Newspaper Page Text
THE SUNDAY AMERICAN'S FINANCIAL AND BUSINESS PAGE
Values Hammered Unmercifully, With Bulls
Dormant Until Late in Week, Then KFresh
JDemand 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
short account and liquidation of out-}
wtanding long \
g |
Imex, e ‘
W all Btreet, e -
No w England, i
Japaness, West R s
ern, Bouthern nm} e & 4
comminsnl n“n o
houses wsold, - T
thouah the k¥ W
smount of Bouth- ' b
ern hedge wselling m
was negligible Y ‘,
TAverpool oper
ated on both
wides, but proba
bly. sold more
than wshe pur- N
chased. Trade in- 4
terests, spot firms § MR A
and a few shorts
supplied the bulk of buying orders.
Demand did not become of sufficient
volume to stem the tumbling market
until late in the week,
The old bull crowd was bewildered
and stood aside, allowing values to
erumble beneath the bears’ steam
roller, which was kept full of fuel
constant pressure until those against
the market realized that it was haz
ardous to further push their tactics,
in view of the fact that technically,
statistically and otherwise the murkm.i
was in the strongest position in years
to respond tremendously to the least
bt of “spunk” on the part of the old
bull erowd, 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 lxie of tho}
_market,
240 to 323 Points Lower.
The closing quotations In New York
Saturday stood 120 to 268 points below
the final prices of the previous week,
while futures at New Orleans exhibit
ed & net loss of % to 3256 points.
January New York went out Friday
470 points net down for the week.
From the week's low levels both
markets enjoyved a substantial recoil,
as 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
ing short interest in years existing. |
At the bottom levels established
during the forenocn session Friday
futures in both markets stood at the
jowest marks in the last two vears,
with October delivery at New Orleans
#t 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,
JThere 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 priee January reached
was 36,36, on September 3 last,
The following table showing the
closing prices on January 2, the highs
of Beptember and the lows of last
week gives the whole thing in a nut
#hell and tells a big story:
Options 2, 1019, 8, 1918, 24, 1919,
Close, High, Low,
Jan. 2, Bept. 3, Jan, 24,
Options 1919, 1918, 1919,
January . . « 2040 46,356 21.00
March . o ¢ « 21N 36.20 20,95
MAY .oo o « 2604 86.90 /2000
July . . ... 2004 36.20 19.16
October . . . 2336 $7.26 18.02
~ Bullish News Ignored.
Barly in, the week a false
report was circulated that Man
chester mills wcre on the verge
of shutting down. This, ocoupled
with pessimistic advices from domes
tle 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. Bears also ignored the fact
that a cable was sent to President
Wilson by Southern Senators and
Representatives and the Farmers'
UUnion to lift embargoes against cot
ton exports, In reply the President
cabled that the cotton now could be
exported to all countries in amounts
sdequate to their needs, and that fur
ther exports to enemy countries
ralsed important questions of policy,
which were the subject of attentive
consideration by the assoclated Gov
oraments.
Al present exports are increasing,
but the outgo still is held down, ow
ing to high rates. Everybody knows
that BEurope is without cotton, but
freight rates are out of reach. Stabil
ization of rates to September 1 I 8
urged by Loulsiana banks in a mes-
Qin to thelr Washington representa
tives,
Ex s Growing Meavier,
Neven:rleu-. exports last week
toteled 201,438 bales, against 50653
bales the same week last year, This
brought the total outgo so far this
Beason up to 2,450,033 bales, against
2,576,396 the previous corresponding
jeriod, thus confirming the repeated
assertion in these columns that ex
poris soon will surpass those of a
{:hu‘r 4go. The deficit rapldly is van
ng.
The Census ginnings report lssued
Thursday was In line with general
« xpectations, totaling 11,061 845 bales,
against 10,670,753 bales the same date
Jast year. Ginnilngs for the period—
January 1 to 16--totaled 296,587 bales,
The National Gilnners’ Aasociation
forecasted ginnings at 10,915,000 bales
and the writer sald they would be
batween 11,000,000 and 11,100,000
M"l.
‘ Ginmings to January 16
Durtng the wind-up period gin
nings mast total virtually 700,000
bales in order to confirm the Govern.
ment estimate of 11,700,000 bales, ex
clusive of linters. Some argue the
gvess will be sustained, while others
take an adverse side.
For the interest of those who prob
ably failed to read the ginnings re.
port lssned Thursday, the report by
States, showing returns prior to Jan
uary 16, with comparison, follows:
1914 191%
L Alabama ’ 765,167 A%% 284
Arizona . YAy 36,713 16,413
Aricunsas 865,568 68,109
California .. ... Bi 440 41,670
TN .o.oisis .4 29,242 47,187
()doraln cvnsenscncnis 094, TBB 1,783,738
Lovisland ........... 540,762 607,934
lfl-fl-!rfl Gowiisn 1,073,408 81%.016
Mimsour! .. ... ... 52,084 46,146
North Carolina 11,076 061,356
Oklshoma . ... 664,017 909, 142
;nulh Carolina oo 1,440,508 1,162 12
ennesses . P 24 290,662 204 324
Texas . % AT .:,su.'ll'l 2,905 681
Virginia . ’ 21,256 16,664
Others A Mk R 4,770 53,968
Total . ceneo ¥, 11,061,846 10,670,733
Round bales . . . 149,412 186,014
Bes Island . ... .. 41,088 85,540
Statistics Read Bullish,
Spinners takings of cotton las.
week totaled 227,000 baies, against
268,000 the same period in 1918, while
the total takings since August 1, ag
gregate 5870000, compared wilh
7,001,000 during the same interval a
year ago,
With & crop of not more than
11,700,000 bales in sight and exporis
expected to closely approximate
7,000,000 bales tl;r season and do
mestic consumption conservatively
placed at 7,000,000 bales, it appears
that someone is going to have to bew
mighty hard for cotton before an
other crop Is made,
It doesn’t matter in what angle ‘an
observer looks at the cotion 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 te pre-war levels and that the
South is going to plant the staple all
over the face of the earth this yeat.
In fact, those responsible for the de
cline have pictured in their minds a
arop 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 plunt «
crop of even the most meager “kize
at present p‘sd-rneu fall future con
tracts are quoted at,
The writer, is informed L a prom
inent spot merchant that unless the
market _takes a great upswing and
spois rlse to at least 356 cents there
will be great cancellation of fertilizer
contracts, because farmers are not
lools 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. Oih
ers are expecied to follow in their
tracks, Why should the South plant
cotton when they can buy futures
cheaper than they can grow it, They
‘un buy contracts an®culiivate their
land in food and feed products. Ku
rope has got to be feed ax well as
clothed and the Lord only knows how
vhe can afford to be clothed in any'
thing other than the ©cheupest of
fabrics, whieh,is cotton. *
The South hr‘ not overproduce
foodstuffs, ‘The bill £6r £100,000,000 to
feed Furope for a while already has
been passed. This only is only for
emergency-—to feed the musses, and
coer not represént all Fnrope. That's
separaté—usuil export trade,
Friday and Suturday the market
showed plainly that bears were un
casy and just as soon as they get a
genuine scare wx’ch, them take to
their hoel‘ and cdver, but my good
ness, whal a punishment they're go-
Ing to get Lefore they even up their
commitments?
