davidaulloa/AmericanStories huggingface dataset:
Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-11-18
WASnBURN FERRY
BOAT IS booked

Washburn, N. d., Nov. 17.--The gasoline
ferry boat which has been busily en-
ployed his summer has been placed on
the dry dock for the winter. Owing to
the large amount Of revetment work be-
Ing done here the Benton Packet com
pany boats will all be placed on the dry
docks at Bismarck this winter.
Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-11-18

BAHRETT-BINGHAM.
Bowman, N. d., Nov. 17.-At the Cath
Ole church here occurredthe marriage of
BENJAMIN jerome Bingham and Miss Mary
PrestonBarrett, daughter Of Sheriff Bar
rett. They have gone to the eastern part
of the state for a visit.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
Stock Exchange Working
Hard tOReStOreC Confidence
Old Secretive Attitude Gives Way to Campaign
of Education-Quee Deals Cease

NEW YORK, July 5.-Nearly a
half-year has gone by since the New
York Stock Exchange began meas
ures of reform, and it is possible to
gain retrospective view Of the re-
suits obtained. 1t may be said that
the leaders in the movement are sat
isfied with what has been accom-
plished toward improving the general
morale Of operations in securities, and
the groundwork laid for lifting the
exchange above public reproach they
believe to be secure.
The government committee has, in
the first place, made application in
recent months of the old adage about
an ounce of prevention and a pound
or cure. The committee has worked
TO eliminate incipient evils before
they grew large enough to be sub
lects of general comment in the
street. The infection of discipline
ana there has been much discipline
inhicted-has been gone about quiet
ly. with the purpose Of curbing in
traction of the rules before greater In
fractions could occur. The effort has
met with much success.
In consequence, largely, the eX-
change is entitled to considerable sat
isfactton over the fact that while re-
cent sharp declines in the interna
tional markets brought in their train
number of failures in London, Paris
and Berlin, not a single New York
Stock Exchange house got into trou-
BILE.
Manipulation is dead on the ex-
change" said a prominent member
yesterday. THE governors have
placed themselves 80 rigidly in OPP
position to every possible method Of
creating a fictitious market for a
stock that no one would dare make
the attempt. An outside operator
might possibly try 1t. but the odds
are greatly against any Stock Elk
change house keeping his account il
his trading became a matter Of sus-
picion. There is no doubt about that.
The committee on business conduct
would take care of that end of the
problem"
The committee on business conduct
is, without doubt, the best adjunct to
proper management of the exchange
power in many years. The commit
conduct between members and their
clients, to prevent reckless or unbusi-
nesslike transactions on the board
room floor. and to throttle manipula-
ton. The scope of its influence is
clearly seen in these three items.
The business conduct committee
consists Of five members, all of whom
are members of the governing com
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
News and Vew by Experts of Finance Industry, Crops
Coal to Cost More
Within Next Year,
Declare Operators
Export Demand One Factor in Gre
sting New Markets for Product
Of Southern Mines.

KNOXVILLE, TENN. July 5.-Coal
operators in the Kentucky and Tonnes
see fields. whose output moves largely
into Georgia and adjoining States, re-
port that the market Is In better condi-
ton at this season Of the year than ever
before. Prices are averaging from &c TO
l5c per ton higher than one year ago,
with a strong demand for all grades.
II is understood that contracts for rail-
roads involving between /. 900, 900 and o.
100000 tons have been made at an ad-
vance Of 10 cents per ton over the con-
tract price Of last year This quantity
Of coal will be taken out Of commercial
channels, and will help advance prices
during the next twelve months.
The demand for steam and domestic
coal iS unusually good for this season Of
the year, and most operators have sold
their entire output up to September J.
and are not anxious. to make quotations
for shipments OF ,Dmestic Goals after
that date, as they believe a strong mar
ket viii develop in the fall and winter.
There mas been a slight iet-up in the
past 30 days for the finer grades OF
steam coal, and the increased produce
ton In domestic has caused 3-inch
steam and nut and slack to be more
plentiful, 50 that nut and slack Is sell
Ing from Be to Toe less than 80 days ago.
An unusual feature Is a car shortage
Operators believe this indicates a serious
shortage In the late fall and winter
months
There are several causes why prices
on coal going from all fields into Geor-
gia territory will probably be higher
during the next twelve months. In the
first place. exports OF coal during the
past ten months have been greater than
ever before especially from West Vir-
ginia fields
This relieves the pressure OF coal from
ngl m he
fields. Alabama also is finding new
markets at Gulf coast points and FOR ex-
port. which takes away some coal going
into the Southeastern States. Alabama
Is cooking considerabl coal and this
coke is going into MlSican and far West
points. Large operators in Kentucky
and Tennessee are successfully invading
the Central and Northwestern States
with domestic coal. which, because OF
It's high quality. successfully completes
in those parts with coal from all other
fields. This diverts a large tonnage
which has been going into Southeastern
States.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
Wheat Market Due
Rise on Crop News
Reports Of Losses In South Dakota
Give Bulls Strength for Assault
In Mondays Trading.
BY IosEPH :. PRIrcHARp.

