Newspaper Page Text
“THE SUNDAY AMERICAN'S FINANCIAL AND BUSINESS PAGE
Rise of More Than #lB Bale Adds Millions to
Wealth of South—Trade in Wild Seramble for
Both Futures and Spots—Factors Bullish.
2y VICTOR BARRON
l several milllon dollars last week
b ne of the most glorious
gictories ihe bullish contingent has
il WOR IR months ‘
. w = On the whole, it!
‘g*"»fi*‘xh 3 was a reguiar nhl-‘
2 fashioned, up
{ roaring marke t,!
% with the white of |
& "y & the bear's cyes
L " !3: % buiging out like
=X WO BOOSe eRgRs as
-the result of a se-|
¢ 4" vere drubbing
And Southern spot
b sy holders were lib
& ally rewarded
B X o lu‘" the patience
’? = o @ and courage lhe,\'l
' have shown dur
" F ing the lasi lvwl
months—just as I
S " f repoatedly -‘LAln'ti!
BAR in (hese columns,
anetiomem ommmese e wollld come to]
them if they stood pat. '
Betore commeniing further 1 want
ts warn spot holders against ‘,nnin;:'
ioose TOO FAST A continuance f)l"
the holding movement still 18 NEC
LESARY, but a-siow marketimg of
£ taple now on hand can be done
without Mously interrupting the
upward movement—that is, il hold
rs recard present levels satisfac
iary. Neverthelcs meihinks the ma
ity vill stand pot until the s!;x;llfll
@ es to at lenst 85 ¢ »nte, and possibly |
bigher i
As 1 =aid, it was i 1 big victory. -I||
most cssuredly was. [inal prices on
te New York Exchange .\‘uvmcl:w]
v ere 252 to 857 points above the clos- |
irg lvels of the mev.ous Wweek,
e vivalent to $12.60 to $17.85 a bale, |
chile futures at New Orleans ex-|
hibited a handsome gain of 175 to 367 |
noints—sß.oo to $18.30, i
§POTS RULE BUOYANT;
FRICE HERE NEARS 32 CENTS.
: Bpot cotton steered upward, al
though the basis was cut down, owing |
to the fact that July option was ('om-‘
manding practically as much as the|
actual, the difference here being 1|:1r-|
rowed to 150 “on” July. Spot markets
in the belt generally were around 30‘
cents and better for middling, with
good middling basis here being quoted ’
as high as 32 §~2 ecents, or the highest
grlct‘ since last winter, and more than
cents above a week ago and almost
71-2 cents above the year's low, '
Futures at the top also stood at the
highest levels since last winter. Fol
lowing gives the weeks highs and |
lows of January .24 of active positions: |
Week's Season's
Oyiom- Highs. Lows.
MRV .. AR e e 800
BN i e RTINS IS
SOREONEr . ... oocvesns 9085 18.02
December .......... 80.00 18.40
AR . e BT 21.00
B . i e RS 20.95
11 CENTS ABOVE LOW:;
WILD SCRAMBLE TO BUY.
On the crest of the rise leading op
tions on the New _ York Exchange
stood more than 12 cents a pound
above the low ma~ ks of the season,)
established on January 24 last, while
active positions at New Orleans
showed a gain of virtually the same
amount
_ When futures broke through the 30-
cent line jt set the trade wild with
bullish enthusiasm, with shorts, trade
houses, Liverpool, Wall ®Street and
commission houses u-s('r:nphling for
eontracts. No ong ‘carcd Lo buy Octo-
Ler when it sank to within 2 points of
18 cents last January, but it seemed
as though there was a buyer for every
bale that will be produced this year
whin the same option sailed past 30
conts, 3
Oh, no; mills refused to buy fall
positions then, although [ advised
them to do so: but, as | stated then,
tiey apparently desired to wait until
the world commenced to compete for
te staple with prices many cents
~ higher. Some, said | was giving the
farmers and merchants the wrong
advice, and many claimed thal 1 was
“long” of the market and wanted to
“get out.” But let me assert, with all
emphasis possible, that 1 have NEVER
owned a contract of cotton in my life.
Everything I have said in The Geor
gian and Sunday American with re
gard to the cotton situation has been
with the SOLE INTENTION of keep
ing the great Southland ON ITS
FEET and bringing PROSPERITY
TO ITS DOORS. |
When practically everyone else lusl‘
heart and began talking 15-cent cot
ton 1 endeavored to show why they
were wrong, and said that patiencol
on the part of holders, reduced acre
age and diversified crops would save
the South. It HAS.
PREDICT!ION REALIZED: ‘
BIG REPIVAL IN TRADE. |
I not only have realized my predic
tions of materially higher prices, but
realized my predictions of a great re
vival in the dry goods market, which
now is described at home and abroad
as PHENOMENALLY EXCELLENT.
Agents in New York have found it
necessary to withdraw lines of goods
from the market in an effort to stem
the advance in goods prices. One
house last week was credited with
having sold 100,000 pieces of goods in
e day for export, and practically all
mills are sold considerably aheud.
* Fall River reported sales of goodse
‘for last week at 820,000 pieces, or
double the weekly production.
Merchants througheut the country
have regained confidence and the lead
ing financiers and business leaders
are talking of a GREAT PROSPER
ITY. Bolshevism propaganda in this
epuntry v which, however, never
g foothold except in the dens of
circulating such CUSSED ROT
vanished, and everyone is ex
trer confident of the future and
Jjeoking forward to even bigger and
more days than this coun
try E:g EVER EXPSERIENCED.
Here's what Judge Gary, president of
the United States Steel Corporation,
said Friday, and which sent cheer
fulness from one end of the financial
distriet in New York to the other:
“Ppatfence and confidence are Jus
g g and with these great PROS
'Y IS ASSURED.”
8 THE SPIRIT! Let's every
k upon the future in the same
d share in this approaching
" unnaralleled prosperity. With
L4e South s potent stzple coming into
R e o o eT e L
share in the country's forward push,
The old maxim holds: “As the South
ru..-u &0 goes the country.”
DEMAND PERSISTENT;
LIVERPOOL SALES HEAVY.
| lLet's get hack to the cotton mur-‘
ket
| The week's advance was greatly
stimulated by persistent buying by
trade houses, spot firms, Liverpool,
Wall Street and commission houses,
with offerings more or Jess light, be
ing confined to realizing and selling
for a reaction by ring leaders. The
Western crowd also sold. Contracts
were readily absorbed Demand was
stimulated chiefly ng the result of the
big revival in the goodg market, con
tinued low temperatures, raing and
unfavorable crop advices from the
belt, giving promise of a bullish con
dition report about June 3, In addi
tion to this, practically every secétion
of the belt sent in telegrams of a|
big demand for spot cotton at rlnng!
prices, with exporters and domestic!
mills in the market in greatly InA‘
creased number, Exporterg were re
ported to be fairly begging for the!
actoal. |
Another significant development |
was the larger demand from domestic
spinners,
Another bullish Item was Liver
pool's heavy sales of the actual,
amounting to 53,000 bales for the
week, with Thursday's sales lnt:lllnnl
15.000 bales—heaviest since 1914,
which was accepted as indicating the
return to normal condition in the
IFaglish market and active trade in
the mill district of Manchester. Re
orts that New Pedford and mills in
the Lancashire district were about to|
close, owing to a threatened strike for
shorter Wmours with an advance of 30|
per cent in wages, had no effect on
#ho> market. !