'
; WEEK'S COTTON RANGE. é
lowing shows the hlahm and lewest
V‘m- of l',!‘flvv ormuu q;‘ "i"'rf.""
ol ow eans xe )
a.‘ fi ‘Ol’i"llpl‘ :f'“thh mdry'- «l.ike.
e closlng prices ¢ previeus w
and net_changes for the week |
FONRRANEELS B . NG )
| r | Satf. 'W;Glsm
| High | Low Cl%ol "5
Janunry | [*26.10/$51.00 481 126.05/—4.70
March .. ... 'N.):kafll‘ n.nm.ul-—t.eu
Myl E
Chahe 5 X WO 191
Getober . '!8:]0!..0!! 19.30 20.50 —1.20
P — ORI . |
AnuAry . |*26.90 30| 23.55/26.80/—3.25
w v .«-mumu n.wu.u‘—-l.m
~|AE0AI48010) 213583 46— 191
July .. ... . 1*28.511419.30 20.82/22.35 1,53
October [*20.50.417,74] 19,05 20,00/ .95
3‘%; Om,. 1‘
|
ATLANTA PROVISION MARKET.
(Oorrected by White Proyision Compuny—
United States Food Administration Li
cense (-21371.)
Cornfield ham, 10.12 ave. . 36y
Cornfield hams, 13.14 ¥y 364 y
Cornfield skinned hams, 16-19 e
Cornficld pienic hams, 8 .., 25
Cornfield breakfast bacon i “H
Cornfisld sliced bacen, L-pound bhoxes,
B 8 00 I L K v e
Grocer's bacon, wide or narrow .. 18
Cornfield pork sausage, fresh link
BDR il iha ssaoiss A 8
Cornfield weiners, in 10-pound car
., BT y s s vavev BB
Cornfield weiners, in 12-pound kits
in iAI-'hl-- z ) L
Cornfield Bologna sausage in M
pound boxes ... .. i AN
Cornfield smoked link sausage, in 26-
pound boxes .. sravas VBB
Grandmother's pure leaf lard, teroe
basis . . \ e 2%
Qountry style lard, tierce basis ... 26
Cogapound lard, tierce basis 24y
l\.g. extra ribs A cosanirn BB
. B bellies, moedium average |, ny
D. 8 bellles, light average 30
ATLANTA LIVE STOCK MAKRKET,
(Corrected by W. H. White, Jr., President
of White Provision (o)
Good to choice steers, S6O-1,000 nounds,
10.00“".00: Kood steers, 760-850 jounds,
s ooo@ .Io:| mman.u'm. Lo good wsteers, 660-
760 unds, 8. 00,
)l-mum to cholee beef cows, 750-850
unds, .60(13!.60; medium to good cows,.
a'o-m ounds, 700§ 7.60; good to cholee
heifers, 550-660 pounds, 6 506 17.00.
The above r-xr«wm- ruling prices for
:ood uality fed cauttle. Inferfor grades,
airy “ypu and range cattle quoted be
low:
Medium to good steers, 700-800 pounds.
T.60@8.50; medium to good cows, 600-700
unds, 6.60@7.50: mixed common, bso@
i’.‘ko; f“" fat nxe%. T00@7.50; good butoh
er hulls, 6.50¢p8 60,
Cholce veal calves, 7.00@8.60; yearlings,
8,606 7.50.
Prime hogs, 165-235 pounds, 13 ngl»";
light hogs. 130-168 pounds, 11.504912.00;
heavy pigs, 100-130 pounds, 10.264910.75;
Nght pigs, 80-17% pounds, 9 26§99 75
The above applies to good guality mized
fed hogs
CALL MONKY RATES,
NEwW YORK, Jau, 25 —Call money
ranged bhetwaen G 4 and 4{l per cent on
the stock exehange during t past gweek.
[IFARST'S SUNDAY AMERICAN —A’ Newspaper Jor People Who Think — SUNDAY, JANUARY 26, 1919.
St ottt s .
!
Optimistic Feelihg |
{ %
In Trade Here
{ (
( That business conditions here con- ’
;tlnue of a gratifying volume with ¢
} the feel'ng most optimistie, is shown §
. in the weekly tru& review of Brad- (
{ street: ;
{ Manufacturing continues active, |
( Bome idle !zbor is noticeable, <-M‘~flr $
-;umonu returning soldiers, though
this feature has not yet svunumed§
g An‘F Importance.
nd? at wholesale is good and |
§ngm| & holding up well.
! The effect of the heavy decline
in cotton seems to be offset by the
fact that it is being held and pians
) formulated for the formation of a
! $12,000,000 corgomnon to finance the {
; farmers and banks whose resources
! are not extensive to enabde them to 5
{ hold their product for an indefinite |
] garind. Similar action, It is said, is f
¢ being taken by other cotton Erow
{ Ing States. The only apprehension (.
gexpruud by the trade is that the
s|rtull mmhw.u who have bought ¢
heavily In antdeipation of an unusual
{ spring trade resulting from sales of §
§uonon held by farmers may find it ‘
) hard to met maturing nbllfatlonn
;pnndlng settlement of satisfactory
! price of the staple and movement of
5 the crop. Basic conditions, however,
) Are good and the trade as a whole
are optimistic.
g Collections are good.
Eiiiad s e
NEW YORK, Jan. 25.—Removal of
restrictions on borrowing of funds x!i(*
fened the cotton market today, although
there was a sétbhack from the iop on
profit taking There wag rml’?’t]ern
ble discussion of President WSison's
cable to Senaton’Smith, of South Caro
lina, indicating that the ban on ship
ments of the staple to enemy coungies
would he taken off as soon as possgele,
but It was not generally uunxnsvr:r;m
foréshadowing any immediate change in
export conditions. First prices werg 5
to 36 points net up. $
Tie list turned firm fn the second
hour on renewed active ('ovvring hy
Wall Strete, with March rlalm‘ to 22,563,
or 1456 points above Friday's low level,
Final prices showed a net gain of 43
to 68 points, realizing trimming the
begt levels near the cloge
Receipts at the port for the day were
16,000 bales,
Hpm here was qulet at an advance
of 60 points at 26.20; no gales. Spot at
New Orleans was nominal '-mdl un
changed at 27.50 with 263 bales,
Receipts at Galveston were 3,728,
New Orleans 3,441, Savannah 4,733, Nor
folk 1,689, and Memphig 5.421 baleg.
