Newspaper Page Text
THE SUNDAY AMERICAN’'S FINANCIAL AND COMMERCIAL PAGE
Market Featureless Last Week, With Futures
Showing Moderate Gain on Evening-Up
Transactions—Labor Unrest Restricts Trade.
BY VICTOR BARRON.
N one of the thinnest and most un
l interesting markets witnessed in
months, cotton finished last week
with the bull werowd having the best
of a more or less unimportant vic
(emineceiesmen tory, It was a
«9«’"““"*{, five-day session,
w ;*\w‘ owing to the La-|
i = iWment Price
. W changes were ex.-
B s M tremely trifling
| GRS @ throughout, with
G= TB final prices at
%'» New York Fri
.MW B day showing a
~\(¢l net gain of 27 to
o '{'.*'f:‘. 36 points over the
b m previous week's
P . resting spots,
L ol s while futures at
G New Orleans clos
:}( g ed the week 55
R to 66 points net
2. &% @l higher.
ot ) B Trading
SN————%% throughout the
week was negligent, and almost
wholly confined to evening up of
commitments in advance of the cen
sus bureau report as to the condi
tion of the crop on August 25, to be
made .public Tuesday at 10 a m.,
Atlanta time,
However, there was spasmodic
trade house buying and some accumu
lation by domestic spot houses in
addition to the covering of shorts.
The bulk of foreign business repre
sented selling. Offerings also came
from Wall street, ring professionals,
commission houses and from South
ern interests.
Had it not been for the triple holi
day and the forthcoming condition
report, the market undoubtedly would
‘have experienceq a more aprpecia
ble improvement as the result of more
optimistic feeling with regard to the
foreign exchange market, the rise in
stocks and brighter outlook in the
labor situation, and more ::3epecially to
a continuation of extremffely pessi
mistic crop advices and the issuance
of many low private condition re
ports. However, the trade was dis
posed to exercise caution and use
conservatism in its operations,
owing to the possibility of a sudden
reversal in the labor and foreign ex
change situation, neither bearing
a guaranteed stamp to remain favor
able over the holidays.
NO REAL PRESSURE EVIDENT.
Not at any time during the week
was there any real pressure against
' the market, nor was there evidence
of pronounced support, although it
was evident that the supply of .con
tracts met ready absorption, despite
the upward tendency of values,
Liverpool’s selling was partly at
tributed to expectations of increased
importation of American cotton as
the result of firmer exchange rates.
An illustration of the narrowness
of the market is shown by the fact
that futures moved within a range
of less than a cent during the week.
The low levels were recorded on
Monday, with October at New York
dipping to 31.27, while December re
acted to 31.66, January 31.55, March
3168 and May 31.82. From these
levels the market see-sawed in re
sponse to small orders, moving up
ward or downward, according to
whether orders were marked “buy”
or “sell.”
From the low quotations October
recoiled to 31.95 on Thursday, while
‘May rallied t0f2.35. October at New
Orleans rose & 31.75. Other posi
tions establisHed their ‘week’s zenith
on Wednesday, with December at
New York moving up to 32.30, Jan
unary 32.25 and March 32.40
LATE OPTIONS IN BEST DEMAND.
The distant positions disclosed the
most strength, as well as exhibiting
the highest price. This possibly was
due to the gloomy condition of th:
new crop and prospective meager
production, trade houses and mills,
as well as Liverpool and Japanese
interests, showing a preference to
new crop months for fear that they
will more fully reflect the acute
shortage of cotton later on, especially
when export movement becomes heav.
jer and ginnings returns disclose the
smallness of the yield. It generally
is expected—and sincerely hoped-—
that during the heaviest movement
period, foreign credits will have been
arranged and that the staple will be
going overseas as fast as it can be
loaded on ships.
While export movement of late
has not been anything to brag
about, due chiefly to the demoralized
foreign exchange market, the move
ment picked up a little late in the
week, with the total outgo for the[
week amounting to 132,000 bales, as,
compared with 63,000 bales the same |
period a year ago, This brought the
total, since August 1 up to 471,000
bales, as compared with 287,000 bales
the previous corresponding period.
al.
.ppa.plnnr-rfl' takings of cotton last
week amounted to 120,000 bales, as
against 121,000 bales the same week
Jast year. Since the first of the sea-
Orders for
COCA-COLA CERTIFICATES
in six hours’ time exhausted entire quan
tity offered. We are prepared to execute
orders in open market on a basis of 15
cents per share brokerage.
Wire orders to us. We will give same
immediate execution at best price possi
ble.
Market Closed Pridap 40% bid, 40% asked.
