Below is the OCR text representation for this newspapers page.

THE ATLANTA GEORGIAN. TYFnsnfiDAT, arnr*T i. w*. 11 EDITED BY JOSEPH B. LIVELY! THE GEORGIAN’S RECORD OF MARKETS AND FINANCE )1= Ively'a 25 yenri* experience dltlng markets In Atlnnta and , South has made him a rec- ) ogulzed authority la his specialty. [ONE VERY QUIET AT THE OPENING t Business Checked By Near Approach of Government Condition Report. CABLES WERE BETTER Sales of Spot in Liverpool Larger Than for Some Time. By rrirate Leased Wire. Now York, August 1.—Business at the opening of the cotton market * was very quiet, being checked by the approach of the, publication of tho government condi tion report. The cables were better than due, and the sales of the spot article in Liverpool were larger than they have been for some time. 8POT COTTON MARKET. new lorn, su contract, 5,600. New Orleans, steady at 10#c, Liverpool, dull at 5,98d. Augusta, quiet at 11c. Savannah, quiet at 10 9-16c. Ht. Louis, quiet at 10%e. ‘ aulet at ■ ~ I ___ wton, steady at m Baltimore, nominal at : Mobile, dull at 10#c. LIVERPOOL. COTTON MARKET. Liverpool, August 1. 12:15 p. m.—Cotton, spot demand Increased, with prices steady; middling uplands 5.9Sd; sales 8,000: Ameri can 6.600; speculation and export 1,000; re ceipts 4,0o0; American, none. Futures opened quiet. YBSf Adjust.. .. .. August-Sept. 8ept,-Oct. . . Range. ..5.72-5.72 .5.65 Oct.-Nor. Nov.-Dee. Dec*.-Jan, Jan.-Feb. ..5.60 ..5.66 . .6.56 . .6.66 Feb.-March. , Mnrch-April. Anrtl-Mny.. .. Previous Close. Close. 6.715.72 5.72 6.64-6.65 5.64 5.60- 5.61 6.59 6.66-5.67 6.55 5.66 5.54-6.55 5.56 6.54-6.65 5.67 5.65-5.66 6.68-5£9 6.57-6.58 6.60- 5.61 5.69-5.60 6.61- 5.62 5.60-6.61 NEWS AND GOSSIP Of the Fleecy Staple. Trlrnte Wire to Olbert & Clay. Miss Giles' report expected st noon to day. Dick Bros. & Co. say: “The attitude of the market Is a waiting one. It has de veloped such rigidity that it is not likely — more than a few points either way A condition of about Carpenter, Baggott A Co. soy; “While the sentiment on tho floor Is predominately bearish, they And It ImiHtsslbie to hammer prices. The opinion Is popular that an ad* vance of 20 to 80 points would be most ac ceptable to even the most bearish and with little resistance.'* The Journal of Commerce makes the con dition of cotton 81.7, against 82.7 last month. grassing aud sappy results. Weed, though small, Is "*•' ' *' complaints of shedding. Cotton will ■Hat late. New Orleans, Aug. 1.—Liverpool 1 to 2 higher Is a shade better than expected. Was due unchanged to 1 higher. I Frank Ilayne says In an interview of the July deal: “That it was a liquidation, and I no corner was attempted; that s long in terest well over 30,000 bales existed, and that over two-thirds of it was liquidated lat over 11c toward the close of the month. The pool was short and made a handsome >flt In covering. They accepted about 10,4 bales only on contracts." Improvement of Good Frac tion to Full Point Scored. STOCKS MORE'ACTIVE Than Rise More General Any Prvious Stage of Up ward Movement. Private Wire to Ware & Lcland. New York, Aug. 1—Liverpool futures pened quiet, 1 up. At 12:15 p. m., un ..lunged to 1 up, dull. Hales 4,000. Spoti 1 down, 5.96d. Futures due to come un changed to 1 up. Tho New York cotton market opened quiet and steady; prices unchanged. Com mission house business practically at a standstill. Even, local operators don't seem .u-i new cotton at ner of Itenrlah comment. Last jrenr this ago, the big crop, It got 81; three years ago, none. Shiner, Tex., wires: “Cotton opening fast i this section. Up to Inst Hnturdny 74 _jiles were ginned. Town Is full of farmers after pickers." creases and brokers now look to