The times dispatch. [volume], August 18, 1913, Page 8, Image 8

About The times dispatch. [volume] (Richmond, Va.) 1903-1914

Image provided by: Library of Virginia; Richmond, VA

                
APPRECIATES EXTENT
OF DETERIORATION
Trade Suddenly Realizes Condi
tion of Crop Throughout
Texas and Oklahoma.
New York, August 17.?Lack of re
sponse to bullish nows on the weather
ami crop reports from Texas and Ok -
lahoma discouraged the tow operators
loft trading on the bull side until yes
tcrday morning. It was not until then
that the trade appreciated the extent
of the deterioration going on In the
condition of the crop throughout Tex
as and Oklahoma and also in parts of
Arkansas* ami Tennessee.
Absence of any encouragement from
either the leading spot interests or tho
largest Wall Street operators to take
the 1'iiil side. together with tho dally
li. lit f that good rains would occur, had
kept sentiment bearish, and the n\nn>
shorts among the local and AN all Stieet
and * >uthern trading element had been
lulled into a feeling of security on the
b? nr side of the market. Too little at
t. ntton was paid to tlie increasing se
rioiisness of the drought in the south
western part of the belt. Sentiment
i .ntiiiued so bearish that most traders
had failed to concede even the p'-ob
.,|,j|itj oi tlie market developing anj
rally ?
'I'lirtiing of the Mnrkft.
\S I matter of fact, however, the
maximum declines from f^vefes*
ch.sint priees to tile new low 1cm 1 ?-b
t-iblished for the season on 1 hursda>
was onl> ten points. October then
fc?Ul down to 1O.S?2, December, 10.S3,
I mil i r\ 10.72. and March to 10.f>.l.
?ic'iii' "ll.lJi for August and 11.12 fur
r With only 21.000 bales of
' ,'trart eotton at this port immedi- ,
.,t.lv available for deliveries on Au
gust and September contracts, sentl
in.-it- has been entirely too be.nlsh
?intl the short interest muoh too large.
Rut this was not realized, however, l>>
.?itiiei the bic interests in the trade or
tlu ' k-neralit.v of local operators until
the failure of any general rains to ap
pear in either Arkansas, Oklahoma, or
Texas Thursday afternoon caused some
the bin operators to decide to cover
t:\-ir shoits When Liverpool jumped
six Knglish points early yesterday on
this and closed firm at that advance
, vei Thursday's prices, and the "Giles"
nop report continued the crop damage
in Texas and Oklahoma referred to in
these market reports earlier in the
week. there was a sudden scramble to
l?u\ cotton. This increased as business
progress..!, and closed the market
stroni- yesterday at near the best
prioes, with a maximum advance or 23
to is points from Thursday's lowest
quotations.
August went up to 11.70. September,
314" October. 11.1 ?'?; December. 11.10; j
January, lO.'Jf*. and March, 11.OS. In
this effort to got back some of the cot
ton sold during the movement to keep
prices down earlier in the week. It
now looks as though a very heavy ?
short interest is outstanding, and un- ?
less good general rains occur over the
southwestern part of the belt to break ,
the protracted drought and hich tern
peratures there of the past month, a ,
sharper rally may develop
That the crop has been damaged over
the southwestern part of t?e belt, and
is now in a critical position there is
apparent from the private advices be-j
inir received by some of the big spot
interests and other lnrpe local trade
?md Wall Street houses from traveling
crop experts and agents throughout
Texa? Oklahoma and Arkansas, and
branches at N-w Orleans. Some of
these reports show that there has been
?v f'tllir g off in condition of over ten
points in Texas and ilfteen in Okla
homa and eight in Arkansas since the
lust government crop report way eoui
t ile?l to Juts 25. making the avearge
condition throughout the cotton belt
on that date 7 ?.?.?> per cent
The.-' repoits state that there has
heavv shedding of small bolls
ft|?. eNlvene high temperatures
and'continued 1 ? k of i vins during the
-? thi >' ? ek>", and mow the older
{ -H ,i. being opened prematurely,
... <i,.> ; I:: i: r s it: many sections are
\ r . . t:.e '? \< These conditions
ti t Hi < ? lti< :il stage has ar
; v? ? i! and 'h< <;.op has gone back so
i 7 ?. f: o litilllant prospects
, |? akirjp yield of a month
T. >:as. th-i't no j-uch promise
? v , vj ;s Moreover, unless pood gen
. ? ; s un in .<ver Texas, as w. 1! as
. . uh nt i;u the cotton-growing
- ? .?> ,.f <>l(lah"!iia. before the nil
? f tl . ? e.s'iir.ii week, the damage will
be very serious Tennessee and Arkan
> W'.li also be in need of good rains
b> that titn* In view of these con
ditions, it is very fortunate that the
crop in Mississippi. Louisiana. Alaba
ma. i ;? > i ma the i.'arolinas lias been
t '.vorc.. with nseasonable tcnipera
f; e- ar.i 11."1* tl<*;|Uel|t ShoWOIS TllC
? 'itlook in all <>f those States, except
I'vrts o! Alabama, Louisiana and
s.-<ippi. is reported to be even tniieli
1 ? than a month ago. However,
? ? half of the crop is produced by
T'\i-s. Mklahoma and Arkansas, and
t! ? i ori.it ions there are now th- ilniiii
l. tli.g influence on trade sentiment,
the markets !.ere. as w.H as at
1. . ?! ; ; .Mid New Orleans
.? r< suit of the extremely hot ami
1 i: ?. ? i dry weather 1 t: the South
v- i s beep to hasten the .perilm:
? f t .< I.' :1s of the earlier planted >??!
