Newspaper Page Text
Atlanta Bank Clearings for February Greatest on Record for Period- -$194,217,011; Total for Two Months $463,493,044
COTTON REACTIONARY, BUT
e )
{
A R Bttt o s ORI A GBS NgD R Y
By VICTOR BARRON.
Atlanta bank clearings Friday...... .. . .. ... $8446,281.88
POy Ity . L e 8,082,672.33
I e $363,609.05
I M el o 8,423,374.86
e ahy 101 .. e cee.. 3,9656,868.44
* ® -
Atlanta bank clearings for month ....... .. .. .$194,217.011.19
PO TR P . .v e 170,166,666.39
SRR ..$24,050,344.80
* > -
Atlanta spot cotton Friday ........ ... ... ...... ... 26.76¢
B I ie g R
BTN AR O it R LG A
N DIRY e
* *® -
Atlanta cotton statement Friday:
1919. 1918. 1917.
RN . .. 1,815 516
B . L e 670 1,192
e R S 52,894 73,138
L 2,000
** - :
Although $75,059,022.14 less t‘m January’s total, clearings through the
local national banks during Febr Yy Were the greatest in history for that
perfod. Figures made public by the Clearing House Association Friday
showed clearings for the month of $194,217.011.19. as
SR compared with $170,166,666.39 the corresponding period
R last year, a gain of $24,050,344.80. The total, however,
Wy \Wis considered excellent in View of the fact that Feb
¥ t ruary is a short month, together with the continued
Ak iolding movement of cotton and rainy weather. Be-
T e sides, there was one legal holiday during the month,
2 '~ ¥ making only 23 business days. ‘
M 4 Clearings for two months of 1919 reached the un
. SRB recedented total of $463,493,044.52, as compared with
4 $386.307,103.76 the same period a year ago. During the
same period in 1917 clearings amounted to $198,258,
& 800.20, $141,484,389.96 in 1916 and $116,637,101.28 in 1915.
" . While there is a feeling of uncertainty in a few
‘Eu quarters, due to the present low price of jcotton and slow
: @8 & nrozress at the peace conference, general business con
ditions here are sound, with the majority confident of a
S rocord spring business in all lines, and merchants are
buying freely in anticipation of such trade. It generally is believed that by
May cotton will have righted itself and some of the money now tied up in
loans on the staple will be released, which will find its way into the various |
business channels. ‘
Following are clearings here for January and February this yvear, with
comparisons: ]
e ‘ 1919, 1918, | 1917, { 1916, | 19185,
January .|5269,276,033 :3%:215.140,4:137&:1w.z50.zn.w $73,631,751.19 $63,317,791.38
Fobruary | 194.217,011.19| 170,166,666.39] £6,005.566.57) ' 67,853,638.77] 53.319.309.90
Total [5463,493,044.52/3386,307,103.76/5 195 255.200.20/sl4l 454 389,96 $116,637,101.28
SYi, s e et >‘»—.¥_t = o Sk g
MORE MARCH NOTICES ISSUED.
Despite strong Liverpool cables, cotton exhibited a reactionary tend
ency Friday, due chiefly to President Wilson’s attitude with regard tp the
removal of the embargo on cotton and the issuance of further March no
tices. First prices on the New York exchange were 5 to 30 points net lower.
i EEES SR S »
CHICAGO, Feb., 28.—Corn opened 1-4
to 1 cent higher today. The market was
firm on unexpected commission-house
demands and an absence of offerings.
Oats opened 1-8 cent lower. The mar
ket was steady and featureless, Com
mission houses were moderate buyers.
Locals were awalting deveiopments,
Provisions opened lower. The market
was dull and unfeatured
All grains closed practically at the
top, except February corn, which closed
% cent lower Other optione finished
s to ,’k’ cents higher
Oats closed unchanged to 1% cents
higher
Provisions closed higher
tirain guotations
Prev
Oper High Low Close. (Close
CORN —~
Feb 1.33 1.33 L3IW 1.31% 1.32
Meh., 1.30% 1.31% 1.29% 1.31% 130
May 1.23% \1.26% 1.23% 1.25% 1.23%
lal 1.20% 1.3 i. 19 1.21% 1.195
\TS
Feh 58 58 % W 8 58% 58
Mel BSy 59 S W 5814 6%y
May 59 80 587 68 % 5814
Tuly L 1 E™ 68 % bR 688 68 %
PORK-— i
Muny 39.50 40,85 3975 40.75 40.50
July 37.40 17.40 3715 37.40 137.25
LARD-
May 23468 2520 2466 2495 24.90
luly 83.80 24.80 2370 24.30 2405
nins
May 23.35 22.70 32.18 22.65 3256 1
July 21.00 21.80 21.00 21.50 2150
CHICAGO GRAIN MARKETS, 4‘
CHICAGO, Web. 28 Following are re
ceipts today 1
Wheat . idd . 5 32
Corn e .o WL 117
Onts R T ; 3 74 ¢
- . ss seineine ab o 30008
————— e |
ST. LOUIS LIVE STOCK MARKET.
BT. LOUIS, Feb. 28 —Cattle—Reccipts
1.400. Market steady. Native beef stoers,
11L.650@18.50; earling heef @teers and
heifers, D.Mélo,nfl; COWS, 7.756@12.50;
stockers and feeders, 10.00613.50; calves,
T10@16.60; fair to prime yearling beef
steers, 100080 18.00: beef cows and heifs
ers, 7.60%1.’1.00; canners, 6 508 00,
Hofu—- t-ve‘l}nu £,OOO. Murket steady te
¢ higher, ixed and butchers, 17.36
1785 good, 17.70@17.88; rough, 1500
16.40; lights, 17.356017.50: pigs, 12,560
16.28; bulk, 17.30@17.75.
Sheep--Receipts 200 Market steady.
Kwes, 7.50@11.295; canners and choppers,
H 00609.00; lambs, 17.50@17.90
ATLANTA LIVE STOCK MARKET.
(Corrected by W, H. White, Jr., President
of White Provision Co.)
“(Rad to choice steers, 850-1,000, 10.26@
Good steers, 760-850. 9 :’3?'o‘oo.
: Medivm to good steers, GSO-700, 8.75@
00
Medium to cholce beef cows, 760-850,
s.oo@ 5 650
'#-dmm to good cows, 660-750, 7.20@
Good to choice heifers, 560-650, 7,009
dairy types and range cattle 3uolu debolw
Medium to good steers, 700-500, 7.50@Q
8,50,
b.lodnum to “good cows, 600700, 6.50@
7.48.
Mixed common, 5.50’5 50
Good butcher bulls, '“"qx LO,
Cholce veal onives, 7.00@9.00
Jouriings. 5.0007 fO,
Prime hogs, 1406-226, l:ur.gn 0.
