Newspaper Page Text
THE SUNDAY AMERICAN'S FINANCIAL AND BUSINESS PAGE
Values Hammered Unmercifully, With Bulls
Dormant Until Late in Week, Then Fresh
Demand Stems Decline—Market Statistically
and Technically Decidedly Strong,
By VICTOR BARRON.,
Cotton was slam-bamed and
erushed flat as a slitter last week un
der weight of persistent selling for
shart account and liguidation of out~
standing 10D F s e
ines, 7%
wWall I!m;.. ’ -
New mzlm y
Jupaness, ont- 7 : L
ern, Southern and / “ ]
commission ey
houses sold, al- 5 -
though the
- of Bouth- 44 1% 4
ern hedge welling P
was negligible £ :
Liverpool oper
ated on both
wides, but proba- |
bly wsold more .
than wshe pur- i
chased. Trade in
terests, spot firme SRR S
and & few shorts
supplied the bulk of buying orders.
Demand did not become of sufficient
volume to stem the tumbling market
unti] late in the week.
The old bull crowd was bewildered
and stood aside, allowing wvalues to
erumble beneath the bears’ steam
rollor, which was kept full of fuel—
constant pressure until those against
the market realized that it was haz
ardous to further push thelr uu:mn.%
in view of the fact that technically,
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
bull erowd, better demand for the ao
tdal and easier ocean freight rates.
On the whole it was a glorfous week
for the bears, but sad days for those
friendly to the constructive side of the
B |
240 to 323 Points Lower.
The ciosing quotations in New York
Baturday stood 120 to 268 points below
the final prices of the previous week,
while futures at New Orleans exhibit
ed & net loss of 9 to 336 points,
January New York went out Friday
470 points net down for the week.
From the week's low levels both
markets enjoyed a substantial recoll,
as pressure diminished and demand
broadened, chiefly the resuit of con
tinued strength of spot holders, heavy
exports, renewed demand for fogelgn
account for the actual and the enor
mously oversold oondmnof the mar
keot, together with great outstand -
ing short interest In years existing.
At the bottom levels established
during the foremoon session Friday
futures in both markets stood at the
Jowest marks In the last two years,
with October delivery at New Orleans
ut 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
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
closing prices on January 2, the highs
g September and the lows of last
gives the whole thing in a nut
shell and tells a big story:
* Options. 2, 1818, 5, iSi%, 24, 1919,
Close, High, Low,
Jan. &, Sept. 3, Jan. 24,
Options, 1919, 1918, 1919,
Junuary .. « 2040 36.35 21.00
March .s o« 27104 36.20 20.95
MAY .e o 0 2004 85.90 20.00
SR . o s o« 3004 35.20 19.16
October .. . 2336 37.36 18.02
Bullish News Ignored.
®arly in the week a false
report was ciroulated that Man
chester mills wcre on the verge
of shutting down. This, ecoupled
with pessimistic 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
chinery, RBears also lgnored the fact
that & eable was sent to President
Wilson by Southern Senators and
Rmmnmuvu and the Marmers’
o to lift embargoes aganinst cot
ton exports. In reply the President
cabled that the cotton now could be
eaported to all countries in amounts
sdequate to their needs, and that fur
ther exports to enemy oountries
aised Important guestions of policy,
which were the subject of attentive
consideration by the assoclated Gov
srnments, |
At present exports are inereasing,
but the outgt still is held down, ow
ing to high rates. Everybody knows
m Burope Is without cotton, but
/ ht rates are out of reach, Stabll
ization of rates to September 1 is
“urged by Loulsiana banks in a meés
:‘uv to their Washington representa
ves,
Ex:om Growing Heavier,
Nevertheless, exports last week
toteled 201,438 bales, against 50653
Dbales the same week last yoear. This
brought the total outgo so far this
season up to 2450033 bales, against
2,576,396 the previous corvesponding
period, thus confirming the repeated
assertion in these columns that ex
porty soon will surpass those of a
mr ago. The deficit rapidly is van
ng.
The Census ginnings report issuved
Thursday was In line with general
expectations, totaling 11,051,845 bales,
sgainst 10,670,753 bales the same date
last year. Ginnlngs for the period-—
January 1 to 156 totaled 200,587 bales.
The Natlonal Ginners’ Association
forecasted ginnings at 10,915,000 bales
and the writer sald they would be
between 11,000,000 and 11,100,000
bades
Ginmings to January 16
Dyring the wind-up perfod gin
vings must total virtually 700,000
bales tn order to confirm the Govern
ment estimate of 11,700,000 bales, ex
clustve xl( ‘l):‘ntars. Some argue the
KUens Wi » susiained, while others
tfi':' .‘tfih ldh\mm side.
terest of those who prob
ably failed to read the ginnings re
~n¢3~ Thursdayx, the report by
States, showing returns prior to Jan
lwy 16, with comparison, follows:
1919 1918
AIBDAME ccwseness 763,187 458,284
APIZONE . sone cumw os e 36,713 16,413
ATKADSAS «cvnsvunens 868,303 BA%, 109
Californla +wsmevecs 55,440 41,670
PIOFMS . covemmonsene 39,343 47,161
QéOrgia .ovcvvovewes. 1,994,763 1,781,748
Louisians . ecoeecuee. 540,752 607,934
“M-P‘ vovesneses 1,073,403 815,014
MISSOUr! ... .coovvmwes 2,984 46,144
North Casoling ...... #11,076 561,360
Oklahoma . . ........ 54,017 909,142
?ulh Caroling ..000. 1,440,508 1,162,121
CONONBEE . ... vnnnnes 190,862 203,324
TORAS . ... conavonvess RBISTIT 5,098.08) |
VIFEING can cnme aveae o 21,258 16,664 |
Others . covsvvmers - 4710 g 3,968
BB .. o 2 sontiines d ,ln,nal
Round sales ......:'“'1“0;::: - 186,014
Bea leland . ........ 41,088 88,840
Statistics Read Bullish.
~ Bpinners takings of cotton last
woek totaled 227,000 bales, against
268,000 the same period in 1918, while
the total takings since August 1, ag
f"fiu 5,870,000, ocompared with
001,000 during the same Interval a
year ago. |
With & 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
mestic consumption conservatively
placed at 7,000,000 bales, it appears
that someone Is golng to have to beg
mighty hard for cotton before an
other crop is made,
It doesn’'t matter In what angle an
observer looks at the cotton sitvation
it seems impossible to construe 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
Houth 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
erop 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
}orop of even the most meager ulu‘
At present prices next fall future con
tracts are &aou-d 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, bhecause farmers are not
fools 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 eotton. Oth
ers are expected to follow in thelr
tracks, Wm should the South plant
cotton when they can buy futures
chieaper than they can grow it. They
can buy contracts and cultivate their
land in food and feed products. Ku
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
tshrfcq. which {s cotton.
