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.
By VICTOR_ BARRON.
HE South was made richer by
I several million dollars last week
by one of the most glorious
victories the bullish contingent has
ey WOR in months,
SRR On the whole, it
R was a regular old
& v : fashioned, up-
B roaring market,
e with the white of
i ¥ the Dbear's eyes
. VRS @RI bulging out like
e - LTI tWO goOse eggs as
R i 8 the result of a se
‘ ¥<;>; e Xers Sdo; :‘hb bing.
SR ne ern spot
o m holders were lib-
IRraSeR & erally rewarded
s B i for the patience
i and courage they
- have shown dur-
LAt AR ing the last few
‘-",_‘i?: S months—just as [
R repeatedly stated
- i in these columns
HE—————— would ' come to
them if they stood pat.
Before commenting further 1 want
to warn spot holders against turning
loose TOO FAST. A continuance of
the holding movement still IS NEC
ESSARY, but a slow marketing of
the staple now on hand can be done
without seriously interrupting the
upward movement—that is, if hold
ers regard present levels satisfac
tory. Nevertheless, methinks the ma
jority will stand pat until the staple
goes to at least 35 cents, and possibly
higher.
As I said, it was a big victory. It
most assuredly was. Final prices (m‘
the New York Exchange S:nunla,\"
were 252 to 357 points above the clos
«,ing levels of the previous week,
equivalent to $12.60 to $17.85 a hale,‘
,~gvhile futures at New Orleans ox-{
hihited a handsome gain of 175 to 367
points—sß.7s to $18.30. ‘
SPOTS RULE BUOYANT;
PRICE HERE NEARS 32 CENTS.
Spot cotton steered upward, al
though the basis was cut down, owing
to the fact that July option was com
manding practically as much as the
actual, the difference here being nar
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 1-2 cents, or the highest
price since last winter, and more than
2 cents above a week ago and nlmostl
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 week's highs and
lows of January 24 of active positions: |
i Week's Season’s
*Option& Highs. Lows.
B i - 100 20.00
TUIY .iy - Sl.lO 10.15
ILEOHOY .. nviniiouy 30.96 18.02
December ..cecoee-s SO.OO 18.40
e JADUATY, caiiiinices 29.77 21.00
B . B 0 20.95
11 CENTS ABOVE LOW; 4
WILD SCRAMBLE TO BUY.
On the crest of the rise leading op
tions on the New York KExchange
stood more than 12 cents a pound
above the low marks 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 it set the trade wild with
bullish enthusiasm, with shorts, trade
houses, Liverpool, Wall Street and
commission houses a-scrambling for
contracts. No one cared to buy Octo
ber 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
s vhen the same option sailed past 30
cents.
Oh. no: mills refused to buy fall
positions then, although I advised
them to do so; but, as 1 stated then,
they apparently desired to wait until|
the world commenced to compete for
the staple with prices many cents |
higher. Some said I was giving lh(*‘
farmers and merchants the wrong
advice, and many claimed that [ \\‘llfi‘
“jong” of the market and wanted to
“get out.” But let me assert, with all
emphasis possible, that T have NEVER
owned a contract of cotton in my life.
KEverything 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
cing the great Southland ON ITS|
| BT and bringing PROSPERITY
TO ITS DOORS.
When practically everyone else lost
heart and began talking 15-cent cot
ton 1 endeavored to show why they
were wrong, and said that patience
wgD the part of holders, reduced acre
age and diversified crops would s:n\'e‘
the South. It HAS.
PREDICTION REALIZED;
BIG REPIVAL IN TRADE.
I not only have realized my predic
tions of materially higher prices, but
realized my predictions of a great H'-‘
vival in the dry goods market, which !
now is described at home and nhl‘n;!r!{
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’
mne day for export, and practically ;;H:
mills are =sold considerably ahead. \
Fall River reported sales of goods
for last week at 320,000 pieces, or
double the weekly production. |
Merchants throughout the rnnnn‘_\'}
uayve regained confidence and the lead
‘ng financiers and business Ir.nlm\“
are talking of a GREAT PROSPER-|
opy. Bolshevism propaganda in this
sountry — which, however, never
gained foothold except in the dens of
those circulating such CUSSED I:()'l“
—has vanished, and everyone 1s €X-|
sremely confident of the future m(II
ooking forward to even bigger and
nore prosperous days than this coun-|
iy HAS EVER EXPERIENCED.
Jere's what Judge Gary, president nfl
he United States Steel Corporation,
mid ¥Friday, and which sent cheer
ulness from one end of the financial
listriet in New York to the other:
“Patience ant confidence are jus
ified, and with these areat PROS
ERITY IS ASSURED.”
(q‘H‘\"l"S THE. SPIRIT! Letg every
L e ook upun. thc future in the saine
. ight and sharve in this approaching
£ ra of unparalleled prosperit} With
- he South's potent staple coming into
its own, this section can now take on
a more hopeful look and do its full
share in the country's forward push,
The old maxim. holds: “As the South
goes, so goes the country” '
DEMAND PERSISTENT;
LIVERPOOL SALES HEAVY.
& Let's get back to the cotton mar
et.
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 less 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 as the result of the
big revival in the goods market, con
tinued low temperatures, rains 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 section
of the belt sent in telegrams of a
big demand for spot cofton at rising
prices, with exporters and domestic
mills in the market in greatly in
creased number. Exporters were re=
ported to be fairly begging for the
\a(‘tuuL
.~ Another significant development
was the larger demand froma domestic
spinners.
Another bullish tem was Liver
pool's heavy sales of the actual,
amounting to 53,000 bales for the
week, with Thursday’s sales totaling
15,000 bales—heaviest since 1914,
‘whi(-h was accepted as indicating the
return to normal condition in the
‘English market and active trade in
\the mill district of Manchester. Re
ports that New Bedford and mills in
‘the Lancashire district were about to
close, owing to a threatened strike for
shorter hours with an advance of 30
’per cent in wages, had no effect on
the market.
CROP NEWS UNFAVORABLE;
TEMPERATURES TOO LOW,
~ Still another factor inviting in
creased bullish participation wag un
favorable crop news, especially from
Texas, where the army worm is said
to be doing great damage to cotton,
which, together with cold weather, is
causing the plant to die, and thou
sands of acres where cotton died isl
being planted in eorn and peanuts.|
Memphis wired that a number of hig|
planters give extremely pessimistic
reports with regard to the new crop.
Alabama also sent in bad erop news.