Light Mogs, 130-165, 11.75@12.00
Heayvy pigs, 100-130, 10 7(.?-11.00
Light pigs, 80100, 9.76@010.00,
The above applies to good quality mixed
fed hogs.
The above rogruom- ruling prices for
’wd quality fed cattle Infoerior grades,
60
e . s e
CHICAGO LIVE STOCK.
(By U, 8 Burean of Markets, Peb, 28.)
H?n— Estimated rurni‘pu 28,000 Mar
ket steady. Bulk, 17358 17.60; top, 17.70;
bhuteher hogs, hn\z, 17.60@17.70; pack
ing hogs, heavy, 1860817 25 medium and
mixed, 17101740, light, 16,60617.45;
PARR, 14004 16,00 roughs, 16006016 50
Cattle—Eutimated receipts 1000 Mare
ket mtoady. HBoof cattle, goad choice, 16,60
#2OOO medium and vom‘nol\ 10166 16,60 ;
buteher wtock, heifoers, 005,60 cows,
TABE 1500 eunners and cutters, 6 1658766
stockers ane feeders, good cheice, 11.25@
16.00; medium. K 368 11.38. veal ealves
Kood cholee, 1676417 60
BEhaepe-Pstimatoa recolpts § 000 Mar
ket higher Nhorn tambe, choies and
pnr.w, 'u',:ogpwoo; lvmunum a:‘m ’:rn‘ml,
1 8.90: spring lamos. good choice,
lz.flzl? B 0 ewes, choiee, prime, 12.75@
1210 meadium und good, 10.60@ 12,75,
The notices promptly were stopped
by spot people and after the call the
market rallied within a few points
of Thursday’s close, but again en
countered resistance and before mid
day the list stood 33 to 65 points net
lower, with March the weakest.
That option fell to 22.25 while May
dipped to 21.43, July, 20.79 and Oc
tober, 19.46.
Values at New Orleans reacted 33
to 58 points, with May declining to
2217 and October, 19.48,
On the whole busines was light,
values being extremely sensitive to
orders either way.
New York advised that New Or
leans interests and E. ¥F. Hutton &
Company, were large sellers on the
break,
The market became weak during
the afternoon on inecreassed offerings,
due chiefly to increased pessimism
regarding Wilson's embargo state
ment, together with small mill tak
ings for the week. Values broke 40
10 90 points, net. Final prices in New
York were 58 to 90 points lower, while
the list at New Orleans exhibited a
net loss of 63 to 112 points, with May
the weakest.
Spot cotton here fell 3-4 of a cent
to 2535, basis middling, while mid
ix‘ling in New Yark dropped 90 points
[ to 26 cents,
Spot cotton at New Orleans, how
ever, at 271-4 cents, or b 1-4 cents
higer than the closing price of March
option in New York.
Exports for the week were heavy,
102,213 bales, against 96,035 hales the
same week in 1918,
The small mill takings, 145,000
bales, means that spinners are eating
off their reserve stock, which must,
sooner of later, .!m _re;:lonlshed. |
A wire from New York said senti
ment is more bullish, but the market
| lacks outside support,
* . . .
’ Rears are makinz some racket over
belief that the peace treaty is not
likely to be signed for some time yet,
and that there is little prospect of
gelting eotton to Central Kurope. If
| the farmers will lock hands and cut
the acreage down to 25,000,000 no nne‘
will care much whether Central Fu
rope gets cotton or not, hecause every
bale wili he needed at home and hyl
neutral countries,
“There’s always calm before a
storm,” chirped a leading bull party
before the opening Friday. I beljove
cotton will be 2 cents a pound higher
before April "
When pessimistic Now York beging
to talk bullish on cotton, something
Is up somebody's slecve
. - .
There is a tremendous short inter
@Bt In the market and when shorts
start to covering, watch the dust fly.
“The bull movement in cotton s
going to be as sudden as the upward
movement in stocks,” sald a leading
cotton merchant Friday.
. . »
Rainy weather is coming on the
Fastern States, while cold wave and
fuir weather (s coming on Western
States,
. . .
Cottor salex here Thursday
amounted to 800 bales. There could
be no better proof that holders of the
actual sre standing pat than this:
Sales here since Monday amount to
only 2,000 bales, as compared to 8,675
bales the same period a year aso,
Where's that guy who said the hold
ing movement .\v-: c:mnunnko?
Prestdent Wilson has told Congresseen
from cotton growing States that it would
be impossible to lft the European embar
rm on eotton until after the formal dec.
aration of peace
. . .
Liverpool is sending more spot ore
ders. Memphis sold al highest basis
to Liverpool,
. . .
Liverpoal aahles: "“‘Phrentened coot
strike seems dissipated and means
higher niirket”
. "
New York snvs: “Little sore ovet
embarge news. but covering move
ment quietly proceeding, betier fors
cign demand.”
'
NEW YORK, Feb. 28.-—-The issuance
of additional March notices weakened
that month at the opening of the cot
ton market this morning 30 points and
the entire list started rather easy 5 to
30 points down. At the end of the first
40 minutes the market was again un
settled 5 to 34 points under last night's
close, reflecting Southern se]ling
Selling by New Orleans and locals result
ed in the market falling to a net loss of
33 to 656 points during the late forenoon
New York 11 a. m. bids to Liverpool
were Marech, 22.23; May 21.46; July
20.80; October, 19.80
New Orleans 10 a. m. bids to Liverpool
were March, 24.02; May 22.20 July,
20.96; October, 19:48; December, 19.18.
Heavy selling during the afternoon
and small demand resulted in the mar
ket falling 40 to 90 points below yester
day's close March was the weakest,
dropping to 22 cents.
At the close the market was barely
steady, at a net decline of 58 to 90
points o
Spot ebtton was officially quoted 9%
points lower at 26 cents
Exports today were 51,29 bales, in
cluding 11,27% coastwise and for the
week 102,213 bales, against 96,036 a year
HEO.
NEW YORK COTTON FUTUVRES.
——_lOven Tiigh. | Tow. [L.Salel_Close._[Prv Closs.
):ch '22.“5]12:!0}22.00,32.05\:2.00 I}:;.zfl‘(‘)-flz
Apr 1.40 3
Z'\lay I Iz\.solzl.u"m.u‘m.u:|22ol.:9-:3|z]z 22-02
Jame f..liotia 4. en 21.
July m.oo}zx.:?zo.ssf:o.ss}:g;:-so 2;.;3-32
AR F.. 0 b b N 0 20.
spt l 00l es oot oo 110,88 A 180.40
1:(:! |l'.'o.o:|i|2o.l'lll".64’“DAM'!l\:,‘(bfiS-Dl’:g.(l’:J.’O
Nov ssasbu sl yoeot s o 2 K
Dec 11&1i‘".!('19.50‘1&60'19.30435 19.90-95
Jan |....1.. .1 . .1, . 119.16-26/19.75-80
Closed steady.
