Newspaper Page Text
THE SUNDAY AMERICAN'S FINANCIAL AND BUSINESS PAGE
' Telegraphess’ Strike, Unrest Abroad and Break
in Securities Prevents Values From Making
Greater Response to Bullish Situation.
By VlC'l_‘—(—)R B‘ARll._dN.
HE stability of the cottonl
I market was given a thoroughl
test last week and the way
volnes were sustained was conclus
ive proof thkat the
AR bull erowd are
BT masters of thel
R T situation,
R e Despite a week |
. v WOt cvolifjeal un
' ‘WMcertainty, the
PTN @l Lelegraphers
DY Xy PRI <trike and some
o i W 8l what more favor-
B - e J 2ble weather than
:a w hlas recently pre-
R vailed, the market
'r.:;gg; more than held
ol %wo its own, futuresl
s e at « New York
T closing the week
190 to 255 points
e 8 above the pres
BN vioug week's
% close, while va.l-I
——cesssassscasm OSS at New Or
leans exuivieu o net gain for the
- week of 220 to 287 points—§ll to
$14.35 a bale. |
While the upward movement was
partly due to technical reasons,
owing to the break of a week ago of
almost 4 cents a pound, the con-|
tinued prevalence of rainy weather
over many sections of the belt, to
gether with a constant , stream of
pfissimist‘)c ecrop advices and strong
. sbot markets, furnished sufficient
+ ammunition for the launching of a
fresh bull campaign. Had it not been
for ‘the strike of the wire men, with
the announcement that it will be
come natfon-wide Monday, which
was accepted as meaning serious de
ly with communication in the in
terior and other markets and result
ing forced liquidation of acounts on
account of not being able to keep
margins good, the market, without
doubt, would have made even greater
response to the general bullish un
derlying factors. Thig forced many
who really desired to enter the
market to await further develop
ments in the strike, as well as shak
ing out many weakly held long ac
counts. In addition to this business
was held in check to some extent by
a disposition to await the final de
cision of Germany to the reply of the
Allies to her counter-proposals. Re
ports of fresh uprising abroad also
! was given consideration by the more
conservative element.
NEW CROPS MOST POPULAR.
Nevertheless, the bull crowd could
not stand idle, nor were shorts dis
posed to stand aside and allow
Lehances of covering comparatively
4flo-ap prices slip by. Demand also
came freely from trade houses—here
and abroad—and leading spot houses
and several big speculators were
anxious buyers. Expansion of values
was inevitable, New crop deliveries
were the most popular. Bullish en
thusiasm was at topspeak Monday
.when values at both markets soared
the full limit—slo a bale. This illus
trated the danger of being caught
short in a market that is liable to
register sensational gains at any
imoment. Those seiling cotton short
;apparently have forgotten that the
‘bul! crowd still have yet to play their
best triumph—the signing of peace
.and lifting of the embargo on cotton
‘shipments. This was followed bhy
further gains Tuesday, which ecar
ried July (New York) to 38220, or
« #Within 60 points of the high record
of May 26. October rose to 31,30,
while December touched 30.95, Janu
ary 30.66 and March 30.30. July at
New Orleans advanced to 32.50, Octo
ber 30.70, December 30.40, January
30.00 and March 29.90. At the high
est quotations futures exhibited a
tnet gain of more than 3 cents a
pound above Monday's low levels—
for most active options:
Naturally after such a stiff gain
jongs was increased. The later, how
ever, took fright and sought cover
on the merest gpark of unfavorable
weather news, crop advices and other
stems of a scary nature. However,
the market ruled more or less nerv
ous with fluetuations rapid and er
ratic late in the week, Everyone ap
£ rently appreciated the word “cau-
Evn" and abided by its definition.
ut there was no abatement in bull
fsh sentiment, nor confidence of a
better response to the various un
derlying factors
P BREAK IN STOCKS.
M A glance at the aforementioned
week's apfreciation in values, one
might gather a better idea of the
strength of the market, especialiy in
view of the fact that the market had
to absorb a great deal of contracts
thrown into the ring by Wall Streqt
speculators, occasioned not only by a
desire to break cotton, but liguidation,
or rather short selling. as a hedge
agninst severe losses sustained in the
security market, owing to drastic
gelling, due to the tight money
market, brokers’ loans having risen
as high as 11 per cent on Friday and
real milt-edge sharesg breaking vio
lently——many to the lowest point in
monthe, And the stocks that suffer
ad the most were not the ones the
public has gone wild over, but real,
.40und investment shares--tractions
“motors, high class oil issues and steel
hares, There's an old saying that
Wall Street and the graln crowd
never use the cotton market excopt
Ax A shield to recoup lossés suffered
in their respective departments,
The strength of the market also
brought out a better demand from
exporters and domestic spinners for
the actual. Buat advices from the belt
stated that offerings were light and
commanding top prices The spot
gituation was thusly summed up hy
Would you be interested |p Han
dling a large blec) of . industria
stock (not mining or oif) for A" West
ern corporgtion? jnlkprests iha most
conservative inyestos Address K. A,
Ogden, 624 Symes Bollding, Denver,
{ olormddo
a veteran of the trade: “Spot holders
have gone back in their hole.” That's
just about’' right, too. It seems as
if holders of the old ecrop now are
financially able to withstand any kind
of pressure, as their purse recently
was made fatter by the selling of a
few bales at prices better than 33
cents, Word from many sections in
dicate that most holders are standing
firm for at least 36 cents.
GOODS MARKET BUOYANT. -
The bears further were apprehens
ive oyer the goods market, which
continues buoyant. Print cloth sold
in New York during the week higher
than ever and theé demand for goods
showed no abatement. The National
City Bank in its June circular sum
med up the textile trade in these
words:
“The National City Bank's month
ly review says that clothing and all
textile goods and raw material are
in, great demand and short supply.
‘Dealers instead of being afraid of
overstocks have become afraid there
~will not be enough to go around.”