.~ The weekly weather and crop re
port was unfavorable, showing the ef
fect of continued low temperatures
and rains, the latter having caused
grass to spread over almost the en
tire belt. Labor ig scarce and farm
ers are having difficylty in cleaning
weeds out. It is believed that a big
portion of the lost crop will never be
replanted, owing to labor shortage,
high cost of labor and material.
FIRST COND&TION REPORT
IS OF LITTLE VALUE.
‘lt was reported that the National
Ginners’ Association placed the con
dition of the érop 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 vield. 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.
WlB 5. o, 8238 11,700,000
19T . o i =+ 500 D 11,302,375
1916058 chevawmenawt 1 175 11,449,930
1916 2t i. R 800 11,191,860
1014 3 i Soy 143 16,134,930
1918 ciien oo 04 70.1 14,156,486
1018 it oo TRE 13,703,421
193] L caam.s HDE 15,692,701
18 s i A 11,608,616
190 . Ab.ivdis. . 811 10,004,949
Keen judges of the plant assert that,
whether it be high or low, it sheds lit
tle light on the actual size of the crop.
On May 25, 1918, the condition was
the highest in the last decade, withl
prospects of a bumper crop, but
everyone in the cotton business knm\’_\-l
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 Y\ut a crop of,
less than 12,000,000 bales was raised, |
which prevented the market from ho-,
ing glutted with cotton and held
prices away from 15 cents, or pos=-
sibly less.
EXPORTS STILL GROWING I
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, uguinst[
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.
NI AAAAA PSPPI NSNS NN
WEEK’S COTTON RANGE.
Following shows the highest and lowest
prices of aclive cotton options on the New
York and New Orleans Cotton Exchanges
lust week, tegether with Saturday’s 4-l0s¢~.!
the closing prices of the previeus week
and net changes for the week:
e NEW YORK ;
SRR |Sat.| Wk.| Netl
,fligh | Low |Close! Ago./Chgs
MAS itk 431,00, $29.75 —expired —-t
July . ges.o. . ]*31.10 £28.50130.90) 28,38 + 252
October .. . [*30.45/%26.94(30.35(26.85( 4350
Decembegy .. [#30.00 726.5020.95 26.38| | 357 i
Jannary (#29.77(426.33/29.70126.22/ 1348 |
March $39.55426.15(29.5525.98| 3567 |
o "~ NEW ORLEANS |
BT | | Sat.] Wk.| Net|
High | Low (fi'h_pg:l Azo. Chew |
ey ... - raLBD »:~zn.-..-,:3|.40z29.~.m+n;5!
July ¢ +30.74 $28.19/30.60/28.36| 4+ 234
October 99,75 +96.23/29.58 26.10 4+ 348 |
December 1#29.45|425.8320.40/25.73] - 367 |
January "2!0.':1ri‘35.38‘29.24:25..’)01—f 374 |
March 9848 +25.18 28.85/25.30| + 355 |
EMonday ; 'l-'l'm-~du,\ ; “.\‘a?l_lilln,\'. :
GREAT LARES S. S, SURPLUS $288,737.
The Great Lakes Steaniship Company re
ports a surpilus for 1918 after deducting |
$1.802.141 for cstimated taxes, disaster
and goneral oxpenses of §2BB ‘" ‘llurl.» 1
nes from operation were $4,641.027 ° ex
penses $2,624,034, profit $2.016,993 other
income $73,856 and total income 8:."90,-‘
_l_lfil‘.\!i’fl‘\ SUNDAY AblEl{l(‘x‘.N g NGWSE&E}' for People Who Think — SUNDAY, MAY 25, 1919,
E*M‘wv“-vw
City’s Busi
5
2 Y S DUSINEss
)
ctivity Shown i
In Big Clearings
§s |
Reflecting the sharp rise in cotton
and general improvement in all lines
of business, ag well as the big revival
in building operations, Atlanta bank
clearings last week were the lu‘%ut
in several months, aggregating $68,-
768,725.16, as compared with $37,482,-
803.91 the same week a year ago-—a
gain of $21,886,421.25, and more than
$2,000,000 {n excess of 4 week ago.
~ Saturday's clearings also showed a
heavy increase over the same day
last year-—53,271,938.02—the day's to
tal being $9,006,136.93,
Following shows clearings for each
day last week, compared with a year
“Pa
¥ This week. 1918,
Monday ..$11,126,5673.72 $7,578,441.76
Tuesday . . 8,830,990.95 5,738,404.08
Wednesday 10,396,756.99 6,577,677.30
Thursday . 9,235,888.27 $,004,145.48
Friday. . . 10,173,378.30 5,800,436.44
Saturday . 9,005,136.93 5,733,193.91
Total . .$68,768,725.16 $37,432,303.91
NEW YORK, May 24 —Heavy and
general rains over Texas caused a re
sumption of heavy buying in the cot
ton market at the opening today and
first prices were 15 to 80 points higher,
reaching new high levels on the pres
ent bull movements. Most of the
strength was in new crop deliveries.
The opening was 6 to 78 poitns higher.
After the start the demand fell off a
little but the undertone remained firm
and at the end of the first twenty min
utes the market was 72 to 78 points
higher. Later another pig buying wave
appeared, sending the list to new highs,
or 68 to 98 points net up, October reach
ing 29.93.
Buying continued in enormous volume
in the late dealings, with prices rising
to new high records. July soared to
31.10, October 30.45, Decembeér 30 cents
and January 29.77. At the highest
marks the market stood 108 to 148
points net higher. Heavy realizing near
the close made iittle impression, as the
best levels were scored as the final
gong sounded.
At the close the market was 88 to
143 -points net higher. i
Spot cotton was raised 105 points to
32.60.
NEW_YORK COTTON
l(k)enjii_.’sdl.llflw. |L.Sale| Close. [Prv.Close.
July j30_08;31.10-,30.05|3hlU|30‘90-1U 30.02-10
Oct. [29.60/30.45/29.50130.38 30.35-40129.04-01
Dec. 'ZQ 30150 00 29.‘.’4129.95&9.95-:20}28.:’1‘.’,-I;_’
Jan. 32!).15|29.17’29.00|29.75|29.70 128.40-50
Mar. |28.80/29.55 28.75{29.55/|29.565-6028.20-23
e comege i st T [ IS
B Lec o bl )y i 18000 Joaesgons
Nv. I‘ Lt
ATR L Y
Closed strong. )
NEW ORLEANS COTTON
____[Open. [High.| Low. |L.Sale| _Olose. |Prv.Cloe.
May ;31.1;3‘31‘80131.30 31.80(31.40-42/30.80
Jly = |30.15{30.74(30 10130.70(50.60-70129.80-85
Oct. !2R.56129.76!2.\.56\39.75{29.5&-75'28.22—2!;
Dec. ‘28.45\2&45!28.40[29.4?]29,40-45,27,90-95
Jan. 128.17/29.24/28.17(29.24/29.24 127.65-67
Mr.___il}’_x._-ilh"‘_‘:lrgiifl ZK.482§.48,’38,2\;’.«90 27.42-47
Closed firm. . .
| i i S
|
‘ SPOT COTTON.