NEW YORK COTTON. :
_|Open_ | High .| Low. [L.Salsl Clome. [Prv.Closs.
Feb. | l | | 122.38 121.75
Meh [21.79122.63121,79122.25(22.22-28/21.67-71
Apr | 121.46 2092
May 121.06]21.54)21.04/21.2212).20-23/20.77
dne | { | (2070 120.20
Jly (20 46/20.92/20.43/20.62/20.61-63(20.12-1§
Aug 119.70 |19.22
Spt 119.20019,20019,%/19.20/19 40 [15.95
Ot 19.00/19.60/19.00{19.32/19,.30-33/18.77-87
Nov | 19,50 [18.62
e 19.25110 68(19 25{19.68[19.10 118,47-52
Closed steady
O me——
g }_fl_l!__(l!‘_!wfl (;‘rmn.
Im.i!xn‘._! Tow. [L.Salel Close. (Prv.Closs
Jan (20.45723.46123.4333 45]1.’!.55 23.85
Mch 127.70123.00122.54/22.91]22 86-91)22.60-562
May I'.!LEUI':L?&'I.H]!I 66/21.56-66(21.07-09
Tly |2O 45]20.96(20.40(20 5‘20.!2-!6120 25
Oct 118 66019 20/18 50019 10119.05-10[18.30
Dee Jo oo 10l b 00l {IB7B ’
‘ ' Closed steady
| Atlant (Jm' u"‘:"'fi""' oten
| wotn nmere xchange q
Ignd middling, basi nominal, 25.55; sales
‘riglu.. SOO bales.
New York, middling, 26.20
NeWw Orleans, middling, 27%; sales 1
bale,
Liverpool, good middling, 17 864
Savaunah, steady: middling, 31
Augusta, steady; middling, 256 c.
Boston, steacdy, 20.60,
Philadelphia, middling. 20.85
Chnileston, middling, 30c .
Wilmington, middling,’ 25%
Norfolk, middling, 24¢
Memphis, mld-filng, 28¢,
8t Louls, middling, 28
Dallag, midiling, 24.65.
Mobile, middling, 24.
Mountgomery, steady, 27%.
Galveston, middling, 8%,
Little Rock, middling, 26%.
Housten, middling, 26%.
s e et mhmetseeet
ATLANTA COTTON SEED PRODUCTS,
\ U, 8. Fixed
Duertfmon.- ’ Prices.
Crude 011, basls prime.............. A 7
Cotton seed neal, p. ¢. common. ... . 3566.00
Cetton seed meal, 7T p. ¢. Qeorgia
commmon rate p0int............... 65.00
Cotton meed hulls, 1005 e.,........... 16.00
(‘otton seed hulls, sacked..........nominal
Linters clean mill Tußb, .............3 4.67
HESTERIS COTTON STATEMENT.
Comparisons are to actual date, not te
close of corresponding weeks, * Bales.
In ’lht T BB« c.osorsiviany: DUARAE
do. IT. moven days last year 264,000
do. safie 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 SeARON ........:i...00. 1,602,000
do. same date last year .....10,044,000
Port receipts for season ....» .. 3,434,000
do. same date last year ...,.. 4,209,000
do. same date year bhefore last 5,863,000
Overland to mills and Canada for |
BPRIBR . sacsioainiiisiniansint AER.OOO
do. same date last year .. ... ‘982000
do. same date year before .... 1,072,000
Houthern mill u*mn for season 2,769,000
do, nt\m,dlu ast year ~.... 2,683 000
do, samid dute year before ... 2,764,000
Interfor gtocks in excess of Sep- ‘
DRI ke At seiys - REAONS
B INAE PR si.ihsirseicenars TAE.DOD
do, year before .............. 746,000
Forelgn exports for week ... 201,000
do, same :ven days last ufir ; 71,000
do. same seven days year before 187,000
B 0 TOP BRRNOB .. i.iicaeicnns 8E00.099
do, sume date last year ..... 2,676,000
do. same date yoar before .. 3,667,000
Northern spinners’ takings and
; Cannda for weelk . ~........ 44,000
¢ do. same seven days last year 24,000
B 0 POO DO . .vanhiovivevs LITHON
do. to same date last year .. 1,633,000
Statement of nners’ Takings of fi-«i
--can (;tttonu"‘l.\m.lm the Werld,
AR W . . sipsicisvnnsanvs BRT.OOO
Same seven days last yoar .. . . 268,000
Hampe seven duys year before .. 366,000
Total since September 1...,. ... 5,870,000
Bame date, Inst year .......... ;.00!&00
Same date year before .. ... . 995,000
Statement of World's Visible !?ply.
Total visible this week . A ,n!l.m
S 0 INOE WOBR | ... hconiavinss STRN
do. same date last year ... ... 4,446,000
do. sanie date year before . .8§ 353,000
Of this the total American this
weok shvasirianerainennsniss 3,004,000
do. Jast wWeek ... ..oivuiennes . 3,487,000
B 0 BEBE WA iiieesesersess BTREND
do, gt-nr DOTOre® .....ioeeaesss §IOO,OOO
All other Kinds this week ..... 1,264,000
A 0 IS WO ... visuiiiis LIRE 0N
BAR BN L ks G s """.:2
G 0 FOAr DRSS . .iiivniivsns R ITO
Visible in the United States this
d thin date Taad year 11 AR 000
b ate PORL i valaton B
vuflfl' in other countries this
W 4 dhs kanasns i vvnesabe: RAREIND
do. this dmge lnst your ceeee LIRA,OOO
ATLANTA COTTON STATEMENT,
n?:t Cptton: 1918, Luta'h. 1918 19017,
Basls good gnid. 28,66 226 3160 17.78
1919 1918 1917
Reteipts TR PR R| | 767 202
Bhipmenta ......... flB 19018 o 6
Stocks crrerr et BB,TIT 60,588 78 648
Sales . . Ch ks L T o L 0
ATLANTA'S BUSINESS BAROMETER.
Atlanta bank clearings Sat. $10,644.494.00
Same day last year . cooo BBSEN9B 01
Increase Ciiraeens 33,857,495 8
Same 4&!\,\ last week N.111,11‘.10
Same day 1937 1,054,740 98
Atl bank clefirings for wk .. $35.861,659.84
Same week last year 51,013,846 .79
e
‘lfmn s, A n s td.lfl,}l!&i
Last woek & ciarevay 84.448.511.56
'umc Week last vear (~..... 34,350.282.38
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 February,
1919, represent the largest amount of
maturities of any month in the year,
total belng $333,158,760.