set? no change either way. The' movement of new cotton In Teyns Is getting to 1m» an linpor- TODAY’S PORT RECEIPT8. The following table shows receipts at the ports today, compared with the same day last year: INTERIOR MOVEMENT. The following table shows receipts at the Interior towns, compared with the same day last year: \ Houston. .. Augusta. . . Memphis. , Ht. taute. . Cincinnati. Total. QIBERT A CLAY’S DAILY COTTON LETTER B luing one point In the net result, while e reported Increased Inquiry for spot cot- r so ego has resulted In sales to- t reported Increased .,.i a day or so ago he — . lay of 8,000 I Miles at the loss of a point. The local market was entirely featureless, The net stock of cotton In New Orleans Is 28,118 bales, against 45,208 at this time last year. Amount on shipboard 4,672 bales, against 9,763 last year. Cables ore favorable. They were due 1 and 2 down on New Orlenns and unchanged to V up on New York. Official cables re port a better spot demand. The weather map Is favorable. lit It looks as though Hutton k Co. were trying to sell some cotton. This Js the Arm Miss Giles Is employed by, and their sidling may be In anticipation of the re port, but Wilson took the cotton. The locals were disposed to hammer the LACKED FEATURE^ WORTHY OF NOTE New York, August 1.—The Hun says: “The cotton market was n narrow, fea tureless affair, with most months winding up unchanged for the day, though August ended at n small advance. The bull leader Is understood to have given a certain amount of support nt times, and there was more or less scattered covering, but the average operator was disposed to hold aloof and await developments. Mors light Is wanted on tho crop situation. The forth coming government monthly report on Fri day will, It Is thought by some, furnish decisive news on this subject, although this oplulon is not unanimous. In fact, some contend that It Is much too early to each a definite conclusion ns to the probn By Private Leased Wire. New York, Aug. L—The market's recep tion of the welcome uewa of the Steel com mon dividend was scarcely more striking than was to have been expected. In spite of the eleventh hour rumors that some dis tribution would bo made, the directors' ac tion really took the street completely by surprise, and It was simply a question to day of how high the market would ojmmi and how fast It would advance. Steel com- RANGE OF NEW YORK STOCK MARKET Amalgamated Copper American BugarKgftalng I Oprninichlixiw | cr»|nu?*|jl:fS NOTES ON GRAIN Pointers on Provisions. Atlantic Coast Anaconda American Locomotive, do. preferred American Smelting Refining do, preferred.... Atchison wuh preferred jireirrrcu. Amorlenn Cotton Oil A ; Baltimore and Ohio Brooklyn Rapid Transit Canadian Pacific Chicago and Northwestern .. Chesapeake and Ohio Colorado Fuel and Irou Central Leather do, preferred Chicago and Great Western Chicago, Milwaukee and St. Paul Delaware and Hudson Distiller's Securities Erie do, preferred General Electric Illinois Ceutral American Ice Securities Louisville and Nashville Mexican Central.. Missouri Pacific New Y’ork. Ontario aud Western .’i n wiuuiiu muu National Lead Northern Pacific New York Central Norfolk and Western Pennsylvania People's Gas pr In other quarters the market showed Its exhilaration throughout the list. There were some sharp advances In the whole gronp of Northwestern Issues, In Union and South' “ " ‘ Pacific, In both the hard and soft coal stocks. Copper. Smelters and Brooklyn It. st. Paul was heavily Itougn for eoutrof. Rapid Transit. the road changing hands w*ns the cause for nothing -having been done with the Pacific coast extension plans. The whole mnrket was exceedingly active