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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
Jun 30, 1923
Page
7
Friday saw renewed liquidation in the New York and New Orleans cotton markets. Prices moved lower as bullish crop news failed to spur demand, with October and December contracts slipping while late-session covering provided minor support. Reports noted weakened demand, drought fears, and mixed private crop data fueling cautious trading in the midweek market.
Atlanta bank clearings Friday show 8,579.82 on the day, up from last year. cotton markets in New Orleans, Liverpool, and other hubs report mixed moves with July near 27.86 cents and October around 27.60 as weather and market sentiment shift. Trade notes international quotes, stock movements, and shipment receipts across Gulf and Atlantic markets.
Chicago notes show wheat prices drifting lower amid forecasts of higher yield and stock market weakness. Dec corn and Sept oats hit new season lows while July futures fell with 2 cent to 3 cent declines in corn and oats slipping about 1/2 to 5/8. Provisions also declined. Market commentary cites weak buying power, hedging pressure, and favorable crop conditions bolstering the outlook for winter wheat.
Bonds on the New York Stock Exchange show varied activity with many issues fluctuating. Liberty 2d 4s and Norfolk & Western issues appear with notable prices, while foreign and domestic government and corporate bonds display mixed highs and lows amid thin turnover and cautious demand.
New York June 29 high grade investment bonds held steady on the exchange while speculative issues fluctuated. U S government issues improved, tax exempt 3 12s eased. Mexican bonds rose, French issues eased. Railroad mortgages led gains with New York, Westchester and Boston 41 23 up 2 1 2 points and others up a point. Cerro De Pasco 8s and Punta Alley sugar 7 1 2s fell. Total par value sales were 11 901 000. Market notes cover rates, loans, and international quotations with various currencies and commodities listed for Atlanta produce and midwestern market items.
Sugar traders reported a quiet market with limited bids around 5,000 tons linked to refinery demand and centerfugals. No sales occurred in Lodi, while Cuba access and 51 percent cost arrangements were discussed. Prices in London influenced by Haropgan rumors, though settlements capped gains. Refined demand stayed steady with 9 cent second hands. futures drifted, with August futures closing near unchanged.
Stock market notes show Bethlehem Steel and auto industry firms holding steady, with Consolidated freight stays firm after earnings news. Analysts caution on 1923 price trends as investors weigh dividend prospects and current earnings. Market sentiment shifts amid speculation on future trade and supply factors.
New York livestock and dairy prices show unsettled butter and cheese, with creameries and storage pack goods varying. Poultry and eggs report mixed gains in some items, while London market notes bar silver at 4 40 per ounce and discount rates. American beef, horse listings include steady to unchanged quotations.
New York June 29 Prices display a venerable trend in today market after an early show of strength Public interest was lacking and short sellers faced little opposition in their drive for lower prices Standard Oil of Indiana led activity opening at 53 18 advancing 14 then at 54 18 and down 3 8 on the day Other standard oils slipped marginally Imperial on Canada fell nearly three points to 66 Continental dropped 8 3 8 on light turnover Gulf and Ohio Oils shed a point Gillette Safety Razor fell two points Midvale Steel and Durant dropped 11 8 each Glen Alden Coal rose nearly a point Mining shares declined with activity centered in cheaper NSUCS.
Floyd Willis & Co cotton merchants based in Greenville Texas will open an Atlanta office to distribute cotton from the southwest to the South Atlantic mills. John T Nichols said the city was selected after months of consideration and will be the southeast distributing point. Offices will open soon with a potential location in the new Commercial Exchange Building ready October 1.
New Orleans June 29 funeral services were held for General A B Booth adjutant general and chief of staff of the United Confederate veterans and a Louisiana member of the imperial klonesham. Interment was at Masonic cemetery as fourteen robed klansmen formed a living cross and placed a six foot rose cross in chapel. Booth aged 73 from Georgetown Kentucky had fallen fractured his kneecap then pneumonia.
The Journal of Commerce reports Bethlehem Steel opened at 457-8, rose to 41 4 in early trading, then declined amid absence of buying. Steel common hit a new yearly low, with rumors of stock financing denied by officials. Mexican bonds rise on refunding plan. Erie orders and magnesia oil price cuts noted. Projected cotton condition 60.2 with 37,230,000 acres planted suggests 10,970,000 bales. Wall Street liquidity shows loans down to 1.655 billion, railway earnings improve modestly amid maintenance spend.
Market notes warn of declines in New York shares dampening cotton trading as forecasts for a large next season harvest prompt caution. Reports from Fenner Beane and Abingdon stress weather risks, with private estimates varying around 11 million bales and a potential pickup in demand if drought worsens in Texas.
Baltimore June 20 The Baltimore and Ohio Railroad sold the Sand Valley and Elkham and Millers Creek railroads to Consolidated Copper company and the Long Fork railway to the Chesapeake and Ohio. The lines connect with the Big Sandy branch and operate as tap lines. Aggregate consideration is about $8,000,000, per the company announcement.
A date for the trial of Abe Silverstein and Dominick Didato, two alleged confederates of fugitive mail bandit Gerald Chapman, will be decided today after a conference between Judge Samuel H. Sibley and U S Attorney Clint W. Hager. They will be brought from New York for early trial in Athens on charges they aided Chapman's escape from hospital after his capture.
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