BOND DEPARTMENT :
TRUST COMPANY OF GEORGIA
ATLANTA, GEORGIA
Cotton and Stock
Exchanges Closed
A LL leading stock and cotton
exchanges were closed Sat
urday, the board of managers of
the exchanges having voted to
observe the day as an extra La
bor Day holiday. All American
| markets and banking institutions
~ will be closed Monday.
son spinners have taken 605,000 bales,
as compared with 503,000 bales the
same period last year. |
Hester’s statement showed that the
visible supply of American cotton at
the close of business last week
amounted to 2,865,000 bales, as com- |
pared with 1,782,000 bales the same!
date a year ago and 1,286,000 bales
two seasons ago. g
SPOTS DEMAND SPASMODIC.
| There is little to say with regard
to the spot market, a spasmodic in
‘quiry prevailing to cover August
commitments and for September.
However there is no pressure to sell
in arty séction of the belt, Holders
maintaining an air of confidence and
independence, being confident that
the law of supply and demand ulti
mately will lift cotton to a more at
tractive level, or rather to a level
that will give farmers a small profit
above the cost of production as a re
ward for months of sweat and hard
labor. o
At this point it might not be amiss
to state that a leading cotton au
thority in figuring what it cost mills
to make goods assert that it is plain
that mills are making more than 23
cents a pound clear profit. He asks:
“Can any farmer show such a profit
for his labor?”
No. Mr. Palmer is not adding to his
worries by frowning upon the meager
compensation Southern cotton grow
ers are receiving for their chief com
modity. He's after the highway
profiteers and endeavoring to in
crease production. No one knows
better than he, as well as the depart
ment of agriculture that the cotton
situation is a most serious one and
that if anylhing like normal condi
tions prevail here and abroad, that
the supply of cotton,will be far in
sufficient to meet requirements.
SOUTH READY TO DO SHARE.
Cotton is something that half of
Europe has gone without for years
and just as soon as those countrles‘
are able to offer financial facilities
satisfactory to the American mer
chant and banker, there will develop‘
a great demand for the stapls, which
.w&u _excite American mmutacturers‘
into replenishing their depleted
stoeks. "
There is no section of the coun
try that will do more to bring nor
mal conditions back than the South.
And there is no class of farmers in
the country that will be more will
ing to throw their weight and en-]
ergy in that direetion., And when
the cost of production is put down
they will bf willing to actept a more
normal price for their product, but
they are not willing and can not be.
expected to, to share ‘the full burden
and sink into the paupers’ ditch as
they did in 1914 and 1915 when cot
ton crashed and wrought complete
business demoralization to every nook
and corner of Dixie. All the South
wants for its produets is a decent
compensation above the cost of pro
duetion—something more than just
a mere living. In the last year or
two it has just begun to enjoy a
few comforts of life—something that
it richly deserves and something no
one should deny it, nor envy.
CROP REPORT TUESDAY.
The government condition report
Tuesday is expected to show a sharp
deterioration during the month of Au
gust, Private reports issued in ad
vance of the official report has given
the trade some idea as what to ex
pect. Private guesses vary consid
erably, ranging between 58.2 and 64.9
per cent, with the American Cotton
Association’s estimate the lowest and
the Journal of Commerce's the high
est. The former's estimate a month
ago came within .1 of the govern
ment's July condition report of
7.1 per cent of mnormal, indi
cating a crop of 11,016,000 bales, with.
out linters. Tuesday’s report will
compare with 55.7 on August 25, 1918
and 68.4 the ten-year average for that
month. The yield per acre as the
season progresses advances, there
fore, the yield per acre on the Au
gust 25 report will be calculated at
261.0 pounds, against 234.6 pounds on
July 25.
The trade anticipates a condition
between 60 and 62 per cent, with the
more bold expressing the belief that
the figures will be under 60, and,
in which event they do, a sharp up
ward movement in the price of cot
otn is expected to take place, as the
ghort interegt in the market is known
to be large and any figure below 60
\(-url:xinly will throw them {nto a
crazy buying mood.
HEARST'S SUNDAY AMERICAN — A Newspaper for People Who. Think — SUNDAY, AUGUST 31, 1919
‘Work and Save’
Is Old H.C. L’s
Deadliest Enemy
After all, there is but one natural,
powerful and efficient way to lower
the cost of living. That is by in
creasing the production of things
needed to a point where the supply
of them is greater than the demand.
This can be accomplished only by
more work, and wore efficient work,
and by economy of all the people in
the use of things. - ‘
In the meantime, wages should be
paid on a scale fully adjusting them
to the level of increased cost of liv-
Ing.
But the labor must be efficient and
should be rewarded in proportion as
it is efficient—extra reward based on
extra efficiency.
. High costs today, to a great per
centage of such costs, are due to the
fact that labor, while receiving large
wages in many directions, is much
less efficient as compared with what
it accomplished beforq the war. In
some cases, where the T.Atput has
been checked up, it is shown that
labor is turning out omnly 60 per ceut
of normal. B
If we can ever get our labor up to
100 per cent we shall have such an
increased production of needed things
as will t]‘p the scale of prices steadily
downwa such a production as the}
nation brought about when it sprang
to meet the needs of war, and which,
when the armistice came rather sud
denly, showed that we were over
whelming the world with munitions,
guns, gas, airplanes, trucks and all
other implements of destruction.—J.
