Newspaper Page Text
Following Farly Rise to New High Record for March Cotton Futures, Profit Taking and Weakness in Securities Pull Values Down
sl
AT
’
BETTER DEMAND FOR SPOTS;
Atlanta bank clearings Thursday..... ... ... ...$12,315,616.04
BRI GOY 100 DY oo an hil vk s ievaes REETIOT O
£ RBPOAEE Ty s s s b et weer 008 LR 008,96
VRAE UAY IRBE WOOK .. ... «rsnoare sse mes isve 10,871,201.60
BRI BRE U oo\ oo ox v sir shvinamag e R SEDNINNLY
'
Atlanta cotton statement Thursday:
2 1920. Last Week., 1919, 1918.
Beceipts .. .... .. 867 489 402 1,603
Shipments.. ....., 761 509 533 1,675
BIOONS ..\, .. ... 85708 33,399 23,850 51,748
s* . .
Atlanta Spot cotton Thursday.. ...... wee <os soves -.. 4045cC
DU GAY 1D WONK ... S, iecrersn dae mes mdn suees SRIOB
BT T IR . .o cclo v oo hns pas vs wik ety s srmds TOEIN
DI R IPIE ... oocvoinies sson sk whnidabl s isine TIDS
* . .
By VICTOR BARRON.
In response to firm Liverpool cables, continued trade house buying and
further covering of shorts, the cotton markét exhibited a steady undertone
at the start Thursday, with prices 3 to 14 points higher, Liverpool and ring
prmm———————wn Drofessionals sold after the opening, but a good demand
M}V'; existed from leading trade houses, spot firms and Wall
PPyt B R Street, which, together with covering of shorts, easily
L W absorbed contracts. Following a reaction from the ini
“‘él"“»j tial range of 2to 15, the market quickly developed a
g\,:}’A 8 itronger tone on the unchanged bank rate in England
<“ \nd renewed strength in the stock market. Although
‘ 8.8 some hesitancy was shown among those bullish inclined,
w 7 SR owing to fear that the Federal Reserve Board will raise
e A*‘* the discount rate.
e Demand increased after the end of the first thirty
f;_";;;:;i_:_-: gMI minutes’ trading, carrying March option to a new high
\a‘“ 7.%» record for all time, the spot month at New York rising
%8 m 32 points net higher to 37.89, while the same position at
F R Ncw Orleans advanced 50 points to 38.75. Other posi-
T e o tions at New York rose 25 to 37 points above Wednes
"fi & day’s closing quotations, with May climbing to 35.32,
Hi ol July 32.98, October 30.75 and December 30.20. At these
; B® levels the market exhibited a gain of more than 100
T points from Wednesday’'s low levels, or 300 to 409 points
higher than the low record, recorded February 4 last, when March fell to
33.80, May 81.50, July 29.49,, October 27.62 and’'Deéember 27.20.
Continued large exportis from CGalveston also invited buying, 16,108 bales
being clqared from that port Thursday morning for Great Britain, making
61,633 bales that have been cleared so far this week. Savannah exported
10,208 bales to France. In addition to this, reports of better demand for
gpot cotton in various sections of the belt and continued cold, v?t weather
over the belt held pressure in check. i
CHICAGO, Feb. 26.—Trade in corn
I'&s steady but not large, Locals did
most of the buying, with comfmission
houses buying. The opening was 3-8
lower to 3-8 higher.
Oats had a fairly active, mixed
trade, opening steady to 1-4 higher.
There was a sloy trade in provi
sions, which opened slightly lower.
Corn closed % to 1% cents higher.
Oats closed ¥%-cent higher to I -cent
lower.
Provisions closed lower.
CHICAGO GRAIN MARKET. e
% ' | | 1:30 | Prev.
b Open | High | Low |P.M. | Close _
Corn J |
I Mar, 1.44 1.44 1.43%] 1.43%| oo
May 1.363% | 1.36%| 1.35 I.i§6~‘.k 1.36%
July 1..’:1: 1.313% ) 1.29%} 1.30%| 1.30%
Sept, 1.27 1.27% 1.28% 1,27%‘ 127%
Oats ]
May ‘ 80%| 80%| .TON| .80%| 803
July .727,'1(' 3 8% JT2%] J 72%
Pork | |
May 34.65 [34.65 [34.46 [34.60 [34.65
July [34.25 [34.37 [34.26 [34.37 34.45
Lard |
May 20.95 [20.95 [20.76 [20.75 [20.90
July [21.50 21.50 [21.23 (21.22 |21.50
Ribs
May 18.25 [18.27 [18.20 [18.20 |18.37
July [18.75 1875 [18.73 18.76 [18.35
ST. LOULS CASH GRAIN,
BT. LOUIS, Feb, 26.-—Corn: No, 4, 144
@1.46; No. 3 yellow, 1L48%; No. 3 white,
4150152
Oats—No. 2 white, 90@91; No. I white,
89% @9O.
c—————————
CHSCAGO LIVE STOCK.
CHICAGO, Feb. 26.— Hogs, receipts, 23,-
000. Market mostly 26c higher, Bulk,
14.15@14.85; top, 156.00; heavy weight,
k’(.m’;(au 50; medium weight, 14.40@14 80,
ght weight, 14.65@15.00; light lights,
14.50@14.85; heavy packing Sows, smooth,
12.66@13.40; packing sows, rough, 12.26@
12.60; pigs, 13.50@14.65,
Cattle, receipts, 9,000 Market steady
to strong. Beef steers, medium and heavy
‘welght. 13.756@16.00; cholce and prime,
13.76@16.00; medium and good, 11.20@
13.76; good and choice, 11 60@156.25; com
mon and medium, 8.50@11.60; butcher
cattle, heifers, 6 50@12.75; cows, 6.50@
11.50; bwmils, 7.26@10.76; canners and cut
ters, cows and heifers, 4.75@0.50; can
ner steers, 6.25@7.76; veal calves, light
and- handy weight, 16.00@10.25; feeder
steers, 7.50@11.60; stocker steers, 6.75@
10.26; stecker cows and heifers, 6.70@
9.00; stocker calves, 7.75@11 o 0
Sheep® receipts, 14,000, Market lower,
slow; sheep, stronz.to higher. Lambs,
$4 Ibs. dewn, 17.50@20.65; lambs, culls
and common, 1400@17.26; yearling weth
ers, 16.25@18.76; ewes, 11.25@ 14.50; ewes,
culls and common, 6.00@10.75; feeder
lambs, 16.50@18.00,
CHICAGO CAR ILOTS,
CHICAGO, Feb, 26.~Following are re
eceipts for Thursday:
WHEAL «i.ossasssssnnsonssssnsrsnans 17
OO ocsssessssvsscssssvecoasssesse 113
ONLE covuvassssssssasstscssssssssass RR
FHOBS ccccncnscsnttsssssnessessnseses3ooo
® e ———————————————
|FJORNE DESK
& FIXTURE CO.