CROP NEWS UNFAVORABLE; |
TEMPERATURES TOO LOW,. |
Still another factor inviting in
creased bullish participation wag nn—!
favorable crop news, especiaily from |
Texas, where the army worm is sald|
to be doing great damage to (-ounn,’
which, together with cold weather, is
causing the plant to die, and thou-!
sands # acres where cotton died in‘
being planted in corn and peanuts,
Memphis wired that a number of Mg“
planters give extremely pessimistic
reports with regard to the new crop.
Alabama also sent in bad crop news
The weekly weather and crop re
port was unfavorable, showing the ef
fect of continued low temperatures
lnnd raing, the latter having caused
grass to spread over almost the en
tire belt. Labor ig scarce and farm
ers are having difficulty in cleaning
weeds out. It is believed that a big
portion of the lost crop will never he
replanted, owing to labor shortage,
high cost of labor and material. |
FIRST CONDITION REPORT
IS OF LITTLE VALUE.
1t was reported that the National
(iinners’ Association placed the con
dition of the crop at 77.8 per cent,
which is rather higher than expected.
However, little attention should be
given first condition reports, in that
they are valueless in determining the
prospective size of the yield. And{
here's the proof-—the condition of the
crop on May 25 for the last ten years,
together with fiinal yield of lint cot
ton following:
Condition. Yield.
Year. May 25. Lint. |
TR i R 11,700,000
LT i BRB 11.302..’;75‘
I 8 i o AR 11,449,930
IR iy TR 11,191,860
lOEE Vi BB 16,134,930
SR W v TS 14,156,486
S i 188 13,708,421
2011 i i RS 15,692,701
1810 .al siea RE 11,608,616
3909 ivee s 85 10006040
. Keen judges of the plant assert that,
whether it be high or low, it sheds lit
-Ife light on the actual size of the crop.
On May 25, 1918, the condition was
the highest in the last decade, with
prospects of a bumper crop, but
everyone in the cotton business knows
what followed. From a predicted yield
in July (by the Government) of 15,-
325,000 bales of lint, the great drouth
in midsummer and ravages of insects
proved so disastrous that a crop of
less than 12,000,000 bales was raised,
which prevented the market from be
ing glutted with cotton and held
prices away from 15 cents, or pos
sibly less.
EXPORTS STILL GROWING
AND OUTLOOK I 8 GOOD.
Exports during the week were fairly
large, totaling 78,840 bales, against
66,394 the same period a year ago.
This brought the outgo so far this
season up to 4,301,696 bales, against
3.637,714 bales the previous corre
sponding period.
The shipping board has promised a
great increase in ocean room for June
shipments, which.means that exports
next month probably will be the heav
jest since the war started. In the
opinion of leading cotton men it would
not be surprising to see the outgo for
that period reach 1,000,000 bales.
1 WWVWWWMM
| WEEK'S COTTON RANGE.%
AAAAA A A A A A A A AP
Follewing shows the mahm and lowest
g'rlcn of active cotton options on the New
} ork and New Orleans Cetton Exchanges
last week, together with Saturday’'s close
the closing prices of the &revhnl week
and net changes for the week:
s RN SRR L
, | |Sat.| Wk.| Net
__ lmigh]| Low [Close| Ago./Chgs
MYy .....oevss !tal.w't%.':ls!—*x&h'«ll—
July ........|*31.10/$28.50/30.90)28.38) 4252
October . . 1-;co.ufi-z«.m!‘xo.:mlzc.nsk+:uso
December . [*30,00/%26.50 29.95/26.38) 4+ 357
January . "29.77[026.33!29.10!!0.!! 4348
March .. _[*20.55 +26.15/20.55 25,98 1357
NEW ORLEANS ______ _
———“l 1 ISat.] Wik.| Net
__ idigh| Lew |Close| Ago./Chxw
May . ””"'!‘:‘lM{’”"s]S|'"'”'7s|+"s
July . ..... . ./*30.74/328.49 30.60/28.36/ 234
October . ... [*20.95/$26.23/29.58 26.10 -+ 348
December 429,45 ¥25.83129.40/25.73| -+ 367
Junuary fi-ts.u}su.ouin.g‘u.upxu
March _.|*28.48 ¥205.48 28.85(25.30( -+ 3560
sMonday; #Tuesday : *Saturday.
GREAT LAKES S, 8. SURPLUS $288,737.
The Great Lakes Steamship Company re
ports a surplus for 1918 after deducting
$1,802.141 for estimated taxes, disaster
and general expenses of S2BB 757 Earn
ings from operation were $4,641.027, ex
penses $2,624,034, profit $2.016,993, other
income $73,88¢ and total income $2,090,-
878.
HEARST'S i NDAY AMBERICAN — A Nem’mf_!fl!_yeopw Who ‘il‘hink — SUNDAY, MAY 25, 1919,
{ . ’ . )
- City’s Business
Activity Shown
Big Cleari
In Big Clearings
s A N AN
Reflecting the sharp rise in cotton
and general improvement in all lines
of business, ag well as the big revival
in bullding operations, Atlanta bank
clearings last week were the largest
in several months, aggregating $06§%,-
768,725.16, as compared with $37,432,-
\.’H).’! 91 the same week a year ago-—i
3g:nn of $21,236,421.25, and more than
£2.000,000 in excess of a week ago.
Saturday's clearings also showed a
heavy lincrease over the same day
last year--$3,271,938.02~-the day's to
tal being $9,005,136,93,
Following shows clearings for each
day last weck, compared with a year
ago:
Day This week 1918,
Monday $11,126,578.72 $7,578,441.76
Tuesday 8.830,900.95 5738,404.03
Wednesday 10 396,756.99 6,577,677.30
Thursday 9,235,888.27 (,004,145.48
Friday. 10,178,378.30 5,800,4236.11
Saturday . 900513693 5,733,193.91
Total $68,768,725.16 $37,432,303.91
NEW YORK, May 24.—1 n one of the
most active Saturday sesslons the cot
ton market has had in a long while,
prices rose in a sensational manner to
new high ground for the present bull
movement The demand was not lim
ited and came from all sources, with
new crop positions showing the great
est strength,
Reports of a strong demand for spot
cotton in the Southern markets for ex
port, further bullish crop reports, a
forecast for rains over the eastern belt
and good reports from the goods mar
ket all created an optimistic senti
ment which helped the tone.
The market was strong from the start
with first prices 15 to 80 points higher.
Fluctuations were wide after the call,
with prices steadily gaining in strength.
At the end of the first hour the market
was strong with prices 72 to % points
abeve yesterday's close.
In the second hour the demand con
tinued, but gontracts were very scarce.
July touched the 31¢ lovel and most po
sitions showed gains of over $6 a bale,
Toward the close heavy realizing set
in, but this had little effect and the
final tone was steady, with prices 8%
to 141 points higher. -
Spot cotton was steady, 106 points
higher at 32.60 c. No sales,
New Orleans spot cotton was firm 87
golnm higher at 30,76 c. Sales = 8,400
ales.
‘
it Y RORE COTRON . e
4 Open . [High. | Low. {l.Balel Close, |Prv.Close.
July |40.08(31.10/30.0531.10{30.90-10/30.02-10
Oct, [20.60030.45/29.60/50.38'30.36-40(29.04-01
Dec. [29.30/30 00:29.24{29 !H-)'.:B 95-30128.52-62
Jan 29.16|29.77|29.00129.75(29.70 128.40-50
Mar, 128.80/29.56(28.%5129.56/29.66-60/28.20-23
Au § Lo iih ot 1350 by i vadl
Sp Sl ... ..]30.56
S L ie !