The largest item is United Kingdom
of Great Britain and Ireland 5% per cent
notes, due February 1. As these notes
are convertible into a long-term b per
cent issue of the British Govérnment 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 rroup, $88.341,100. This in
cludes Bethiehem Steel (:ummo Lwo
{eu & per cent notes for $49,950,000. An
ssue of 7 per cent notes has already
been sold for purpose of paying off these
notes. Waestinghouse Klectric and Man
ufacturing Company had $15,000,000 €
rar cent notes, duJebruary 1. Provision
\as already been madeg for extending
and paying off these notes. Plans for
taking care of them are now under con
GOVERNMENT BONDS "
Mo L Unit. Kiaseem 3 t Rs‘a? sidn 000,000
.1. Unit, ng year cv ho 8 ¥
llAll.l.f)AD BONDS
¥eb. 1 Balt. & Ohio notes extended 4 mos.. . ...... ..6 $22,5600,000
Feb. 1 Argentine Ry. extended notes ..............% 7.500,%00
Feb. 1 Hocking Valley extended notes >............. 6 5,000,000
¥eb. 1 Canadian Nerthern Ist land gr. ............ 4 ,2,000,000
Feb. 1 Haltimore & Ohlo oa? S 0 AUAD iiiicisini N 8 1,000,000
Feb. 1 Ilonmfinnheln River BN it ey il 695,000
Feb, 1 Lehigh Valley R. R. col. tr, ................4 500,000
Feb. 1 Norf. & West. Ry. eq. tr. of 1914. . ........ 4% 500,000
T R R A B T e 3,816,100
Pobruary (oRAI ...l oielalne Ll 43,611,100
PUBLIC UTTLiTy BONDS ;
Feb. 1 Am. Telephone one-year notes .. =~~~ ¢ $40,000,000
Feb. 1 United Gas Imp. one-year notes .. = § 7,500,000
Feb. 1| Laclede Gas, b-year debentures .. 5 3,850,000
Feb. 1 Amer, R;llwn}{- Co. 3-year notes.. '"'"'"" g y 1,672,000
Rb. 1 Eighth Ave. R, R. ctfs. of debt .. = § 750,000
b. 1 Connecticutt Co. provisional deb, .. .. .. 5§ 250,000
Feb. 1 Zanesville Electric R{. B 00, 250,000
¥Feb. 2 Washington Water Power notes.. ¢ 2,500,000
DEDRIRMRONE v visnvanrasenen, L., e 1,134,500
PRPINEY MO (ooosissiicasaiiinl, ieteicid 58,008,500
INDUSTRIAL BONDS ¥
Feb. 1| Remington Arms U. M. C. notes.. .. . . . .5 $15,000.000
Feb. 1 w..ungmma E. & M. 1-year notes. .. % [ ¢ u,z00,000
Feb. 1 Stern Bros. b-year noted ............,.....8 2,000,000
Feb. lU, 8. Mortgage & Tr. Ist series.. ... .. ¢ 920,700
Feb. 1 Waltham Watch Co. notes ...........,.....4% 500,000
Feb. 1 Butler Brothers notes ..........ve..........0 325,000
Feb. 1 Allegheny By-Prod. Coke first ... .. .. ... .. 6 260,000
Feb. 1 Kirby Lumber (Houston O.) es... .. .. ... 6 255,000
Peb. 2 Norton Co. firet sorFial ......cc0v0,0,00.0...8 250,000
Feb. 1 Gorham Mfg. Co. serial ........cc0..,.., 7 250,000
Fem.l6 Bethlehem Steel 2-year motes .... . ... .....§ 49,950,000
Feb.ls Union Tank Line eq. tr. netes .., .........6 1,500,000
Feb. 1 Mid-C, Petroleumn serial ....................7 300,000
DRI 4o ot e cinnahanisboity sy s srees 1,790,400
POy ORB] + ... oini i meii o A $58,341,100 4
Entire issue called in February, with due date: :
Feb. 1 Niagara, L. & O. P, notes, 1920 ..............6 $1,300,000
Total of maturing and called bonds .. ......c.c..c.oviversasee.. $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
‘)wem valued at $2.952,000,000.
| Exports for December, the first full month after the signing of thfi
armistice, reached a total of $566,000,000, a decided increase over th
$522,000,000 recorded for November, although not up to the high mark of
$600,000,000 for December, 1917. .
Imports for December, however, were low, being $211,000,000 against
$251,000,000 for November and $228,000,000 for December of the previous
year.
Imports as well as exports of gold continued to decrease, the imports
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 ip the same year.
Imports of sllver 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 yvears. 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 ciosed unsettled.
Total stock sales, 428,900 shares.
Total bond sales, $56,153,000.
Total stock sales for week,. 3,107,63%06)13“-.
Total bond sales for week, $68,969,000.