S. Bache & Co. of New York.
{
WEEK'S COTTON RANGE.
Following shows the highest and lewest
quotations of active cotton options at New
York and New Orleans last week, togeth
er with Friday’s -close, the previous week
close and net changes for the week: ‘
NEW_YORK.
'_d L [Fri. | Wk.|[Net
L. MHigh| Low |Clusel Ago.lChes
October . . .|531.%"31.27!31.54!31.21 :tfl
December, . .-32.30'3!”}31.85)3!.58 21
January, , . .[-32.25(*31.5531.80(31.48"+ 38
March . . . .|-32, '31.“)!1.&0*31.‘5 i‘il‘
May . . . . .|532.35/*31.82(32.02(31.66 +36
. NEW ORLEANS. 1
IIJ.I | lfll Whk./Net
1 Low |[Close| Ago./Chgs
October . . . .{3!1.1: *30.85/31.41 61
December. . .[-31.72*30.99|31.42 T
January, . , .[(-31.80(*31.00/31.46/30.91 5
March . , . .|-31.90/*31.1531.60(30,94|-66
Y . oo .'31.?_0,531.43{31.85 0.99 -+ 66
*Monday ; sTuesday; ~Wednesday;
sThursday. ‘
. \
Weekly Statement Sixth
Federal Reserve Bank
Following is the weekly statement of re
sources and liabilities of the Sixth Fed
eral Reserve Bank at the close of busi
ness, August 29: 4
Resources,
Gold coin and certificates in
VEBIE Thess o o vssdoive DLAVEREL BN
Gold settlement fund ...... 9,665,031.67
Gold with Federal Reserve
BEONE ... lveticsreoude SLENO. TN
Gold redemption fund...... 4,300,415.00
Total ‘gold reserve........ $63,723,877.59
Legal tender notes, silver,
80, basssssreeansrreses e 1,361,692.76
i ity
Total TeSEPVE ....eee.eo-s $66,085,570.34
Bills discounted: |
Secured by government
war obligations .......138454‘6,0}7.2!
ALI OtßOr ...... . civsen s 2E1DNT90.14
Bills bought in open mar- -
R. I 4,165,137.51
Total bills on hand...... 101,621,860.93
U. 8. government bonds... 375,560.,00
U. 8. Victory notes ........ 5,350.00
U. 8. certificates of indebt-
GOURIE . o:seosineseins s 15,R000000
Total earning meu.....‘8114.381,700.g3
Bank premises .......00... 462,767.09
Uncollected items and other
deductions from gross de-
BB s ivs vahs ARTEDASTNN
Five per cent fund against
Federal Reserve Bank,
WOLE . ohss cennassnisonesy 638,550.00
All other resources......... 345,333.04
Total resources .........$207,703,648.564
Liabilities,
Capital paid in ........... $2,331,300.00
! BUrDINE dsscsvassniannsenig 2,805,000.00
| Government deposits ...... 4,801,499.42
Due to members, Reserve
SOLORME . . ... ... iersee MALENRNEROY
Deferred availability items. 23,354,462.74
Other deposits, including
foreign government cred-
B Shi. i ibaarin i $,033,932.00
gy
Total gross deposits...... $75,442,259.52
Federal Reserve notes in ac
| tual eirculation ....... .$113,631,550.00
| Federal Reserve Bank notes
I in actual ecirculation..... 11,694,597.00
All other liabilities....... 895,042.02
Total MMabilities .........$207,703,648.54
.
Trade Recession Due to
eps o epe
Artificial Conditions
NEW YORK, Aug. 30.—R. G. Dun's
ewekly trade review says, in part.
“Neither in volume nor in value is
new business as distinguished from
activity on past orders what it was &
month ago in some important lHnes.
Seasonal factors only partially explain
the recession, for it is not primarily
the result of natural influences, but
‘rather of artificial and unwholesome
conditions that find clear reflection
iin the existing political unsettlement,
| in the high price agitation and in the
widespread unrest of labor.
“Last week's bare totals of this na
tion's July foreigh commerce gave no
{indication of the origin of the $348,-
000,000 decline in exports from the
June figures, but more detafled re
turns this week showed that practi
cally 40 per cent of the reduction was
in agricultural products,
“Whether or not there is to be a
{widespread walkout in the steel in
dustry 18 a question that may soon
be definitely answered, Another weeck
lof doubt about the outcome of the
|§trike threat has not helped busi
|ness, but neither has it hurt it mach,
and trade interests seem convinced
,lhut a general tie-up Is unlikely,
; “The lull in hide trading, which
| first appearde in the early part of Au
{gust, has continued unbroken. With
Iprices yielding steadily, particularly
on country stock, buyers have con
| sidered waiting the best poliey, and
{their views even now are around 10
cents under present prices.