The South ean not overproduce
foodstuffs. The bill for $100,000,000 to
feed Europe for a while already has
been passed. This only Is only for
emeorgency-—to feed the masses, and
Goes not represent all Burope. 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?
i WEEK'S COTTON RANGE. ;
lowing shows the h lowest
of nctive cotten -'fl::‘:fu New
'l.= 7:: Orleans Cotten Exchanges
' ether with Saturduy's close,
z“. prices of the previeus week
nd nel changep for the woek
EW YORK.
- (High | Low | Closel Rpe | Dee
<o |R6.10/$21.00/481.35/26.05 —4.70
creaeftßo4 :&fl{ 22.28(24.00/2 68
AL e ‘ib.'ll\ 20,00/ 21.20/23.66)-—2.46
Seaded '11...{fl..15l 20.61 2252 —1 .91
October . [*20.75 +18.02 19.30/20.50/—1.20
e ORLEA
<o |SR6.9O $25.30| 235526 80 —3.
SRR maeeen
J R R
-:_o;u.zn.’ 19,05, 20, K
s tiriday,
| AflArA PROVISION MARKET, |
(Corrected by White Provision Compan; \
United States Food ' Administration TN
cense (- . ;
Cornfleld ham, 10-12 avg. ..........36
OCornfield hams, 12-14 ...... .. " '3§
Cornfigld skinned hams, 16-19 .. ... 37
Corntield ‘lcun‘ s -8 ..........08
Cornfield broakfast bacon ... A
Cornfleld sliced bacon, 1-pound boxes.
r 05 B W . asisissiekittiii el
Grocer's bacon, wide or narrow ... .. A 8
\Oornl;h:z pork sausage, fresh link -
or bu Sisressavnpsntssnhsasnenness
!C\'rnflold weiners, in 10-pound ur-”
. EEORUTHS TR §é A s
Cornfield weiners, In 13-pound kits
mrrh*llr 3.2
Cornfield Bologna sausage in 205
eBT R S e oo 0%
Cornfield smoked lnk saussge, in 26
pound boxes ~ ... Exbarens iavi vl
Grandmother's pure leat lard, tierce
basts ~ NCAEAR St it s ks e 3TH
Qountry style lard, tierce basis ... .26
Compound lard, teérce basis ...... 4%
D. B extra ribs . . Eitia sansen 20N
D. 8 bellies, medium aAverage ..., 28
D. B bellies, light avernge ......... .30
ATLANTA LIVE STOCK MARKET,
(Qorrected b‘_w H. White, Jr., President
of hite Provision (%)
Good to choice steers, §6O-1,000 pounds,
BORERI; meatam e Hood’ siserh Ses:
\ .60; mediom eors, -
80 pounds, §.60@9.00.
Medium 'o'pholcn beof cows, 750-850
§307100 gountda, 7008 bo ‘m“ % chetes
~750 unds 0 7.80; to ce
beifern 's6o-450 pounds, § 807,00,
The abo r:xn-uu ruling prices for
d quality cattie. Inferfor grades,
%"7’“ and range eattle gquoted be-
Medium to .sood Stoors, 700-800 pounds,
T60@8.50; medium to good cows, 600-700
runda. 0.10,T.M! mixed common, 5.50@
.50 food fat oxen, 7.00@7.50; good buteh
er bulls, 6.60{8.60.
l‘(;ho!.e:‘nu calves, 7.00@8.60; yoarlings,
I'xnn hogs, 165-225 pounds, 130040 13.25;
Hght hogs, 1%0.168 pounds, 11 50¢r12.00:
M.' vy NllnIO:;llO ::.M:.ilx..: 10.76;
hit 8, 80-100 pou h .
"-m'fiim applies to good quality mixed
sod hogs.
CALL MONEY RATES,
NEW YORK, Jun 26 -—Call money
WMMB\LM!\.—:umu
the stock exchange during the past week.
MEARST'S SUNDAY AMERICAN — A Newspaper for People Who Think — SUNDAY, JANUARY 26, 1919,
{
: istic Feeli
Optimistic Feeling
{
(
'ln Trade Here
! That business conditions here con
-sllnuo of a gratifying volume wlth
4 the feeling rnofl.ofumlluc, is shown
in the weekly trade review of Brad
street:
$ Manufacturing continues active,
Bome idle labor s noticeable, chteflz
amon returning soldiers, thoug
§lh|| ‘,aalun has not yet assumed
an mportance,
'{YI‘A at wholesale is good and
§ retafl In holdln’ up well,
! The effect of the heavy decline
{ 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 mrg:nuon to finance the
armers and banks whose resources
$ Are not extensive to enatde them to
{ hold their product for an Indefinite
$ gnfiod. Simllar action, it is said, is
$ eing taken b{ other cotton grow-
S ing States. The only apprehension
| expressed bg. the- trade Is that the
retaill merchants who have bought
ha:’vny‘::dnmlclp?t'wn ?f an ut:ununil’
spring @ resulting from sales o
cotton held by farmers may find it
hard to met maturing nbllptinm
pend! settlement of satisfactory
. e staple a ement o
prie ?sth tapl nd movement of
the crop. Basic conditions, however,
are good and the trade as a whole
are optimistie.
Collections are good.
NEW YORK, Jan. 26.—Removal of
restrictions on imrrowln‘ of funds fllyf
fened the cotton market today, although
there was a setback from the w‘? on
?mm taking. There wag considera
ble discussion of [’;‘uldent Wihson's
cable to Senator Smith, of SBouth Caro
lina, indicating that the ban on ship
ments of the staple to enemy coungries
would be taken off as soon as ?M§l~
but It was not generally congiderad as
lorcah.dowlnfi any immediate change in
export conditions. First prices werg b
to 36 polints net up.
The list turned firm In the second
hour on renewed active covarnn* by
Wall Strete, with March rinln’ to 22,63,
or 146 points above Friday's low level.
Final prices showed a net gain of 43
to 68 points, reallzlnr trimming the
best levels near the cloge.
Receipts at the port for the day were
16,000 bales,
HJ)ot here was &uim at _an advance
of 60 points at 26.20; no rnhsn. E:!)ot at
New Orlsans was nominal and un
changed ai 27.50 with 253 bales.