« n..utlm»
Kmou— igh | Low (Rale ICiosy
Ilis-Chalmers . .| 32%/ 31%| 31%| 33
American Zine . .| ....] o] o 0 ] 11%
TAME: BN enc o] vesdd eann] oov 209
Amß. B, Buger « .| i) sono) covi] 68
Amnp. Can . .....| 48 47 47 01%
Amn, Car l‘dr{. « o] 911 901 BOKT 9045
Amn, Cot, Ol . .{ 43% 032:‘ 43* 423
iAmn‘i bo(‘oi s sses] B 2 60 60 '6.)6
D BPOE. . o o] el sssslewess
Aunn. Smelting . .| T3%| 1% Tl%) )l*
i dot‘.ret..... sisad as ol asivIPDD
WAmn. Steel Fdrs. ..| 81 80 0% |sl
Amn Buper Reb. .| v.oof oooi] 0012
Amn. T.oand T. . G} L 0 Lois LIOOB
DR TURIAR -« s¢ 1 paest baesd sanil GRAK
Amn. Linseed . . .| 50 | 49% | 49%] 49%
At. Q. and W, L .1103 \-11103%,‘03% 102
Amn. H. and L., .| N*l 14% /14% 16
do pref., . . .| 83%[ 80%| 81% | 81y
B TODABOD ¢ il caailisash ase 008
Amn. Sum. Tob. .[103% 102 |102% 102
AAmaflc‘nvnl‘:::.... ;:“
mn. W, ru I T e R
Alaska Gol s oL vesal sk sl SRR
Anaconda . . . .| 60%| 68%| 68% ,IK
Atchison . o 8 of waesf sensl oasl SN
At. Coast lfio swl sasnl yirnd sivnt B 9
Baldwin Lo . ol T 3 70% 10& 70
Bal. and” Ohio . .| 49 485, 48 a 7
Booth Fisheries . .| ....}] ....] .£.] 19%
Beth. Steel pref. . . ....| ....] ....[102%
Beth., Steel 'B . .| 624 60! 61 61
Brook. R. T. . ....| 313 185 18%] 20§
Butte Superior . .| . l 15k e v AR
Butte 0018. ) oo ioib) oessddi B
Cal. Petroleum . .| 26% | 256%/( 263, 24%
do pref. . . o} oo aic] aas] 89%
Can. Pacifie . . .[159% (168 [168% ‘”&
Chea. and Ohio . .| &6 56% |b6 66
BRI W, . )l el
oLd: Iy 3%l 364 3"\{"32*
S an kv {3 6
Ol i Lo| 308 88 K| 3
do prer, b s obasin) sesslid o IO
Chine Copper . . .| 34 | 3¢ |3¢ | 33
Consol. Gas . . 0T vl AL
Corn Products .. .| 49 47N AT%] 8%
Crucible Steel . .| 66%( 64 |54 | 54%
Cuban Am. Buger .| ... ccos) 54,1080
Cub-ad o ?nfiu < |2N a2k 22y z:u
S e s e s Bwin O
Cast Iron Pipe . . | ... | .‘..11‘
Central lLesther , ‘ uv.* 89l 694 | 59
Chile flopvr 2t anl LAI ‘ b 1‘11:
Chandler Meotor 4!”.'!“,.1.,)00
Columbih Guy .. .| 43%/| 43 3| a2y
Corre-de-Pasco . .| ....| ....| ..| 32
Del. and Rud. .f .iosf oooo] Lug.]o2
Dist. Securities . . s:m‘ 62% | 69 63
WO & vV i sk el Al ke S
a 0 Pref 3R o ipol gapela ITR%E
do pref. 8d . | ... fon] oeni] 18%
deneral Motors | (138 hat i 13k 113 w
nera o .« .
Goodrich Rubber . . Cla 61 61 0
Gt. Nor. pref. ..[ 93%( 92| 9 g!
Gt. Nor. Ore . ', .] 38 3TH] %! 37
RTR . il vt ane ot s 5
?pnh B ek Pl el i B
Gulf Btates Steel . .| .... ‘ 53
B Oserel ..o of 5. sl e 96
Inspir. Copper . | 463 447 4% 4y
l!llléb‘rom. 00 ab adtnal { o Il;‘.
o Ul ok anaat ine s % 3
jod. Xiconol. s & 104 mu!mum:"
nt. Nickel . . “\ 2 2. ‘27 | 26y
Int. Agel Oerp. .4 ....0 ... ””’s‘
Int. Paper . . 138 |3B |3B )38
NN DR O (o] vl oo d ke 28
do pref. .. isl ol Cavel BB
I(nnad ‘r:xu siood cieaf ves :
Kennecott . . ‘.'jjug
gideration and will be announced in a
few days.
Bulk of the rallroad issues falling due
in February are those of Baltimore and
Ohic Rallroad (Tomfilny extended four
months’ notes for $22,500.000 and equir
ment trust u&rmr 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 Cooww
one-year 6§ per cent notes for 340. ,000.
The company has already sold an issue
of debenture 6 per cent bonds, the pro
ceeds of which will be used to pay oft
these notes. Laclede Gas Company, of
St. Louis, Mo., has Js.m,ooo 5 per cent
debentures, tfluni ue February 1 for
the payment of which they are offering
$5,000,000 first mortrge ten-year 7 {er
cent bonds, while United Gas and Im
provement Company has :1.500.0@ 6 per
cent notes, due op same day which will
be extended for one year.
Following 1s a list of corporate ma
turities in February, 1919, as compiled
by Dow, Jones & Co.:
e LT R
BTOCKS-— High| Low |Sale |Close
Kelly-Bpgfia. ... .| 71 k 4 7 .
Lack. Steel . .....| 67%/| 66 66 66 |
Lehigh Val. . ~ sevef wonsl «oso] SO
S IR & he v shiessal Peksk ke vsL DR
T W NG sangl wes] 200 [113%
Maxwell Motors . .| 29 29 29 a 8 |
o 8 opes L oooad b DRI
do 2d pref. . ’ 22%
Miss. Pac. (new) .| 24%| 24%| 24% | 2
Mex. Petrole®m ...]174% (168 (168 (171
Marine . v eeeee] X! 24% xus] 24
de ?l"l, o 42043 102% (102 103%
Miami Copper . | .. v..el cxoc] 8888
Midvale Steel . ...| 43 | 42| 42%| 4213
(IS TR os oo b ixial ciiid siisth 2R
;Nu. Enamel . . .| 401} 49| 49% ) 49
P AWM oo} soraf savs ‘ L M
N. Y. Central . .| 73 73 113 7%
N NRE SR .2 2004 29% | 2
IR R N . T il has] ik BE
ToR R e
Nor. Pacifie . . .| 93%| 91%| 901% 9!
TDB AW, ol Gl Sl
oY, Ol OO ..f il e el 3B
NAP . . o 3T il i 108
Ohlo Cities Gas . .| 42% 42% 423‘1 1%
Pac. Mail . l, gsssd sassk BB
Pennsylvania © . .| 463 45% | 453% | 46
Plerce-Arrow , . 4 ol sessl sos dIVEON
Pan-American , .| 7 | 69% |76
People's Gas . . .| 49 9% 4: | AB%
Pressed Steel Car .| 647 | 04%| 647 64
Pltabueg Oonl « o ofisi ifvssastossas] 480
lerce Ol . . . .| 18%| 18%/( 18%(..,..
