davidaulloa/AmericanStories huggingface dataset:
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
REPORT
CALLS COTTON
OUTLOOK POOR
Condition Given as SO Per Cent
Compared With l9l2-Stand
Is IS Per Cent of Good.

Prospects for a good cotton crop
in Georgia are rather poor, accord
ing to the crop report for June made
by Commissioner of Agriculture J. J.
Conner and issued Saturday. The
crop is eighteen days late and the
condition is only SO per cent of 1872.
There is So per cent of a good stand.
The corn and cane, however, are
said to be in much better condition
than last year, and everything points
to success in both of these crops.
Following is the report:
Prospects are gloomy with respect
to. the production of cotton. Our
tabulated statement indicates SO per
cent is the condition and prospect Of
the cotton crop compared with last
year It viii be seen further that
the crop is eighteen days late and
that there is only IS per cent of
good stand
THE corn condition seems to be
better than it was at this season last
year The same is true of sugar cane,
rice and sorghum. This shows that
our people are taking a greater in
terest in crop diversification and in
production of food products for man
and animals.
THE following are the crop con-
ditiOns.
Condition and prospect
compared to 1912, SO per cent; time
Of planting, eighteen days later than
usual; per cent Of crop replanted. "a;
stand compared to a good stand, IS
per cent.
Condition and prospect
compared to 1912. 1903 per cent: stand
compared to a good stand, 81 per
cent
SUGAR CANE-Condition and
prospect compared to 1912, IS per
cent; stand compared to q good
stand, "a per cent
"RTCE-Condition and prospect
compared to 1912, 80 per cent; stand
compared to a good stand, IS per
cent
"SORGHUM-Con Condition and pros
pect compared to 1912, "a per cent;
stand compared to a good stand, 90
per cent"
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
Cotton Bears Given
Severe TrOuncing
Gripping Defeat Administered in
New Orleans Rlng-5ull Crop
News the Cause.

NEW ORLEANS. June 21.-Bears
in the cotton market bit the dust
during the past week When October
and December contracts shot up in
the neighbOrhood of 11.SO in the early
part of the week. the most obstinate
of the shorts found their ammunition
exhausted, and were put out of bust
ness for the time being. The bear
party in this market, its ranks
Jhinned by the recent casualties. pre-
Sents a sorry spectacle. and ii will be
many a day before this element can
again become very aggressive in its
operations
Monday Liverpool came strong. but
the bears. still hopeful that they
could control the course Of the mar
ket. sold the American markets at
the opening Brown and Hayue and
other prominent bulls in this market
took all the contracts offered.
Shorts then became alarmed. and
when they tried TO cover found no
cotton for sale What followed is a
matter of market history. The mar
Net closed Monday. with a bear panic
on. and had it not been for heavy
proht-takinE by one of the large pro
fessional operators In this market.
who was heavily long. there is no
telling Just how high the market
would have sold at the close.
At 1856 for October contracts. stops
were coached on some big lines of
short cotton. and before the slaughter
Of the bears was over December con-
tracts had sold as high as l1.S0 and
October contracts as high as HIS.
At that level Reading bun interests
began TO take Frotits on a large scale
and the market has since displayed a
fHtHl 4 -f am Ia To- ~ d mo-
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
Wheat Traders Even
Up Over Weekend
ST. LOUIS Cash QUOTATIONS.
BY JOSEPH : pRITcHARD

CHICAGO, June 21--"Evening up
day was seen in wheat to-day. Scat
tered shorts covered and smaller and
unimportant longs got out of their hold
ings. Wheat for July delivery showed
signs of becoming tight during the early
hours of the session and as the day
wore away the tightness increased.
The writer has been advising the
talent to keep off the selling side of
July wheat, as the spectators in con-
troll were likely to force shorts to cover
at losses. This is exactly what hap
pened to-day. The fact that the cash
sales yesterday were still fresh in mind,
made the entire trade cautious about
putting out short lines There was no
tside business of consequence. Those
who are best posted in the Northwest
believe that while the deterioration may
possibly amount to per cent the crop
will still be ESQ 900 900 bushels
Southern Illinois is In need of rain
There were rains in Northern Illinois,
Iowa and Nebraska. Longs in corn
were sellers on the rains, while shorts
were buyers. Oats displayed more or
less stubbOrnness Cash prices here
were &c lower and outside markets
were y a lie lower. A feature in the
provision market was the changing Of
July lard over to the September, which
amounted to over 10000 tierces. There
was only a small business in pork and
ribs, and they were kept from declining
by the strength displayed In lard
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
Leading Stocks Off;
Market Is Easier