Atlanta Commercial ¥Exchange quotes
basis good middling, 32%; sales Friday,
1,000 bales.
New Orleans middling 30.%; sales 3,-
040 bales; arrived, 450.
Liverpool, middling, 20.48 d.
New York, middling, 31.55.
Savannah, middling, 30%.
Boston, steady, 31.25.
Augusta, middling, 29%.
Philadelphia, middling, 31.80
. (Charleston, middling, 29%.
Wilmington, middling, 29
. Norfolk, middling, 29.13.
Memphis, middling, 30.
St. Louais, middling, 29%
Dallas, middling, 31.15.
Mobile, middling, 29.
Galveston, middling, 31%
Houston, middling, 31.50
Little Rock, middling, 29%.
Montgomery, middling, 29%.
ATLANTA COTTON DIFFERENCES.
Middling fair S i s s
Strict Good Middling ... sussacs IRB OB
Good Middling ........e oo vecapen ol OO
Strict MiQAHNE ...cceocaeessssesess 62 OB
Middling Bhes sas s AR Ay oTN
Striect Low Middling i e e %]
Low Middling . U e s ik R R
Yellow Tinged.
Good MidAling .....ocv-vns Vivoeußiß Bit
Strict MliddlNg ....ocoe--esiasse: 300 oft
Yellow Stained.
Good Middling -........ .ec:- ....500 off
ATLANTA COTTON SEED PRODUCTS.
U. 8. Fixed
Descriptions— Prices.
Crude oii, basis prime............. B
Cotton seed meal, p. ¢. common... $55.00
Cotton seed meul, 7 P. C. Georgia .
common rate point ......cee.ee $656.00
Cotton seed hulls, 1005€.....e..u.- $16.00
Cotton seed hulls, sacked L S s . .nomigal
e ————— et .
ATLANTA COTTON STATEMENT.
Saturday-— 1919. Last. Wk.
Spots . .32.50 50.40 28,40 21.75
Receipts 1,718 879
Shipments ....ecoeeeres 1,075 I".‘3\
Stocks i IR 28,5946
Sales 2 1,000 1,609
WEEKLY WEATHER FORE( ASNT.
WASHINGTON, May 24 —The Weathd
Bureau today issued the following forecast
for next week
Atlantic and Hast Gulf States, Ohio val
ley, Tennessee and Region of Great l.akes
“ .'ll‘ht' coming week will be one of approX
imately normal tembe rature and cloudiness
and occasional showers
West Gulf States—The ecoming weck will
pe one of normal temperature and general
gy fair weather, but with showers probable
Rhe middle of the week
NEW PRODUCE MARKET.
NEW YORK, May 24.—Petroleum firm;
crude Pennsylvania 4 00
Turpentine firmer, 85@86.
Rosin steady; common 12.00 asked
Hides stronger; native steers, i 3 @36 %
branded steers, 29% @36%. e
Coffe weak; options opened 0 to 29
points lower; Rio No. 7 on spot, 19% @19%.
Rice stronger; domestic 6% @ll'%
Molagses dull; New Orleans open kettle,
76@82; black strap, 12@17
Raw sugar steady.
Refined sugar unchanged o
Potatoes firm; nearby white, 2.22@5.50;
Bermudas, 3 00G@9.50, Southern sweets,
300 @ 9.00 =
Beans ungettled; marrow choice 11.75;
pea choice, 8.00; red kidney choice, 12.25
“"Deied fruits strong; apricots, choice to
fancy, 30@35; apples, evaporated, prime¢ to
fancy. 18% @22; prunes, 30s to 60 27@
10: 60s to 100 s, 14@23; peaches, che to
fancy, . 24@27; seeded raising choice to
tancy, 15@22.
STOCK MARKET OPINIONS.
Clark & CQo:: “Wild speculation with
publie bidding can cause remarkat ad
vance in somae SLOCKS This has | pened
in many specialties in the present rket
While solid standard issues are nee ted
sooner or later. the tide will tur T vor
of coppers. ste and ratils Ta profits
yn speculation, buy stundard issues.”
* * -
vew York Financial Bureau Mixed
ews make for irregular movemd nts. with
,ullish enerations cont ned to s 1 on
o irading position is suggested Of
¢al position for the general market Gas
}-'nlh-‘ are bulled by pool channels.”
2
New York Stock Quotations |
Market closed strong.
Total stock sales 896,600 shrares.
Total bond sales $5,678,000. -
Total stock sales for week 7,800,700 shares.
Total bond sales for week $67,634,000.
\
|High Last Prev.