u i! o \ ? : the southern half of Texas
- ,i ons. uunce. picking is progress,
i:. iaI*id*;? .ill over that section, ami
!,? ? ? ottoi is appearing in increasing
i!: e o : 1 at the interior points
iniigii ?ms t.? Houston and Galveston,
s ni'ich i.'-w eotton as r>.(,fl0 to 7.1*01)
i ? - per da v i:as been coming in at
points this week It is believed
' . ? as mil' 1 a- 1'.?'?,00ft bales of nes\
. ?.ii- r. from i: ?? season's growth will.
' .< i ef"i p. apptar in the r eceipts before
the end "f thi.- itim tli from that part
' ' tlo belt to I e ? ount. d Into the old
er' rnovenient
l"p to t", <? tirr?e the market for eon
tjacts rallied s > sri ? r j. 1 % yesterday, spot
brokc-rs w> te :eporting a good d.-al i.f
difllculty in tile',!ng buyers among the
spot dealers in t-he daily offerings of
these UiCr eitsi'ig receipts of new cot
ton, and as a consequence, a great deal
of lredpe selling of October contracts
had b'.e), gc;rig <>u here, as well as at
New Orleans
The next government crop report on
the condition of the crop is d,ue to lie
published from Waihington on Wed
nesday, September :: It will g 1 v. n,,
average coudltion of the crop to Au
gust 20 or only nine days from tins
?late.
OPEN AN ACCO*TN*r V/1TLZ
THE UNION BANK
OF RICHMOND
1104 EAST MAIN STREET.
11.00 MAKES A START. 3 FEU
CENT INTEREST.
MARKET OUTLOOK
: VERY OPTIMISTIC
Eagerness of Foreign Bankers
Shows Return of Confidence
in American Stocks.
B\' nilOADAN WALL.
New York, August 17.?Unquestion
ably the time to buy stocks lies in that
period when fundamental conditions
have changed for tho better and the
facts are not generally known. Tho
rise In prices on the Stock Exchange
that culminated on Wednesday caused
j hasty covering- by the small shorts. The
] reaction that brought about the low
; prices of Saturday caught the stop
loss orders of tho little bulls, therefore
! the technical position of tho market
is strengthened by the double elimi
j nation of the "rag-tag and bob-tailed"
speculators who grab for the mini
j mums of profit.
The great event of the week, finan
cially. was undoubtedly the unqualified
success of the Southern Pacific under
j writing syndicate. The eagerness, of
foreign bankers to gain a participa
tion on behalf of their correspondents
i betokens a return of confidence in
i American stocks that no thoughtful
observer will ignore. The remarkable
showing made by tho Hank of England
on Thursday, with the highest record of
gold holdings for the year, justifies
the optimism.
So many false reports of the settle
ment of tiie Balkan difficulty were cir
culated that the importance of a real
renewal of Interest in American securi
ties has been apparently ignored.
It is forgotten that in the early days
of our railroading the bulk of the
money provided for our construction
was furnished by European capital. In
spite of adverso legislation our rail
roads made remarkable earnings for
tlie fiscal year ending Juno 30 last.
Foreign financial publications lately
coming to hand reflect the sentiment
that our corporations have developed
an earning power which Justified this
earlier confidence.
N'ow that easy money is assured for
the movement of tho crops manufac
turers can go ahead with production
and the bankers will proceed to turn
this.- current of legal tender into their
coffers in exchange for tho securities
that they have carried or will isstie.
