davidaulloa/AmericanStories huggingface dataset:
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20

in that It signifies the death kneIl OF
arrogant lRwless action by high
! finance, bent upon tactics and
schemes repugnant TO the people
Not even the Morgan or the Rookie
Teller cliques, the most aggressive OF
all, are too high 10 be brought low
once the electorate becomes aroused.
Let us hope the New Haven ca -
tastrophe viii be the last lesson need %
ed to open the eyes OF headstrong
capitalists to what Is what" in this
enlightened democratic age.
Rule Applied to Employees.
The old adage says: at is a poor
rule that doesn't work both ways"
The conductors and trainmen on
our Eastern railroads have been
sharply reminded of this
They threatened TO strike unless a
board of arbitration was appointed
10 adjudgc their wages. Congress
rushed through a bill establishing q
United States board Of mediation and
cancellation which has to settle dis
putes If necessary by arranging for
a board Of three or six arbitrator
Both the men and the railroad presi-
dents accepted this method
But now the men refuse to let the
board arbitrate the whole question of
their wages. hours, conditions of serv-
ice, etc. They insist upon coniining
the arbltratOrs to the demand for a
$l7000,000 increase in pay They
want the arbitration rule to work
only one way.
They may get their own way this
time. as the managers did not en-
phasize their intention OF opening up
collateral issues.
But arbitration that works both
ways is coming as sure as sunrise,
Let not the men blink at this fact.
They can not arrogHte all the butter
to their own side OF the dish all the
time. The people WHO PAY will
not stand for It,
Trading at Low Ebb.
Stock exchange transactions have
fallen to the lowest ebb in nearly
twenty years, and stock exchange
seats are worth less than at any time
this century-the latest price was
nearly $50, 900 below the 1906 maxi
mum.
The quietness in trading is not to be
construed as infinitely bearish on Sc
curities. Rather does 1t indicate that
the market has been completely sold
out A new impetus is awaited. What
direction will the next movement
take2
Given normal crop conditions and "a
continuance Of the healthy tendency
in the money markets, the prospects
are that, barring unlocked for dis
aster, the best securities win improve
in market value.
Safe, seasoned investments are
cheap. Irrespective of what fiurries
may be encountered.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
Lack of Rainfall Is
Not Liked by Bears
Further Batch of Damage Reports
May Come From Belt, Low
Price Party Fears.

NEW YORK, July ls-The cotton
market opened steady with prices l to
I points higher. Trading during the
first hour was Inactive and without par
ucular feature. There was a little
short covering in the new crop deliv-
cries, based on the early weather news
The fact that no rainfall has occurred
In the belt within the last tWenty-fou
hours is not liked by the bears because
Of the likelihood of a further batch Of
damage reports. There was some sell
ing by the traders TO even up accounts
over Sunday and the market held close
to the level Of the previous close
The cotton market during the week
showed tone Ofunderlying strength as
a result Of reports from both sections
Of the belt that very high temperatures
and lack Of soil moisture had damaged
the growing crop to some extent Many
Of these stories lacked confirmation
In Texas the plant is said to have SUI
fered some deterioration though COM
peteut crop authorities predict that the
state viii produce an excellent yield
Old crop deliveries have been strength
ened by the decreasing certifcated
stock in local warehouses. Opinions
vary as TO the extent of the remaining
short interest in the July position, but
il Is the general belief that some diff
dculty may be experienced in meeting
contracts.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
BUSY,
COTTON MARKET
To THEIRLIKING
October FluCtuateS Between 1l.40
and ll.60-Big Fellow and.
Public Not Interested.