SBTOCKS — I“ " ul_olgl_ou
Allls-Chalmers . . .| 43%]| 42%] 42%| 2%
duiwrv'. v ow Rl et v O
Amn. e .o danil iyl aanid 189
Amn. Int. Corp. . .| 92 92 92 028
Amn, Agri. . . J110%[110% [llO% 1071
Amn. B. Sugar . . loa 8O 80| 80%
amn. Can . v (b W 8 66 bt | 64%
Amn,. Car Fdry, . .|10235{102%[102% 102
‘Amn. Cot. O . 4 Tok seish <o\ NS
aAmun. loco. . . B 8 81% |B3 81
Amn. Smelting . .| 7T9%| 79% | 79%| TB%
A 8 pref. 5 . b ik i iR
Amn. Steel Fdrs, . .| 37 37 3 36%
Amn. Sugar Ref, , ] cvoo] 2000 2oas l:)lt
Amn. T. and T, . .[lO6 [lO6 106 106
Amn. Woolen ~.| 86%| 85 86 848,
Amn. Linseed . .| 64 64 64 63%
g 0 pref. .\ v ] srrv] v e o
AL G ass WML
Amn. H. and L. . .| 33%]/| 33%| 33% 3!&
do pref. . . .j 122 [1120%[122 121
Amn. Malt Corp. .. .| ¢ .} & & 3%
T Teh. . 2] esl BN
Amn, Sum. Tob. . .JlO7, 107 [lO7 [106%
Amn. Ice . .... .| 66%| 56%) 66% 55
Amn. W. Paper . | ...:] oco] sses 44%
Alloy Steel . ... .] 66 543) 64%) 3%
Alaska Gold o o ) cor) sosofiocy 35
Anaconda . . . . .| 69ig] 68%[ 6913| 68%
Atchison . . . .|]loo 9814 (100 7%
At. Coast Line . . .[lO5 [lO5 1106 104
Baldwin Loco. . . .J10114}100%[100% 100
Bal. and Ohio , . .| H43e| H 4% 54| 4%
Booth Fisheries . . | 23%/| 23%/| 23% 235
Bethlehem Steel . .} ....| ... i v TR
e peel. . . Qi) JTI ANe
Beth. Steel B . .] 79 8% T8%4 79
Brook. R. T. ... .l 26%]| 26%| 26% c%
Butte Superior .. ] ... ..o} cenn %
Butte C. and Z . .| 13%] 13%/| 13%| 13
Cal. Petroloum . « of :...] ... .| wav.] 81%
Can, Pacitie . . .} ... ‘i ... |166%
Ches. and Ohio . . | 67%/| 67%| 67%/| 66%
O auß N, W. . . . R
Col. ¥a 3, ..l 41. ]43 187 | 48§
C., M. and St. P. ..| 45%| 45%| 46%/ 456%
a 0 prat. . ¢ ke e TR
Chino Copper . . 3245|323 3M, 8%
Consol. Gas ... . v} e bl eRy EORS
Corn Products . . .| ... ... svae) 000
Crucible Steel . .| 77| 76%] 76%| 76%
Cuban A. Sugar . . : e
Cuban C. Sugar . .| 35% | 3568 556% 36%
Cast Irom Pipe ...| 27 26%| 27 26 !
Clentral Leather ..| 93 92 93 | 91%
Chile Copper . l 24141 2444] 24% 239%
Chandler Motor . .[187% [17915[187 % (180
Columbia Gas .. ‘ ke e vl AR
Corre-de-Pasco . . .| ...} «:ee ' 44
TBEE: TR . o ad VOaF SRval s 8614
Del, and Hud. . . eil s RS
Tie . o lIN ELY 19 ‘l9
do pref. Ist . .| 30& [ 30%| 30%| 30%
Gen. Bleetric ... .|161%[1661/1661%[164%%
General Motors . L 1194% 18814 (194 % 188
Goodrich Rubber . | 71% ! 71%! 71%] 71
Gen. Cig. Stores .| 81%| 81% 811%| 81
Gt. Nor. pref. . .| 98%%] 98% 9815 97T%
Gt. Nor. Ove . ...| 471%] 47%) 47% 7%
Gt. Western .. . Tl gl Sl at
86 L ¢ ol kRI v 29%
Gulf States Steel . cEeal i o .| ¢
T Cantemt o valaaal s .sx £ 1108
Inspir. Copper ..... .... 56% |56 656 %
thterheore & o .l 6% 69 6%| 6%
do pref. .. . il T ]l R
Ind. Alcohol . . .[1671%|156%% 156 % [156
Int. Nickel . . .| 27%] 27 27 26%
Keystone . . . . .| 9% 91| 91%| 90%
Kelly-Bpg.l ... . 1122151119 12214(119
Int. Paper . . . .| b4%| 53%] 53%] 64
Kan. City Sou. ‘ 23%4‘ 233 23%] 23%
G 0 DURE . il s e meks eel nidd 65
CHICAGO, May :4,~l'n9x]n~l‘l?d fa
vorable weather induced consic ernhle“
selling of corn at the opening today and
prices declined rapidly. First figurvs'
were 1-4.t0 l¢c lower than the previous
close and furthér logses were sustained
immediately after the start. On the
extreme break commission houses took
the offerings.
Selling of oats at the start was gen
eral in character, commission houses
and locals being active. Opening prices
were 1-4 to 1-2 lower. Buying support
wis weak.
Provigions started firm for lard and
lower for ribs. Trade was dull ;
Corn closed 3-4 to 2 cents lower and
oats closed 3-8 to 1 3-8 cents off,
Grain gquotations:
Prev.
Open. High Low. Close. Close.
CORN— i
May 1.79 1.79% 1.78% 1.79 1.79% ‘
July 1.64% 1,643 1.623 1.64 1.663%
Sept. 1.57% 1.67% 1.55% 1.56 1.58
JIATS—
May 68 69% 68 68 14 6914
July 67 7% 67% 66 % 67% 68 14
Spt. 6414 641 6314 6314 64145
PORK— \
May 53.90 53.90 653.90 53.90 53.90 |
Jly 49.00 49.00 48.10 48.25 49.10
LARD-—- I
May 33.00 33.00 32.76 32.76 33.05 j
Jly 30.85* 30.85 30.55 30.62 30.80
Spt. i 30.30
RS
May 29%0 29,30 29.20 29.20 28.2
Jly 27.00 27.00 26,77 26.82 26.60
CHICAGO CAR LOTS
CHICAGO, May 24 Following are re=
ceijts today
WhHEaSt . oo vharegree 7
Corn gt IR TT AT 56
Oats s Shie 85
Hogs 5,000
CHICAGO CASH GRAIN. ‘
CHICAGO, May 24.—Cash corn No. 2|
mixed 1.80, No. 3 white L.79@1.80%; |
No. 2 yvellow 1.81; No. 3 mixed 180; |
No. ¢ white 1.78; No. 3 yellow l,}"‘(w‘
1.80: No. 5 mixed 1.77@1.78 1-8
Oats, No. 3 white 67 3-4@69 1-4; No ‘
4 white 68 1-2; standard 69 1-2@70. \
ST. LOUIS LIVE STOCK MARKET. 1
ST. LOUIS May 24 Cattle Receipts
600; market steady native heef ~lH'l’~,l
11.506018.50; yearling steers and heifers, |
9.506016.00; cows, 10.506013.50 stockers
and feeders, 10,00@13.50 calves T.75@
15.50; prime Southern steers, 10.00@ 14.50; |
heef cows and heifers, 6.50@8.00 \
| Hogs: Receipts 500; market steady ;|
mixed, 20.15@20.70 good . 60@20.75; |
rough, 16.00@19.75 lights 0,156 20.50;
pigs, 16.50@19.75; bulk, 20.20620.65 \
Sheep: Receipts 600 market steady ;|
ewes, 12.00@14.50; choppers and canners, |
6.00@8.50; lambs, 18.25@18.7 ‘
JACKSONVILLE LIVE STOCK, ‘
Hogs: Receipts light; prospects steady ‘
Extra choice heavy, 18.50@19.00; ordinary |
choice heavy, 15.00@18.50 ough heavy,
17.00@18.00; lights 16.50@ 1%.00 pigs,
15.00@14.00: range hog 11.00@12.00;
range pigs, 7.00@3X.00 ‘
‘ Cattle: Receipts mediun prospects
steady; steers 5.60@12.00 ) - b —'":Q
8.60; yeariings, 5H.00@7.00; cows 4.50aq
8.00: heifers, 5.00@8.50; veal calves, 8.00
‘fnl:‘ 50; eanners, 3.00 up Williamson &!