“Inactivity in textile channels nas
not been a° passing condition, nut
Irather of a progressive charaeter
Some shrinkage of business Is not
unusual before Labor Day, but other
than seasonal Influences chiefly aes
cotint for the quigtness which has
lately developed, and manpy people do
{not look beyond the price agitation
and the industrial unrest to tind the
explanation for ft."
' et gt
NAVAL STORES,
BAVANNAH, Aug. S%Market, steady;
regulars 66%: malew rp&mu».l' 102;
market steady; WW, 23 005 W@, 23.00; N,
22,60; M, 2136; K, 20603 L 187 H
16.50; G, 15.10; W, 19,80 1, 12.80: D, 17.00;
B, 18.35 feceipts, spitite, 229; rosin,
||mn; shipments, 111 rosili 988, sto ks
8 0"* a 6 0N
WEEKLY BUSINESS REVIEW
Written for the International News
Service,
NEW YORK, Aug. 30.—With the
steel strike still hanging fire, and
the general industrial unrest, espe
cially among the railroad men, show-
Ing some signs of partial abatement
soon, there is a disposition in ‘ceruln
circles of the business world to be
lieve that the crisis will be erached
within the next week. The fact that
some quarters believe that the peak
of the disturbance has been reached
is reflected in the financial dealings.
President Wilson's warning to the
railway men that wage increases
mux cease proved the forerunner of
a new and sterner government policy.
The railroad strike in California and
the Southwest has already collapsed.
While strikeés of minor character are
springing up all ‘ever the country
their direct effect, when considered
individually, is only local,
New construction s either com
pletely prevented or badly hampered
in many American and Canadian
cities by strikes and threatened
strikes of bullding trades workers.
In Chicago 110,000 carpenters and al
lied building trades workers are out.
A similar strike is threatened in
Seattle. The bricklayers have gone
out in Philadelphia and the threat of
trouble by the building trades work
ers still exists. Construction is at a
standstill in Winnipeg and 15,000
building trades workers in Montreal
have voted to go out next week.
THE STOCK MARKET.
A heavy buying movement that car
ried stocks upward for gains of from
1 to 7 points and others even higher,
was the feature of the close of trading
lon the New ,York Stock Exchange.
The violent rise was the result of sev
eral causes; the determined stand of
the government against railway
strikes, the intervention of President
iWnsnn in the labor situation and the
dismissaliip Los Angeles of the suit
againgt the Southern Pacific and oth
er companies to set aside patents to
valuable il lands in the San Joaquin
Valley. There was no session of the
stock market today nor will there be
any Monday—Labor Day.
CORN.
Much needed rains are reported
over a large section of the corn belt.
Crop experts at work on estimates are
‘said to be increasing previous figures
for some of the districts. The Kansas
‘State report showed a condition of
‘only 43.8 compared with 79.9 last
'month. These figures indicate a
crop in Kansas of 56,500,000 bushels
compared with 81,000,000 a month
ago. With fears of a drouth dissipated
in the Southwest only an early frost
is now feared. More old corn is be
ing prepared for shipment, but the car
By BROADAN WALL. |
NEW YORK, Aug. 30.—The pro
nounced change of the government's
attitude totward labor, which came
after the close of the market on
Thursday, and the decision of the rep
resentatives of the shopmen to accept
the proposal of President Wilson that
they postpone taking definite action
for ninety days, when it is expected
that the federal authorities will have
obtained results In its campaign to
reduce the high cost of living, had a
most stimulating influence on the
prices of securities yesterday. An
nouncement that the Southern Pacific
had won suits brought by the govern
ment against it in the lower courts of
California was also used to advantage
by the bulls, Buying for the account
of shorts was urgent through the ses
sion, especially at the opening, and
when the gong sounded for the end of
dealings standard issues showed net
gains ranging from 2 to 3 points, with'
some specialties showing advances of
as much as 12 peints.
The bullish demonstration was such
that United States Steel common,
which sold ex-dividend, moved into
new high territory for the present
movement, The oil shares and mo
tors were strongly supported all day,
notwithstanding substantial profit
taking sales. \
Initial gains’at the opening of the
gession ranged from 2 to 3 points,
The overnight news resulted in an
unusually urgent inquiry for shares.