Receipts at Galveston were 3,728,
New Orleans 3,441, Savannah 4,733, Nor
folk 1,689, and Memphlig 5,421 baleg.
— NEW YORK COTTON.
. lOpen. [Figh | Low. [L.Salel Close. |Prv.Closs.
Feb. | | | |....]22.38 [21.76
Mch 121.79/22.53]21.79)22.26/22.22-28/21.67-7TI
Apr | | [....121.45 [30.32
May [21.05/21.54[21 04}21‘22 21.20-23(20.77
Jue | .. .(20.70 20.20
Jiy [20.45(20.92|20 ulw.ez 20.61-63(20.12-16
Aug | 31 i 1 0000 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 | | { 119.30 118,62
Dec 11925/19.08]19.26/19.68119.10 |18.47-5%
Closed steady
. NEW _ORLEANS COTTON.
@]fié | Tow. [T.Balel Close. hm.&
an [20.43123.46(23.43/23.45/23.66 .85
Mch 171 1.&28.00!?1.!0 22.91 ’2..‘-"(22.60-53
May 121,20(21.9200.17/21.66/21.66-65/21.07-09
Jly |2O 45/20.95/20.40(20.86(20.82-86{20.25
Oct ‘lli 5.,1..!0 18.50119.10 u‘os-w'u,!o
Ree §ocol ol ol o BTB | g
Closed steady. S
ettt
Atlantn (‘c'-nrelol l:"h-“n' auotes
o
".‘ middling, basi newinal, 206.55; sales
riday, 800 bules.
New York, middling, 26 20
X New Orleans, middling, 27%; sales 1
ale.
Liverpool, good deHn:, 17.864
Savannah, steady: middling, Sl.
Augusta, steady; middling, 20c,
Boston, steady, 25.60.
Philadelphia, middling, 26.85.
Charleston, muidling, 30c.
Wilmington, middiing, 23%
Norfolk, middling, 24c.
Memphis, middling, 28c.
Bt. Louis, mlddhl". 28,
Dallas, midiling, 24,65,
Mobile, middling, 24.
Montgomery, steady, 27%.
Galveston, middling, ”&
Little Rock, middling, 26%.
Houston, middling, 26%.
ATLANTA COTTON SEED PRODUCTS,
U. 8 Fixed
D‘Oerlfi(lou— Prices.
Orude ofl, basis prime.........00vv0 AT
Cotton seed meal, p. e. commen, . ... 366.00
Cotton seed meal, 7 p. ¢, Georgla
common rate polnt......cseeveves H.x:
tfiomn seed hulls, 1008e.....000uvye.. 16,
Cofton seed bulls, sacked..........nominal
Linters. clean mill Tuß. ...oeeeesre. .8 4.67
HESTERSS COTTON STATEMENT,
Comparisonhs are to actual date, not to
close of corresponding weeks, Hales.
In sight for week ..........,... 304,000
do. same roven days last year nu,o-z
o, same seven days year hefore 243,00
do, for the month .......... 1,125,000
do. same date last year ..... 1,046,000
do. same date year before ..., 1,002,000
G 0 108 BORAPOE .6 irsresonee. 008,000
do, same date last year .....10,044,000
Port receipts for season ........ 3,434,000
- do. same date last year ...... 4,269,000
do. same date year before last 6,862,000
Overland to mills and Canada for
season ... .. S shierate 650,000
do. same date last year ..... 982,000
do, same date year before .... 1,072,000
Southern mill takings for season 2,769,000
do. same date last year ...... 2,685,000
do. same date year before ... :.nc.ooo‘
Interior stocks In excess of Sep
tember 1 Shsremeanirnniesnss SRE.OOO
B I POAE .. icvinesnncaven TOO.OOO
do, yoar before ........seeves 745,000
Forelgn exports for week ... .., 201,000
:}o, same seven days last cu- . 71,000
0. same seven days year before 187,000
do, for SenEOD .. .......5..4.+ 3,460,000
do. same date last year .4 .. 3,676,000
do. same date year before .... 3,667.000
Norxhorn spinners’ takings and
Canada for week . ..... T 44,000
do. same seven days last year r.m
GO ToF SRR ivei . iihinniis 1211008
do. to same date last year .. 1,633,000
Statement of Spinners’ of
cnn Cotten “mmm
SR O .. ccividbirarsisiiva o DRRORD
Same seven days last year .. .... 368,000
Same seven Jdays year before .. 366,000
Total since September 1 . ...... 5,870,000
Same date last year .. ........ 7,001,000
Bame date year bbfore ........ 7,908,000
Statement of World's Visible llnrgly.
Total visible this week ........ 4,525,000
G IDAE WORR ,isrcisisvasrses 6,104,000
do. same date lnst year .. ..... 4,444,000
do. same date red‘ before ... . 5363000
Of this the total American this
woek . teannasnensassass 064,000
do. last Woeek .. .iviisennanes 3,487,000
00. 1008 YORF i ivevscsnasconsy BIIL.OOO
do, {vur DOEOrS .yii:-iinnsnsse SEDNOOO
All other kinds this week ..... 1.!“.w
OTS WM cchiirinnenrens LONT N 0
T R eT O \.I‘P!.Oa
B PUAE DOIRRE 1 iinaeivns vy RATOE
Visible in the United States this
WO sasihigiizieshacsinngens ‘."l.m
do. this date last year . ... ..., 2,462,000
Visible in other ocountries this
WU SeisiisiEirstisvnnrnse BN DNN
do. this date last year ~..... 1,984,000
ATLANTA m-i—m
Bm‘ ('o“nn: 1919, hr w l.l: nt
good mid, 2866 2815 31,60 17.78
1918 1918 19017
Recelpts (... .iiveeae €O7 767 263
BRMBIORLE .. .cvsneea 318 © 1018 166
BLoeks ... ..iioooeeaß3s.7Tl7 GOGSS TR 648
Bales ... vessibsas - T B nsens
ATLANTA'S RUSINESS BAROMETER.
Atlants bank clearings Sat. §10.544,494.00
Same day last yoar ......... 6886995 41
Inerease . viiennmes $3,057,495.59
Same day lust week ... ..... 10,863,192.20
Same day 1917 e oo 3,364,740.98
Atl bank cloarings for wk . 866,861,668 84
SBame week last year .. ..., 51,013,846.79
Tacrease BN spe ey :(.N‘l’.?l:.oi
Last week sisseniasasasase $6,448.811.78
Same week last year ........ 24,383,282.35
Corporation Maturities During
February Will Total $333,158,700
Industrial Group Has Biggest Amount Falling
Due Next Month With Total of
$88,341,100:
Maturities falling due In l'ebruanq
1919, represent the largest amount of
maturities of any wouiath in the year,
total beng $333,158,700.