P-v., s Lo PRI BT A
Closed strong.
_____ NEW ORLEANS COTTON .
___!Open./High.| Low. |L.Sale[ Olose. |Prv.Close
May [31.33/31.80/31.530{51.80(31.40-42|30.80
Jly 130,156 30.74/30.10/30.70/30.60-70129 80-85
Oct 28.56|29 75'28,.’»13‘29,75‘2“.68-75['_‘&22-2(.
Dec. |28.45/29.45/28.40]/29.45/29.40-45/27.90-95
Jan. [28.17/29.24(28.17(29.24(29.24 127.66-07
:\‘ll‘ 2 l‘.:R.fl"H{ 13“248.44_8!2»818]28‘3{3-90327.42-4’.’
Closed firm. i e
SPOT COTTON.
Atlanta Commercial Exchange quotes
basis good middling, 32v; sales Friday,
1,000 bales.
New Orileans middling 30.%; sales 3,-
040 bales; arrived, 450,
Liverpool, middling, 20 48d,
New York, middling, 31.565
Savannah, middling, 301
Boston, steady, 31.26.
Augusta, middling, 29%
~ Philadelphia, middling, 31.80
Charleston, middling, 29,
| Wilmington, middling, 28/
Norfolk, middling, 29.13
Memphis, middling, 30
Bt. Louls, middling, 29%
Dallas, middling, 31.16
Mobile, middling, 29
Galveston, middling, 31%
Houston, middling, 31.50.
Little Rock, middling, 29%. 4
Montgomery, middling, 29%.
| SR ATI apve e
ATLANTA COTTON DIFFERENCES,
Middling falr YN bNS Ces AL A O
‘a‘lru'} Good Middling ... ........138 on
Goot JITAUEE . < inissn sossrsiir il 09
Strict MiddUAR .....eoeveanicness,s 82 OB
‘!\'M.!llnf ...............lmsla
Strier Low Middiing .....000e0:4225 0
il,ow MIGAMDE . viv . anssansivanas 009 off
Yellow Tinged,
ood MIAAUDE" @ity hvvsrey sons 3118 off
Strtat MIAANRE %' icasicparnsts 300 Ot
Yellow Stained.
Good Midaling ......... .. . ....600 oft
. ATLANTA COTTON SEED PRODUCTS,
‘ U, 8. Fixed
__ Deseriptions— Prices.
Crude oii, basis prime. ............ A 7
Cotton seed meal, p. ¢. common. .. $55.00
Cotton seed men!, 7 p. ¢ Georgia
common rete poimt ... ....... . $H6.00
Cotton seed hulls, 1005 e........... $16.00
Cotton seed hulls, sacked ........nominal
} ATLANTA COTTON STATEMENT,
Saturday-—- 1919, Last. Wk.
Spots ...........32.60 30.40 2340 21.76
OO .\ e T 8 8790
Shipments AR et T 1,288
Stocks ... TS LR S 28,690
Sales 2 a Cacs v de s TRO 1,000
\ e —————————
| WEEKLY WEATHER FORECANT.
’ WASHINGTON, May 24.-—The Weather
Bureau today issued the following forecast
for I}s~x( week !
' Atlantic and East Gulf Statés, Ohio Val
ley, Tennessee and Region of Great Lakes
—The coming week will be one of approx
imately normal temperature and cloudiness
and occasional showers.
West Gulf States—The coming week will
be one of normal temperature and general
ly fair weather, but with showers probable
the middle of the week.
NEW PRODUCE MARKET.
NEW YORK, May 24 —Petrgleum firm;
erude Pennsylvania 4.00.
Turpentine firmer, ss@B6.
Rosin steady: common 12.00 asked.
Hides strong«r; native steers, 33% @3613%;
branded steers, 291, @361%.
Coffe weak, options opened 20 to 25
points lower; R No. 7 on spot, 195 @19%.
Rice stronger; domestic 6% @ll%.
Molasses dull; New Orleans open kettle,
76@82; black strap, 12@17
Raw sugar l!e%dy.
Refined sugar Gnachanged
Potatoes firm; nearby white, 2.22@5.50;
Bermudas, 3.00@9.50; Southern sweets,
3.00@9.00,
Beans unsettled; marrow choice, 11.75;
pea choice, 8.00; red kidney cholce, 12.25.
Dried fruits strong: apricots, choice to
fancy, 30@35: apples, evaporated, prime to
fancy, 183% @22; prunes, 30s to 60s, 27T@
30; 60s to 100 s, 14@23;: peaches, choice to
fancy, 24&1‘27: seeded raisins, choice to
’f:\m‘y. 15@22.
| STOCK MARKET OPINIONS,
. Clark & Ce.: "Wild speculation with
}nuhlic bidding can cause remarkable ad
vance in some stocks. This has happened
‘in many specialties in the present market.
While solid standard issues are neglected,
- sooner or later, the tide will turn in favor
of coppers, steels and rails. Take profits
’on speculation, buy standard issues.™
\-- - ~
New York Finaneial Bureaun: “‘Mixed
views make for irregular movements, ‘with
bullish operations confined to speculation.
The trading position is suggested as a log
ical position for the general market. Gas
stocks are bulled by pool channels.'
| ; i
" New York Stock Quotations |
Market closed strong.
Total stock sales 896,600 shrares,
Total bond sales $5,678,000. ‘
Totzal stock sales for week 7,800,700 shares.
Total bond sales for week $67,634,000,
ettt 1 0 s B ot
|High | Low |Last Prev.