CHICAGO, July Sit is expected by
the more conservative men in the wheat
trade that Mondays reports of crop
losses in the spring wheat country win
be sensational In consequence a bull
market in wheat is among the proba bill
ties for Monday. While the export bust
ness of the past few weeks was noted
with no great amount Of enthusiasm by
the wheat trade at large. the most ar
dent bears viii be obliged to sit up and
take notice in case these reports should
continue,
Very little will be heard from the win
ter wheat country save Of the enormous
movement which viii soon be under way
and Of larger thrashing returns than
were looked for even by the most ardent
bear There are spots in the wheat belt
Of the Southwest where there have been
losses but there viii be more than enough
Of this grain 10 go around when final
returns are made.
There is still a big long interest in
corn and oats as shown by the persistent
buying on all the dips There viii be a
day OF reckoning. however. and unless
new buying power is to be seen in the
market. price recessions are among the
probabilities.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06

mittee. The members have the power
Of examining the books of any Stock
Exchange house at any time. to sum-
mon members Of the exchange to ex-
plain acts which have been called
into question, and to inquire into re-
lations between members and GUS
toners.
If stock begins to act strangely,
the committee finds out who is buy
Ing and selling it, and the buyer and
seller have to explain all about their
transactions
The committee reads carefully mar
ket letters sent out by commits sion
houses. If it be decided that the con-
tents are too much on the order #
tips" the house responsible therefor
is warned that more matter of fact
statements must be substituted for
prophecies.
The formation of the committee on
business conduct was one Of the first
products of the reform movement. The
idea of having a number of response
bic members in a position to get
closer to the inner workings of the
exchange than the larger board of
governors was able to do was con =
celved by special committee ap-
pointed to consider the matter Of
handling margin accounts and re-
hypothecating securities and devise
measures which will serve more fully
to protect the public"
1t is doubtful If the rank and file
Of Stock Exchange members realized
how widespread would be the duties
of the new organization. 1t was
dubbed the police committee" at first,
and an impression prevailed in some
quarters that the most onerous work
Of the members would be to prevent
horseplay on the floor. Those who
allowed this thought to submerge
more weighty considerations were
quickly disabused of II.
Another direction taken by Stock
Exchange reform which stands out
prominent in the history of the past
six months is in the way of education
There was a time, not so very long
ago, when information about opera
tons on the board was extremely hard
to get. The attitude of the authori-
ties seemed to be that the public did
not need to know anything about a
lot of matters. Such is not the case
at the present time.
A committee has been formed which
supplies inquirers with answers to all
reasonable queries as to stocks bonds,
earnings of companies and methods of
business on the exchange. Further
more, this committee has carried the
campaign of education to the public
instead of waiting for the public to
appear in Wall Street
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
Southern Railway
Fours Are Sagging
Increased Dividends for Preferred
Fail to Cause Rally Because of
Underlying Conditions.