A 3 N, Pryor St Phone lv‘ 1158
DESKS, CHAIRS,
FILING DEVICES.
Large Stock. Low Prices.
K
N 4 1L
CAB
VY
R frLe]
THE GEORGIAN'S PAGE AND FINANCIAL NEWS
A sudden selling mbvement, chief
ly profit taking, coupled with the
weakness in securities and 10 per
cent call money, caused practically
the entire gain to be wified out just
before the noon hour, -March (New
York( reacting to 37,63 and May to
35 cents.
The comparativety light offerings
of spot cotton and small certificated
stocks at New York is causing un
easiness among shorts. There is no
indication of weaknes on the part of
‘holders, the upward reaction to 40
cents and better at most points in
‘the belt failing to bring out free of
ferings, Holders realize that with mills
‘enjoying the heavies¢ business inhis
tory at tremendous profits, and that
‘the supply of good spinnable cotton
daily is growing scarcer, that it will
be only a matter of a few weeks be
fore mills, both domestic and for
’oign, will commence to buy freely.
. According to one large spot firm,
about the only argument left to the
bear side i 8 the theory that all mar
kets are in for a decline, and there
seems to be a growing feeling that
cotton is an exception.
“In predicting that cotton must
decline with other ccmmodities,”
sayvs a New York trader, “it is per
haps lost sight of that the countries
most urgently in need of raw cotton
can grow their own potatoes, cereals
‘and other farm foodstuffs, but must
depend upon comparatively limited
sources of supphhfor their cotton.
Therefore, it would seem not at all
'unlikely that cotton may remain
‘steady, or even advance, during the
period other commodities are declin
ing to nearer a pre-war basis.”
~ Some of those recently talking de
cidedly lower prices for raw cotton
have changed their opinions and now
are lined up with the most confident
friends of the market, and predictions
are heard that cotton will sell at
new high records before the new
crop has been planted. However, a
bull campaign at this period of the
season is nothing unusual, and in
most instances the market has been
allowed to rise to attractive prices
in order to stimulate a heavy acre
age. However, Southern Ttotton
planters have received their diplo
mas in this experience and will not
be trapped into overplanting cotton
by -the mere ruling of high prices
during planting season only to see
them fade away limmediately after
the seed have been covered.
With labor searce and commanding
record wages, fertilizer high, all
farming implements bringing record
prices and thé cost of living at un
precedented heights, the South is de
termined to produce bountiful food
and feed crops this season and make
cotton a surplus crop.
CHICAGO PRODiJCI MARKET,
CHICAGO, Feb, 26.-Butter, receipts,
3,019 tubs; creamery extras, 64%; firsts,
:gg:;. standards, 64%; packing stock,
. ui. recoipts, 9,499 cases;: miscella.
neous, 47@49; held firsts, 43@48; firsta,
50%; refrigerator, 20@40; checks, 6@
38; airties, 40@44.
Cheese, Twins, new, 27; dairies, 20% @
30%; Young Amerleas, 30@30%; long
hornas, 32; bricks, 27.
Live poultry, turkeys, 40; chickens, 37;
;grlu-, 34; roosters, 24; geese, 256; ducks,
COPPER DIVIDENDS CUT,
NEW YORK, Feb. 26 --Quarterly divie
dends of the so-called Porphyry copper
companies were materially reduced at the
meetings of the board of directors Wed
nesoay.
Chino Copper outs its digshursement from
75 to 37% cents, Ray Consolidated from
50 to 26 cents, and Nevada Consoelldated
from 37% to 26 cents. Utah Copper, con
trolled by the same interests, maintained
the $1.50 rate of the previous quarter,
In explanation eof the reductions it
was stated that general financial cone
ditions, low production and problems of
taxation make such action conservative,
JACKSONVILLE LIVE STOCK,
Hogs, receipts, medium; rospect|
lower; choice heavy, n.uon.rs; tm&
heavy, 13.00@13.60; rourgh heavy, 12.00@
12.60; lights, 12.00@12.756; hen plgs,
11.00?!1.76; lght pigs, a,noonno.
Cattle receipts light: rrsspects steady;
steors, s.ls(§n.so; 3 uoq;-r 70 ;4
yeariings, 65.60@7.60; veul calves, 1.50@
11.00; canners, 3,50 up.—Willlamson and
Dennis, February 25,
BALDWIN RECEIVES BIG ORDER,
PHILADELPHIA, Feb. 26,~/The Bnld.
win Locomotive Works has received orders
for forty-five locomotives from tha CGreat
Northern Rallway Company, thirty-five
from the Union Paeific and ten from the
6l louws and Southwestern Rallway,
|
NEW YORK, Feb. 26.—Firm cables
and a continuation of yesterday's ac
tive buying by trade interests caused
further advances in some months at
the opening of the cotton market to
day, the initial range being 8 to 14
points higher, March was strong in
view of further covering by shorts
and more liberal sales of the spot
article in the South with only a smali
supply here. Although Liverpool sold
a little here, its offerings were well
absorbed and at the end of the first
thirty minutes the list was firm at an
upturn of 5 to 29 points.