Dennis, May 23 '
’ CHICAGO LIVE STOCK. I
| CHICAGO, Ma) 24.—(8 [ .m.-d]
‘Slgllb‘s Bureau of Markets.)—Hogs: Re
ceipts 8,000: bulk of sales 5@ 10« higher” |
market closing with , advance mostly
lost Top 20.75: bulk 20.50@20.75;
heavießs 20501 20.75; mediun 20.35@
ZU.‘.:; light 20 O 20.65; light 11;.".!.\'i
19.25@20.40 .h« packing sows smooth
1]?.33@2()‘2.7 p ing sows rough 19.25@ l
11.0.15; pigs 18.50@19.25
\ f'attle: Receipls 1,004 Compared
with week ago zood and choice heavwy
heef steers 75 1.00 lower ommon |
and medium gred s and vear |||H~l-|
Iy 40@75¢ low ows and s 50@ |
ioc lower; can and med grades |
steady to 25¢ lows bulls st g to 25c |
higher; butche teady ves |
1.75@2.00 high« ceders 507 ower; |
stockers and 1 feeders ‘ |
Sheep 19eee 1,500 mi: ¢ trong |
compared witl k ago. Spring lambs |
and best sho mbs str g to 23¢
higher; other L steady 10 2 ower,
‘shep and yvearlings mostly Zj@ooc lower,
T rev.
| STOCKS— igh| Low.|Sale. [Cl'se.
ixnn. and 'l;oxu . 9w 9%| 9% 2('!\'&
A 0 DPrefs ¢ o of 3auefissial asas )
| Kennwo‘tlt e s 30%| 36%| 36% ::::
Lehigh Valley . o o] 0008 saoaf onsn
Lack. HN(eM .. . B3W| 83| 82Y% 1:3;:
Lo oD@ N, .o'o o & of fossgtecest RRLS
Maxwell Motors . .| 46% | 44%| 46% ;z%
do. Ist pref. . . &... 3 " ne
Mo. Pacific (new).| 32%] 32% a S
Mexiean Petroleum. l:;;el%?:: l”“' W
e M NS 124% 134%
Miami Copper . . .| 27%| 27%} iz %zt
Midvale Steel . . .| 49| 49 %W o
NnuonAAl In‘ameL i vonsh wigglis il
North American . .| ....f cooif coen
N. Y. Central . . .| 81%| 81%| 814 81%
e T NAIM.d&, Hoi] svsnlf vassh'ovos gg"
National Lead . . .| .o s2oe] 200
Okla. Products . .| 13% uut 12k 12%
.ol W, . o aFiuil asel seis
Northern Pacific .| 98 7% 97%' ?:’7::
Nev. Con, Copper .J ....] ... ) ...
N. Y. Airbrake . .|119% 119%1119‘@|H8%
Ohio Cities Gaao. i 656% | 56% | 66% ggt
Pitts.-W. Va. Al Vil woval sinsl 98
Pan-American Pete.| 94% 94% M%‘ :4
Pennsylvania . . .| 64%| 51%| 54% AK
People’'s Gas . . .| 663%| 66 56 % EO‘
P. Steel Car . . -« .SO SQ fil) .64
Pierce Oil . . « .| 26%/| 26%| 26% :.%
Pittsburg Coal . .| 61 59%| 60% “759
Royal Dutch (01d).[116%[116 116 1';.
do. (new) . . .[116% 114%(116% |ll
Ray Consolidated .| 21%]| 21% 21% :gé
Roading » » » « +f 88%] 88% SB% He
RUNMOY . ¢ v as soooo] 22501 sass 5
R. 1. and Steel . .| 89 8814 | 884 ")3%
do. pret. ¢ + &
Rock Islapd . . .| 30%| 30 30% 2;%
do. pref. A o | «ooo| cenef een gofifi
do. pret. 8..} .. il kool .%
Ry. Steel hflp;inua o 1 siee] wwed “:%
Sears-Roebuck. . .} ..
Stoss-Sheffield .. . 65 ‘/4. 647%| 65 g:%
Southern Pacific . {1095 10914|109% lxlk
Southern Railwa y.| 31 |gl 31 %
do. pref. . . .| 70%| 70%| 70%/| ....
Studebaker . . . . 9‘3% K:% “& ;:%
St. l. & San Fran.| 22% 2.%’ 22 "%
Sinclain Ol ... .| 66%%] 65%]| 65 % 14
Swift & l‘o.f(ln&.) L] 60% fiuk‘ 60% 12&
& P .o«
Tob. Products . . .| 96 | 89| 93% ll;:l
Taonh, Copper . .. ‘"l'-t 7".’9“,1% 1;%‘4"5 A
Texas Ofl . . . . .-.9‘/.,'.79{;27 %
Texas Pacific . . 491 | 401 | 49% | 49%
United Fruit . . .} i éone) ane |3B
Union Pacific’'. . .|136 [135%/136 l?g%.
o, pref. . . ' r6l ik vhinsis
27 l-(‘n(:')d Products .| 76 }75% 75%)| 76%
U. 8 Rubb}‘r e % e ’ 98% /102 1{;&
do. pref. . o o] ieee] sedSEt ey 4
¥ e ,’nomlwm 1t 106 %
S 0 Brel. . o Y piisl osahal e
413 ((‘i:url Stores . .|133%1133 ‘l&'fl( 132
Utah Copper . . .| 79%) 79 | 72* 8%
Va.-C. Chemiecal. .| 73 %} 72 H%
Wabasß . . - o ol ssosl sl
0. pref. A . .| 30%| 383 WeH ggs‘z
Western Union . . in b e subifas
w:!lys-nverland‘ s 301& 35%| 368 3634
Westinghouse . . . 58? 57% 58& 57%
White Motors . . .| 59 67%| 58 57
Wilson Packing Co.| 87%/ 87% 87%| 87%
| BONDS.