NEW YORK, July General in
vestment conditions have operated
against an advance in Southern Rail
ways development and general mort
gage per cent bonds after the pre-
ferred stock was put back on its reg
ular per cent basis. Around "A. the
bonds are only four points above their
lowest level At present price they
yield more than $50 per cent
However the decline has not been
as marked as in the high grade saw
ings bank issues. These have suffered
losses of 5, 6 and points, while the
Southern Is are on only about Az
points from the high of this year.
The Southern has more mileage
with low earning power than any
other important road in its territory.
However, its branch mileage is a
source of strength. as indicated by
the steady increase in gross and net
earnings every year since 1909 De
velopment OF the South tends to in
crease the earning power of these
branches. AS yet little new capital
has had to be spent on them.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
Carpets to
Invade U. S, Markets
Tariff Situation Closely Watched,
and Any Opening viii Be
Seized by Britain.

NEW YORK, July 5.-Reports
from carpet and rug manufacturers
show that their mills are fully occu-
pied in getting out orders which have
been placed for the fall season. Re
ports TO the effect that certain mills
were closed, or partly closed down.
have been promptly denied. The
heaviest sales for the season have
been on administer rugs, and some
additional orders are still coming
from buyers who do not believe that
they are sufficiently covered.
The opinion is becoming more gen
eral that fall prices were opened too
low. Raw material has continued to
move upward. and is in very short
supply. There are a good many in
the trade who believe that the tariff
bill will not be passed in time to be
Of much service for the fail season
in the way Of getting wool in free
According 70 repre- sentatives Of car
pet houses In this market who have
just returned from visit to the man
ufacturins Centers abroad there will
be keen competition on the part OF
the British mills for American trade
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
Carnegie in Favor of
New Currency Bill
President Wilson Should Stand Firm
II Opposition Develops to
His Plans, He Says.

zERMATT, SWITZERLAND, July
5.-Andrew Carnegie is keenly inter
ested in the fate Of the banking re-
form bill as presented TO Congress by
President Wilson.
TT is the most important and most
necessary legislation on which Amer
lea has had to decide for years" he
says the present American currency
system lie a disgrace to the country,
II is not true that bankers and lead .
ing business men are opposed to the
measure. That is nonsense. The
best bankers and business are for the
reform. The Aldrich bill is all right
and so long as the principle thereof
is maintained l do not care about the
details.
II opposition should develop my
advice TO President Wilson is to stand
firm. When a panic starts other
countries and governments possess
the power to step in and act Some
spectators fail, It is true, but II is
a good thing that they should do SO.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
PROPOSED TAX
DIVERTS NOTICE
FROM MARKET
Cotton Men Too Busy Fighting
Clarke Amendment to Notice
Closely Daily Fluctuations.

NEW ORLEANS, July Spending
the outcome of he proposed legisla-
ton at Washington, which would
place a prohibitive tax on contracts
for the future delivery of cotton, COM
paratively little interest is being
taken in the cotton market itself. Cot
ton men, who realize that the system
of contract trading in New Orleans
and New York is absolutely essen
tial for carrying on the immense for
ward business in the South's great
staple, are more concerned in the
fight for the maintenance of contract
markets than in temporary fiuctua-
tons which, however continue to
show a steady undertone, with sup
port on all easy periods.
It has been clearly demonstrated by
men her5 who are experts on cotton
matters that while all lines of the
cotton business will be seriously af-
fected by the enactment of the Clarke
amendment into law, the man who
will suffer most from such ill-con-
ceived legislation will be the cotton
producer himself. In the first place,
the wiping out of the contract mar
kets would do away with an army of
small spot buyers who are accus-
toned to hedge against possible
their purchases of spot cotton, and
thus deprive the farmers of the bene-
Mt of competition for their cotton.
The logical consequence would be
that the control of the spot markets
of the South would pass into the
hands of a few rich interests, and
eventually, 1t is argued, would lead to
the formation Of a gigantic cotton
trust somewhat on the order of that
which now has the cattle raisers Of
the United States in its grip.
No less an authority than Colonel
Henry q. Hester states that If the
Clarke amendment is adopted the
value of cotton in the South will be
lessened two to three cents a pound.
Buyers of spot cotton, unable to pro-
tect themselves against losses by
hedges in the contract market, viii
necessarily allow margin for possi-
BILE fluctuations in the value of the
staple by reducing the prices paid to
the producer. With the aid of the
contract market spot buyers are able
to pay full market values for cotton
and can always find an outlet for
their purchases.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06

