Newspaper Page Text
Following Early Rise to New High Record for March Cotton Futures, Profit Taking and Weakness in Securities Pull Values Down
st
GALYESTON CLEARS 16,000
Atlanta bank clearings Thursday..... see oe. ...$12,315,616.04
\Pe BRI JORD . i Gies doing weemin min o+ BIVLAI.IO
SHMOTORED .|, JJo viv Wi tivam sk move een soo 8 ULEBOS.OA
SIS Gsy WAt WOOK .. oco coocvrcs s mue see JDOTLIGLEO
DS P IRED ..o Gl st bt BB
* . .
Atlanta cotton statement Thursday:
1920. Last Week. 1919, 1018,
Reoeivts .. .... .. 887 489 492 1,603
Phipteents., ...... 761 509 b 33 1,675
Books .. .. . . 00708 33,399 23,850 51,748
' 8 0
Atlanta Spot cotton Thursday.. seeee. wee cce soves --. 40.45¢
B TS I ... ... oviiene e sud G eeias TRIND
B BN IO U o 0 oo o i biain hme habs ohiwen « IO
DY TREE . s siis woii v biiis | ahwncinn monian TN
* . .
By VICTOR BARRON.
In response to firm Liverpool cables, continued trade house buying and
further covering of shorts, the cotton market exhibited a steady undertone
at the start Thursday, wit‘z prices 3 to 14 points higher. Liverpool and ring
TSI professionals sold after the opening, but a good demand
5 R existed from leading trade houses, spot firms and ‘Wall
‘fi £ 8 Street, which, together with covering of shorts, easily
wv) &8 bsorbed contracts. Following a reaction from the ini-
Sfié’%‘}f& i tial range of 2 to 15, the market quickly developed a
1&“"§Av;«v stronger tone on the unchanged bank rate in England
i»"“’ ind renewed strength in the stock market. Although
b Sewes. $% ome hesitancy was shown among those bullish inelined,
L 7 YU owing to fear that the Federal Reserve Board will raise
L =.# he discount rate. _
L e Demand increased after the end of the first thirty
»@,;” iy 8 minutes’ trading, carrying March option to a new high
£ G @ ecord for all time, the spot month at New York rising
S }2 points net higher to 37.89, while the same position at
B, it New Orleans advanced 50 points to 38.75. Other posi
e o tions at New York rose 25 to 37 points above Wednes
b R day’s closing quotations, with May climbing to 35.32,
e # July 32.98, October 30.756 and December 30.20. At these
oL W levels the market exhibited a gain of more than 100
- points from Wednesday's low levels, or 300 to 409 points
higher than the low record, recorded February 4 last, when March fell to
$3.80, May 31.50, July 29.49, October 27.62 and December 27.20.
Continued large exports from Galveston also invited buying, 16,108 bales
being cleared 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. @n addition to this, reports of better demand for
spot cotton in various sections of the belt and continued cold, wet weather
over the belt held pressure in check. : : :
’ —
CHICAGO, Feb. 26.—Trade in corn
was steady but net large. Loeals did
most of the buying, with commission
houses buying. The opening was 3-8
lower to 3-8 higher.
Oats had a falrly 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 ¥ -cent
lower.
Provisions closed lower.
, { | i ‘Pr?v.
Open | High | Low | Close | Close
May 1.36%( 1.37%| 1.36 1.37%| 1.36%
July 1.3‘% 1.8323% ] 1.290%| L 31%) 1.30%
Bept. 1.27%]| 1.28%| 1.26%) 1.38% | 1.27%
May 808 .80%| .79%| .20%%| .80%
July 28] W 73 J2%| 2% .72%
Pork
Mav [34.65 ([34.66 " {3437 (34.56 [(34.65
July J3L35 34.40 [34.26 [34.37 |34.45
Lard
May 20.95 [20.95 |20.60 [20.85 [20.90
July [21.60 [21.50 [21.16 |21.36 (21.50
Ribs
May 18.25 [18.35 [18.15 [18.36 [18.37
July [18.76 [IB.BO [18.60 [IB.BO [18.35
CHICAGO CASH GRAIN.
CHICAGO, Feb. 26.—Wheat, No. 1
northern spring 2.60; No, 3 northern
sprin 2.40,
Corn, No. 3 mixed 146; No. 4
mixed 1.42@1.42 1-2; No. 2 yellow
1.49@1.50 1-2; No. 3 yellow 1.48@
1.50 1-2; No. 3 white 1.50 1-2@1.52;
No. 4 yellow 1.44@1.46,
Oats, No. 2 mixed 85 1-2; No. 2
white 87 1-2@89 1-2; No. 8 white
86 1-2@88; No. 4 white 86 1-4@
86 1-2.
e ———————
CHICAGO PRODUCE MARKET.
CHICAGO, Feb. 26.—Butter, receipts,
$.019 tubs; creamery extras, 64%; firsts,
gg@“; standards, 64%; packing stock,
@ss.
;Igga. receipts, 9,499 cases; miscella
neous, 47@49; held firsts, 43@48; firsts,
60%: refrigerator, 26@40; checks, 35@
88; airties, 40@44.
Cheese, Twins, new, 27; dairies, 20% @
30%; Young Americas, 30@30%; long
horns, 32; bricks, 27, -
Live poultry, turkeys, 40; chickend, 37;
;x‘lrinxs. 34;" roosters, 24; geese, 25; ducks,
JACKSONVILLE LIVE STOCK,
Hogs, receipts, medium; prospects,
lower; cholce heavy, 13.26@13.76; good
heavy, 13.00@13.60; rough heavy, 12,008
12.60; lighta, 12.00@12.76; heavy Dpigs,
11.006011.76; llght pigs, 9609 10.00.
