Newspaper Page Text
THE SUNDAY AMERICAN'S FINANCIAL AND BUSINESS PAGE |
BIE RECOIL N COTTON
FAOM BOTTOM RECORDS
" Values Hammered Unmercifully, With Bul]sl
Dormant Until Late in. Week, Then Fresh
Demand Stems Decline—Market S‘rutisfivnll.\"
and Technically Decidedly Strong. g
By VICTOR BARRON. t
Cotton was slam-bamed and
‘“rushed flat as a slitter last week un
der weight of persistent selling for
short account and liquidation of out
standing long lines.
‘Wall Street, New England, Japa
. nese, Western, Southern and commis
slon houses sold, although the amount
l of Southern hedge selling was neg
. ligible. Liverpool operated on both
sides, but probably sold more than she
k purchased. Trade interests, spot firms
and a few shorts supplied the bulk of
buying orders. Demand did not be
come of sufficient volume to stem the
tumbling market until late in the
week. .
. The oid buil crowd was bewildered
and stood aside, allowing values to
¢rumble beneath the bears’ steam
~ roller, which was kept full of fuel—
- eonstant pressure until those against
the market realized that it was haz
ardous to further push their tactics,
in view of the fact that tech_nically,{
statistically and otherwise the market
‘was in the strongest position in years
| to respond tremendously to the least
. bit of “spunk” on the part of the old
t bull crowd, better demand for the ac
tual 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
i the final prlceg of the previous week.‘
. while futures at New Orleans exhibit
ed a net loss of 95 to 325 points.
January New York went out Friday
. 470 points net down for the week. ‘
é From the week's low levels both
i markets enjoyed a substantial recoil,
' @s pressure diminished and demand
| broadened, 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
»lu short interest in years existing.
At the bottom levels established
during the torel\xoon session Friday
futures in both markets stood at the.
‘ towest marks in the last two years,
‘with October delivery at New Orleans
at 17.74 and the same month in New
York 18.02.
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
yary 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
wee¥ gives the whole thing in a nut
shell and tells a big story:
Options. 2, 1919, 3,1918. 24, 1919,
Close, High, Low,
Jan. 2, Sept. 3, Jan. 24,
Options. 1919. 1918. 1919,
January .. . 2940 36.35 21.00
Mereh ~ .. 104 36.20 20.95
, MAY .0 6% « 2094 35.90 20,00
S . ... s 3008 35.20 19.15
Qctober .. . 2335 37.26 18.02
v Bullish News Ignored.
Early in the week a false
report was circulated that Man
chester mills were, on the verge
of shutting down. This, coupled
- with ;eoslmlstlo advices from domes
' tie trade circles, based on unfavor
. able labor situation, led to heavy
. selling 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
¢hinery. Bears also ignored the fact
that a cable was sent to President
‘Wilson by Southern Senators and
Representatives and the Farmers’
Union to lift embargoes against cot
ton exports. In reply the President
cabled that the cotton now could be
bvxported to all countries in amounts
«dequate to their needs, and that fur
ther exports to enemy countries
raised Important questions of policy,
which were the subject of attentive
consideration by the associated Gov
ernments,
' “At present exports are increasing,
but the outgo still is held down, ow
ing to high rates. Kverybody knows
that KEurope is without cotton, but
freight rates are out of reach, Stabjl
ization of rates to September 1 is
urged by Louisiana banks in a mes
rage to their Washington representa
tives. ¢
!xrfl. Growing Heavier.
Nevertheless, exports last week
toteled 201,438 bales, against 50653
bales the saume week last year, This
brought the total outgo so far this
season up to 2.450,033 bales, against
2,676,396 the previous corrasponding
reriod, thus confirming the repeated
ussertion in these columns that ex
b ports soon will surpass those of a
year ago. The deficit rapidly is van
ishing. ”
The Census ginnings report issued
Thursday was in line with general
«xpectations. totaling 11 051,845 bales,
against 10,670,753 bales the same date
last year. Ginnings for the period—
January 1 to 16—totaled aoa.sg-: bales.
The National Ginners’ Assoefation
forecasted ginnings at 10,915,000 bales
and the writer #aid they would be
between 11,000,000 and 11,100,000
. bales.
Ginnings to January 16,
During’ the wind-np period xin
nings must total virtually 700,000
bales in order to confirm the Govern
nent estimate of 11,700,000 bales, ox.
&Hr‘l\'e of linters. Some argue the
wowss will be sustadned, while others
mzn an adverse side,
For the igdscest of those whao prob
abiy failed 20 _reéad the ginnings re
port Tesied Thirsdavy, the report by
States, showing returns prior to Jan
uary 16, with comparison, fellows:
(LA s .
ANODRRVE (. aiives ot 98,187 488 284
BIIIORMR s isop o sBV 35,713 16,413
Arkanses ~......... 868358 868,109
Qalifornia .........» 55,440 41,670
Wlotlls . ..oossrsrnst. AD343 47,167
GEOTEIA ...civvenvsne 1,994,762 1,781,738
Louisiana ........... 540,762 607,934
Mississippl .......... 1,073,402 818,016
Mipsours .....p.¥%., 52,984 46,146
North Carelina ...... 811,076 561,366
Oklahoma .......... 554,017 909,142
gouth Carollna ...... 1,440,608 1,162,121
eNNessee ....v...... 290,662 203,324
PORRS .. .ccsotnsewses REIS,T3T 5,990,881
VIR oovsvivsassis SHENS 16,664
Ofhers #.. cesso-os. 4,770 3,968
TotAl ........vev500.11,061,845 10,670,733
Round bales ........ 149,412 186,014
Sea lsland .......... 41,088 88,840
Statistic Read Bullish.
Spinners takings of cotton last
‘w&ek totaled 227,000 bales, against
268,000 the same period in 1918, while
the totul takings since August 1, ag
gregate 5870,000, 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 exports
expected to, closely approximate
7,000,000 bales this season and do
fmeai;: consumption conservatively
pla at 7,000,000 bales, it appears
that someone is going to have to beg
mighty hard for cotton before an
other crop is made.
It doesn’'t matter in what angle an
obhserver looks at the cotton sitvation
it seems impossible to econstrue it
‘'other than bullish. This big break in
futures has been the direct result of a
‘false idea that cotton 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 thelr minds a
crop of more than 16,000,000 bales.
Where they get such an idea is be
yond the writer. Certainly no one
’could expect the South to plant a
crop of an even the most meager size
at present prices next fall future con
tracts are quoted at.