Business at Manchester continues
Idecidedly active. “The whole textile
‘industry is in a very flourishing
condition,” read a cable from Liver
pool.
With the domestic situation so
pronouncedly strong and prospects
extremely gloomy, labor scarce,
acreage sharply reduced, season
three weeks late, approaching criti
cal period of the season, weevil
menace peace in sight and many
other items equally as bullish, the
feeling hag become almost unanimous
in conservative circles that the sup
ply of cotton this season will be far
below the world's requirement.
Therefore, it certainly takes a great
deal of courage to sell cotton short.
CROP OUTLOOK ALARMING.
That the crop situation is becom
ing alarming was furnished in the
issuagce of two private semi-monthly
condition reports. One called for a
congition of 69 per cent and the
other 71.7 per cent, as compared with
official May report of 75,6 per cent.
With the period to be covered by
the government condition report
more than half gone, and; as the
weather shows si fircontinuing
lrajny. there is a te:l,& at the next
report will be gensftionally under
lthe condition ofm‘gune 26 last
yéar—§i—upon whi the govern
ment estimated the crop at 15,325,000
bales. Many sections report that the
crop is so poor th farmers are
plowing it up and reSa.nting’ in corn.
A wire from Central Alabama said
the crop outlook is by no means
promising at this time; fields very
grassy and labor hard to get at any
price; plant has bcgun its growth
without any tap-root and if a dry,
hot' July-August should follow these
rains this would turn out the short
est of the five past crops.
From the Delta came similar re
port. Yazoo City reported present
condition of the erop in that terri
tory around 64 ‘pép cent. Cuero,
Texas, wired crop outlook poor and
boll weevil bad.
Pine Bluff, Ark, reported that cot
ton js being plowed up and replant
ed in corn, owing to grassy condi
tion and scarcity of labor. \
. IDEAL FOR WEEVILS,
BARRON |
BREAK IN STOCKS HURT.
A leading crop authdbrity asserted
that there may be considerable boll
weevils this year, as the open winter
I"B"d wet spring made ideal conditions
for them, |
And as it takeg hot, dry weather to
fight this pest with, the erop ecan not
withytand the prevalence of this kind
of weather,
The government’s weekly weather
and crop report said cultivation gen
erally progressed very well but
|xra.~my fieldg continue rather extens
ive in many locallties with consider
able labor shortage reported; condi
tions fairly satisfactory in the east
ern portiong of Arkansas' and Texas,
but elsewhére west of the river gen
erally poor,
Exports for the week amounted to
139,000 bales, or 111,000 in excess of
the outgo the same period a year
ago, This brought the total so far
thig séason up to 4,652,000 bales, as
compared with 3,810,000 the previous
corresponding period.
— e e
487,998 Bales Cotton
Consumed During May
WASHINGTON, June 14 --Census re
lport for May shows number bales for
919" anq 1918, erspectively:
Cotton exclusive of linters,
Consumed during May, total 487998
and 075,266, v ‘
. Held in econsuming establishments
\l:!o’\ I:l“l' 1,3';:;}8'55' and 1.79(;!.295
eld in publie storage and compresses,
3,450,044 and 5 404,208, T
Imported, 36,812 and 29,635,
Exported, including linters, 444,718
and 110,543
Held in econsuming establishments,
274,683 and 168,084,
Held in public storage and compreses,
212406 and 276,872
lixport, 888 and 12,012,
Spindles: Number active during May,
33,6566.011 and 33,601,576,
» . . .
J. J. Williamon Admitted
To N. Y. Cotton Exchange
J. J. Willlamson, one of the most
prominent spot cotton merchants in
Atlanta, with -officés in the Trust
Company of Georgla bullding, has just
been elected a member of the New
York Cotton Exchange. Mr. Willlam
son has been in the cotton busipess
Ihf-rc- since 1904, moving here from
Woodberry., His business during the
last few years has grown considerably
and today he has agencies at all prin
eipal concentrating points in this
State and Alabama.
FINANCIAL BUREAU ON STOCKS,
NEW YORK, June 14.«The moeney
tightening and the inereaping lahor uns
I"“ and a combinatien making (or pros
fossional!l reactionapy activities according
|to reports recsived from weM (nformed
],v hannels, The floor (rading elament I 8 gel!
ng on rallies extept in the ciee of a 4 few
aptoiattion, and are warking for a set.
hack by trying to reach stoh:orders wad
to |he n o inrge velufne . under oxisting
I wvals,
HEARST'S SUNDAY AMERICAN — A Newspaper for People Who Think — SUNDAY, JUNE 15, 1919,
»
IWEEK S COTTON RANGBI
Follewing shows the highest and lowest
quotations of active cotton options at New |
York and New Orleans laust week, togeth
er with S::xrdny‘. close, the pre-vloul'
week and changes for the week:
NEW YORK
| | |'Thur| Wk.| Net
____‘[lllg'l’ll Low [Close| Ago.|Chgs
July. .. .ee. }432.20 ‘29.30'31.20'!9.30] +l9O
October .. [+431.30{*28,25(30.5828.256|+ 233
December o 30.95 wa.ooi:mizo‘n.safi 236
January .. 30.66(%27.70{30,10/27.67| 4243
March .o 14-30.30/%27.65(29.95/27.40| + 255
NEW ORLEANS
d! | | ¥ri, | Wk.| Net
_lgh_&l-lrnrw I(.‘l_pan'Ago.J(‘hw
Fuly oo [4-32.50/420.40(31.58 9.38) 1 220
October ... |430.70(*27.45/30,25/27.43| - 282
Decamber , [4-30.40/%27.15/29,90|27.07 283
January .. |+-30.00/*26.95/29.65/26.85 + 280
March ..... |+29.90/*27.30(20,40{26.53| 4 287
*—Meonday; -+—Tuesday.
—
NEW YORK, June 14.—There was
nothing particularly important in the
early news today to warrant more than
evening up of the cotton market over
the week-end, prices at the opening rul
ln'c steady at a decline of 9 to 24 points.