Cattle receipts light ngpects steady;
steers, 5.764011,60; il 5.60@7.00:
yearlings, 6.50@7.60; veoi calves, il.wm
11.00; canners, 3.60 up.~Willlamson and
Dennis, February 25,
——————————————————
& FIXTURE CoO.
13 N. Pryer St., Phone Ivy 1158
DESKS, CHAIRS,
FILING DEVICES.
Large Stock. Low Prices.
"CALL A
YELLOW
ot
o d
THE GEORGIAN'S PAG MARKETS AND FINANCIAL NEWS)
A sudden selling movement, chief
ly profit taking, coupled with the
Zea.kness in securities and 10 per
ent call money, caused practically
the entire gain to be wiped out just
before the noon hour, March (New
York( reacting to 37,68 and May to
35 cents.
The uncertainty of treaty news
from Washington and increased rea
lizing sales depressed the market to
new lows for the day during the late
trading, March reacting to 37.35 and
May 34.81. During the final few
minutes' trading a fresh wave of
covering, due probably to the sharp
rebound in stocks, lifted the list
sharply from the lowest levels, final
prices at New York being 10 points .
higher to 19 points lower. ¢ 5
_Atlanta spot cotton was officially
qiioted 30 points lower at 40.45 cents.
Middling at New Orleans advanced
25 points to 40 1-4 cents, and spou‘
:;t New York dropped 26 points toi‘
9.85.
The comparativety fight 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 heaviese business in hiu-‘
tory at tremendous profits, and that
the supply of geod spinnable cotton
daily ie growing scarcer, that it will
be only a matter of a few weeks be
fore mills, both domestic and for
eign, will commence to buy freely.
According to one large spot firm,
about the only argument left to the
bear side is 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 commodities,”
says 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 supply for 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
erop has been planted. However, a
bull campaign at this period of the
season ¬hlng 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 cotton
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 immediately after
the seed have been covered.
With labor scarce and commanding
record wages, fertilizer high, all
farming implements bringing record
prices and the 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 erop.
CHSCAGO
Cfl!CAOff!‘eb. 2momm 23.-
000, Market mostly 26c higher, Bulk,
u,lsgltsh; top, 16.00; heavy weight,
13.85@14.60; medium weight, 14, 40@14.90;
light weight, 14.86@15.00; light lights,
14.50@14.86; heavy packing sows, smooth,
12.66@13.40; packing sows, rough, 12.26@
12.60; pigs, 13.50¢p14.65,
Cattle, reeeipts, 9,000, Market steady
to strong. Beef steers, medium and heavy
weight, 13,76@16.00; choice and prime,
13.76@16.00; medium and good, 1”1‘15(0
13.76; good and choice, 11.80@15.25; eom«
mon and medium, !50?11,50: butcher
eattie, heifers, G.M?u,'l ; cows, 6.50@
11.50; bulls, 7.26@10.76; eanners and cut
ters, cows and heifers, 4.76@6.50; cane
ner steers, 6.25@07.76; veal calves, light
and handy walght, 15.00416.26; !»zn
stoors, 7.50@P11.60; stoeker steers, 8.75
10.256; stocker cows aund heifers, C.‘:‘lg
§.00; mocker ecalves, 7.76@11.00,
Bheep, receipts, 14,000, Market lswer,
#low; sheep, strong to higher. Lambs,
84 Ibs. down, 17.50@20.66; lambs, culls
and common, 14006 17.25; rm’hn. woth
-3,,.“‘1.1‘Q11.fl: ewu..‘loi.s‘«&lf“so; CWen,
Mambe, 18506 15.00,
NEW YORK, Feb. 26.—Firm cables
and a continuation of yesterday's dc
tive buying by trade interests caused
further advances in some months at
the opening of the cntton market to
day, the initial range being 3 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 weli
absorbed and at the end of the first
thirty minutes the list was firm at an
upturn of 6 to 29 points.
March option rose to 37.80 during
the forenoon—new high record—and
otl.ur positions advanced 25 to 37
points, as the result of continued
g'overing of shorts, trade house buy
ing and demand from spot firms.
May rose to 35,32, July to 82.98 and
October ,30.75. Toward the noon
hour the market reacted within sight
bf yesterday’s close on profit taking
and the break in stocks.
Further profittaking and less op
timism with regard to the peace
treaty news, depressed the market
lower during the afternoon, March
breaking to 37.37 and July to 34.81.
‘Towards the close demand increased
and values worked upward, with the
closing prices 10 points higher to 19
Ipoints lower than yesterday’'s close,
Spot cotton was quoted 25 points
lower at 39.05,
| | Last| | Prev.
_}Qp_on!mghs Low‘ Sale| Close ‘I Closs
Mar. ;38.50}3&75133.31135.‘7 38.66-6738.25-35
May [35.65(35.80/35.30/35.53/85.562-54135.46-51
July 133.25|33.45/32.83/33,0%133.07-10/33.12-16
Oct. 30.67;30.80]30.21131.31 30.35 [30.54-58
Dec. 30.02(30.02(29.6329.61(29.60 |29.84-90
Jan. |29.50/29.50]29.30/29.30|29.00 |29.38-40
Closed steady. .
| NEW YORK COTTON,
} | ; | [Lutll ‘Prfiv.
| |Open{High! Low| Sale| Close | Close _
Mar. 37.65‘37.89!3‘7.35’37‘68!37.67-68!37.5'1-50
‘May ]36.10/35.32/24.81/34.95/34.60-98/34.96-98
July |32.65(32.96/32.40/32.52/32.52-565(22.61:65
Oct. [30.55/30.78/30.17/30.35 30,31-3%30.50
Dec. [29.98/3020(29.73(29.81/29.81 ]29.95-98
Jan, _lzfl!».gs!'{s_.qp‘zs.ss:zs.ss 29.51-55{29.65
Closed steady.