Pullman Company |.....1.....1 .... ::6
Ray Consolidated .| 203 y 206 20% ) %20
BOOOIRE v ioe s 1'& 9% 79% 1 8
Republic 1. & Steel |75 N!fil To%| T4k
B PEE il eu sl sa i s lIN
MOOR THRRE .. il ieii i Bavilins il BB
do. pref. A . sesssefinsiidianes] 6
SR W chasielinss il sl BB
Rallway Steel Sm.‘ " 73 T 3%
Sears ‘tflbunk o oabe vk ilvisiilevae s OB
Bloss-Bhieffield . b i.]ieses]oanes] B 2
Southern Pacific .[loo%]| 99 " "%
Southern Rallway .|.....|.....].....] 871§
G POl . v eleaaistesainte di. ol 68
Studebaker . . . . “a 40& 49y 41&
Sinclair ONI . . .| 3 36 368% ]34
ERISUOR. 'ANE . by edeisisbiasnest 1B
Tobacco Products .| 76| T 6% | 76%| 6%
Tennessee Copper . l veene] Y
TRItE AVORNE. « & sliaaviliascilson il 38
Toxas O . . , .[IBO 1190 "|ise 1504
Texas Pacific ~ . .| 33%| 32§ | 32%/| 32
Uuited Frutt . o ohiiioidisisslscas /30D
Union Pacifio . . .[128%4(127% 1383|1279
00 BEOE & o sfisvislessvaiitaeet 1B
U. 8, Rubber . . .| T6%[ 78 |76 | 76%
SO PO . wateaaastiasialorain 198
U. 8 Bteel . . . | 93%| 92%| 92%| 92
d-.&nl. 3w shelacifecnsaleiaesiilé
United Cig. Stores |.....0..c00e.. 4|14
Utah Copper . . . 1?‘\0; 70 70 1
Va.-Oar. Chem, Co. | 634 83% | 633 t 2%
WEMMR « & 'y adeiidiveisbiesed LB
do. ol A. ..liaviilivei]iiced] NN
Woentarn Uniem v .Jivseefionislinnes }‘l
Wulrl‘()vetlnd . 2% 4% 4% Ny
YEOREAIED & & 4 i leasaslinsasleset 20000
Westinghouse . . .| 41%| I%} 415%] 41§
Wilson Packing C0.i.....0.....0....,} 68
s BONDS,
————————————————————————
U. 8 Lib. 3%e. . .t”.“‘”.“‘”..:‘.1”
U. 8 Lib, Ist ¢» .L“.i Lll.s ‘n. 93.60
U. 8. Lib. 3d. 4 . .! 3.r !.l" 3.20(93. 30
U B Lib. 4%s . 195.54/96.46/95. 4619558
U, 8 Lib. Ist. 4%s $5.60/96.60 95.6095.80
U. 8 Lib, 2d. 4%s 94.78/94.75/94.74,94.94
U. 8. Lib. 4th. 4%(s |94 56/94.56(94 .56/94 .48 |
Vanderlip Sees é
Gireat Prosperity
\ O Mr. F. A, Vanderlip the ait- §
§ uation *“is particularly prom. {
ising.” He says. ' 3
s “Our gold reserves are unprece- ;
dented in the world's history. Our 5,
?oamon internationally 'is so strong |
hat the only question is, how can {
7 the foreigner pay us for what he will !
¢ owe and for wgut he will wish to |
¢ purchase? If we can buy his securi
ties to help him restore his capital
| :zulpment. and if we can lend to him
equate amounts on short terms to
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- g
| dustrial organization with mlrveu:‘f
accomplishment to its credit;
have a splendid banking machine
and stupendous gold *reserves; the |
g world looks to us for products. Shall
¢ problems of readjustment and recon.
$ gtruction destroy our progress and )
de!ert our resolutlon? Tt is incon
ceivable. All that we need is indi
vidual courage and confidence.
““The belief in prosperity is its cre
; ation.”
:
By BROADAN WALL.
NEW YORK, Jan. 25.—The agtual
bank statement today showed swyrplus
decreased $18,504,780; loans decreased
$31,341,000, and nte demand deposits
decreased $42,926,000. The average
statement showed surplus degreased
$21,238,310:. loans increased $37,864,000,
and nte demand deposits decreased $30,-
642,000.
Stocks closed heavy with net SOSSGS
in many issues and with practically all
stocks materially under the high
prices. There was a boom at the open
ing ag traders who were short hastily
“tovered their commitments. This cov
ering movement was caused by an
nouncemamt that he money committee
had removed all restrictions on loans.
Openlnf advances were 1 to 2 points
above the close.
Almost immediately capservative
committee houses sent out mesgages
urging the sale of stocks. This was
done especially by those houses that
have a:?:yed favors under the money
committee ruling and whose custom
erg are naturally well suppli?i with
surplus. The result of this seiling was
that the iast hour of the sessipn the
market was weak with losses from the
high figures running from 1 to 6 points.
The houges that have en favored
by the committee ruling ch permit
ted the ordinary citizen to borroy only
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 save the forth
coming Vietory lLoan from becoming a
fizzle The favored houses raised the
cry of “boishevism'’ tolday against thosa
who had been demanding a square deal
in the mattes of loans. Some of the
most distinguished financiers of Ameri
ca are thus branded bolghevists,
Wall Street's attention naturally cen
tered about United States Steel, At
the openine. it was 17-8 above the
'oging of Fridav Tt held thi: level
for a few minutes only. and bhefare the
close hadysunk 2% noints and finished
the dayv with a net loss of %
Mexican Petroleum was :\:m!*-vr cen
ter of great interest It begnn the day
with an advance of 3 1-8, but profit tak
ing was go furions that it lost 6 7-8
fro: the high level thus established
Other sto ks moved with more or less
vielence ir accordance with the extent
of the short interest canught by the an
nonncement of the monev committee
Rrooklvn Rapid Transit sold down l’
18 2-4. Never in its history has it so'd
under 18, and that wag in ?h» early
davs and in a panie It's present level
corohorates the expectations of Jacobh
H Shiff that he stock will have to be
assessed
~
B Ne e e NN NIl Tt
{ ATLANTA SECURITIES }
e A A Pt
STOCK §— Bid |Askd
Atiantic Steel. Ce., com. ...,.. g'l 105
PR ki il S 94
At. Ice and Coal Corp. ........| 64 64
do pref. pimesired 79 1. .78
Atl. and W. P. Railroad ....[l5O (155
Atianta National Bank ..... .ius 1295
Central Bk. and Trust Corp. ..'l4B (152
Fourth National Bank ......|317 220
Augusta and Sav. Rallway ....' 92 96
Atlanta Trust Company ‘BO 20
Exposition Cotton Milla ....../185 190
Fuiton National Bank ......[117%[120
Empire Cotton Oil, common ..! 60 62
Ao pref. ' 2% 95
Gate City Cotton Mills ........[226 X
Ga. Ry. and Banking Oa ...]zaa 236
Ga. Ry. and EIM.P cesneessllo6 11074
€O, 8P 6 . Wi visbanss] TH 77
40 34 pref. ..ccicaveenece] 118 13
do COmMMON ....4..v.000.] 8 9
Lowry National Bank ......../220 [2235
Southwestern Rallroad ........| 9§ 7
Third National Bank ......../212 [215
Trust Company of Georgia ... ‘as laso
Atl. Cons, B¢t Ry. 68 ........[IOO [lO2
Atl -Char, *lruue 68 ........15.10 |Basts
Bonds.
Atlanta 3%5, 1940 ... .........[ 4.4o[Basis
Atlantic Ice and Coal, 68 ......| 93 M
Atlantic Steel 68 ............| 98 "7
Ga. Ralfroad and Bank. Co. ..| 85 8
NEW YORK CURB MARKET.