The trade was limited. The weather
conditions showed further improvement
although it is still somewhat showery,
with the possibility of further show
ers in the South Atlantic Stytes, where
drnlwar{x:l weather is needed,
ter e list rallied slightly above
Friday’'s close. ey
. Sellers appeared on the rally and’the
'market again weakened, closing 14 to
40 points lower,
Spot cotton was lowered 10 points to
82.75.
NEW YORK COTTON
o Open. [High. | Low. |L.Salel, Close. |Prv.Close.
July |3l ;.’5|221.40‘31.1D5132.20131.20-24 31.34-40
Oet, 1;.'v..a5130.951.;0.50:30.5&!30.53-5.5»30.&5-9\)
Dec |30.30{30.65/30.20/20.26/30.26-30/30.60-71
Jan, |30.30(30 46/30.15/30,25(30.10-25(30.50-55
Mar |30.16{30.30(/30.00{30.00/29.96-30/30.27-31
May [ooddod 02980 (3017
Closed steady.
NEW ORLEANS COTTON
—[Open. |High.| Low. |L.Balel Closs. |Prv.Closs.
July 131.83{31.90/31.35(31.58({31.58 !3] 85-90
Oct. [30.40130.50({30.05/30,29(30.25~29(30.46-46
Dec ;:o‘\ml:;o,lzlzs 70|29A92;:5.90-95pu‘10-14
Jan. [29.81{29.82|29.78(29.78(29.66-70/29.65-70
Mar 129162|‘.‘.9.62‘29.40{29‘00i29.40 129.62
May L.... 01. ... .0 a 80.38 190.08
Closed steady.
O ———
BPOT CUTYON.
Atlanta Commercial Exchange quotes
basis g:rd middling, 32.50; sales Friday,
1,000 es.
New Orleans, middling, 31.88; sales, 319;
arrived, 425.
New York, middling, 32.75.
Liverpool, holiday.
Savannah, middling, 32.00.
Augusta, middling, 31.37.
Boston, middling, 32%.
Philadeiphia, middling, 33.15
Charleston, middling, 31
Wiimington, middling, 30.
Memphis, middling, 32.
Norfolk, middling, 30%. s
St. Louis, middling,, 32.
Dallas, moddiing, 31.90.
Mobile, middling, 30
Houston, middling, 32.
Little Rock, middiing; 31. "
Montgomery, middling, 30%.
Galveston, middling, 32.60
ATLANTA COTTON DIFFERENCES.
Middling fair .......cocvencnevins 162 on
Strict good middling sesssessrvassvl3B OB
Good MIAAUNE ... .ccvesccccssse.s 83 OB
MIBOMBE .oo:pnic-svrnocrsssereess Basld
Strict low middling ...... sensss 00 OFF
Yellow Tinged. i
Good middling e . B
Strict MIAAUDE . .oozssovrzeeeces 300 unl
Yellow Stained. =
Good middling .......... ceses 800 OFf
——— ;
ATLANTA COTTON SEED PRODUCTS.
U. 8. Fixed
Descriptions— Prices.
Crude oil, basis prime ......... 33
Cotton seed hulls, loose ..... $16.00
Cotton seed meal, p. ¢. eommon 55.00
Cotton seed meal, 7 p. ¢ Georgia
common rate point ........., 55.00
Cotton seed hulls, sacked ........nominal
WEBKLY WEATHER FORECAST,
WASHINGTON, June 14.-—The weather
bureau today issued the following lore
cast for next week:
South Atlantic and Gulf States—A weex
of gepmerally fair weather, although occa
sional thunder showers are probable
Nearly normal temperatures.
Ohio Valley and Tennessce—Occasionh!
loeal thunder showers are probable, al
though fair weather will prevail the se -
ondulmll of the week in the Ohio valley
Temperatures will average abuve norma.
Region of Great Lakes Generally fair
weather will prevail during the week, al
though some prospect of local showers
first half over north peortion. Tempera
tures above normal first half of week and
nearly normal thereafter.
NAVAL STORES.
SAVANNAH, Ga, June * 14.—
Market, spirits, firm; regulars 108,
sales 30. Market rosin, firm; WW
16.60; WG 16.60; N 16256, M 16.25]
K 16.835; I 1.535; G 15.30; F 15.30;
E 15.26; D 15.00; B 15.05; sales 869,
Receipts, spirits 166, rosin 405, Ship.
ments, spirits 11, rosin 500, Stocks,
spirits 5545, rosin H 4981,
ATLANTA COTTON STATEMENT.
Baturday!
1919, Last Wk, 1018, 1917
Receipts ... 349 1,208 319 192
Shipments .. 1,478 36 657 1,228
Stocks ~....27,100 29,023 29,634 45,245
Bales ....... 1,000 1,000 Wb :
Bpots ....... 32.50 ;ptio 20.95 24.70
CHICAGO CASH GRAIN.
CHICAGO, June 14.--Cash: Corn No 2
mixed, 1.76@1.76%; No. 2 white, 1.7% No
2 yellow, 1.77%; No. 3 yellow, 1.76; No 4
white, 1.73; No. 4 yellow, 173
Outs: No. 2 white, 71%; No. 3 white,
60% @70%; No. 4 white, 6% standard,
|7O @7l
I NEW YORK PRODUCE MARKET.
NEW YORK, June 14 —Petroleum firm
Iq‘rmu- Pennsylvanin, $4.00
Turpentine firm, 1.17
Roesin firm,; common $156.60
Hides firm on sales. Nutive steers, 37%
1 @29. branded steers, 34
| C'offee steady; options opened 5 to 11
points higher; Rio No. 7 on spot, 2020
2.02%
Rice firm: domestie, 6% @ll%
Molasses firm ;. New Orieans open kettle,
T6@ 52 black wtrap, 12@17.