e i et A
TB, Lib. 3%s . .|99.46/99.46|99.46/99.50
. do. l2(I ‘4]s/‘. . .193.70_4‘94.70 )4.70"4.%2
do. 3d 4%s . .'\0;;.74195.7‘ 95.76 9?. %
‘ do. Ist 4%s . .195.90/95.90!95.90/9 'SB
do. 2d 4%s . . 95.02'95.02|95.02 94, X
do. 4th 4%s . .!95.20[95.20195.20{956.24
The president of one of the cotton mills
of North Carolina, who has just returned
from & business trip in Europe, reports
an excellent outlook for textile goods. “I
left the United States in February,’ he
sald, “when business was dull. I was in
France, Switzerland, Holland and SBcan
dinavia after orders, and got them. Con
tinental Europe will take all the cotton
goods we ecan mangfacture’
Manufactures of cotton goods bulk larg
er in foreign trade than formerly The
official report to Kebruary shows in that
month exports valued at $23,510,000, com=
pared with $10,939,000 a year ago Ex
ports of manufactures of cotton for eight
months ended with February compare as
follows
1919 . el iei i i IRLERT SN
IPIE .iiiivanigasn 113,293,811
EPIT AR R e AR 89,294,867
1316 o 4 e s e e 68,229,103
1915 . . . 42,674,231
1914 34,770,425
The increcase is about 344 per cent since
February, 1914, Comparatively little of
it was due to European buying. Cuba,
South America, Canada and Australia be
ing the principal buyers in the past eight
months, But the cotton manufacturerg
referred to say Europe now wants our
manufactured goods
.
Registered Farm Loan
¢
Bank Bonds Held by 1,102
WASHINGTON, May 24.—Registered
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 tabulatiecn 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 honds
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 5§
per cent,
(omparisons are to actual dates, not to
close of corresponding weecks
(000 omitted. )
In sight tor week o 113
do same seven days last year 99
do same seven days year before s
do for the month % g 368
do same date last year S 273
do same date year before ....... 260
do for season ’ cxrkr s MU
do same date last year iiisv LT
do same date year before eu oo i BBINEE
Part receipts for season . 5% ivi DL E
do same date last year 5,914
do same date year before lasta 6,826
Overland to mills and Canada for
geason & 1,129
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 3,605
Interior stocks in excess of August 1 11
do last year Hl3
do year before 367
Foreign exports for week i i 79
do sameggeven days last year .. 73
do same seven days year before 70
do for season . 4,392
do same date last year 3,638
lo same date year before .s 4,940
Northern spinners’ takings and Can
ada for week . Evans, o 40
do same geven days last year i 11
do for season . 1,707
do to same date last year 2o 8.080
Statement of Spinners’ Takings of Ameri
can Cotton Througheut the World.
This weel 5 Fanes 1746
Same seven days last year fEd b 180
Samne seven days year before ....c.e. 183
Total since August 1 iaseva 5,006
Same date last year e en s 10,200
Same date year before sk o v 42,098
Statement of World'’s Visible Supply. ;
Total visible this week Sader v e INORE
do this week ol sive HELO
do same date last year . ), 866
do same date year before . 3,845
Of this the total American this week ~,.'.4‘
do last week y 3,416
do last year csvaluess _,.n(‘
o yvear before i 2,514
A other Kinds this week * 1,709
do last weel .o 1.694
do last year 3 15 1,302
do vear before 1,328
Visible in the U S. this week 2,414
o t} date t vVoar 2,122
Vis ‘ n other countries this wee 2,649
do this date last yvear 1,744
K. G. Dun reportg 106 failures in United
State this week; 120 last week, and 1584
ast year.
‘U. S. Exports for
'Ten Months
Gain $821,000,000
ain 000,
A A AA A AT -
Exports from the United States for
the ten months ended with April of
this year totaled $5,705,000,000, ac
cording to the Department of Com
merce, This is an increase of SBII,-
006,000 over the ten months in the
corresponding period last year
April's exports were valued at §715,-
00®000. This was nearly $100,000,000
over the best reuu‘(\,madu for any
month of the preseni year.
In the month of April imports val
ved at $273,000,000 showed an in
crease of $5,000,000 over the month of
March, when they were valued at
$268,000,000. As compared wtih the
month of April last year, the imports
for the month show an increase of
$6,000,000,
For the ten months ended with
April, imports are put' at $2,474,000,
000, an increase of $112,000,000 over
the corresponding ten months last
year.
NEW YORK, May 24.—Trading was
brisk in many issues at the opening of
the stock market today with many
stocks making good advances. Steel
common was heavily traded in and
rode to a new high record for the year
of 107 1-4. The other steel industrials
were also strong, Baldwin advancing 1
point to 101 1-8.
Pittsburg Coal wa sactive and
strong, selling up 1 5-7 to6o 7-8.
The marine issues were featureless,
the common opening at 47 7-8 and then
dropped to 47 1-4. Atchison was in per
sistent demand, rising 1 5-8 to 99 1-2
The 01l stocks were generally heavy,
Royal Dutch New York falling over 1
point to 115 3-4, while Mexican Petro
leum yielded 7-8 to 180 1-2. Pan-
American Petroleum rose 1 point to
95 1-4
Bullish operations in many groups of
stocks caused many of the leading is
sues to advance rapidly toward the
close. There was concentrated buying
of all the motor issues, some of which
made vidlent advances. General Mo
tors sold up to 195, Chandler to 187 3-4
and Studebaker to 90 3-4. United States
Rubber was active, moving up to a new
high record of 105, Tobacco Froducts
rose over b poitns to 95. Gains of from
1 to 3 points were made in many other
issues in the last half hour. Reading
closed at 88 3-4; United States Steel,
107 3-8; Keystone Tire, 91$ New York
Central, 81 3-4; Sinclair 66 3-4; Mexi
can Petroleum, 180 3-4; Anaconda,
69 1-2; Royal Dutch New York, 116;
General Motors, 194 3-4; Studebaker,
89 1-2: United States Rubber, 102 3-4,
and Tobacco Products 93 3-4
The market closed strong:. Govern
ment bonds unchanged: railway and
other bonds strong,
.