The writer is informed by a prom
inent spot merchant that unless the
marfket takes a great upswing and
spots rise to at least 35 «cents there
will be great cancellation of fertilizer
contracts, because farmers are not
100 ls enough to raise cotton at prices
below the cost of production. Some
are the more independent 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 grow it. They
can buy contracts and cultivate their
land in food and feed products. Eu
rope has got to be feed as well as
clothed and the Lord only knows how
she can afford to be clothed in any
thing other than the cheapest of
fabrics, which is cotton.
The South can not overproduce
foodstuffs. The bill for $100,000,000 to
feed Eurppe for a while already has
been passed. This only is only for
emergency—to feed the masses, and
coes 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 scover, but my good
ness, what a punishment they're go
ing to get before they even up their
commitments? .
\
’
E WEEK’'S COTTON RANGE.
]WW At Oty
lowing shows the hi and lewest
gflen of active cotten u:gk:.on the New
ork and New Orleans Cotten Exchanges
:?lnt 'I;:Ik' hg:‘thn :l'“:‘h S-tufllry'! close,
e closing ces e vieus week
and net changes for the wo&? |
i L NEW YORK. |
T Titien| 1w S WeRTR
| lmc!he:[fleflé&:i "5
‘-fll-ary B .I'M.lo;le.fljfil.u{2o.osl—-4.10
March ... ..1%24.04/420.95 22.22(24.90 —!.a
May ......[*25.72/920.00 21,20|23.66—32,
dJuly ..., [#22.69/+19.15] 20.61 22.52/—1.91
October . . (*20.75/418.02/ 19.3020.50/—1.20
NEW ORLEANS, |
January .i'tl.fl.lflfi.w 23.55 26.80/—3.25
March ... /*25.15 $21.50/422.85/25.00 —2.15
_}luy ceee 2| *25.56(420,10) 21‘55&1(.“(—-!.9!
T i ‘22.51\"0.30} 20.82|22.35 —1.53
October ... |*20.50.417.74 w.oofzo.ool—- 95
e e 20 29D
—*Monday'y +Wriday. y ‘
: NEW YORK COFFEE. w
i—— e et ettt
‘ | Closeing.
JanuAry .. .. ~ .. .. .. .. |15.70012.76
AT o v s ihee wd e ha ee oo ]15.18018.19
B b JRESITA FE MRS l.’l‘w@m%s
BME oi s ve s as o s b, 138.00013%8
AUSUBE.. oL vl by es e 0 .0 ]|12.95@013.00
September .. .. oi 44 40 .. ..112.90@12.95
October . .. .. o 4 o 0 o 4 o 0 ..[12.85@12.90
November .. ¢ vi', av 44 ]115.80012.88
COUDRIRGE oo dirs 00l 12.78@12.80
} ATLANTA PROVIRION MARKKET.
(Corrected by White Provision Coempany,
U._ 8. Food Administration License
- G-21371)
~ Cornfietd hams, 10-12 average, 38%0.
| Cornfield hams, 12-14 average, 3§4e.
”Cornfluld skinned bacon, 16-19 average,
c
«Cornfield picnic hams, 6-3 average, 23¢.
Cornfield breakfast bacon [le.
Cornfield sliced bacon, 1-Ib, boxzes, 12 to
‘cw. 60c.
Grocers’ bacon, wide or narrow, 40e.
Cornfield pork sausage, fresh link or
bulk 23e,
~ Cornfield wieners, in 10-tbh. ewrtons, 23c,
Cornfield wieners, in 12-Ib, kits, in
pickle, $3.26.
Cornfield bologna sausage, in ?»18.
‘box'u, 20¢.
Cornlield smoked link sausage, in 26-Ib,
‘lol"s. 18%e.
~ VINANCIAL BURFAU ON STOCKS,
NEW YOI ):, Jan. 25.—Rumors are pere
eistent that Utah Copper will reduce its
dividend to the same extent as Green-Can-
Anea at the next mecting of the direc
tors to take action on dividends. They
meet the firet week in March., Inspiration
is expected to do the same thing.” 'The
quarterly dividend at the rate of $8 an
nually has been declared on Inspiration un
ti the present readjustment is over,” says
4 prominent chaunel. Great Northern Ore
18 maid to be In a ntranun’_gm-mnn than
At any time in its history e lesseos une
der contract are cumpelled to take out a
certain minimum_ quantity of ore each
yoear and pay for same. This makes stae
ble the carnipg power of the nrganllntxol:
which participates in any increase an
which is not -troubled with high cost of
labor. Good buying is reported. What
may be called sirong absorption is taking
place on reactions in the murket price of
United States Steel, Republic Stecl, Ana
conda, Bouthern Pacific, Tobacen. and Rub
ber shares of the better clage Discriming
tion 1w een in the all list, but the huying
there i= vary good on declines
HEARST'S SUNDAY AMERICAN . A Newspaper for People 'Who Think — SUNDAY, JANUARY 26, 1919.
Optimistic Feeling
In Trade H '
That business conditions here con
tinue of a gratifying volume ‘with
the feeling most optimistic, is shown
in the weekly trade review of Brad
street:
Manufacturing continues active.
Some idle labor is noticeable, chiefly 3
among §turning soldiers, though §
this featlire has not yet assumed
an_g importance.
rade at wholesale ils good and
retail is holding up well. ?
The effect of the heavy docllne%
in cotton seems to be offset by «the
fact that it is being held and plans §
formulated for the formation of a
¥12.000.000 eorgoratlon to finance the
armers and banks whose resources
are not extensjive to enahle them to
hold their product for an indefinite
goriod. Similar action, it is said, is
eing taken by other cotton grow
ing States. The only apprehension
expressed by the trade is that the
retail merchants who have bought
heavily in anticipation of an unusual
spring trade resulting from sales of
cotton held by farmers may find it
hard to met maturing obligations
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 good.
- >
- |
NEW YORK, Jan. 25.—The cotton
market opened firm today, 12 to 18i
points higher. The South gold, as did
some of the local traders who had cov
ered late Friday, but the pressure was
not active, and later prices ruled firm
at further advances, 53 to 78 net, with
March reaching 22.40, May 21.35 July
20.80, October 19.45 and December 19.25.
Shorts were active buyers. Brighter
export. outlook, oversold conditions of
market and strong spots favored the
market. !
. ‘The market showed strength all dur
ing the first hour with prices reaching
a net gain of 77 to 121 points, March
reachlng 22.53, May 21.54, July 20.92, Ge
tober 19.60 and December 19.68. During
the final hour a wave of realizing car
ried prices down from the top, but
shorts covered the final few minutes,
which braced the market.