Tlie process is interesting. Tho
farmer raises corn, which is. In turn,
turned Into cattle. This is sold as
food. It is transmitted into energy j
by the workingman, who manftfac- j
lures finished goods, in turn disposed j
>?f to the farmer.
In this cycle of trade the banker j
appears many times, and the surplus j
that accrues to the farmer or manu
facturer is sought by the bankers, who
would exchange fixed obligations of !
corporations for these profits.
When it becomes morally certain
that tho farmer will be an eventual
buyer speculation comes in between,
and those who early appreciate the
trend cull the profits.
The case of the time money market,
the lirin demand for bonds and the |
strong inquiry for short term notes j
should be convincing evidence that fun- j
damentally the situation is sound.
The rains in the Southwestern corn j
belt, reported on Saturday, will lin- !
prove conditions in the limited are?
adversely affected: it should logically
follow tiiat the coming week will wit
ness a broadening of speculation with
materially higher prices.
Steel common gives indications of a '
higher range of prices, notwithstand
ing the declining prices for the finished j
product. Union Pacific, with the prob
ability of an extra cash distribution,!
should lead the railroad issues, while I
Pt Paul may be expected to advance
on the theory that earnings will justify !
a return to larger dividends.
The copper situation is unusually ;
strong. Utah. Anaconda, Miami and;
Tennessee Copper promise activity at i
advancing figures. Public speculation j
is still very restricted, and the odd lot
trader is a seller on balance. This ;
suggests the thought that tho aggres- !
sive bull will encounter little danger I
until speculation becomes more gen
eral The outlook is decidedly optimis
tic.
Ffhl
Pianola-Piano
The ability to play the most
difficult composition is yours if
you possess this instrument?a
"player" piano unusual in many
ways.
Come in and play It yourself?
you can realize In no other way
how far superior tho Pianola
Piano la.
Walter D. Moses & Co.
103 East Broad St.
Oldest Music House in Virginia
and North CnroLina.
FRANK WILL TELL
Interest Now Centres in Appear
ance of Alleged Slayer of
Mary Phagan.
Atlanta, Ga, August 17.?That the
trial of Leo M. Frank, for the murder
of fourteen-year-old Mary l'hagan
would be concluded, and the fate of Hie
accused factory superintendent l>e in
the hands of the jury before the close
of the present week, was to-day con
t'.dently predicted by attorneys for both
defense and prosecution. Interest now
centres about tho appearance on the
witness stand of Frank, who will, ac
cording to the announced plans of the
defense, make a statement in open
court covering his version of tho mur
der. Under the Georgia law, Frank
may make this statement without being
sworn, and without prompting <>n the
part of his attorneys. Tho prosecution
has no right to question him either
during or after his statement, it is
expcctcd that the defense will close its
< ase when Frank's statement Is com
pleted. When tho trial is resumed to
morrow, it is expected that the de
fense will summon additional witnesses
to testify regarding the movements of
Frank on tho. ilav prior to the discovery
of the murder in an effort to account
for every moment of his time, and thus
establish an alibi.
TOBACCO SKA SON .M.Alt.
Lynchburg, Va., August IT.?Tho
Lynchburg tobacco market, which has
been Idle for two months, will be re
sumed September 2, at which time prim
ings will begin to be offered in small
numbers. The indications are that
probably more than an average amount
of primings will be sold this fall,
though the farmers have been advised
that there will l>o little or no demand
for the poorer grades.
The reports to the local warehouse
men indicate that the crop now is in
excellent condition, and that if favor
able weather prevails until the crop
Is cured it will be the best marketed
here in a decade. The estimate is that
from u to lit per cent or" the crop has
been damaged or destroyed , by local
hailstorms during the summer, but with
this it is predicted that the sales here
during the coming season will aggre
gate at least IS,000,000 pounds.
MARKET INFLUENCED
BY WEATHER IN TEXAS
Xt-w Orleans, August 17.?The
weather in Texas will bis the principal
iiiti it. ( in iIk- cotton ui.trkt'1 tins wn-k.
I >rouyht in that Slate anil in Oklahoma
lias IK?en so lonr continued that il is
ilmost conceded tiiat considerable darn
affe lias iirc'ii done, and that more will
r> yiilt if n" rain falls, Continued dry
weather will lie a .strong influence for
liiirher prices. while rains. especially
good rains, undoubtedly would cause
;t : i-iisatlotta 1 drop.