March option rose to 37.80 during
the forenoon—new high record—and
other positions advanced 25 to 87
points, as the result of continued
covering of shorts, trade house buy
ing and demand from spot firms,
May rose to 35.32, July to 32,98 and
October 30.76. Toward the noon
hour the market reacted within sight
of yesterday's close on profit taking
and the break in stocks.
o NEW EOBE OOTTON. . . . |
’ ’ k |l:3o‘ Prev.
e |OpeniHigh| Low|P.M.| Close
March ~ ..|37.65 37.8)’37.40'31.50 37.67-60
i ..‘ns.w 35.32 34.37‘34.:2 34.96-88
July .o ~ ..]32,65/32.98/32.55(32.60/32.61-66
Oct. .. .. ..]30.55/30.75/30.42130.46/30.50
Dec. .. o« ..]/29.98{30.20/29.94(30.05/29.95-98
Jan. .. .. .. |29.75/30.00/29.73]25.82{29.65
NEW_ORLEANS COOTTON,
| , ‘ ‘1:.10} Prey.,
— |Open/High| Low|P.M.| Close
March .. .. [38.50{38.76/38.31/38.51(38.25-35
May .. .. ..|35.65|36.80/36.34/36.57/34.46-51
July ~ .. ..[/33.25/33.45{33.02({33.12{33,12-18
Oct .o .. ../30.57(30.70]30.47(30.56/30.54-568
WO oo 4o aed sansl sinil iasel oo 0 84-00
JaN, sove oo f 00l cnnel oo 00..129.84-40
LIVERPOOYL. COTTON,
Futnres opened quiet.
| ‘2:001 [Prov
4 lOpen|P. M.|Close|Close
February .. .. ../28.19].....129.19/27.8¢
March .. «o o+ ~(27,80({28.04{27.94(27.50
API o, Jo v ov Tee iV i, 187.33]29.08
May .¢ o« oo o 126.80/26.86(26.76/26.48
JURS s vo o s« i108.04F 55 lIN SOOOS D 0
July ~ «¢ oo 0. [35.82|25.64/25.57!25.36
August .. .. .. ~/24.97(25.02]24.97/24.68
Beptember .. oo oo J0i000f..0..124,.30 ld.li
October .. .. .. [23.68/23.71 2%.5923.0
November .. .. .. 123.14{23.22 2..13123.'l
December .... .. 22.86'22.!323.7322.01
.Enua.ry W oo es +.]22.68]22.56/22.46/22.89
L Closed quiet.
NE WYORK CURB STOCKS.
I The market opened irregular
Stocks— Open.
AStNA EXDP ..cccocsccnssnces TX@® 8%
ABglo Am., Ol .iiicisavenses 38 038
Consolidated COPper ......... 4% @ 4
COMER Ol soovioscrstsnsnvess: 3RQ g
POUMER DIl csocicisessnsarces I 8 BIID
Indiana Pete .....cceooooo... 95 @ 98
Inter Pete .......vecocveesvee 56 @ 69
Lehigh Valley Coal ......cOO. x @ B’7
MAEMA ..icousronsnoninsdorss @ 37
BEAPONEE ~ esenssussieravacy $E B
Morrite. Ol ceveeecrsaccessess 12K O 18
Midwest Oil .ccoccecvvecscocs 1&3 2
!r\qlidwe!t Ref. Pulln 150
orth American P ceecens. 5@ 6
Ohio Oil 1..................325 3335%
FEEMe Ol . . civorcnsssnreio il 600
Submarine Boat ............ 12%@ 13%
8. O. New York ..ecvceveess.3B2 @286
8 O Now JerNey ..ccvcovse. 00T Ul9B
|B. 0. California .........100307 @3ll
IS. O. Indiand eevceveccsness .870 @6BO
Union TAnK c..ceccoevsesensslll @ll4
| Vietorls Ol 11, hcsiviinsivey 180 "1
Cons. ATiZON& .esssvessasoses %g
MNIDIIRE ...o0nt8:50 03808500 1D 1
Boston & Wyoming Oil ...... 1% @ 3-16
Glen Rock Ol ...c..cevoooee. 3. @ 3
Island 01l & Transport ...,.. 4%® 6
U 8 Steamship ....vo00000: 280 3
BAPUIPA . ..ecvenccscsscsesese Bl@ 5%
Car Light c.ceciccccsrcsscsess B 0 3%
BraZos ....ecesecsesssncseses 16 @ 20
Balt Oreok ..cevnsenscacescces 49 @ B 0
Allled Ol ..cccccessassscoesse 9-10511-1.
ABPHAIt . .oeccarssrsscnscccss 188 78
' Elk Basln ¢.ocovescostccnesss 8 2 8%
|Gsliland sNsaspthecsienenvenis BB 37
1 INt. Pole ..qevvcvcecqecsecee b @ &
| K@IT lAK® cseccssecacencsenss § 4!
[ MEAPIANG .ecocsvsessvasascase Bl 6
| MCKINIeY oyoevsvscosescoveny 80 65
'gunnslly vasag's Sae 86 bb oy SRae i3D 20
BRAEF Ol o vevspprnssoseapuns SN 5
| Peerless .. ..ccecnssesparecss 40 45
Phillips Pete, ceeccsrevivrnsss 36 ’ 36&
lfl‘mem srssasespsssevnenoihy B 6
!Ske!ly vrravide sAR ARG o 10
Blmms Pote, ccospescascsonese. 38 33%
|Snlt LI soospsssstorsisnve BN 50
BLARLON ...ccvevvennsnsssnnce 1206 %
Santa Cecilla .eoeeessrassense 68 80
Tob. Product® eeccosscccccace 18 19
U 8 BHIP s ossansessssassess 2&3.....
U. B P. Bhar. covsssrssssocese W 2%
DOoNs Ol ..i.conrsbicnnsinm & U B
i ————————-
FINANCIAL BUREAU ON INCfiI
NEW YORK, Feb. 26 —Market sentiment
was confused after the c.ose Wednesday
because of favorable and unfavorable de
velopments but the speculative element
generally continued persistently bearish
and may be expected to make further ef
forts to force lower prices. A good deal
|nf importance 18 attached to statements
in econnection wlthd (fl'ecro!?‘nodl pory‘yi\:lrrl;
| dividends announced after the close. :
who are informed about copper (:%ndltlonl
and about by-products are eonfident re
duced declarations reflect of past condi
tions, and a turn in the copper industry
and its affilintions are close at hand and
the outlook for copper group (s far bete
' ter than indieated by this ficflon.
