Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1919-07-08

matter of self-protection credit to foreign
countries will be granted with increasing
precaution; although liberal policy in this
respect is absolutely imperative for the re-
Mobilization of Europe, in which we are as
much interested as Europe itself. America
must set aside its provincial habits and
recognize that safe and profitable investment
are to be found in Europe and elsewhere
as we'll as at home. Another demand forced
upon the money market is the Legitimate
call of domestic trade, which is not only
prices that materially curtail the effective
ness Of banking resources. striking ex
ample of what these demands promise to be
is found in the statistics of new. incor
pora tionS, the amount of which reported in
the principal states for June was $1,a50.-
000,000 This is the biggest total on rec
ord, except in March. 1901. when the United
States Steel corporation was formed with a
capital of 81, 100, 900, 900. and the total was
81 $40, 100000. In June year ago the
total was 1927, 900, and in 1917 S4o3,-
100000. During the first six months of
the current year the total was So, 700. 600, 900,
against S1,460. 100000 a year ago. Among
the largest charters in June were the
Du Point Securities company. $3.50, 100000,
and the United Retail Stores corpora ton,
S116.0oo000: There are also a number of
new oil, shipping and chemical concerns.
During the next six months over $500 900
foreign loans placed in the United States
and railroad loans, a portion of which viii
be paid off and the balance refunded.
Strong Security Market
Despite three days intermission the stock
market showed strength and much
activity. Not a few sharp advances we're
scored hit profit-taking wac frequent and
held the advances within reasonable lin
its, for it is we'll understood that a run
away market would meet with short shift
from the money market, The favorable July
report en- business conditions by the Fede raj
Reserve Board acted as a fresh stimulant;
as also did the brighter outlook for rail-
road traffic, ard reports from Washington
that an advance Transportation rates was
imperative to cover current losses. Il is
further expected that railroad problems will
receive prompt attention from congress aft
er the presidents return, if the roads are
to be handed back to their owners at the
end Of the year. The steel trade shows
some improvement in activity, which was
reflected in market values of the leading
issues. In oil shares dealings continue
very heavy and over 1913 concerns with
authorized capital of $3.50 600 COO were in
June. This is the largest monthly total on
record. 1t is estimated that the capital
of new oil companies this year will ap-
proxma sfuily 81 ZOO, 100000. Foreign ex-
change is much unsettled. Sterling again
touched a very low level, owing chiefly
duce bills. Imports arc increasing some
what. bu+ net sufficiently to- offset the
enormous outward movement to supply Eu-
ropean necessities. Dealings IN kronen have
been resumed and those in marks SHOULD
nn follow. Ady1ces concerrin the wheat
crop are satisfactory; the harvest has be.
gun, and cars are being rushed westward
to bring the product 10 market Cotton
indicates further deteriorat ton in condition,
which, of course, means n smaller crop
than expected in May and n corresponding
stiffeniny Of values.