throughout, and the rise more general than nt any previous stage of the present upward movement. f £ne stock market opened nt general ad- nnccs, extending to n point or Colorado Fuel, Union Pacific and Amalgamated. Rending gained %, Smelting %, and New York Central and Union Pacific #. Steel eomniou opened at 41ft to 41 against 40 yes terday. LONDON 8T0CK MARKET. Atchison Canadian Pacific..' Chic., Mil. and St. Paul.... Erie do. preferred. Illinois Central ;M7f Louisville and Nash vile... New Y'ork Central Pennsylvania Reading.. Southern Pacific* . . Union Pacific United States Steel., do, preferred 1 1 ATLANTA MARKETS. i ■ un* Pressed Steel Car do, preferred Pacific Mall Rending Republic Steel Rock Island do, preferred United States Rubber do, preferred Southern Pacific Southern Railway do, preferred.,,............................. Klosa-Mheffleld Tennessee Con! and Iron Texas and Pacific Union Pacific United States Steel do, preferred preferred.. western Union Wabash do, preferred.... Wisconsin Central . do. preferred Total stock sales today 1,867,006. Private Wire to Glbert A Clay. I'hlntM All* 1 RANGE OF THE COTTON MARKET AT NEW YORK, The following Lest Previous n. High. Low S-*le Close. Close. - 9.97 9.97 9.97 9.96-97 ,?.?6-?7 Heat. .19.09 10.10 10.01 20.10 10.12-13 10.09-10 Aug, :t Nov .. Dec. .10.82 10.35 10.! Jan. .10.87 10.40 10.! Feb. 10.24-26 10.85 10.84 35 10.31-82 10.40 10.89-40 10.86-37 r-en 10.42-44 10.41-48 Mar. .10.48 10.50 10.48 10.50 10.50-62 10.49-60 Closed steady. AT NEW ORLEANS. Ths following Is the* rsngs In cotton faturss in New Orleans today: [g| ~ . 45 10.40 10.45 10.41-49 10.87-88 10.29-81 10.26-28 Oct. .10.19 10.22 10.17 10.21 10.21-22 10.17-18 Nov 10.22-24 10.18-19 Open, Aug. .10.40 Sept Tnn. .10.81 10.31 10.10 10.10 10.30-82 . Mar*. *.10.48 10.46 10.40 10.45 10.2-S 1<M2-4J Closed steady. TIPS FLASHED From Wall Street FRUITS AND PRODUCE. Officially corrected by Atlanta Fruit ani Produce exchange. Ixunons, 14. m-ujuii,, n.iw Limes 60 to Pineapples, $1.50 to 82.50. 81.76. Culls, per bum*, 81 »o ll.ft. Watermelon 87.60 to 820.00 per 100; de. regarded ns the most critical perl the development of the crop. At any rate, there was more disposition to look on than there was to trnde, and, ns already Intimated, the fluctuations In prices were of the narrowest kind. At one time, the market weakened slightly, owing to fa vorable weather and crop reports from most sections and more or less selling pres sure from local traders, bat the bull lead er gave support, and later on scattered rover 1"* took place and the market was bWgjFl**. . Jfenry rains were reported In the «%luititle states, and the weekly gov- eminent report was rather bullish, If any thing, seeing that It reporled damage from excessive rains In' North Carolina, Sooth Carolina, Arkansas and Tennessee. The speculation wns wholly professional and ..... —, by Giles wns 82.7, and was considered bullish, but present prices are generally deemed sufficiently high to discount even a lower estimate. Extremely favorable crop re- fldelicr concerning Ideas of existing pros pects for n Inmntlful yield. Nevertheless! the crop has yet to pnss through some four weeks of weather of vital lni]>ort to the, farther maturity of the plant and Its fruit during which period dally crop advices will beJnrgcly Instrumental In shaping the mar ket's course. For the balance of the w<yk, however, little or no change Is looked for. in rently being welliw^^^W rest until the Issunnce of the go' condition figures for July on Friday morn Ing next. New Y’prk. August 1.