davidaulloa/AmericanStories huggingface dataset:
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
George NJ. Reynolds No
Longer Is Conciliatory.

George NJ. Reynolds, president Of
the Continental and Commercial Ma
tiOnal Bank, who previously has taken
a conCiliatory attitude toward the
lawmakers in charge of the Glass
owen bill, turned on that measure
in an address and denounced it.
IF the Government, on the prom
Use that it is for the good of the
people, can now exact from the banks
a subscription of 20 per cent of their
capital, to be used in the establish
ment Of politically controlled banking
institutions, why can it not. under
the same principle, exact another 10
per cent next year and so on ad in
finitum and if that can he done with
banks in the name OF the people why
can not the Government in like man
ner compel those engaged in the dry
goods, grocery and other lines Of
business TO submit to like exactions %
he asked
THE application Of this principle
would mean that the men who had
not achieved might, by the exercise
OF their ballots take from those who,
by the application of lifetime of en-
deJyor and under the laws of open
competition, had acquired a compe-
tenCy
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
Railroad Men Plan
To Fight Sea Rates
Lower Freight Tariffs TO Follow Ca
nal Opening and New Ocean
Competition.

SAN FRANCISCO. Nov. S.-The
great railroad companies of the United
States will not sit idly by and see
their enormous freight business go
into the hands of the steamship com
panies, who are planning low trans
portation rates with the opening of
the Panama Canal.
Million dollar" brains behind the
railroads are at work planning over
land tariffs that will meet any com
petition the steamboat men may be
G.Dle to put into effect
1t was announced by officials of the
Southern Pacific and the Santa Fe
systems that already plans are being
made to put into effect export rates on
freight from all points in the United
States to the Orient and Australia in
competition with the lowest rates the
steamship companies will be able to
advance.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
Vanderlip Sees Danger
Along Fiat Money" Road.

Frank A. Vanderlip, president OF the
National City Bank Of New York,
said
The fatal defect of the Glsas bill. ="
Mr.. Nanderlip said, lis that ii starts
the Government on an issue Of rat
currency. Never lose sight Of the fact
that the notes which it proposes are
fiat notes-are as absolutely fat as
a Government could issue. They have
no reserve whatever provided by the
Government; they are to be loaned
without limit in the law to a number
Of banks.
"If this Congress votes to create
fiat money to loan to set of banks
It is distinctly within the range of
probability that succeeding Con-
gress will vote to issue some different
similar kind Of money for some other
purpose.
There is no case in all history
where nation has started on an
issue Of fiat money that the result has
not been the depreciation Of the issue
and usually a complete breakdown
Of the financial system of that coun-
try.
"A single central bank owned by
the people and governed absolutely
by public officers can be created and
general power to issue the bank notes
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
COTTON BREAKS
IN NEW ORLEANS
ON j. 6. REPORT
Small Rally Is Induced, However,
by Support Advanced by the
Leaders.

NEW ORLEANS, Nov. 15.-To-
days cotton market broke sharply as
a result of the publication of the
Government ginning figures, which
were construed as bearish by both
the trade and the talent. Private
forecasts of the ginning figures had
led the majority of operators to ex-
pect a much smaller total than that
shown by the Census Bureau.
Liverpool also was Disappointing
giving the market a weak undertone
to start with. Bearish interests sold
the market heavily on the opening.
but covering by overnight shorts alb
sorbed all the early offerings at the
initial decline.
Leading long interests also support
ed the market aggressively, causing
a. rally of about 10 points At the
improved level, however, long cot
ton in great volume came out, and
bears, taking advantage of the sit
uatiOn, hammered prices mercilesslv
January contracts selling as low as
1915, or 30 points from Fridays clos
ing level.
Short covering was renewed on the
break, prices rallying several points
before the close, which was STEADY al
net loss for the half day of 80 to
80 points, on the active months.
The local spot market was official
ly reported quiet and 3-16 cent lower
on all grades. Sales amounted to $50
bales of spots and $50 bales to ar
rive on the basis of Is 7-16 for mid
ding.
The feature of the weeks cotton
market was the sensationaliy bearish
crop estimate issued by M. M. Cor
dill, travelling crop expert, who placed
the size of the commercial crop al
l5,34O,0O0 bales. Mr.. Cordilrs figures
are being severely criticised here. and
upon his return to this city to-day
from trip to the Atlantics he had
to accept wagers that his estimate
was three-quarters of a million bales
too low
To-day's ginning figures, though
larger than the speculative public had
been educated to expect, when closely
analysed, do not indicate a CONNER
cial crop much, if any in excess Of
14,5OO,000 bales. Sp.nners' takings.
according to Secretary Hester, con
tinue on a record breaking scale and
point to a consumption of at least
$4,000 600, if such a supply should be
available for spinning purposes.
Altogether there is nothing in the
situation to warrant Southern spot
1ldt IS in disposing of their cotton
at any lower level of values. as it is
thought by those who have carefully
studied the question of supply and
demand that cotton viii eventually
sell at a much higher level later in
the season.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
BY JOSEPH E. PRIrchARD.