At the close the market was steady
at a net gain of 42 to 68 points.
Spot cotton was quoted 60 points
higher at 26.20.
NEW YORK OOTTON.
10pen. [High | Low. |L.Salel Close. | Prv.Closs.
F‘eb.5...,fi....1.u.1. ..122.35 121.75
Mch 121.79]22.53|21.79(22.25{22.22-28)21.67-71
B F el o, AL 20.92
May |21.05/21.54/21.04)21.22/21.20-.23{20.77 ‘
Jne sésal susaf sivsl onosißD. 10 20.20
Jly 120.45 20,92‘20‘43 20.62]20.61-63{20.12-15
ML Rl ol iF sl sos iR TR 19.22
Spt 119.20{19.20(19.20{19.20{19.40 18.98
Oct 119.00{19.60/19.00/19.32/19.20-33]18.77-87
Nov ‘ ....‘....119.30 18.62
Dec [19.25]19.68/19.25{19.68(19.10 18.47-52
Closed steady,
| e ————
| NEW ORLEANS COTTON.
Jan [23.43(23.45(23.43123.45|23.55 |23.85
Mch [27.70(23.00/22.54]22.91/22.85-91}22.50-52
May |21.20{21.72/1.17/21.66 3.55-65 21.07-09
Jly ]20.45(20.95/20.40/20.85(20.82-86/20.25
Oct lu.so,u.zo 18.50/19.10/19.05-10/18.30
DoB §oce b f o.t 550 ATTD
Closed steady.
SPOT COTTON.
Atianta Cemmercial Exchange quotes
good middling, basi nominal, 25.55; sales
Friday, 800 bales.
New York, middiing, 26.20.
buNew Orileans, middling, 27%; sales 1
e.
Liverpool, good middling, 17.864.
Savannah, steady; middling, 31
Augusta, steady; middling, 25c
Boston, steacy, 26.60.
Philadelphia, middling, 26.8&
Chaileston, muddling, 30e.
Wilmington, middling, 23%
Norfolk, middliing, 24ec.
Memphis, middling, 28e
Bt. Louis, middling, 28.
Dallas, middling, 24.66,
Mobile, middling, 24.
Montgomery, steady, 27%
Galveston, middling, 28%.
Little Rock, middling, 26%
Houston, middling, 26%.
ATLANTA COTTON SEED PRODUCTS,
U.;Hl‘!nd
Descriptions— ces.
Crude oil, basis prime.............._ .17
Cotton seed meal, p. ¢. common. ..., $66.00
Cotton seed meal, 7p. ¢. Georgia
common rate p0int............... 56.00
Cotton seed hulls, 10086......00000.0 u.n
Cotton seed hulls, sacked..........nomin
Ldntarb clean mill run. ... coosnioeh LOT
HESTERSS COTTON STATEMENT.
Comparisons are to actual date, not to
close of corresponding weeks. Bales.
TR -ENE TUP WK . ioiiahscaavs DRLDOE
do. same reven days last year 264,000
do. same seven days year before 243,000
do. for the month .......... 1,125,000
do. same date last year ...., 1,046,000
do. same date year before .... 1,002,000
do, for seasoOn ............... 1,503,000
do. same date last year .....10,044,000
Port receipts for season ........ 3,434,000
do. same date last year ...... 4,259,000
do. same date year before last 5,862,000
Overland to mills and Canada for
season 850,000
do, same date last year ..... 982,000
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 Sep-
BBIP ] icsiadeniouns’ianse 558,000
B SO PO iisvieieississsey . THLOD
do. year before .............. 745000
Foreign exports for week ...... 201,000
do. same seven days last year . 71,000
do. same seven days year before 187,000
do, fOr SeABOD . ..,......... .. 3,460,000
do. same date last year ..... 2,676,000
do. same date year before .... 3,657,000
Northern “spinners’ takings and
Canada for week ............ 44,000
do. same seven days last year Ngou
do. for seasom ............... 1,111.000
do. to same date last year .. 1,633,000
Statement of Bm Takings of Ameri
can Cotten hout. the Werld.
UWO"\ o iniaviahnsaseoes 227,000
Same seven fGays last year . . 968,000
Same seven days year before .. 366,000
Total since September 1 ....... 5,870,000
Same date last year .......... 7,001,000
Same date year hefore .. .... 7,992,000
Statement of World’s Visible N.n[;ly
Total visible this week ....... 828,000
0L WMORE s iviiopiidanen s §,704,000
do. same date last yoar ....... 4,446,000
do. same dato your before ... . 5,353,000
Of this the total American this
WO o ailsasisessvinsannssas 5,004,000
40, last Week . ....civisesoies. 3,487,000
40, 188 t YOAr ... ..oiooooooo. 3,713,000
do. year before .... ceness 4,180,000
All other kinds this week ..... 1,264,000
do. last week ... vreens 1,237,000
do, last year ...... venavse 1,073,000
aO, year before ~.........,.. 1,173,000
Visible in the United States this
SRR s b .. 2,601,000
do. this dote last year ........ 2,462,000
Visible in other countries this
week vy sephdiin oo slinans ndh 337,000
do. this date last year ....... 1,984,000
ATLANTA COTTON STATEMENT.
Spot Cotton: 1919, Last Wk, 1918 1917,
Dasis good mid. 2855 28,15 831.60 17.76
1919 19158 197
Receipts 00l 407 767 262
Shipments .....0000. 818 1,918 864
BLOCkSs ....ciennv. 20,717 BOBBR 78,048
BRI 7o iruioresny 100 | AT
ATLANTA'S BUSINESS BAROMETER.
Atlanta bank clearings Sat. $10,544,454.00
Bame day lgst year ..., . 6,886,998 41
increase , .. $3,667,495.59
Bante day last weelk . 10,862,192.20
Eanme day 1917 ; o 3,864,.740.08
Atl, bank clearings for whk .. 856,861,669.84
Bame week lust year L 8L003,8468.79
Inerease $4.847,710.05
Last week G 4, 445,611,756
Mamoe wepk lawt venr A 24.963.28%.35
Corporation Maturities During
- February Will Total $333,158,700
Industrial Group Has Biggest Amount Falling
Due Next Month With Total of
$88,341,100.
‘Madturities falling due in February,
1919, represent the largest amount of
maturities of any month in the year,
total being $333,168,700.