NEW ORLEANS, July IA more
hopeful feeling in regard to the defeat
of the Clarke amendment having been
engendered recently by the advices
from Washington, the cotton market
has become more active, with bulls
inclined to bid prices up to higher
levels.
The weekly weather report Tuesday
was rather discouraging to the bear
element. droughty conditions being
reported as prevailing in Texas and
Oklahoma, while rain also was said
to be needed In some portions of the
AtIantics. which was rather surpris-
ing to the trade here, as it was
thought that there had recently been
sufficient rains in the Eastern belt.
Some private crop reports received
from that section of the belt within
the last few days also state that the
cotton crop is being damaged by
blight, especially in Alabama.
The market lately has ranged be-
tween 40 and 11.60 for October de-
livery. Covering by shorts has check
ed any decline in the neighborhood of
1140, while taking by longs,
together with some fresh short sell
ing, has served to prevent the market
advancing much above the level Of
11.60 for October
The result has been a good scalping
market, which professional traders
have taken advantage of, but the
larger operators and the outside pub
lie, apprehensiVe as to the Clarke
amendment passing, have. as rule,
refrained from taking any interest.
Now that more optimistic feeling
prevails in cotton circles here, inter
est in the market appears to be re
viving, and, with a little more en-
enlargement, leading bulls in this
market would not hesitate to put
some ginger into the speculative po-
sition. There Is still fairly large
short interest in the market, and it
would not require a great deal OF
buying to put the bears on the run,
Prices on the new crop deliveries are
now ! cent under those prevailing
a year ago, when, in some respects
the crop outlook was better than ii is
to-day.
More reports Of damage by boil
weevil are coming in, especially from
Texas and Louisiana, where the pest
appears to have gained great head
way. The rains which are needed
now in Texas would lead to greater
damage still from the boil weevil
Consequently. crop prospects i'm the
Western belt are not encouraging. nc
matter from what angle the situation
is viewed.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
Wheat Exports Big,
Says Late Dispatch
Canadian Situation Overlooked by
Average Spectator, Says Vet
eran of Chicago Pit.
BY JOSEPH F. PRITcHARD.

CHICAGO July ia message was
received on the Board of Trade just
before the close of business to-day
which said that the export takings at
the seaboard were on large scale.
In fact, the transactions at the At
lantic ports and the Gulf gateways were
the largest of any day during the week
This piece Of news came too late TO
be OF any service to the bulls, al
though they possibly took advantage of
this knowledge by taking on some
privileges for Monday.
The head of one Of the largest com
mission houses advanced the opinion
that while other commodities have ad
vanCed, wheat has declined He says
that the situation in Canada has been
overlooked by the average specula tor,
and that conditions north of the line
are decidedly bullish, even at this time.
It IS a fact that the Canadian wheat
crop is later than usual this year, be-
ing at least two weeks behind that of
1912 when the losses by frost were SEN
sattonal in character.
Cash sales at Chicago amounted to
only $4,000 bushels
Fractional gains were shown in the
corn market again to-day and the best
prices were well held. Cash sales were
1884, 900 bushels.
Oats showed considerable irregularity
but closed at fractional advances, fol-
lowing rather weak opening The
amount of cash trade was small at
only 60 900 bushels
The only commodity in the provision
market to hold its own to-day was
July pork and that is held by one OF
| the large packers, and in addition Ia
the line of futures. the cash article is
Previous
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
MORE CHEERFUL
SPIRIT SHOWN
IN SOUTHEAST
Improvement in Cotton Prospects
Caused by Fine Growing
Weather Brings Optimism.
BY M A. ROSE.


Two weeks of hot weather, varied
by good showers. have done marvels
for the cotton crop of the Southeast,
according to the views of competent
observers, who have made trips
through the farming sections.
Cotton in South Georgia is waist
high, they say, and little more OF
this ideal weather-ideal from the
cotton planters standpoint-win do
much to overcome the late start the
crop suffered If August, now, will
be as kindly as July, and II the frost
is not too early, an excellent crop
will be assured. To make conditions
perfect, little rain in Central South
east Georgia might be added, for the
abundant showers elsewhere skipped
that section, according to the Wealth
er Bureaus report last week
The feeling all around is mora
cheerful Country bankers and mer-
chants report to their Atlanta corre-
spondents that the crops look better
particularly the corn, which promises
q more abundant yield than Georgia
ever has known.
balance Basis" Rules.
BY keeping loans strictly to a bal
ance basis"-that is. by demanding
that a customers balance be kept at
% per cent Of the total amount he Is
allowed to borrow-the supply OF
money IS kept equal to the needs OF
commerce and industry.
Atlanta institutions, with one or
two exceptions. have not yet begun to
borrow from New York City. Within
a few weeks this will begin, probably
not as early as usual for the cotton
crop Is a little late.
The outlook, according to good au-
thorities, is for good prices for the
cotton crop. Domestic consumption,
many think, will reach 100000 bales
this year a record figure. For nine
months domestic mill takings wero
something less than 100000 bales per
month, but for April and MAY takings
were we'll above 100000 bales. They
we're close to 500 600 in June.
Cotton Prices Better.
July and August, terminating the
cotton wear, are expected to bring the
total up to 5000 600. Prices have
stiffened perceptibly for spinnable
grades in consequence. The total
number Of splndles in operation dur
ing the year has been close to the
record and stocks have been decreas-
ing steadily since January.
Stocks and bonds continue to be
quoted at bargain prices, both locat
investments and those listed on the
New York Exchange There was "A
small revival in trading following July
dividend disbursements, but it has
died down again Fall IT is believed,
will see much more active invest
ment and speculation, and several At
lanta financiers, according to rumOr,
plan to father some new issues.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20