Raw sugar steady and unchanged
Refined sugar steady; fine granulated
9: cut leoaf, 9, erushed, 9.156; mould A,
9.10; cubes, 9.756; powdered, s.ll, diamond
['A. 900, confectioners' A, 890, softs No. 1,
| 8.85 No. 2 i#= 6 points below No. 1 and
{ Nos. 3.t0 14 ape ench b points lower than
| the preceding grade
Potntoes casy; nearby white, 2,004 4.25;
Bermudas, 4.00810.50
Haans cusy; marrow, choles, 11.76; pea,
choice 7.75wN.00; red kidney, choice,
1276@13.00
THOMSONAM'KINNON ON STOCKS
NEW YOR Juné 14 Rufmors are
| afioat in regard to a combination of
l(rm'mm including Interbore, HBiookiyn
fapid ‘Transit, Third Avenue and other
New York City tractions. Detalls are lnck
ing
lLeading bankers are now exerting them
sel es to oreate AR interest in forcign
seeurition and such & movement should
be beneficial in the long run, even though
temporarily affecting our money market
as it will mean n big market for Amers
ican products Week-ond money needs
haovipg been sutisfled, there may be some
recovery today
WORLD COTTON CONFERENCE
The “‘world cotton .conferapce’” will be
heid in New Origuns Octobor 13:14, ae
cordin to pn anneuncemment from Liver
001, I’llrnl.udl Five thousand delegates
Vluv\ all countries of the globe are ex
pected,
New York Stock Quoiations
Market closed irregular.
Total stock sales 663,600 shares,
Total bond sales $5,222,000.
Total stock sales for week 8,200,900 shares.
Total bond sales for week $68,278,000.
oi v -
STOCKS-— |High. Low laa.\olc.l se
1] 41%
Allis-Chalmers ~ .| 41% SIR
Amn. Int. Corp. . . 1(’)24% lg;a 1219“‘ "a
Amn. Zine . . 3 34 % H 1
o G oTR Bel e .54
mn. iy sly
Amn. ler Fdry. . . lgg% !g:% lb'h &
Amun. Cot. Oil ; . sl%| 80%] 81%/ 81
Amn, Loco. ..... . aul ol vl
Amn. Bmeltln‘x . - Sst 30 1 3
A Bumkr Ret 133813138 133 0,32
bre- gu‘a:fa iy ml’x" 106 um\, “)g*
Amn. Woolfen . «++{ll2 N 0 11l 107
do pref. ~ . asl e %
A aow ©.ofimklite it 112
Ao M ana Lol 3in| sl% 31k 2%
do 'l;prb‘ot. ses 123% 123 T123a1124
Amn. o ot ete il coe is LI
Amn. Sum, Tob. . . lé:“ 1613 l“K “&
Amn loe . ... . : gt
SOE e ev B 1N
Alloy Steel , . » - 9. gL
Ahseonde ' 002 wond voig! wok 1
naco . & shwes
SUNTR: hane. -AN PR 0%
At. Co o' W R 5 .
Baldwin Loco. . . . ::& zg;z! goz Be
Bal, and Ohio ~ . Sn) 2il 21h 28
Bwfihsl“l’e;lx:::. T Fii u}nw
Beth. Steel Saliavs ol ixe i
Beth, Bl}:.l '!'B . o) 893 88% ”* ’SaI
Brook. . b e el A L o
Butte Superior ~ .| 28% 28&.. 28% 12&\
Butte C. and Z. « .| ....| «=¥ “incl g™
Cal. Petrolgum #okoo 1Y i aien T ]
B 0 PPRE. v o 4l ere) cnes sl e
Can, Pacific ... . lz:% 16‘:% l:‘% 60&‘
Ches. and Ohio . . . Isde 1‘
C. An;l N. Xv,[. i e s snigins] %
Col. . an o o wadad gas :
Co M. and su P [l i) 4| 42 “
0 DRE. &o o) saiF sea-of ik S
PhtnolCogper a oars 4'4% u?s' «u 100%1
Consol. D« e e & Gi!fi 53% |64
Corn Products . .| 63% n"
f?uolble‘fi:‘eela.r .0 87% lO A
Cuban A. Sug: o ial rb gl sndiy 11
Cuban C. Sugar ..| 33%! 33 33% "%1
e e % i) o aad: e
Cast Iron v+ heaste!l sl wil
‘Central Leather ,[IOO% 5 4]
Chile Copper ... . le% li.%' 27. ke
Chandler Motor . g & ik 4%
Columbia Gas . ' 5 oou! il on
Corre-de-Pasco o . ol o 8 seil 96
B ek . L ok
[ Nyepmmetial -1% %;r;‘c. ;g;/: 17%
I do pref. Ist . . 281 |2B som
e 143 {207 "1209 1l
Gen. otn oe W -+ 4 : |
Goodrich thhm’ . ;g: ;;% 82}‘2 33
Gt Nor pref. . | 95id| 955/ 95% ::&
Gt. Nor, e e
(‘rl. Nar. Ores . ¢ :6% 46 % 161/. 4
G Wealm‘fn rie g Beeg) v ofs OGRI
| oet. oo asiil v 23
| Guif States Steel .| 63 |63 | 887 san
Greene-(‘tumlmon ¥ e o] ran "a
I, Central ... of ....] ... i "
Inspir. Copper . . S;z Sg“' 73 417
lnte:jborn B S %l ?:
o pref. o o Jf .ieef oo siiv ki
Ind. Alcohol . ...1123% l;g‘z; Sely
Int. Nickel . . .| 297 33| 300| o
Keystane Tire. . .[lOl | 995! 897 101%
Keystone Tire . o o 4 6350| 8433| 5414
Naityane .y hso aas sure s
e B e <k. zg;/:
Kan. City § bl r e
fi:nA and ’l;cxa‘ . 8%l 8% 8% 181
80 PIVE. . o o) 2.8 5008 %% 4
Kennecott . . «'s z;% fl: 82" 31
Tenten vaney” . | 5%/ s3%| s3%| 6334
lL.ehigh a 9 i § .| 63 .
l::rvllard . v suielißt llGh.!lga”' jiy
148 TIPE ! . . & of 4 aas
CHICAGO, June 14.—Corn was steady
at the opening today, with prices un
changed to 1 cent higher. The volumé
of business was lighter and th®re ap
peared to be selling orders in the pit at
an advance over the previous close,
Oats showed a nervous sentiment at
the opening, starting at 1-8 c lower 10l
8-8¢ higher locals were disposed to|
press the selling side, being encouraged |
by the apparent heaviness of the mars
ket more than any fresh news devel
opmnt. Trade was of limited volume.