The largest item is United Kingdom
of Great Britain and Ireland §% per cent
notes, due February 1. As these notes
are convertible into a long-term 53§ per
cent issue 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 the
largest amount of maturities is in the
industrial group, $88,341,100. This in
cludes Bethlehem Steel Comgu&x two
yvear 5 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
per cent notes, due KFebruary 1. Provision
has already been made for extending
and paying off these notes. Plans for
taking care of them are now under con
GOVERNMENT lollr
Due issue . .Rate Amount
Feb. 1. Unit. Kingdom 32-yeay cv n0te5.,..........5% $142,000,000
RAILROAD BONDS
Feb. 1 Balt. & Ohio notes extande‘ 4 M05...........8 322,500,000
Feb. 1 Argentine Rf' extended NOtes ........evenssb 7,600,%00
Feb. 1 Hocking Valley extended notes .......cceev...B 5,000,000
Feb. 1 Canadian Northern Ist land . ..iiiveeees.4 2,000,000
Feb. 1 Baltimore & Ohio eqp. tr. 1912 ~..cccesee-4% 1,000,000
Feb. 1 Monoli;ahelu River R. R. 18t. ...ceoooooaee.B 695,000
Feb. 1 Lehigh Valley R. R. col. tr. ......oovnenarncd 500,000
Feb. 1| Norf. & West. Ry. eq. tr. of 1914......0...4% 500,000
MiscellaDeoUs .......cecsoececsvoasisssassnonss 3,816,100
FOLEIRY RORBI oiiicinaasasiennn oo Sl 43,611,100
’ PUBLIC UTILITY BONDS SERnaS
‘Feb. 1 Am. Telephone one-year notes .. .~ ~ g $40,000,000
Feb. 1 United Gas Imp. one-year notes .. . ___ _ . § 7,500,000
Feb. 1 Laclede Gas, 5-year debentures .. ' _ 5§ \ 3.850,000
Feb. 1 Amer. R&llwa&! Co, 3-year notes.. . g 1,672,000
Jeb. 1 Bighth Ave. R. R. ctfs. of debt .. ___ __§ 750,000
Feb. 1 Connecticutt Ce. provisional deb. .. .__ 5§ 250,000
Feb. 1 Zanesville Electric Ry. first ...... . " _ 4 260,000
Feb. 2 Washington Water Power notes.. .. .6 2,600,000
| MiscellanOoUS «..covecviosonmenvsn, i i iiinans 1,134,600
| FOUPUAEY QOO i soiinaecbesuos,iintpnosss $568,006,500
INDUSTRIAL, BONDS
Feb. 1 Remington Arms U. M. C. notes.., ... ......5 $15,000,000
Feb. 1 Weaun%houn E. & M. 1-year notes, _,.,.....6 15,000,000
Feb. 1 Btern Bros. b-year notes ......ee..i4ocoos.B 2,000,000
Feb. 1 U, 8. uorgm B I .8 920,700
¥Feb. 1 Waltham atch Co. NOteS .....co i, 000e...4% 500,000
Feb. 1 Butler Brothers DOLes ".......:esetuiiensannsd ”“fi
Feb. 1 Allegheny By-Prod. Coke first ...............% 300,
Feb. 1 Kirby Lumber (Houston 0O.) ef.............6 265,000
Feb. 1 Norton Co. first serial ......ccevo,oooooos+.B 250,000
PUS. IGorhah IERE. ©O. TRI < ccnvevbginonsassind 260,000
Fem.ls Bethlehemn Steel 2-year notes ....,.........5 49,950,000
Feb.ls Union Tank Line éq. tr. netes ..,...,......5 1,500,000
Feb. 1 Mid-C, Potvoleum SePial ...cccevevrverivnes.T 300,000
| MISCOIIARMOUME . ..opscacionciebossbossraransanns 1,790,400
: February sotal .....h ccceespsssiivisonenones |} $88,341,100
; Enutire issue called in February, with due date:
Feb. 1 Niagara, L. &O. P. notes, 1920 ..............0 21.300,000
[ Total of maturing and called DORAS ........c.voovessssansssse $333,168,700
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
$3,031,000,0000, 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
33251,000,000 for November and $228,000,000 for December of the previous
year.
’ Imports as well as exports of gold continued to decrease, the imports
amounting to $62,000,000 in the calendar year 1918 against $552,000,000 in
1917, 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.
New York Stock Quotations
Market closed unsettled.
Total stock sales, 428,900 shares.
Total bond sales, $5,153,000.
Total stock sales for week,.3,107,400 shares.
Total bond sales for week, $68,969,000.
;mf; |
STOOKS- - 'll ‘l"l __;_.__
Allis-Chalmers . .| 32%/| 31%| 31% }"‘
American Zine . .| ....| .... 00l 28
e é"’s‘h;bfi cFRis ik save] ni el W 0
mn. B. wiol dase} goeedtey T
Amn. Can . .....| 48 47 :. ot
Amn. Oar Nr{ eof B 903
Amn., Cot. 01l , ~ 18* ;g'{z :gi “&
Amnd. uwoi . sensl 81 s ek
D PIE, v o o) saiil s
Amn, l;e}tlnl - W T2%1 MY MY l::t
BN .. o] oxen) SidsdaraE
Amn. Bfeel Fdrs. ~| 81 80 ”"/. l:g%
AN, Bugar ROL i ..00l oo 4 N
Amn."l;;:ln.dn’r. oof enund srve “a
Amn. Wo vb o senal Vi i' yH
ACG W, L o 3 klO3 m‘ 102
nn. H. L.l le% 1
,Am don::.‘t?. 9w HM’? SO% |Bl l::“
:::: flzm. Tob. .[103% 102 [102% l:{
American lee . . . . i Y
Arlnn.k W. Paper . .‘ b ....i ' '
Anaconda . , . . “‘ml 68 % ll! ::3
::ch‘!'nn‘.’.’. Ak iena s ol odi ol
Baldwin l..o&. ¢ of 13 , z:k z:& z:
Bal. and Ohio . .| 49 1 "
Bt aeey, | e 1094
eth, Steel pref. . .| .... ixl o
Beth, Bteel 'B . .| 62%/ 6
Brook. RT. ~ ..., zm' ua 11l ”&
Bult»(‘llp«ldm; ¢ e .‘..‘ ¢ 4208 vask LR
s6h O, 808 Bi. o) ...l »ids
g:l. 'Putmh;um . lfl"fi.{ 25%| 26% ::
o 0 PRel .o s
Gan, Pacifie . ~ .‘lfl%dggz'lgzh l::
Ches. and Ohie . .[ 66 | | 0818
C. adn(l Nr.'“. . l “og 45 1 iat
0 preg. ~ ..} el gzt 5 614
Ceol. ¥. and £. . . 371 86
Uo. M. n.nd,flL P, 39% 09 lba ::a
do gref, oo aaan gl 2ens
ghlnol(,’oamr coah |3¢ !34 u g
onsol, ns . . ‘l* 4
Corn Products .. .| 49 | 47%
(\'\’wlblr;‘ Slt:-lm‘.r " bfi'fi; b 4 M“ ’:zn
) . Bu . is 3
:f‘\:l;:: lel-lmr ¢ 4 NNI 2% 2% ::K
d;)xm'r" o 02l voaalasest s aee H
‘ast n P 5 of cis
Contral Leather . | 00l bid| b e
Chile Copper . . et e 425
Chandler Motor . . aiiitornan] s
Columblh G .. .| 43%] 43 ‘ Li ) ;;
('nrra:.«l("-l'.n‘au,) :4' : ro4f iy i
1. an 0 ol 5
Bise. Becurities . \ 83K 62 s:*‘; 5
N i ilvil IH"-""..IIO
B 0 NeY. It .4 sl 2t
dl’;'z?"(gs- ' [ ke .] § ~{”.