NEW ORLEANS COTTON FUTURES.
___ |Open. |High | Low. |L.Salel Oloss. [Prv.Closs
Mch 124.45/124.45123.50{23.58{231568-63]24.50
May [22.70122.70!21 I-ZZL2IAGSXZI.HS-G!H‘ZJB-?‘I
Jly 1y‘n.46[21.5(1120.15{)!20.61%!0.60-84;21.53-55
Oct {19.65{19.84/19.13]19.13]19.13 19.81-82
Dec |....0.... ....1....118.80-86/19.43-52
Closed steady.
LIVERPOOL COTTON.
LIVERPOOL, Feb. 25.—Cotton futures
opened stoady today. Spot quiet, prices
rfly.fl sales 2,000 bales, including 1,500
merican.
American middlirg. fair, 18.68; good
middling, 18.00; middiing, 17.32; low mid
dling, 16.32; good ordinary, 14.80; ordi
nary, 14.27
Futures opened gquiet. A
Prev.
. Open. Close. Close,
DO o i B G BN
Bareh .. .. i LOOOB TS lITIS
S o s e e sBN TETE MDD
H’ay “s +4 se se we 5.1416 13.30 13.93
FUBE 5. o fen s w 3090 2500 508
SR 5. i 3 i as se <c3REL 351 IBOY
August . dove oo ea 229 1288 12.38
September .. .. .. .. .. 3877 12.62 1258
Closed steady
SPOT COTTON.
Atlanta Commercial Exchange quotes
good middling basis, 254 : sales Tharsday,
800 bales,
" New Orleans, middling, 27%; sales 1,771;
arrive 1,638,
} New York, middiing, 26e.
~ Liverpool, good middling, 18 00d
| Bavannah, middling, 27.
Augusta, steady; middling 2587
Boston steady, 26 35
Philadelphia, middiing, 2685
Charleston, middling, 26.
Wilmington, middiing 23.
| Norfolk, middling, 25.
. Memphis, middling, 26%.
- Bt. Louis, middling, 2613.
Daltes, middiing, 25.60.
Mobile, middling, 24%.
Montgomery, steady, 25%4%.
Galveston, middling, ¥O%
Houston, miadling, 26,14
Little Rock, middling, 26%.
ATLANTA COTTON SEED PRODUCTS.
U. 8. Fixed
Descriptions— Prices.
Crude 011, dasis neimve ........... 1%
Cotton seed meal. p. c. common ..$55.00
Cotton seed meas, 7 p. c. Georgia
sommon rate peint .............. 55.00
Cotton seed hulls, loose ............ 16.00
Cotton seed hulls, sacked ........mominal
Linters, clean mill run ......... ..3 467
COTTON PORT REUEIPTS,
The following table shows peceipts at
the ports today cempared with the same
day ‘Hlt year:
———————————————————ee et
i 1 1919, | 1918,
New Orleans ......| 9,789 2,286
;(.hl\«ston Giaved 2660 3118
Mobile Evdiseeia o} 1,667 512
Savagnah ~.......! 1,013 2.828
Charleston ....... 200 2456
Wilmington ....... 158 393
INOPPMEE .. asninis 932 1,336
S Rl e B Kiisiiniisn
BN Y. .. s 224 A A
PRIMSIBRIA . oiiivhacniiivsa %
Pacific Coast .....| 36,6856 skl
TOMR: il 63,343 | 10,838
L el e
| it ettty
| INTERIOR MOVEMENT,
| i D 1T INE
TROUNEOR .. vy in 2,293 2,71
BUEUIE . ciiaisnn T 4 1,202
ERRSRINES kvl S.CUg 4,633
BE LOwE ..ivuiioss 62 | 1,186
CIRIRBAL s ionvrhivacitvaen 61
Little Reck ....... 36 517
ERE i 7,068 | 9,598
HESTER'S COTTON STATEMENT,
Overland weekly erop movement: \
€1919) (lfll; (1917)
Oviand. wk. . 30,614 21,88 2,800
Season ...... 870,045 1,064,276 1,132,548
Into sight wk. 174,988 239333 133,307
Season ......8.582,921 3,729,076 10,955,702
Sou. cons. ... 2%,000 61,000 54,000
Visible supply changes:
(1919) (1918) (87
Ameriean . 28,665 ~ 6,566 66,919
Others ..., 468000 30,000 «=ls_ooo
Total .....497,660 --26,6686 —81,019
World's visible uup;\ly:
American .. ...3.645 505 3,143,365 3,734,998
Others .. .. . 1,644,000 1,281,064 1 060,389
Total .. .. 5,259,905 4,424,329 4,786,385
Spinners’ takings:
For week . < 145000 246,000 220,000
Season . ... ... 6,880,000 8,101,000 9 370,000
cDecrease: 4 Increase,
Weekly exports:
1919, 1918
FOR week ... ..iioioc 200813 96,035
Beuson sevenssnaeees 3,001,400 3,081,176
Ak o rirtsine b B |
WEEKLY WOOL REVIEW, ‘
BORTON, Feb. 25 -—lnterviews with
leading wool moen state that the feeling in
the trade here is distinctly better now
than it was earlier in the month, though
the various houses are still far from be
ing in & position to operate freely. Wool
supplies, outside of those owned by the
Govermment incrense very slowly. 1t will
bo A& long time probably befire indepon
dent offerings will be of sulficlent volume
to allow a reasousbie selection for pros
pective buyers Therefore, mout of the
current interest centers in the auction and
these will continue to dgninate the mar
ket until suspended July 1, provided prese
ent plans are earried out |
Heceipts of foreign wools for the week
have been very small, the Hoston Cham
ber of Commeree reporting on 484 bales,
or 290,400 pounds.
Heceipts of wool in pounds for the week
ended and including Wednesduy are as
follows;
1918, 1918,
Dapontin - ......c.5: B 8 1,671,250
Forelkn ... ......v.i.. 299,400 2,437,974
Totals : o 0 1,878,618 4,009,264
Receipts of “1,272,616 pounds compare
with 8,466,168 pounds for the preceding
‘wmk of which 1,121,085 pounds were do
mestie,
Hecoipts of wool in pounds from and
inciuding January 1, 1919, compared with
the same period in 1518 were:
1019, 1918,
Dromestic ireaneed 11,046,145 12,389 200
Foreign crveees. 23,740,207 05,662,138
Totuls cegeaens 34,788,548 BTN
b b o
CHICAGO CASH GRAIN.