Scattered buying and limited offer- |
ings resulted in a slight advance in|
opening provision prices. Trade qu
dull.
Corn closed 3-4 to 1 1-8 cents hlgharl
and oats finished 1-8 cent higher to
1-4 cent lower.
Provisions closed irregular.
Grain quotations:
Prev,
Open. High Low. Close. Close,
CORN
July 1.93% 176 1.73 1.79% 1.72%
Sept, 1.66% 1.67 1.46% J. 06% 165 %
Dec 1.44 1.45 1.43% 1.44% 143%
OATS
July 69'% 9% 68 Y 69'% 69'%
Sept. 68 % G % 67'% 65 6814
Dee 68 % 69% 65 68 % 68% |
PORK- |
July 5176 5200 61.65 61.75 51.85 ]
Sept. 49.656 49.65 49.056 49.50 49.30|
LARD
July 3612 3635 3540 3580 36.85
Sept 34.86 35.70 34.00 38.45 35.7%
RIBS—
July 2838 28.35 2810 28.30 28.24
Sept. 25.00 28.25 25.00 28.12 28,17
CHICAGO CAR LOTS
OHICAGO, June 14-—Following are re- |
ceipts today: i
WHEAL . ...:csceesmessessssossnssns i
COPML ..escssrsnssssssssssssssssom 166 |
OBES «.oonsossinisnsssssssnnssprens l'[!;
O;s s isreskaaviet i 7.100 i
GRAIN MARKET OPINIONS, |
Bartlett, Frazier &, Ce.: “We do bot
look for any break of moment.” I
. 9 9 ‘
Clement, Curtis & Co.: “Recurring rains
will bring buying to market." I
Bennett: “Take profits on rallies in eorn.
We look for higher oats” I
- |
ST, LOUIS LIVE STOCK MARKET. !
BT. LOUIS, June 14 —Cattle, receipts
600 Market steady native bhef steers, |
1.60@16,00; yearling stoers and helfun.|
0.60@16.00: cows, 1060@12 b 0; stockers
and feeders, 10.00@13.60; calves, 12 609
16.85; Texas steers 9.0@14.00; prime
Southern steers, 7 100 14.60; beef cows and
heifers, 6.60@8.00, cholce veal colves, 12.50
16.26.
‘Hnl’o— JReceipts, 5600 Market I"%’.’!&
higher, Mixed, 20.70@21 35; good, 312 a |
21.40; rough, 16.260020.00; lights, 201011'
21.20; pigs, 16 60@19.60; bulk, 20504
238 |
Sheep— Receipts 1o Market wsteady. |
Bwes, T.50@%.10; choppers and canners,
4500€7.60; lnm! 15,26 15,50 .
L v |
CHICAGO LIVE STOCK MARKET, I
CHICAGO, June 14 (By Untied Siates
Bureau of Mnarkets)
Hogaeßoceipts 500, mostly ls,? 2%e |
higher, Top, 2126, bulk, 2085012 18;
hehvy, 20 95a@21.) medium, 20.80@21.25;
light, 18,76@ 20 45; heavy peacking sows
smooths, 20,204 20,60 paoking rOWS
rough, -19.76@ 20,26 pikw 17700 18,78, ‘
Oattle—Receipts, 600, compared with A
werk ago Good ¢ e heef steels about
steady, Mediun | lightweights steady
to 26e highor Fat cows stendy te 26e
lower Hetfers and low grade she wmtock
steitly, bulls 26@50c higher; veal oalves
l.')()?l 76 higher Htockers and feeders
steadly to strong
Sheppßeceipts, 9,000, Market compared
with wek ago Fat shorn lnmhs weak to
e lower Borings 26@be lower Sheep
yearling mostly * lower Feoding and
breeding stock about steady
| JACKSONVILLE LIVE STOCK,
. Hogs: Receipt ght, prospects strong
extra choige henvy 500@15.60; ordinnry
cholce heavy GE@lsoo; rough hoavy
16.60@17 60; light VOOOO 17.00; pip
12 BOEP13.00; hogs, 1L.60@i2.00
I"”I'. pigs, 6.00409 00
Catle Recel) ght, prospects steady
Btears b TE@ 1200, bulls, G.OOER 50, yoar
inga, 5.25@T.00 wu 5.00@9.00; heifers
B Go@o 00 Ve ¢ £ 00Gp12.00; cnr
Ders, 400 up W meun & Debnis, June
A |
$ |High | Low |Last Prev,
BTOCKS-— | | |Sale|Close
a N cm h Wk el Al L L LTS
‘Maxwell Motors ~“a a“ 445 44
Miss. Pac. (new) 30 30 30%| 30
Mex. Petroleum . .[179 [176%[178%/178
Marine . .. ... . 49%| 48% | 49%/| 48
do pref. . . (117%(114% [116%]117
MISs. and 9. R o oF ibididecd .o 1%
Miamt Copper ~, .| 27%| 27 217 27%
Midvale Steel , o .| 49%/| 48%4] 49%/| 49
NOR Londult *, ke o Faaid il 19
Nat. Enamel ... .| 76 Ht 4 75
DEis Feod. . caoe] 19 9 10 10
N. Y. Central . .| 79%]| TB%) 78% 79&
N. Y. N H. & H. .| 30%| 30% | o%] 30
Nat. Jead .. .| D ;l 79 7R
fi;’ Ing V'lfl s e s 1("8% l’=% 10: lOg
r. Pacifie . . .| 95% 8534 85
BWLOt &W. i . IRI s 22&
NOY, Can. Copger ] Li.i Savthivins] 19
6 W BIEBERES oo iaaid bvab e 11T
Ohio Cities Gas . . | 5541 6415 | 6541, 55%