_AMERICAN EXCHANGE,
Following were ruling prices on the
American Cotton and Grain Exchange Ine
Thursday:
’ ' I | IPrev.
Open|High|Low|Close|Close
|Mu~ch e +s +. 137.65137.86137.38(37.68/36.78
May .. . .. [35.0835.35/34.81.34.95/34.94
July .o ee oo ..[32.83132.96132.40(32.50/32.60
O o 5 44 o ..]?.0.50.10.78'3017%031!20.4!
Dec. .. .. .. |29.98]30.20/29.75/2980(30.00
LIVERPOOL COTTON.
Futnres opened qgl:}.
| 12:00 | ‘Prev.
i |oOpen|P. M.|Close|Close
Februaly oo . ..128.18.....]29.19127.04
March .. eoe oo ++]37.85[28.04 27.;4‘27.5!
BIIL o¢ oo on 4o Diionalises R ERTEY 00
MAY .. es ot . |26.80126.8526.76/26.46
TUBO oc oo oo e [EA.R4I. ... 15615000 00
July K o 0 oo 40 (3058 25.64‘25.57?25.20
AUBURE .. .. o 0 0.|24.97]26.02)24.97/24, 68
Beptember .. oo oo Je505:1e0r5.]24.30124.13
| October .. ws .. |33.88123.71)23.59/23.48
November .. .. .. |23.14 23.22123.13/23.01
December .... .. |22.86 52.83{‘!2.73!22.61
Junuary .. .. .. ..|22.6822.55[22.45/22.39
Closed qulet.:
il
SPOT COTTON.
Atlanta Cemmercial Exchange uotes
basis good middling ..........:....40.45¢c
'New York middling ................39.85¢
New Orlean middling (sales 2,007)..40.26¢c
‘sgvnnnah MIAANNE (. ...ovseseoeo 80000
Liverpool good middling ...........32.44d
| Norfolk midAUNE .veccoossssansses.3B.26¢
Augusta middlng «eeiecsovsaanssss 39000
‘Houston middHNE . ....covessnenens 40000
Philadeiphia middling .............;0‘350
Boston MIAAINE . ....occesansssass 30360
| GRATIONtON TIARMAE 020 sssoeobns BELEO
Wilmington midAUDE ....oeeeeeses 38260
Memphis mIGAINE ...ooctsnssensess3Dooo
Bt. Louls mIAAUNE .v.ccesnssnecsasidhboc
Mobile MIAAUNE ...ccoicasnsscscas.39.ooo
Montgomery middling .....ee5e.....38.000
Little Roek middling .....eeesesees.3o.6oo
‘Galveston midAUNE .....cceeessses.4l.6oc
Dallas MIAGHAR: . ccvveescrsscsssassflßbo
NEW YORK SUGAR MARKET,
| Opening. | Closing.
(MAY +v e e ss o« |9.60@9.73(0.R109.85
JUN® .. se se os [9.60@9.8019.70@9.78
JUIY .. e e ee +.|9.60@9.7619.65@9.70
ANKUIt o 0 v ob s ‘: Mnuslo.«o :.cs
September .. .. .. .. 19.60@9,70(9.60@9.65
ee e e
| COTTON SEFD OIL.
’ [4___()[wh"|[_| _Closing.
March .« oo s tlx.ns@u.mnjaals.so
ADFIL co oo se +.18.50010.1019.10019.50
MAy .. os oo o JIRES@IB.SB/19.4R@19.50
JUNE .. ee se +s |1R.60@18.85!19.60@19.76
T . o 0k Immmg-msumo.m
August o o 0 1 19.75m19.99119.60@19.85
September .. .. 119.70@19.90/19.40@19.65
October .. .. .2 “f‘."““"""!fifi!’.!l'_li
“Closed steady; eales 35,800 barrels.
T i
————————
MONEY AND EXCHANGE,
NEW YORK, Fab. 26.—Ca1l money
on the floor of the New York Stork!
Txchange today ruled at 10 per cent:
high, 10 per cent; low, 10 per cent. ‘
Time money was firm. Rates were! ‘
Sixty days, 9 per cent; ninety days, |
9 per cent; four months, 9 per cent: !
five months, 9 per cent; six months,
9 per eent. !
The market for prime mercantile!
maper was strong. |
Call money in London was 4 1-4
per cent,
Sterling exchange was weak, with
husiness in bankers’ bills at 3:36 1.2
for demand.
————————————t———
New Stock Issue of
Fourth National Bank ’
of Atlanta ,
Notiee is hersby given that shareholders |
of the Fourth National Bank of Mlnnu!
have the right to subscribe for the same
number of shares of the new stock, authors |
ized by & stockholders’ meeting held Febe |
ruary 24, 1920, as they shall own of the!
existing stock at 2 o'clock p. m, Central
time, on March 4, 1920, as shown by the
bools of said bank, sald new stock to be
paid for at S2OO per share by stockhold
ers or thelir transfereds on or before t"
o'clock p. m., Central time, on March 23,
1920
This 24th day of February, 1920,
CHARLES L RYAN,
Vies President
By order of the board of directors
.)'@,,..,r;,w,m TV Ree~ OAR PPV R '.\.’Jt
{SECURITIES SALES CO. ,
o INVESTMENT SECURITIES
= | PHONE Direct wire so our New York Correspondent GRANT BLOG £
’ Vv2200 Hayden, Stone & (:omparg ATLANTA B
RS
New York Stock Market ‘
\ -
~ Market closed strong.