o Sleotr 00l iais sol sse
Qemersl Motors, . 384 ‘31““::"‘”:3’4
3:"“'.5"“ S IRe nu‘ 93 | 9uig
Gt or. pre vel i
Gt. Nor, Ore . . ‘3B J:m % azh
Gt Western . . . o) 3. yoeel ,'.:: K
do pref, . b4lsl s &
Guif ntntt-u‘m«u e} evas] wennf sene b 4
11, Ogntral .. b sandl ouel saes
lospir. Copper . .| 45% W% N‘l& 0:2‘6
lnu-:"'mn;_".\ ' R L e 1.8
0 R Nk 4t .
Ind. Aleohol. ... . . /104 >ls)‘:,.!'l,ilgglli'lgz*
Int, Nw‘u-l" e {37 {2 i “?:
Int, Agr s sl ohiadooh
"2! Paper . 'g 35 ib| as { f?%
Kan, Uity SBou | eb 3l
do pref | i ‘ $
Koan & "Texas . | ; 3
do pref i | ‘sl
Kennocott o R i 3
sideration and will be announced in a
few days.
Bulk of the railroad issues falling due
in February are those of Baltimore and
Ohio Railroad Comgmny exterided four
months’ notes for $22,500,000 and tiqo\alop
ment trust fl%por cent notes for $1,000,-
000, both due February 1. Plans for tak
ing care of these issues have not yet
been announced.
The largest and most important is
sue in the public utility list is Ameri
can Telegraph and Telephone COrggany
one-year 6 per cent notes for ro.o ,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 6 per cent
-debentures, fnlun“ ue ¥ebruary 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 $7,500,000 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 1
| " Low |Sale (Close
elly-Spgfid. ... J7l 197 [77 |..
Lack. Steel . .....| 67%| 66 |B6| 66
SONIER WL . . Fasid sl sca
}M ;l‘dlmN. s o of Seuel vine ““lgfi
+AI o d o o] ssnef sses sann
Maxwell Motors ..| 26" 29" | 20" |2B
go :L“ p;of. S’lo!é‘
o R+ o adTk Lessl idis
Miss. Pac. (new) . "h 24| 2434] 24
Mex. Petroledm .. |174% /168 |l6B 171
Marine .« . . .....| 24%/| 24%] 24%] 24
do .. . L (104%(102% 102% 1035
Miami z'u‘ppot 2 sk aessl siiel Laavi DDOS
Midvale gml v oesel 43 | e2%] 0N ::1/.
at. Con s se wdaish s hosf Rons
Nat. Enamel , . .| 49%| 4915 493 49
{}'ortyh A“lnl. per o Saddl aaie] oded "l:
LTSN :og 20% | 20%] 29
:st. laa& bk o] seved vens ....l:'l
Nor. Paeitio . & | #ik| si%| si%|"St
fi' OB RW . J il il ua
N“y' gl.%ng‘" ook Weanl v 13:
s Ko T B o o ciael nieal snee
Ohio fi"fi- 0-‘- oo 2% iy a2y ;:;
e, a 9 o} sene] s ssadl eaks
Pennsylvania , . || uu(uu 46| 469
Plerce-Arrow ~ J coesl daes]| 405
hn-lqnnrlun .17 69% |76
People's Gas v sl 0* AN IB %
;‘r::gsr:tg-lm. 64%| 64%| 84 ::*
mm. an_. ikl el 1 e
an Com Joosuslusianlonsss
'R‘::“Comm\x::g .;_’:o l?:,: ;:v. ;:;:
Republie 1. d'n’-’-x'! nk T6%| o 4%
do. f)fl'f. ¢ % vhine f . |lOl
BOME MOUNE . . diiioiliii i 23&
& pret. & . | [{ ;tw
o ref. ¢ slodosoflessas J
Raliws pflrel Spgs| 74 |l3 74| 5%
g?lh ‘mmu&k v 'lz?l
OBN - @ o ofs sdfesssafissen a
Bouthern Pacific .(100%| 99 |99 uk
Doutgon lt?llny Wugsnoforesslsrnne u
. RO + ¢ slemvalvscoelvvvpe
!tudegnkl:r e o ol 59%1 “l‘} 4.‘4‘ 499
Binclair Ofl " i :su‘ 36%| 35%, K
Bhattuek, Ariz . ...
