Newspaper Page Text
THE SUNDAY AMERICAN'S FINANCIAL AND BUSINESS PAGE
Telegraphers’ Strike, Unrest Abroad and Break
in Securities Prevents Values "From Making
(ireater Response to Bullish Situation.
By VICTOR BAREON, 3
HE stability of the cottond
I market was given a !hnruu;{u
test last week and the way
yalues were sustained was cond lus-‘
- - ive proof that the
- bull crowd .fl(-i
» ¥l % masters of the|
B situation |
Despite a week |
TN of political un
';',‘ certainty, x)m}
teiegraphers
fi %! trike and some- |
- \‘ what more favor- |
i ; able weather than |
f? 4 “ has recently pr-‘-!
,'."":\'.- vailed, the market
£—" more than hvldl
v ~'.*\ its own, fulurv,wl
~ o at New ank,‘
e closing the week |
e i 190 to 255 ;mmm}
: R above the pre- |
4 vioug week's
3 close, while v:ll.‘l
ues at New Or-|
##uns exunivitea a net gain for the
week of 220 to 287 points—§ll to!
$14.35 a bale. I
While the upward movement was |
partly due to technical n'.-ufmns.l
owing to the break of a week ago of
almost 4 cents a pound, the con
\[nuod prevalence of rainy weather
over many sections of the belt, to
gether with a 4 constant stream of
pessimistic crop advices and strong
sbot markets, furnished sufficient
munition for the launching of a
*flh bull campaign. Had it not been
for the strike of the wire men, with
the announcement that it will be
come nation-wide Monday, which
was accepted as meaning serious de-
Say with communication in the in
terior and other markets and result
‘forced ligquidation of acounts on
y nt of not being able to keep
m “s good, the market, without
doubt\would have made even greater
mpon: 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
chances of covering comparatively
cheap prices slip by. Demand also
came freely from trade houses——here
and abroad—and leading spot houses
and several big speculators were
anxioys buyers. Expansgion of values
was ‘inevitable, New crop deliveries
were the most popular. Bullish en
thusiasm was at top-peak Monday
when values at both markets soared
the full limit-—Bslo a bale. This illus
trated the danger of being caught
short in a market that is llable so
register sensational gains at - any
moment. Those selling cotton short
apparently have forgotten that the
bull crowd still hpve yet to play their
best triumph-—the signing of peace
mlm‘mg of the embargo on cotton
ments. This was followed by
further gains Tuesday, which cur—l
ried July (New York) to 3220, or
within 60 points of the high n-oord‘
of May 26. Oectgber rose to 31.30,
while December touched 3095, Janu
ary 3066 and March 3030, July at
New Orleans advanced to 32160, Octo
ber 30.70, December 2040, January
30.00 and March 29.80. At the high
®Bt quotations futuresd exhibited a
. met gain of more than 3 cents a
pound above Monday's low levels
for most active options, ‘
Naturally after such a stiff gain
.dongs was increased. The later, how
ever, took fright and sought cover
on the merest spark of unfavorable
weather news, crop advices and other
m” of a scary nature. However,
market ruled more or less nerv
ous with fluctuations rapid and er
ratic late in the week, KEveryone ap
parently appreciated the word “cau
tion"” and abided by its definition
But there was abatement in bull
izh lemlmem):nr confidence of a
better response to the various un
derlying factors,
BREAK IN STOCKS HURT,
A glance at the aforementioned
week's appreciation in values, one|
might gather a better idea of ‘wa
strength of the market, especially in
view of the fact that the market had
to absorb a great deal Qf contracts
thrown into the ring by \\'ull Street
speculators, occasioned not only by a
fesire to break cotton, but liguidation,
rather short selling. as a hedge
against severe losses sustained in the
security market, owing to drastic
selling, due to the tight money
market, brokers’ loans having risen
as high as 11 per cent on Friday and
veal gilt-edge shares breaking vio-
Yently—many to the lowest point in
=omnn. And the stocks that suffe: -
the most were not the ones the
public has gone wild over, hut real,
sound investment shares—tractions
motors, high class 01l issues and steel
ghares, There's an old saying that
Wall Street and the graln crowd
never use the cotton market except
ax & shield to recoup losses suffered
in their respective departments,
The strength of the market also
brought out a better demand from
exporters and domestic spinners for
the actual. But advices ?:)m the belt
stated that offerings were light and
commanding top prices, The spot
situation was thusly summed up by
e 5 o o ——— oA —
ATTENTION STOCKBROKER §
Woald you be interested in bhan
diing & large black of ingustrial
stock (vot mining or oil) for o West.
jern corporation? Interests the most
Sonservative investor Address K, A,
m:u Symes Building, Denver, ‘
4a veteran of the trade: “Spot holders
have gone back in their hole.” That's
| Just dbout right, too, It seems as
| if holders of the old crop 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
| eents, Word from many sections in
dicate that most holders are standing
firm for at least 356 cents,
GOODS MARKET BUOYANT.
The bears further were apprehens
ive over the goods market, which
continues buoyant. Print cloth unldl
in New York during the week higher
than ever and the demand for goods
showed no abatement. The Natlonal
City Bank in its June circular sum
lmn! 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
tin great demand and short supply.