Pitts. W, Va. Coal 39%' 3951 29351 39ig
Pan-Amn. Pete ...| 92| 91%) 91%/| 924§
PRSI MLI .&b sedbinaie o 0t 98
Pennsylvania o« ... 46%]| 456%]| 46%| 46
Pierce-Arrow , . .| 6505 68| 68%| 590%
greoph'l Gas . ...| b2l 6215 62%| 62¥
pssed Steel Car 1 81 81 81
Plerce Ol . ~..| 22%/| 32%1 328%/| 23
Sistaburg ' Ooal ', L) -l i) Y. .80
Royal Dutch (oid) [llO% 110% (1101 110&
Royal Dutch (new) luolz xo7§ 110% (110
Ray Consol. « « .| 244 241% 243, 24
Reading . . + o .| 87%| 86%| 86%]| 87
Rumley . . = o « %] ¢4 445 45
Semk L. & &', |9 |B7 $7 187
Rock lsland . . .| 26%{ 26 261 26%
DR oo bkl el ekl 18
Rotk Igiand B . o] c.dJiasedf i ] 08K
Ry. Steel Springs .| ....| ....1 ....| 8904
Sloss-Sheffield . .| 62%] 62%] 623%] 6314
Son. Pacifie . ..«...|106%1104% [1053%]105%
Sou. Radway . . 30 293%) 30 294
O PINE ;. o & NE Tl 9%
Btudebaker ~... .[lOl 99% ] 993,1101%
St. L. & San. P. .| 20 194 19%| 20
Sinclair Ofl . . .| 69%] 658%%] 88| ¢O
Shattuck, Aris.’ o 4 ... 00l L 4%
B oA Faiis o ais) ebef el §
40 pref. o o of -] ot WL 20
Bwift &Qo w o of .idd g 134
Stutts . o . . o o TO%! 70%| 7204 ..
Tobaceo Prod. ~ .1103%]102%4102%7]103%
Tenn. Copper. . . _1 1% | 1331 134/ 13
WRIPE AV . o 3] .osidisivk st IO
Toxas Oft . . ...[261 [259%(2601[264
Texas Pacifie . . .| 49%/| 4815] 493 | 19%
United. Fruit . . (18231828 {1823 [lB3
Union Pacifie . o .[131%]1313%]131%[131%
o 0 et . | sitsh ianak sinit 18
Foed Frod. . + ./ TO%l 78 75 5%
U. 8. 'Rubber . .lueu 1145 1116%|114
B 0 B ¢ o L sirilcoih siisitlßo
U. 8 Steel .‘106!& 1043 (1064 105%
B W . 4 il csisliia ki 0
United Cig. Stores ,|154 (152 16214164
Utah Copper . . .| 99%] 88%] 91%| 88%
Va.-C. Chem. Co. .{ 75 75 75 5%
do pref. . . .J113¥|113%1113%] ..
Wabash . . .. .| 10%] 10%} 10% 103
G 0 SR B o il zisal il aii] 28
Western Union ~ .| 89%/| 8915| 891 884
Willys-Overland , .| 34%] 34%) 34%] 34%
Woolworth . . ..I L. {1278
Westinghouse , ~ .| 561%| 65 551 56
White Motors ‘ 56%| 56%| 561,| 56%
Wilson Pek. Co. .| 9115] 91%! 914] 91
BONDS,
U. 8. Lib. 3%s ...“IN.SZ 99.52(99.52 99.50
U. 8. Lib. Ist 48 ....[95.00/95.00/95.00/95.10
U. S. Lib. 2d 4s ....]93.96{93.96/93.96/93.98
U B X4b %8 ... %:’.,30 95.30/95.30{95.40
U. 8. Lib., 15t 4%8 ..|94.20/94.10/94.10/94.14
U. 8 Lib, 24 4%8 ... 9540195 36/95.36/95.40
U. 8. Lib. 4th 4%s ..]94.26]/94.26/94 26‘90 24
U. 8 Lib. h ... 99.90[99.90(99,.90199.94
I
———————
CHICAGO, June 14.—"T0 avoid an ex
coss of short-term financing it is possible
the Government may offer another bond
ssue to clear away war claims believes
Arthur Reynolds, president of the Conti
nental and Commercial Trust and Savings
Bank of this city
“Demand for money s strong; rates
are firm around § per cent and 5% ;u-r‘
cent There are indications that various
interests will require additional wmkmgl
capital and that considerable re{mnu..l:gl
may be done, all of which will eall for
funds and might cramp the banks were
they to attempt to care for the cash)
needs of the Government in excess of tax
receipts. Banks are rediscounting some
what freely with the Fedepal Regerve sys
tem, showing that they are already bor
rowers to quite an extent to meet demands
for credit
“As viewed from the Middle West the
recent strong advance in call money rates
might be considered partly an outgrowth
of money conditions and partly a warning
against speculation
“Savings deposits are mounting despite
the frec spending of the general publie
All lines of retall business are good and
the demand for both luxuries and necessi
ties almost beyond the capacity of the
producers to supply. The business outlook
for improvement Considerable build
ng is under way and more contemplated.”
The Lanham Cotton Cultivator Company is now ready to consider the
gelection of a site suitable for the establishment of its factory.