Tobaeeo Products I 768 | 1610|764 76%
Tenueasee Copper . i nbees si be vl BN
Boees o solise ué"hiu"ln“
Eon:dv-;‘..'l\‘,,j S i | 3%| :zs;|2§n
nit ru s. s slsstgsetsssenlisnisl
L’nlo;\ l'ucs'r'u- : .‘nu'f, 1271.,113\,5113(;5
SN PROE i i disiislgieraliesiel
v. flt,’onubb!er e lusl 76""| 78 i“v’:%
0, pre o 5 s slvssvabrsainleiens
v. 8, Bl .. . i eil nn! DR 92
do. !nn-l 0 s Al eVI denale s uesl 1345
BUoE. o sl sol o(O
Oppe . . i 1 i
Va.-Car, Chem. Co. | li'fl 631 63%| 528
WD 282 ¢ v lenivilissvillivboet B
Wu:‘ot y{!o'{.: l sheiswgs :%%
estern 0 efosianfoesnnnlosnns
\\:m{p-o:;rlund . ! 4% 24% | My l:;&
Yool wor ko b sapsdevn gofons i
Wu’n)unlhoxm L amg iRI
Wilson Padking Co seaotdirasafiiiii] 68
BONDS,
s e o st
U 8 Lib. 3%5. . .i83.00/99.00/99.00(08, 98
U, B Lib. ist 48 . [93.56(93 . 601936093 50
U K Lib. 24 48 97.20{94.2093,20(9% .30
. B. Lib. 4%s D 6 B 4 06,46 95 46195 6%
U 8 LAb, Ist, 4%58 196 M.)iih fi:':l‘, fll‘l :‘ M‘l
5, 8 Lib, 2d. 4i4x 04 7894, 781 1 2
_‘l_L_g b, Ath. A4m (94 56194 66]94,08(94, 46
O Mr. F. A, Vanderlip the site
uation “is particularly prom.
lslnfi." He says.
“Our gold reserves are unprece
dented in the world's history. Our {
position internationally Is so strong 5
that the only question is, how can
the foreigner pay us for what he will é
(¢ 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 ¢
adéguate amounts on short terms to 5
finance his productive processes, op- {
timism can hardly overstate 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; weZ
have a splendid banking machine !
and stupendous gold reserveés; the
3 world looks to us for products. Shall
3 problems of readjustment and recon.
| struction destroy our progress and
defeat our resolution? It is incon
ico!vabh& All that we need is indi- {
vidual courage and confidence. ¢
2 ‘“The belief in prosperity is its cre- ¢
) ation.” <l
NEW YORK, Jan. 25.-—When the
stock market opened today there was a
wild scramble to buy stocks, prac
tically everything on the list going in
at upward” movement with advances
ranging from one to over three points
over yesterday's final
Most interest was attached to steel
common, the first sales being recorded
as 12,000 shares from 93 to 94 against
92 1-2 yesterday, and the gtock was
maintained above 93 all through the
first 15 minutes.
Other stocks, however, did not retain
all the intial gains. Baldwin moved ur
2 3-4 to 73 and then dropped to 71, with
a rally to 71 718. Mexican Petroleum
advanced 3 1-4 to 17¢ 3-4 and then re
acted to 173. Southern Pacific was the
strongest of the railroads, opening up
1 1-2 at 100 3-8, with a quick reaction
to 99 3-4.
Léisbert_v fourth 4 1-4 s were strong at
94.68,
The stock market was unsettled in
the late dealings, many stocks selling
down to the lowest figures reached in
some time. Consolidated Gas dropped
4 points to 89 1-2 and Brooklyn Rapid
Transit to 18 $-4.
Mexican Petroleum dropped from
174 3-4 to 168 and Texas Company was
finally 188. United States Steel dropped
to 91 1-2 and closed at 91 5-8. Baldwin
was finally 70 1-4, Bethlehem Steel B
60 7.8, Studebaker at 48 1-4, Anaconda
68 3-4, Marine preferred at 102 1.2, St.
;'clu'l ‘39 1-4 and Southern Pacific at
-8,
The market closed weak; Govern
ment bonds unchanged; railroad and
other bonds heavy,
| ATLANTA SECURITIES |
4 1
STOCKS-— Bid |Aska
Atinntie Steel 00, & m
el b SETYCTEPP PE R SEOOMN |
At. Ice and Coal Corp. ........[ 64 | ¢
ODR .\ .oeniinicinsnives) B 8 76
Atl. and W. P. Railroad ....|1 g“
&nnu National Bank ......[3BB 295
ntral Bk. and Trust Corp. ..|1 ‘lll
Fourth National Bank ......|3lO 220
Augusta and Sav. Railway .... 0’ 96
Atlanta Trust Company ....| 8§ 0
eronmon Cotton Mills ......1185 [l9O
Fuiton National Bank ......[117%]120
Empire Cotton Ofl. common ..| 60 u
£ 90 DO ..ol iisaia il I
Gate City Cotton Mills ... .....1226 43
Ga. Ry. and Banking Oa ...|233 [236
Ga. Ry. and RBlec. Co. ....,.../106 107 %
888 B soisnvisitbnceit B 7
Q 0 24 prel, ...ccovneneees] 11 13
00 SRS .. oiaessavnsen]l B ’
Bouthwentern Rafiroud - 122020 ¢ "33
uthw: suresans
;hlrd CN‘lflclll ?.nl ........g: fi:
rust Company of Georgia ....
Atl. Cons. 8t Ry. b 8 ........[IOO |lO3
Atl -Char. Airline &s fiienensls.lo [Basie
Bounds. ‘
Atiants 34a, 1040 .. ... cnvnens] &
Atlantie Tce and Coal, 68 ......| 93 u
Atlantic Steel 68 ............| 9
Ga. Railroad and Bank. Co. ..| 85 | 89
eet e et
NEW YORK (CURB MARKET,
Aotha Ex. ..., 1 % % %
Anglo-Amn OU IK@ 11% 1% 1
nglo-Amn. O\l
Barrett 01l .., .. 55 l-a a a
S:m"tl" os o 140 3 “::‘ N: :
nsol. Copper ..
Cosden O .... 7 % 7 12
Curtiss Aero. .. 10 13 11 13
Houston Oil ... s: §1 3 81
ind. Pips ~..} 106 100 105
nter. Pete ...
1 Pet 21 22 19% @ 20%
L. Val. Coal ~IE 5% 85 88
Magda ......... 3 27 25 27
Marconia ...... 4 4% 4 I'%
Merritt Oil ..., 21 @ 22 21 @ 22
Midwest Oil ~, 128 130 128 130
WPP .08 3% 3 %
Ohie O ...v..018 323 318 323
Prairie Ol ..,.660 @660 650 660
Sub. Beat ~.. 11 11% 11 11%
8t O, N. ¥, ..813 217 313 17
Bt. Ofl, N' J. ...687 1692 657 @ne2
Bt, Oil, Cal, ~.268 @273 268 @273
St. Oil, Imd. ~750 @760 750 760
Union Tank ...113 116 113™~gp116
| United Motors ,36 36% 36 :Mn
(NI O osiann 3 2% 2% 2
W-Martin .., !93 3% I @3%
Midw. Rfg. ...12 @l3O 129 @l3O
Glen Rock ..., 3%@ 4 3%2 4
Island Ot ... . . L' %
No W, 01l ..oe4® 861 49 gbl
{U. B SBtmship .. 4% oy % 5
' WEEKLY WEATHER FORECAST,
i . WASHINGTON, Jan. 25.—The Wenther
Bureau issued the iollewing forecast for
next week:
South Atiantic and Bast Gulf States:
| The coming week will be one of changeable
| Weather with temperatures above the
I'mormal. Rains are probshle about Tuos
day and Wun the latter part of the week.