NEW YORK, Jan. 26.—Trading on the
curh market today was quiet and no
wide gov--memu were recorded in the act
ive shifires. Following a firm opening the
market reacted. Keystone Tire and Rub
ber was the big feature, heing in good
demand 'n the early part of the session
and gaining almost a point. General As
phalt reacted on realilzng after estab
lishing a new high record. Motor and
War [ssues were ulet,
Aetna Ex. .... ‘4 % % %
Alr Reduction 60 60 50 60
Anglo-Amn, Ol 17y 17% 1T @ 17%
Barvett On ... .. . 3416 fl %
Chevrolet .....140 166 140 8 5
Consol. Copper .. 8§ 8% 6 6%
Coaden Ofl .... 7 % T @ %
Curtiss Aero. .. 10 13 11 @lB
Houston Oil ... 80 ) 81 7% @ 81
Ind, Pl,pfl veea 100 106 100 106
Inter. Pete ... 21 22 19% @ 20%
1. Val. Coal .. 8F 88 85 @ 88
Magda ......... 25 )27 % @27
Marconia ...... 4 4y 4 @ 4%
Merritt Ol .... 21 22 n @ 22
Midwest Ol ~.128 130 128 @l5O
N.APup ..... .2 1y 3 @ 3%
Ohio Oil ~....318 323 318 @313
gratris Otll :{0 e ::0 CR G:g“
üb. Boat ....
st. oil, N. ¥."..313 831? 313 @317
Bt. Oil, N, J. ...087 682 687 @oe2
Bt. Oil, Cal, ..,.268 273 268 @273
Bt. Ofl, Ind. ..7560 760 7650 @6O
Union ank . 1113 @ll6 113 @llß
vmted Motors .36 6% 36 @36
10, O Jiivees B Iy @ 2
W-Martin .., 31 lh 3“ P 3
Midw., Rfg. ...12 8] 128 @l3O
Glen Rock .... 3% 4 i@ 4
Island Ofl ~.. .. iy ™ %
W W, O voes 80 51 4 @6
U. 5. Stmship .. 4% % I%@ 5
bt s
| WEKKLY DANK STATEMENT.
~ NEW to'l:lf Jan. 26.—The weekly bank
‘statemen OWS
‘ Average Statement.
Loans increased $37,864,000.
| I’)omgmrnmu decrensed $30,642,000.
- Ao decreaned 331338310,
| ° ,238,310.
| Actunl Statement.
~ Loans decreased :n.:u.no.
| D-mad,::rdh ecreased 343,936 000
~ Time de ts decreased 38,639,000,
~ Reserve decreased $18,504,750,
ROSA'S CORPSE FOUND.
RAHF‘ITRDA.fl. Jlg. ’li-——‘}':;n blod‘)d of
OSa xemburg, rtacisia leader,
who was Killed in B«Rv.\ has been found
mutilated in_a canal, said a dispatch
from Berlin Friday.
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 iln
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 notified the man
agement that if the two mills were
shut or if working hours were re
duced the entire working force would
walk out.
Another instance is at the Joliet
Steel Mills, where instructions were
given to blow out certain furnaces for
relining and- repairs. The instruc
tions have been rescinded—or sus
pended for the moment—because of
ominous signs in labor quarters,
“Twixt 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. 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, inciuding
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.
“Defore 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 i 8 the \\statenmient as re
sources and labilities of the Sixth Federal
Reserve Bank at the close of business,
Janwary "24:
Heseources:
Gold coin and certificates in”
vault . . 3 v.a. 8 8,029,760.92
Gold settlement fund . .. 13,620,970.54
Gold with forc igh agencies. . 174,866.23
Gold with Fed. Res. Agt. .. 41,564,600.00
Gold rederption fund .. 4,663,276.52
Totul gold reserve ... 8 67,963,474.21
Legal tender notes, silver,
ete : 5 xipoy £ $ 893,945.00
Total reserve SRty $ 68.847 419.21
Bills discounted rmbrs .. 8 30,449.669.71
Mbr. bnks. collateral notes 47,677.6Th39
Bills bought in open mkt. 11,2106,651.58
Municipa! warrants % 4.000.00
o S loug term secs. #
honde) . . ’ 536,900.00
U, 8. short term seecs. (ctfs.) 6,521,000.00
Wotal earning assets ... $ 96,195,892.68
Transit items . i 39,317,266.21
Due from Treasurer, 5 per
cent FR bank notes ...... 342,599.00
All othér resources ~,.... 851,606.13
Total resources ..........$205,564,663.23
Liabilities:
Capital pai” in .@ .- ...c.. 3 3:189,050.00
Surplus fuad .. ...oiieeen 775,000.00
Government deposits ....... 8,824 875.74
Due to Mbrs. reserve acct. . 45,085 898,08
All other deposits . ... it 116,302.06
Federal Reserve notes in act
ual eirculation .......... 112,741,260.00
Federal Reserve bank notes
in actual cireulation ..... 6,341,650.00
Taansit items seieeseneep 31,361,841.18
A‘ other l‘lb“lflel sesesses 1,219,086.22
. W iapgeivmamimoey
Total liabilities ..........$20°,654,663.23
. .
Cattle Receipts Liberal,
»
But Prices Hold Firm
CHICAGO, Jan., 26.-—Cattle receipts in
the Chiecago market this week have heen
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
January was recorded. Fat cows and heif
ers were 50 cemts to $1 lower while bheef
bulls nsd calves declined as much as $1 50,
Trader® report prospects favorable for im
‘provement next week.
Hogs have held fairly steady, but the
huyers have shown a disposition to overs
look any but thy best gldvn and the more
common stuff has shdwn a decline. The
market ;odny touched the low point of the
week, he decline was largely due to a
‘heavy supply with the receipts about 25,
000 in excess of those of the week be
fore. Export shipments of hogs were very
heavy.
In the sheep market fat lambs were
mostly 50 cents Yower as compared with a
week ago while fat sheep showed a decline
of 20 cents. Most of the sheep received
were for the big packers and there was
little stuff for sale in the open market.
Week-end pricea for all sorts of live mut
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 clom
ed lower for all grades.
ST, LOUIS LIVE STOCK MARKET.
BT. LOUIS, Jan. 26.—Cattle, receipts
600; market, steady. Native beef steers,
11.W.1:.W: znu‘llnl beef steers and heif
ers, 9.6 ?li, 0; cows, T7.76@12.60; stock
ers and feeders, 8.60@12.00; calves, 7.75?