the condition is that State has been
high and there is room for some de-
terioration and still leave promise OF a
good crop. Texas as usual is sending
a variety of reports, though the av-
erage opinion is that a record crop
viii be marketed there, There is ba-
sis for expecting a large early move
ment from that Commonwealth also,
and three new bales already have been
marketed.
In this territory, which comprises
the area that produces the bulk OF
the long staple varieties, the pros
peCt is the best In years. though IN
the lower edge, including some Of Mis-
sissippi and Arkansas. the weevil bids
fair TO be a factor. Conditions are
so favorable at the moment that the
tendency here Is to take an optimis-
tic view Of the entire belt lnforma-
, ton reaching here is that while there
has been much Improvement in the
Eastern belt during the past few
weeks. chances are against yield
e4ua.lug the record of two wears ago.
Bears. however. think they see pos
slhillty of the belt setting new rec
( ord In the number OF bales. while
/ outlook is for good quality
There is small activity in the spot
( De, artmeut, although sales in this
market have been fairly large for
midst mmer The unsold stock here
I Is small and only a few BUYERS are
/ here, but scattering orders are cam
Ing from spiuuers Receipts are small
F. but stocks in the aEgreEste al count
eo towns are larger thar they were a
ear ago. Quotations are holding
steady and middiing ranges from 1.
cents TO IL 7-I6.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20

Wilson administration let it GO
by the board. viii il accept
Bryan s airy, impossible attitude
of Indifference and inaction !
VIII Chautauqua lectures be al
lowed to relegate matters of ma
tional and international indepen-
dence, not to the rear, but TO the
hands of European govern
ments7
Europe May Intervene.
The problem threatens TO become
not shall we Intervene but who
shall intervene the United States or
the European powers?"
The financial and commercial con-
ditions in Mexico are chaotic. The
whole impossible situation might have
been brought to a head before now
had not certain bankers supplied the
Huerta cahal with funds.
]. p Morgan & Co headed a syn
dictate which sent $4,000 TO Huerta
only two or three weeks ago. an act
frowned Upon Washington dispatches
announce. by our Government. To
finance warfare In neighborlng
country
States Is interpreted as most ques-
tionabIe piece Of banking business.
should the United states be Obliged
TO act. win the Morgan interests con
tinue to finance Huerta'
American bankers Of certain
class have been VIGOROUSLY deaf TO
expressed public opinion in the past
But can they continue to tlout the
public. can they persist In policies
condemned unresHyedly by the voters
Of the lang2
Cam they 5wlrf fmpunlty override
the spirit, If not the letter, OF the law
No. they ttn:n And the sooner
they fan into 4ue with the public'S
ideas the hctter
MeIlen's Fate Significant.
The downfall of President Mellen,
for ten years the Morgan servant at
the head of the New Haven Railroad,
Is rich i'm significance. It marks the
doom Of hlgh-handed capltalistic plu-
tocracy Are the Morgan people too
blind 10 recognize this? Can't they
catch "a giimmer of liEht2 Don't they
begin TO realize where they and minor
members of the money power
staud2
The New Haven sought to ride
roughshod over law and public SEN
timent in it's mad banlTupting race
toward monopoly. Money hundreds
Of milious-Was taken from the pub
lies pockets chiefly because OF Nor
CAMS connection with the road and
poured lavishly and reCkleSsly into
and out of-the company's treasury
But even unlimited millions could no.
permanently defy the people
Nenen's sacrifice g. important only
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
Stocks Are Easier
On Profit Taking
Prices Half Point to Full Point Under
Fridays Close--Steel Com
mon Most Active.