CHICAGH, Feb, 28 Corn, No. | mixed,
ILAK® 1,29 Noo 4 white, 1,38, ®1.20; No
4 wollow, 1208 1.80; No. 6 nixed, 1. 38
1287 No & white, 1 36601274 No b yol
llnwv 17,80 001 .2% No & mised 1.23: No
6 white, 12415 No. 4 vellow. |2B ‘
Onta-~No I white, 585,558, No 4 white ‘
Do 5T standard, 88% M 0 \
MARKETS AND FINANCIAL
A A A A i GNP
In view of the fact that another Government loan will be floated in
‘the next few mounths, it is fortunate that maturities coming due in March
‘are unusually small both in numbers and volume, as it will not be neces
sary to float any large corporation issues which would interfere with a
clear fleld for Government borrowings. Total issues falling due in March,
i 1919, amount to $71,508,000, compared with $332,158,700 in February and
1 $39,625,342 in March, 1918,
| Total of railroad issues falling due in March is $29,846,000, of which
Southern Railway Company's issue of two-year notes for $25.000,000 makes
‘up nearly the entire amount. This maturity has already been provided for
‘by recent sale of $25,000,000 three-year 6 per cent notes, of which the public
[hu already taken a very liberal part.
[ Pubiic utilities falling due in March have practically all been taken
care of. Largest and most important item in this group is Public Service
l(‘ompany of New Jersey three-year 5 per cent notes for $7.500,000, due
‘March 1, 1919. The company recently sold a short-term issue of 7 per cent
‘notes, part of which will be used to pay off the maturing obligations.
} Industrial maturities in March do not call for any extensive financing,
total amount being only $23.586,000. Largest item s Winchester Repeating
Arms Company 7 per cent notes for $8,000,000, due March 1.
\ Plans for taking care of this maturity have not been announeed. Proe
ter & Gamble Co.’s isue of 7 per cent notes for $5,000,000, due March 1,
will be paid.
| Following is a list of corporate maturities in March, 1919, as compiled
by Dow, Jones & Co.:
RAILROAD BONDS,
\ e lasue. Rate Amount
March 1 Southern Pacific e W B Ao 18 - $1,012 000
' March 1 Michigan Central eq. tr BIRRY s< v ¢ Fhvhn s bhmbad 1% 600 000
March 2 Southern SRRETIN S BB .. i< iviicasato B 25,000,000
March 15 Portland Terminal PO GREA, v ivsviiseancns ¥ 750,000
‘ Miscellaneous . ... 3 tressssersrEnßne . 2,484,000
March total L i ik $29.846,000
| PUBLIC UTILITY BONDS.
| March 1 Public Serv. N. J. 3-yr. notes Srae shr s bay 5 $7.500,000
| March 1 Union R., G & KI., 3-yr. VO, - e cosnerani 5 1,000,000
March 1 Syracuse Light., ext. and B o s sssenntecvansi® 2,004,000
| March 1 Public Serv. of No. 111. deb E 2 gSO s hunas cpmns il 1,000,000
March 1 Ft. Wayne & Nor 00 DMIER. .ii-vrsssaincnns B 1,164,000
March 1 Jacksonville Trac.. $-FF. BORMD. cosscossansaince B 750,000
March 1 Am. Publie Serv. cv notes. , e aaße epe i ans B 500,000
March 1 Rich. 1., H & P. &WA ik o 450,000
March 1 Fulton Co. G & B SN, BB i isevsvscanesa il 1R7,000
March 1 Rockiand Water Co. Ist v NRRR SO VRN 225,000
March 1 Oklahoma Natural Gas M. .covovnsoscrvbncoes 200,000
‘ ' Miscellaneous Frrsesss e Tt an terwe s e 896,000
|BNii e s e R
} INDUSTRIAL BONDS,
Maren 1 Winoh. Rep's Arms PO . incinirsiiisronnnsy $8.000,000
Mareh 1 Proctor & Gamble ser NOtes. . . -occvvvrscvvsne.T 5,000,000
March 1 Davison Chemical 2-yr. BOED. .s+ vevsrocnsavse B 1,600,600
March 1 Ayer Mills SRUIRINAE DR, .. v cvinineie s B 1,000,000
iMar-‘h 1 Central Sugar l-year notes sBReS sAN nAT 1,000,000
March 1 Marlin Rockwell 2-year DOLEN. ccocvvvnnvrnus. il TRE,OOO
March 1 Springfield Breweries 18t c0m............0.... & (80,000
Mareh 1 Manufacturers Co. notes cessesacEsasacniny B 750,000
March 1 Newport Mining serial notes. ..................§ 400,000
Mareh 1 Oilcott Falls Co. 8.. s kiR b sl 188,000
}Mnrvh I Heystone Coal & Uoke 20f.....ocovcovnsonccns. .8 100,000
March 1 Pittsburg Crucible Steel 18t ....c0n........... . & 250,600
March 18 Pacific Coast Biscuie Ist CSenuuans siessssnl 850,000
} . PSSR C R R 2,682,000
BRAPUE BN ... s snmcimranioe s enemisnesrmenrenis: soss DEREE 008
l ——
Total, all classes, for March $71,50%, odo
No entire issues have so far ben called for payment in March. Some
’bnnfls. not entire isues, however, have been called, notably: $158,000 Chi
cago and Western Indiana general 6s, dfie 1932, have been called on March |
at 105. Among others are $50,000 Wakefield Iron Company first 6s, $46,000
Klots Throwing Company 30-year 6s, and $33,000 Consolidated Coal Com
lpany of St. Louis first 6s of 1941,
| New York Stock Quotations |
Market closed weak.
Total stock sales, 788.000 shares.
Total bond sales, $11,426,000.
Y [N
BTOCKS - imimn) Low ate (Clen
#TOCKS T 304 RT3y
Allis-Chalmers . T e 13
do pref. . . ik iLI
355 4o
Amn, L is s il
e dumeer i Byl
Amn. Car wary 01| 848| 92| 8 45
n G 3k
Amn. Cot. Gl e s e 108
Anmli lor(":ii»“" ~.A““‘
o pref. ... .. ok,
z 52
do pref, Lol e
fne Bkt hit hit us (130
Amn Toapd T . |l7 108% "oen 553
AT . ““‘ & 46 |4B
o T o LRN R 110314 98
Amn. Li W. 1 ../104 | 99%1] 195 18
o, o and T ‘:MQ‘ se 0l bkt bt
e . o 83| -
gdo pref. .... . “'3“:"'\!”3 l:-;%
Amn. Sum. Teob, 1 “;) 528 5% =
Amn. Tce ‘Paper .| ‘ ‘ g
Amn W pox o an) an fi}!‘ "
Aloskn Gor .. )0¥ 14 ”!z
oL pe Ty 1
tehison ....... P Y
Ardo pref. . . .™) ree MY ;’:3
Baldwin Loco. . a 8 ] 480 0“%! ot
eeVe v 3 53%( ot | 384
Beth., Steel L) 4% 23%) 23% 3518
Brook. R. T ...} 83 | SOKI 3455 36
Butte Superior . $ o
Cal, Petrolcu(u e ' sixl'st
xCan. Pwlfl)t' b o 65% | 5714 a“% H
Ghee snd Ghle .. .| B 4 (I:: ¢ 5 |3B
C. and s alon 1 oss 3 %, ’
bel et 3N deu 2en) 38 .