After the first fifteen minutes of!
business realizing sales appeared, and
caused momentary recessions from
the best, but all offerings were read
ily .absorbed so that by noon pricgs
once more resumed their llp‘»\.lld
movement. About half an hour be
fore the close the list began to ease
off, but the lower quotations in
duced additional purchases which
continued up to the end of trading
and Jest prices near the best,
Best opinion In the street after
the close of the market was that the
upward movement would probably be
continued ‘at least in the early trad
ing on Tuesday. The strength which
prevalled at the end ofsthe session
wias most impressive,
The rise in Southern Pacific at
tracted much attention,
Shares of oil companies took a
prominent part in the demonstra«
tion of optimism. Mexican Petroleum
was the leader of this group, closing
at the top price of the session and
with a net gain of slightly more than
I 8 points. Pan-Ameriean Petroleum
was also a favorite and advanced
nearly five points. Sinclair Ofl and
Trans-Continental Oil shared in the
upward movement,
Shorts in Crucible Steel recelved a
licking from which they will smart
for many weeks, Brokers said that
the rise of more than ten points was
due almost entirely to the fact that
the Insiders who are running the
market in the stock Thursday ealled
in practically all of the stock that
had been loaned. This resulted in a
stampede on the part of shorts to
get back the shares which they had
sold. The quotation closed a shade
under the best, Indicating that the
rugh on the part of shorts was in
full swing when the session ended,
If the present demonstration con
tinues in even modified form there
will be qguite a few new offerings
which will make their appearance
Beveral are already groomed and
awpit favorable nuspices for thelr
taunching .
est S i SN
shortage in the Middle West continues
serious. A
' ' COTTON.
There will be but one hour of trad
ing on Tuesday before the %overn
‘mene condition figures are made pub
lic in Washington. It is taken as a
\roregone conclusion that the specula
tors will take advantage of that peri
-ood to balance their commitments. A
;number of brokers believe that the
figures in the report will be bullish.
‘ Attention is being called to the
lateness of the crop this yvear. There
are still two or three weeks' time in
which weather conditions anfl insect
damage must be reckoned with. Dur~
ing the week ending today 134,642
bales of cotton were exported. There
is a feeling of hesitancy in the cotton
goods market, but # resumption = of
buyipg is looked for early in Sep
tember.
WHEAT.
There was @ enlargement in the
movement of wheat this week. There
wag an increase of 9,074,000 bushels in
the visible supply. Arrivals at Min
neapolis were the heaviest of the sea
son. Reports from the West state
that there will be a smaller acreage
put Into. wheat next year, as the
growers look for lower price levels.
‘The following unofficial estimate of
the Western Canada yleld is made:
Alberta, 21,000,000 bushels; Mani
toba, 41,000,000 bushels; Saskatche
‘wan, £9,000,00 bushels. Rust is doing
some damage there.
MONEY.
Chicago banks are withdrawing
considerable money from New York
‘while the Middle West and the South
are drawing from Chicago, but not so
‘heavily as formerly. There was no
session of the money market here to
day, but the rate has been ruling
around 5 1-2 and 6 per cent.
' Another downward movement in the
price of provisions is reported by Chi
cago. There was an especial lack of
‘buyers for live hogs and 18,000 of
them remained unsold in the pens at
the close of business Thursday. One
iousand additional carloads of live
'hogs were reported on their way to
Chicago yesterday. Only the buying
of more dressed meat will revive the
‘hog and cattle market, according to
slock yard men.
BUSINESS FAILURES.
Ninety-nine commercial failures
were reported this week against 118
last week. The greatest number were
in the East and smallest in the Pa
cific Coast States.
BONDS, f
The bond market, especially for
government bonds, has been heavy
and dealings comparatively small.
With the exception of tax-free 3 1-2
per cent issues and the Victory issue
TLiberty Bonds are at the lowest level
}ln months, There has been much
liquidation in the bond market in the
past few days.
By JOSEPH F. PRITCHARD.
| CHICAGO, Aug. 30.—Placing of an
embargo on shipments of all grains
to Atlantic and Gulf ports was a de
pressing factor in the corn market
today. Sharp advances in hogs
failed to more than steady the mar
ket,
‘ Longs in September and more do-‘
ferred months were active sell.-s.‘
Prices changes were rapid at times.
Resting spots for the day showed net
Josses of 3-4 to 1 3-4 for September,
2 1-2 to 2 8-4 c for December and 2 1-2
to 2 5-8 for May, Cash samples were
one cent lower and manufacturing in
terests were fair buyers. The traade
expected an increase in recipts nxt
week. With a holiday Monday it was
expected there would be increased of
ferings Tuesday. According to reports
from primary markets receipts of
corn show a heavy falling off com
pared with a year ago.
Cash corn suffered declines for the
week, best prices being 1.83 today
compared with 2.00 the previous Sat
urday. This decline was taken to
show the inflated position of corn a
week age.
The grain embargo forced oats
down. Net losses of 1 to 1 3-8¢ were
shown for the dav Seahoard reported
bids 7¢ below the working basis,
Hog produets have accumulated
and export demand is needed to work
off the surplus. The trade is im
pressed with the idea there will be
further market declines along the en
tire provision list.
Grain quotations:
| | | Prev
Open | High | Tow | Close [Prev.
Corn ] | I
Bept. 1.7T7%] 1.80 1.76 | 1L.77%/| 179
Diee. 1.38% | 1.38%( 1.36 1.36% | 1.39
May | 1.36%] 1.36%]| 1.33 1.33% | 1.36%
Onts | ! J L
Fept. 70%| 70%[ 69%] 69| 70%
Doe, K| 74| 7% 73N 74
May | 7% 7T%t 76 | 16%] 1%
Pork ' ’ .