LHTOOKS- | | ____iSsieiCless
Allis-Chalimers . . | 12%| 42%| 42%| “wH
lloé)u', L R S e e wof
Amn. BN . v o sisih isidd i) DR
Amn, Int. Corp, . .| 92% 92 | 92 028
Amn. Agri. . . . J110%[110% 11051107 %
Amn. B Bugar . ’ §O% | BOY KOV | KO%
Amn, Can . . o) BE%: 65 86% |B4
Amn. Car Fdry. L 1024411021, |lO2l, (102
Amn Cot. OB ~ .| g i iis 6%
ANE Ipee: ;. . A 0 Bl%| 83 |Bl
Amn, Bmelting , .| T9%| 7% T9%] 8%
do pref. » s L
Amn. Steel Fdrs. ..| 37 ki 37 36 %
Amn, Sugar Ref, . . Es : . |131%
Amn, T. and T. . ,llm‘. {lO6 [lO6 1067
Amn. Woolen . . .| %6% 86 86 B 4
Amn. Linseed . . 64 04 G 4 634
e L viiil s BB
AL B ANTY . . i el POB
Amn, H, and 1. . 33%| 33%| 33% | 31%
do rr«f. S . .1122 h2oxi2s 131%
Amn. Malt Corp. . .| 4 | 4 ¢4 3%
AN . Tob ... ' i il ..1206
Amn. Sum. Tob. . .JlO7 [lO7 1107 N 06%
Amn, lee . .... .| 6%/ 58%| 66| 66
Amn. W. Paper . . éol ceoieloennel 40N
Alloy Steel . ... .| 66 be%| G 4%) 63Y
Alaska QGold . . i et B
Anaconda , . L.l 89%] 68%| 695, BBY
Atchison . . . .|IOO |9% (100 ] 97%
At. Coast Line . . .[lO6 [lO6 106 (104
Baldwin Loco, . . .|101%4}100%]1007%]100
Bal. and Ohio . . .| b 4% | 541y| 54%| 644
Booth Fisheries . . | 23%/| 23% 23%/} 23%
Bethlehem Steel . .| ....| ...+] 00/ ] 18%
S . . . il Bl
Peth, Steel B . .| 79 8% TB%) 79
Prook. R. T. ... .[ 26%| 26%[ @65 26%
Butte Supesfor .- . ) ..i.] «:::] 8.4 24 Y
Butte C. and 2. . .| 13%] 13%| 13%/| 13
Obl Poloatos ', . .l ...} o] HIN
Can, Pacllie: . . ) ... il sil A
Ches. and Ohio . . 67% | 67%| 671%] 66%
B ane N W] e « 1103
Col. 3 and'l . . .[#7 |4l |4l | HB%
C., M and St. P. . .| 46% | 45% | 45%] 46%
ae .pt, . . § =i e
(‘hino Copper . . 32| 32%]| 3214 38%
Consel. Gy . .. .| . ...4llom,
Corn Produets . ..l ... | 631%
Crucible Steel . .| 77 T 6%! 761! 76%
Cuban A. Sugar . evl w 2 1180
Cuban €. Sugar . .| 367%/| 35%| 36% 35%
Cast Iron Pipe ...| 27 ‘2(‘:% 27 |26
Centrul Leather . .} 93 | 92 93 915
Chile: Copper . ..} 24150 24 2414] 23%
Chandler Motor . .[187%(179%/187% 180
Coltiebin Our . . ~ 5 v | R
Corre-de-Poded &« 1. I.+] vis] o 0 48
Clont KIS iiinl g g sedd SN
Del. and Hud. ~ .| .. el L SR
B 5 anat DR B |lB |lB
do pref. Ist . .1 30% | 30% a 0 30%
Gen. Eleetrie .., 161411664 (1661164745
General Motors . ..lM’V.‘&lflfl%llS(% 188
Goodrich Rubber . | 71% 1 71%| Tl%] 71
Gen. Cig. Stores .| 81%] 81% 8114| 81
Gt. Nor. pref. . .| 981 981| 98151 97%
Gt. Nor. Ore . ...l 47%]| 47%| 47%| 47%4
GWR ] W
7 g’ e g e ST R |
Quit States Bteel . ! ....{ ...} ... ] 712%
L CErsE h i e o ik I
Inspir. Copper ..... «... 56%| 66 56 %
MeeEbord: .. L e 6% 6%| 6% 614
85 DPOE i v e il dies 24 %
d, Alcohol . . .|157%[156%]166% 156
Int. Nickel . . .f 27%]| 27 27 2614
Keystone . . . . .| 91%| 91%| 91%] 90
Kelly-BSpg.| ... . +[{122%]119 1!2% 119
Int. Paper . . . .| 54%! 534 31,] H 4
Kan. City Sou. . 23%‘ 23%| 23%] 23%
0D Prel o ol e ey 55
‘\ CHICAGO, May 24~Qontinued liqui
dation. by longs. in.corn wag the feature
of the market toddy, and it was also
the potent bearigh factor. Losses were
shown of %c¢ for May, 2% @2% for July
and 17-B@2c¢ for September. The oats
market was off I@l%. Hog products
showed losses of 4@H.55, with pork the
weakest spot of the list. There was
some buying of corn and oats late in
the way of evening up over Sunday.
Grain quotations: ‘
\ Prev. |
Open. Migh IBw. Close. Close.
CORN ‘
May 1.79 1.79% 1.78% 1.7% 1.79%
July 1.64%e 1.64% 1.62% 1.64 1.65%
Sept. 1.67% 1.67% 1.56% 1.66 1.68 i
VATS
May 68 69 1% 68 68 1% 691%
July 67% 67% 66 14 67% 6814
Snt 6414 6414 63 1% 6314 644
PONK \
May 53.90 53.90 5390 53.90 53.90 |
Jly 49.00 49 00 48.10 48.25 49.10
CARD-
May 33.00 +33.00 32.75 ° 3275 33.06
Jly 30.85 30.85 30.56 30.62 30.80
BPt ; s i . 4 BORO
RINS |
May 29.30 29.30 29.20 29.20 29.25
Jly 27.00 27.00 26.77 26.82 26.60 |
CHICAGO CAR LOTS
CHICAGO, May 24.—Following are re
ceiits today:
Wheat Sirevi N
Corn Rt R L R RSyey e R
Oats e ietiiwaiis s e AN
Hogs i VTR oy SBNTR Y ,B.ooo‘
CHICAGO CASH GRAIN. ‘
CHICAGO, May 24.-—Cash corn No. 2
mixed 1.80, No. 3 white L79@1.80%;
No. 2 yellow 1.81; No. 3 mixed 1.80;
No. 6 white 1,78; No. 3 vellow 1.79@ |
1.80: No. 6 mixed 1.77@1.78 1-8. ;
Oats, No. 3 white 87 3-4@69 1-4; No. |
4 white 68 1-2; standard 69 1-2@70. 1
ST. LOUIS LIVE STOCK MARKET. |
BT. LOUIS, May 24.—Cattle: Receipts
600; market steady: native heef steers,
11.50@18.60; yearling steers and heifers,
9.50@16.00; cows, 10.50@13.50; stockers
and feeders, 10.00@13.50; calves, 7.70@
15.50; prime .\‘ol*hm'n steers, 10.00@14.50;
beef cows and hvifers, 6.50@8.00.
Hogs: Reeceipts 500, market steady;
mixed, 20.16@20.70; good, 20.60@20.75;
rough, 16.00@@19.76; lights, 20.1520.50;
pigs, 15,50 @ 19.76; bulk, 2020@20.65
Sheep: Receipts 600; market steady;
ewes, 13.00@14.560; choppers and canners,
6.00@8.50; lambs, 18.26@18.756
‘ JACKSONVILLE LIVE STOCK.
Hogs: Receipts light; prospects steady
‘ Extra choice ‘w:n’y. 18.506@ 19.00; ordinary
choice heavy,” 18.00@18.50; rough heavy,
17.00@18.00; lights, 16.50@ 18.00; pigs,
‘ 13.00@14.00; range hogs, 11.00@12:00;
range pigs, 7.00@8.00
" Cattle: Receipts medium; prospects
steady; steers, 5.50@12.00; bulls, 5.26@
8.60; yearlings, 5.00@7.00; cows, 4.50@
$.00; heifers, 5.00@8.50; veal calves, 8.00
@12.50; canners, 3.00 up.~—Williamson, &
Dennis, May 23.
, e o
CHICAGO LIVE STOCK.
CHICAGO, May 24— (By United
States Bureau of Marlets.)—Hogs: Re
ceipts 8,000; bulk of sales s@loc higher;
market closing with advance mostly
lost Top 20.795; bulk 20.50@20.75;
‘heavies 20.50@20.75;, medium 20.35@
20.75; light 20.00@20.65; light lights
19.25@ 20.40; heavy packing sows smooth
19.85@20.25; packing sows rough 19.2@
19.75; pigs 18.50@19.25.
' Cattle: Receipts 1,000 Compared
‘with week ago good and choice heavy
beef steers 76 to 1.00 lower, common
and medium grades and yearlings most
1y 40@75¢ lower; cows and heifers 50@
75¢ lower; canners and medium grades
steady to 25c lower; bulls strong to 25e
‘higher: butchers steady; veal calves
1.75@2.00 higher; feeders 50@75¢c lower;
stockers and light feeders steady.