CHICAGO. Nov. st wi be remem-
bered that a few years ago the price OF
wheat at Buenos Ayres advanced sensa-
tiOnally in one day and that these gains
were followed by sensational losses
without apparent cause.
The Board Of Trade officials dlscon-
tinued the Argentine quotations at that
time, but later put them on again on
request of a number Of members, put
a present they are not taking any fig
ures on grain from there.
When d cable was received from
Buenos Ayres to-day claiming that the
price Of wheat in Buenos Ayres. ad-
vanCed rs a1@4C over night the charge
of rigging" flashed through the minds
of the average man of wheat in the
Chicago maret
The grain markets of Argentina are
controlled wholly by Coterie known as
upward and downward at will. and by
So doing are enabled to get some easy
money from not only the importing
countries, but from the United States,
Australia and Russia
The cable announcing the upturn at
Buenos Ayres failed to convince the
trade at Chicago that anything of
serious nature has happened to the
crops of the Southern hemisphere.
The wheat market ruled strong, fol-
lowing the receipt of the Buenos Ayres
cable. There was a fractional decline
at the start off, but later there were
gains OIL Y "a q c from the lowest ices.
The spring wheat markets are firm
and this, too, in the face of larger re-
ceipts at Minneapolis and Duluth ana
continued increase in the former mar
ket, while there was a small decrease
in the latter
The cash business at Chicago was al
most at standstill, and this was
against the price of the future. These
receipts since July l total 1853. 35T 900
bushels, where a year ago they were
1877, 600 bushels. Minneapolis and
Duluth received 5.372 cars for the week
and Winnipeg 6,652 cars, which com
pare with 1915 and 5,975 cars, respect
lively, one year ago.
The average corn trader Is looking
for colder and more favorable weather
the movement of the Old. These ideas
were the leading weakening factors to-
day, causing many of the scattered
longs to sell and short lines TO be put
out. There were 2.153, 600 bushels of
this grain received at Western mar
kets this week, which was 300, 900 bush
els smaller than for the corresponding
period one year ago. There were 81
cars received Chicago to-day Cash
transactlons here were sma% at $4,000
bushels.
Oats were lower. Western receipts
this week were 100000 bushels com
pared with 7736,000 bushels one year
ago.
There was a miscellaneous trade in
hog products to-day The purchases of
January lard through commission
houses were credited to the anger pack
erS. There were continued large re-
ceipts of pigs, but the quality, gener-
any speaking, was poor
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
Japanese Line May
Run to New Orleans
oceana Steamship Company Much
Impressed by Harbor Facilities
in Crescent City.

NEW ORLEANS, Nov. S.-Fo:-
lowing an inspection of the city's port
facilities, II Data, superintendent
and general manager OF the Oceana
steamship Company OF Japan. an
nounced that his company probably
would make New orleans the termi-
nus OF a fleet of three or more u 900
ton steamers as soon as the Panama
Canal is opened for commerce.
Il have been very deeply impressed
with your admirable harbor facilities,
Mr., Data said u find New Orleans
with one of the best equipped and
largest harboTs in the world I can
only compare it with Hamburg"
The Oceana Line now operates to
the Pacific coast, 1t handles a large
volume of tea, silk and other prod
ucts from Japan, and carries cotton
and general merchandise to the
orient.
With the opening Of the canal and
the establishment Of a service into
New Orleans, Mir. Data said, not only
would the business of the company
be greatly augmented, but there
would be a large increase in New
Orleans exports and imports, In con
nection with this trip Mr.. Oata mas
been iuquiring into railroad transpor-
tatjon and rates and the outlook for
eastbound traffic from the Gulf.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
Phelps-Dodge Crowd
To Run Rock Island
Arthur c. James Slated to Succeed
w. n. Moore as Chairman Of
Executive Committee,