‘D«alN‘s instead of being afraid of
overstocks have become afrald there
| will not be enough to go around.”
| Business at Manchester continues
decidedly 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,
acreagoe sharply reduced, season
three weeks late, approaching criti
eal period of the season, weevll
mennce peace in sight and many
other items equally as bullish, the
feeling hag become almost unanimous
in conservtive eircles 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 sholt.
CROP OUTLOOK IALAIMING.
That the crop situation iz becom
ing alarming was furnished in the
issuance 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 signs of continuing
rainy, there is a feeling that the next
report will be sensationally under
the condition of June 25 last
vear—B6—upon which the govern
ment estimated the crop at 15,325,000
bales. Many sections report that the
crop is so poor that farmers are
plowing it up and replanting 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 an{
price; plant has begun its growt
without any tap-root and if a dry,
hot July-August should follow thes:
raims 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 crop in that terri
tory arohd 64 per cent. Cuero,
Texas, wired crop outleok poor and
boll weevil bad,
Pine Bluff, Ark, reported that cot
ton is being plowed up and replant
ed in corn, owing to grassy condi
tion and searcity of labor,
IDEAL FOR W1!y11...
A leading crop authority asserted
that there may be considerable boll
| weevils this year, as the open winter
and wet spring made ideal conditions
for them,
And as it takeg hot, dry weather to
fight this pest with, the crop can not
withytand the prevalence of this kind
of thher.
The government's weekly weather
and erop report sald cultivation gen
erally progressed very well but
grassy fleldg continue rather extens
|n-e in many localities with consider
yable labor shortage reported; condi
tions fairly satisfactory in the east
jern portlong of Arkansas and Texas,
, bu%olwwhere west of the river gen
| erally poor, %!
Exports for the week amounted to
1 189,000 bales, or 111,000 in excess of
the outgo the safpe period a year
ago. This brought the total so far
this season up to 4,652,000 MWhles, as
compared with 3,810,000 the previous
correspongling period.
- .
487,9987@3 Cotton
Consumed During May
WASHINGTON, June 14 -Census re
{mr! for May shows number bales for
919 and 1918, erspectively:
Cotton exclusive of linters
Consumed during May, total 487 9%
and 575,266,
Held in_ consuming establishments
‘Blny 21, 1,390,865 and 1,793,295
~ Held in public uuungr and compresses,
2400044 and 2,404,223, ’
- Imported, 36,812 and 29,635,
- Exportedy including linters, 444,718
and 110,548,
Held in consuming establishments,
272,683 and 168,084,
Held in public storage and compreses,
512.406 and 276,872 o
’ Export, 888 and 12,012
Spindles: Number netive during May.
;3!.5560)1 and 33,691,676
\ .
J. J. Williamon Admitted
To N. Y. Cotton Exchange
' J. ). Willlamson, one of the most
prominent spot cotton merchants in
Atlanta, with offices in the Trust
Company offGeorgin building, has just
been elected a member ‘of the New
York Cotton Exchange. Mr. Willlam
son has been in the cotton business
here since 1804, moving here from
!Wo«-dbrrry. His business’ during the
last few years hiny grown considerably
and today he has agencies at all prin.
cipal concentrating points in this
State and Alabama.
JACKSONVILLE LIVE STOCK,
JACKBONVILLE, June 14~ Hogs
steady. Receipts light. Prospects stoady
Bxira choice heavy, 18 50@19.00; ordinary
cholee hesvy, 1A 00GEIR30; rough heavy,
1600 1500, Jights, 1600@18.00: ;fltl.
$2.50013.80; ralge rogs, 11,009 12.00;
rang: pigs, 0.00 A 800
Cattle Reee light Prospecta
wead) Stoors, 5.706012.00; bulls, 5008
8.60; veaiings, h”.'l.fl); cows, bH.oooos
$.00; heifers, & u‘:. i veal ealves, SOO6
12.00; canners, 4, up.— Willlamson &
Dennls. ;
HEARST'S SI,'.\'DAYV I\MAERICAN — A Newspaper for People Who Think — SUNDAY, JUNE 15 1919.
>
lwm‘.x's COTTON RANGE.I
Vollewing shows the highest and lowest
quotations of aetive cotton options at New
York and New Orleans last week, togeth
er with hnlnrdn';'u close, the previous
week and net elinnges for the week:
i TRAT BANIN ol
| | Thur| Wk,| Net
— o IMigh | Lew |[Close| Axo./Chgs
July |4 :5'.:.z0]'zn,::0;x1.20129.30‘ + 190
October +31,20 *28,25 30 568 28.25| - 233
December o | 30.05/%28.00 3025 27,80 236
dnnuary | 80,66 *27.70/30.10/27.67| 4 243
March .. . |430.30/*27.65/29.05/27.40| 4 255
b ORERANS s
] | Fri, | Wk,| Net
e IMigh | Lew [Clos¢| Ago.|Chgw
July | 4-32.50/%29.40(31.58/29.38| -4 220
October | 1-4-30.70/*27.45 (30,26 27.43| - 282
December . | 30,40/%27.15 20.00 27.07 | 243
January | 4+ 30.00/*26.95/20.65 2685 | 280
March | 4 20.00,*27,30/20.40 26.53| 4 287
YoeMenday ; -+ —~Tuesday.