C., M. B VR O e
cnime. Gupper’ ") 35 Rt S
Chino r i 6%
Consol, Gas . ot Myl TR 48
Soeh Fraduee .o] 40 &0 W% six
Crucible Steel . | 28 214 22 HH
oB g ' | 63%] 83%) 43%
contra Tentner *. | 65 | 43% Teul 10l
('.mm. " 1%l 19 1 1138
Chile DOTRar Lo+ +| 9B sl ke
Chandler Motor y e “,’.} “e ““‘los‘{
Columbia q“d. ssss) Naa ffi: ' 5T%
Del. and H\:l~ ol BRi| Beg 15, 115
Rrie « o Ll 1) 12k sl 30
I b | 30m BN k] 0
\ do pre oel "s“‘|s| 1 ,IH‘
descrsl Maes”. ebailee ‘". "3008
et Ry | Ton] sl sl 10k
Goodrie - 1 o | 3
Ne) B Y
Gt. Nor. Un-‘r. L asl 45 |4B I Y
St e e 001 L 4 jzy
bPR Juaxing 1 s
Ind. Alcohol ... eanl 2yl e 4
e eoo ) 31 1Y) 8
Int. . Y .
Int. Paper . . | 30u! 20! so%! 204
B Yi) fe) e
O 1 i i
\an. . 2vaf 1
o 6 Prer . . '. 20| 301 30“’ ;::z
Tt e | 0 SEN| OAw| Mon
e . bbb i
Lehigh Vnuv}' 14 1110 1107 111 118
Kelly-Springfiele i e
L nmI“N“a"."" [ asM .a 6 | 359 i
e Pl bttt A
.~ NI NI NGNS NN SN
S
i
WEATHER FORECAST §
I NN NN S
e I 8 the wenther h»?-‘"‘“ "-" the
Pollowing . the nest 24 hours:
bot ot by s wobably rain and
Goorgia—-Cloudy ;|
colder, S ain; colder
North Catolinn ‘,~l,‘,“‘,':,‘,‘y' 'mq:l;.bly rain;
South Caroline S
lder, turning to ‘
”’,&l’ulm.m“ lll’i‘l’a‘r‘:lu‘:l.:t.-.:z-llly fair; much
in north v &
older. Iny . possibly suow
o Miswinmi ppl “.‘l'.‘.l?':o’)'!*' S
north; Salurday r, colder; cold wave; =
|‘,uhmum" l'll:.l A‘. north, 42 to 3% |
atures :
:‘:‘:\‘"‘v‘ Saturday '..,.',rm wave; § to 14 de-
Arknnsas ’l:”lfl 23 in south
.'N:! 'l"t’:;:n': Fuir, warmeor freozing newrs
Oklah Y volder, b
Eaot Texam— Fair, i cold wave
Iy to coust. Frost on coast
v \{!-’«::.l"l":‘-un ~i"nir, frossing
e S ARKETY,
NEW \'f’)."t(l ,m';'.‘_‘.,.,."".,mnm firm;
EW YORK,
‘-nf:l’:» w-nn-ykv”"‘T ‘#":‘vflf"
Turpaentine .h‘.‘nymh 1110 / e
Rosin aull; vfl'::nwu wtonrs, 270 QBRI
Hides quiet; 614 026 b .
bhranded n:;"‘:’l"‘”v“um, “8”‘6“1 unchanged;
Coffen K ' 16 1
m'o“ Nfl“ fl‘fl'?'n "-"‘,:"';"”‘ W\”&‘?x ;;'nm spen
" : Ne i
Molamses 0""":":"'“: wieap, 1517
Kettlo, T64p82; B s sl
Mugar nm-!mnn‘ i onesrhy white, 2 ik
Potatoes vllr"l'l“" " 5 0089 00 Eout he
» Hermue
$: {9 8,86 \ &0
26065 20 bt 10 So4p
"l‘:t"u-lnt an.x ‘.,f“',:”.'“ltfll“:'“r ‘,,..v Kidney
1,55, pen cholee
n';unvr 110
{ | y
_STOCKS— ____(tign | Low [Bile/cle
gO, 34 prel.. . .‘.,1‘.,,1..u1’1b1j
Mo. Paclfic (new). 2641 2514 35% | 25
Mexican Petroleum.|l77 14 [174% 174% 177
Marine. . . . . . | 843/ 2384/ zu.’ zs::
& d(ir.(liref. sY% l:g \1:0;’.,13& "Hq
Miami Copper .. | | 32% ) 23%|
Midvale Stoel . ‘ II'I Cond or LaR e
National Comduit .| 17 | 1684 1671 ...
xNational Enamel .| 50 | 50 | 50 b 2
N. Y. Central 55k 75‘4" % | ‘li\l’ T 4
N Y. N H & .| 3003|993 9918, 301
National Lead . . .| 67 ! 674! 67 66
xN. and W, <+ {lO6 1108 105 (106
Okla. Products . . ey :‘ 8
Northern Pacific .| 84| 83 | 93y 923
N. Y. O and W |O% 204 200 20
Nev. Con. Copper .| 163 16%| lflz‘ I'o’z
N. Y. Airbrake . l ol Ot e
Ohio Cities Gas. .| 378/ 375 | 7% 31%
Pitta.-W. Va. Coal .| 39 AT 8K 09
Pan-American Pete. | ’li‘.’ MW T 1.:2
Pennsylvania . AN AN N 445,
Pierce-Arrow . . .| 46| 45 465 4
People's Gas ... .| SoN| Box| sOR| Soy
P. Bteel Car . . .| 68 ua. 6B KNy
TOn.. .Y ll%| IT% 174
Pittsburg Oomt .'}.W] Lo L ae
Pullman Company | . | Lo IMIBY
Ray Consolidated . 19% | 19% nw 19%
lediugu< PR l!a 818% )82 82
Royal Duteh ... .| 94 'B%‘ ! BaYy
R. I and Steel . .) 7014 76 | 76 | 17
Rock llslund . . .| 35%) 26%/ 6% 25
do. pref, A . I 17%| TT%| ITR| 7Ty
do. pret B . .| g 0 | 66| 06| 78
Ry. Steel Springs .| 75 %) ‘rllk %] 78
AweßLarriaa .. . 1 bl iG] LS Y
xSouthern Pacific 1102 1100 100 1103
Southern Rallway .| 20% 29 | 20 | 30
e L. 2‘ |6B z& lfi\‘
Studehaker Cowoo SO4 SRR l% 0
Stnclair Ol . .| | 3 'K| WK 4y
Shattuck-Arizons. .| ... ....| ~..] 10
Bt & Ca. . . . ..lfl\‘ul\ 183% ....