NEW YORK, Nov. S.-Pheps
Dodge &c Co. interests are hereafter
to dominate the Chicago, Rock lslano
and Pacific Railway Company
Another representative of the olo
firm will be placed on the directorate
and it is understood that Arthur
Custiss James, vice president OF
Phelps, Dodge & Co. and already
director of the Rock Island, will PROV
ably succeed Judge William Fl. moore
as chairman of the executive comm
tee. The new Phelps Dodge repre-
sentative will be a well-knoWn ran
road man.
Changes to be made, however 90
not mean retirement from the Roc
Island by the Reid Moore Interests
who heretofore have directed tEe
management of the property statr
ments being made on high author4l.
that Daniel G. Reid and Judge Moo
will continue to be identified WITH 1t
road.
Another addition 10 the directora.
is expected to be made later to r'I
resent Western interests.
All concerned are declared 10 10
working in harmony
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
Cotton Ends Weak
With Sharp Break
OVer-Bought Condition of Market
Blamed With Census Re
port Factor
BY EpwARp LOW RANlErr

NEW YORK, Nov. s. Either tho
Sehsua bureau report which was well
above expectations, or the over bought
condition of the market. brought tE6rt
decided break in cotton today srts
hist break took place at the opening 81
10 70 IS points but the market seen,cd
to be short and for a while showed re-
SlstauCc to further decline Later bnv,
ever, bears had 10 all their own VA,
ana prices slumped of - points INC
room seemed To regard the census re-
port ~ a way sustaining the private re-
port Issued to-day
higher, which was lower than expected
sales We're only 5000 bales at an adj
vance OF 3 points to sd FOR mrddIings
Liverpool cables stated thar market vas
ihIlHthctd by free offers Of actual cot
ION and that selling was due To real
iEnR on the opening
me weather map showed little rain
Ial, bui the forecast Is for fair weather
senefaiiN The census report Of s S35 900
hales Btnned to November l. while i'm
excess OF many estimates should nnt
ne conclusive as making for a cr0p i'm
az, or ah't WIN some of the extreme
estimates. From large areas come the
reports or very rapid marketing of The
crop. The trade has more 10 fear from
ldHlng on Of the demand AT this level
WA'en VIII discourage buyers either for
speculation or min demand
Weather conditions throughout The
wees nave been considered highly ia
Eorahle for development of the remain.
ger of the crop and also FOR picking
ana marketing the same conditions ara
promised Tor the remainder OF this week
as now exist over almost the entire cot.
ton belt The most cheerful news an
pears TO Zee in the cotton goods trade
reports 10 the Financial Chronicle BUY
tFs OF cotton goods are eagerly seeking
delivery for The remainder OF the wear
ana nearly as much SO i'm January or
tebruhry. There is no reasonable pros
pect of "a lct-up in min products al home
or abroad during the remainder OF mo
season of 1891
The weekend statistics win show an
lnt"-slEht movement from farms of
ABOUT e'''Ooo bales, against 665 600 bales
American cotton was estimated tonight
al about 3,3b5000 bales against 1890
ouV for the corresponding WerI, last wear
The export movement has been nun and
FOR ~" next TWO weeks or longer this
situation is likely TO prevail
Estimated cotton receipts.
Monday 1912
New orleans 10000 a. 4 q o0a42 40
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
and Views by Experts of Finance Industry, and Commerce
Price Trend on
Wall Street Down
Week Begins With Little Business
and Ends Same Way, With
Pressure to Sell.

NEW YORK, Nov s.--As the week be-
gan ia Wall street, so 1t ended-witn
small business The changes in prices
we're generally downward. with more
activity when the market yielded than
when 10 recovered.
Perhaps the selling pressure TO-DAY
was caused by the feeling that the aC-
tual crisis In the Mexican situation can
not now he long delayed. In fact,
there vas definite superstition IN the
District mat there might be d positive
announcement in President Wilson
final decree before the market again
opens on Monday.
Nevertheless the New York elections
were much larger subject Of discussion
go Wall street during the past week
than the Mexican troubles Of the ma
ton And Of course, the New York
elections this year had no bearing BpOn
the market
one great fact stands out in stock
circles, ana that Is there il a cloud Of
gloom and apprehension hanging over
al the great money markets OF the
world Tho general opinion is that all
Of the world 5 markets are in the same
box. In this country, however, there
Dr. nothing Of the spirit Of spprehen-
sion Of the early autumn Of 1907. that
our large financial interests are caught
in a trap
In days gone by 1t would have been
considered certain that "A situation Ike
the present could lead to nothing but
calamity but the feeling to-day IS that
such season Of depression as is now
being pressed through is much more apt
10 be marked by a prolonged and exact
ing strain, followed by a slow recovery.
man by the sharp and sudden credit
coltapses Of earlier days. As in the old
adage, the gloom Is likely 10 be blacklist
Just before the dawn.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
OCCASIONAL
OBSERVATIONS