NEW YORK, June 14— There were
some irregular movements in today's
qulet session of the cotton market,
with the tendency generally to lower
levels. The disturbed local ; money
market conditions, together Avith the
unfavorable weather reports and the
bearish census bureau report, were
factors in the training.
At the start prices were 7 to 31
points lower, Following the call there
was o slight rally, but this was not
supported and prices slumpea back
again. Toward the end of the first
hour another rally occurred which
carried prices up to about yester
day's closing level,
In the second hour price movements
were narrow. There was some buy
ing by Wall Street interests that had
previously been sellers. Toward the
close heavy profit-taking occurred,
which sent prices down, final quota
tions being 14 to 40'points lower,
Spot ‘cotton was quiet 10 points
lower, at 32.75. No sales,
New Orleans spot cotton was quiet,
prices unchanged at 31.88, Sales, 744
bales,
et ;. <
NEW_TYORK _COTTON
—__TOpen_[Migh ] Low. |L Salel_Clowe__[Prv.Closs.
July |31.26/31.40131.06/51.20{31.20-24]31.34-40
Oot. [30.66/30.96(30.50/30.68/50.58-66/30,856-90
Dec *.‘W,:wt.:u 65130.20/50.26/30.25-30/50.60-71
Jan, [30.30{50.46130.156{30,. 25130, 10-25(30.50-55
Mar |30,15(30.50/30,00/30.00{29.96-50/30.27-31
May 00l o 120,80 13017
Closed steady. i
e et et . e =2 .
NEW ORLEANS COTTON
—_lOven.tiigh. | Low, [L.Sale[ Close. _|l'rv.Cise.
July [31.83]37.90/31.36/31.68(31.68 |31.856-90
Oct, [30.40(30.50130.06/30.29/30.25-29/30.16-46
Dec l,'m.uo’:lo.l:".’s 70/29.92/29.90-95(30.10-14
Jan, [(29.51]29.82{29.78(29.78/29.65-70/29.65-70
Mar |29.62(29.62{29.40{20.40[29.40 |28.62
May_| Looseddeis il . ..120.36 (30.4¢
l’?&st~(l steady
. Atiente Ctsemroint, Beshonse dostes
an ‘oumerc SXC e
basts good middling, 32.00; sales Friday,
LOOOO bales,
New Orleans, middling, 31.88,; sales, 319;
‘unnml, 426,
; New York, middling, 352.76.
I Liverpool, holiday.
Savannah, middling, 32.00,
Augusta, middling, 31.57.
Boston, middiing, 52%.
| Philadelphia, middling, 33.15.
Charleston, middling, 31
- Wilmingten, middling, 30.
Memphis, middling, 32,
Norfolk, middling, 303.
Bt. Louls, middling,, 32.
Dallus, moddiing, 31,80,
Moblle, middling, 30
Houston, middling, 32
Little Rock, middling, 31
Moatgomery, middling, 30%.
Galveston, middling, 32.60.
ATLANTA COTTON DIFFERENCES,
(Middling falr . .........0000000 162 on
Strict good middling .........00 v.l'.fl on
Good middling . st Cisinntns a 0 0“1
MIAALIRE "oo Provivvirrrrsvrnnens Basis
strict low middling v 2308 OB
Yellow Tinged. o
Good middling . . ' «s i 208 98K
Striet middling . ... Lean A Y |
Yellow Stained, ¢ i
Good middling 5 500 off
ATLANTA COTTON SEED PRODUCTS,
V. 8. Fixed
Descriptions-— Prices.
Crude oil, basis prime ......... _,17
Cotton seed hulls, loose sxns:BIB00
Cotton geed meal, p. ¢. common .. 55.00
Cotton x'wl meal, 7p. ¢ Georgia ‘
common rate peoint ... Bb.oo
Cotton seed Zulls, sacked .. . .nominal
WEEKLY WEATHER FORECAST.
WASHINGTON, June 14—The weather
bureau tpday issued the following fore
cast for next week:
South Atlantic. and Gulf States—A week
of gencrally fair wealher, although occa
sional thunder showers are probable
Nesrly r‘ormul temperatures,
hio Valley and Tennsssee—Occasional
local thunder showers are probable, al
though fair pather will prevail the sec
ond halr of week in the Ohlo valley,
Temperatures ill average abuve normal,
Reglon of reat Lakes-Generally sale
weather will prevail duringd the week, al
though some. prospect of \ local showers
first half over nerth portiyn Tempera~
tures above normal first hall 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 16.80; N 1625, M 16.26;
K 15.35; I 1.5385; QG 15.30; F 1530,
B 1525, D 15.00; B 15.05; sales 869,
Receipts, spirits 166, rosin 456, Ship.