Weekly Statement Sixth
- Federal Resrve Bank
Following is the weather statement of
resources and liabilities of the Sixth Fed
eral Reserve Bank at the close of business
May 23:
Resources,
Gold coin and certificates in
Vel eil N DR AE5.08
Gold settlement fund....... 12,633,236.18
Gold with Federal Reserve
BEOIE . i e $1,609,890.00
Gold vedemption fund...... 6,020,890.00
Total gold reserve........ $68,228,961.20
Legal tender mnotes, silver,
WL, L ovhien s el 1,799,852.00
Total reserve ............ $70,028,813.20
Bills discounted, secured by
Government war oblign
tiome L el ey 70008018 98
All other . B R T RPR
Bills bought in open mar
ket S R kAR e 5,151,063.47
Total bills on hand....... $89,639,326.87
U. 8. Government bonds. .. .. 376,450.00
U, B.Yiotory notes, .. ... 7,450.00
U. 8. certificates of indebt- ;
edness ~.. Cei ek 9.509,000.00
Total earning assets...... $99,432,225.87
Bank premises ............ 218,600.00
Uncollected items and other,
deductions from gross de
posits ... v i e et b
Five per cent fund against
Federal Reserve Bank
BDOLOS . ... v nc-rbisrdons 449,0560.00
All othem resources......... 311,609.76
Total resources . ... .....$208,079,622.66
Liabilities,
Capital paid in..........:.. $3,241,460.00
Surplus ; s hetas o St URO.OO
Government deposits ... ... 7,386,164.97
Due to members, reserve ac- g p
count £ v 44,873,267.59
ilwferre-d availability items. 28,454,644.50
) All other deposits F o 293.,408.10
Total gross deposits.,.... $80,807,375.22
Federal Reserve notes in
actual eirculation . 112,263,640.00
;P‘ederal Reserve Bank mnotes
in actual cireulation ..... 8,894,156.00
All other liabilities e e 1,363,001.41
Total liabilities . ..1..5208,079,622.66
NEW YORK CURB MARKET,
NEW YORK, May 24 —The curb market
opened steady and closed firm.
Opening. Closing.
Aetna Explo.. . 11 @ 11% 114 115
Ang.-Am, Oil . 26% @ 26% 25 254
Barnett Oil ~ .3-16@ % 3-16@ %
Coflsol. Capsisviy b @ 0% b 5
Cosden Olil . %@ 9% 9% 9%
Curtiss Aero.. . 19 @ 21 19 21
Houston Oil . .140 @145 140 143
ind. Pipe. . .102 @IOB 102 105
Inter Pete L 31%@ 2% 31%@ 2%
L. Val. Coal .90@ 92 90 %92
Magma o' eBS @ 3 33 @ 35
Marconi st Q@ RN 5%@ 5%
Merritt Otl, . . 31 @ MW 31 @ 51'%
Midwest Ol . . 2 @ 2% 2 f;i 23
Midwest Ref, 187 @lB9 186 wlB9
N. Am. Pulp. . 5%@ 6% 5@ 5%
Ohio Ol L 386 @390 386 @390
Prairie Oil . .776 @786 776 @786
Sub. Boat s 16 @ 16% 16 @ 16%
8. O. N. Y.. .388 @392 388 @a92
B DN J .730 @736 730 @736
80. Oal. . .280 /290 280 @290
8. 0. Ind v BIG 820 810 @B2O
Uniop Tank . .137 139 137 @139
Victoria Oil . . 3 g 3% 3 @ %
W.-Martin o o 6 6%@ 6%
Cons, Arizova . 1 @ 1% I & 1%
‘Nipissim; 12 @ 12% 12% @ 12% |
B, & Wyo. Oil. 60 @62 60 @ 62
Glen Rock Oil. 7% 7% %@ 7%
1. O. & Trans 8 @ 8% 8 @ 8%
N'wesgt Oil . 63 @ 65 63 @ 66
U. 8. Bteam, . 2%@ 2% 2% @ 2%
Sapulpa. . . . B%@ 8% BlL@ 8%
ißoonu G e s 18 T 0 e 135 @ 13%
NEW YORK BANK STATEMENT,
NEW YORK, May 24.—The weekly
bank statement follows: ‘
Average statement—Loans decreased
$87,823,000; demands deposits decreased
$7,668,000; time deposits decreased $2,-
177,000; reserve increase $15,744,660.
Actual Statement—Loan decreased
$133,109,000; demand deposits decreased
$18,796,000; time deposits increased $5,-
'987.000; reserve increase $4,439.760.
.MONEY AND EXCHANGE.
NEW YORK, May 24.-—Bterling exchange
was strong with business in banker's bills
at 4.64% for demand.
GRAIN MARKET OPINIONS,
E. N. Wagner & Co.: "The difficulty of
breaking corn on recent receipts has been
obvious.’' ¢
Hulburd, Warren & Co.: "Larger arriv z\osl
of Argentine are predicted in mnear fu
ture, =
Clement, Curtis & Ce.: "Lateness ofencw
crop will bring buyers to market on de
clineg.”
Bennett & Co.: “Corn prices may now be
on debatable ground.”
(ASH: RICH MEN HOLDING
]
Never in History of Finaneial 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 and to be
eireulating in search of new enterprises.
The result is that the stock market lis
flooded with cash, Never in the hlstorz
of Wall Street was there so muc
money available nor did there ever
geem 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 securities 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 origlnull{ proposed in this
column several months ago that rich
men would hold the market up by re
fusing 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
and 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 never be H?uidated. but it is safe
to ruess that this withholding of stock
will soon come to an end. There is 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,
Ex‘ery 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 millionaires have their wealth invest
ed in real estate, mines or ih 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 ma(;ing itself felt in
the motors, in the oil and the chemi-‘
cal industries especially. |
New Form of Labor. |
The operations ofighe Du Pont group
of millionaires will counterect to some
extent the return of labor to Kurope.
The paople are putting their money into
gutomobiles and farm tractors, trucks
and mechanical appliances doing la
borous work, It is \luite probable that
as fast as the labering 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 transformed from a
\humun labor basis to a mechanical
To A B RAU Ly €1 (o §
WMWMMWMW
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, 'l‘he‘tablo covers bonds vielding from 3% to 7 per cefie’!
These figures are baked on the tax for the year 1919, payable March 15,
1920 . ’
Income, Pr Ct. Pr Ct, Pr Ot Pr Ct. Pr Ct. Pr Ct. Pr Ct. Pr Ct. Pr Ct.