If James J. Hill had swung his req
lights six months ago, when nearly
everybody was going full steam
ahead, more good would have result
ed. By waiting until this late day
he is apt to do harm by intensifying
blueness. What is needed noW-and
what will be needed still more three
months from now-is a stout heart
Just as things were not half as ROSY
as represented some time ago, so th5y
are not as black as now painted by
those who formerly misread the out
look.
Moderation is as scarce as business,
in Wall street.
Decency is winning notable victo
ries in financial circles these days
The upheaval in Rock Island Railroad
means just that. And now St Louis
and San Francisco is to be purged
tbs credibly whispered, of those VIII
brought about its collapse. The char
acter of the men behind a property Is
now as important as the property it
self in the eyes of discriminating IN
vestOrs.
Small oysters forced the Sealshipy
Oyster System into receiYership, This
is not a jest. The company has an
abundance of young oysters, but hss
been unable to supply enough large
and mature oysters to meet demands
Because OF this, earnings fell.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
NEM YoRk pRopucE MARkEr-


NEW YORK, Nov. S.-Petroleum firm;
crude Pennsylvania, ESQ,
Turpentine firmer; 460461a.
Rosin steady; common, 400
Wool iirmer: domestic fleece, 22025,
pulled, secured basis, 33G50; Texas
secured basis, Asa 81.
Hides steady; native steers, 19& d20,
branded steers. $4,000
Coffee steady, options opened un,
chang to 3 higher Rio No. Z, on spot
l0A
Rice steady; domestic, ordinary to
prime, 4dJ5s.
Molasses steady: New Orleans, open
kettle, S5Q55
Sugar, raw quiet. centrifugal S.54;
muscovado 800; molasseS sugar, 2.79
Sugar, refined quiet; fine graduated,
4S5; cut loaf, $50; crushed, $50; mold A,
4S5; cubes, so; powdered, AS; dia-
mond a, 4.35; confectioners' A, 425.
Softs-No l 4,15q+25. CNo. is 3
points lower than No. I and Nos. to
IA are each points lower than the
preceding grade)
Potatoes weak. white nearby lisa
$50; sweets, 5OUl75.
Beans irregular; marrow, choice 5.25d
O. 20: pea, choice, 3.40d3.9 go red kidney,
choice 4.70u5.5O
Dried fruits steady; apricots, choice
to fancy, 1906; apples. eyaporated,
prime to fancy, rs. a 6l2; prunes, sos TO
Sos, ga ale; Cos TO zoos, 5HS12 peaches,
choice to fancy, 6it n7a4 seeded raisins,
choice to fancy, 6d6l7
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09

OF the D per cent advance in fire
ern railroads The expectation
is that the Interstate Commerce
Commission will give the appii-
cation favorable consideration.
especially as it IS understood the
frainmen are to be awarded an
other increase in wages.
Railroads are in urgent need OF new
capital and also are confronted with
very heavy maturing obligations
which either must be paid off or must
be relocated on any terms II rates
are not advanced, the outlook for
new financing will be most depress-
eng -alarming, even. However, this
trouble is not likely to come
Ready TO Go Ahead.
America has had such a success
sion of disturbing happenings and
threatenings that the people have had
a surfeit of gloom and are now chat.
ing to throw off the brakes and 80
ahead with Characteristic American
energy and optimism, conscious of
their nations unmeasured potential
ties and confident of their ability to
attain success.
As one banker aptly declared:
We have had a panic for the last
eight years. Any panic we may have
now would be encouragement
The psychological phase Of the sit
nation can not be left out Of account
in seeking TO diagnose the outlook.
Europe Is sending us gold, and we
can get more il We need (which is
impossible The truth Is that more
harm than good is likely to arise from
insisting upon any considerable
amount of European gold on this oc-
casion, as Europe is confronted with
very heavy financing for governments
and corporations.
Some Good investments.
Stocks and bonds are now cheap
from strictly investment point of
view. When the highest grade Of
stocks can be purchased to yield from
5 10 almost per cent very little risk
is incurred by those who pay cash
and tuck away their certificates in
safe receptacle.
Here are Il dozen representative in
Vestment issues affording a high in
come average
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09

that our commerce needs given to
il. These notes will be the obliga
ton Of the bank and not of the Gov
eminent.
81 believe the Intellectual judgment
Of every member Of the Senate Com
mittee is in the direction Of the APP
prevail Of such a plan. Politically,
some Of the members see serious OBJ
stacles. The disposition of the Presi-
dent to give consideration to or even
to discuss no other than the Glass
owen plan Is a serious obstacle
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
FRANCE MORE CHEERFUL.
eeIal Cable 20 The American,