ments, spirits 11, rosin 500, Stocks,
spirits 55646, rosin 54981,
ATLANTA COTTON STATEMENT,
Saturday:
1910, Last Wk, 1918, 1013
Receipts .... 349 1.208 138 792
Shipments .. 1,476 36 GAT 1,238
Stocks 27,100 29,023 29,634 48205
Bales &..... LODO 1.000 6Th X
'mmln P SROBE |% | 30.60 2.9 e
CHICAGO CASH GRAIN,
OHICAGO, June 14 ~Cash: Corn No. 2
mixed, l‘:fi?l 76%: No. 2 white, 1.79; Neo
2 yellow, 1L.77%: No. 1 yellow, 1.76; No. ¢
white, 1.73; No. 4 yellow, 1.73
i Oats: No 2 white, 71%; No. 3 white,
GOMEPTONW: No. 4 white, 693 standard,
:o\‘3ll‘
NEW YORK PRODLCE MARKET.
NEW YORK, June I{-<Petroleum firm
Crude Pennaylvania, $4.00
Turpentine firm, 117
Rosin firm; common g‘ll 50
Hides firm on sales vative steers, 37%
@39 branded steers, 04
Coffee steady; options opened § to 11
m;a:: higher; Rie No. T on spot; 209
Rice firm; domestic, 6, @#ll%
Molasses firm . New Orleans open kettle,
7‘?!8. black strap; 11@17
Raw sugar steady and unchanged,
s Sy
THOMSON M KINNON o{ NTOCKS
NEW YORK, June 14 -Runmors are
aflont in regard 10 A combination of
gm'uom- lnvlmlmf Interbore, HBrooklyn
apid Transit, Third Avenue and other
lNcw York City tractions. Details are lack
ug.
lphlml bankers are now exerting them
selves to croste an interest in foreign
securities and such o movement should
he beneficial in the long run, even though
temporarily affeeting our money market
a 8 1t will mean a big market for Amer
fean products Week-end mnnr{” feeds
having been satisfied, there may somo
recovery today
g ——————————
WORLD COTTON CONFERENCE
The “world cotton conference” will be
held in New Orleans Octeber 13-16, ac.
mdt-a{fi:n an asneuncement frem Liver
?ool. gland, Five thousand delogates
rom all countries of the globe are ex
pected,
I New York Stock Quotations I
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 band sales for week $68,278,000,
B 4 | Last[Prev.
e !\ Hintl. Low (Hereiciee
Tt 41% 1 413 41%] 4 -
Allll-(!halmfu P 1098 ‘g”‘ 1”& lu,i%
Amn. Int. Corp. . . 22|21 "1 i
AN, Bine .. 1 32! i "
Amn. B Sugar . ‘ G 4% | 8414| G4y i
i Sur pary., 13% 11035 103 % %
Amn, Cq e ‘
Amn. Cot. Ol . ‘.2 "§ ik ”;2
Amn. Loco. s "¥= = s it
Amn. Smelting " | 3l 2645) 36| 37
Amn, ece kit 13 3l
Amn. Sugar lef, ‘l;zfilj‘g toe Vliesd ""g%
Amn, T. and T. . . 193 2l 10x 1118 101
Amn, Woolen .B e “”1“
e . IHIE .0
Amn, Lm-me’ i 172% 170 ”z}‘ .
At G, and V\' ‘% sl atu 3‘,5”‘1
_— e "lz.nl 123 ~ 12345 124
do PSS 0 =
S bl e liskllee
Qfi: Bum, Tob. . .{lé:“ b ,i 3 :::2
o lr‘" ; or : .. “van sew
:gln. .\;V raper e = I i s;“‘
Aty Btesl . ~ .
Alaska Gold . . . .} doii| deiel #oud ;:&
Anaconda . . "%l "%! "il
Atchison . . . . I 0
At Coast Line , . | oo "h] ”:2 5&
Baldwin Loco, . . eel 0
o¥ R B - | 215 218 g 2
ooth sheries . . |
golh. Steel pref, . ‘ "%‘ "%l % =:;2
Beth. s‘;:"l ’l'n Y:< Ceisg % ‘ 28% 281
o el B
gl’:‘ll’cls mmrrmg' e 11 20% .l% 44 ":“ ‘
Buuev,mmz,‘.,lm- Git
Cal. Petroleum ~ b e oNi ‘
de. pref. . . 11613 (16114 161% T
Can, Pacific ... . Simllein pet b
S l“."‘
Spea R W . .. ) ol
Col. F. and b ikl il v i
Ci: M. and Bt. P, . | SRB} 43%) 41 % N
. Cowwer . - LUK NKL 2R .