The largest item is United Kingdom
of Great Britain and Ireland b% per cent
notes, due February 1. As these notes
are convertible into a long-term b% 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 lssue is very attractive, being
free from all form of British tax
Among the corporation Issues the
largest amount of maturities is in the
lndunnglq froup, $88,841,100. This in
cludes thiehem BSteel (‘um LWo
{.o.ar b per cent notes for $49,950,060. An
ue of 7 per cent notes has already
been sold for purpose of paying off these
notes. Westinghouse Electric and Man
ufacturing (:ompan}' had $15,000,000 6
Rer cent notes, due abrua.? 1. Provision
as already been made for extending
and paying off these notes. Plans for
taking care of them are now under con
GOVERNMENT BONDS
Web. 1. Unit. Kingdom 2-year notes "a‘.‘ $145.006,000
ng cv s¥sessssdsss g q
y RAILROAD BONDS
¥Feb. 1 Balt. & Ohie notes extended 4 m05...........6 m,lfl.&
Feb. 1 Argentine RY, extended notes .........cee..B 7,600,
Feb. 1 Hocking Val a{ extended notes ‘.............0 1.000.0gz
Feb. 1 (;Aiuul\cn Northern llst land 'r sessovownces 2,000,01
Feb. 1 Baltimore & Ohio egp. tr. 1 B conhssvecos A 0 1,000,000
Feb. 1 Hono%.uhnu River e B »asoinesssnniss il . 695,000
Feb. 1 Lehigh Valley R. R, eol. tr. .......cocomme. .4 500,000
Fob. 1 Norf. & West. Ry, eq. tr. of 1914 ee .. 4%, 500,000
MISCOIIADLEOUS ... .cvverv ssstsrrinesnvmmnsosome 3,816,100
PUBLIC OTlLiry BONDE $43,511,100
Feb. 1 Am. Telephone one-year notes .. =~~~ = g $40,000,000
Feb. 1 United Gas lm‘p. one-yesr notes .. ~_ . g 7.500.000
Feb. 1 Laclede Gas, S-year debentures .. 7" """ '§ 3,850,000
Feb. 1 Amer. RAIIWT Co. 3-year potes.. ' " """ ‘g 1,672,000
Feb. 1 Eighth Ave. Rootn oft Gebt .. .. ___ . ¢ Y 750,000
Feb. 1 Oonnecticutt Co. provisional deb. .. ___ . .. .. .6 250,000
Feb. 1 Zanesville Electrie R‘. TS cition ..o B 250,01
Feb. 3 Washington Water . S ’.002.03
MISCCIIADEOUS . .ovivermvonomoccrnn, o 1,134,500
FOreity SISI cadec i svscscccrssiuniinnss vom 58,008,500
INDUSTRIAL, BONDS ¥
Feb. 1| Remington Arms U. M. C. notes.. . ... ... 6 $15,000,000
Feb. 1 W-ungwun E. & M. l-year notes, ... ......8 15,000,000
Feb. 1 Stern Bros. b-year notes .......e..c.eu...8 2,000,600
Feb. 1 U. 8 llorwuo & Tr. Ist mories... .. .......4 920,700
Feb. 1 Waltham Watch Co. notes .....ec .. .c0....4% 500,000
Feb. 1 Butler Brothers notes ........ieee,.covneea.b 325,000
Feb. 1 Allegheny By-Prod. Coke first ... ... ........6 300,000
Feb. 1 Kirby Lumber (Houston O.) es.. ~ .......6 265,000
Feb, I' Norton Co. first Sertal .....ccovvo 000000 048 ‘ 250,000
Feb. 1 Gorham Mfg. Co. 00ri8) .. ...eooo¢oorvennse.T 350,000
Fem.l6 Bethlehem Bteel 2-year notes ..............5 49,960,000
Feb.ls Union Tank Line eq. tr. netes ..., ........5 1,500,000
Feb. 1 Mld-C, Petroleum gerial ........evcocveveeee.? 300,000
MISOSHADOOUS ..cvooeorovevcrsrronm cocvncsssosh 1,790,400
DUDNIIE SR osncinvnnssstistncneneshessoilh $88,341,100
Entire issue called In February, with due date:
Feb. 1 Niagara, L. & O. P. notes, 1920 ..............8 $1,300,000
Total of maturing and called DOBAS . .......¢e.covvnvressacsen. $333,158,700
U. S. Exports Last Year Only
Q
~ $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,§00,000.
| 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 Decembér, 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
amounting to $62,000000 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 inereased 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.
_wrooxs-— 160 | Low ' ale Clome
Allls-Chalmers , .| 32%| 31| 31%] 32
American Zino o+ of covo]| cons] oed] 11%
AWME. REPL "i v ol ceus] snes] vosiilNß
Amß B, BUBAr o of sovo] s00:] ssoo] 88
Amn. Can . ...e.] 48 47 l; 4T%
Amn. Car Nrr. oo 91350 90 0041 903
Amn Cot. Oil ~ | 4% uk A 3% 2%
Amn. Loco, . ....| 61 60 [ 61
G 5 DR s 0 of cistl sevak cnanitiß
Amn. Smelting . . T2%] Tly] 714 91y
G 0 PIOR: "io el sses] sans ....100&
Amn, .rod Fdrs, ..| 81 50 0% N
Amn. Bugar Ref. .| ..ocf «osof 00..[118
A T AR so] ssesl sonsl sveilßVß
Amn. Woolen . « « | socef sonef 2200 “n
Amn. Linseed " . .| 607 '] 49% ua 49
At. G, and W, I, .[1033% (110314 (10314(102
Amn. H. and L . | NWI 14 Lun 15
! do pref, .. .| 83N SO% |Bl Sl%
Amß Tobases . of sooa] saee] 201208
Amn. SBum. Tob. . 103% /102 J 102% 102
‘imnfle;,nl.:" o o] sovef sovef soes g}“
Amn. . ?‘. o conel senel ene
}Aluk. Gol o ok sashk aseal as ek SE
Anaconda . , . .| 60%| B 8 | 68% l.k
Atchison . . o« o of cocef soni] «oes] 92
At Cout“ifio. of asneh saks¥ simst BY
Baldwin i+ o 1 13 10& 70%] 70
Bal. and Ohio . .| 49 48 AB% |47 .