moved a weight from wall Streets
mind.
The vicious proposal to tax deal
inRs in cotton futures naturally has
aroused a storm OF protest, for IT
would embarrass cotton growers, cot
ton manufacturers, spinners and
everyone associated with the bust
ness to say nothing of driving deal
ers in the staple from New York and
New Orleans to Liverpool. where the
advantages of free, unfettered mar
ket are properly appreciated.
The manufacturer who undertakes
70 make and supply so many gross of
shirts or dresses or sheets at a stipu-
lated price, in order TO escape the
risk, at once arranges to have the
raw material delivered 20 him at a
specific price on the cotton ex-
changes he can buy this material for
future delivery. as there Is an active
market all the time for futures
But II every bale thus traded In be
taxed 81 or 50, this market VIII be
ruined.
The manufacturer will have to pay
more for his protection against I'M
certain fluctuations and the grower
will not ind a ready market for his
crop.
The cotton tax is barbaric and
should be killed before II reaches the
statute book. II would benefit no
body, but would inture everybody.
Balkans to Quiet Down.
War again has broken out in the
Balkans among the Servians, Bulga
rians and Greeks, but although Eu-
ropean financial centers we're dis
turbed and British Consols declined,
the chances are that the trouble VIII
not be protTaCted The thirst for
blood has been satished-and treas
uries are about empty.
our own security markets we're eX-
tremely dull, as they usually are on
the eve Of holidays. But the under
tone has grown tlrmer. Sentiment in
high places Is less pessimistic The
buying looks better than the selling.
OF outside liquidation there has been
practically none, while odd-lot pur-
chases have been the significant fac
tor.
Most bankers are becoming recon
ciled 10 the owen Glass currency bill
and are CO. operating to win amend
ments rather than senselessly blus-
tering that national charters would
be given up in exchange for State
ones.
The measure has important merits
and certainly will be preferable TO
the present system, which has fos-
tered Capitalization of banking power
In too few hands.
Independence Day in the financial
and business world is drawing nearer.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
Month OfGOOd WedtherWiU
Assure Big Yield of Cotton

to be it's lack OF size, which, the first
week in July, is worthy OF serious
consideration. The season is at hand
for fruiting, and II the plant is not
well developed chances are against it
becoming heavily fruited. The rains
have helped considerably, but there
have not been enough Of them and
there still is the danger of drouth
later.
Cultivation has gone ahead under
favorable conditions and the crop is
perhaps cleaner than ever known,
which is a feature of Importance as
10 yield and the quality of the crop.
Ii is difficult TO conceive how con-
ditions can arise that will cause the
fields to become grassy. The crop
will be laid by under the best Condi-
tions in years and in many sections
earlier than usual, though il viii not
be an early crop when size and ma
turity Of the plant is considered.
The depredatiOus Of the weeVil In
the infested sections have been
checked, FOR little has been heard dur
ing the past week in regard to them
The hot sun and lack of moisture
have helped TO check the pest. while
the vast numbers caught and de
stroyed have also been a factor Tow
ever. il is now between seasons with
the pest and the real test as 20 what
II will do comes a little later
There has been little activity in the
spot department though quotations
have held fairly steady Movement
has been moderate. The strength in
the summer contracts has extended
70 the entire market. and Is based on
continued good cons ump,iOn and the
smallness Of stocks for protection OF
short T-les.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06

MEMPHIS. July 5.-If there is rea-
sonably good weather in the cotton
belt during the next thirty 10 forty
days the foundation viii be LAID for
a crop that should put at rest talk Of
very high prices during the ensuing
fall and winter At the present time
there is ample basis for looking for
the second largest crop the South has
ever grown, some extremists talk Of
a possibility Of 1t running the 1911
crop a close race. This, however, is
hardly worthy serious talk, for acre
age. according to official authorities. is
not equal 20 that season, ana Condi-
ton al the time Of the last compila
ton was several points lower. As
conditions during the latter half of
the summer OF 1911 We're rather alb
normal in more ways than one and arc
not likely TO be repeated, il is not
conservative 10 expect the yield 70
reach within a million bales OF the
record.
There have been rains where need
ed, supplying the moisture essential
TO the plant catching up its late
start and taking on fruit, yet as a rule
they have been local In character and
many areas are only partially sup
oiled Others have not had enough %
80 more than temporary good, anc
very soon permanent injury 10 pros
poets may result The high tempera
lures in the central belt were no,
ideal, except where showers came and
enabled the plant TO take on size. Re
ports reaching here from the Eastern
belt have told Of improvement, though
mr. nv any means uniform
Thg handicap 10 the crop continues
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06