Chino (,on‘m-r .ok e ! i
Consol. Gas . . ‘.”3% dinl 63% i ‘
Corn Pro;l'n:::s et 08 87‘," -+ it
Crueible Ste £:> LN |BT oo
. G dugar | | 33%| 33 78%| 33 |
(’nltmlrglln‘l"m}‘ o iéi } ey ".gz.‘ .”%1
(Jomr-; l;:::_lhor .‘I”%I %N ~’,:"‘3
‘hile Cop S B 0 AN
l'lln;dlvr Motor . .‘!4 &t i n:“
Columbia Gas . ‘ £ ol Sy i
Corre«~de-Pasco . A sex| 3 o 8 8t
Coms. - Cun .. . |
l)ol. and Hud, . 17% ‘l“’ o ”%‘
E:lem; eTS zm' 28% “6%‘
oB . D .T s e ‘
jen. Eleetrie . &' ‘ladt 29. 3
gnu Motors ... . ;.“ 64%| 6% ;,“ 1
Goodrich Rubber ~ 3 s, A ’k%
Gen, Cig. Stores . . ”%' ebo }
Bt Nor. pref. . . % san "22‘
QB. Nov. Ore . , ' ki
at. Western . . Foa y
do pref. . ¢ & .3 & it
Gulf States Steel | ' i '.a
reene-Cananca . gt el e
?11. Centrsl’, .., ‘ sisl 6é sinlv i
Inspir, Copper . 8l Pul 1% s
interboro ~ . . i. IBN '% 8
de preti: . . 160 |147% (14 W
Ind. Alcohol . ... %l 3% ”% 2
Int. Nicke!_ ok PRy 0] 26| 2613 s
Int. Agri. Corp. . ! AB3 441 ”% “fi
Keystone Tire . ARt R g
Ry« . ihle ‘lll 119 "32“
S e Jogosl Sovisl Deve !
l}ggn.y (‘it(th;m . IV.‘ §is 8% 1:* }
n. and » vl g SWE N
Ka do pref. . . . ivic] dok 3!% ::?“‘
Kennecott . . . . 418 l "%' :i% o
Lack. ltaf! P e 534 l
Lehigh Valley . .‘"7 llsli‘l!'l "“
Lorillard , ~ | |
D 0 TS . .
CHICAGO, June 14~—The grain
market displayed more or less
strength during the enflre session to
day. July corn showed gains of 3-4
to 1 1-8 cents, September 3-8 to 3-4¢
and December 3-4 to le. Cash sales
of corn totaled 35,000 bushels. Week
ly receipts 6,412,000 bushels. Oats
closed 1-BGil-4c higher. (There was
a strong under current in“the mar
ket for oats on buying by shorts. Pit)
offerings were rather small with the
possible exception of grain that came
out from the hands of longs and in
which there was u.prn{it. Weokly
primary receipts totaled 1,212,000
bushels. Provisions ruled higher to
day] with the bulk of trading confined
to lhrd and both deliveries established
new high points. July pork touched
$62. Lard July was up 36,35 with Sep
tember at 35,50, July ribs highest was
28,356 with Septegaber at $28.25. Shorts
covered freely on sthe ssrength dls-l
played in hogs and corn. Commission
concerns had several good buying er
ders to execute.
Grain quotations:
Prev,
Open. High Low. .Clese. Close. |
CORN l
July 1.73% L 96 1.93 1.73% 1.72%
Sept. 1.866% 1,67 1.66% 1.66% 166%
Dec, 1.44 1.45 143% 144 N 1N
OATS
July 694 69 % 08 % 69y 69%
Sept 68 % 0 67 % 68 68
Dee 68y 6% U 8 sy 68 %
PORK
July 61.75 6200 61.65 51.78 61.85
Sept 49 66 49.656 4905 49.50 490.50
LARLD»
July 3612 3635 3540 3580 3685
Sept, 3485 $5.70 34,50 38.45 3675
RiAs
July 2835 2835 2810 2830 2834
Sept 2500 25.26 25.00 20.12 % 17‘
CHICAGO CAR LOTS l
CHICAGO, June 14-—Following are re
ceipts today
Whent . S riuiianienaaN sn ss ol 17
Corn R oAb EA YVe l!s}‘
OALS . .nsnn 175
Hogs K . 7.500‘
ST, LOUIS LIVE STOCK MARKET,
BT, LOUIR, June 14 Cattio, reoceipts,
600 Market steady; native bet slm-rn,l
11508 16,00, yveariing steers and heifers,
SSO 1600, cowa, 10.50@12.50; stockens
and feeder® 10,00 18.50; calves, 12509
16.26 Texan Stears 2.0 Q 1400, prime
Houthern steers, 7.10§14.50; beef cows and
heifers, 6.50@8.00; cholce veal colves, 12.50
®16.28
Hogs— Receipts, 5,600, Market M‘?l\
highet Mixed, 2070@21.35; good, 213 g
21407 rough, 163663000, lights, 20.80
$1.20; pigs, 1650401950, Dbulk, 20 S
2136
Sheep— Receipta, 350 Market steady.