Stock sales, 969,600 shares.
i
Bond sales, $12,153,000
A S eS T T
Last Prev.
__!l'oo!(9——- High| Low | Sale }Clou
Allis-Chal. . . ~| 38%]| 363§] 38%] 37
A Biog . vl i desiiod IR
Am, 8. & Oom. ~| 20 20 20 1.....
Am. Beet Bug. . .| 79%]| 78 79%]| 77
Am. Can . . . ~| 4114} 40 4034 39%
Am, Car Fary. ..{127 {123 [126% (126
Am. Cot. 01l , ~| 40%| 40%| 40% | 41
Am. Locomo. , .| 90 87 90 87
Am, Smelt. , , ..] 60%] 69%] 60%] 60
Am. Bteel Fdr. .| 40%| 39 0% 39
Am. Bug. Ref. . .|126%|124%|12634|124%
Am. Tel. & Tel. .| 98%| 96%| 97 067
Am. Woolen , ~|lß2 [116345]121%(116
Am, Linseed . , . SI Kt
A, G. & W. L . .J 142 L 1137 J137%/130%4
Am. H. & L. , ..|] 20%] 19%][ 20%| 20%
do. ptd. , , .[lol%]| 96 99% {lOl
eee o L
Am. Sum. Tob ..| 82 80%| 81%| 80
AR 308 . i« & Dvaiee]iisisligies]l B 8
Am, Writ. Paper .| 40 40 40 41
Am, Int. Cor. ~ .| 89%| 87%]| 89 87%
Alloy Bteel . . ..} 43 42% |43 43
Alnskn Qold o o JJostodiaaseliiocs]l 18
Anaconda . , . .| 55%| 54%| 65%| 55%
Atchison ~ , , ..} 82 81+ |B2 811
A O BB s b 4 Jesseikiioviliscie] B 8
AIAE BRED . o o slasriilugssstiassal 87%
Bald, Locomo. ... 107%[104%[10714]104%
B. & Ohio . . ..| 36%| 33%| 36%| 34%
Booth Fish, . . .| 10%| 1034} 1035] 10
Beth. Bteel "B" 83’& 81| 8331 83
88l oo il 1315 1334 13%
g\mo S . ¢ JdeiiihoiGhi B
utte C. & Z. , .| B%| B%| B%] 8%
CRIE. POtrol. '« oilodenslisdeslianvel . 81%
Cl: 10l ¢ o ilisseslissicelvessl. TAN
Can. Pac. , o « .[121%(119141120%1120
C. & Ohlo . , . .| 65%| 6434| 655%] 83%
SL. & NOM. ¢ o Jijesidiinsidec-osl 830
Colo, F. &L , ..[ 37%]| 87 37 3714
O, M. & Bt. P, .| 390%| 36%]| 39 37
W B & lisiaidia il 188
Chino Copper . .| 33 317%| 33 3%y
CXR 088 ; + 5 1 W 10 171 1Y
Gt Peads . 4 J 10 TT%) 8% 77
CommeClßia .. . ...]l 38 37Ty 38 3T
Crucible SBteel , .|197%[1513%4/196 [191%
el UM ~ . . .l 39| 40%1 39%
Cuban Cane Sugar.| 40% 392 40341 404
Central L. ~ . . .| 79%] 76 79 %
Chile Copper . ..| 18 16 16 9
Chandler Motor .[122 {(117%[122 [llß
GOl B . . . silieraihinienlicicil 5N
Corre-de-Pasoo o of.cccificeec]ioees] 48%
DRI B B o liissrlicasslinssl BN
N . .. L LN NN 1S
do. Ist pfd. .| 22%]| 21%/| 22%| 22%
Endiecott John ~ .{IOB 105 [IOB 1054}
Tiok Rub. . . ~ .1 8¢ 348, 356%! 35
SN CHENr B fiisiilicivelisinel BB
Gen, Klee. . . ~|]lß7 1167 1187 1186
Gen. Motors , , .{244 [232%/242%/230
Good. Rub. . . ..| 67%]| 64%| 67 |65
GL Nor. ptd. . .1 18 75% |7B 6%
Gt. Nor. Ore , ~| 36%] 35%]| 35%| 36
Gulf States St. . .| 60%] 58 69 56
0. OMIEL. . . & JJiisiihiarrh sl BB
Tusp. Copper . . .| 62% stul 5234 | 51
Ind. Aleohol . ..| 80%]| 781! sox!| 78
Int. Nickel . . ..| 20%%] 20%| 20%| 20%
hh. FINPREY . I....deiiil)eil 0008
Int. Paper . . , .| 73%f 70%| 73%) 72
Rey. Tire « + « 3181 31 27 2614
e O Be . . . ] IKI AN 17%
Kelly Bpr. Tire , . 110& 108% 1110141107
B P . . sl 18 18%] 16 17%
Kan, & Texas , .| 10 %] 10 9%
Wodiiep————————— i ———
’ NEW YORK CURB STOCKS,
- _The market opened iregular and closed
irregular.
‘ Stocks. O,rened. Closed.
