capital
equipment, and if we can lend to him
adequate amounts on short terms to
finance his productive processes, op
timism e¢an hx:;rdl_\"nversxlle the pos
sibilities of our foreign trade in the
future,
“We have natural resources; we
have a well-knit, happy and re
sourceful people; we have a tried in
dustrial organization with marvels of
accomplishment to its credit; we
have a splendid banking machine
and stupendous gold reserves; the
{ world looks to us for products. Shall
problems of readjustment and recon.
struction destroy our progress and
defeat our resolution? It is incon
ceivable, All that we need is Indi
vidual courage and confidence,
§ "“The belief in prosperity is its cre
% ation”
~
L
By BROADAN WALL.
NEW YORK, Jan. 26.--The agtual
bank statement today showed syrplus
decreased $18,604,780; loans decreased
§31,341,000, and nte demand deposits
decreased $43,936,000. The average
statement showed surplus degreased
$21,238,310; loans-increaged $37,864,000,
and nte demand deposits decreased $30,-
642,000
Stocks closed heavy with net Honu
in many issues and with practically all
stocks materially under the high
imces. There was a boom at the open
ng as traders who were short hastily
covered their commitments. This cov
ering movement was caused by an
nouncement that he money committee
%ad removed all restrictions on loans.
pening advances were 1 to 2 points
/nbove the close.
Almost immediately censervative
committee houses vent out mesgages
urging the sale of stocks. This was
done especially by those houses that
have m‘:'j)oyed favors under the pgoney
committee ruling and whose custom
erg are naturally well supplicgl with
surplus, The result of this selling was
that the last hour of the sessipn the
market was weak with losses from the
high figures running from 1 to 6 points.
The hougesn that have been favored
by the committee ruling which permit
ted the ordinary citizen to borroy only
limiied amounts from the banks while
rich men and bond syndicates could bor
row without limit are naturally much
embarrassed by th esudden decision of
Becretary Glass to give everybody a
square deal and thus gave the forth
coming Vietory Loam from becoming a
fizzle. The favored houses raised the
ery of “bolshevism’’ today against thosf‘
who had been demanding a square dea
in the matter of loans. Some of the
most distinguished financiers of Ameri
ca_are thus branded holghevists,
Wall Btreet's attention naturally cen
tered about United States Steel, At
the opening, it was 17-8 above the
closing of ¥Friday. It held this level
for a few minutes only, and bhefore the
close had sunk 2% points and finfshed
the day with a net loss of ?
Mexican Petroleum was another cen
{er of great interest, It hegan the day
with an advance of 31-8, but rimflt tak
ing was so furious .that it lost 6 7.8
from the high level thus established,
Other stocks moved with more or less
violence in accordance with the extent
of the short interest caught by the an
nouncement of the monev cammittee.
Brooklvn Rapid Tr;‘nnlt gold down to
18 3-4. Never in its history has it sold
under 1%, and that wag in the early
days and in a panic. It's present level
corohorates the expeetations of Jacoh
H. Schiff that he stock will bave to be
assessed. :
B —
{ ATLANTA SECURITIES !
A e A ANt N
STOCOK 8 BIL]AIE_%
Atlantic Steel s COM. ...00.] 87 1208
B PO asaiodinrenivies] 9B 04
At. Ice and Coal Corp. ........| 64 64
G 0 PIE i Mii i ihgviiad 18 6
Atl. and W. P. Raliroad ....[l6O [166
Atlanta National Bank ......[286 206
Uentra! Bk. and Trust Corp. ~!148 ‘lll
Fourth National Bank ....../312 220
Augusta and Sav. Rallway ~..! 92 96
Atlanta Trust Compeny ....| 80 90
Exposition Cotton Mills ......[lB5 1190
Fulton National Bank ......[117% Hg
Empire Cotton 011. common ..| 60 6
G 0 PR . .siiaarisinvuessl TRSE 08
Gate City flo"on Mills ........|226 s
Ga. Ry. -nd'BAnklu O .../283 (236
Ga. Ry. and Elec. Co. ........1106 [107%
GOBP & osreesssnvoness] 18 77
80 50 PP .o crninrnsesassd MW 1B
O 6 OUBIMON 4 issrivnsnses] ' B ¢
Lowry National Bank ........[220 [225.