Ewes Tfio*l ll’_ choppers and canners,
450mT.50; lambs, 1N25@18.60,
l CHICAGO LIVE STOCK MARKET,
CHICAGO, June 14-(By Untied s(ul*l‘
Bureau of Markats)
Hoge—Receipts, 7.600; mostly 15@35¢
highor Top, 2126 bulk, 2085421158
heavy, 209508115, medium, 20 QL
light, 1;:)’20!&. heavy packing sows,
sinoaths, 20.26@ 20.60; packing BOWS,
rough, 190.76030 26, J'llv. 17.76@ 1870
Cattle-~Receipts, 500, compared with a
woek ago. Good cholce beofl ateels nhoul‘
steady Medium and lightweights stoady
to 26¢ higher Fat cows steady to Nu“
lower Melifors and low grade she stock
steady, bulls 26@ boc ln‘h\u'r; veal rnha‘,f
lw?t 5 higher Btockers and feeders
seady to strong
Sheep—Receipts, 9,000, Market compared
with wek ago Fat shorn lambs 'cak o
e lower. "lm"l' @oe lower Sheep
veuriing mostly 260 lower Feoding and
breoding stock about steady
AEW YORK MONEY MARKET,
NEW YORK, June 14-=Call money on
the Now York Stock lll\'th:v ll\urhlf the
past week ranged between and 13 per
eont M. rountile paper was In moderate
demand, 5% per cent being practically the
minimu mrate
Time money was soarce during the week,
with seme husiness done '‘n renewals at
E% per cent on sixty and ninety-fAay
loans on industrial as well as on mised
enlintoral .
|High | Low |[Last Prev.
( BTOCKS— I r‘ |Sale|Close
FRAT OO INE s L Bb e o 10N
Maxwell Motors . .| 45%| 44 4455 44
Miss, Pac. (new) | 308 30 30%1 30
Mex. Petroleum ~ .[179 [176%[1783%(178
LIEBIDS.. . v e T 48 dl%‘ 49| 48
| do pref. . . [1173(116%{11645]117
Minn. and Bt, L: . .| I‘ s 1738
Miami Copper . . .| 27%| 27 | 27 27%
Midvale Steel . ~ .| 49%/| 48| 491%| 493
L INRE, Canamit. o o) cl o] ven] L] g
Nat. Enamel .....[ 78 | 77 74 75
Okis. - Prof. . ... 'lB I ok 10 |lO
N. Y. Central . .| 70%| 78 8% |T 9%
N. Y, N H & H. .| 30%]| 30% | 0%/ 30%
Nat. lead .., .11 77’ 79 78
§4 nng \Yfl LSS . 102 vlt.ll 108 13:1‘
Nor. acific ~ . .| 6% i%‘ 95% 9
N X 08 EW. e e B
Rev. CGon. - Copper i ... ] wicif io. ]29
R AP o iiia) i T
Ohlo Cities Gas . . | 65% 654%| 541, 655%
Pitts. W. Va. Coal 3!%! 39%| 394 | 394
Pnr\—Amn‘ Pete ...| 924 91%) 01%| 92%
Piasttio Malt . b, L F e
Pennsylvania . ...| 45%| 458 456%| 46
Pierce-Arrow ... .| 650%| 681, 581, 659%
People's Gas . ...| 62%| 621%| 521%| 62%
Pressed Steel Car 81 81 81 81
Pierce 01l . ....| 22%]| 22%| 22%/| 23
Bistabany OOM - .. lali] i VI
Roya! Duteh €old) 110% 110%110%/110%
Royal Duteh (new) 11100611075 |llO% 11035
Ray Consol, . . .| 2¢ R4VI 245 24%
Reading . . . . ‘ 87%| 86% | 86%| 87
Rumiey . . ... . s4%] ¢¢ 44%)| 45
B- E il 87 87 87
Rock Island ~ . .| 26%]| 26 26%| 261
SE PR . . Nt uilnicd e
Dook e B . L. i 661%
BYy. Stesl Bprings .} ....1 ....] ... 9%
Sloss-Sheffield . . C!‘.&' 623 62%] 63
Sou. Pacific . .....[105%[104%[{105%T105%
Sou. Railway . . .| 30| 29%) 30 291,
s niel . . ! Eatvh i ookl DONR
Studebaker ..... ./101 99% | 99%(101%
Bt. 1. & San. F. .| 20 191 19%| 20 ,
Sinclair Oil . . .| 693 58%| 68%| 60
BRAMBER, ANE o & .ol il d 198
el B s il s 9
o ek i e Lsl R
B & Ol 6 . oot aind o 8
Stuttz . . . . . .| 70%| 70%] 70| ..