~ Sheep: Receipts 1,600; market strong
compared with week ago. Spring lambs
and best shorn lambs strong to 25¢
higher; other lambs steady to 25c lower,
shep and yearlings mostly 25@50¢c lower, ‘
JACKSONVILLE LIVE STOCK. |
JACKSONVILLE, May 21.——-—}{ogs—!{e-‘
ceipts light Prospects steady. Choice |
heavy, 18.50@19.00; ordinary choice |
heavy, 18.00@18.50;: rough heavy, 17 0@
18.00; lights, 16.50@18.00; pige, 13.00@
14.00; range hogs, 11.00@12.00; range |
pigs, T.00@8.00
Cattle—Reoceints light. Prospects steady, |
Steerset 5.50@12.00; bulls, 5.26@8.50; ‘
vearlings, 5.00@7.00; cows, 450@8.00: |
heifers, 5.00@8.50; veal calves, B.oo@ |
12.50; canners, 3.00 up.—Williamson & |
Dennis. 1
ev.
| Lot Fre
i m_w:,@u'--‘&!,’g
-—m(’ B— L"’T 9% ‘%I 201
“!"*';;c‘il"’!‘fl“' o w'l k 358 34%
g L] s B 3
JAemneeEßt L . . e slicl saie] 8314 1t
Tehigh \Mx“y, v % Sk il
Lack. Stee L ' ‘%‘ 4% 46% 36 %
lL' 'T:-nh‘ubt-}r- L ‘] saag| 23wl 321
)M“do 18t vl'““'éw',.’K 32% x:(z)"z "0%112%%
Mo. Pucific ‘l.um‘“‘ll‘" 4714 47%] s
Mexican Petroleu i s ~m‘lzm
e . w3k 48 7%
do. _pro.r Ly ' 19| 19, e
‘Mmmi(ovml .e] 9% LY ue
Midvale m‘”,,,“el. el 81%
Nn!lll’“;lml::zcul‘l C ekl 81k il“. 3244
'th . . vhie e »
:o& ltem:‘uld Bl osis i i:&
National Lead . - 123 12% ,‘?,,hog%‘
ee| o| o S
N and W. . e . .
et gk Dy nigiinid
Ny 'xlihr".‘“; i 6% | 55_*_, i 3%
Ohio Cities (""Coal 043, |94 941 1%
itts.-W. Va, Pete.| 943 81| 54% &
gan-.hm""'""" . o] 84%| 56 l 56%‘ 914
fonnsyivavia . . ‘| 56%1 80 |BO | 264
g A 20/ 2% | 20% 5954
B Bteel Car . . | 26%| 9% | “%'117%
AL ghn b Tenflis s 117
Pittsburg Co (old).H{z“’,uon l}‘g&‘ 31y
Ne, (now) i I'HE ua 58% | [
Ray ‘-"°““°'ma. . .| 88% sl Gl R
Reading .. iR “' 8814 88%\”3
BT ad Bieit o 3oic| 307 7| 0% 39%
R. ld“ pref. .:l 3014 |7O gg?/:
A e 3TN 8914
e g iv e e
do. ~m‘”‘ :"_l“%
Steel Spr: i ‘bs
e sbR
iel [ il B 9 i
~ e y Sy 8
e |o4 144 a 2 i
. 24 5
S, oies P )So3 i 3
ol O.v. 18 4 P
Switt & Co. —_— ! 8934| 933 A
sw do. pref. . o] 95 ) 143 14%}275
e “,‘,':"79%1279%, 19%
’?“:ni\ gy _‘279“"491&5 s
Saeae Qi .- - T 3
Texns P,g-tfu - 3 e I‘3s’%'l;"’ { ;13%
Unlon Paeitic . . (136 sl sinl B 3
Shion Dee 76 |B% 6% 9714
M'lp’l""d““"'w '?162 98141102 '113%
IPood . i iel 3
{fi s,"n\:x;mr 2 _Il(.’;;‘v;l(m%110’1%!%‘1’2?2
do. p 5 T o npns 118
Meel . . |..--""133‘l 132
N ',}l:::sl/_‘f!:jg ;’nzé! 5%
Ut “Copper - 17987 118 | 12,
. *) 2 |l9 ‘ &t i
vae, Clemicar aciéi 36%| 301
wiiml.un il & 1 m;‘ysl -;"_1“ o] 0%
o, %vl ":, .:_)(V,g 3 11
y N Union | 36% T%l 68%) 671
Willys-Overiana L 0| 8% g:,}:' SBl 87
ST B R
‘White Mo king Co.| 87%] 87%, 87%
M_“—;‘)an. ee S 0
46/99.40199. 0[“‘“
—-—'T_v-T’" 8194.10 84 7019424
US. Lib, 314 - «|4. 70104 76’,5_\%.5. :
" do, 24 by L ,‘,95.7119-§~qo 95 o) &.9
do. 3d 41/‘5 - .[95.90 9:5'02595.02,95-24
do. 18t 4‘45 g ~95.02|Q8~20 95.20/95.
do. 2d 414 .195.20]95.
do. 4th 4%s .
CHICAGO, May 24.-—~Week-end trade
at the stocy yards showed a disposi
tion to pick up. The hog market last
weel, especially during the lattor part
of the week, was much lower, due te
heavy receipts, and as a result prices
broke considerably.
Liberal receipts of cattle cause a de
¢line today from 25 to 40 cenls. Sieers
under 1,100 pounds could get action,
but heavy bullocks were not wanted.
Losses for the week ranged from 50c
to $1.50 per hundredweight, the latter
being extreme and in thé case only of
a few prime heavy bullocks. Yeunrlings
and light killing steers show least of
the decline. At the close the sl7 quo
tation was doubtful, $16.75 taking heavy
cattle worth $20.25 on the high spot a
few weeks back. Stockers and feeders
were 2,@50c lower for the week. Calves
closed $2 higher than last week, with
a top of sl6.
Closing value for all sorts of sheep
and lambs were at the low point for
the week. Some shorn lambs sold at
sls today with springers at ¥l9 and
the trade was fully steady for the few
lots that were offered. Wool lambs
closed 25@50c¢ lower for the week, while
shorn stoeck also was 25c¢ off, Aged
muttons showed a drop of more than
50¢ in many spots at the closing.
.
Registered Farm Loan
Bank Bonds Held by 1,102
WASHINGTON, May 24 —Reglistered
bonds of farm loan banks were held by
1,102 individuals and institutions of whom
1,050 each had less than $25,000 worth, ac
cording to the latest tabulation by the
United States farm loan board,
Only three holders had more than $50,-
000 in registered bonds, 36 between $25,000
and SIOO,OOO, and 13 between SIOO,OOO and
$500,000° Average holdings of coupon bonds
were believed to be even less than the §9,.-
800 average of the registered bonds being
more preferred by small investor.
The interest charges on the $10,821,452
total of outstanding registered bonds
amount to $510,086 annually, most of the
bonds paying 4% per cent, and some §
per cent.
HESTER'S COTTON STATEMENT.
Comparisons are to actual Jates, not to
close of corresponding weeks:
(00> omitted.)