Southwestern Railroad ........| 96 "
Third National Bank ~......|212 |216
Trust Company of (Georgia ....[275 80
Atl, Cons. 8t Ry. 68 ....,...[IOO 102 |
Atl.-Char, Alrline b 8 ......,.[5.10 Bnlll‘
e |
At'anta 3%5, 1940 ............| 4.40/Basis!
Atlantie Ice and Coal, 68 ...... \‘3 7.
Atlantic Steel 68 ............| 98 o
Ga. Railroad and Bank. Co. ..| 85 89 ‘
NEW YORK CURB MARKKET,
NEW YORK, Jan. 25.-—'Trading onh the
curb market today was qulet and no
wide movements were recorded in the act
ivé shares, Following a firm opening the
market reacted. Keystone Tire and Rub
ber was the bilg feature, being in good
demand in the ecarly part of the session
and gaining' almost a point. CGeneral As
phalt remeted on realiizng after estah
lishing a new high record. Motor and
war issues were nuiet, :
Aetna Ex. /... 1T @ 1% TH@ 1%
Alr Reduction 6§50 @6O 60 @6O
Anglo-Amn. Oil 17T% @ 17% IT%@ 17%
Bermett Of: ..« . ba 316 @ %
Chevrolet ..,..140 @l6B 140 @166
Consol. Copper .. léb 814 6 @ 6%
Cosdan Ofl e 1 & IH T @ T%
Curtiss Aero. .. 10 @ 18 33 A
Houston Ol ... 80 %81 T 8 &BT
Ind. Pipe ....100 106 100 @lO5
Inter. Pete ... 31 @ 23 %@ 20%
l. Val. Coal .. 868 @ §% 85 @ 88 |
MOGAN viovanive 35 0 37 26 @ 27
Marconia ...... 4 @ 4% 4 @ 4%
Merritt Ofl ~.. 21 @ 22 21 @ 22
Midwest Oil ~,128 glzm 128 @l3O
N ADU v 8 3y 3 @ 3%
Ohfo 01l ...,,.318 @323 318 @323
Prairie Oil ~..860 @660 650 @6O
Bub. Boat .... 11 @ 11% 11 @ 11%
Bt Ol N. ¥ +.558 D 317 3 @7
Bt. OilL,xN. J. ...687 @692 687 qeh92
Bt. Ofl, Onl. ~ 268 @273 268 @213 |
Bt. 011, Ind. ~760 @760 2650 @760 |
Unjon "sank ...118 @ll6 113 @ll6
United Motors . 2MI/,g 30% a 8 @ 36%
i O 36 aee B 8 2% Y@ 2%
W-Martin ... S%@ 3% 3% @ 3%
Midw, Rfg. ...129 @l3O 129 @l3O |
(len Rock ..., 3%@ 4 %@ 4
viand. O - Ciov iy ™Mo 7%
N W. Ot ~vs 80 B 51 49 @ b 1
U, 8. Stmship . I%@ % i@ 5 |
WEEKLY BANK STATEMENT, ‘
NEW YORK, Jan. 25.—The weekly bank
statement follows:
Average Statement,
Loang Incrensed $37,864,000,
Demand deposits decreasod 330,642,000
Time deposits decoreased $1,902,000.
Reserve decreased 321,238,310,
Actual Statement,
Loans decreascd $31,341,000,
Demand deposits deereased $43,936,000,
Time deposits decreased $8,539,000,
Reserve decraused $18,504,780,
ROSA'S CORPSE FOUND |
AMSTERDAM, Jan 25,-<The body of
Rosa Luxemburg, Spartacista leader, |
who was killed in Berlin, has been found
mutilated in & ecanal, sald a dmpuh'h‘
from Berlin Friday. ‘
5
Must Overproduce to Avoid a Strike of Workers,
Says Expert-—@ostly Buildings Not Likely To
Be Built Just Yet, Owing to Income Tax and
High Cost of Material.
By BOERSIANER,
CHICAGO, Jan. 25.—As regards the
iron and steel trade in the Middle
West, particularly in and near Chi
cago, its administrators are in a
quandary. Orders in hand and in
immediate prospect do not warrant
capacity operation by man)' per cent,
Iron masters want to curtail produc
tion, but if they practice their pian of
curtailment they will challenge labor
trouble,
An instance is the Inland Steel
Company. The managers had decid
ed to close two plants. Labor heard
of the decision and notified the man
agement that if the two mills were
'shut or if working hours were re
duced the entire working force would
walk out.