The trade will be loss concerned with
1,. pot ti.?: s of tlx- belt. In the
I'.islf! i half of the cotton region fa -
vorable weather has prevailed of late,
n(1 account: comit'K in :in most en
'?outaffiiiK- It is evident that enough
: in for the time'oeiuK has fallen al
ii ost everywhere east of the Mississippi
It i vet White it is bound to be a
weather mr.rket this week, there will
l>e a tendency to pay more attention j
tu the .spot situation and also to the
statistical position of cotton. There |
is more cotton afloat f<>: foreign coun
tries tlu>n usual at this lime of the !
yi'iir, ami rumors of large freight en
nts for nearby sailings have
!'??. ii !?*-:? , d of late. Spots have been
11 ? -I <ptiet. and any signs thai the
<Vmund is picking up will have a favor
?tf.-.-t on futures. The question
? ; <?<>i:.su:hj>tlon duiing the season now
drawing to an end is looming up as
tn-iriK impo'tant liccau.se the claims of
hulls that il has been on a record -
breaking l?asis have been in part veri
fied by the government figures of con
sumption in this country. The present
season in a fortnight, and the
ti ade is always prepared for surprises
. in statistics at the end of the season.
Odds and Ends From the Wire
k 11.1. a hi.ow x-rr ((i)ii(Anr..
\V nrUiiifii Willi \lr Hour Hurst HI*
Hotly by Pressure.
Heading. IV.. August IT Krnnco <'ii
tills. aged twenty years, employ oil by
the Carpenter Htcel Company. died un
der. most riiMrc-ssinK rlroumstanees.
This morning several fallow - workmen
sei/.ed ?'uiilis while In- was at work.
T\ .. held him While this was Kointr
? (?I a third inserted an air hos>- in Cu
tilis'.s and turned < >: i the pr<-s
hui i- In ;t few moments the young
titan bloated like a balloon; his body
looked as though U would explode and
hi lit i aim- uit' Oliseious tit.il (lied.
("oriiM i Wa:.-. net ilir. > t. <i that an au
ti.psj lit- held This revealed the fact
t!.;?t the p: csMtre of tlx- air hail hurst
howels. whirl. li '.llttil ii. death.
Am. sts have he. n oidered.
I'l ltl.ll l.\ S I i:\i s M'OVKS.
NitvIphI 'lliler lit'H A h ?,v Willi -MM) of
'I Item, I'.cer.iieiil,
i' ttshtirtMi. A in.-ust IT With hun
dieiis i t people watt h.: nim daily, an
enterprising llUKlai hinted a loft in
a Libel t> Av.-nlit t ildiiiu and trot
away with -1"" sto\.- and tin people
ami ? 1 ?: t t iv.- f ? :. .- of this t-ity are
I... ille* 1. for tin* n n liitr- t-sca}><'tl
M liraun, uiiiit'i the st'.veH, pur
rhiiM -d about ),?<<?*? ..I tin- heater*! and
tui.'i then; in the luft He had com
inhildlU"! a dealt I t> sell them for liilii
.ami did not visit titt loft often. The
Mntlnr evii'entlj was aWitnt of this
: nil knew that the etitran ?? to the
huilditiK was open all nir.ht
At varioii' tiim-s within the (.at
(?ii days he would drive up to this
i .11.link, sell i t what Moves he wiuit -
t <; anil drive away The district is
, tiih'kly populated, and the remainder of
the building is oceupb d
?'HASi:i) TO KA It l-'lto VI II :it.
I'.mlir//.ler I-'roin Son Hi \rrr*Mr<t fn
Kvtreim- North.
<'alt?ar\ Albert.t, August IT After
a m.\ months' search. iuvei,:.i; thou
i sands of miles and a dozen states ami
I'rovlives, .1 M l.indsa y, s;-id to he
wanted' in Athens, <Ia , on a ehaige ..f
? lill.e/zlllin AT.'HHI, wah It 1 11? I .? . I
fano n.-ai Nightingale II., was
brought h.ere and is lighting < y.tradi
! tIon. 1^11.iImji\ was followed thii.ui.-h
j Texas and i "alifry nia. then Jo Toronto,
I ami linully to the Nightingale colony!
Ill l.L HA>1S 111.11 OVKIt FENCE.
.Man in Dire !??? r11 Dmw.t Ku.'nlly, \Vlio
Mm re Ills Danger.
Doylestown. I'a, August 17.?While
he was driving cattle on a highway i" '
Haycock township a ferocious bull in j
i? fie 1<1 jumped a fence and attacked j
William II. Houdenhush, of Apple- j
baehsville, tossing him in the air like j
a football. .\ir Itoudcrihush was help- '
less; l>ut his wife was saved when the i
bull rammed him through a fi-nce. I
Mr. Koudeubush's son Edwanl ap- j
pea red, but shared about the same fate
as liifather. Then Koudeubush's wife |
and daughter came to the rescue with t
pitchforks, but by that time the son ;
iiail hold of a ring in the bull's nose, :
which enabled him to hold tho beast
until help arrived. Mr. rtoudenhusli '
was carried home, wounded in many ?
places <>n his body and head.
| IIAM'' A CHOI' OK TOIIACCO.
j AiiiitIch'm ItlehrHt County (lit
000 on the Word.