Booth n-nom:.. asas] el snisi BB
POth. Btoal PIOR o of 2o sassf o 0 [2OB
Beth, Bteel B , .| 624 dok 61 61
Brook, R. T, . .eo.| 315 18 18% lfig
Butte Buperfor . .} ....| ....| «...] 1T
BN O A Bo o] siseol cose] soss]l @
Cal, Potroleum . .| 36% | 26%/| 25% uk
an pref. « o sl s> 5 s vt AN
Can. Pacitic o JJIBON IBR Y (168 Y lfila
Ches. and Ohio ~| 68 b6y |66 113
B BRE N W, & of vess] cans] oveol D 99
do pref, . o o s.oo] Noa) ol ]IOB
Col. ¥. and I , .| 37%| 36%| 36%| 36%
C, M and SBt. P, , .| 394 39 39| 39
do Prof. .oo of Looof dann] 2ain ‘"a
Chino Copper ~. |34 34 34 33
Consol, Gas . . S 5 Ll aol '
Corn Products .. .| & 4T%) 4TY] 8%
Crucible Steel . .| 6% 64 o 4 b 4%
Cuban Am. Suger o} ....0 +...f ....1150
Cuban C Sigar . 245 233 22%| 24%
B 0 PPOE . oo o] sise] wanes voesl 1B
SR TRI PIBS ¢o of st cansl winsl 2B
Central Leather , .| 60% | 60%/ 68%| 69
Chile Oopg;-r s st vovalisraul sval BT
Chandier " Mator h“l’hx:w
um Gop ..
Corre-de-Pasoo . .| ....] ... ....] 32
Del. and Hud. . . ....] so.4f ....[IOB
Dist. Securities . .} 83% B3| 63%) 53
CTRETOEET T e R T
@ pref. IM o ol o;o] gopel oo 138
do pref. 28d . o cooof cools cuil] 18%
General Eleotrio « o ....0 ....] ....]149
General {o(on . fllfi 1263 (126 1123
Goodrich Rubber , 61 61 61 60
Qt. Nor, pref. .. 93%| 92 3 ”
Gt. Nor, Ore , . 8 37 TR %
Ot. Western . . ooof seesl sosal B
RN - ol G e ol DB
Guif States Steed . .} ... 4 ....] ....] B 3
Tnepie. Copper = ] 4ia| sag] sen) ten
nspir. Copper o “
RIS s s& Ml svie * ven et B
dogref. oo& of ... 1 L 18N
nd. Alcohol, wee « 104 11029 1034 102
Jot. Nickel . . ./ 3 27 L i 6%
{n:. Agri CQorp. . “ ” “ g;a
nt, P‘f' A w oy
Kan, CItY Sows seed oo of condf 00 l] 17%
G 0 PIOL. . o of ceni] cind saodd BB
BES. B TORME ¢ o sovnl cones snsil B
d0uv1..... conell saes] sove] B
HoBRSOBME - s asof ooal sanad siesd B
sideration and will be announced in a
few days.
Bulk of the railroad lssues falling due
in February are those of Baltimore and
Ohic Rallroad Comgny extended four
months’ notes for $22,500,000 and equip
ment trust flsper cent notes for 81.00‘;.—
000, both due February 1. Plans for tak
ing care of these lssues have not yet
been announced.
The largest and most important 54
sue In the public \i&l.llty list is Ameri
can Telegraph and Telephone Cool;?on
one-year 6 per cent notes for 340. 0.3
The com{aany has dm&dgonol an issue
of debenture 6 per cent nds, the pro
ceeds of which will be used to pay off
these notes. Laclede Gas Company, of
St. Louls, Mo., has 33.350,000 5 per cent
debentures, umnm ue February 1 for
the payment of which they are offering
$5,000 000 first mon"nfe ten-year 7 P“
cent bonds, while United Gas and Im
provement Company has fi,500.000 6 per
cent notes, due on same day which will
be extended for one year.
Following 1s a list of corporate ma
turities in February, 1919, as complled
by Dow, Jones & Co.u
v | b
STOCKS-— H hi Low Illlolqg_
clly-BSpgfid. ... .| 71 Wl
Lack. Steel . .....| 67%/| ¢6 66 65
Lehigh Val. . . sovel sasslpuees 66&
{m 'l::uN. oy o ol covel does ....dgfi
« AN RNy sae
Maxwell Motors ..| 29 29 29 28
R TN R foaF il 51%
See (lu[:d p(ref. 3 ’ ““‘ ““ "" ?)2
88, Pac. (new) . 2
:u.‘ Petrdlefm ... 1;:;: 1;3“ l::“ 1;:
DO s 5 v sshes
do 8”!. ke l.‘%‘l'l“ 102% 103
PN CRBPOF & of covsl conel oxnsl 38
Midvale r“l . 00l 43 42%] 2% 42
Nat. Gaamet -.| abig| abig] avic] B 8
at. amel . .
gorth B sin ol ssasl vl sacet BB
S A BB B
he Rl s MR e
g. LAP TG Rt «oo (10634
Nor. Pacifie . . .| 92%| 1% 81%] 91
N Y,Ont. &W. , sesel sanes ooaes l’a
Bov. O Ol oof soocl cosel ooril 38
B K AIPUPARS . o st T vihel ore DN
Ohio Cities Gas . .| 42%| 42% 2% 2%
B 0 B 4k seie] Gadl i vy 3644
Pennsylvanla . . .| 46y 46% | 40y “k
Pierce-Arrow , ésl kacofianns] WP
Pan-American , .| 7 fl uuu Nk
People's Gas . . .| 49 49 490 48y
Pressed Steel Car .| 64% 64% | 647 64
IR O 88) & s o) isonletrsionstscsne 6%
Pierce Ol . 1 . .| 18%/| 18%] 18% i 3
Pullman Com,
Ray t‘omoudm .| 20 |I"l 20% | 208
Mmlil*.. ss sv.s] TR 29 7’: 8 h
Republ I & Steel | T6%| 76%| 76 T 4%
do, P"" s o afesvaddini 9] ca a2l
Rook Island . . sfescanleesan]inneesd 28
00 L B idivsishiiniidi d T
O B . dessislhidiaikicond BB
Rallway Steel Spgs.| 74 73 T 3N
Sears ‘mbucl o slssssqlecccafrcece]i?S
Slofasßhetfield . if.....leceeeleceee ‘lt
SoutMern Pacitic .li0o%! 99" "["99""] o 8
soul‘l‘\eru R:xl.uy Jeovsrfonssndsoins :Zl
DR < o diksisien sikeaa i
Studebaker ....| 49 49 49% 1 4
Sinclair OB . . ~ u& !la 6% 30§
ERARUOR, AME . . .iunbeissahicasl 1B
Tobacco Products .| 76| T6%| 76% 'l6&
Tonnessee Cop Per of..ovefevecalarees] 18
Bhird Avenus o o iol isaliig 00l 18
Texas Ol . . o .(190 1190 [l9O ll’t
Eutul}’;clf‘\te o e of 2% 33%| 32% 1%:
o BN B K o Rl
Union Plclfrie oo IS NTH 128 Y l"l;‘
OO DR o+ o Jisnkolinasalerion
u. l‘.’ Rubb‘c e o TN T 8 76 lz:h
e DOE & v o 'odastantibai iVt s
U. 00 .. Ilu\ 2% 2% 92
dc.&l:l, s s sfiavislissschssosliße
3?1?‘0» . Stores ‘tii '3 Fae l“
Va.-Car, (?;erm. Co. zlh 83%| 63%| 52
WABME & & ¢ o shasaspfenrssbonss 8
do. pret. A. ... ... 8.l oly
Western Unton ~ 4.....0.....}.....] 87
Willys-Overland . 4N 2% 24| 24
Wescingnouse . | 4i%| dik| "
Vestingho! 5
Wilson Packing Uo‘ 68
BONDS,
————————————————
b o 0408, 00199, .9
Y u'."u.'u"’o’:.‘u't’a':m::.a:
U B Lib. 2d. 48 . .sh.u‘:.nsn.:ma.:o
U. 8. Lib 44» L 95.54195,46195.46)95 .58
U. S Lib. Ist. 438 [95.60/96.60/95.60/95.80
U. 8. Lib. 3d. 4%s N.u 04,7894 74/94. 94
U. 8 Lib dth, 485 {B4, L 5694, “.“‘
Vanderlip Sees
P it
Gireat Prosperity
O Mr. F. A, Vanderlip tl'fi it
uation *“is particularly prom.