—The stock mnrket wns strong today from tho earliest trading. and a large Increase '*». pnMIc Interest and support followed a t\ult of the United States Steel report, nun * ‘ general to 1* regarded ns a minor Influence, and larger Interests are unanimously support ing their specialties to n greater extent than nt any time In the recent past. Most strength Is shown by the Harirman Issues. have l*een revealed as elements af doubt that we must look to new Influences to af S et Itoth the public mind nnd values. oner matfers are In a satisfactory the wider nses of fnnds make .... wider uses'"of fnnds mokes tGa qnestlon an element to lie kept always under consideration, and It Is still Impos- shown In the security list as a result of day will be- many directions, where rates, now assured, will tempt l>otb specu lation and Investment. THE 8UQAR MARKET. By Private Leased Wire. Xew Y'ork. August 1.—Local refined nnd raw sugar steady and unchanged. London fleets firm; August 8s 7#d; September 8s New Orleans. August 1.—The Times- Democrat: “barring a rather general de sire on the part of the talent to even up the iMjrenu report due next Friday, yea; r rs with nppetlt money out of the play, crop news merely added to the prow oi favorable 'progress. Revolution fu Russia wns without potential effect In the narrow mnrket. Fall options held their own be- ramie shorts feared the government condi tion figure, and not lieeause the friends of the price befriended the staple. There Is nothing ambitions In the Immediate outlook from the viewpoint of either faction.”— Ware A Leland. WARE A LELAND’8 DAILY COTTON SEED OIL MARKET _ _ULTRY AND COUNTRY PRODUCE. - Llve hens ft to 37#c: fries 22# to 26c: broilers 16 to 22#c. Live ducks, Pekin 30 to ftc; puddle 25 to 27#c. Dressed hens, per lb., 12c to 13c. Eggs, per doxeu. 15 to 16c. Butter, tsblf, per lb.. 20 to 22#c; cook ing. per lb., 12#c to 15c. Honey—New 8<?10c lb.; In Mb. racks 10 01*; VEGETABLES.—Irish potatoes, > stock 84 barrel; No. 2 slock 82.60. Tomatoes, per crate, 76c to 81-25. No. J new sweet potatoes* FLOUR, GRAIN. PROVISIONS. FLOUR—Postals Patent, $6.00; Diamond fancy, wsBwwin* *.n uui. 6 muhioik i patent, ft.ffi; Ma^oumh^«ni\$4J5^ancy No. 2 yc— ,TB—Choice white clipped, 54c; choice ed. oOc; Texas rust khfte, Me; choice mixed, pw&Pip, market today, particularly along specialty line*. Perhaps the best Indication of luslde bullishness on the security list Is the sur prising action of tho United States Steel L’orpori ‘ L'orporntlon In Discing the common stock in « dividend basis. The technical posl- It Ion has lieen Improved by the tendencies of the last day or two. Conservatively bull ish operations will continue, we bNievjg* give satisfactory returns as !» r lll'l null HUM I. *IUV nuiiu WonM Mil It and Ilrooklyu Itnnli Trnn.lt on tmlge. and buy Union l’ndni anil Hoothorn Pacific on waalt anota. Maraliall, Spader * Co.: "I'erbapa lb. now phaao of tbo Huaalan attnntlon may bo of moro Influence In Ktirnpe tbla umriilna, and It la poaallila tbo market may hmadou with tioavy aoftllna operation, to tie taken earn of, but we oipocl > 'it<)”portnancnt brook • — ------- ’ cl of tbo general Hat and .. _ price I-.-. — — _— r —. prefer baying on aooh roceaaloua aa may place from apodal cauaea. Private Wire to Ware.* Poland. New York, An*. 1.—London Arm at % to H UP. STOCKS REVIEWED BY NEW YORK SUN New York, Aug. 1.—Tho Bun says: market opeued with * ■*. ‘ actlv . The . fractional advances nil through the active list, aud for the first fifteen minutes or so the tendency of prlees was upward under the Influence of a heavy demand, much of which ssemod to come from the abort Interest. From alfout I the middle of the first hour until well Into the afternoon business was of small void ■Chicago, Aug. 1.