Tob. Products |Bl 85 | Bh%| SeN
:fmm Avenue . . .| . übiicol T2l 18
oxas Ol . . ~ . .19} Iil&]‘"il 10245
Toxns Pucitic . . |3B |32 e 334
Übited Fruit . . .| .., ) tiak s g 1
Union Pacific . . [131%(130% 131 | 1%
do, pref. . ’ o v cavl DR
U, B Ruvber L . [ ddk| 81K diN[ 831
xU. 8 Bteel RERT T | 92 192 !96
do. prof, . . J114%1114%114% 1114
U. Cigar Stores . . 129 illih»l?l\‘lll""
Utah (‘.o':par < TON 88l TOR] B 0
VaoC, Chemical . '{ 68 | 88 | 66 | 843
Wabash . ‘ Eorkbaad saials £
do. pref, A [ 3¢ 134 |34 |3O
Western Union . .| 88 |BO [ %9 | Asy
Willys-Overland 1375 26%: 27 | 27%
Woolworth . . . [ i (100
Westinghouse |46 A 5% 1 48N ANy
wmh‘n&pmn By 88 B3N A 8
Wilso! aoking ¢ i ¢ s 88
~UERR Taouiny e et
BONDS,
fi. s i.n.. Slgn LW TORG TATeN. 03
do. Ist 4 WETORE. 60 93 60195, 70
do. 2 4n I 28103, 12/9%.12'93. 28
do. 4%s . 19542195, 36,96, 40/90 IGJ
do. lat diew . (95080600195, 00/96. 11 |
o, 24 44w B 4 149400 94 00904 zm
do. 4th 44w 4. 04104, 00104 000108
Anglo-French bs S 8 197 |0 iy
E.mmmmw)
FINANCIAL NEWS ¢
boteadhi b b
The average price of 20 industrinis, up
D 8 30 active railn, 8460 up 94
. 9.9
Moyse & Holuies sayn “The vo.s-nli
hardening of prices in stook arket and
the bLroadening out tendency ard indicn
tous of public iuterest. To have & sube
stantinl upward market, the public's ns.
sistance s necessary. The concensus of
opinion s that this amistance s abou®
ready to be offercd to the market, ‘
550 ‘
The plight of the tractions is further |
eimphasized by the earnings statement u(‘
tha Third Avenue Ruilwiy System lur‘
Janunry and seven monthe For Janunry
there was u deficit of ngJW. aguinst
$103.776 in January, 1918 or the weven
months of the fiscal yonr the deficit was
:53!."1. nomrlnd With » deficit of
178,790 for the umnu‘ period last year
.
The sharp rise in motor stocks is nts
tributed largoly to short coverin Thin
1 particulnrly true of ltum-hnlnr uml{\
Willys-Overlund With the exception of
White and Chandler Mator the forth.
coming repoarts of the aperations of motor
companies for 1018 are expocted to be dis
nppointing
. e .
Haxon Moter shows now signs sf iite
on unusually large toanssctions which
found their incentive 1 reports that e :
gotintions are proceeding for consel dutiog |
of that compahy with the Doble-Detroft |
Bienin Molors o and possinly ot her
convern. The pegotstions are undersinod
to have been under way for several weeks
Al are about resdy for consummation
Pesigl
e Ul
! NEW YORK, Feb. 28 <While buying
again was active at the opening of the
stock market today there was an ab
sence of vigorous buying ard at the end
. of the first 15 minutes nea ly all the Im
portant issues were established at a
moderately lower range,
| The widest movement was in Genergl
Motors, in which there was a sudden
| Supply of stock, carrying it down from
163 1-4 to 148 1-3. Tobaccc Produets
sold ex-rights at 86 1-2, against 543 4
vesterday United States was ex-dyvi
dend at 2 1-4, selling down 1-2 to 92 5-8
Marine preferred opened up at 101 5-8
| and then declined to 101 Kelly Bpring
| Neld dropped 4 points to 107 American
| Hide and Leather preferred reacted te
97, after rising to 98 3-8, Once the com
mon reached 19 1-2, but reacted to 19 1-8
Plerce-Arrow, after advancing 3-8 to
46 3-8, declined to 451-8 Petroleum
stocks were quiet and down from frac
tions to 1 point
The tone became strong in the late fore
noon and many issue mad sharp ad
vances. American International moved up
i points to 60 while Marine preferred
sold up to 102 United Cigar Stores sold
at 127% and Tobacce Products rose to
8614 General Motor fell five points to
148% and then rallied o above 109
| American Hide and Leather preferred ral
Hed to 98, but reacted to 97 ary! the com
mon rose to 20 Baldwin yielded one
point to 767 United States Steel sold
down one point to 324
Tarding was extremely active In the
market all through the late dealings,
with price movements confused, some
isgues making substantial gains while
others were in supply at declining
prices Steel common dropped to 92
American International yielled over 1
point te 60 518 Mexican Petroleum
dropped 3 points to 173 1-4. United Ci.
gar Stores sold up to a new high rec
ord of 129 5.8, closing at 129 1-4
I'he stock market closed weak today
Government bonds unchanged; railway and
other bonds irregular
NEW YORK CURB MARKET,
The market opened firm and vloseqé heavy
Opening. losing.