[ The bear element attachedl specinl im
poriance to the advanee in the disoount
'rate by the New York Federal Reserve
Bank.
1t is suggested that arrangements for
trading in General Motors new stock on
the exchange by which dealings will begin
on Monday Instead of May 1 may I:rll‘
lnbout liquidation in the “new issues.
————————————
GRAIN MARKET OPINIONS,
Ware & Leland: ““The position of many
ghorts may {m-oma troublesome later on,
as the attifude of the country is bull
“Bartiett, Frusler & Co.: “We would
ish.'” g
advise in buying cern on buiges, it will
require a continuation of keen cash de
mand to awaken outside buying power im
oats.”
————————————
New Stock Issue of
Fourth National Bank
of Atlanta
Notlee 18 hereby given that shareholders
of the Fourth National Bank of Munnl
have the right to subscribe for the same
number of shares of the new stock, author
ized by a stockholders’ meeting held Febe |
ruary 24, 1920, as they shall own of the |
existing stock st 2 o'clock p. m, Central
time, on March 4, 1920, us shown by the |
books of sald bank, sald new stock to be
paid for at S2OO per share by stockhold-'
ers or their transferees on or before 3!
n"v-tm-k p. m., Central time, on March 23,
1920
This 24th day of February, 1920.
CHARLES 1. RYAN,
Viee President.
Tiy order of the board of dlirectors
SECURI_TIES SALES CO.
~ INVESTMENT SECURITIES
PHONE Direct wire so our New York Correspondent GRANT BLDG
vv2200 Hayden, Stone & Comparxa ATLANTA
Members of NewYorkASfockr Exchange ___J
New York Stock Market
| ‘ 11:30 ‘Prev.'
STOCKS— |High| Low | P.M.|Close
Allis-Chal, , . ..| 37 36%] 36%) 37
ARG oo o sfovnanferiislessenl 18W
Am, 8. & Com, ~| 20 20 | e
AR B e ) )0 )
e ON e v g
Am, Car Fdry., .(127 [123 (1256 (126
Amy Bt Ol , Jdviisfersnitiisee] $1
Am. Locomeo. . ..| 8914 87 89 87
Am, Smelt. . . .| 59/ 69%] 693 60
Am, Steel Tdr. .| 30%]| 39 3’}2 39
Am. Sug. Ref. . .[12534/124%/125(|124%
Am, Tel. & Tel. .| 98%| 96%| 967%| 96%
fim. Eooleg . 0128 [11634{119 1;!75
m, BB . i liianiliaaealiiiag
ASbo ¥ L R e
m. R vl
A dg‘. bpfd. 8 .Ilfln 95 M%‘;g;
BT o e v obaseideieiiliiess
Am, Sum. Tob, ..| 82 80%! 913 80
.:m. Ivt“’s“. Baiad iRI Ea it sy fi
m, Writ. P iviibisasileiiss
Am. Int. Corp, ..| 89%/| 871%| 87%| 874
Alloy Steel ... .| 43 429 ] 42%] 43
Alßslen Qold o o Joraeslesosslisiesl A%
:;mcfl}‘zdlb e o o o 555 54%| 66%% :;;z
ax üb. . efsevaadieviatoininn
Bald. Locomo. . .xoexlmm 106 [104%
B, & Ohlo . . . .| 34%]| 33%| 34%] 34%
Booth Fish. . . .| 1014 10&] 10} 10 |
Beth. Steel °‘B” .| 837%/[| 81%| 82| 83
RO, 4N 130 N 13
gutte MUPB. « & iJevsssdenasalongas] BE
utte C. & Z. . .| B%| B%| B%| 8%
ga:il; ‘l:et‘r:l. v Slian tehs cuinbi kb oy :11;2;
alif. Pack. . ‘
Gun. 'Pac. . | . .mu,nm’nm 120 ‘
(‘h!&kOMßl’%r' e o | B4Y! G4yl 54N fia
Qolo, T, & T._. I'sl%) 87 °l'3l°") 3nid
C., l]T &fgt. P 8 22%] 23 ng‘rfl
ado. prfad. , o efescacfedaacfoeen 3 i
Chino Copper , .. 32%| 31%| 31%] 33%
‘(}.m (I!,ud: |3; 7_;‘4 z"r '7,;
Deenstiomm. < s '.'Zl aT%| 37| 2T%| 3T%
gnl:clféleusteel PRI 1% lg}:z !;;;2 l:;%
L O vl ! q i
Cuban Cane Sug. .| 40%| 39%| 40| 4034
Central Ledath. . .| 79 6% | TR%| T 7%
Chile Copper . ..!'lB 16 16 16
Chandler Mot. . .[122 [117%!.....]118
CoL QP . =« + ¢« Jisassdirnssbavses] 8538
g:m-&dol-{f’a({(to o alsasesluansuleacies ;:&
1. u o« o elespnileasioleanns 3
Bl ve | ) S ] 1
o. D sl 2 5
Fndicott John , ./108 1105 |IOB 10515
Fisk Rub. . . . .| 3634 34%| 34%] 26
Gen. Cigar Bto. ..f. .o liiioilssaec] 03
Gen. Flec. . . . .]lB7 1157 187 |165
Gen, Motors . .IN! 232141241 (220
Good. Rubber , .| 857! 648 65%| 65
Gt. Nor. pfd. . . .| 7584] 7T6%] 758 ] 754
Gt. Nor. Qre . . .| 3614] 358 ] 3541 34
Gl‘lllcit.' Slmel « .| 60%]| 58 58 :2"
. MCPRI . o Jecscslesssaleiass
Insp. Copper . .. 524 513! 52%| 51%
Ind. Aleohol . . . n‘"& 7!"&‘ RO%! 7’14
Int. Nickel . .. . 5] 20% ] 20%] 203
Int. Harvester . Illsu
w 0 T
Key, B v e
Y,f_ellé Ssnr. Tire .. llzz'lgzzfll;gfi 1;\;“
. . A e P A
Km.d‘& '!"de'. ol 10 ‘ I%!’ 10 ,::z
o D 2 sosliavailiisaxleatss
Kennecott . « o l 2:%‘ 28 ] oriL) 21
Lack, Steel ~ . ..| 170 63 648, 68
Oranges $7 Box;
’
Oranges advanced 25 to 50 cents per
box, wholesale, Thursday, to $6.76 to
$7.00 per box, with receipts extremely
light and demand heavy, despite the stiff
price, This repfresents an advance of
75 cents to $1 per box since last Satur
day and $1.60 to $1.76 since Wednesday
a week ago. Lemons were unchanged at
$7.00 per Dbox. Fancy grapefruit it}
scarce and bringing $4.00 per box.