NEW YORK. July l9-Desultory
prout- taking brought prices down one
half to one point under yesterdays level
in the stock market. The declines were
mostly in the internationally listed is
sues.
Canadian Pacific. Amalgamated Cop
per and Union Pacific We're COnspicu.
ously heavy. United States Steel com
mon was the most active stock on the
list and sold OF large fraction.
a feature of the session was the low
eriug of the quotations for all United
states Government issues This natur-
ally reflected the uncertainty surround
ing the disposition Of the Government
two's under the banking and currency
hin. The Consolidated two's were
quoted 95A bid. 9Sia asked, and one sale
was recorded at IS The Panama Canal
bonds We're reported 97ia bid, without
offerings
Holiday conditions prevailed abroad.
but sentiment was more cheerfully in
cllned on the reported progress in the
peace negotiations for the settlement Of
the Balkan disturbances. In part. this
was onset by the rather more disQuiet-
ing advices from China and a labor DIFF
hculty in South Africa affecting mining
properties
The most interesting feature OF local
news dealt with an arrangement entered
into between the Republic of China and
an important local banking firm for
financing the immediate needs OF the
Republic through short term per cent
discount notes. Upward of g. 800 GOO OF
these have already been taken and a
total issue Of from $4,000 600 to $50
1900 is contemplated. Announcement
was made that the SLIGO 600 Southern
Railway equipment notes brought out
yesterday We're all sold
Weekend statistics We're OF a gener-
ally encouraging nature, the CONNER
cial agencies reporting fair volum Of
business moving for the season.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
Few Sales of Iron
at Present Prices
Southern Pig Held for S11 Per Ton
Stocks Will be Reduced
in the Fall.
BTRMTNGHAM. Ala.

BIRMINGHAM, ALA. July ia
Southern pig iron now is being held
for 81 per ton, and there are few
sales being made, The market is far
from being satisfactory however, ana
the make Is in excess of the demand.
The manufacturers are not inclined to
sell at the low prices that have been
prevailing, and though reports are 10
are no orders
The accumulated stocks Of iron, es-
timated heretofore at 200,0 600 tons,
should be cut down considerabl bly, dur
ing the third quarter Of the year. At
81 per ton there is little profit on
pig iron, and the furnace companies
are said to be considering it better
business to hold the iron rather than
let il go out at the lower price.
COTTON SEED OIL.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
CHICAGO CASH QUOTATIONS.

CHICAGO, July 19.-Wheat, No. 2 red
new, $50 dS7; No. red, new, S5% a
old, SS15dS9; No hard winter, new,
ssh aS7is old S7Ia ass; No. 1 northern
spring, 81 y a S2la; No. northern spring
yOH91 Y; No. 3 spring SSd90
e3A a sac No. 2 yellow, 62G62&; No. 8,
Sly a So: No. 3 white, 62% p63h No. 8
yellow, 61& G62la; No. 4, 6O1a 061: No 4
white, 6lG624; No. yellow, 602t d61A
oats, No. 2 white, Az No. 3 white,
ard, 41d42
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
ST. LOUIS GRAIN.

ST. LOUIS, July 19-Grain options
opened generally lower to-day, but to-
and were steady Futures: Wheat
July, S2as September, S4as December
SS9s Corn, July, So; September, 62st
December, So Oats, July, 80; Septem-
Der, 1885 December, Az
Cash prices: Wheat, No 2 red. S3Ib a
Stl2; No. 2 hard, S4092h Corn, No. 2,
64i2 No yellow, IS; No white, 671a
oats, No. 2, 591s No. white, Az.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20

Atlanta, nominal; middling 1879
Athens, steady; middling lls.
Macon, STEADY, middling 1.A.
New Orleans, quiet, middllng IL 1-16.
New York, quiet, middling 1910.
Philadelphia, quiet; middling l265.
Boston, quiet. middling II 40,
Liverpool, quiet, middling 6.72d.
Savannah. firm; middling l2c.
Augusta, steady; middling 1888.
Norfolk, steady; middling 12l5.
Charleston, steady; middling IL 5-l6.
Charleston, nominal.
Mobile, steady; middling 12c.
Wilmington, quiet; middling 12c.
Little Rock, steady; middling l2c.
Baltimore, nominal; middl.ng 121A.
Memphis, quiet; middling 1873
Memphis, steady; middling 1873.
St. Louis. quiet; middling IL sis.
Houston, quiet; middling u S-16.
Louisville, firm: middling 12A.
Charlotte, steady; middling l2c.
Greenville, steady; middltng 10,
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
MONEY AND EXCHANGE