NEW YORK, June 21.-The stock
market closed active and rather weak
today. with greatest pressure exerted
against Union Pacific, Reading, ST. Paul.
Steel and Copper shares Union Pa
CifiC closed at a loss for the day of 80
points, Reading nearly points, Steel
nearly ., Amalgamated 2@, Shelters III
and St. Paul "a. Canadian Pacific was
under considerable pressure, closing
with A loss Of 2z points.
The market for the past two or three
days has been exhibiting softness and
trading sentiment has once again
switched to the short side.
The announcement of the Interstate
Commerce Commission that it had re-
fused to reopen the 1911 rate case, thus
shutting off any immediate possibility
Of the Eastern railroads advancing their
freight rates, came at a moment when
the speculative position in the Street
was primed for another fall In prices,
despite the mitigating feature of the
commission announcement that it would
institute an inquiry of its own to ascer-
tain II conditions since 1911 had so
changed as to warrant an increase in
rates al this time
This morning liquidation at London
became pronounced. Paris and Berlin
were dull with prices at the latter center
slightly firmer, excepting Canadian Pa
CifiC which was easy.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
Atlanta Bankers ThinkBiU
Is Step in Right Direction

clined, frcra cursory examination of
the outline of the bill. to favo- IT,
at seems to me that the zone plaG
Is the best yet outlined says MI
Floyd. "Of course. much depends
upon the details At any rate 1t is
Of supreme importance to have some
thing done. ] found, while In Chicago
last week, that the financial cOmmu-
nifty there is paying almost no atten
ton to the tariff and is concentrating
its interest on the probable currency
/ legislation.
THE re-discount privilege will ne
a great aid to all banks IN the South,
and seems fair recompense for be-
ing compelled to buy stock in the
regional reserve banks. 1t will oe
thoroughly worth whine TO get addi-
tional borrowing capacity in time Of
need i'm return for the use of our cap
ital in the reserve bank
Follows A. B. A. Plan.
In the rough outline the bill looks
as if il followed closely the measure
recommended by the American Bank
ers Association" says A. p. Coles,
vice president of the Central Bank
and Trust Corporation The A. B. a.
measure was good. Before expressing
any detailed opinion on the owen
full text. one thing is Certain-ws
need some remedy; we need it badly,
and We need it quickly"
w. J. BlaloCk, president Of the Full
ton National Bank, does not see why
the plan will not work out properly.
1T seems to me it can be made
thoroughly safe" he says, and | do
not see why regional reserve banks
can not lend us money just as well
and just as safely as New York now
does The plan will tend to decen-
tralize the funds Of the country, l be-
lieye."
John x. Ottley. vice president Of the
Fourth National Bank. and Colonel
Robert j. Lowry, president of the
Lowry National Bank, do not wish to
comment on the measure until they
have studied its complete text long
enough 10 be thoroughly familiar with
it,
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22