The market is thoroughly cleaned up on
Florida vegetables, snap beans being
raised $1 per drum Thursday to $5. How
ever, only a few drums were on the
market. Tomatoes advanced 50 cents a
crate to $2.50 to $3.50, depending on
quality.
‘“The recent heavy frost in Florida has
retarded shipments of all !‘nmufla."
sald Mr. Milam of Green an ilam, lo
cal produce dealers. ‘Very little vege
tables are arriving, except Louisiana
bunch vegetables.
Mr. Milam said Indications pointed to
a further advance in oranges, as job
bers are being quoted $6.25 at shipping
point, Florida.
Poultry and eggs were unchanged.
Tflg WEATHER.
WASHINGTON, Feb. 26 —The weather
will be generally fair during the next
thirty-six hours. Jower temperatures will
continue in the East and South.
Forecast by States:
Georgia—Fair, continued ecold tonight;
freezing temperature in extreme wsouth
portion; Friday, fair,
Nort hand South Carolina—Continued
cold tonight and Friday,
Florida—¥air tonight and Friday: con
tinued cold tonight, with killing frost in
north, I:fht to heavy frost in central per
tion, and light frost to the twenty-seventh
parallel,
Extreme Northwest Florida-—Falr, con
tinued cold tonight with kiiling frost;
Friday, falr.
Alabama-—Fair, continued cold tonight;
killing frost in extreme south portion; Fri
day, partly ecloudy and not quite so cold.
Missessippi—Fair, continued cold tonight
with killing frost and freezing tempera
m{; to coast; Friday, falr; not quite so
cold.
Tennessee—Fair, continued cold tonight;
Friday, slowly rising temperature in west
portion,
Louisiana—Fair tonight; freezing tem
perature nearly to coast. Heavy frost on
coast; Friday, fair, warmer. Light south
erly winds.
FINANCIAL NEWS,
The average price of 20 {ndustriais,
:91:!, off 3.00; 20 active rails, 73.14; off
o S 8
Bank rate of England unchanged at 6
per cent.
s oy
Court order permits the Brooklyn Union
Gas Company to charge 97 cents for gas,
STEEL CO.
Wholesale Dealers in Iron, Steel,
Metals and other Waste Mate
rials.
43 to 51 Magnolia St.
Phone Ivy 7057,
Correspondence Solicited.
First-Class Bookkeeper
Must have some banking ex
perience. Apply in own
handwriting and give refer.
ences,
Afllgu, Ga.
H 13:30 Prev,
!TQC:'K!—- High| Low | P.M.[Close
EOO TS . ¢ & o ofovivedonrnalesei.] IR
500 NUIK o o Jiverelesiac]iees J3OON
Maxwell ' Mot. o ofisais]osoas]iioil] 86
Mo. Pac. (new) . .| 28%]| 27 27T%| 27%
Mex. Petroleum ~ .[172 [167 (172 [lB7
Marine . . . . . .| 29% 29 208 20%
do pfd,. . . . .| 8115] 79%( 81 9%
Mid, States Ot , .| 2034| 28 20%%| 28%
Miami Copper .« .| (o] ¢oos] 2000 22
Midvale Steel . ~ .| 44 424 43%| 43%
National Enamel .| 69% | 6615] 69% | 667%
N. Y. Central . . .| To%| 69| 70%| 70
N. Y., N. H. & H. .| 33%]| 32%| 33 | 2294
National Lead . , .| 73%)] 72%) 73%]| 72
Nort, & Woaternt «i| .o.:] il sse,l 80
lNor. Paotfic ..« o] T6%] 76 T 6%( 78
Nev. Con. Copper .| 16 1484 14%] 16
N. Y. Airbrake . .| 95 | 93%/| 056 |O4
‘Oklm P 8 & Ry Lol sckhayiid B
Ohlo Oities Gas . .| 41%/| 407 | 415 415
Pennsylvania ~ ~ .| 423 42 42 | 42y
Plerce-Arrow . . .| 52%| 6503 | 52%| 60
Pressed Steel Car .| 91 88141 90 8814
Pan-Am, Pete, , .| 81%] 77 81 it
Pere Marquette . .| 283;) 283, 28%] 28
Pls ONF .. Al Pk raeit vivl IR
Ray Consolidated .| 19 1781 17%]| 19%
Reading . . . . .| 73% 72%’ 73%| 72
Repub, I. & Bteel | 89% Ma 881, | 8814
Rock Island . . . .| 348 32 3414 33
: a 0 888, A" ru ol vl spvatvasial 1Y
Ry. Steel Springs |9O :0 90 |B9
Royal Dutch (new) |lB% % ":2 96 14
Slosa-Sheffield . .| 6435| 84%| 64 04
Stromberg CArD. « «f seee] sgssl sisol 68
Sou. Pacific ... .| 95 oéa 94%) 031
Sou. Rallway ... .| 23 22 23 22
do pfd. .+« .| 67% 5" 67%| 6614
Studebaker . . . .l 83 | & a 83 | 80%
Bt. L. & San F, , . !!a 22 23| 22y
Sineclair Ofl . . . .| 38%| 37 84| 3744
Stutzs Motor . . . ./112%/108 [112%/108
BA it bl VB PR AN Y
Switt & Co. (Int.) .| ...} «p..] «soo] 388
faxon MOtOr . %« o 0 Lot it 18
Tob, Products . . .| 63%] 625 635/ 64%
Tenin, OOpPOr ..o of g:ssl sapel 5:..1 10
Trans. Cont. Ol . .| 21%| 208 213} 21
Tames O <5 « « (118 DU 8 113
Texas Paelfic . . .| 37 33 34 38 «
United Fruit . , ./180 (180 !1%0 [IBO