Lancaster, i'a.. August 17.?Weather
conditions were against the tobacco
crop this h?A8on, A wet spring delayed 1
the plantiiii-, tiicn lack of rain kept the j
plants small.
Indications tre that the crop will not !
h?- above halt as large as last year, i
That means a large money loss, as the
crop usually yis upward of ?3,0ou,- |
000 annually to tlie farmers.
IIKAT-CHA'/.ICI). CHEWS CASH. j
l.ultorrr In llonpltnl Afraid to Tnmf !
SiivlngN to Others.
Kansas City, August 17.?Crazed by '
tiii bent, Irn Breedon, a laborer, thirty- j
. fven yars old, attempted to chew up 1
c7<> in currency at the General llos- i
pit 11
lireedon came into the city from
W'Hti-in Kansas, where he has been j
working as a farm hand. lie was
i -tind wandering about in a dazed con- i
d!tion. When admitted to the hospital |
In' tinned over $10.81 in coin, saying
i ? i! this was ail he had.
While biking him to the ward tho
attendant noticed that he was ehew
iiu Industriously on what appeared to
i" a wad of money. The man fought
with two attendants when they at
tempted to take ill-- object from his
; ioiith One bill, which was on the
outside of the roll, was badly muti
lated. but tin' rest of the money1 was
not damaged.
lireedon said he feared To trust any
one with tin: money and decided to de
stroy it rather thtui let some one else
1 spend it.
(LEADERSHIP OF CORN
IS VERY PRONOUNCED
;They May Be Unable to Secure
Grain Sold for September
Delivery.
UV JOS. F. IMUTCIIAUD.
Chicago, August 17.?The shorts In
J September corn are face to face with
I a proposition that it likely to prove
| more or less difficult. They have sold
I corn for September delivery and the
situation now looks as if they will bo
unable to deliver this corn because
j of the fact that farmers throughout
the great belt have advanced their
ideas to price to an abnormal altitude,
and they will either secure the price
asked or they will hold it too long
and be obliged to sell out for a lower
level than now bill for it.
The long drawn out drought in the
Southwestern country and the sensa
tional crop losses throughout the lielt
has driven the holders of corn out of
the market as sellers.
The States having the heaviest losses
are said to be Nebraska, Kansas, Okla
homa and Missouri. The country over
is now reporting a condition of 70 per
cent, and showing a drop in the pros
pects of 5 per cent for the week. Some
in the trade regard th<* corn crop of
Kansas as a total failure. As a partial
offset to the losses in the Southwest,
improvement in crop conditions is re
ported in Illinois. Indiana, <>hio, Mich
igan and Iowa since the rain.
It is said the situation in wheat is
likely to grow stronger because of the
lateness of the crop in Western Canada
and the fact that cash wheat held in
that country is pretty well known, by
farmers
The oats market has been consider
ably "stronger and the situation has
veered around from one of exceptional
weakness and dullness to one of
strength and activity.
TOBACCO IN (iOOn CONDITION.
Cirent Activity In <"n111nw nnd Hounlng
10 x ported During Tliix Wrult.
[Special to The Times-Dispatch.]
Chatham, Va., August 17.?The week
just closed has witnessed the housing
of a small per cent of the tobacco crop
in Pittsylvania County, which as a
whole is very good, but damaged in
some localities by hail and wind. The
week coming will be of much greater
activity in cutting tobacco, and right
much of the. early planted tobacco will
be In the house when the week closes,
provided sunny weather prevails. Some
primings were marketed last week,
from which very satisfactory prices
were realized, one load averaging
11 cents per pound.
The coin crop is very good, and
melons are plentiful and of very good
quality, but not of unusual size.
Dr. James S. Haile recently appoint
ed postmaster at this place assumed
charge of the office Saturday morning,
which position James Carter has tilled
for ten years. For the present Dr.
Halle will have Shirley Carter, son of
the retiring postmaster, and Hezekiali
Pigg to assist him in the discharge
of the duties of the office. James W.
Collie, retiring assistant postmaster,
has secured an office in town and will
engage in the insurance business
The Roanoke liaptist Association,
which convened on Tuesday last with
Hollywood Church, about six miles
west of this place, adjourned Thursduy
afternoon after a very successful meet- :
ing. The rather threatening weather !
had to do with the attendance not be
ing so large as usually attends these
meetings, but genuine hospitality was
unabated and the Hollywood congrega
tion did itself credit in the splendid
manner in which every comfort and ,
convenience was afforded all present. ?