In sight for week . &vl nd 113
do same seven days last year .... 99
do same seven days year before .. )
GO SOE the BROMRRY iacid Loo 308
do same date last year .......... 273
do same date year before ........ 250
ROCTOE PREBUT .-G vneies ses 0 1073
do same date last 'year ".,........11,270
do same date vear before ........12,083
Part receipts for season .......... §315
do same date last year .......... 5,944
do same date year before lasta .. 6,836
Overland to mills and Canada for
BORBOE . itk Bl 10D
do same date last year .......... 1,601
do same date year before ........ 1,376
Southern mill takings for season.... 3,118
do same date last year ~........ 3,311
do same date year before ........ 3,505
Interior stocks in excess of August 1 511
do last FORr ... ..cisiiiansnenenia 513
do year before ..........e0v0.0.0. 367
Foreign exports for week ........... 79
do same seven days last year .. 71
do same seven days year before .. 70
do for season ..... s s 430
do same date last ygur st i S ORB
do same date year before ........ 4,945
Northern spinners’ takings and Can-
ROR TOr WK . sosrviccarprvanse 40
do same seven days last year .... 71
Ao THr DEEMOE . .y i siatsmgsia s rvd 007
do to same date last year ........ 2,689
Statement of Spinners’ Takings of Ameri
can Cotton Througheut the World.
RIS WK 5. -sns fhnresiasanasins 176
Same seven days last vear ........ 180
Same seven days vear before ........ 183
Total since August 1 ... ATe es AT
Same date last year ..............10,210
Same date year hefore ............11,698
Statement of World’'s Visible Supply.
Total visible this week P A e DTS
do this week .............essoo4 5,110
do same date last year Seindeny 588
do same date year before ...... 3,843
Of this the total American this week 3,354
GO IRRE WO ... vannes sy (3,416
GO IMBE FOAr . ... ... .. s cuvbiaane . 3,064
do year before ... cidhdanenes 5,018
All other kinds this week .......... 1,708
do last week IR S S TRI I T
do Jast YRAF ...l csvdiensannsy 1308
do year before ... S iy LA
Visible in the U. 8. this week ...... 2,414
do this date last year .......... 2,132
Visible in other countries this week 2,648
do this date last year ....... v lee
e e e . \
R. G. Dun reports 106 failures in I'Hi!("d‘
States this week; 120 last week, and 184
last year. ]
.
!
U. S. Exports for
‘Ten Months
Gain $821,000,000
A AA NP
Exports from the United States for
the ten months ended with April of
this vyear totaled $5,705,000,000, ac
cording to the Department of Com
merce, This Is an [ncrease of $821,-
006,000 over the ten months in the
corregponding period last year.
April's exports were valued at $715,-
006,000, This was nearly $100,000,000
over the best record made for any
month of the present year.
In the month of April imports val
ued at $273,000,000 showed an in
crease of $5,000,000 over the month of
Msarch, when they were valued at
$268,000,00. As compared wtih the
month of April last vear, the imports
for the month show an increase of
$6,000,000,
FFor the ten months ended with
April, imports are put at $2,474,000,-
000, an increase of $112,000,000 over
the corresponding ten months last
vear,
VIEOROUS AISE
IN MANY ISSUES
NTW YORK, May 24 —Sentiment on
the stock exchange during today's ac
tive two-hour sgession was decidedly
bullish and the trend of prices from
the very outset was to higher levels.
The motor and tire stocks led the ad
vance, gains of from 3 to 7 points be
ing made in this group. General Mo
tors rose near!y 7 points to a high of
195, while United States Rubber sold
up 7 points, Studebaker 6l points,
Chandler 6 points, Kelly-Springfield 8
points and other tire and motor issues
generally showing gains of over 1 point.
Steel common assumed its lead in the
steel stocks and after opening at 107
vielded under profit-taking to 106%.
However, renewed demand for the is
sue sent it up to a new high for the
vear of 107%. The other steels showed
but fractional improvement.
The railroad stocks showed some
strength, with Atchison making the best
showing, selling up over 2 points to
100. 'The copper stocks showed im
provement from fractions to nearly 2
points, while the food and chemical
stocks also displayed a strong tone.
LEAD COTTON MKTS s BT evk
.
Weekly Statement Sixth
‘ Federal Resrve Bank
’ Following is the weather statement of
resources and liabilities of the Sixth Fed
ir-rul Reserve Bank at the close of business
May 23:
‘ Resources.
CGold coin and certificates in
P AR L ivervna iy BT RTR 4108
Gold settlement fund....... 12,633,235.18
Gold with Federal Reserve
BAEOHE t, oGI SLEED.2O6.OO
Gold redemption fumnd...... 6,020,890.009
| Total gold reserve........ $68,228,961.20
Legal tender notes, silver,
’BO RTN e s e s 1,799,852.00
Total reserve ............ $70,028,813.20
Bills discounted, secured by
Government war obliga
tions BB W pes in s DR R TSN
RIS i e i sR 4 T 9.584.00
Bills bought in open mar-
T SRR RR O RS 5,151,063.47
Total bills on hand....... $89,539,325.87
. S, Governmént bonds..... 376,450.00
. K Vietory netes.. .. . ... 7,450.00
V. 8. certificates of indebt-
RN o 5 il iR dhn b 9,509,000.00
Total earning assets...... $99,432,225.87
Beanik préemises:. .. .......... 218,500.09
Uncoliccted items and other
deductions from gross de-
BTN iy 37,688 88080
Five per cent fund against
Federal Reserve Bank
DEUEE TN G ey e 449,950.00
All other resources......... 311,509.76
Total resources .......,..$208,079,622.66
Liabilities, ¥
Capital padd In. .0 0. v%, 55 841 45000
BUPDINE. caen i s seivie dynas 381 D . 00000
Government deposits ...... 7,386,164.97
Due to members, reserve ac-
WML Lsin s AT ST D
Deferred availability items. 28,454,544.50
All othor depomits ......... 293,408.10
Total gross- deposits...... $80,807,375.22
Federal Reserve notes in
actual circulation ....... 112,263,640.00
Federal Reserve Bank notes
in actual cfirculation ~... 8.894,156.00
All other 1iabi1itie5.......... 1,363,001.44
| Total liabilities ..........$208,079,622.66
| e el ot
NEW YORK CURB MARKET.
NEW YORK, May 24.—Trading on the
curb market was quiet today. The un
aeirtore was firm byt prices moved in a
narrow range. ‘There was no special fea
ture in the trading. Houston oil showed
strength, selling at its high price, while
business 1n the industrial stocks was
small with prices showing mixed changes.
Opening. Closing.
Aetna Explo.. .11 @ 11Y% IY% @ 113%
Ang.-Am, Oil . 26%@ 256% 256 @ 256%
Barnett Oil . .3-16@ % 3-15@ %
Consol. C0p.... b @ 6% 5 @ 5%
Cosden Oil . . 9% @ 9% Y @ '97/.‘
Curtiss Aero.. . 19 @ 21 19 @ 21
Houston Oil . 140 @145 140 @143
Ind. <Plpe. ./' .108 @IOB, 102 105
Inter Pete . . . 31% @ 32% 31% a2y
L. Val. Coal . 90 @ 92 90 ) 92
Magma . . . .:33 @ 36 33 @ 35
Mareont .. .. .8 @ a¥ 5%?* 5%,
Merritt Oil .. . 31 @ 31% 31 31%
Midwest Ol . . 2 @ .2% 2 g 2y
Midwest Ref. .187 @lB9 186 @lB9
N. Am. Puip. . %@ 6% 5@ H%
Ohie Oil . . .386 @390 386 @390
Prairié -Oil . ..718 @7BB 715 @785
Sub, Beat . . .18 @ 18% 16 ) 16%
RO MY . .385 DI 388 0392
8.0 N J. . 7130 @736 730 @735
AO Gali. . 380 @2O 280 @290
86 Ind. . . .810 @320 $lO @B2O
Union Tank . .137 @139 137 @139
Vietoria 01l . . 3 @ 3% 8 @ 3%
W.=MAPtID <. . BX® 6 6145 614
Cons. Arizona . 1 @ 1% T 8 X
Nipissing . . . 12 @ 13% 12% @ 12%
B. & Wyo. Oil. 60 62 60 @ 62
Glen Rock Oil. g%rgv % %@ 7%
‘l. 0.. & Trans.. @ 8% 8 @ 8%
N'west Ofl . . 63 @ 66 63 65
U. 8 Bteamh. . 2% @ 2% %@ 2%
’Snpulpm vie ss SR R i 8@ 8%
Boone . . . .13 @ 13% 13%@ 13%
) NEW YORX BANK STATEMENT.