While cautious in expressing them
selves. pending careful study Of the
fun text of the measure when u
energies from the committee stages,
Atlanta bankers are inclined to be
leve that the currency bill presented
to Congress by the administration
leaders is a step in the right dire
ton.
The feature which brings particular
commentator is the provision Of the
act which makes It possible for mem
Der banks 10 re- discount short-term
commercial paper with the reserve
Federal banks.
Some apprehension is expressed
over the possible political complexion
Of the board of control. which. from
cursory examination Of the drafted
bill would seem to have power to
override the experienced bankers on
the board. Il is agreed that much IT
the success Of the plan will depend
upon the personnel Of this board.
One Feature Disturbing.
Frank Hawkins, president of the
Third National Bank, points to this
disturbing feature;
81 suppose" he says. that the Sec
rotary Of the Treasury, the Comp
troller of the Currency and any four
men the President would he likely TO
appoint would make a safe and sane
board But there seems 20 be pos
sibility Of politicians gaining complete
control, unless unusual discretion is
employed In making these appoint
ments. Now, l have not seen the full
text Of the bill / am not prepared to
comment on its details Only from
the general outline as first published
am able to draw any conclusions. At
first glance ii raised a doubt in my
mind as to whether it Is good to al
low the central board i'm Washington
such complete control of the regional
eanks. There may be restrictions
which safeguard this which will be
made clear TO us later
James 5. Floyd, vice president OF
the Atlanta National Bank is in
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22


One or two very large institutions
are vowtng that unless the measure
is radically altered, they viii take out
state charters to escape political
domination.
Politicians in Charge.
These extreme views however, are
not generally shared, although In
many directions objection is raised to
the whole political character OF the
control provided. Politicians not
bankers. would run the country's
banking business under the owen
Glass scheme
In their anxiety to thwart the
money power" the administration
does appear to have gone too far In
eliminating experienced bankers from
the management of the nations cur
rency and banking.
Briefly, there is to be Federal
reserve board which will be composed
OF the Secretary Of the Treasury, the
Secretary OF Agriculture, the Comp
troller OF the Currency and four 9TH
ers TO be named by the President
This body will have unrestrained con-
troll Of the twelve other district
boards which win be organized These
district boards in turn are TO consist
Of three bankers, three business rep
ment nominees. But the three bust
ness men are liable to be relieved at
will by the Federal authorities.
Board All Powerful.
II viii thus bee seen that the poll
ticians have the bankers at their
mercy The plan gives the Federal
reserve board tremendous power, even
during normal times Il would be
better from q banking point Of view
10 allow the district boards TO CON
duct all ordinary business, leaving
the Washington board the right to
step In only when occasion might de
mand.
Several provisions do not appear
workable. but on the other hand. Ger
tain features are excellent The plan
aims at enabling merchants to have
their balance discounted and redis-
counted IL enables farmers to borrow
funds on reasonable terms II allows
strong banks TO open up foreign
branches and 1t is intended to pro-
vide an elastic volume of currency.
The administration leaders express
confidence that the bill can he passed
at this session. but this seems hardly
probable. Moreover, il would not
take effect until ninety days after
passing the law so that II can not
possibly be Of any assistance this
fall.
Under all circumstances delay in
taking action were preferable to rush
ing through n faulty measure-and
certainly amendments appear neces-
sary
Crops Doing Well.
Crops are still doing well and give
every promise Of filing far more
than the average of bushels.
Our foreign trade returns for May
showed welcome inCrea SEQ Of nearly
$20,000000 in exports and a curtail-
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22

I'm reply to the inquiry as TO what
he deemed urgently necessary,
he said:
First making the present bank re-
serves mobile; seconu, providing elias
tic currency necessary FOR commerce
10 expand according to Commercial!
needs and to contract when the ext
gcncies have passed"
In response TO the question as To
how this could be done. he said
AT present the bank reserves 10
per cent for country banks. 20 per
cent for reserve cities, with the right
TO deposit half Of such reserves with
the central reserve cities, and 20 per
cent cash reserve In central reserve
cities. II viii be noted that the re-
serves are comparatively lmmobile. not
fluent not capable Of use in extending
credits. for the reason the bank hold
ing such reserve must hold II In law
ful money, and when the bank has
loaned out its deposits to a certain
extent il can no longer extend credits
when the reserve limit is reached.
Reserve Bank Plans.
BY the new plan Of establishing
reserve banks a considerable number
Of these reserves will be put In the
reserve bank, with the right to use
such reserves in disCounting live
short-term commercial transactions
and the reserve banks viii be able to
get United States Treasury notes TO
the extent Of discounting such com
mercial paper at a certain rate Of in
terest fixed by the governing board
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
and Views BY Experts of Finance Industry Crops and Commerce
Cotton Prices EaSed
By Heavy Offerings
By EDWARD Low RANLETT