Net Taxable 3% 1 414 4%, 5 5% 6 6% Y
$ 10,000 soo ale ous all 45D 488 508 OAB. 648 - S
1000 . .iiiiili3ln 363 408 431 453 49 544 580 6.38
201000 .. or.rrnin... 312 357 401 424 446 490 535 580 624
REOOO AL Ee 38 W 9 611 4% 483 5T 59 - S
30000 . ...c..it' 308 3.46 389 411 432 435 519 562 6.05
35000 ... ....0....298 3.40 383 404 425 468 b.ll 583 596
£OIOOO . .00 ." F <293 335 377 398 419 461 503 545 587
45000 . iliiglidliiess 330 391 398 412 483 498 8536 AW
BOOOD un isiiiih. B 4 835 365 386 408 447 431 5% A 8
60000 . H.lv.viv. 0878 815 384 393 383 438 443 SAI BiS
TOOOB | ililelihings A 66 348 381 381 410 4GNS 484 B
80000 . ittt ey 284 431 349 368 405 448 478 OIS
86080 | iiitattlg4o . 284 L 3980 837 855 361 480 468 4N
100,008 ....... 5. 2.40 2.74 3.08 3.25 3.43 3.1 4.11 4.46 4.80
150,000 ... ... ve5v....2.06 2.36 265 280 295 3.24 3564 383 4.13
Plans Completed for
g ’
' Merger of Cigar Co/s
Arrangements for the consolidation of
six cigar manufacturing companies, hav
ing twenty-four brands, into & new com
pany, to be known as the ,Consolidated
'l'lgur Company,shave been completed. The
capitalization of the new concern will con
4ist of $4,000,000 of 7 per cent cumula
’vwv 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
jdation factories in Tampa, Key West,
New Orleans, New York, Philadelphia,
Delaware, Cineinnati, Detroit, Poughkeep
sie, Allentown, Coplay, Harrisburg and
;m-:n'l_v all parts of the United States. The
‘prlllt‘lpfllfl of the new concern have been
in business about 30 years, and manufac
ture some of the best known 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
inmrket well in hand against speculative
“fever” and consequent increases in shoe
‘pnrus, which would hurt the trade, has
been sounded by Fred A. Vogel, president
of, the Tanners’ Council of the United
States.
“Phere is not the slightest doubt in the
minds of many of our members that we
have at least cighteen months of splendid
Ihu.~zim-r¢s ahead of us if the situation js
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 vhpnk‘
to our business which will be detrimental
and the effects of which will be felt for
a 4 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 Growmz,
Says Bradstreet
Bradstreet's weekly trade review says:
“Something like a shifting of aectivity
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, F’npem‘lly corn and cotton, seem
to be more stressed at ‘hf' smaller markets,
but increased activity, strength and eon
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 chargeable 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 con
?dence @as to' the future mnot quite so
clearly revealed in the recent past,
“Weekly hank «clearing $7,799,656,000.”
Paul M. Warburg declares present form
of taxation is harming the country and
that raifroad credit must be firmly re
establish®l and big investment trusts
formed to aid digestion of Liberty bonds,
thereby laying foundation for development
here of broad market for foreign securi- i
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 past
weeks has been an investigation of the
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 question, There is a slight ex
cess of heavy fuel oil, but the supply
of light oils is still undgr normal.
Stocks of light olls were drawn upon
heavily during the war and have not
yet bheen fully replenished. The uses
of oill are so various that there is not
the slightest danger in this respect. It
may ‘be that some of the new compas=
nies that have gone ahead putting down
wells without providing for the sale of
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 ne
worry, s
Saving the Rails.
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 lonf step
toward a square deal. With all that
&sfluipmcnt 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 Govermment as will
make possible a square deal both for
the stockholders and for the general
public. Present relations between the
rallroads and the public are intolera
ble. Transportation is expensive and
unsatisfactory.
An open market for steel promises
soon to settle the disputed qtllxestlon 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 few days after its re&m
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 prae
tical destruction of German trade. Ger
many was the great comfiuwr in :go
electrical trade. It will 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 seem
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.
i
.
Book Values Swift
. .
International $34.26 Share
A mager financial statement of the dnn
pania Swift Internacional, otherwise Swift
International, was cabled from Buenos
Aires. after the annual meeting yesterday.
The statement, the first the company has
ever made, reveals that the stock has a
book .value as of December 31 last, of
$34.26 per share. This compares with a
parity of sls and a market price of $69.
The statement as of December 31, 1918,
follows:
Assets.
Argentine Argentine
gold. paper.
Stoeck investment
(book value De
cember 51, 1918) . 861,386,477 Lcepeees-s
Sundry debtors ..., 13,930,605 ..eev.....
Ondh SEDABK ..o bi Bagdanes 20,258
Conversion ........ 8.92 T isiiaeaes
Totals ..........$685326,010 § 20,288
Liabilities,
Capital, 1500000
shares, sls gold
each ............$22,500,000 cooemecnss
Sundry creditors .. 21,837,750 eeescesncs
Burplus ........... 20,988,220 cevressiais
Converslom. ... vieubei s 20,288
s S,
Totals ... ....$65,326,010 § 20,288
It i 8 impossible from the limited infor
mation furnished to arrive at any esti
mate of earnings. Of the $20,988,229 sur
plus shown, u large percentage may or
may not be sccounted for by the surplus
accounts of the sevéral companies incov
porated into the Internacional Clorporation
last August. At the time of the amalga
mation it was understood the Compania
Swift de la Plata alone had a surplus es
’ approximately $5,000,000.
. In the statement, the items ‘“cash m
bank"” on the assets side of the ledger and
“conversion”’ on the liability side are bal
anced and merely show the amount of Ar
gentine paper the company has in the
bank. This amount, converted into Ar-~
gentine gold, is shown epposite the item
“conversion” under assets. ‘
The directors declared dividends totaling
16 per cent out of the 1918 earnings, 8
per cent payable Jume 20 to stock of record
May 2, and § per cent payable December
20 to stock of record Nevember 8. This
rate is the same as established by the in
itial declaration six months ago.
e e et
OFFERS TO BUY MALTING PLANTS.
At the lquidating trustees’ meeting .of
_the American Malting Company, an offer
was considered from the American Malt
and Grain Company, a Delaware corpo
ration, to purchase the real estate, plants
and appurtenances for $995,000 cash. This
offer was accepted by the trustees subject
to the approval of the New Jersey Court
of Chancery to which the entire matter
will be submitted on May 36. All the
stockholders of She American Malting
Company hiye been mnotified of the receipt
and acceptance of this offer, subject to the
approval of the New Jersey Chancery
Court,
s, DE SSK
e e Tables, Chairs,
T‘ (3 Files,
Lk = Office Safes
| - = Large Stock
‘ e 5 Laowest Prices
HORNE DESK AND FIXTURE CO.,
93 N, Bryor St. 'hene Ivy 1154,
5C