Every day the tables were heavy laden
with delicious and choice viands as af
forded in this hospitable community,
and all have been high in the praise of
the Hollywood people. The association
next y^ar will meet with the church
at Laurel firove, in the southeastern
part of the county. The numerous re- j
ports submitted at the association <
just adjourned were encouraging, and
the contributions for the past yeat j
good.
In Honor of Itlehmnnil Girl.
[Special to The Times-Dispatch 1
Haskervllle, Va., August 17.- Mr and :
Mrs. ft. K. Johnson entertained a host
of friends In their home, "(Jlenwood,"
Haskervllle, on Wednesday evening, in |
honor of their niece. Miss Lester Cur
tis. of Richmond. Those present were 1
Misses Hunter Curren. Susslc- Pettye,
Lillian Phillips, Hettie Love Farrar.
Thelnta Pettye, Lizzie Pettye, Kdna ,
Johnson, Lola Pettye, Gray Curren and 1
Herbert Pettye, C. t;. Johnson, Robert
(Jayle, John Davis, Rruce Harnes, Jim
Farrar, Willie Rhine Crute. Jim Gor
don, .? IOrnest Cole. Willie Pettye, Mr.
Shaw, Mr. and Mrs. C. ft. Gayle.
3-Day Special
Outing
to the
Mountains
via
Norfolk and
W estern
Railway !
NOTE THE FOLLOWING
Low Round Trip
Fares From
Richmond:
Lynchburg, $2. Roanoke, $3.
All stations between Roanoke and .
Bristol, $3 to $5.
Special train will leave Richmond j
10:40 A. M. Tuesday, AUGUST 19t'h.
Returns Friday, August 22nd.
A special side-trip excursion will ;
bo run from Lynchburg and Roanoke |
to Natural Bridge, Grottoes and Lu- ;
ray, on Wednesday, August 20th, at !
very low fares.
Full information in regard to
these excursions may be had at N. &
W. Ofllce, Ninth and Main Sts. i
Wheat Forced Into Background
in Speculative Grain Circles
Because of Activity.
Now York, August 17.?As has been
the case for some weeks, wheat has
been forced Into the background In
speculative grain circles. becau?o of tho
great activity and excitement In the
corn markets. In fact, the leadership
of corn was so pronounced at times
that tho action of wheat prices was
often looked upon as a relloctlon of tho
action of corn. Still, at times wheat
displayed independent strength and
weakness.
During the early trading the feeling
was decidedly unsettled, as traders
were rendered nervous by the conflict
ing factors, notably tho unsettlemont
in corn. For a time wheat prices slow
ly sagged toward slightly lower levels,
but subsequently greater firmness was
developed, and by midweek all of the
early loss was recovered and a slight
net gain established.
The fact that corn broke somewhat
sharply during the early trading was
held to bo largely responsible for the i
initial decline In wheat. Selling was j
also prompted in part by predictions
of a large increase In the visible sup- j
ply, which wero verified later, the j
report showing an Increase of 3,S6f',000 j
bushels, against a decrease of 678,000 j
bushels a year ago. Foreign news also |
served to discourage holders, although |
Liverpool remained relatively firm at j
the outset, partly because of unsettled j
weather In the United Kingdom, and
partly because the bulk of the world's |
shipments was destined for tho Conti
nent.
This served to depress other Kuro
pean markets. The world shipments
were slightly larger than expected, and
there was a fair Increase in the quan
tity on passage. In addition, favorable
advices were received from France.
Southwestern Russia and South Aus
tralia. That the early decline In our
markets tlbl not assume larger pro- I
portions was due In part to unsettled '
weather In spring wheat territory and j
some fear of an early frost In the Ca- j
nadian Northwest. The sharp ?rally ,
in corn also tended to chock the de- I
cllne, and within a short time wheat |
prices began to movo upward In ,
sympathy with the coarser grain. The j
i ecovery was also partly chargeable to I
a good class of Investment buying. It
being claimed that wheat was cheap
in comparison with corn and oats.
Buying was also quickened partly by
reports of black rust In North Dakota
and Manitoba, but traders were In
credulous and asserted that It Is too
late for rust to cause much Injury.
Temporarily the news from abroad
continued discouraging, Kuropean mar
kets declining further, because of gen
erally favorable weather In (ireat j
Britain and on the Continent, bettor re- |
ports from Russia and lloumanla and j
larger Russian and Danubian offers. |
Moreover, there was an Increase of 1,- I
344.000 bushels In the European visible I
supply,* agrinst a decrease of 6,700,000 '
bushels a year ago.