ising.”” He says.
“Our gold reserves are unprece
dented in the world’'s kistory. Our
?olluon internationally is so strong
hat 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
muipment, and if we can lend to him
equate amounts on short terms to
finance his g.roducuvo 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 orgnintlon with marvels of
accomplishment to its credit; we
have a splendid banking machine
and stupendous gold reserves; the
worldx'l::k- tmfl for products. SBhall
probl of readjustment and recon.
struction destroy our progress and
defeat our resolution? It is incon
celvable. All that we need is*indi
vidual courage and confidence.
‘“The belief in prosperity is its cre
ation,””
By BROADAN WALL.
NEW YORK, Jan. 2.-—The agtual
bank statement today showed swrplus
decreased $18,504,780; loans degreased
$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 llolaea
in many issues and with practically all
stocks materially under the high
frlce. There was a boom at the open
ng ag traders who were short hastily
covered their commitments. This cov
ering movement was caused by an
nouncemeant that he money committee
had removed all restrictions on loans.
Opomn{h advances were 1 to 2 points
above the close.
Almost immediately canservative
committee houses sent out mesgages
urging the sale of stocks. This was
done e ially by those houses that
have on;oyed favors under the L%oney
committee mlin{ and whose custom
erg are naturally well suppliesd with
surplus. The result of fhis 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 houses that have been favored
by the committee rullng which perml%
ted the ordinary citizen to borrow eonl3
limited amounts from the banks while
rich men and bond syndicates could bor
row without limit are naturally much
embarrassed hy th esudden decision of
Secretary Glass to give everybody a
square deal and thus gave the forth
coming Victory Loan from becoming a
fizzle. The favored houses raised the
ery of ““bolshevism’’ today.against thosq
who had been demanding a square deal
in the matter of loans. Some of the
most distinguished financiers of Ameri
ca_are thus branded bolghevists
Wall Street’s attemtion naturally cen
tered about United Statea Steel, At
the opening. it was 17-8 above the
cloging of Friday. It held this level
for a few minutes only, and before the
cloge had sunk 2% points and finished
the day with a net loss of %
Mexican Petroleum was another cen
ter of great interest. It began the day
with an advance of 3 1-8, but profit tak- |
ing was go furious that it lost 6 7-8
from the high level thus established,
Other stocks moved with more or less
violence in accordande with the extent
of the short interest caught by the am-‘
nouncement of the money committee.
Brooklyn Rapid Transit sold down to
18 3-4. Never in its history has it sold
under 18, and that was in the early
days and in a panic. It's present level
coroborates the expectations of Jacob
H. Schiff that he stock will have to be
assessed.
z ATLANTA SECURITIES il
e At
SETOCKS— Bid |Askd
tiantic Stee 000 «sv.ei] 87 ROK
OB o ciivhiitsinivensd BB M
At Ice and Coal Corp. ........[| 64 64
S BUNE Giiiivine o vhikesnid T 8 76
Atl. and W. P, Raflroad ....1150 [165
Atlanta National Bank ......|285 (295
Uentral Bk. and Trust Corp. ..|l4B ‘152
Fourth National Bank ~....[3l 220
Augusta and Sav. Rallway ....| $2 86
Atlanta Trust Company ....| 80 |i9o
Exposition Cotton Mills ......[lB5 190
Fulton National Bank weeessll7% 1120
Empire Cotton Oil. common ..| 60 62
SO IR . ieiorivrinivband B 08
Gate City Cotton Mills ........[|226 5 ‘
Ga, "v. and Banking Ca ...|233 (235
Ga. Ry. and Blee. Co. ......../106 107% |
@0 BB & sovvivanesiniosi 78 7
4o 34 DPref. .. Meseesanse.] 11%) 18
G 0 COMMOE . .cvvocalons.] B .
Lowry National Bank ........[!220 [22§B
Southwestern Rallroad ........| 95 .
Third National Bank ........|212 [Bl6
Trust Company of Georgia ....[275 |2BO
Atl. Cons. 8t Ry. 6s ........'IOO [lO2
Atl-Char. Alrline 68 ........]5lO |Basis
. Bonds.
At'anta 8 1940 ............| 4.40]/Basis
Atlantie Ice and Coal, 68 ......| 93 "
Atlantic Bteel 68 ............| 96 "7
Ga. Railroad and Bank. Co. ..| 85 5
‘ NEW YORK CURB MARKET,
NEW YORK, Jan, 25.—Trading on. the
curb market today was quiet and no
wide movements were recorded in the act
ive shares. Following a firm opening the
market reacted. Keystone Tire and Rube
ber was the big feature, being in good
demand in the early part of the spssion
and gaining almost a point. General As
{nnm reacted on reallizng after estab
ishing & new high record. Motor and
war issues were quiet,
Aetna Ex. ..., '4 % ™% %
Air Reductloth 50 60 50 60
Anglo-Amn, O 17% 17% 17% 17&
Barrett Oil ... .. sy 3-16 Q
(Qhovr:lot .+ s 140 s li:“ Ng 1g“
onsol, Copper .. .