PARIS, Nov. S.-The general trend
is slightly better.
Servia's prompt submission to Aus
trials eXacting demands shows con-
clusivelv that peace is near and that
the East can not be disturbed again,
however much some parties may Try
to embrOil matters.
No one expects the Wilson Ad-
ministra ton to cease its bear batting
tactics toward business interests 30
long as Secretaries McAdoo and
Bryan remain in the Cabinet.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09

the Continental and Commercial Ma
tional Bank, speaking Of the effect
of the pending currency bill on bust
ness, declared that the principle in
the bin Of attempting TO force banks
into the system without giving them
any voice IN the management is one
which business men generally can
not accept"
Chaos. he declared, win result if the
national banks are compelled to
Withdraw from the national system.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09

NEW ORLEANS, Nov, S.-The local
rice market continues to exhibit a
steady tone. Quotations on the leading
grades are as follows: Head Honduras,
4&c 20 6Ac; Japan. 25sC TO &c.
Straights - Honduras. 3S3c to f4o;
Japan. 22C to 2TsC. Screenings Hon
duras, 2isc to 2ssc; Japan, % 10 2l4c.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
MONEY AND EXCHANGE.

NEW YORK, Nov s-Posted rates:
sterling exchange, 4.S2QIS6, with actual
business In bankers bills az 4S4@4.S4s5
for demand and 4S0Ss u4.S0A for SO
DAYS bills
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
Great Bankers Open
Fire on Money Bill
Frank A. Vanderlip and George NJ. Reynolds Say
1t Portends Evil to Nation.

CHICAGO
Of
Association
Hostility Frank
anderp president the National
would
possibility he said that contains a
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
RoSrON STOCKS

BOSTON, Nov S.-The market to-
day was heavy the tone of the entire
list being weak.
Closing Nipissing. "a, Kerr Lake,
5-l6. Trinity. AZ Superior and Boston,
3& Alaska Gold 2l; Butte Bal, 4S.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
CAMPAIGN BEGUN TO GET
JACKSONVILLE FACTORIES

dACkSONNlLLE. Nov Sd H
Gay % business man has asked the
s'd of the business interests uf fu,
city TO 'oe8tp canning factories 0r-.
tna elsewhere In Forids
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
COEEEE.

NEW YORK. Nov. S-The coffee
market WAS less active to-day and
rather steadier. but showed al times the
nervousness or uncertainty Of prevailing
sentiment
Coffee quotations:
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
SUGAR

NEW YORK, No,. s.-AH grades of
local sugar remained Unchanged to-day.
The European beet sugar market was
steady a IS Cd for November and De-
cemher. SIS l0fd for May
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
cLEARINGs

NEW YORK, Nov. S.-Bank Cleariugs
to-day SSl0,ll0 9+I against S2S2, $50, S55
year ago, "a decrease Of S72.744.9l1
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
BAR SILVER.

NEW YORK. Nov S Bar silver in
London to-day was LIS penny lower
at - 9-lb pence per ounce Tu-day's
New York price was cent lower at
5gip. Mexican dollars were As 20 So
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
News and Notes
Of the Grain Crop
Ly JOS. F. PRITCHARD.

CHICAGO, Nov. 8.-The uncertain
" surrounding the wheat crop in the
Argentine Republic has deferred spec
ulation no little. And without spec
ulative trade the bears experience lit
tie or TO trouble to continue in con-
troll There is almost no cash bust
ness in wheat; the only grain trade
here is on interior milling account,
with here and there sales to go to
Buffalo.
The wheat seeded in the Southwest
this fall is believed to set a new rec
ord While this should not cut much
inquire In the matter of price making,
because the harvest is such a long
way or, the bears dwell upon this
fact with considerable confidence.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
NAVAL STORES.

NEW YORK. Nov S.-Turpentiue at
New York. 80 10 asa Wrpentine al
savannah 4sA TO +Sls Resin. c TO &,
strained 405 Tar on barrels, 100
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-09
BONDS

NEW YORK, Nov S.-EoNrEumunt
bonds were unchanged, railway and
other bonds were heavy