Aetna Exp. .... T%® 8% 'l!ss 8
Anglo Am. Oil,, 25 @ 26 25 26
Cons. Copper .. 44 @ 4% 4%8 5
Cosden Ofl .... S @ 8% 8y 814
Houston Oil ... 80 @IOO 92 @lO2
Indiana Pipe .. 95 @ 98 85 @ 93
Inter Pete ..... 56 859 60 g 62
Magma ....... 3% 37 34 38
Leh. Val. Coal. 82 @ §7 82 @ 87
Marconi ....... 4%@ 6 4% @ 65
fierrhl o .., 12% 18 11&3 18
idwest Ol .. 1% 2 1 2
Midwest Ref. ..147 150 150 @162
‘North Am. Pulp %@ 6% %@ 5%
Ohlo Oil ......328 336 826 @325
Prairie Oil .690 600 792 8302
Sub. Boat . . 12% 13% 12% 14
£ O N ¥ O 385 183 @lB6
8.0. N 3 . .617 @O3 700 @706
8, 0. Cal. ~,387 @3ll 308 gsu
B Q Igd. , D @OBO 872@682
Union Tank ~111 @ll4 112 @ll6
Victoria Oil .. I%@ 1% 1% 1%
Cons. Ariz. . «. %@ % iy %
Nipissing . .. 10% @ 11 10% @ 11
B. & Wy. 011, I%@ 3-18 1% @ 3-160
Glen R.Oil . . 3 @ 3% 3 @ 3‘;’2
in O& T o lgfl 5% d%@ 6
% EE .. D 0 2 2Hh@ 3
Bapulpa . . « «» BU®@ 6% 5@ 5%
Car Light .. « 3% @ 2% 2% 2%
Boons Ol o sesssescccicnse 41 4%
Brazos . . . il @2O 15 '@ 20
Balt Creek . .. 49 @ 650 50
Alll;d|0|l ....-..............‘,‘;{.‘l 1;'-“
Aphalt . ...ccivevncnicncnnns
fi'lk BRASIN .occcavnssecsanions = Y
QIHNENA . coocoinsccascovance 38 @ 3T
Int. Pel® .i.vsssseccccccnees § B 8
Bare LARS ..ootsosvssccasnse § &
Martand ..sosbsescsscrsnvees 3%
MoKlnle? sosssarssiserensess §0 65
NOUNMIY cisivssaicsssisnsese 39 B 9
OMAr O sseossnasssscsnsses %O §
PeOTIONS . ..ccuscecessssesecs 0. @ 45
PHIIDS POt ..icovcnccncsces 38 @ 38Y
BIEBEE . . cisssiasnransasniss BUAD BN
BRONY ..covcessansvsosncsses ia 10
Bimms Pete, ...ccoevvsvevcess 33 33%
Balt Creek .cvcoeeccccccseses 49 50
BIAREDN ...oicvoasccnserbsnss z-u. %
Banta CecfliA ...vvevevnecness 68 @ 80
PN Profiigld csevesvsssonses 18 B 19
U B BhilD civoveonvsenssssnss !!&2.....
U.B P.BhaP. ..oovosesiseses 3% !n
BOURs OF . .civconssnirennes B 8
o —————
DECLARES DIVIDEND.
The British American Tobaecco
Company has declared an interim
dividend of 6 per cent free of in
come tax payable March 3L -
ST. LOTTIS CARH GRAIN, |
ST. LOUIS, Feb. 26.~C0rn: No, 4, 1.44
@1.46; No. 3 yellow, 1.48%; No. 3 white,
1.50@1.53, \ |
Oats—No. 2 white, 80@091; No. 3 white,
89% @9O, ‘
STEEL CO.
Wholesale Dealers In Iron, Steel, ||
Metals and other Waste Mate- ||
rials.
43 to 51 Magnolla St
Phone lvy 7057,
Correspondence Solicited.
Must have some banking ex.
perience. Apply in own
handwriting and give refer.
ences.
J. H. HILSMAN & CO.
Atlanta, Ga.
g ‘ ’ Last |Prev.
‘ STOCKS-— High| Low | Bale [Close
} 80 PP s Jiidesai)iiiis] 24
Kennecott . . ..| 28%| 28 28| 2814
Lack. Bteel . ~ .| 70 63 65%| 68
glemth Valley . .| 45%] 45 46%]. 0000
08 TH® . v s Jesessiveisilicri 890
Lo & NaBR. « o Joorveofoaansfioei[loo%
Mex. Motor® . «Jiiiiodeseve)icess] 36
Mo, Pac, (new) , .| 2814| 27 2914 29%
Mex, Petroleum . .]17214]167 [l7O |167
Marine . . . « . .| 30%][ 29 30%| 2914
do pfd. . . . .| 82| 79%| R 2%) 794
Mid, Btates Oil ~ .| 29%| 28 N 28%
M?m OUNEEE & ) aird ai ] Ll R
Midvale Steel . .| 44 | 4234 43%| 43 %
National Enamel .| 69%| 66%| 69| 66%
RY S du St 2 8
L L. E R . 4 4] 22
National Leu:. woe) snunl wave % 72%
Norf, & Western +.| ....l ....f ....| 90
Nor. Pacific . . + .] 786%] 76 T6%4) 78
N. Y., Ont. & Wast. | 19%]| 198 %! ...
Nev. Con, Copper .| 15 168 ] 168 15
N. Y. Airbrake . .| 96 93%| 96 94
Okia. Pre. & RY. ) coss] cooe] 3020 B
Ohio Cities Gas , . Cla 40%| 41%] 41%
Pennsylvania . . .| 42 42 43%] 42%
Pierce-Arrow ~ . .| 63 50%| 53 50
Pressed Steel Car .| 91%] 8814( 913 | 88%
Pittsburg Coal . .| 643 64%| 643 ....