NEW YORK. July lq-Money on call
nominal No loans. Time loans steady
Sixty DAYS, 404la per cent, ninety days
per cent six months 6a6A per cent
Prime mercantile paper per cent. Ster-
ling exchange firm, with actual business
u bankers bills al 1 $50 for sixty-day
bills and al 4 $3.50 for demand Com
merCial bills ISIS
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20

ter prices for both stocks and bonds without the
preliminary upheaval that would have been IN
evtable had the initiation of bank credits gone
on unchecked Only some sensational develop
ment not now in sight can plunge the country
into financial decentralization OF course, ele-
ments of danger never are wanting. Without
a measure of uncertainty there would be little
trading in stocks.
The Mexican scandal grows. Despite the
grave consequences that would ensue, the
United States government may be compelled
however reluctantly, to intervene.
The patience of European nations having
large interests at stake is showing signs Of ex-
destruction and disorder will not be permitted.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
and Veus by Experts of Finance Industry Crops and Commerce
Saturdays New
York StockMarket

The following table shows the
highest, lowest and closing prices
of stocks sold in New York Sat
urday, together with the net
change from Fridays close.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
RANCE nv NEW YORK FUTURES.
LIVERPOOL COTTON MARKET.

LIVERPOOL, July 19.-This market
was due 212 points higher on July and
3ia to Az points higher on other posi-
lions, but opened quiet at a net adj
vance of 21a points Al the close the
market was barely steady, at a net adj
vance of 1 to points on near positions
2nd 2l2 points higher on late months.
Spot cotton steady; middling, 673d;
sales, 1000 bales.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
INTERIoR MOVEMENT.


SAVANNAH, GA, July f9,vSpirits
Of turpentine at S51ko; sales, 9f9 bar
rels. Resins, firm Waterwhite. So 80:
window glass, Sc 80; N. S. 40; NJ, $4 60:
K, $4S5; |. s4S5; II ,$4,35;. G. ga 35;
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20

NEW YORK. July 19-Number of
shares sold in the Street to-day 121, 700
of bonds sold to-day s7O4 900. against
$545,000 a year ago.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
NEW YORK BANK STATEMENT.

NEW YORK, July l9-The weekly
statement Of the New York Associated
Banks shows the following changes.
Average Statement
Excess cash reserve, $50, 0S6, 200; in
crease. S675. SEQ
Loans, increase, 50, S03 900.
Specie. increase, S226. GOO
Legal tenders. incrCa Sc 1856. 600
Net deposits. increase. Sl441. 900
Circulation, increase. S15 0O0
Actual Statement
Loans. decrease. S3.423 OOO
Specie, increase. So. OS0. 000
Legal tenders, decrease, IS, $4,000
Net deposits, decrease. s., T52, 600.
Reserve. increase. 1857, 600
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20

NEW YORK July n Bar silver in
London unchanged al 21l.d per ounce.
Tolay.s New York price was unchanged
Ian 53tsc Mexican dollars were a7c 10
Sic
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20

NEW ORLEANS, July 19-The rice
market continues to rule strong on
Honduras clean, and steady on Japan.
Quotations on the leading grades are
as follows:
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
MORGAN LOAN To HUERTA
SLAP At PUBLIC ALREADY
ANGRY, FORBES REMARKS
Mellen's Downfall Should Serve as a
Warning to Bankers of the High
Handed Sort That Such Disregard
of Nations Temper Is Dangerous.
By B. C. FORBES.

NEW YORK, July 19Nohing has happened to discourage
optimistic attitude toward securities few weeks
articles The probabilities weigh STRONGLY favor of bet
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20

hauston Murder destruction and disorder will be permitted
Doctrine is about be put the Will
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
ANcE IN NEW ORLEANS FUTURES
SPOT COTTON MARKET.

'losed steady.