It has been offered several locations in-and around Atlanta, bus up to
this time has not been prepared to make a deecision in this matter. The com
pany is now ready to receive proposals from owners of suitable tracts
Such proposals should be made not later than this week. They should
include all details of information as to aereage, location, position as re
oards railroad trackage facilities, ete, All.proposals will receive due con
sideration. The proposed manufacturing plant is to build the Lanham Cot
ton Chopper-Clultivator., Aereage must be sufficient to accommodate a large
plant and permit of expansion later. :
Proposals should be made to
Lanham Cotton Cultivator Company
NO. 425 EMPIRE BUILDING, ATLANTA
CALVIN TICHENOR, President
. ’ .
Financial Sunshine
Reflecting the heavy volume
of business here in practically
all lines, Atlanta bank clearings
last week were the heaviest for
some time, aggregating $59,001,-
320.21, as compared with $41,-
676,573.47 the same week last
year—a gain of $17,324,746.74.
B Riabed I
I
NEW YORK, June 14,—There was a
far better tone to the stock market at
the opening today than had been indi
cated by the character of the press re
ports, referring tol yesterday’'s money
tension, and a few stocks nad a range
of as much as 2 points during the first
fifteen minutes. Texas Company had
the widest movement, falling 3% ntl
the o:penlng to 260%, and then rallying
o 262,
Sinclair Oil declined to 1'%4 to 58%,
but the declines in tlie other oils were
generally at fractions, while Mexican
Petroleum was in good demand, mov
ing up to 1 1-4 to 179 1-4, with a re
action to 177 3-4. 'Steel common de
clined 5-8 ‘to 104 3-4 and then rallied
to 106 1-8. Marine common rose 3-4
at the opening to 48 3-4 and then de
clined to 48 1-4. Baldwin held steady
at 89, but later reacted a half point.
ix‘alllurnin Petroleum sold off 1 to
3 Ys.
A number of issues sustained further
losses in the closing dealings, but in the
last few minutes of trading there was
hurried buying of all the leading stocks,
and this promoted a rally. Steel com
mon, after selling at a low peirc of
104 5-8, rallied to a closing of 106 1.4°
and other steel stocks showed gimilar
fmprovement. Crucible rallied 2 pomtsl
to %; Utah, after advancing to 91 1-4,
reacted at .the close to %0, and Ana
conda had a quick advance to 71 3-4.
Atlantic Gulf was finally 172 1-4; South
ern Pacific 105 1-4; General Motors 209;‘
Tobacco- Produets 102 1-2; United Cig
ars 152 1-2; Mexican Petroleum 177, and |
Marine preferred 116 1-4,
The market closed irregular; Govern
ment bonds unchanged; railway and
other bonds irregular.
NEW YORK CURB MARKET
NEW YORK, June 14-—The market
opened irregular; closed irregular,
Salt Creek .....00%@60% 60%@ 60%
Aetna Exp. ..9% @ 10 10%% 104
Anglo. Am. Oil 2% @ 24 23y 24
Barnett Oil -l6@ 1-4
Cons. Copper ~ . 6 @ 6% 6 @ 6% |
Cosden Oil . . 10%@ 10% 10% @ 10% |
Curtiss Aero. . 156 @l9 16 gl9 ‘
Houston Oil . 116 @122 117 122
Indiana Pipe . 100 @lO4 100 @lO4
Inter Pete , ... 28 @29 28 8 28%
Ih Y. 000 . 9 O 0 90 92
Magma . ..o 30 @ B 38 @ 37
Marconi . . . . 4%@ 6% i%h@ %
Mereitt Oil . ~ 27%@ 28% 2TH@ 28
Midwest Oil .. 2 @ 2% 2 @ ‘-"LI
Midwest Ref. . 177 @179 177 @179 ‘
N. Am. Pulp .. 6%4®@ 6% fl%g o%‘
Ohio Oil . . . 370 @375 370 376 |
Prairie Oil .., 730 @750 730 @950
Sub. Boat . . 16 @ 17 16 @ 17
8. O. N Y. . 374 @378 374 @378
8. O. N. J. . 708 @73 708 @712
8 O. Calif, , 272 @276 272 @276
8. O. Indiana... 770 @790 770 @790
Union Tank . 133 @136 133 @136
Victoria Oil . . 24® 2% 2@ 2%
Wright Martin.. 54 @ 5% Sl.® 5%
Cons, Arizona 1 3-16@2 1 3-16@ 1%
Nipissing . .%@ 11% ll%g 115
B & Wyo. Oil . 62 @ 65 62 65
Glen Rock Oil . 6% @ 6% 6%® 6%
I. Oil Trans. . . %@ 8 ™o h
Northwest Oil 63 @ 68 63 @ 68
U. 8 Steamship 3 @ 3% 3 @ 3%
Bapulss ... -3 B % 8 g 8%
Boone . . . . 10%@ 11% 0% 11
NEW YORK BANK STATEMENT
NEW YORK, June 14.+~The weekly,
bank statement follows:
Average Statement
Loans increased $60,363,000; demand de
posits decreased $17,888,000. Time depos
its increased $5691,000; reserve decreased
$14.631,220,
Actual Statement |
loans increased $21,067,000; demnnd‘
deposits increased $43,034,000 ‘
Time deposits increased $2,917,000; re
serve decreased $38,111,210,
GASTON, WILLIAMS & WIGMORE
Gaston, Williams & Wigmore reports
for the year ended April 30, 1919, a net
income after thxes and charges of §1 -
262,402, equal to $4.20 a share earned on
the 300.000 shares of gapital stock of no
par value, Net income for the previous
twelve months amounted to $1,298 487, or
' $4.22 a share earned on the eapital shares.
OHIO CITIES GAS ASSETS,
BOSTON, June 14.-—Assets behind Ohio
Cities Gas Cuompany's common stock are
valued at $92 a share in private report just
made for a group of bankers interested in
the company
CHILE COPPER EARNED 551.51.
Chilg Copper Company, according to the
annual report for 1918, just ssued, earned
a surplus of $5,754,252, equal to $1.51 a
share (par $26), compared with §5,440.613
or $1.43 a share in 1917 I
New Companies To Be Launched Require Op
timism, Declares Broadan Wall—lndications
Point to Upward Movement in Steel Shares.