Sept, v e 41.25
Ot A T w 1 138,26
Lard | | 1
Sept. 12816 [28.18 [27.87 [27.67 |27.62
Oct |28.70 [28.10 [25.62 [27.66 (27.68
May | s .3 3 124.65
~ Ribs | | | | Lk
| Sept., ]21.80 ]22.20 [21.80 [21.87 25.97
Oct, |22.37 [22.37 [21.92 |31.97 [22.07
Moy | | | | 119.76
i CHICAGO CASH GRAIN,
| CHICAGO, Aug. 30.—Cush: Corn, No
{ mixed, 1.§3601.84; No. 2 white, 1.84; No
2 vellow, 154400 .85 No i white 1.83%.
No. 3 yellow, 1.83% @ 1.83% !
Oats, No. 3 white, 60% @7l Timothy
9,00 1170
| CHICAGO LIVE STOCK,
| By U. 8. Buresu of Markets,
) Mogs: Receipts 4,000, Market fully 60¢
to $1 higher than yesterday Top, 20.00;
eavyweight, 17,206 @ lyufl, medivm weight,
| 17.26@ 20.00; light welght, INTL@ 20,00
lght lights, 186001960, heavy packing
sows, smooth, 16.20@17.00; packing sows,
rough, 16.60@16.26; p'es, 16.60@ 19.00
Cattle Receipts 4,000 Murket com
pared with week ago Native beef steurs
and bulk of butchery’ cows and heifers
lnmnnv $1 to $1.50 lower; others blc o
$1.26 lower
Bheep Hecelpts 4,000 Market amz
pared with week ago, Good cholee f
lambs mostly 32 to $2.60 down, Some (W
between and common grades, $3 to
down. Fat ewes, 70¢ to §1 lower, Wothe
ers and yearlings, $1 to §2 lower Feod.
ers mostly toc to $1 lewer, Breoding
ewes Bo¢ lower ;
JACKSONVILLE LIVE STOUK.
JACKSBONVILLE, Aug. 30.-Hogs: Res
coipts, medium; prospects n;:: lower;
chole hen 17.006017.50; &
16 .:1’ '_;"“\\ rough heavy, uuq’-‘fia,
....ml’ 15,004016.60; heavy RN 100
14.60; Jight pigs, 500 G 1400, ringe Woiw,
10.00€p14.00; range pigs, 60048 00, Cattle!
iteoeipts, light, vu-qm-'l'l‘ plendy; '“’;?‘
5.00€99.60; bulls, p.00@6 60, yoenri ngs 4
m.o?; cown, 4.50 ~0? witers, o.isvnw;
vaml setoas KOOSR ut"; aannere 300 W,
Bond Houses Are
Making Smaller
Commission
NEW YORK, Aug. 30.—Increased
operating expenses are beginning to
eat into the profits of investment
banking firms that devote their en
tire activities to the sale of bonds
and short term notes. FKor this rea
son one investment banker declares
there has beeén a substantial reduc
tion in the profits from bond or short
time note offerings.
Expansion in the cost of dis
tributing bonds has resulted from the
necessity of hiring more salesmen
and maintaining a larger number of
clerks. The investment houses are
compelled to have more employees
owing to the fact that issues are now
being placed with a greater number
of lyvestom and in smaller amounts
per individual. The head of one prom
inent firm is authority for the state
ment that whereas offerings were
placed in average amounts of 820.000}
jabout two years ago, \recent llsues‘
lhnve averaged between $2,000 and
153,000 per person. A greater a.mount!
|of territory has to be covered in dis
'tributing the securities, hence the
larger sales forces. The inm’eased!
number of individual sales also calls
for more clerical work.
RAILROAD SECURITIES.
While it is true that the bond
houses have been handling a sup
stantial amount of new offerings the
profits on railroad securities have
been smaller than for years, owing to
the bargaining by the railroad admln-'
istration, which has entirely dlrrer-i
ent ideas than financiers as to what
commissions bankers should receive
for their efforts in disposing of the
lobugadonn of transporttaion com
panies.
| In some instances the commissions
loffered by the federal authorities
Ihave been so small as to cause cer
tain New York investment houses to
refrain from bidding for the Issues
through fear that the expense of
marketing them would more than off
lset the reimbursement they would re
ceive from the railroad company.
Commissions peceived from indus
trial companies have been fewer pe
cause of the fact that those concerns
are by reason of their increased pros
perity able to sell preferred stocks
which are more desirable liabintres
than bonds, which are a fixed charge.
Some concerns which have hereto
fore shunned stock offerings are now
undertaking the sale of that type of
investment. Some of them are doing
it openly, while others content them
selves with participating in the syn
dicates, but keep in the background,
because it is known publicly that tney |
do not offer stocks for investment.
This was particularly true of a recent
stock offering by an industrial com
pany.