—Liverpool's decline In wheat not equal to oura, but refx>rts of Russian revolution seem to !»e without ef fect on prices. I'romlnent shorts covered| their lines yesterday, gnd likely to lend see nothing to cause any material advance In wheat at this time, nnd In fact think some lower prices probable. Bnt the lon^ side on dins will be as profitable i , M side on rallies. Clear aud hot weather In Illinois corn belt. .. L'oarae grains very weak on final Jut; liquidation, and with this pressure remov* look for recovery. bear onwheM^H Can see nothing In the oats situation to warrant further setback In values. Oats opened higher on rood baying by commission houses, with sefllnr scattered. Corn opeued higher ou lack of rain In parts of Illinois where most needed. Pre dictions ore for a skipping of the samel sections by tomorrow’s predicted rainfalls. at the market aud on a scale down. Wa will certainly get a scare this month, no matter how the crop eventually turns out. I Chicago Record-IIerald: “Large deliver- lea of corn were made yesterday afternoon, i the of Pringle was delivered out am line was also delivered by A. V. Booth. There are only 1.800.000 bushels of routrac corn In C L * * this total terdi —a— ■ , ..wv.toi uuiumi ui itiuubi; corn In Chicago public elevators, nnd ont oi il 776,W0 uuihels were delivered yea* i grow - —--— j» jmff| corn were free sellers yesterday. • lots wheat today in Chicago 297 cars, ist 602 Inst week. If this falling off cash corn wers free sellei Car k * ----- against In recslpts continues wheat has good chance when Armonr brokers sold freely am «■»/»« , whch aiiuuiii unurn a setback may take place. Provisions a shade lower on the lari jjf receipts. Market has eased off on llgl 'fling by eommlslson houses. P ~* Demand light. Sailing 1 'o/sepferaber oats by Updike drove market to Sic. Buying seal *•—lag wL___ ..... market It sinks of Its that power Is out own weight Chicago Inter-Ocean: All records wers broksn for wheat receipts In July here exceeding the big run of 1903 by 1,173,i bushels. In Jnly, last year, receipts were 2.910,000 bushels, and In 1904 only 931.000. The ertr movement of wheat made also a new high mark, being 8,896 oars, compared with 3,881 cars last year and 876 car* In 1904. There was a decrease of nearly 3,000 cars of corn and 900 cars of oats from last year. Cash business in wheat In Chicago Tues day was* 100.000 bushels, mostly No. 2 red and largely to the seaboard exporters. fli,uw uuHuei* nun rj»* uuiuvw. ■The seaboard at the close reported 400,000 bushels sold for export; also. 87,00 corn. Charters were made for SS,000 bushels of nrn nt lHc to Buffalo.hhhh ■All the July trades we. . , Itcrday by tne delivery of 180,000 wheat.! 775,000 corn, 210,000 oats. 1,760 barrels of | pork and 50,000 pounds ofshortriba^H disposition to awslt tho ^ —_ Steel earnings. In the Inst hour, under leadership of the United States Steel stocks, the whole market took on renewal strength nnd activity, so tbnt tho close was only nt prncticnllv the highest figures of the day, but In the case of many promt uent stocks nt the highest level touched i the present movement. For the first time In n long while tho common and anticipations of n resumption of distributions were sbowu to have l>een i nstilled When, nftor tho close of tho mar- et. It wns announced that tho directors had taken action placing the stock ou a 2 per cent basis.—Olbert A Clay. ORIGIN OF THE TERM “PHILADELPHIA LAWYER.’’ MEAL inti water ground, per husheL per bushel, 66c; lino- 9i.35; brown. 81.30} pure bran, 8L16; mixed bran, 81.10. HAY.—Timothy, choice isrito bales, 81.16, do, choice small bales, #1.05; do, So. 2 timothy bales, si.Utf, do.. No. 2 81: do.. No. l clover mixed, #1.00; do, No. 2 closed mixed, CLOVER.