Pan-Am. Pete. . . Sln 7 8081 77
Pere Marquette ~| 28 283 ) 28%]) 28
Plarts O o 5 of sioc il axiil 38
Ray Consolidated .| 19 17%) 17%) 19%
Reading « . . . .| 7T6%| 781 7522 72
Repub. I & Steel .| 89%] §6l4| 8% 8814
Rock Island . . . .| 365) 32%] 36%%) 33
a 0 Pl A" . baii] ] sl IR
Ry. Steel Springs 90 90 90 89
Royal Dutch (new) |99 97| 98%| 961,
Bloss-Sheffield , .| 6434] 6414 6435| 64
Stromberg Carb, . .| §7 57 67 56
Sou. Pacific . . .| 95% ’lzz 95& 931
Sou. Rallway . . .| 23%| 22 231 22
do pfd, . « « .| B7TH] 561 l 6T7%] 66%
Studebaker . . . .| 83 80%| 83 803,
Bt. I, & Sanh F, ~| 24 20% ) 28% 22:2
Sinclair Ol .., .| 38 37 | 38%! 37
Stuts Motor . . . .lllfi% 108 {112%]108
B AT, . ' Rl N Nl 8%
Swift & Co. (Int) 1 Skl vean] vessl BB
Baxon -Motor . . o b iiill aaii] sis] 18
Tob. Products . .| 64%| 62%| 64%| 64%
Tean, Copper . . é..ql ::es] 2001 20
Trans, Cont. Ot ~ .| 21%/| 20%| 21%/| 21
Panae O . s & 3772 171 NPI 1118
Texas Pacifie . . .| J6%] 33 26| 33
United Fruit ~ . .[IBO |IBO (180 1180
Union Pacifie . .[119%[116% lltfl.llfi&
ORlsn OW . v o] seitbicnasd 1403] 89
Unit. ¥ood Prod. .| 67 b 6 % 67}2 56
U. 8. Rubber ~ . .| 96%4) 92%| 95 9214
U. 8 Bteel . . . .| 95%] 93%] 95%] 944
do pfd. . . . (110%[110%{110%{110%
nit. Retail Stores |67 641,) 66%] 65%
Utah Copper . . .| 70%/| 68%/| 70%] 68%
Va.-Car, Chem. . .| 61%a| 60%] 61%/] 6134
Wabash . . . . . . !n 9% 081 9%
do pfd. "A” ..| 29 27%| 29| 28
Western Union , .| 85 88 85 85
Ww:;-flvarllnd oof 24%/| 22%( 24 23y
Westinghouse .. .| 60 49151 650 0'52
White Motors .. .| 53%] 60%| 61 619,
et e A e et
U. 8. Liberty 3%s ;0.60 |1.50’04.50 94.50
do Ist 48, . . .|90.20{90.20/90.20(90.30
do 24 4s, . . .|89.90 u.oo{n.:o 89.90
do 34 4%a . .[192.50(92.50192.60/92.54
do Ist 4%5. . .]91.10{91.1091.10{91.32
do 24 4%s . o ... ....1....:0.50
do 4th 4%8. , .[/90.50/90.50190.50100.64
do 6th 4;& S 07.50‘".“'97.50 97.64
donntna . Fivd v ot n
FRED W. COLE
FIRE INSURANCE |
SEMI-ANNUAL STATEMENT ' : :
For the six months ending December, 31, 1919, of the condition of the
United States branch of the
.
‘Norwich Union Fire Insurance Society, Limited
OF NORWICH, ENGLAND,
Organized under the laws of the Kingdom of Great Britnini made to the
governor of the State of Georgia in pursuance of the laws of sald State.
rl?flm:lx)o.l Office in United States—s 9 John Street, New York City,
N X
1. CAPITAL STOCK.
N : -
1. ASSETS. o
8. Stocks and bonds owned absolutely by the company:
Par TRO i ib ios sse sevan s se 1s iRO FEL 10000
Market value (carrled OUL) ..... .us cos ses cae covss $3,396,688.50
6. Cash belonging to the company deposited in
DANK so¢ oos o 0 sos sos ssvea s os ver-$514,704.27
WOUEE pos von sev oo bbs aubie e we e < BBRGTREAY :
Total eash items (carried ouUt).os sev o ses coaee v 514,704.27
8. Amount of agents’' balances not over three months due .. 742,731.37
9. Amount of interest actually due andq accrued and unpaid 38,852.19
11. All other assets, both real and personal, not included here
inbefore: Reinsurance due on pald losses ... ... «.ios 42,616.80
Total assets of the company, actual cash market value, $4,735,093.13
# 1. LIABILITIES,
1. Lossés Quo and UnDald ... . csee o -0 we oo o 0 $98,775.71
2. Gross losses in process of adjustment or in sus
pense, inecluding all reported and supposed
PO il Lis iis e BN ks 1k 1 o BIDAD
3. Losses resisted, including interest, cost and all
other expenses thereon ... ..... ss +s oo +o 27,833.51
4. Total amount of claims for 1088€8.. .. «¢ +« «. 636,203.35
5. Deduct reinsurance tßereon ... «.. ss os oo oo 180,085 85
6. Net amount of unpaid losses (earried out) ... ... ... ... $466,117.40
7. Amount of dividends declared, but not yet due.. .. .. .. (@)
| 8. Dividends declared and remaining unpaid or uncalled for (e)
'lO. The amount of resaerve for reinsurance ... ... ... « 2,734,36797
11 Al other clalms against the COMPANY ... Jes see see sos 150,072.15
im Surplus beyond all uumuuu........ sss 5o oo sos hess 1,304,535.61
14. Total NaDlMtles oo sev voe senvovnn vos sar ton san wiinn $4,735,093.18
IV. INCOME DURING THE LAST BIX MONTHS OF THE YEAR 1019,
1. Amount of cash premiums received ... ..s sss ose’ oos $2,195,161.98
8. Recelved for INtOTeSt ... sss ssvsee sss sss sén sns 408 78,365.07
4. Income received from all other BOUrCeS ... ... ces 4sves 218,76
5. American brancheg of foreign companies will please report
amount of remittances from Home Office during the six
EOONEDE o 0 56 ans sse ben KEbEee H4s shu nen San s 95,114.81
6. Total income actually received during the last six months o
55 BRI (i oii b teirhves ihginats ese e a 4 o DRNE DOER
V. EXPENDITURES DURING THE LAST SIX MONTHS OF THE
YEAR 1919,
1. Amount of 100908 PAIA ..o ssv secin s4O soe sos ses e $827,161.09
2. Cash dividends actually pald ..... ..o o 0 cos +vs oo (@)
8. Amount of expenses pald, including foes, salaries and
commissions to agents and officers of the company..
