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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
Oct 10, 1915
Page
3
A large cross section of brokers banks and exchange authorities join to purge weak margin accounts in war issues causing heavy declines of 20 to 60 points before a steadier advance. The effort aims to protect the market from a broader crash while paving the way for a slower but healthier rise in strong issues and railroad shares.
Reports claim war profits were exaggerated while many firms concealed actual wartime business to avert strikes. A Canadian firm reportedly earned over 100 million in war work in six months, with other companies doubling or tripling output. Labor shortages persist nationwide as emigration and men abroad reduce the pool, while New York shows 10 to 50 percent more demand than supply. Copper and steel markets stay tight, wheat climbs on export demand, and cotton faces volatile pricing amid expectations of continued high prices for months.
The chart records frosts and low temperatures at multiple stations from Arkansas to Tennessee, Mississippi, Georgia and beyond. Abbreviated notes list 12 hour frost values, highs, lows, and station observations, noting cool fair weather prevailing in the belt with frost in northern Georgia and western South Carolina.
New York fears speculative orgy as Bethlehem Steel nears 400 and war orders push prices. Untermyer warns investors of pitfall, calls for price disclosure and government regulation to curb manipulation and protect the public from gambling on war stocks.
The report notes continued rise in cotton goods values with some forge trading. Mills delay late year contracts due to cotton shortages and high prices. Prices for drills, sheets, bleached portions, print cloths, duck, and knits show gains or stabilization. Export trade hampered by cotton use. shipments on old orders persist. Yarns advance. converters gain traction. overall price levels moving toward last season.
New York on October 9 reports show light to heavy frosts in northern eastern belt failed to spark aggressive buying as prices fell sharply amid liquidation. The market closed near session lows with declines of 20 to 24 points. March rose briefly on a late rally, while October held relatively steady amid mixed domestic trade signals and expectations of warmer western belt weather.
Cotton movement reports across ATLANTA NEW ORLEANS GALVESTON CHARLESTON Wilmington Norfolk Baltimore Boston Philadelphia New York and several inland points. Data lists middling values receipts shipments sales stocks by port with totals for the day and week plus overall season figures and stock totals in a dense market bulletin.
New Fork reports weekly market gains as wet Atlantic weather and frost fears lift prices nearly five dollars. Analysts note supply concerns, potential crop near 11.6 million bales, and heavy southern buying while Liverpool and New York contracts show shifting activity amid uncertain carryovers and looming carryover risks.
The memorandum outlines the Atlanta Federal Reserve Bank balance sheet with cash reserves 712,464.00, total resources 466,702, BT, and notes and deposits across various categories. It notes New Orleans branch adjustments and mentions federal reserve notes in circulation and outstanding monetary positions. The report also includes cotton futures market details in New York with minor price shifts and daily trading figures.
The Federal Reserve Board issued the October 8 condition statement showing total resources of the banks at 2.141,414,980,008 and liabilities at 2.141,414,980,008. Reserves rose about 6 million in the past week, with gold and certificates holdings totaling 827,705,000 and investments including United States bonds and municipal warrants. The report notes cash reserves against net liabilities at 87.6 percent and the gold reserve against liabilities at 40 percent, with net Federal Reserve notes in circulation at 98.8 percent.
The weekly statement reveals New York banks and trust companies hold $194,274,720 in excess reserves above legal requirements, a drop of $6,997,410 from the prior week. Aggregate reserves total $937,495,000 with notable shifts in vault and federal reserve deposits, and net demand deposits rise by $25,172,000 to $2,873,184,000.
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