Tobacco Prod. . . '103311023{102%[1031%
Tenn. Copper . . .| 13%{ 13| 1334] 13
TRITG AVERUS ' .".) b,oid waanl 0 B3R
Texas Ofl . , ...[261 [259%(260%|2064
Texas Pacific . . .| 493 ] 48%] 49%]| 491,
United Froit . . .{1823;[182% '182% 183
Union Plcllly oo 13BN N 3 %|131% 11313
0 WY, o ) sesl Vel st 18
Food Prod. . . .| 16%| 78 75 5%
U. 8. Rubber . .lllfi*illl% 115% {ll4
o e ~ . ' i 221000 %
U. 8 Steel . . .[1063%[104% 1061 (1053
do @pref. . . . 4.."..‘.!...,116%
United Cig, Stores .[154 1562 [152%/[154
Utah Copper . . .| 99% uu‘ 9114 | 883 |
Va.-C. Chem. Co. .{ 75 75 76 5%
de pref. . . .]113% lllfl'll:u'-a ke
Wabash . . L 0 10| 10%] 10%] 10%
o L A T il BoM ves ol TN
Western Union | .| 8| dnigl doul sed
a‘nlys-Overllnd « o 34%] 34 34%| 34%
‘oolworth . ' ooel oo |I3T%
Westinghouse . . .| 6614 55 55| 66
White Motors * 6% 664 sa:: 561%
Wilson Pek. Co. .| 911 9114) 91| 91 ‘
BONDS,
U. 8. Lib. 3%s ...4.'!{52. W 2 99.52199.5 ‘
U. 8. Lib. Ist 4s ... .[95.00/95.00/95.00 ’5.10‘
U. 8. Lib. 2d 4s ....|93.96(93.96/93.96/93.98
U 8 Lib. 4%s ....195.3095.30/95.30{95.40
U. 8. Lib. Ist 4%s ~.|34.20 94.10/94.10/94.14
U. 8. Lib. 2d 4%s .. 195.40/95.36|95.36[95.40
U, 8 Lib. 4th 4%s . .|94.26{94.26194.26(94.24
U. S Lib. sth ...... 99.90/99.90/99.90/99.94
- ———————
CHICAGO, June 14.—Closing hog
prices today touched the high spot
for the week, prices advancing 15 to
20¢ with a long string of s2l to $21.10
sales Top hogs reached $21.25, a
grain of $1.25, compared with the
close last week. Prices were actually
higher than indicated as buvers took
hogs mixed to hold down paper cost.
Cattle closed on about the same
basis as last week A few shipping
orders made a clearance in the steer
at prices strong to 15 cents higher
than the Thursday lowest spot pos
sible, but the trade attached no im
portance to the improvement as a
liberal run is on the horizon for Mon
day
Choice calves at $17@17.75 were
$1.756 per hundred weight higher than
last week. All kinds of cows, heifers
and bulls closed 45 to 50c¢ higher than
last week,
Sheep and lambs showed declines
of from 25 to Ho¢ lower than a week
lago. The Imt was $18.25 at the close
'wth most of the fat ewes at $8 to
| $8.50,
The Lanham Cotton Cultivator Company is now ready to consider the
selection of a site suitable for the establishment of its factory.
[t has been offered several locations in and around Atlanta, but up to
this time has not been prepared to make a decision 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 acreage, location, position as re
gards railroad trackage facilities, ete. All proposals will receive due con
sideration. The proposed manufacturing plant is to build the Lanham Cot
ton Chopper-Cultivator. Aecreage must be sufficient to accommodate a large
plant and permit of expansion later.
Proposals should be made to .
Lanham Cotton Cultivator C
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,-
32021, as compared with $41,-
676,573.47 the same week last
year—a gain of $17,324,746.74.
; NEW YORK, June 14—The dis
turbed money market induced fur
ther liquidation in the high-priced
motor and oil issues during the easily
dealings of the stock marke today,
‘hut after the early unsettlement a
steadier tone developed and prices
showed a rallying tendency.
- The greatest selling pressure was
sxerted against stocks like Texas
or:pany, Royal Dutch, Mexican Pe
troieum, Indiana Alcohol, General Mo
tors and Studebaker, which showed
early declines of from 2to 6 points.
These issues made substantial ral
lies toward the close. General Mo
tors, after yielding to 206, rallied at
the close to 209, while Royal Dtuch,
Texas Company and lndia{:a Alcohol
rallied over 1 point from their low.
The copper stocks made good im
provement and rose over a point. An
aconda rose over 1 point to its high
price of 71 3-4, while Utah at over 2
points higher at its high of 91 1-4.
Steel common, after early weak
ness, rose to a closing of 106 1-8, a
gain of nearly 1 point. The other
steel issues made fractional advances.
Marine common was strong on the
report that the sale of the company’s
'ships to a British syndicate might be
blocked and rose 1 1-2 to 49 1-2,
l The railroad stocks wert quiet and
iirrogular.
NEW YORK CURB STOCKS.
NE ‘WYORK, June 14.—Prices generally
moved to lower levels in today's short ses
sion on the curb. Most activity WAas
shown in the oil stocks and a few indus
trials. The tobacco stocks and the tire
and motor issues displayed steadiness.
The moining stocks wege quict.