NEW YORK, June 21.-Oferings in
the cotton market were heavier to-day
and consequently prices were lower from
( TO 10 points. Southern speculative IN
terests sold, and there was some pres
sure from Wall Street. Part Of the sell
ing was for commission houses recently
working on the bull side Generally IA
vOrable crop news. together with a
favorable weather map and disappoint-
ing cables, induced outside liquidation
Short covering developed on the reac-
ton. The list was weak just before the
close and some stop-lOss selling orders
were reached.
Stocks in New York now are very light
and Southern markets afford no relief tc
those operators who have persistently
sold short The spinners continue Ia
take nearly as much cotton as they did
last year when stocks were plentiful
The weekend statistics were Of a kind
to put the shorts on the defensive and
from now they must depend on new
crop prospects unless they wish t.
cover at a loss.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22

the so-caIled Federal Reserve Board.
The Treasury nores would be Sc
cured by "a first lien Cu the entire as
sets of the reserve bank receiving
such notes, second. by 80 1-3 per cent
gold reserve required 20 be kept in
the vaults of such banks third, by
the commercial paper maturing with
In A. days, such commercial paper
having ore person or corporation good
for the amount and Endorsed by a
member bank and, fourth by the
double liability Of the member bank.
These notes can not he called asset
currency In any true sense.
Mechanism Of Management.
The Federal Reserve Board, repre-
sentinR the United States, will have
general supervision, will fix The rate
Of interest for the reserve banks and
the reserve banks will not be con-
Quoted FOR money making purposes,
but as servant Of commerce. to
stabilize commerce and to enable men
entitled 20 credit TO receive it upon a
fair commercial basis, and in this
way give greater freedom TO the mer-
camille and productive classes in Cd
tanning the means by which TO carry
on their legitimate business.
THE reserve banks viii have ma
iority Of the directors chosen by the
banks and a third of the directors APP
pointed by the United States-one OF
the latter being chairman OF the
board and the local agent Of the
United States.
"Au extraneous matter should be
exluded from this Immediately urgent
bill so as TO avoid unnecessary con-
trOversy and discussion
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
NEW ORLEANS COTTON

NEW ORLEANS. June 21.-The cot
ton market developed a declining ten
dency to-day Liverpool was disap-
pointing.
The weather map was dry and hence
pectations of rainy spell, which it was
thought might increase the ravages OF
the boil weevil, were inclined to-day Ia
liquidate.
The closing tone was firm. Spots were
officially quiet and unchanged with sales
on the basis of IL 9-16 cents for MIDI
ling. Secretary Hesters week end fig
ares were construed as bearish.
pAhC= IN NJ~!NM on FANS EtITIlpEe
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
NcE nv NEW ORLEANS FUTURES
SPOT COTTON MARKET

Atlanta, nominal; middling l2I5
Athens, steady: middhng 12is
Macon. steady; middling 1919.
New Orleans, steady: middling u Gle
New York, STEADY; middling l2.4O.
Philadelphia, quiet: middling 1880.
Boston. quiet; middling lZ40.
Liverpool, quiet, middling Esd
Savannah, steady, middling 1914.
Augusta, steady; middling l24.
Norfolk, steady; middling 1875.
Galveston, easy; middling l2as
Charleston, nominal
Mobile, nominal; middlng 1914.
Wilmington, quiet: middlng IA
Little Rock, quiet; middiing 115s.
Baltimore, nominal; middling l2l5.
Memphis steady; middliug 12is
St Louis. steady; middliug l. 5-16.
Houston, steady; middling PA
Louisville, firm; middling 1913
Charlotte. steady; middling l1%.
Greenville, steady; Middling u.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22