8y BROADAN WALL.
BW YORK, June 14.—Two ques-
N tions above all others are be
ing asked in the financial dis
trict just nmow with increasing in
gistency. The old-time bankers and
professional operators are asking
‘whether the rise in securities is not
about over and are warning the pub
lic against further purchases. The new
leaders in banking and business and
the general public” are asking what
stocks to buy and wonder why any
body should think of selling.
Each of these extreme parties has
strong, circumstantial evidence in
favor of ‘its point of view, but the
weight of evidence seems to favor the
public. That there will be a wild
panic some of these days goes without
saying. But panics are merely evi
dence of life, China has no financial
panics. Panics are to American busi
ness life what cramps are to the'small
boy who raids the orchard of green
apples—merely proof of too much ens
thusiasm. They hurt, but they teach.
Our greatest accomplishments have
been born of panics.
When the war panic will arrive I 8
A matter of guessing at the moment.
Some think it is near, but careful
study of the history seems to justify
a belief that it is two years in the
future. The big crops this year in
sure the country against panic. There
may be flare-backs, but nothing per
manent seems possible just now.
The panic, when it comes, will be
merely a writing-off of the war losses
o fthe orwld. All the nations are
pretending at the moment that they
can be paid. They can't be and they
won't.
If one considers anly.the 50 or so
stocks that have advanced most
sharply, it would seem ‘that the end
must be near. But the great bulk of
securities has remained quiet. Spe
cial, and in most cases, sufficient rea
sons can be given for the movements
that have taken place. The supply
of money for trading is abundant and
bank loans have not approached the
danger level. Loans are at the bil
lion-dollar mark, but they were there
bhefore the new banking system was
devised and before there mas. any in
flation.” It would ta,ke.tdg billions
of loans to cause trouble iwr pres
ent conditions.
A MONEY TEST.
The New York bankers made a test
of their own strength recently when
they marked money to 11 per cent.
They started a flood of money to New
York from all over the world. Eng
land has already landed $18,000,000
gold here as a result. The feature of
the bank clearances the last few days
has been the great number of out-of
town checks. The local bankers may
try again, but they have lost the pow
er tlo make the stock market do their
will. «
Furthermore, the bankers are not
unanimeous in wanting the market
restrained,” Many of them believe the
best interests of the country demand
a perfectly free expression of specu
‘lative sentiment by the people. They
believe the people should be permit
ted to express in stock market quota
tions the opinions of prices that they
deemed it unwise to express during
the war. The publie is trying to ap
praise permanent peace for the first
time in history, It will be an ap
praisal as sensational as the war was.
Action and reaction must balance. To
restrain the market now would be to
interrupt the swing of returning pros
perity.
Of course, there may eome a bad
break in prices any day—a break that
nobody can foresee. There have been
two recently and the market has re
covered hecause the basic reasons for
the advance are more powerful than
any temporary reason for reaction,
It i= the tide that is rising. The
surface waves are only of secondary
importance—of no importance at all
except to the small craft. Brokers are
doing all they ean to save the little
people by advising caution,
NEW COMPANIES COMING.
Besides, many of the bankers are
interested in new companies about Lo
be floated. Several combinations of
great importance are about ready for
announcement, A broad, strong mar
ket is wanted for the receptiom of
these.
Resignation of President F. A. Van
derlip from the National City Bank
probably marked the finish of the
struggle between the old conserva
tives, of which he was a leader, and
the new aggressive men, of whom his
successor, James A, Stillman, is a
leader.
If ,ever there was a situatiom in
America demanding aggressive action
on the part of bankers and business
men it is now, Great speculative en
thusiasm is desired and the new lead
ers may be depended on to interpose,
no stumbling blocks, The people are
in the saddle and the wise bankers
will try to do no more than suggest
and turn that speculative sentiment
in certain directions. It would be
fatal to attempt to kill it. That would
cause an industrial panic of profound
proportions. The present plan is to
divert speculation gradually from the
stock market fato commercial and in
dustrial lines. To do that the market
must have free swing.
Reawakening of the steel industry
has been the great development of
the past week. The head of the rafl
road administration lacked imegina
tion and leadership. He had his
chance Lo be a great man, but scorned
it, and the opportunity was seized by
the head of the automobile industry.
The importance of what Mr. Durant,
of General Motors, did when he or
dered 345,000 tons of steel at eurrent
prices is not fully realized by the
public. His act will stand out in
after years as a turning point from
which great movements will be dated.
Swift reward has already come to the
motor industry and through it to olls
and steels.
STEELS HAVEN'T JUMPED.
It may be that the motors have
advanced enough, but the steels have
hardly moved. There is hardly a steel
stock that is not selling for less than
its book value. All indications point
to a broad market for such shares ia
the near future. The volume of or
ders booked is not if importance. The
demand exists in excess of the ability
only a question of getting the public
started to buy. The General Motors
order has broken the deadlock. The
vast crops furnish the means of buy
ing and emphasize the necessity.
In spite of the warnings of persons -
of the steel companies to fill it. It is
who have not studied the ofl situa
tion, those stocks are still on the up
ward swing. There are a few swin
dles in oil, but the industry as a whole *
is sound and is not being exploited in
the stock market unreasonably. The
discoveries in Texas are rich m
present appraisal. They are
proved to be the most important out
side of Mexico. With a stable govern
ment established in Mexiso, such as
there are assurances will be estab
lished before many months, the world
will have a demonstration of the
value of oil securities that will make
present values look ridiculous. The
general public has obstinately «'e
fused to believe the truth about the _
oils. ‘
_—________.___—————*-_——_——*'.
b
—wresy DESKS
8\
TR yables, Chairs, /18
‘l‘-I‘l‘ - Files, Jus
[l Office Safes
et e Large Stock 3od
Lowest Prices
HORNE DESK AND FIXTURE 00.108,
93 N. Pryor St. Phone Iry 1158,
11A