Aetna Expo . . 9%9%@ 10 Mme 9%
An-Am. Oil . 18 @ 183 18 @ 184
Barnett O . siiian dal6 %
Chevrolet . 170 bid 170 bid
Con, Copper . . 44%@® 564 AN 5;2
Cosden Ol , . . 8 @ 8y e &
Curtis A'pl. . . . » @l2y 12 &13
Houston Ol ..79 @&2 79 zB2
Indiana Pipe . 99 e 9 102
inter. Pete.. . .2% 2% U 2%
Lehi. Val, Coal 83 7 83 @ 87
Magmn .. . .32 g 29 209
Mavoowl . . . . & 1% 4 @ 44
Merritt Oil . . . 24 @ 3% 234 @ 2‘\’
| Midwest Oil . . I%@ 1% I%@ 11-1
Midwest Re. . .158 159 164 156
‘N, & Pwp ... I 8 4 3% 4
Oblo O ...... 388 P3B 126 Pias
‘Prnlrw Oil ... 658 661 658 663
Sub. Boat ... 154 1568 144 15
20. N% .. 352 328 @332
s 0. R J .00 92 687 682
8 0, OM .9 274 270 274
5 O, llfi. .. T7B 785 775 1 786
Union Tank ...116 118 116 118
United Motors 42 @& 42 %@ 2y
N B .. 3 2% INe %
W-Martin ..... 4% 4 Chg %
‘(‘nnn. Arizena . 1 @1 1-1% 1 i 1 1-18
Nipissing .. . 8% I 3 (& 8%
B. & Wyo. Oif . 39 40 ae - "
Glen Rock Oil, 3% 3% i% @ 3§
10 & 'l'r?u % ™ i%e 7
Northwest 0i1,.. 47 @ 50 7 @ b
U. & Bt'ship . . :Hsg 3% Jflg 34
Sapulpa. .. . . % % T% TN
‘ ioS oo i el
' FINANCIAL BUREAU ON STOCKS,
NEW YORK, Feb. 28 -The short inter
est in the general market is very much
smaller than it was t(wo weeks a:o, but
there is a tendency on the part of the bear
element, as among the bulls, to be cnutious
and selective and in following up this line
the bear crowd is selling coal and affil
lated issues. A speclalty market is likely
o continue, conservative channels are wd
viaing vnutmnx to buying on strength
They recomme purchase of recesstons
Pools are bulling Central lLeague, Interna
tional Paper, Alcohol. A strong under
lying upward trend is still shown ty
Ameriean Car and Foundry, Amerionn
Locomotive, R""“v Bteel Hpring, South
ern Pacific and estinghouse Kieotrico
Shorts are retiring in New York (entral,
New Haven, Reading and Utah Copper and
are forced to bid for stecks
HUTTON & CO'S STOCK LETTER.
NEW YORK, Feb 28 For a good many
years this office has been very hullish
on American Hide & Leather preferrcid
At one time Central Leather seld 30
points above this issuc and now the fig
urcs are reversed. The general market is
brondening every day. It is not really u
big market yet, but it is graduaily get
ting bigger. When the basic conditions are
good, and in almost every respect they
are good, it i the best foundatien for a
good market,
EX-DIVIDENDS FRIDAY .
Stocks—— Pey
XU, 8. Bteel ... b e A%
Norfolk and Western. . ......c.vc000..:: 18
BOMEROIE TRMIRE .. oo crovi i innn iLB
Canadian Pacific chnkhvarave sAV
Cant Tran Mipe, preferred. .. ......... ..1
National Enamel .., WA Ui a A l%
XxAmerioan Sugar SRR A b I
X 1 per cent extra.
KX % of 1 per cent extra.
} MONEY AND EXCHANGE.
NEW YORK, Feb, 28.--Call money on
the floor of the New York Stock Kx
change today ruled at 6 per cent; high
ble per cent; low, G per cent.
Time money was quiet. Rates were:
Sixty days, ninety davs. four months,
five months, and six months, 5% per
eent,
The market for prime mercantile
paper was dull
Call money in London today was 3 1.8
per cent,
Sterling exchange was quiet, with
business in_bankers' bills at 470% for
demand. 4.73% for 60-day hills and
L 71% for un-«f-y bills.
JACKSONVILLE LIVE STOCK,
Hogs: Receipnts medium prospects
steady Extra choice heavy, H...ué; 1176
ordinary cholee heavy 13064013 50
rough heavy, 13.006812.75; lights, 10706
12.00; pigs, $ 266 1000,
Cattie Heceipts Hght Prospocts
strong; steers, TO00@1800: holln, 4.50
10.060; wearlings, 6. 2667.60; cows & r.u?
10.00: heifers, 6,266 8.60; venl cnlves, 7.00
@12.00; canners, €SO up -~ Willinmson &
Dennis, February 37 ]
SPECIAL NOTICE
————————————. - S — 5 270 A
There will be sold at public suetion, to
the highest bidder for cosh, st Camp Mes
Ciellan, Ala, comamencing at 9 o'ciock. a,
1, Wednesday, Morch 12, 1810 siel cons
tinuing until all snimale are sold, the sols
lowing surplus animals, iz
One thousand, five hundred animals in
cluting cavalry harses, artitlerys horsos
draft miules, riding mules
The above aniniats have pot been con
demned for government use, hul are sups
plus, and sre no longer roguired ! ars
i servicenbie condition Animals will be
sold singly, In paire, and in jots
| ‘There will be separate pens for purchsss
[ ed animale
l The guartermaster wiil supply necessary
{ heip for loadihg ‘n case of shipmont of
cartond lot
There will he lunchean on the grouinds
A halter will be suppited free with saoh
animal soid
Camp Mo fellan i seven nllen from
Anniston Ala and an be reachnd by
automaobiies from prinicipal hotels A bus
line rans hetween Anniston and Camp
MeCiellan
The Goverpment reserves the right to
!n-..( or refect any or 8l bids and to
mpetl the wale at the disoretion the
;‘ vantnatiding Of fleer
No aniroals will be sold thet cannot be
| cortifted Fos of contagious disenses
llh,un ehrtifionts witl be furnished an!
trnle shipped hy rail
' Rallrosd ecars in readines {or shipmont
of carioad ints
| Terme Cash or eertifie Gk e
| por vt es purchase moncy will he pe
i yeid to b ponited Ly the buver after
ot the balunce to be paid
1 G F iston ¢ s te duy
#nle wili be under sheiter
K. W LINDENNTRUTH
Captain. Q M ¢
Quartermant sy
-
BANKERS ARE CONSERVATIVE:
9
By BOERSIANER,
| NEW YORK, Feb. 28.—At the head office of a national corporation
the officers and principal agents held a meeting Tuesday. The latter came
to New York from all parts of the country Without exception, they were
optimistic and advised a loosening up of the restraint imposed upon them
by superior officiality,
| It was suggested to the responsible heads of the company to look
about them, in their own ecity. All shops were thriving, the big retailer and
{the little, including jewelers: theaters were packed: hotel accommodations
{almost a privilege
‘ The officers listened attentively, but remained unconvinced. Their
stolidity may be explained on facts other than the single fact that the
majority of their board of directors are bankers. They see the cost of
carrying inventories 100 per cent above normal; are aware the sooner in
ventories are liquidated the smaller the loss perceive a pay roll undimin
ll<h:ihh‘ 80 ‘ong as the price of prime foodstuffs is artificially sustained by a
4(:L)\l'l'l|lllt'\ that has a practical monopoly of such commodities
1 % Du o el + 4% T = -
1 they have-—these skentical corpo
ration men—an unjustified -suspicion
of a corner in wheat, corn, sugar and
wool on the part of the Government :
an Involuntary corner, perhaps, still
a corner. They see the elevators
filled to the rafters with grain and
lake ships cargoed to the stern with
the same commodities.