Union Pacific . . .[117%[1163%]117%}11614
WOF . . . 2'd il el sanvl IUW
Unit. Food Prod. .| 66%]| 56 b 8 58
U. 8, Rubber . . .| 963} 9% ¥3%| 02%
U. B Bteel ..« .| 93%]| 938 9634 |94
do prd. . . . J110%|110% i110%]110%
Unit. Retail Stores .| 67 641 GML_I 66
Utah Copper . . . .| 70%| 68%/| 70%| 6814
Va.-Car, Chem. . .} 613 6014] 61%] 61%
WORSAN 375 5 4b ) sriel daaid oo} B
do pfa. “A” . .| 28%| 277%| 28%] 29 |
Western Union . .| 86 85 85 88 |
Willys-Overland . .| 238/ 22%] 23%| 23y
Westinghouse . . .| 495] 4934] 4915 493
White Motors . . 53%‘ 50% |6l 5114
Wilson Pkg. €Co. . 0 ...} cooif ..o ]6B %
U. 8. Liberty 3%5. 94.50/94.50/94,50/94.50
do Ist 4s. . . . :0.10 90.20/90.20/80.30
do 2d 4s. . . :189.90/89.90{89.90/89.90
d}, 3d 4%5, . .1’2.5002.50'2.509?.54
Ao st 4%5. . .ln.lolu.xo 91.10/81.39
O M VHR' y £ icak i ....PO.SO
do 4th 4%5, . ./90.50/90.50/90.50'90.64
do 6th 4%e . .lfl.“;l‘l.‘fl‘?.u[.'l.fld
A 0 SR FRE ¢« ol piosl cownd oy, (91,43
Ol Mooty + 5.0 0130 110 110 | DD
e ———————————————
additional 17 ecents must be put i re
gserve fund te pay back overcharge In
case 80 per cent law is upheld. |
FRED W. COLE
FIRE INSURANCE
1014 Atlanta Trust Co., Bldg.
mm——————————
SEMI-ANNUAL STATEMENT
For the six months ending December, 31, 1919, of the condition of the
United States branch of the
teie . .
Norwich Union Fire Insurance Society, Limited
OF NORWICH, ENGLAND, :
Organized under the laws of the Kingdom of Great Pritain, made to the
governor of the State of Georgia in pursuance of the laws of said State.
e Brincipal Office in United States—s 9 John Street, New York City,
. Ay A
. k. CAPITAL STOCK.
None,
1. ASSETS.
3. Stocks and bonds owned absolutely by the company:
PAF TRINE bos st soslseiress e s ccsNIRIVADS L
Market value (CRYTIEA OUL) .0... .o cos sos sae -seee $3,396,688.50
6. Cash belonging to the company deposited in
DO s o i iad Bl e has e e e s BOTETREY
BB Gy B v Sne +ov seten o BSd b IERINDS g
Fotal cash items (carried out)..s oov o e seeee see 51470427
8. Amount of agents’ balances not over three months due .. 742,731.87
9. Amount of interest actually dus and accrued and unpaid 38,3562.19
11. All other assets, both real and persenal, not included here
inbefore: Reinsurance due on paid 10SsSes ... «ee seese 42,616.80
Total assets of the company, actual cash market value.- $4,735,093.13
w. LIABILITIES. 3
1. Losses dua and unpaid W . .cos 0 oo e oo o 0 $98,775.71
2. Gross losses in process of adjustment or in sus- :
pense, including all reported and supposed ’
JONBEB: LkL 45s cais wee Bek sl g 0 K i s BIRADNAS
3, Losses resisted, including Interest, cost and all
other expenses thereon ... ..... se se oo os 27,333.51
4. Total amount of claims for 1085€8.. .. os s - 636,203.25
5. Deduct reinsurance thereon ... ses s oe oo oo 180,085.85
6. Net amount of unpaid losses (earried out) ... ..o oo oes $456,117.40
7. Amount of dividends declared, but not yet due.. .. .. .. (¢)
8. Dividends declared and remaining unpaid or uncalled for (e)
10. The amount of regerve for reinSUrANCO® «.. .. »:s + 2,734,367.07
11. All other claims against the COMPANY «ve ses sos ass soe 150,072,15
ixz. Surplus beyond all Habilities ...v.ve see oea sos soe ssee 1,394,530.61
‘HI. Total HabDilities cco see soe sossssee sae sue sos soe sseas $4,736,093.13
IV. INCOME DURING THE LAST 81X MONTHS OF THE YEAR 1919,
1. Amount of cash premiums received ... ess ses ooe soe $2,195,16108
3. Received for Interest ... ... «cevee soe sos soe sos soe 78,385.67
4. Income received from all other SBOUPCeS ... ... +vv srove 218.75
\ 5. American branches of foreign companies will please report
| amount of remittances from Home Office during the six
} IOBIRE ‘e 4s ve se6 oo 0% REAUSE Shw Son son SO4 Ble 95,114.81
‘ 6. Total Income actually received during the last six months
| 38 BRI i seh o coaes vik aulusidn ave svw ik 2 BRBERERLS)
V. EXPENDITURES DURING THE LAST SIX MONTHS OF THE
L YEAR 1919,
1, Amount of 108868 DAIA ... sc: coise sso ses ses ses sse $827,161.09
' 9, Cash dividends actually pald ..... ..o o 0 soe ses oo (0)
3. Amount of expenses paid, Inclnding foes, salaries and ,
commissions to agents and officers of the company..