Cosden Oil ..., 7 ™ 7 %
Curtiss Aero. ~ 10 13 11 13
Houston Oil .., 80 81 78 81
Ind. Pipe ....200 106 100 106
Inter. Pete ... 21 22 19% 20%
L. Val, Coal ~ 86 88 86 88
Magda ......... 26 27 25 27
Marconia ...... 4 4% 4 iy
Merritt Ofl ..., 21 23 2 22
Midwest Of! ~.128 130 128 130
N. A Pulp ..... $ Y 3 3y
Ohio Ol ......318 323 318 323
Prairie Ofl ....6560 660 660 660
Sub. Boat .... 11 @ 11% 11 1%
St O, N. Y. ..313 @317 313 317
Bt. Oil, N. J. ~.687 692 687 692
Bt. Oil, Cal, ~.268 273 268 273
Bt. O, Ind. ~750 760 . 750 760
Union "ank ...113 @ll6 113 @ll6
United Motors .36 36 % 36 30&
Yio. Ot .ifiees. B 2% 2 2
W-Martin ... 3% 3‘ “t 3%
Midw, Rfg. ...129 81! 12 130
Glen Rock .... 3% 4 3? 4
Island Ofl ... .. & 7 %
NW. Off ;000 88 51 49 ;g
U. 8 Stmship ~ 4% % 4% »
el
WEEKLY BANK STATEMENT.
NEW YORK, Jan. 36.—The weekly bank
statement follows:
| Avernge Statement.
~ Loans increased $37,864,000,
Demand d ts decreased $30,642 000,
Rescrve docry d“"m x:‘lin"“'
Ae:dm
- Loans decreased $31,341,000.
Dwnnd‘“::rndu decreased $43 936,000
Time ts decronsed $8,539,000.
Resorve decroased $18,504,780.
ROSA'S CORPSE FOUND.
AMBTERDAM, Jan. 25.—The bogy of
Rosa Luxomb\u-wnulsta lefider,
who was killed in n, has bee‘r’l‘ found
mutilated in_a canal said a patch
trom Berlin Friday.
Must Overproduce to Avoid a Strike of Workers,
Says Expert—Costly Bui‘ldings Not Likely To
Be Built Just Yet, Owing to Income Tax and
High Cost of Material. :
By BOERSIANER,
CHICAGO, Jan. 25.—As regards the
fron 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 practiee 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 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 Yoliet
Steel Mills, where instructions were
given to blow out certain furnaces for
relinlng 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 capacity to
avoid a general strike.
Something or somebody must yield
somewhere. REither 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 negessitate a
cut in cost of operation, including
wages; a contingency that no doubt
would be resented by the workers
more vehemently than the closure of
some of the plants. The pogition 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 investment,
but out of pride,” remarked Vice
" '
Weekly Statement of 6th
Federal Reserve Bank
Following is the statement of re
sources and liabilitigs of the Sixth Federal
Reserve Bank at the elose’ of business,
January 24: 4
Resources: ‘
Gold coin and certificates in
BEEIE s s nes il RIBR TRO
Gold settlement fund ...... 135620,970.54
Gold with foreign agencies. . 174,866.23
Gold with Fed. Res. Agt. . 41,564,600.00
Gold redemption fund ...... 4,663,276.62
Total gold reserve ......$ 6'1.953.47;.’.1 ‘
Legal temnder notes, silver, |
B 0 il ike il 593.!45.0!”
Total reserve .......... ‘-.8 68,847,419.21
Bills discounted mbrs. ...$ 30,449,669.71
Mbr. bnks. collatéral notes.. 47,577,671.39
Bills bought in open mkt. . 11,106,651.58
Municipal warrants ~ ...... 4,000.00
g 8 long term secs.
TR R G e o 53‘,:00.00
U. 8. short term secs, (ctfs.). 6,621,000.00
Total earning assets ......% 96,195,892.68
Dransit Items ... o cios. SARITE66.2I
Due from Treasurer, § -per =~
cent FR bank notes ...... .. 34259000
All other resources ~ s.ess $51,606.13
Total resources ..........$205554,663.23
Liabilities:
Capital paid in ............3 3,189,050.00
Burplgs fund .......edeeee 775,000.00
Government deposits ....... 8,824,875.74
Due to Mbrs. reserve acct. . 45,085,898.08
All other deposits .......... 116,302.06
Federal Reserve notes in act
ual circulation .......... 112,741,260.00
Federal Reserve bank notes
in actual circulation ..... 6,341,550.00
Transit items ........eeees 27,261,641,13
All other liabilities ...ceeee 1,219,086.22
Total liabilities ....eee...520°,564,663.23
. .
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 choicest grades have been
lower. In the fancy grades, however, a
new high price level for the month of
Jandary was recorded. Fat cows and heif
ers were 50 cents to $1 lower while beef
bulls and calves declined as much as $1,50.,
Traders report prospects favorable for Im
provement next week.
Hogs have held fairly steady, but the
buyers have shown a disposition to over
look any but the best grades and the more
common stuff has shown a decline. The
market today touched the low point of the
week., The decline was largely due to a
h“v{ supply with the receipts about 26,«
000 in excess of those of the week be
fore. Export shipments of hogs were very
heavy. \
In the sheep market fat lamhs were
mostly 50 cents lower as compared with a
week ago while fat sheep showed a decline
of 25 cents. Most of the sheep received
were for the big packers and ther ".1
little stuff for sale in the, open m{zkfl.
Wee K-end prices for all sorts of live mute
tons showed a big decline from the high
point of the week, and despite the fact
that the total supply of sheep showed an
increase over the week before, values close
ed lower for all grades. , |
e B ey
ST. LOUIS LIVE BTOCK MARKET.- ‘
BT. LOUIS, Jan, 256.-—Cattle, receipts
600; market, steady. Native beef steers,
ILW,II.IG: zeu’llnl beef steers and heif
ors, jfi?le. 0; cows, 7.76@12.60; stock
ers and feeders, $.60@12.00; calves, 7.76@
14.76; fair to prime yearling hoes steers,
10.00@18.00; beef cows and heifers, 7.50@
16.00; southern prime yearling steers and
heifers, 6.50@8.00.