BOND MARKET DULL.
With stagnation ruling in the gen
eral bond market, the offices of bond
houses are anything but optimistic
with regard to the immediate '""'1
look. There are more waalthy people
now enjoying vacatigns, according tol
‘me bond dealers, than ever before, so
that no improvement is expected un
til about the middle of September.
Realizing this, most of the firms
have sent the greater part of their
galesmen and eclerks away for peri
ods of recreation.
The foreign countries which are
trying to m-gotlat% loans in this eoun
try are balking at the intg‘eat rates
asked by American bankers, so that
the investment houses expect nothing
but lean pickings the next month,
. NEW YORK BANK STATEMENT,
NEW YORK, Aug. 30.—The weekly bank
statement follows:
Average Statement.
Loans, decrease, $20,450,000; demand de
posits, decrease, $15,862,000; time deposits,
increase, $3,002,000; reserve, decrease, $3,- |
525,000,
- Actunl Statement.
Loans, increase, $13,345,000; demand de
posits, increase, $25,561,000; time deposits
increase, $16,743,000; reserve, lncreasc
| $38,011,000.
ST, LOUIS LIVE STOCK MARKET,
BT. LOUIS, Aug. 30.—Cattle: Receipts,
1,800; market, steady; native bee lltavr-.'
11 20@18.00; yearling steers and heifers,
11.00%1&00; cows, 7.60@13.00; stockers
and feeders, 7.00@12.00; calves, 15.00@
18.50; fair steers, 9 00@14.00; primme South
ern steers, 6.50@8 00; beef cows and heif
ers, 6.50@5.00; choice veal calves, 16.00 Q
| 18.60: canners’ cutters, 70()’(£K 50,
Hogs: Receipts, 3,600: market, steady;
' mixed, 18.75@19.50;" good, 19 isgn 10;
rough, 15.00@16.00; lights, 18.76@19.40;
pigs, 16.50@19.00; bulk, n.m»?u_s .
Sheep: Receipts, 660; market, steady;
ewes, K.50@9.00; choppers and ocanners,
2.00@6.00; lambs, 15.00@15.25.
ROWNTREE BROS.
71 WALL STREET, NEW YORK CITY
Members American Cotton & Grain Exchange
Orders Solicited for Purchase and
Sale of Cotton for Future Delivery
We execute orders to buy or sell coton
in quantities of ten bales or units thereof, per
mitting you to hedge in less than one hundred
i 5 B adance Solicited
Laiser’”’ and How HES @
——7omorrow’s Georaian
PRESSURE OF FAGT3 INFALL
N 1. 5. EXPORTS NEEDED
Such Might Force Congress to Pass Few Imper
ative Bills, Says Boersianer—Oversea Trade
Certainly Will Not Wait,
By BOERSIANER. .
HICAGO, Aug. 31.—~The pressurg
of facts which might become
depressives may force Congress
to pass an imperative bill or two. A
decrease of $350,000,000 in July ex
ports—compared to the foreign sales
in June—is a warning which the fig
ures for August will doubly empha
size. 1
Overseas trade is something that‘
will not wait on the pleasure of any
body, at least of aill on the shilly
shallying of politicians. In normal
times a nation’s ourward bound busi
ness is important enough to give cap+
tains of industry concern. Now, to
day, it is of supreme importance, be
cause the percentage of difference be
tween prosperity and the reverse is
{lncompamble higher than in a pre
bellum period. Ordinarily, in this'
‘country, a decrease or increase of 10
per cent in commerce spells a boom
’or a subnormal condition-represented
imostly by exports. At present the dif
’terence is quite 40 per cent.
Unfortunately, too much thought is
given to personal fences in Washing
ton as the general elections approach.
‘Debated measures are considered and
voted on not so much per se as how
electors may regard the subject and
the vote. i
~ Customarily national legislators do
not bring a redundancy of wisdom to
a purely economic question. In pre
nomination sessions the limited wis
dom is alloyed by expediency.
These mean remarks allude especially
to discussions of what should be done In
the way of financing Burope that
America's foreign trade may not collapse.
With succeeding days schemes multiply—
now that economists as well as business
men are disturbed.
Of the many proposals heard in and
out of Washington two have arrested the
attention of the informed element. One is
H. P. Davison's. His is a strong plan,
unanimously approved by the knowing—
which does pot necessarily include those
who rejected it on prejudicial mundl.‘
The other is the Edge bill, which could
be greatly strengthened by incorporating
\:Rto it a few of Mr. Davison's telling
cas,
‘ The Edge measure proposes many $2,-
000,000 cc‘?mrauon. to finance Europe in
stead of r. Davison's $1,000,000,000; the
former provides for federal supervision
eans federal participation and guarantee,
while the latter asks a 26 per cent par
ticipation with a guarantee that is the
more fortified in that the government's
personal claim is subordinated, Mr,
Edge’s bill challenges further debate be
cause it empowers the federal reserve
l board to revoke as well as to refuse char
ters,
\ In view of some of the recent moves
of the federal reserve board—implicit and
explicit—investors would much prefer to
‘havu the govermment's supervision in tho
persons of the federal reserve board
members. 'The government's supervisory
ability—or disability-——may be good or
bad; it is a contingency. But the gov
ernment’s guarantee is incontestable, and
being so is a standing indemnifeation B |
whatever mistakes of omission or com
migsion the federal reserve board would
make,
In its purport, however, the Edge bill,
with its allowance of numberless cor
porations, is feasible. With some changos
it can be made to do what the Davison
plan could have done, unquestionably,
with one oompreh.ens.ive.corporauon.