—Choirs OOc. The tbov* prices are f. o. It. Atlanta, and ork Refined 4tfc to 4H; plantations. 4<4 to York % OKFKK—Itofl.t. N.w Y'ork. Ati,u,t 1.—Colton m«1 oil wa. rntbi-r fmtnr.li-M. n«l(lo from * .tmly portion. For tin- mint part, tmdlnf *n. (lull, Oirlnic to the fai t that the .Itoatlon la a waiting one. Aiigtint w» practlra ly at n atamlatlll, i>wlng to the lack of In- tereat on the part of aiiecnlntora, who are alrliiK moat of their attention to the new giving moat —op moreim... fotter. The premium la lea tilt) to pre-llellons of new Oetoher crop del. - —... — — — front aottthern Teiaa for Augnat ahlpinent, mill o moderate amount haa nlao I teen otTer- eil for Meptemlter and October delivery. The eartlneaa of the erop and the favorable ... Mnrket normal. IlICB,—Carolina 44 to T4e. according In grade. Mnrket very ntruug. CHEBSE—Fancy full cream dairy, 144c: twins 14c: Itrlck, 14c. Mnrket atrong. I'HOVISIoNH.—Hupreme hnnin tw*. Dove hnmn lS4e. Cnllfornln hnma lOV; ited Cron hnma. 16c. Dry nnlt ogtrn rlbn, 13.76: helllen, ‘ I ha., 110,28; fat liaeka. lej pin' - 70 6 I ha.. 110.26: fat backa, tc; pin tea, lc': Hupreme tnrd. 13.76; Ited Crone, lOc. Snow Drift compound, 74c: lied Cronn, 74c. COFFEE MARKET. proatM-eta In the eentrnl and aouthweet prodm-tug dlntrlefa makea thoM aeettona the Important onen thin nennou, while In Bdgar Allen I*oe. Amertenn imet, nlept with hie cat. lie wiln food of bln feet, and took great pride In their keen. Darwin, the fnmoun, Engllah nnturallit nerer enred anything Tor n book Jnet to grace a ebelf. He wreild tear a book Into balrea If It beat nerved hln purpoee. t« K. ALABAMA *T. GI BERT & CLAY STOCKS. BONDS. ATLANTA. OA. MEMBER Al JK>w Orirans Board of 7raS«?.|Galie*toi» Cotton EscbaagA Private WLv, to all ExchjiDges. Local and Long Dlstancs Telephone 52?8« W. R. FAGAN* Mananer. New. York, August J,—The coffee market opened Irregulrw* st a decline of 3 points to an advene# of 6 points, the losses l*ing on thu near positions, nnd at the beginning of the call, as a re * * cables, while the Increasing veloped as the call progressed result of lower ... .... —W demand de veloped so the cell progressed and steadied the later months, and the opening, as a whole, was considered a very firm response sl.r. ring Is the range of New York cof- Opening Range, March.. .. April.. . ««jr June...... July August.. - kept-October.. 7.45-7.60 7J6 7.« 7.70 7.70-7.75 Close. 7.30-7.40 7.40-7.46 7.80-7.66 7.65-7.60 7.70-7. .invent nvr-i—-i*iiiii-*r Dvremher-Jannary. Cloacd steady. 7.1'7.1- 7.16-7.79 7.76-7.79 WARE & LELAND'S DAILY COTTON LETTER tentfinij'Vo 'atlmlriat’c the Hit of iiiduatrisia Tcgrciivc buying agnlnat aborts moat likely, but on advances think It will l»e prudent to accept profits, as a great deal of realizing will undoubtedly lake place aud allow* reactionary movements. Ivondon a big buyer of Union Pacific. New Y’ork a seller. .. . ^ _ Industrials are climbing with Sugar In The action of the Steel directors should encourage bulls, and w*e rather look for improvement, though the foreign situation Is not so satisfactory. Dow Jones' summary: American stocks In London* firm gener* • —" shove parltr muni one-way fare east of Pittsburg to 2V6c per mile tranfersble mileage. Janies J. Hill has laid down the rule that Great Northern stockholders will never receive moro than 7 per cent divt* ‘ Wells-Fargo surplus nearly 113,000,000. Twin City Rapid Transit earning nearly 7 per cent on common stock. July bond market made a new low rec ord for that month. . . .. . , Chesapeake aud Ohio earned In the fiscal year about 8 per cent on the stock. Justice Gaynor ears that freight rates ts the mother of monopoly. The resumption of dividends