Open. Close
Salt Creek .... 60, @60% 60, @ 603"
Aetna Exp. . . %@ 10 10, @ 10%
Anglp. Am. Oil 23% @ 24 221, @ 24
Barnett Oil 3-16@ 1-4
Cons. Copper . . 6 @ 6% 6 @ 6%
Cosden Oil . . 10% @ 10% 10, @ 103
Curtiss Aero. . 15 @ 19 16 @ 19
Houston Oil . 116 @122 117 @122
Indiana Pipe . 100 @lO4 100 @lO4
Inter Pete . ... 28 @29 28 @ 28%
1. V. Coul . . 90 @ 92 90 @ 92
Magma . ... .. 36 @ 38 6 @ 37
Marconi . . . . %@ 5% %@ 5%
Merritt Oil . . 27% @ 28% 2T @ 28%
Midwest Oil . ~ 2 @ 2% 2 @ 2%
Midwest Ref. L A 77 @179 177 @179
N. Am. Pulp ~ 6@ 6% i@ 6%
Ohio Oil . . .~370 @375 370 @375
Prairie Oil ~. 730 @750 730 @750
Sub. Boat . . 16 @ 17 16 @ 17
8. OO N Y. ~ 374 @ins 374 @378
5 O N J . 78 9113 708 @713
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.. 5@ 5% 5@ 5%
Cons. Arizong 1 3-16@2 1 3-16@ 1%
Nipissing . ", 11%@ 11% ll%g 1158
B, & Wyo. Oil ,62@ 03 62 65
Glen Rock Oil . 6% @ 6% CH@ 6%
1. Oil Trans. . . T%g 8 T T%
Northwest Oil . 63 68 63 @.68
U. S Steamship 3 @ 3% 3 @ 3%
Sapulpa . . . . 8 @ 8% B @ 8%
Boone . . . . 10%@ 11% 10%e@ 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 $591,000; reserve decreased
$14.631,220. ‘
Actual Statement \
Loans increased $21,057,000; demand
deposits increased $43,034,000, }
Time deposits increased §52,917,000; re
serve decreased $38,111,210, ‘
GASTON, WILLIAMS & WIGMORE |
Gaston, Williams & Wigmore roporml
for the year ended April 30, 1919, a net
income after taxes and charges of sl,-
262,402, equal to $4.20 a share earned nn
the 300,000 shares of capital stock of no
par value. Net income for the previous
twelve months amounted to $1,298 487, or
$4.32 a share earned on the capital shares.
i e |
OHIO CITIES GAS ASSETS, |
BOSTON, June 14.-——Assets behind Ohio
Cities Gas Company’s common Stock are
valued at $92 a share in private report just
made for a group of bankgrs interested in
the company.
CHILE COPPFER EARNED 551.51.
Chile Copper Company, according to the
annual report for 1918, just issued, earned
a surplus of $5754.202, equal to $1.51 a
share (par $25), compared with $5,440,613
or $1.43 a share in 1917
New Companies To Be Launched Require Op
timism, Declares Broadan Wall—lndications
Point to Upward Movement in Steel Shares,
: By BROADAN WALL.
EW YORK, June 14 —Two ques
" tions above all others are be
fing asked in the financial dis
triet just now with increasing im
sistency. The old-time bankers and
professional operators are asking
whet@fr the rise in securities is not
abo over andl are warning the pub
lic ffzainst further purchases: The new
leaders in banking and business and
the general public are asking what
stocks to buy and wonder why any
bady should think of selling. .
Each of these extreme parties has
strong, circumstantial evidence in
favor of its point of view, but the
wolfln. 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.
Qur greatest accomplishments have
been born of panics.
When the war panic will arrx is
a matter of guessing 4t 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 panie, when it comes, will be
merely a writing-off of the war losses
o fthe orwld. A the nations are
pretending at the moment that they
can be paid. They can’t be and they
won't.
If one considers only the 50 or so
stocks that have advanced most
sharply, it would seem that the end
must be near. But the great bulk of
securltie‘ 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. Logns are at the bil
lion-dollar mark, but they were there
before the new banking system was
devised afld before there was any in
flation. It would take two billions
of loans to cause trouble under 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
Mas been the great number of out-of
town checks. The local gankers may
try again, but they have lost the pow
erutlo make the stock market do their
will,
Furthermore, the bankers are not
unanimous in wanting the market
restrained. Many of them believe the
best interests of the country demand
a perfectly free expression of speeu
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 public is trying to ap
praise permanent peace for the first
time im 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 corfe a bad
break in prices any day-—a break that
nobody can foresee. There have been
two recently and the market has re
covered because the basic reasons for
the advance are more powerful than
any temporary reason for reaction,
It is the tide that is rising. The
surface waves are only of secondary
|impormnce—of no importance at all
except to the small craft. Brokers are
doing all they éan to save the little
people by advising caution.
NEW COMPANIES COMING.
Besides, many of the bankers are
interested in new companies about to
be floated. Several combinations. of
great importance are about ready for
announcement. A broad, strong mar
ket is wanted for the reception 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 situation in
America demanding aggressive action
on the part of bankers and b’ulneu
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 ki'l it. That would
cause an industrial panic of profound
proportions. The present plan is to
divert speculation gradually from the
stock market iato commercial and in
dustrial lines. To do that the market
must have free swing.
Reawakening of the steel industry
has been the great dev:l%pment of.
the past week. The head of the rali
road administration lacked imagina
tion and leadership. He had his
chance to 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 current
prices is not fully realized by the
public. His aet 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 oils
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 in
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 oil 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 beyond
present appraisal. The&', are already
proved to be the most ifmportant 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 re
fused to believe the truth about the
oils.
wz=rx) DESKS
oo = PR A Tables, Chairs,
EERED ot Sore
N = Large Stock
e Lowest Prices
HORNE LDESK AND FIXTURE CO.
93 N. Pryor St. Phone Ivy 1158,