Hogs, receipts, 3,600; market steady;
mixed and butchers, 17.:0@1165; good,
17.40@17.75;: rough, 16.00@16.40; lights,
gi.'tol 17.40; pigs, 10.50@ 14.00; bulk, 17.20
Sheep, no receipts; market, steady,
———————p
NEW YORK COFFERE.
| Closeing.
JADUATY .. o 0 oo oo oe se 0.|12.70@12.75
MAY .. co oo oo o 0 e ws oo +.[13.18@13,19
JUBO .. sp pe e we we W ee L[13.10@13.15
JUIF .. ve Tve s e em e +.]13.03@13.08
AULUBE. . .o vo o sooe s o +.|12.96@13.00
Beptember .. oo oo oo oo o +.]12.90012.95
OCtObEr . oo oo ww oo o= = +.[12.85@12.90
November .. .c o« oo oe oo |12.80@12.85
December . .. .. . .. .. .. ..[1273@12.80
CHICAGO LIVE STOCK.
(By U. B. Bureau of Markets, Jan. 25.
Hogs—Estimated receipts, 13,000; m;r?
ket slow and steady: bulk, 11.40?!7 65;
top, 17.70; butcher hogs, heavy, 17.65@.
17.70; packing hogs, heavy, 16.50@17.00;
oty ged miied, 3G AS: Nl
. .45, 88, . 4.50;
roughs "fl"s"'fi: PN T
ttie—Estimat receipts, 1,000, mare
ket mo lower. .
Sh imated receipts 3000, market
President Fenton, of the Harris Trust
and Savings Bank. “A fine edifice is
something to be proud of, It is a
thing which you and the world ab
ways have before them. It is, in the
h\rntfl, a tangiole and concrete invest
ment.
“But I am afraid that the income
tax will diminish this sort of pride son
some time. Capital, especially big
capital, will g;oxor to put meoney inte
tax exempt nds,
Urges Two-lssue Loan.
“And this is one of the reasons '2‘
I think Secretary (Hlass would do well
to make two issues of the next Gow
ernment loan; one 3 1-2 per cent tax
free, the other, say 4 I<2 per cent,
the latter to run tem to twenty years.
“The 3 1-2 s 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 letter for all concerned, particus
larly for snhe Government, not to have
Governmeént 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 bohd 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 Loah flotation—gave of their men
and time freely, at a pretty heavy
cost to themselves. But they did ne
more than their duty and were, ine
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,
“I can not agree with this line of
'rea.aonln‘. The forthcoming loan
will, so to speak, merely complete
the job; will round out the Govern~
ment’s war flnancing; for with the
proceeds of the fifth loan will be paid
the final debts contracted for war
‘ purposes.”
By JOSEPH F. PRITCHARD.
- CHICAGO, Jan. 25,—New low levels
were reached in the corn market to
day for all deliveriecs with the possi
ble exception of the January future,
as the result of liquidation by longs
on a large scale. Resting spots for
the day showed losses of 41-2 to &
cents Jor January, 4 to 5 cents for
Februdry, 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 1 3-8 to
17-8 cents in oats.
There was cdongiderable selling of
oats in the way of liquidation by longs
and prices dropped to new low levels
for all deliveries and are now the
lowest since late in 1917,
‘ ; e e et e —————
\ Grain quotatioms:
Eagh High. Low. Ol s
n, w.
’ com\'—»pe gl ose. Close,
Jan. 1.23% 1.25 1.18% 119 123
o 195 "S BTN 148 1
Mch. 1.21 1.22& 1.16 L 16% 1.21%
My e Y hig N 5 He
uly 1, 163 1 115
OATS—
Jan. 51y 58% 67 67 68y
Feb, 58 7% 59 563 7% 8%
Mch. 1 591 €0 671 68 69%
Jy SR B* Y Ny o
July 9 6
PORK — .
Jan. 43.00 43.00 43.00 43.00 44.00
May 37.60 37.7% 3760 37.60 38.60
LARD— ’
Jan. 22.65 22,67 32.60 23.6 Y 20.7%
“‘K 22.60 22.67 22.60 22,67 22.82
IBS—
Jan, 23.00 23,00 2290 22.90 3.40
May 21.20 219 20.92 2092 2.4 z
CHICAGO CAR LOTS,
CHICAGO. aJn. 26.—Folowing are re
ceipts today:
VDR oo o6on'tonon o 8 se b 61
COFB oo oo o 0 0w so'om wpon %o ow o 139
OBLE coive oo os oo oo be saVim e 90
HOBB o ss ot se oo 28 54 on se sl
e ————
GRAIN NOTES,
' CHICAGO, Jan. 25.—Corn—the appro
priation of $100,000,000 for foreign relief
ipmed by the Senate yesterday and week
‘end covering by shorts will to some extent
steady the corn market, but Hquidation
yesterday was on an enormous scale with
sentiment almost universally in favor of
speady m!urn‘&) normal level, Market
18 _in position ere something radical is
necéssary to change its trend. Minor items
of news are completely ignored,
__Oats—ldentically the same conditions
prevall in oats as in corn, market being
even weaker than corn because of an
utter absence of moteworthy support. This
grain is considered the cheapest of all, but
at the swme time there is no motive for
; investment.
| e —
‘ NEW YORK PRODUCE MARKET,
NEW YORK, Jan, 26. —Petroleum, tirmg
crude Pennsylvanla, 4.00,
~ Turpentine, dull, 76% @76.
Resin, dull, common, 14.00@14.10,
Hides, firm, native' steers, 27% @28%:
branded steers, 351/,,?20%.
Coffee, weak, options opened 9 to W
points lower; Rio No. 7 on spot, 14%.,
Rive, firm; domestic S 5 @lO3,
Molasses, steady; New Orleans open leot
tle, 76@82; black strap, 18@23,
g\ll&‘l‘. umhl\lldl('d. &3
otatoes, steady, erb; white,
6.50; Bermudas, 6.0097.50; Mx
sweets, 2.76@4.560.
Beans, easy, Marrow choiee, 12.00; pea
choice, 9.60; Red Kidney choice, 1%.00.
Dried fruits, firm, Apricots, choloe tn
fancy, 17.00®17.25; Apples, evaporated,
pgmmlfito fancy, I‘6“ @17%; Prunes, 30s to
608, i prunes, 60s to 100 s, 10 1695
seeded raising, choice to fancy, lhgl.lh.‘
e ————————————
MONEY AND EXCHANGH,
NEW YORK, Jan. 36.—Ca1l money
London today was 23 per cent. -
Sterling exchange was steady with bueh
ness in bankers' bills at 4.75% for de
40 o Soy bilis ano. dide tar A
4C