Another instance is at the Joliet
Steel Mills, where instructions were
given to blow out certain furnaces for
relining and repairs. The instruc
tions have been rescinded—or sus
pended for the moment—because of
ominous signs in labor quarters, |
“Twixt n?ovil and Deep Sea.”
These enmiployers, therefore, are
confronting a novel situation, that of
operating to unnécessary capacity to
avpid a general strike.
Something or somebody must yield
somewhere. Either the masters must
reduce prices to a puint where more
business will be invited or the men
must be content to see some of their
fellows laid off for a while. Resort to
the former solution would itself in
volve a financial problem, for the
much lower prices which might at
tract new orders would necessitate a
cut in cost of operation, including
wages; a contingency that no doubt
would be resented by the workers
mcre vechemently than the closure of
some of the plants. The position of
steel masters is not enviable,
How far producers of structural
steel must needs go to get a vast
amount of domestic business is, in
deed, a question. Costly buildings
are not likely to be built for yet a
while. The hesitation is due more to
the income tax than to high cost of
material.
Taxes Curb Building Pride.
“Biefore the war, moneyed men put
up buildings not only for invesiment,
but out of pride,” remarked Vice
e ————— e
Weekly Statement of 6th
Federal Reserve Bank
Foliowing I 8 the statement of re
sources and liabilities of the Sixth Federal
‘Re.om Bank at the close of business,
January 24: o
|- o Resources:
Gold coin and certificates in .
URBIE ... 0o dhhine e 8 5:000,700.08
Gold settiement fund ...... 13,620,070.64
Gold with foreign agencles. . 174,866.23
Gold with Fed. Res. Agt. . 41,664,600.00
Gold redemption fund ...... 466327662
il
Total gold reserve ......$ 67,003.474.21
Legal tender notes, silver,
OB JiivesoNesennanegrei $93,946.00
Total reserve ............§ fil,lfi.fl!.:l‘
Bills discounted mbrs. ...§ 30,449.668.71
Mbr. bnke. collateral notes,. 47,677,671.39
Bills bought in open mkt. . n,xu,nm.n‘
Municipal warrants ~...... 4,000.00
uU. B, long term BECK, |
Chonled oo ici e arntan 636,900.00
U. 8. short term sees, (ctfs.). 6,621,000.00
g me———
Total earning nssets ......$ 96,195 802 68
Transit items ......,...... $9,317,266,21
Due from Treasurer, 6§ per
cent I'R bank notes ...... 242,680.00
All* other resources ~..... 851,605,13
Total resources ..........$205,654,663.23
Linbilities: |
Capital paid in ............5 818905000
Burplus fund .. ....oooeoees 775,000,00
Government dop::nu sessnes 8.584,478.94
Due to Mbrs. reserve acet. . 45,085,895.08
All other deposits .......... 116,302,086
Federal Reserve notes in acts ‘
wal circulation .......... 112,741,260,00
Federal Reserve bank mnotes i
in actual circulation ..... 6,0341,5560.00
Transit Items .......esoes 37,261,641.18
All other liabilities ....ovs. 1,219,086,22
Total liabilities ..........820'.55416“‘23
i
e e e |
Cattle Receipts Liberal,
.
'~ But Prices Hold Firm
CHICAGO, Jan. 26.--Cattle receipts in
the Chicago market this week have been
more adequate than the demand and prices,
except on the cholcest grades have been
lower. In the fancy grades, however, a
new high pries level for the month of
Junuary was recorded. Fat cows and heif
ers were 50 cents to $1 lower while beef
bulls and calves deolined as much as $1.50,
Traders report prospects faverable for im
provement next week,
Hogs have held fairly steady, but the
buyers have shown a dln{munmu to overs
look any but the best grodes and the more
common stuff has shewn a decline. The
market today touched the low point of the
week, The decline was largely due to a
heavy supply with the receipts about 25,«
000 in excess of those of the waek bo
fore. Export shipments of hogs wete very
heavy.
In the ohqt:p market fat lambs were
mostly 50 cents lower as compared with a
week ago while fat sheep showed a decline
of 25 cents. Most of the sheep recetved
were for the big packers and there was
littie stuff for salg in the ogon market.