NEW YORK, May 24.—The weekly
bank statement follows:
~ Average statement—Loans decreased
‘88’%823,0\)0; demands deposits decreased
$7,568,000; time deposits decreased $2,-
177,000; reserve increase $15,744,660.
Actual Statement—Loan decreased
$133.109,000; demand depositsj decreased
$18,796,000; time deposits increased $5,-
087,000; reserve increase $4,439,760.
NEW YORK MONEY MARKET.
NEW YORK, May 24 —Money on call
on the New York Stock Exchange during
the past week ranged between 314 and 6
per cent.
Time money during the week was rath
er quiet, with rates »n mixed collateral
quoted at 5% @53 per cent.
GRAIN MARKET OPINIONS,
E. N. Wagner & Co.: “The difficulty of
breaking corm on recent receipts has been
obvious."
Hulburd, Warren & Co.: ‘Larger arrivals
of Argentine are predicted in near fu
ture. ;
Clement, Curtis & Co.: "“Lateness of new
crop will bring buyers to market on de
clines.”
Bennett & Co.: “Corn prices may now be‘
on debatable ground.”
NAVAL STORES MARKET.
SAVANNAH, May 24.—Spirits of tur
pentine market firm; regulars, 80154
wiles reporte? 68 Rosin market steady:
WW, 1,3‘[0; o 1,388 n, 1.260: m, 1.23%;
X, 1R R B 8 B 108 G G I.OTNL
F, 1,070: E, 1,065; D, 1,060; B, 1,060;
sales, 331; reeeipts spirits, 21: rosin, 180;
shipments, 445: rosin, 523. stocks, spirits,
5,992; rosin, 56,640,
(i |
in
CASH: AICH MEN HOLDING
’ )
Never in History of Finanecial District Was
There So Much Money Being Put in Stock® '
Market—Oil Industry Sound.
By BROADAN WALL.
EW YORK, May 24.—A1l the cap
ital in the country seems to have
been torn up from its roots in
permanent investment places ande t? be
circulating in search of new enterpr ses,
The result is that the stock market is
flopded with cash, Never in the history
of Wall Street was there so much
money available nor did there ever
seem to be before so many individuals
seeking to get rich quick,
But with all this excitement, Wall
Street loans are kept well in hand and
the technical condition of the market
is reasonably strong. Perhaps never
before have so many Ssecurities been
owned outright. The reason for this is
that a larger percentage than usual of
the persons who are speculating do not
understand speculation on margin and
by paying for the stocks they are fool
ing themselves with the idea that they
are investors.
Rich Men's Profits.
The theory originally proposed in this
column several months ago that rich
men would hold the market up by re
fusihg to sell their stock is now gen
erally accepted as a correct one. The
great volume of stocks are held by men
who have such large profits that if they
cash in they will have to give about
half of it to the Government in the way
of taxes. They prefer to hold the stocks
aind risk a loss of profits through reac
tion.
High taxes must be continued for a
generation and little is to be gained by
refusing to sell. Some large blocks of
stock held for permanent investment
may nevar be liquidated, but it is safe
to guess that this withholding of stock
will soon come to an end. There 18 no
evidence yet of a weakness on the part
of these rich men and for that reason
the market may be expected to con
tinue for several months in its present
abnormal condition,
Every great war brings a new crop
of millionaires will counteract to some
Du Ponts that are attracting most at
tention. As a rule the great groups
of miilionaires have their wealth invest
ed in real estate, mines or in some
thing that can not be readily converted
into cash. The Du Ponts have theirs
in spot cash. There never in Wall
Street was a group of large fortunes
composed so largely of spot cash. The
stock market significance of this is
very great. It is making itsalf felt in
the motors, in the oil and the chemi
cal industries especially.
New Form of Labor.
The operations of the Du Pont group
of millionaires will counterect to some
extent the return of labor to Europe.
The paople are putting their money into
automobiles. and farm tractors, trucks
and mechanical appliances doing la
borous work. It is quite probable that
as fast as the laboring men return to
Europe, mechanical means will be found
for doing the work that they formerly
engaged in. The net result will be the
country will be tramsformed from a
human labor basis to a mechanical
¢
oA A AANAN AN A AR AIR A AR AATAT A I Rl
The table below has been prepared by the Northern Trust Company
to provide a convenient means of comparing the netincome derived from
taxable bonds as compared with exempt bonds. It shows the actual net , ;
return from a taxable bond after the normal income tax and surtax have #
been deducted. The table covers bonds yielding from 3% to 7 per cent.
These figures are based on the tax for the year 1919, payable March 15,
1920: ’
Income, PrCt. PrCt. PrCt PrCt. Pr Ct. Pr Ct. Pr. Ct. Pr Ct. Pr Ct.
Net Taxable 3V 4 4 43, 5 51, 6 6% 7
sloooo° ..........-3£3 318 418 439 462 545 553 60k oWI
DOOB .. - ... ....30 308 600 4BL 4B 4Bp Bds BAG - B
20000 ... .....:... 318 333 401 424 440 400 535 539 &9
SEOOO ... 50 3R Cob &1T 423 D &8% BEY 59 R
SUDEE .0 3.46 3.8 411 1.32 475 5.19 5.62 6.05
SBOOO ..5....i......288 348 385 404 488 468 811 555 BN
0000 ...........- 39 338 X7l 398 419 481 HO3 545 -MY
000 ... v BEE T S 1398 4XE 4B 495 538 Bt
80000 ... ... .3 0% SN 305 386 400 &%) A¥ By BOD
0000 ... ... ofe SN 354 373 40 48 4 Bt 5N
0000 .. -......... 560 508 347 381 ‘3B 4 458 495 A%
80000 . V.. 88 TN 43l 340 368 405 442 478 B
SOOOD .. ........... %80 ‘2ER 3% 249% 'SHS 301 4% 46% 408
000 .. ....., ... BAD: wAE. Z.ON SN ZEY SWR 441 498 RS
IO ..l i ... 808 BB %63 Ak 508 $% S 5 588 4N
Plans Completed for
2 ’
~ Merger of Cigar Co.’s
. Arrangements for the consolidation of
six cigar manufacturing companies, hav
ing twenty-four brands, into a new com
pany, to te known as the Consolidatcd
Cigar Company, have been completed. The
capitalization of the new concern will con
sist of $4,000,000 of 7 per cent cumula
tive preferred stock and $9,000,000 of com
mon stock. Tucker, Anthony & Co., and
Saloman Bros. & Hutzler have purchased
the securities of the new concern.