The farmer is not begrudged the
highly remunerative and direct pro
tection ~ccorded him by the Govern
ment. 1t the grower get all he can,
But what of the consumer, the ulti
mate factor who pays the penalty for
the high premium given the pro
dycer, who will rigidly resent an am
putation of his wages in the eirecum
stances®
Theory and Practice Differ,
This same Government that is hold
ing up the price of edible necessaries
at the same time recommends to iron
masters a levelin® of quotations, al
though in so doing it pays the going
price for rails, therebhy weakening its
precept by a contradictory nv:otlce.
The unemotional officers have an
eve on Washington, where the meth
od and amount of expenditures outdo
Downing Street. They are bewil
dered by the tax bill; the more so as
their keen-minded attorney has heen
driven to a prolonged rest cure after
many vigils of attempted elucidation
of the statute,
Follow Loose-Wiles Example.
They must perforce do what the
d'rectors of the Loose-Wiles Biscuit
Company did—as shown by the year
ly statement submitted today-—make
a randomly liberal allowanee for tax
es and reduce liabilities as low as
possible, The Loose-Wiles board cut
notes payable from $3.875000 to
$1.850,000; put aside directly for taxes
$1.697.617, compared with $300,000 the
T
Manry Bros. & Heston
. . . .
Losses Promptly Adjusted and Paid Without Discount
Phane vy 1272 *
812-813 Grant Bldg. : ATLANTA
SEMIANNUAL STATEMENT
For the six months ending December 31, 1918, of the condition of the
Girard Fi d Marine | Co
irarda rire and Marine insurance Co.
OF PHILADELPHIA,
Urgunized unvder the laws of the State of Pennsylvania made to tne Gov
ernor of the Btate of Georgia, in pursuance of the laws of said State.
Principal Office No. 632 Chestnut Street
I. CAPITAL STOCK.
1. Whole amount of capital stock ..... s aed s $.00,060. 06
Amount paid up in cash . ‘ YOO, 0060 0
I, ASSETS.
Odns o Bond and mortgage (duly recorded and being
st Héps on th foe) S6R 500 0
o. ock# ard i 8 owned absolutely by the company
Par valua $2.350,650.00
Market value (earvied out) . 10T, 048,00
i Stoch bonds and all other securities (except mortgages)
hypothecated with company as collateral se urity so
cnst ned the company, with the par and market
value of the same and the amount loaned thereon
Total par value ¢ ‘s . $38.200,00
Total market value . ee s 3820000
Amount loaned therean (carried out) ‘e . LUO
v Cash in the company's prineipal oflice 1,898,758
6. Cash belonging to the company deposited in
ban) % 148,353,758
Cash in nands of agents and in course of tr ins
mission s . " ’ i 3 . $h ale :20,433.39
Tolal iy ' 20s wA $370,685.95
Fotul ish Items (earrvied out) 5T0.685.05
4. Amount pf interest actually due and acered wnd unpaid 26.210.01
v, Bills receivable, not matured tilken for fire, marine and
inland risks 9817
I All other asset both real and personal, not included hers
inhefore
Lnited States Government Thrify HMtamps . (1.2
Philadelphla Underwiiters' Associction deposi 100,00
Reinsurance recoverable on pald losses 5L6.840.14
Less spectal deposits not admitted 6,041,680 10,798.53
Fotal Ne of the company, actua Ish market value $2.881.417.01
. LIABILITIES
Losses due and unpaid $44.819.23
{ losses in proce of adjustment or s
pense eluding all reported and supposed
| oN 12908021
Laosse re ed, It iding interest, cost and al
ither expenses theircon 850 00
' otal an nt of claims for lossa L, 709,04
Iwl ' 1 " thereo ‘e '
" Not mount of npai ssen (carried ) $121,182.80
: the amount of reserve for rein o 1.856.200.27
\ ' Y n st the m n
N 4 and exponses accrued 11,000 00
oint st A i i i T YOO 000 e
N ‘ d all abilitle i 178,085,384
. Totn il $2.881.415.91
IV. INCOME DURING THE LAST SIX MONTHS OF THE YEAR 1918,
A) nt of premiums received (less crpetus! Ret
Pron ) SB7O 886 .64
R el so el Hh 267,21
i Con ‘ ed from ot 1 ' o
A e nOs o 154,73
nment fees on perpetua iele $i41.0
Profite o e and cha ¢ | ik e of
i 0 {5511.96
) n ' . 1 1 X mon -
$775,000.54
V. EXPENDITURES DURING THE LAST SiX MONTHS OF THE
YEAR 1918
' $1502. 426238
end pa bl 0,000, 00
mount f « ' . i nolud ralaries vnd
mn ot nd of the compn 09410 60
4 ! for . natl wal sl { ' th ) !
' L 9168
8 \ me I expend i
I ' erp n )
‘ : i aßent vlnnee oharge L ) de
i \ e of security SIN 2 168 14 5 182 60624
X e ug the ia X m i ! " LY
\ $690 282,73
(i test BMmous ' n W ¢ $ 0O 0n
\ ] wion d 1 £ file tn the afMos
‘ ' minl \
FATE OF O VA --our W Fuitor
P onally ed before the ‘ g 1 Willham K. Hoston, whey
y ' t he £ the rm oof Manry Bros,
& | \ Oira i i s \ Company, and thag
' . and trug WILLIAM R. HESTON,
i ‘ ) of February, 1018
PEARLE B. HOOD.
Py i noUeunty, Ceorea
\ A. L BRCOKS
Alanie MANRY BROS, & HESTON,
vear hefore —and for “vnmlngencw
(a latitudinarian item) $1,087,870,
against nothing at all in the previous
period. 4
The tax law, as it appiies to cCorpo
rations, I 8 so intricately ambigoous
I that company officers ean do no other
than to set aside an overample sum
':izuinnt it and await the coming of
the tax collector for the definite as+
sessment, The Steel Corporation does
not know by many millions what it
must pay. .
These officials, whoe met thete
agents like officers in some other
companies, will take a safe course in
dividend declarations by recommend
ing to their directors a reduction.
They remarked to their out-of-town
agents at the close of the meeting,
the sight of a flourishing retail trade
would be more convincing if retallers
weére not hand-to-mouth buyers; if
such merchants would stock up con
fidently that wholesalers might keep
manufacturers busy at a higher per
centage.
Rea Confirms Warning.
What President Rea said about the
Northern Cen'ral's sale of its South
ern Pacific shares may be accented
as the rule of the ather constituents
of the Pennsylvania—the $32,025,250
of Southern Pacific stock has been
disposed of.
Discovery of innumerahle high
grade gushers: capitalization of the
company's 01l properties to be dis
tributed among Southern Pacific
stockholders as an extra dividend:
increased dividends: the mass of
stock market votaries were warned
by the Hearts dallies of the spurious
ness of the effusions in aid of the cam
paign of liquidation. Mr, Rea's state
ment virtually confirms the validity
of the warning.