4. Paid for State, national and local taxes in this and 758,695.14
Othepr SLAtes ... oo cov sos tovess sasiass toe ssass
5. All other payments and expenditures ... ... ... .ss o 0 28,798.60
6, Ameriean branches of foreign companies will please report
amount sent to Home Offices during the last six
SRS soi sié sae 506 200 BEe swids Bes oiv ses bilie 223,4217.07
Total expenditures during the last six months of the
WAL 0 OBBN o 0 oo coo srtnne SSO sss e s ns $1,548,081.90
Cirentest amount insured In any one risk .. $£75,000.00
Total amount of insurance outstanding .. 0606,125,207.00
(e) Can not be answerad by United States branch, the subject being
entirely within the province of the Home Office,
A copy of the act of incorporation, duly certified, is of file in the
office of the insurance commissioner.
STATE OF NEW YORK-—County of New York:
Parsonally appeared before the undersigned Willilam Hare, who, being
Aduly sworn, deposes and says that he Is the United States manager of the
Norwich Union Fire Insurance Soclety, Limited, and that the foregoing
statement Is correct and true, WILLIAM HARE, U. 8. Manager.
Sworn to and subscribed before me this 24th day of February, 1920,
GEORGE H, WRAY,
Commissioner of Deeds for the State of Georgia.
Name of State Agent--AUG. WILKERSON.
Name of Agent at Atlanta—FßED W, COLE,
‘ !
| '
| ' a—
NEW YORK, Feb. 26.—Although
some stocks suffered declines at the(
opening of the stock market today, |
the list turned strong after the sta<t|
‘and the gains of from fractions to §|
’points were made. l
| Steel common yielded 1-2 to #3 3-4
and then rese tc 94 5-8. L‘u]dwin;
i]mcomntivo was prominent and after |
If:Llling to 104 1-2 rose to 106 1-2. Re
‘public Steél opened 3-8 lower at 88,
but quickly rose to 89 3-4, Crucible
rose 2 1-4 to 194,
General Motors was the strongest|
of the motor shares, jumping 6 points |
to 237. Studebaker rose 1 3-4 to
82 1-2, while Chandler Magtors, after
gelling off to 117 1-2 rose to 120.
American Woolen was active, ad.
vancing 5 7-8 to 122, United States
Rubber rose 3 1-4 to 95 3-4,
Mexican Petroleum rose 3 1-2 to
170 1-2 and Pan-American Petroleum
2 points to 80. Royal Dutch was
nearly 3 points higher at 98 1-2. Some
of the railroad shares were in supply,
Northern Pacifie falling 1 1-2 to
74 1-2, and St. Paul 1 point to 36 3-4.
Southern Pacific fell to 83, but
quickly rose to 94.
The early gains were not main
tained and before the end of the first
hour reactionq were in order. On
the anouncement of an opening call
money rate of 10 per cent, further
selling appeared.
Steel common fell from 95 1-4 to
94 1-2 and Baldwin yielded from 107
to 105 1-4. Republic Steel dropped
1 3-4 from the high to 88 and Cru
cible fell over 4 points to 192 1-2.
Gieneral Motors rose to 238 and
then vyielded to 234 and Mexican Pe
troleum dropped from 171 to 167 3-4.
STOCK MARKET OPINIONS,
Springs & Co.: “We aavise caution in
buying the stocks of the motor com
panies and other manufacturing com
panies which rely to a large extent on
export business to dispose of their prod
uct. i l
Miller & Co.t “It must be borne in
mind that with high money rates likely
to prevail for some time to come, the in
vestment value on returns for capital in
vested will automatically rule the rafl
roads’ price movement. The low priced
rails which have formerly had prosperity
and high earning power are, of course,
the best speculative ventures”™
? l BEARISH SENTIMENT AGAIN '
| By BROADAN WALL.
NEW YORK, Feb. 26.—Stocks closed active and weak at about low
prices Wednesday after a session of great nervousness., Report of the Re
public Iron and Steel Company showing less than $1.60 a share earned for
1919, although it is paying dividends at the rate of $6, naturally caused
much speculation regarding what 6ther independents would show. It is
known that the Lackawanna Steel will make a poor report, and Street
rumor magnified everything. On top of this, there was a meeting of the
,l“ederul Reserve Board at Washington, which was followed by announce
ment that thé Philadelphia and New York Reserve Bank had increased tho
rediseount rate on government certificates from 4% to 5 per cent. Wall
Street insisted that this meant another increase of the commercial redis
count rate. Call money opened at 7 per cent and went to 15 per cent at the
close,
Reduction of the dividends by sev
eral copper companies was In line
with bearish expectations.
In the last few minutes of trading
there were a few hundred shares of
short contracts oovered butthe real
speculative operators were still sell
ing waerever a firm spot could be
found {n the market. These individ
uals, it will be remembered, covered
in the big break two weeks ago and
went long of the market believing
that the railroads were in for a big
rise. When the rails failed to make
any headway these traders suld out
and are now going shcrt of tha mar
ket again. The rublic refuses to buy
because t is afraiidl of anornes trap
like Republic Iror. The important
people have ligquidatid rather freely
and are in no hurry te nuy stocks—
at leart not uncil wsfier DPresident
Wilson signs the r#ilroad bil,
DRAIN ON CASH RESOURCES,
Early in the day it was evident
that money wotild go to higher rates
for it was difficult to secure accomn
modation. The fact that the first
payment of income taxes is dus on
March 15 is making the banks care
ful about lending out their money for
they know there will be a nationwide
drain on cash resources in a weok
or §o. :
Republic Iron and Steel was the
worst performer of the day, bre%
ing more than 9 points from its ¢l
of the previous day and more than
12 points from the high point of the
preceding session. The idea of a
stock selling around 90 that is earn
ing less than 1 1-2 per ¢ent appeals
‘to Wall Street as rather absurd, but,
at the same time traders are afraid
I —
SEMI-ANNUAL STATEMENT
For the six months ending December 31, 1019, of the condition of the
i OF PHILADELPHIA,
Organized under the laws of the State of Pennsylvania, made to the gov~
ernor of the State of Georgia in pursuance of the laws of rfld State.