4. Paid for State, national and local taxes in this and 758,605.14
| LS DIMBRINE . 4o vav Vs sh6iis 3ar 100,500 sssmk
5. All other payments and expenditures ... ... ... ... . 28,798.60
6. American branches of foreign eompanies will please report
| amount sent to Home Offices during the last six
| MONLRE sov .5 soe 2590 sos 600 Basde sos sss sss ssse 233,427.07
Total expenditures during the iast six months of the
YORP IN OBBN .os vio coe sevnne sse s sss ees ss $1,048,081.90
Greategt amount Ingured in any one visk .. $£75,000,00 :
Total amount of insurance outstanding .. 606,125,207.00
(6) Can not be answered by United States branch, the subject being
entiraly 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,
BTATE OF NEW YORK--County of New York:
Personally appeared before the undersigned Wjlliam fim. who, baing
Auly sworn, deposes and says that he iy the United States manager of the
Norwich Union Fire Insurance Soclety, Timitsd, 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,
v 4 ot & Shaun AWORGE H, WRAY,
omminsioner o esdn for the State of Geor
Name of State Agent—AUG, WILKERSON, e
Name of Agent at Atlanta—FßED W, COLE
. NEW YORK, Feb, 20.—Frnest A. Fair
'child has soid his seat on the New York
Btock Exchange for $96,000, The previous
transfer of a seat was at $93,000.
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.
Steel common ylelded 1-2 to 93 3-4
and then reose tc 94 5-8. Baldwin
Locomotive was prominent and after
falling to 104 1-2 rose to 106 1-2. Re
public Steel opened 3-8 lower at 88,
but quickly rose to 89 3-4. Crucible
rose 2 1-4 to 194,
The early gains were not main
tained and before the end of the first
hour reactions were in order. On
the anouncement of an opening call
money rate of 10 per cent, further
selling appeared.
Steel common fell from 985 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.
General Motors rose to 238 and
then yielded to 234 and Mexican Pe
troleum dropped from 171 to 167 3-4.
The rails were active in the final
trading. Baltimore and Ohio rose 2
points from the low to 36, and Read
ing over 2 points to 75 1-8. Steel
common held around its closing of
95 3-8. General Motors reacted 8
points from the higher to 241. Pan-
American Petroleum, after selling
up to above 81, dropped to 80 1-2 at
the finish. Mexican Petroleum
closed at 170 3-4; Southern Pacific
95 8-4: Baldwin Locomotive 107 1-4;
Republic Steel 88 1-2; United States
Rubber 45 and American Woolen
120 7-8.
The market closed strong; gov
ernment bonds unchanged; railway
and other bonds strong.
METAL MARKET.
NEW YORK, ¥eb. 26—Copper
quiet; spot, Februar yand March of
fered 19 1-4; April offered 19 3-4;
May and June offered 19 1-2.
Lead firm; spot, February and
March offered 9 3-8,
Spelter easy; spot, February,
March, April, May and June B.Bo'@
8.95. .
BEARISH SENTIMENT AGAIN
DOMINATES STOCK MARKET
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 $1.50 a share earned for
1919, although it is paying dividends at the rate of $6, naturally caused
mueh speculation regarding what other 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 tha
’Federal Reserve Board at Washington, which was followed by announce
‘ment that the Philadelphia and New York Reserve Bank had increased the
rediscount 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 covered but the real
speculative operators were still sell
ing waerever a firm spot could be
found in the market. These individ
uals, it will be remembered, covered
in the big break two weeks ago and
went long of the mnarket belleving
that the railroads were in for a big
rige. When the rails failed t> make
any headway these traders =.ld out
and are now going sncrt of tha mar
ket again, The jublic refuses to buy
because t is afrail ot anoMe:s trap
like Republic Jron, The fimportant
peopie have liquidat.d rathier freely
and are in no hurry to nuy stocks—
at leart not uncil wafter D resident
Wilson signs the railrcad bil,
DRAIN ON CASH RESOURCES.
Barly in the day it was evident
that money would 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 16 is making the banks care
ful about lending out their money sos
they know there will be a nationwide
drain on cash resources in a week
or so,
Republic Iron and Steel was the
worst performer of the day, break
ing more than 9 points from its close
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 ceént appeals
to Wall Street as rather absurd, but,
‘at the same time traders are afraid
SEMI-ANNUAL STATEMENT
For the six months ending December 31, i 919, of the condition of the
Alliance Insurance Company
OF PHILADELPHIA, :
Organized under the laws of the State of Pennsylvania, made to the gove
ernor of the State of Georgia in pursuance of the laws of sald State,
Principal Office—Third and Walnut Streets. .