LIVERPOOL, June 2l.-Due 81 points
higher on January and unchanged to ?
points higher on other positions. this
market opened quiet at a net advance
Of All point At the close the mar
ker was easy. al a net decline Of to
~ points on near months and 1 TO ll2
points decline on distant positions.
Spot cotton dull, at unchanged quo
tation middling 679d sales 900 bales,
including 5000 American bales; specu-
latiOn and exports 5000; imports 5000
bales
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
Saturdays New
York Stock Market

The following table shows the
highest, lowest and closing prices
of stocks dealt in yesterday, to-
gether with the net change from
Friday s close.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22

The fears Of an upheayal in the autumn have
been modified because Of a change in the at
titude of the Wilson administration toward the
financial and business community
The most powerful capitalistic group in the
United States have been distinctly cautious for
many months-indeed they have not been OPP
timistic at any time during the year
1t may be announced now, however, that they
are inclined to regard the outlook more hope
fully.
Sharply conflicting opinions are held con
corning the administration s currency bill
New York bankers complain that the whole
banking business of the country will be placed
tIcinns and Some of thcrn nrnr1 rnnnn ,rhnt hnr,
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
Money Reform, Certain
DuringP Presents Session
Senator Owen Tells John Temple Graves Urgent
Needs VIII Be Met At Once
By JOHN TEMPLE GRAVES.

WASHINGTON, june Ex-senator Robert l. Owen, chairman
and of the influential members of the Committee Bank
and Currency of the Senate interview with The Sunday
American he has doubt whatever Congress will pass
rcncy bill at the present session.
He believed the bill would only whaN Immediately
and urgently necessary, leaving the perfecng of the banking
and currency legislation to the regular
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
SITUATION LOOKS BETTER
FORBES SAYS; OPINION IS
D|VIDEDONC URRENCYB|LL
Many Features of New Measure Good, but Too
Much Power Is Put in Hands Of Politicians
Who Will Dominate Board Of Control
Privilege of Rediscount Is Valuable
By B G. FORBES.

NEW YORK, June 2-mprovement in investments is visible
The best of stocks to-day selling price
investors. while bonds also atlractive
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
NEW oRLEANs RIcE

NEW ORLEANS, LA. June 21.-The
rice market rules strong on Honduras
and steady on Japan. Quotations on the
leading grades follow
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
MoNEY ANp EXcHANaE-

NEW YORK. June 2l-Posted Rates:
Sterling exchange. 1885, G4.Tla. with
actual business in bankers bills at
bills
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-22
JULY PAYMENTS
RISE To TOTAL
Of S1,500,000
Banks Pay S285,5OO Dividends
Corporations, S547,475j Rest
Is Bond Interest Coupons.
BY M. A. ROSE.

Close to S1,50O,OOO in dividends and
interest On bonds will be paid within
the next two weeks by Atlanta cor
porations, the State of Georgia, the
city or by corporations in which At
lanta capital is heavily invested.
or this S1,5OO.0OO. it is estimated
half will go into the pockets of local
investors. The rest goes to New York
and Boston.
The great half yearly melon-cut-
ting period is at hand It is probable
there will not be another as big for
long time to come. for the quarter
ly payment plan, so popular in New
York, seems certain to be adopted
here. The Trust Company of Geor-
gia and the Lowry National Bank
both 100000 institutions, have led
the way toward breaking up the big
half-yearly disbursements, and the
example will be followed by others.
Estimate Is Conservative.
The estimate Of $l,5OO,OOO is well
within the truth. Indeed, if there
were any way of learning the profits
Of the several large industries in the
city which are close corporations, and
of ascertaining the profits of the de-
partment stores and jobbing houses,
which likewise are in the hands of
few stockholders, the semi-annual
disbursements would be found well
over S2500,OOO, it is believed.
OF the 81 ,50O.0 600 known disburse-
ments, S2S5,5 500 represents the divi-
dends of Atlanta banks, and $54T475
the dividends of local railroad and
industrial enterprises in which the
public is interested. The rest is in
terest on bonds.