Week-ond prices for all sorta of live mut
tons showed a big decline from the high
point of the week, and despite the fact
thut the total supply of sheep showed an
increase over the week before, values clow
od lower for all grades, ‘
ST, LOUIS LIVE STOCK MARKET.
BT. LOUIS, Jan. 26.-~Cattle, receipts
600; market, steady. Native beef steers,
11.60@18.60; ‘mrllns beef steers and heif
ers, 9.(’.0?1“ 0; cows, T.15@12.60; stock
ers and feeders, 8.60@12.00; calves, 7.76@
14.75; feir to prime yourilnf heef steers,
10.00G018 10; bheef cows and helfers, 7.50@
15.00; southern prime yeariing steers and
heifers, 50 8 .00,
Hogs, receipts, 3,600; market steady;
mixed and butchers, 17.20@17 65; good,
17.1(1g17.75; rough, 15006 16.40; lights,
16 VOG'I'IJO; pigs, 10.50@16.00; bulk, 17.20
@17.55,
Hheep, no receipts; market, steady,
NEW YORK COFFEE. l
| Closeing.
JANUATY o 4 oo os 50 o 0 oo +|12.70@12.96
DAY .0 o 00 ov ob 00 ve ae 00|13.18013.19
JUNG 4 ss e 00 0s ov o o #|13.100013.10
JUIY o 0 o 0 40 o 6 o 0 ws se ++]13.08@13.08
AULUN, . oo vo o oo 00 o 0 o 9 0+[12.06@13.00
Boptember .. .. w 4 oo 50 o 0 < ]12.90@12.856
OCtoNer . s o 0 <4 wve 40 v «+}12,860012.90
November .. .. «. «+ o 9 o+ +|12.800012.85
December . ... ... .. .. .. .. /12,78@12.80
CHICAGO LIVE STOCK.
(By U. B. Bureau of Markets, gln. 26.)
Hogs—Estimated receipts, 13,000, mag- |
ket slow and steady; bulk, 17.40@17 x,'
top, 17.70; butcher hogs, heavy, 17.fi1?
17.70; packing hogs, heavy, 16.50@17.00,
medium and mixed, M.l.’v?l'l.“; lighta,
141751}17.45;[]»%4. 11L.750014.50; roughs,
roughs, 15.766016.60,
Cattle~Estimated receipts, 1,000; mar
kot steady to lower,
Sheep-—~Estimated receipts 3,000, market
lower,
President Fenton, of the Harris Trust
and Savings Bank. “A fine edifice s
something to be proud of. It is a
thing which you and the world al
ways have bofore them. It is, in the
large, a tangiole and concrcte invest
ment, %
“But I am afraid that the income
tax will diminish this sort of pride for
some time. Capital, espccially big
capital, will prefer to put money into
tax exempt hHonds,
| Urges Two-lssue Loan.
“And this is one of the reasons why
I think Secretary Glass would do weil
to make two issues of the next Gov
ernment loan; one 3 1-2 per cent tax
free, the other, say 4 1-2 per cent,
the latter to run ten to twenty years,
“The 3 1-2sß would be, of course,
bought by people with ldrze incomes,
while the 4 1-2 s would be absorbed by
the small investor whose taxes are
comparatively light. Tn any event it
is better for all eoncerned, particu
larly for the Government, not to have
Covernment bonds too largely lodfod
In one quarter. A wide distribution
of honds is preferable, o
“While on this subject of Govern
ment bons, let me call your attention
to the tentative movement among
some bond men to have the Govern
ment compensate bond houses for the
work that is to be done on the next
emission.
Still Duty to Aid,
“I hope that nothing will come of
this faint agitation. Bond houses
rendered valuable services in the Lib
erty Loan flotation—gave of their men
and time freély, at a pretty heavy
cost to themselves. But they did no
more than their duty and were, in
deed, glad to do.it.
“However, some of them maintain,
now that the war is over—now that
the war has been won-—the Govern
ment should pay bond houses for the
services to be rendered on the forth
ceming loan,
“lI can not agree with this line of
reasoning. The forthcoming loan
will, so to speak, merely complete
the job; will round out the Govern
ment's war financing; for with the
proceeds of the fifth loan will be paid
the final debts contracted for war
purposes.” {
T —————————————————
’ By JOSEPH F. PRITCHARD.