The companies included in the consol
idation factories in Tampa, Key West,
New Orleans, New York, Philadelphia,
Delaware, Cincinnati, Detroit, Poughkeep
sie, Allentown, Coplay, Harrisburg and
nearly all parts of the United States. The
principals of the new concern have been
in business about 30 years, and manufac
ture some of the best knowu brands in
the country. The consolidation will have
an annual output of about 400,000,000 ci
gars.
| To Leather Trade
. NEW YORK, May 17.—Warning to the
leather trade to keep the raw material
‘market well in hand against speculative
“fever” and consequent increases in shoe
prices, which would hurt the trade, has
‘ln‘vn sounded by Fred A. Vogel, president
of the Tanners’ Council of the United
States.
“There is not the slightest doubt in the
minds of many of our members that we
have at least eighteen months of splendid
business ahead of us if the situation is
handled correctly.”
Mr. Vogel said: “If, on the other hand,
we allow the situation to get out of hand
and see raw material advancing beyond
all reason, there will come a sudden check
to our business which will be detrimentag
and the effects of which will be felt for
a year to come.
“Shoes already are at unprecedented
prices, and if these advances continue they
will no doubt be marked up several dollars
per pair for the fall business.”
.
Confidence Growing,
| Says Bradstreet
Bradstreet’'s weekly trade review says:
“Something like a shifting of activity
is revealed in the trade and industrial re
ports this week. Cool, rainy weather and
the lateness of some of the spring plant
ed crops, especially corn and cotton, seem
to be more stréssed at the smaller markets,
but increased activity, strength and con
fidence is revealed at the larger centers,
’while in instances where weather condi
tions have been favorable and seasonable
temperatures have prevailed, the trend has
been a very cheerful one. On balance job
bing and retail trade reports show a slight
ebbing of activity and collections are a
shade slower than last week, but this
seems directly chargeahle to weather con
ditions, whereas the increased strength of
demand in primary markets, especially for
textiles, jewelry and foot coverings with
the aggressive strength of nearly all
prices, seem to point to a growth of comn
?dence as to the future not quite so
clearly revealed in the recent past. \
“Weekly bank clearing 31.799,656.000.";
Paul M. Warburg declares , esent form
of taxation is harming the country and
that railroad credit must be firmly re
established and big investment trusts
formed to aid digestion of Liberty bonds, |
thereby layving foundation ror ‘development
here of broad market for foreign securi
ties. »
basis, without the slightest loss.
This change from human labor to me
chanical labor is particularly beneficial
to the South and Southwest, where the
hot weather has made human labor in
tolerable.
Oil Industry Sound.
An important development of the pasi
weeks has been an investigation of Lhe
oil industry. Reports have been cur
rent of a surplus in oil. A detailed
investigation has been made, with the
result of quieting the mind of traders °
on the q}\:eatlon. There is a slight ex
cess of heavy fuel oil, but the supply
of light oils is still under normal.
Stocks of light oils were drawn upon
heavily during the war and have not
yvet been fullyereplenished. The uses
of oil are so various that there is not
the slightest danger in this respect. It
may be that some of the new compa
nies that have gone ahead putting downy
wells without providing for the sale vl
their oil may be embarrassed when the
refining companies refuse to take the
oil off their hands. Stockholders in
those companies that have made pro
vision for selling their oil need have no
worry.
Saving the Rails. y
The railroad situation is clearing up
rapidly. Co-operation of the Govern
ment and railroad managers in forming
a car trust to handle all equipment
purchased during the war is a long step
toward a square deal. With all that
equipment properly financed, the roads
will be in shape to save themselves.
Sentiment in favor of the organization
of a few transcontinental systems to
use the small roads as feeders is crys
talizing. There is little doubt in the
minds of Wall Street bankers that the
roads will soon be turned back to pri
vate ownership, under such guarantees
and control by the Government as will
make possible a square deal both for
the stockholders and for the general
public. Present relations between the
railroads and the public are intolera
ble.- Transportation is expensive and
unsatisfactory.
An open market for steel promises
soon to settle the disputed qll;\estion of
prices. They are just as liable to ad
vance as to decline. Copper is already
showing an advancing tendency. Sil
ver has touched a high record price
in the last tew days after its releaso
from Government control and has re
acted slightly from that price. The
outlook for all silver stocks is bright.
Electrical companies have much to
look forward to because of the prac
tical destruction of German trade, Ger
many was the great competitor in the
electrical trade. It.will be out of the
market for several years at least.
Warnings without end have been is
sued to the public but they have gone
unheeded thus far. Those who are Is
suing the warnings are old-time con
servative bankers who have seen many
happy bull markets go to smash. This
one will go on the rocks without ques
tion sometime, but the rocks now seemn
to be far away. It is a time to be care
ful, but experience proves that in Wall
Street the public will not be careful.
Cold, Wet Weather
Delays Farm Work:
The American Steel and Wire Company
in its crop summary for the week ending
May 17, says:
“The burden of reports this week is wet,
cold weather, and farm work delayed.
“C'orn planting proceeds haltingly.
“Winter wheat conditions continue
bright with one report of rust and a few
reports of too much moisture. Wheat is
heading as far north as the Ohio River.
“Cotton planting is nearing an end with
some acreage going into corn on account
of the lateness of the season. Many re
ports of good stand and healthy plants.
‘Chopping’ has started in localities.
“Spring wheat and oat seeding is still
going on.
“Reports of the sweet potato crop are
very bright. Many reports of reduction in
peanut plantings. The high price of cow- .
pea seed has cut down the plantings.
“Pasture and haylands continue in good |
condition. Reports of clover are bright.
Alfalfa in many places is ready to cut; in
places it is too wet to make hay.
“Reports of frost damage to fruit con
tinue. The flow of milk is on the in
crease.”
Concerning Georgia the report says:
“Northern (Cherokee County): Pasture
and haylands 100 per cent.
Oats and cotton normal. Sweet potatoes
100 per cent. Too much rain, but not
enough to do any damage if it stops now.
“Southeast (Bryan County): Condition of*
oats fair. A few peanuts being planted
Fair crop of sweet potatoes. Good many
velvat beans being planted.
“Southwest (Early County): Oats and
cotton good. Peanuts only fair. Velvet
hean good. As a whole crop conditions
look favorable. (Floyd County): Cotton
plants an inch high. Weather too cool.
Farmers here are not dependent on labor.”
Pullinan Total Income
For Year $10,100,000
Earnings of the Pullman Company dur
ing 1918 were revealed yesterday when a
statement covering Mthe year’s operation
was filed with the Secretary of State of
Massachusetts. It shows: Gross operating
revenue, $49,967,146; operating expenses,
$40,593,069; net revenue, $9,374.077; aux
ili:?y operations deficit, $12,674; taxes, Y
$1,798,547; operating income, $7,762,856;
other income, $2,340,178; total income,
$10,103,034 Dividends at the usual rate
called for $9,600,000.
Stock Exchange Seat
. .
At High Price of $85,000
Memberships on the New York Stock
Exchange sold for $£85,000, which is the
highest price recorded since 1910, when
they changed hands at $94,000. This is
also $5,000 above the last previous sale,
= DESSK
ooopmeea LSB Tables, Chairs,
S R pores, AT,
R ice Safes
P 4 vt ‘:"fl Large Stk
v ' Lowest Pt
HORNE DESK AND FIXNTELRE Co.,
93 N. Pryor St. Phone Ivy 1158,