Mr. Carranza *has made an admission
that should interest British, American,
French, Duteh and Belgian investors. He
admits “we should be glad to come to
some agreement with our creditors whero
by we should be allowed to resume the
payment of interest on an equitable
basis. We do not wish to promise blindly
terms that we can not fulfill, and hope
to convince our creditors that any- agree
ment must be based on Mexico's actual
yossibilities.”
“On an equitable basis” and “any
agreement must be based on Mexico's
actual possibilities” are Spanish-American
euphemisms for partial repudiations. In
one breath Mr., Csrranza invites Investors
and commerce bodies to ecome to Mexico,
Ship Your Cotton to
THE COTTON WAREHOUSE CO.
COTTON FACTORS
No Embargo On Our Warehouses. For Rates, Write Us.
Office and Salesroom, 25 lvy Street, Atlanta, Ga
Local Phone lvy 3277; Long Distance ”79.
assuring them of rich rewards in a coun
try of boundless resources—and demands
4 compromise on what Mexico n.lr'ld‘
owes,
| This consistency is Indeed a sparkling
Jewel altogether worthy of the pre-emi
nent statesman who wrote Article 27 of
the Mexican Constitution which provides
“in the nation is vested direct ownership
of all selld mineral fuels; petroleum and
1l hydro-t:ubons——wltd, liquid or
} gaseous.”
Under the authority of that article the
statesman who earnestly selicited the
| Mississippl Valley Commerce Association
' and the Chicago Association of Commerta
to put money into Mexico, I 8 m‘klng
petroleum companies pay him “rentals an
royalties” for the privilege of taking oil
from lands that have been in the F“-
sesslon of private owners for nearly oxr
years; were acquired for a price admit
ted to be full value pald by the foreinersg
as the first step creating an enterprise
which benefitted the people of Mexico in
& hundred ways until the advent of Mr,
| Carranza.
|* * 0
. What would tue farmers of Pennsytva
'nia, West Virginia, Oklahoma, Texas and
California, upon whose lands oil has been
developed, think if the people of their
States should adopt constitutions providing
that the oil was public property and in
sist upon collecting the royalty which
the private owners of the'land have here
tofore collected?
~ No people that 13 not so ocongenitally
nominal as to be ingapable of appreciat
ing the moral character of an act would
undertake to perpetrate such a wrong upomn
the owners of private property as the
owners of oil lands; or of lands that yleld
anything from grain to gold; yupon the
owners of any property, from a bank té a
railway,
Carranza is well aware that the hold
ers of Mexican governmet bonds will not
enter into a wholly unnecessary compro
mise. Mexico in proportion to population
—mnot to speak of area-——has the smallest
national debt of any of the world's com-~
monwealths. With a fairly able and
stable government Mexico were one flrm
economic basis within a twelve-month.
But the adventurers who are hasten
ing on the chaos in what was once the
southern republic designedly propose im
possible things that their misrule of
benighted selfishness may continue.
Studebaker Net Running
At Rate of 40 Per Cent
Net profits of the Studebaker Cor
poration, after deducting federal tax
es, are now runnivg about $3,000,000
quarterly, or at the quarterly rate of
10 per cent on the $30,000,000 of com
mon stock, according to a statement
issued by President A. R. Erskme.
Although operations of the company
were not in full swing until April,
net earnings after taxes for the first
‘six months of 1919 exceeded 10 per
cent on the common,
Since July 1 production and sales
show substantial increases in both
automobile and horse-drawn vehicle
divisions.
—————————————— i
Kansas Corn Crop
Placed at 56,500,000 Bus.
BY JOS. F. PRITCHARD,
CHICAGO, Aug. 30.—The State repert
on Kansas corn yesterday showed a prom
ise of only 56,600,000 bushels for the State.
The report causes prices to advance on
the board of trade.
According to Kansas advices, erop de
terioration in that State has been sensa
tional, especially on uplands in the east
ern two-thirds of the Btate. The crop
is past help by rain. In lowland countics
the ecorn is still green and wiil be bene
fitted by rain. e
ORNEDESK
& FIXTURE CO.
83 N. Pryor St. Phone Ivy 1158
DESKS, CHAIRS,'
FILING DEVICES.
Large Stock. Low Prices.
7C