14.76; fair to prime yearling beef 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, 17.20@)17.(5; good,
17.40@17.76; rough, 16500/ 16.40;: lights,
I.Gl'.f 17.40; pigs, 10.60@156.00; bulk, 17.20
Bheep, no receipts: market, steady,
»
NEW YORK COFFEE.
Closeing,
January .. .. £, .. .0 00 L |12.70@12.75
MAY .. oo so 00 0o o 0 oo o 0 +.|]13.18@18.19
JUBG .. .4 s sr oee ee se ee 13.10@13.15
UMY o, ceiee 46 s ee e +.]10.03@13.08
AUUBt. . ~ ie b oee e oae ee o [1295@13.00
September .. .. .. .. . 0y 4. [12.90@12.95
October . .. . ov v 24 o 0 »+|15.36@19.90
November ~ .. .« .. vo o» |12.30@12.86
December . .. .. . ..., .., ..112.78@12.80
CHICA J
'(By U. 8. Bureau of Markets, Jan. 26.)
Hogs—Estimated receipts, 13,000; mar
ket slow and steady: bulk, 17.406917.65:
i-p, 17.70; butcher hogs, heavy, 17.66@
7.70; packing hogs, heavy, 16.60@17.00;
Tishegis o 0 ieed, IGMGANT lenia
b 7.45; pigs, . 695 rou
roughs. u.u?u.so. * 5,
Cattle—Estimated receipts, 1,000; mar
ket ““d‘t‘to lower.
l".lhotb- imated receipts 3,000; market
r.
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 al
ways have before them. It is, in the
large, a tangiole and concrete invest
ment.
“But 1 am afraid that the income
tax will diminish this sort of pride for
some time. Capital, especially big
capital, will prefer to put money into
tax exempt bonds.
Urges Two-Issue Loan.
“And this is one of the reasons 'hfl
I think Secretary Glass would do ‘we
to make two issues of the next Gov
ernment lean; one 3 1-2 per cent tax
free, the other, say 4 1-2 per cent,
the latter to run ten to twenty years,
“The 3 1-2 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 better for all concerned, particu
larly for 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 amoéng
some bond men to have the Govern
ment compensate bond houses for the
work that is to be done on the next
‘emission.
| Still Duty to Aid.
~ “I hope that nothing will come of
‘this faint agitation. Bond houses
rendered valuable services in the Lib
erty Loan flotation—gave of their men
and time freely, at a pretty heavy
‘cost to themselves. But they did neo
more than their duty and were, in
deed, glad to do it.
“Hawever, some of them maintain,
now ghat the war is over—now that
‘the war has been won—the Govern
\ment should pay bond houses for the
services to be rendered ou'the forth
ceming loan.
~ “I can not agree with this line of
reasoning.~ The forthcoming loan
will, so to speak, merely complete
the job; will round out the Govern
ment’s war financing; for with the
proceeds of the fifth loan will be paid
the final debts contracted for war
purposes.”
By JOSEPH F. PRITCHARD.
' CHICAGO, Jan. 25.—~New low levels
were reached in the corn market to
| day for all deliveries with the possi
' ble exception of the January future,
as the result of liquidation by longs
on a large scale. Resting spots for
the day showed losses of 41-2 to 5
?vents for January, 4 to 5 cents for
February, 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 te 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, Whan 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 considerable selling of
‘nats 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 —————————
Grain quotations:
Prav,
Open. High. Low. Close. Close,
CORN -
Jan. 1.23% 1.25 ILIB% 1.19 1.23%
Feb. 1.22 1.23 117 1.18% 1.21%
Mch. 1.21 1.22% 116 1L16% 1.21%
’Maly }g']& }.l:!‘ }l;% 118 1178
July 14 6% JA2% 1.3 115
| OATS--
Jan. 51y 68% '67 67 68 %
Feb. 587 59 56 % b7Y% 583
Mch. 59 60 671 5% 698
May 6084 60% 7% bßy 60
July 57% &9 55% 56% 7%
« PORK -
Jan. 43.00 48,00 43.00 43.00 14.00
May 37.60 3%%6 37.60 37.60 3860
LARD-- @ i
Jan. 22.65 22.67 22.50 ¢ 22.67 22.78
M'y 22.60 22.67 22.60 22,67 2292
&IBB—-—
Jan. 2300 23.00 22,90 22.90 3.40
May 2120 2100 2093 20.92, 2142
CHICAGO CAR LOTS,
CHICAGO. aJn, 26.—Folowing are re
ceipts today:
VRS 40 sa e b vaae ia . e 61
DOFR 5. ei i ve o% ok seies 129
RS 05 'voi iabl eoe ssk 50
B v vy N e N e b Ne « 12,000
e ——— —
GRAIN NOTES,
CHICAGO, Jan. 25.—Cor the appro
priation of $100,000,000 !or":rm[n relief
passed by the Senate yosterday and week -
end covering by shorts will to some extent
steady the corn market, but liquidation
yesterday was on an enormous scale with
sentimert almost universally in favor of
speady return to mnormal level, Market
is in position where something radical is
necessary to change its trend, Minor items
of news are completely ignored,
Oats—ldentically the same conditions
prevail in oats as in corn, market being
even weaker than corn because of an
utter absence of noteworthy support. This
grain is considered the cheapest of all, but
at the same time there is no motive for
investment.
——— e —
NEW YORK PRODUCE MARKET,
NEW YORK, Juu. 26 —Petroloum, firm;
erude Pennsylvania, 4.00,
Turpentine, dull, 6% @76.
Rosin, dull, common, 14.00@14.10,
Hides, firm, native steers, l’lh.!fi%;
branded steers, 26%?26%.
Coffee, " weak, options opened 9 to 10
points lower; Rio No. 7 on spot, 14%,
Rice, firm; domestie au&xo“.
Molnsses, steady; New Orleans open et -
tle, 76@82; black strap, 18@23,
Sugar, unchanged, \
Potatoes, steady, nearb: white, 3.25@
6.60;: Bermudas, s.ooo‘a; Southern
sweets, 2.76@4.50.
Beans, easy, Marrow choice, 12.007 pea
choice, 9.60; Red Kidney chotce, 13.00.
< Dried lgr:)nst‘."fl:r.m. Anrllccu, choice tn
ancy, g ‘267 Apples, evaporated.
prime to fancy, li'&ofl‘%; #rmws, 30s to
60s. 16; prunes, 60s to 100 s, 10% h¥
seeded raisns, choice td: fancy, 9 lk
MONEY AND EXCUHANGE,
NEW YORK, Jan. 25.—Can money m
London today was 2% per cent,
xw‘rnu ekxch-n'-l was steady with huss.
hess in baukers' bills at 4.76% | demand,
;.'l-'l\suflnr-u-dny bille and ’7& tor 90~
ay 8, i
4C