Principal Office—Third and Walnut Streets. \ " 2
I. CAPITAL STOCK. Sariing
1. Whole amount of capital StOCK. ...ee ses sow Swa oeq 2750,000.00
2. Amount pald UD In CBBH sie cccove oos son vod bus Sed 750,000.00
11. ASSETS, 4“R PP
2. Stoeks-and bonds owned absolutely by the company* | T A
POr VAIOD 04 cos. son svs Beves se e seuIBBUU. TN Tox
Market value -(carried OUL) ..... sss soe oot sss soss SSEBE
5. Cash in the company’s principal office .. .. .. SIOO.OO
6. Cash belonging to the company deposited in .
BRI e dks v sisiniv werds o ae s iR
7. Cash in hands of agents and in course of trans-
SUMBION ahe sae Wik 00 som Soes it siae »# STV NN
TOMAL wow sou 554 bod Soe Besnood e Ml M noB TR 700 TT
Total cash items (carried 0U)... .es eee she sos soo 7%8,760.77
9. Amount of interest actually due and accrued and unpaid 49,353.30
10. Bills receivable, not matured, taken for fire, marine and
e e gSV SR B B R Bl 800.00
11. All other assets, both real and personal, not included here- y
inbefore: Reinsurance recoverablé on paid losses .. .. 2,633.33
————————o
Total assets of the company, actual eash market value., $4,497,809.49
I LIABILITIES. e
1. Losses due and unpaid ... «se saes os as s+ +o $10,830.00
2, Gross losses in process of adjustment or in sus- :
pense, including all reported and supposed
BES .5 s see i g tasaimc sins o IR
3. Losses resisted, including interest, cost and all
other expenses thereon ... ..ccs oo oo ss ss $,977.00
4. Total amount of claims for 1088€8.. .o e oe <+ 613,313.61
5. Deduct relnsurance thereon ..s sece se oe oo oo Tx,lls.ct !
6. Net amount of unpaid logses (carried out) ... cve soe oo $635,200.00
10. The amount of reserve for reinSUraANCe ... «.s cco sos oo 1,572,762.40
11. All other claims against the COMPANY ..v oo sos sos 125,263.46
Reserves for unpdid DIl ..ev.. oo oo oo oo $3,283.48
Reserves for federal and State taxes., .. .. 110,000.00
Reserves for contingent commissions .. .. .. 12,000.00
12. Joint stock eapital actually pald up In cash ..o eve oee 750,000.00
13. Surplus beyond all Habilities ...... ¢es see see soa smae 1,514,593.63
14. TOtal UADIHLION cvo cov sod sos seses sid sos wes vod v v FUARLINEE
IV. INCOME DURING THE LAST SIX MONTHS OF THE YEAR 1919,
1. Amount of cash premiums received ... see ses sos soses $1,351,140.44
$. Rocelved fOr INCOrBAL ..o ses svsyos ard sßsibep soB son 93,454.09
4. Income received from all other sources: Profit on sale of
100BOF SANOLD soo sos ins Buboesnn VR dee Han Ak AE 420.30
6. Total income actually received during the Ilast six 1
MIONLHS N GBMN iiv o sisss ssssveibin sebrais sks sesen . FINNLNEEEE
V. EXPENDITURES DURING THE LAST SIX MONTHS OF THE
\ YEAR 1919,
1. Amount of 100008 DOIA (is sehie svenn Vit Wos Boe o cocatt. SEEIOOO 0
2. Cash dividends Actually Pal@ ..... ceeo6s ses sos as 45,000.00
3. Amount of expenses pald, including fees, salaries and #
commissions to agents and officers of the company .. 446,175.90
4. Pald for State, national and local taxes in this and other !
BUALOR o 0 sus nnn aok bod snovin' 4oy she Gow 00l wis 85,927.72
e il
Total expenditures during the last six months of the ]
YOAD 1 OABN. +.s i9os san asvsss savabe ‘sebavss sue CHUNPIE
Greatest amount insured in any one risk., .. ..$756,000.00 ’
A copy of the act of incorporation, duly certified, is of file in the of=
fice of the ingsurance commigsloner.
STATE OF GEORGIA-—County of Fulton: 4
Personally appeared before the undersigned Robdert N. Hughs, whe,
being duly sworn, doposes and says that he is the manager of the Alfi
Insurance Company, and that the foregoing statement is correct and .
. ROBERT N. HUGHS, Manager.
Sworn to and subscribed before me this 26th day of February, l!fi.
W. U. COTTON, Notary Publie
Name of State Agent-—RICHARD N. CLARK,
Name of Agent at Atlanta~~FßED W, COLE. 4 -
el
to sell it short. The result is that
liquidation continued all day with
very little short selling to help the
technical tone of the stock,
The fact that the Central Leather
report showed that the company is
probably earrying in the neighbor
hood of $25,000,000 of finished ma
terials among its inventories was an
other depressing influence for It
seemed to confirm the charges of
profiteering. The company made 120
per cent more in 1919 than in 1918
but that is not consdered so bad by
Wall Street as is the fact that the
company seems to- bes carrying so
much finished material for which
there is a great demand on the part
of the publie.
Very naturally the opposition of
union labor to the railroad bill caused
some discouragement in the market.
This discouragement was the result
chiefly, of the collapse of the bull
campaign ‘n railroad stocks that
started so bravely a few days ago.
The covering movement has left the
ralls in a weaker condition than ever
and failure of President Wilson to
sign the Cummins bill would find
quick reflection in the stock market.
Cluett-Peabody Net
Equals $25.90 on Common
The annual report of C)mtt‘,:i:q‘t
Co., for the year ended December 31, 1918,
shows net profits after alt oh and
feedral taxes of $5,153,129, equival art
er deduction of preferred dlflfi to
$25.90 a share ufo par value, on
the $18,000,000 common -toethu comn -
pared with net profits of $1,871,162, or
$7.67 a share on the common in the pra
ceding year.