West Gulf States: The coming week will
be one of normal temperature; consid
erable cloudiness und occoastonal rains;rnins
| wre prebable llnndb;.ror Tuesday and
again Thursday and iday,
‘ Ohio vailey and Tennessee: The com
ing week wil bo one of temperature near
nf’ wbove the zero average, considerable
cloudiness and occasional rains, Rains
| Are probable Monday or Tuosday and again
| Thursdoay or Friday Region of Great
Lakes the coming week will be one with
| temperature near or above the normal
juntil the end of the week, when the
‘woum:r will hecome mueh colder. Conge
{ erable cloudiness and frequent raing and
.nnow.‘ are probable,
l THE WEATHER.
WASHINGTON, Jan. 26 «<The indieations
"are that there will be ruins tonight and
probahly Sunday in the Middle Atlantie
Bouth Atiantic and the East Gulf States
and Tennessee, The temperatures will
rise tonight In the Middle Atiantic States
| Temperatures will fall tonight and Bunday
in the lower Miwumn“u valley,
| Forecust { Ntates:
| Georgla--tain tonight, probably followe
ed by clearing Sunday m““""fi
North and South Carelina-—Rain tonight
land Sunday.
+ Florida - Probably rain tonight and Bun
ivlny. excopt fair Sunday in northwoest pors
tion,
Alabama and Misstssippb—Rain tonight;
Sunday fair and colder,
Tennessco-~RAIn tonight; colder in exe
treme west portion; Sunday fair in west,
clearing m!”‘" portion,
MONEY AND EXCHANGE,
NEW YORK, Jan. 25.Ca1l money in
London today was 2% por cent,
Florling exchange wus steady with bust
noss i bankers' bk at 4.75% fer demand
4.73% for 60 -day hille and 4.71% for 90.
‘m‘p bills ¥ .
Must Overproduce to Avoid a Strike of Workers,
Says Expert—Costly 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 many per cent,
Iron masters want to curtail produc
tion, but if they practice their plan 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 notifled 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 Devil and Deep Sea.”
These employers, therefore, are
confronting a novel situation, that of
operating to unnecessary capaegity to
avoid a general strike.
Something or somebody must yield
somewheére, Either the masters must
reduce prices to a point 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 vehemently 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.
“Before the war, moneyed men put
up buildings not only for invesiment,
but out of pride,” remarked Vice
During 1919 an unusually large amount
of railroad securities will mature, total
being $345 449,200 against approximate«
Iy $258,000,000 in 1918
The largest item falling due is the
New York, New Haven and Hartford
one-year 6 per cent notes for $46,964,000,
due April 16. At present this loan, the
first direct loan made by the railroad
administration, is held by the Govern
ment., At the time it was made the
railroad administration gave the com
pany an option to extend it for another
year at the same raté of interest. It is
quite probable that the company wili
take advantage of this privilege when
the notes mature.
8. & O. Issues Large.
Baltimore and Ohio Railroad will have
an unusually large amount of maturities
to_provide for during the coming year,
$33,500,000, the biggest item of which is
the 6 per cent four-month extended
notes for $22,500,000, due February 1.
Other Baltimore and Ohio maturities are
as follows:
Eq. Tr. B. & O. 4%5, $1,000,000, due
February 1.
E«\. Tr. B. & O, 4%5, $500,000, due
April 1.
Eq Tr. B. & O, 4%5, 3500000, rue
May 1
B. & O notes Ser. B § per cent,
$7,500,000, due July 1,
$25,000,000 Southern Ry.
Southern Rallway has an important
maturity falling due March 2, in the
form of $25000,000 two-year 5 per cent
notes. This company has enjoyed ex
cellent credit in recent years and has
been unusually prosperous, particularly
in the last two years. Its strong finan
eial position has been reflectedfl in the
market price of its bonds, which are
selling comparatively high. It is not
expected that the company will find any
difficulty in floating a long-term loan
with which to refund the notes coining
due.
Another interesting item that will have
to be taken care of April 1 is Erie Rail
road's $15,000,000 two-year § per cent se
cuged notes, These notes are secured
ln}f"nlluu-ral consisting of
Erle R. R. Cons. Gen. Lien
is, 1996 .... “ oo $18,217 009
Erie R. R. Gen, Conv. “D"
40, IO ..o ik 0080 ss D OTHENG
Columbus and Erie R. R §
DEE OODE DOROE 5 2 sngiissrria 200 600
$26,789,000
JACKSONVILLE LIVE STOCK,
Hogs—Recelpts heavy; prospects weak;
advisable hold shipments. Fxtra choice
heavy, 12.76@13.00; ordinary cholee huvz,
12.50@012.96; mu,h heavy, l!.l:’llb 3
lights, 11.26@11.75; light pigs, 7. @s.oo.
Cattle--Receipts, heavy; prospects s n:l‘y
stoers, 6.506012.%; bulls, l.u?o.oo; yearl
t*n!n, 5.75@07.00: cows, 6,00@9.00; heifers,
H@8.26; canners, 5.25 up.—Willlamson
and Deunis, Fanuary 24,
ST, WOUIS LIVE STOCK MARKET,
ST. LOUIR, Jan, 26.-Cattle, receipte
600; marl ot, steady. Native beef steers,
11.60@ 15 60: yearling beef steers and heif
ors, no’yu 00; cows, 7.75@12.50; stock
ors and feeders, $.60@12.00; calves, 7.75@
1476, falr to prime yearling boef steers,
10.00@18.00; boef cows and heifers, 7.60@
16.00; southern prime yearling stoers and
heifers, 6.50@8, 00,
Hogs, receipts, 3,600, market steady:
mixed and butchers, 17.204017 656; good,
17.406017.76; rough, 15.00@16.40; lights,
1.}‘9050;17.40. plgs, 10.50@15.00;, bulk, 17,20
1766,
Bheep, no receipts; market, stoady,
WEEKLY BANK STATEMENT,
NEW YORK, Jan. 26.—The weekly bank
statement follows:
Avernge Statement,
Loans increansed $37,564,000,
Demnnd deposits decrensed $30,642,000,
Time deposits decrensed $1,902,000,
Reßerve decreased §21,238.1310,
¢ Actunl Statement,
Loans decreased s3l 141,000
Demand deposits decreased $43,936 000,
Time doposits decrensed ‘u.no.no.