CHICAGO, Jan. 25.—~New low levels
were reached in the corn market to
day for all deliveries with the possi
ble exception of the January future,
as the result of liqu'dation by longs
on a large scale. Kesting spots for
the day showed losses of 41-2 to §
cents for January, 4 to 5 cents E&r
Vebruary, 43-4 to 53-8 for March,
25-8 to 23-4 cents for May and 2 to
| 2 3-8 for July. Conditions point to the
fact that there is a general readjust
ment of values in grains. The losses
were not only severe in corn at Chi
cago, but they were also sharp at oth
er points. When the closing bell was
sounded today the feeling was even
more ebarish than it was when values
were 25 cents higher,
There were net declines of 13-8 to
17-8 cents in oats.
There was conside-able selling of
oats in the way of liquidation by longs
and prices dropped to new low levels
ll’nr all deliveries and are now the
lowest since late in 1917, A
e ————
Grain quotations:
Open. High. Low. Close. Close
CORN i %o
Tan. 1.23% 1.25 LIIB% 119 1.23
Feb, 122 1.23 1.17 1.18 1.21
Mch. 1.21 1,22& 1.16 L 16% 1.2 t
May 1,17% }.l’h ‘l.HK‘g 115 1.17
Jul 1.14% JA6% 112 113 116
((ATH -
Jan, bly 68% 87 67 68
| Peb. 68 % 59 66 % 7% 68
| Mch, 5815 60 67% 'BB 69%
May 60 % 60 % 67% ua 60
'July adTR 6 85% 66 61%
PO <
Jan., 43.00 43.00 43.00 43.00 44.00
| May 37.60 37.76 37.60 37.60 38.60
| LARD--
iJnn, 22,65 22.67 2250 22.67 22.75
M'y 22.60 22.67 22.60 22.67 22.92
| RIB&-~—
| Jan. 23.00 23.00 22.90 2200 3.40
May 21.20 21.90 20.92 20.92 2142
i ———————— \
CHICAGO CAR LOTS,
CHICAGO. aJn, 26.—Folowing are re
| colpts today:
"Vln.\l to e waihe 00Ny s e bkike T
LCOIT vo 46 a 0 60 sa %0 05 0054 00 40 109
JERID . So) 69 ‘OO o 0 s BV BEDsine Ak
[T o s ARt S
I GRAIN NOTES,
CHICAGO, Jan, 26.~C0rn--the appro
printipn of $100.000,000 for foreign relief
[-:l!m-)l by the Benate yesterday and week -
end covering by shorts will to some extent
steady the ecorn market, but liguidation
yesterdny was on an enormous scale with
sentiment almost universally In favor of
speady return to normal level Market
18 In position where something radical is
necessury to change its trend. Minor {tems
of news are completely Ignored,
i Oats—Ldentically the same conditions
prevail in oats ag In corn, market being
even weaker than ecorn because of an
utter absence of noteworthy support. This
grain is considered the cheapest of all, buct
at the smme time there is no motive for
| investment,
' NEW YORK PRODUCE MARKET.
NEW YORK, Jan. 25 —Petroleum, firm;
erude Pennsylvania, 4,00,
Turpentine, dull, 76 % @ 76.
Rosin, dull, common, 14.00@14.10.
Hides, firm, native steers, 2734 @28%;
branded steers, 26 @26%
(Coffee, weak, options opened 9to #lO
points lower; Rio No. 7 on spot, 14%,
Rice, firm; domestic 8% @lO4,
Molusses, steady;, New Orlenns open ket«
tle, 76qu82; black strap, 18@23.
Sugar, unchanged,
Potatoes, steady, nearby white, 3.26@0
6.50; Bermudas, 5.00@7.50; Southern
sweets, 2.76Q04.50
. Beans, eany, Marrow choice, 12.00; pea
ghoice, 9.50; Ited Kidney cholce, 13.00.
Dried fruits, firm, Apricots, choice to
faney, 17.00@17.26; Apples, evaporated,
prime to fancy, 16% @17% ; Prunes, 30s to
608, 16; prunes, 60s to 100 s, 10% @16%:
seeded raisins, choice to fancy, 94 @13%.
. e
MONEY AND EXCHANGE,
NEW YORK, Jan. 26.--Call money in
| London today was 2% per cent.
Sterling exchange was steady with busi.
ness in bankers’ bills at 4.75% fer demand
4734 for dO-day hills and 4.71% for 90
lduy bills
7C