Subsequently foreign markets became
stronger, and. what was more en- j
couraging, was the report that ex- j
porters were again showing Interest- I
Tho weather was again unsettled in
the United Kingdom, while in France
harvesting was delayed by unfavor
able weather, and the official report
made the crop condition 68.1, against
73.'j in July. The rise was checked in
part hv the increase of 4,26?.000 bushels
in the worlc.'s available supply, as com
pared with a decrease of 7,531.000
for the same week in 1912.
Although wheat prices continued to
move in an erratic fashion late in the
week, the alow upward movement went j
on. Independent strength was display- j
ed for a time, there being a moderate
advance in the face of a reactionary
tendency In corn. In that cmse the
firmness was largely ascribed to en
couraging cables, many European mar- I
kc is being firmer because of unsatis
factory v.eatt- r in the United King
dom, Germany and France. For a time,
too, cash markets abroad were firmer,
with cargoes In better demand, but
subsequently the tone became rather
easier, mainly owing to expectations
of large world's shipments, the esti
mate being for about 13,500,000 bushels.
Uuv'.ng In our markets was also ;
prompted among exporters. In some i
quarters the lr>te buying was largely ^
regarded as of the investment deserlp- j
lion.
Some merchants became convinced i
that current prices for wheat were too
low compared with the prices for corn
and oats. During the late trading de- ;
mand was partly prompted by reports
of lighter country offerings, as a con
sequence of which less "hedge ' selling !
was noticeable. Advices from Wlnnl- '
peg reported a severe storm, with ex
tromely heavy rains, high winds, and '
hail In some places. Some further al
lusion was also made to the possibility
of an early frost. Another late
strengthening factor was the report of
the week's clearances of wheat, and
flour, the total being given as 7,518.000
bushels, or the largest this year. The
rise was checked In part by the fav- j
orable Modern Miller report, both as j
to the present crop and the possiblll- i
ties of a good start for the next crop. I
Speculative corn markets have had j
another week of great activity, with ,
numerous periods of excitement and :
violent price changes. The volume of j
business continued large. Corn has |
again practically monopolized the at
tention of the entire speculative ele
ment. As was to bo expected, there |
was a great deal of irregularity and
unsettlemont, the variations being er
ratic. The prevailing trend was up
ward. although at the outset prices
declined somewhat, Reforo long, how
ever, there was a return of the strik
ing buoyancy noted In the previous
week, and prices showed a gain of
from l to 1 1-2 cents.
The news from day to day has gen
erally been uniform in character In
short, while there have been light to
heavy rains throughout the Ohio val
ley. and extending westward into Ne
braska, practically every day, thero
his been virtually no change in tho
conditions of the' Southwest.
The drought In Kansas. Missouri and
Oklahoma has remained practically un
broken, and temperatures over 100 de.
grees have been steadily maintained.
These conditions have led to the cir
culation of innumerable damage re
ports, It being claimed that the crop
in many parts of the Southwest was
damaged beyond redemption. Further
reductions were made In crop esti
mates. some authorities making tho
figures from 2,350,000,000 to 2,4(10,000.
000 bushels, and one even stating that
2.000.000.000 bushels might be tnc
maximum. I^ater, however, another
reliable authority issued an estimate
of 2.500,000,000 bushels.
Many of the claims of poor yields
wore based on poor filling of the ears.
From certain sections west of toe
Mississippi It was reported that corn
was selling at 85 cents and wheat at
70 cents, and hence the latter was be
iiig substituted as feed for livestock.
In spite of the high prices ruling, the
primary receipts ccrtitinuc small, and
the visible supply decreased 1.167.000
bushels, against 401,000 bushels In
crease a year ago. On practically ev
ery advance of importance holders
\
jf(n?ncial
jfinancfsl
?'Richmond's
Strictly
Commercial
Bank."
Capital, $800,000
Surplus & Profits
$1,000,000.00.
Planters
"Richmond's Strictly Commercial Bank"
NOT TOO BIG AND STRONG TO EXTEND A HEARTY WELCOME
TO THE
SAVINGS DEPOSITOR
IBanft
We Would Like
To have more business, personal and savings accounts. We
want our friends and the public to know it. Why not deposit
your money in a strong, young, up-to-date bank? Wc take
care of our customers in all times, good or bad.
Bank of Commerce & Trusts
Capital and Surplus,
$400,000.00
with good profits took them In, but
on the resultant decline, If any, a fresh
set of buyers would appear and the
price would be forced up still further.