Roserve decrsased $18,5604,750,
ROSA'S CORPSE FOUND.
AMETERDAM, Jan, 25.—-The body of
Rosa Luxemburg, Spartacista leader,
who was killed in Berlin, has been found
mutilated in_a cana), sald & dispateh
from Perlin Friday. ‘
President Fenton, of the Harris Trust
and Savings Bank. “A fine edifice is
something to be proud of, It is &
thing which you and the world ale
ways have before them, It .is, in the
large, a tangiole and concrete invest=
ment,
“But T am afraid that the income
tax will diminish this sort of pride for
some time. Capital, espceially big
capital, will prefer to put money into
tux exempt honds.
Urges Two-Issue Loan.
“And this is one of the reasons wh{
I think Secretary Glass would do well
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 oent,
‘the latter to run ten to twenty years.
“The 3 1-2sß would be, of course,
‘bought by people with large incomes,
while the 4 1-2 s would be absorbed by
the small investor whose taxes are
comparatively light. In any event, it
is bettér for all concerned, particu
‘larly‘tor the Government, not to have
Covernment bonds too largely lodged
in one quarter. A wide distribution
of bonds is preferable.
| “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 éne next
‘emission.
i Still Duty to Aid.
“I hope that nothing wili come of
this faint agitation. Bond houses
rendered valuable services in the Lib
‘erty Loan flotation—gave of their men
and time freely, at a pretty heavy
lcout 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
‘ccmlng loan,
“l can not agree with this line of
‘remsonlng. The forthcoming loan
!wm,v s 0 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.™
| l
CHICAGO, Jan. 26.—The heavy liqul
dation of yesterday which caused sharp
declines had its effect on corn at the
opening of the market today and still
lower prices were recorded. There was
considerable short covering and commis
slon houses were about evenly divided
between the buying and selling sides.
Dealers indicated that no great volume
of new buying was expected.
Influenced by the action in corn, oats
also showed a decline at thé opening to
day, but there was a noticeable lack of
activity in the market,
The provisions market opened under
yesterday's close, with trade very lulo§
A heavy selling movement develo:
durln% the last hour with demand lack
ing. Values dro”)ed sharply, February
corn falling to 1.17, or § cents under the
early high. The close was 2 to 47-8
cents net down. Oats closed 13-8 to
13-4 cents lower,
Provisions finished lower,
Grain quotations:
o High. Low. Close. Close.
pen. g w, ose.
- CORN
Jan. 1.23% 1.2 LIS% 119 1,2!%
Feb. 1.22 1.33 1.17 1.18 1.21%
Meh. .21 1.22% 1.16 1.16% 1.31%
May 1L17% 1194 114% 116 1L17%
July 1.14% 116% 1.12% 113 1.15
R o 7 ¢
Jan, 61% 6K 67 8
Feb 68 % 69 56% 7% u&
Mch, 69% 60 C’Z& 58 69 %,
May 603 60 % Sz,‘ 23? 0_0”‘
Jul b 59 Ob% 6 6
\ A'Y'»Rk’f‘
Jan. 43.00 4300 4300 43.00 44.00
MA;y 2’:'["\o 37.1% 371.60 37.60 35.60
- LARD- -
Jan. 22.65 22.67 22.50 22.87 2275
M'y 2280 22.67 22.60 23.67 23.92
RIBs
Jan, 23.00 23.00 22.90 22.90 340
May 21.20 21.90 20.92 20.92 2142
| CHICAGO CAR LOTS,
| OMICAGO aJo. 25.—Folowing are re
celpts today:
Wheat 7. .. < oo o 6 o 0 5000 o 9 9» 6
OO w 0 44 o 4 00 oot 05 o 0 40 o 5 8o o 5 108
OBES o 0 oo 4o 40 06 we 00 su s oeh 90
FIOES o 4 4o 04 se o 5 vo 95 33 95 08008
| GRAIN NOTES,
CHICAGO, Jan. 25.—Corn-—the appre
priation of $100,000.000 for foreign relief
passed by the Senate yesterday and week
end covering by shorts will to some extent
steady the corn market, but liguldation
yosterday was on an enormous scale with
gentiment almost universally in favor of
speady return to normal level., Market
is In position where something radical is
necessary to change its trend. Minor itemas
of news are completely ignored,
Oats-~lldentically the same conditions
prevail in oats as in ocorn, market being
even wenker than corn because of an
utter absence of noteworthy support. This
grain is considered the cheapest of all, but
at the smane time there Is no motive fer
investment,
NEW YORK PRODUCE MARKET.
NEW YORK, Jan. 25 —Petroleum, firm;
crude Peunsylvania, 4.00,
Turpentine, dull, 756% @1786.
Rosin, dull, common, 14.00@ 14.10.
Hides, firm, native steers, 27% @28%;
branded steers, ‘.'s‘4’?2o“.
Coffes, weak, options opened 9 to 10
points lower; Rio No. 7 on spot, 14%
Rice, firm; domostic 8% @ 10%.
Molasses, steady; New Orleans open kel
tle, 764p82; black strap, 185¢@23. W
Sugar, unchanged.
Potatoes, steady, nearby white, 3.25¢
5.60 Bermudas 5.00@7.60; Houthern
swoets, 2.76@4.60,
Beans, easy, Marrow cholce, 12.00; pea
choice, 9.50; Red Kidney choice, 13.00,
Dried fruits, firm, Apricots, choice te
fancy, 17.00@17.25;: Apples, evaporated,
prime to fancy, 15% @17%; "runrm, 108 to
608, 16; pruncs, 60s to 1008, 10% @l6 5
seoded raisins, cholee to fancy, 9% @13%.
CHICAGO LIVE STOCK.
(By U, 8. Bureau of Markets, Jan 25.)
Hogs—Kstimated raceipts, 13,000, mar
ket slow and steady: bulk, :1.40&[11.05;
top, 17.70; butcher hogs, heavy, 1.",
17.70; packing hogs, heavy, 16.6017.003
medium and mixed, m.u?w.ao; lghta,
16.76017.45; plegs, 11.75@14.60; roughs
roughs, 15.754p16.50
Cattle—Estinated reseipts, 1,000; mer
kot sxteady to lower
Sheep-——Hat mated recolpts 3,000; marhet
owor,
7C