The Bank Statement,
First place | would assign to
something that passed unnoticed
ont of banking circles, namely,
the comptroller of the currency S
report, giving the condition of
the country's 100000 national
banks. Between April 4 and
June 4, loans were curtailed
$35,000,0OO, and cash increased
fully $125,000,000, demonstrat-
ing clearly and encouragiRgly
that the iflation which threat
ened to eliminate in disaster in
the autumn has been taken in
hand.
New York City was responsible for
half the gain in cash and two-thirds
Of the contraction in loans.
As compared with year ago, how
ever national bank loans are up $780,
coo. GOO despite a loss Of $4,000, 900
cash, Indicating that there is still need
for caution
The Governments report on cotton
was SO gratifying that quotations for
the staple at once declined sharply.
The condition is far above eXpecta-
lions. and everything points 10 good
crop. lnasmuch as raw cotton is our
most valuable export commodity this
is doubly helpful
Grain experts" after their wont,
have been shrieking that the growing
plants were being scorched by the
sun. killed by frost or devourec by
insects But the Governments report
does not substantiate these calamity
tales
Big Crops in Sight.
Gross harvests Of 1913 can easily
reach $4,000, 100000 given normal
conditions from now on.
Political developments have not
been hurtful 10 the business world.
The astounding revelations Of 'Da-
vid Lamar" at Washington have
opened the eyes Of people to the inner
workings OF certain anti-Capital cru
sades. The motives behind more than
one Investigation manifesty have
not been solely patriotic.
Hereafter the origin of attacks upon
this, that and the next corporation
will be traced, and IL is just possible
fewer probes and fewer suits will oe
instituted
The tArdy solution of the Union
Eouthern Pacific divorce problem, al
though clumsy and not free from
complications IN the future, has re-
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
HOSIERY MOVES WELL

Hosiery manufacturers who have
put their spring Qs14 lines on the
market do not anticipate great diff
Guilty in selling them up quickly. In
several instances the biggest part of
the seasons production has already
been contracted for.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
KNITTERs MAY STRIKE.

The unsettled condition of labor in
the sweater end OF the knit goods
trade is causing the manufacturers
some concern Some OF the mills
making these goods have already had
strikes, and II Is said that other out
breaks are not unexpected.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
DRESS GOODS DULL.

Business is quiet in the dress goods
market at the moment Buyers refuse
to contract ahead until the tariff has
been settled definitely. Cancellations
are not so heavy as might be expect
ed in view of the unsettled condition
Of the trade.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06

deal Of debris remains to be thrown out
Finance on the other hand, has apparently
finished its process of expurgatiOn. Recovery
in securities now is due. The probabilities are
that there will not be fresh wave of lquida-
ton, carrying prices much lower, but of course
no human being can forecast the ups and downs
of stocks.
It can be said very definitely that the best
securities are now on a bargain pasis; that,
be measured by all the recognized yardsticks,
prices are not too high and that sooner or later
present buyers will reap substantial profits in
addition to the generous income they will draw
on every dividend or interest date.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-06
INDEPENDENCE DAY
NEAR FOR BUSINESS AND
FINANCE, SAYS FORBES
Best Securities Are on Bargain Basis-Bank
Statement Shows Healthy Contraction of
Loans-Crop Outlook Is Good-Proposed
Tax on Cotton Futures Is Vicious Measure.
By B. C. FORBES.

NEW YORK, July 5-The United States should within, the
next few months, enter Of unexamped prosperity
Commercial usecleaning, however A good