In this way the character of the long
Interest was constantly changing. In I
the late trading It was ?ald that much
of the buying was for outside account,
and that many longs who had llqui- j
dated were awaiting a deoline In order
to reinstate their holdings.
PRICES MAY SOAR
to new heights;
_____________
Decrease in Cattle, Together
With Drought, Promises
Meat Famine.
[Spcclal to The Tlmes-Dlspatch.]
Washington, August 17.?A tremen
dous decrease In cattle, while the pop
ulation of the United States Is Increas
ing by leaps and bounds, threatens a
beef famine tn this country, according
to comparative figures secured here. j
Tho Department of Agriculture finds
that the number of cattle In tho United
States decreased more than 16,000,000
from 1907 to 1913, a period of six years.
Tho population increased from 75,994,- !
575 to 91,972,266, or 15.977,691. from i
1900 to 1910.
The threatened famine, coupled with
the drought prevalent in the West and
Southwest, is likely in the near futuro |
to innke beef priccs soar to heights '
never reached before.
Here are the official statistics for
thirteen years on the number of beef
cattle in the United States:
1901 67.S04.O22
1902 61.4 24, * 99
1903 61,764.,..3
1904 61,049,315
1905 61,241,907
1906 66.861.322
1907 72,533,996
1908 71.267,000
1 909 71,099,000
1910 61.080.000
1911 61.225.800
1912 57,959.000
1913 56,527,000
The government is working on two
plans to check the shortage of beef,
but is thus far unable to tell whether
either will succeed.
Dr. A. R. Melvin. chief of the Hureau
of Animal Industry In South America,
Is attempting to have resolutions
which will permit of the admission
from there of beef in full compliance
with the United States Inspection
laws. Kven If South American beef
Is admitted duty free, it will take a
long time to fix regulations that will
allow that meat to pass our Inspec
tion.
Officials believe that the chief rem
edy will be obtained by placing cattle
on the free list as already agreed up
on In the Senate caucus. The House
has refused to freellst cattle.
Dr. D. A. IlumKey. chief of tho In
spection division of the Bureau of
Animal Industry, said to-day:
"The drought in the Middle West
has been most serious. It means that
the Mexican cattle and the grass-fed
cattle from the Southwest heretofore
driven to Middle West fattening cor
rals, will have no haven. Thoy are
being sent to the open market. When
the demand exceeds th-s supply prices
will soar."
J.* x&ET^irjgixxsrx:;
I Much
*5
Depends
on tho friendly relations of the
^ right sort of a bank. Often In a
^ crisis it means everything. Our
^5 officers feel a friendly, personal
b1! interest in each and every de
positor.
t
- FIRST
NATIONAL
BANK
Ninth and Main.
?T Capital and Surplus, $3,000,000 ^
l?J?2k^2}*^irx*sr^'xJA
Pay all your bills by check. It
is the safe way.
Commonwealth Bank
Right in the Centre of the Shop
ping District.
Broadway National Bank
First and Broad Sts.
SAILING DATE FIXED
Flr?( Will Start on Mediterranean Tour
October Ji.V
Newport. 11. I., August 17.?October
25. 1013, has been set as the date for
i the Atlantic fleet to start on Us Medi
| terranean tour. Plans for the trip were
discussed by Secretary of the
Navy Daniels, and Hear-Admiral Bad
ger, aboard the flagship Wyoming.
Tho fleet will return December 20 so
that tho sailors may spend the Christ
mas holidays at home. The ports at
which It will call will be tentatively
, decided upon by Admiral Badger and
submitted to the Navy Department.
! Secretary Daniels also announced
i that the battleship Oregon, made fa
mous by her run around Cape Horn
from the Pacific to the Atlantic during
[ the Spanish War. will come through
the Panama Can.il next sptrng to lead
the Atlantic fleet through to the Pa
; clflc. She is now at the Bremerton
Navy-Yard.
j An Invitation to all the navies of the
I world to meet at Hampton Roads in
, January, 1015, and pass through tho
Panama Canal to the Panama Exposi
tion at San Francisco, accompanied by
a fleet from the United States Navy,
shortly will bo issued by President
Wilson. Secretary Daniels made this
announcement to-night. The invitation
will be In the form of a proclamation.
Save Time, Money
arid Trouble
by using the modem electric iron.
The heat is in the iron, and you
don't have the excessive heat from
the stove to contend with. Get one
to-day, and you will be glad you
did.
We do not sell, but recommend
them for comfort.
\
Virginia Railway and Power Co.
Seventh and Franklin Sts.