on. Steel common stock js doe largely to record earn ings of 840.125.rO3 for the second quarter. Stock .exchange transactions In .Jnly ag gregated 16.256.881 shares, which Is an In- mow of 9,194.799 July. 13*. Bond Mint In Jnly aggrrgalM 799.09,500. agalnat K7.S4JOO lilt your, a dccraoM of flfaco'L Drat of the y«r. railroad, bav, ordrred more earn, rail, and alrnctaral •tool than In th, hlatory of tho cottn- "liva yearn* rarolnga of tan rallronda few operator, ear, to anderUko new ohll- gallon, on the eve of »o Importnot n doen- ment. The effort to Mil a little cotton ran the marker off 906 P”lnti very nalrklr. after which If waa aupported vlgoraotly and prlcw morml back to about la»t nlfkt'a .flgorea. WeaknetB In the apot itoeltlon, and In the near montha In 1.1 v- _ In Uv- erpooL with recelpta of over 960 I tale, of new rotten at llouitoa today, aerved to ahow the weight of aetuai otuff. Very lit ., _. ;,r that It will require Ka. unroreaeen trouble to bring about au Ad vance. Halt the definite origin of the phraae "a Philadelphia lawyer" ever been given? Only two explanation of the expreialon are known to the prenent writer. When In Philadelphia a year or two ago a lawyer of that city In formed me that the expreaalon had origin to a atreet In London named Philadelphia, where many law- yern lived. Thia explanation la Inga- ntoua and aeema to have but a tingle aorioun defect—namely, that auch London atreet exlata only In the Im agination of my Informant. Tho other explanation la found In Bartlett'a Dic tionary of Amertcanlama (1177), where we read: "Philadelphia lawyer. -That beata a Philadelphia lawyer.' 'He knowa ae much aa a Philadelphia lawyer.’ Theae are common eaylnga, whence It le to bo Inferred that tho bar of the Quaker (Tty are dletlngulahed for their learn ing and ahrewdneae." (Page 462.) Thla la tho obvloua explanation of the expreaalon, and thare aeema to be no good reaaon tor not accepting It. Aa, however, the hlatory of tha exprea mt be without SOUTHERN EXCHANGE Oldest Established Office South. COTTON—STOCiS—B0S08—GRAIN Ground Floor Oould Building. Dally market letter and market manual mailed on application. LJ. ANDERSON & CO Bankers and Brokers, COTTON, STOCKS, GRAIN Correspondent’s Capital $250,000 RCTERCNCC. -me ncal dank PHONE (WIT. PauOXNTML BLOC Ing run up nbout 10 centlmea the paat week. Mlunrapolla receiving houaea had oam plea of new oeta front Booth Dakota yes terday. testing 88 pounds and yle" — Ing 60 to 70 bushels to the acre, moral Lake. Iowa, aald the. drat two del,la of oata threibed yielded buahcla per ncre. Crop Expert II. tv. Snow returned yea- terday front the Canadian northweat. Ha aaya: "Mnnltnhn will ralM the largeat crop of wheat that evar grew out of tha ground In that country." Nehratka grain daalera predict a heavier movemeut of corn Boon. “Altnoat arary agent we have aaya there will ha movement of com next week," "wired dike, of Omaha. "I believe myectf ■ nt going to hare a good movement of corn. Farmers are alee commencing to aell oata. We Itought 9,000 tiusheta at ona of our Nebrnaka atatlona yeaterdny.' Intereat. In 1S17 Jamea K. Paulding wrote: "It would puxxle a Philadelphia law yer to make a romance out of a log nut." ("Lettera from the South," 1, 64.) In 1691 Captain Thomaa Hamilton, a ton, and the author of "Cyril Thorn ton," vlalted thla country, and hla In evitable book of travela waa publlahed at Edinburgh In 1619. In It Captain Hamilton paya thla handsome tribute to the Philadelphia bar: "During my etay In Philadelphia I frequently vlalted the courts of law. then any knotty point la proposed for jld ‘puxxl discussion, to say It wou Philadelphia lawyer.’ To do thla, how- ever, It must be knotty, Indeed, for I have never met a body of men more distinguished by acuteness end exten sive professional Information than the members of the Philadelphia bar." ("Men and Manners In America’' I, 961-164.) Theae extracts ahow that tha expres sion waa In common use In this coun try nearly a century ago, and that It early found Its way to England. P. Marion Crawford has need lb# asms penholder for every word he has aver writ ten. He alwnya carries hla pens Ink and itatlostry wherever be oges. OPENED STEADY AT FRACTION OF Changing Over from August to September Option the Main Factor. LATTER IS IN DEMAND Unsettled Political Condi tion in Russia Was a Stimulating Influ- Dy Private Leased Wire. Chicago, August L—Closing price# for the day showed declines of l-4@ 6-8c for wheat, 6-8o for com, I-4c for 1 oats and 71-8 and 22 l-2c for hog pro ducts. The early strength In wheat proved the downfall of tho market, aa tho soiling waa on a Ilboral scale. Thera waa talk of 76 boatloads of wheat hav ing been taken at Now York, but thla waa not confirmed at the clone. Tha Kansas City Star estimated that Kan sas haa raised 30.000,000 bushels of wheat tbla year, nnd there waa some short selling here on thla. Cash sales, besides those given above, were 100,000 bushels wheat. 60,000 bushels com and 60,000 bushels oata at Chicago, also ton loads corn and 160,000 buahela oats at tho seaboard. Primary recelpta of wheat 1,431,000 buahela and com 377,000 buahela, com pared with 1,847,000 and 421,000 re spectively a year ago. Clearances were 470,000 bushels buaheli CHICAGO GRAIN MARKET, Fallowing are the Chicago grain quota- tlona for today: Open. nigh. Low. Close. Close. SS!::::. ^ 7*4 80V4 Kept.... Dec Mey 4$ (lATS— &*::: « ^’oiik-* 4 Sept... 16.60 16.7216 16.25 . J6.52H 16.n 14.06 14.00 14.5 14.15 §£■!* m tib » 0* if hi as* 7.47# 7.40 BIDBB-v Sept.. 8.90 L.. 6.724 8.95 8.75 7.50 PRIMARY MOVEMENT. Tbe following flguros give tbo primary J Wheat—Receipt* tmley, L491.C 0 •ffalnat 1,347.000 IuinIuIr lo«t jear; nhln- mente torfey, 997.000 bushels, ngalri.il 74S.4Q4 > bushels last year. Corn—Receipts tousy, 377.000 bashols, * gainst 421.000 bushels Isst yesr; shlpni**nte to4lsy, 171,000 bushels, sgelast 775,000 b.inb- els hist year. NORTHWE8T CARS. LIVERPOOL GRAIN MARKET. i ope net # to i hanged tn # CHICAGO CAR LOTS. Wheat.. Coro.. Oats.. , Hogs.. Today. Tomorrow. Keats, an English poet, Nr on bta toast every tli ordered red p*p- Longfellow, the prince of the ill. took Ir waa •ugbts. Alexander Dumas, tho French novelist and dramatDt. thought n fine painting every ' i • I ■ i i ■ ik"Wf a 11'• 'tV book. LOWRY NATIONAL BANK CAPITAL, SURPLUS AND PROFITS OVER ONE MILLION DOLLARS Foreign Exchange, Travelers' Checks, Brown Brothers’ Letters of Credit available in all parts of the world. Xew Y’ork, August 1.—The event of (he day was The Journal of C»>mimsr«v re port on the condition of the growing crop on the first of August, showing n decline of bnt 1 |**r cent for the month. Tbla was generally more favorable than bad Icfpati ‘ ■’7""" - ’-'•■’"Mil, 91 IUH of loaa than a r-otnt. avrrrd to axirt a corroN^GRAm, ^r^vistonS.HtocksPbonds, He. 2 Well 51., Peters Betldleg, Alltate, 0t. MlMBUSi Hew Yetk Cottas fidiio. Hew Orleses Cellos Ittheege. Liverpool Cellos Attodsifes. hlrste Wires le Hew York, Hew Orlesss. Cblesge. Bell those 1262. Chicago Board §1 Trade. Chicago Slock lachangt. Hem York Coff«« hekasgo. B. C COTHHAH. Wa Standard Ihooe 2M. MADD0X-RUCKER BANKING CO. CAPITAL $200,000.00 SURPLUS AND PROFITS .... $500,000.00 accounts mvtrco We invite accounts of individuals, corporations, banks nnd bankers and offer the best terms consistent with conservative banking. eat at the Rate of 3 1-2 per