I. CAPITAL STOCK. by
1. Whole amount of capital BtOCK. ..cee s oos som oo $750,000.00
3. Amount DAI UD In ORED wie secose 508 sos soe ma see TR
- il. ASSETS, £
3. Stocks and bonds owned absolutely by the company: .
PP VBINO ok ois sbo ivi unans 2 1 s D
Market value (carried OUt) ..... see see see oon 000. $5,666,262.00
6. Cash in the company’'s principal office .. .. .. SIOO.OO .
6. Cash belonging to the company deposited in ¢ .
BOIIE .ol ci% ian ies ssi keeas sr B ir i
7. Cash in hands of agents and In course of trans- 3
TRINBION Foo eos con 253 see seoa oo am os o 0 SLENTDS -
WO s it sow no Ul s enen w 5 e S TTIRINRYS -
Total cash Items (carried oUt) ... see .1y see wes .o 788,760.97
9. Amount of interest actually due and accrued and unpaid 49,353.39
10. Bills receivable; not matured, taken for fire, marine and 4 .
AT PIOKE oo oo iov enn siialE Sns ke Railine ie 800.00
11. All other assets, both real and personal, not included here
inbefore: Reinsurance recoverable on paid losses .. .. 2,633.33
Total assets of the company, actual eash market value, $4,197,809.49
< HI LIABILITIES,
1. Tosses Que and ÜBDAIA . ... cois oo 5o se 50 52055000
2, Gross losses in process of adjustment or in sus
pense, including all reported and supposed ‘
BN i, i v b e e A 4
8. Losses resisted, including Interest, cost and all
other expenses thereon ... ..sse ss +ss 59 oo 8977.00
4. Total amount of clalms for 1088eS.. .o .o o+, .+ 613,313.61
5. Deduct reinsurance thereon ... +.c.s se oo oo o« 18,113.61
6. Net amount of unpaid losses (carried out) ... vee ses cos 458!.800.“
10. The amount of reserve for reinSUrANCe ... ..y +os vee oo 1572,768.40
11 All other clalms against the COMPANY eee see ses oos 125,263.46
Reserves for unpaid bllls ...c.. .+ oo oo oo $3,263.48
Reserves for federal and State taxes,, .. .. 110.000.00
Reserves for contingent commissions .. .. .. 12,000.00 .
12. Joint stock capital actually paid up in cash’ ... ... oos T 50,000.00
18, Surplus beyond all Habilities ..cces sso 4ed son soe sones L 514.005.08
- o e et ®
14 TO[B‘ TN .o o 6 6siivin D .‘."1.'“:“
IV, INCOME DURING THE LAST SIX MONTHS OF THE YEAR 1918,
1. Amount of cash premiums recelved ... soe soe sos seees $1,851,140.44
S Rotolved 10F IBIOIONE i cis sincis svs 506 556 ssn he 93,454.09
4. Income recelved from all other sources: Profit on sale of
IGEEE AUIREE oos sss ous hrissens sun Wbk Wk nil i 420.30
P
6. Total income actually received during the last six
DIONLHE 10 CRAD .cv o inine soveni sim Heh ans oo 2iaeh TR
V. EXPENDITURES DURING THE LAST SIX MONTHS OF THE
. YEAR 1919,
1, AMOount of 108868 PAIA ... vs lioe sss ae sue we ookt LS
2. Cagh . dividends actually PRIG ....o sss see ass sus o 45,006,00
8. Amount of expenses pald, including fees, salaries and
commis«ions to agents and o/'ficers of the company .. 446,175.90
4. Paid for State, national and local taxes in this and othee
BUAIIS oo ois 265 405 sis Soione She Bis MGk voi S $5,927.13
e st )
Total expenditures during the last six months of the :
YORP 17 OBMN (uo sve e sesuns o soh weh svs wss WU
Greatest amount insured In any one risk.. .. ..$75,000.00 1
A copy of the act of incorporation, duly certified, is of file in the ofs
fice of the insurance commissioner, 0
BTATE OF GEORGIA-~County of Multon:
Personally appeared before the undersigned Robert N, Hm
being duly sworn, deposes and says that he is the manager of the »
Insurance Company, and that the foregoing statement is correct and true,
ROBERT N. HUGHS, Manager,
Sworn to and subscribed before me thisz 26th day of February, 1920,
w. U COTTO’ Notary Publie.
Name of Etate Agent—RICHARD N. CLARK, } i
Name of Agent at Atlanta-—-FRED W, COLE 7/ s
W}j“ |
i
to sell 1t gshort. 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 Cefitral Leather
report showed that the company is
probably carrying 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 be 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 raiflroad stocks that
started so bravely a few days ago.
The covering movement has left the
rails in a weaker condition than ever
and failure of President Wilson to
sign the Cummins bill would find
quick reflection in the stock market.
NAVAL STORES.
SAVANNAH, Ga., Feb, 26.~Mar
ket firm; regulars 192; sales 150.
Rosin, market firm; W, W, 18.25; W,
G. 17.90@18.00; N 17.70@117.75; %
17.60; K 17.15@17.25; 1 17.00;
16.90@16.95; G 16.80@16.90; F 16.70
@16.90; E 16.75@16.80; D 16.70@
16.80; B 16.00@16.10. Salas 523,
Receipts: Spirits 27; rosin 48,
Shipments: Spirits 89; rosin 127,
Stocks: Spirits 7,097; rosin 32,663,