Newspaper Page Text
IIF.ARST'S SUNDAY AMERICAN. ATLANTA. HA., SUNDAY, MAY 25, 1013.
17 I)
News and Views by Experts of Finance, Industry, Crops and Commerce
IS CALLED 11 BY
THE SOUTHEAST
Drouth Is Broken, but Conditions
Are Not All That Are Desired
by the Farmers.
OATS YIELD IN HEAD SHORT
Bankers Look for Share of Gov
ernment’s $10,000,000 New
Deposits.
By M. A. ROSE.
Rain, and more of it, still is the
prayer of the Southeastern States.
The drouth which threatened .se
rious menace to the crops has been
broken. It seems agreed, however,
that the showers which struck the dry
fields with a welcome hiss were not
adequate. There Is little danger of
too much rain just at present, and
fear still is expressed that there will
not be enough.
There 1s, or was. no lack of opti
mism. but the need of moisture and
the scarcity of seed put a front bn
the situation which the most cartless
merchant or banker can not ignore,
and something of a halt has been
called, awaiting the pleasure of J.
Pluvius.
Oats, planted more extensively in
Georgia this season than ever before,
Bnd which promised a bumpet yield,
have been hurt. It is too late for
tains now to help much. Every indi
cation is that the yield, in gross bush
els, will break all records. Blit the
yield in the head has been cut per
haps 25 per cent. Resides, the plant
has been stunted. The yield of straw
vi 11 be much less than expected.
How much the oats crop this, year
means to Georgia can be seen from
the report of a leading implement
hum which says that its sales of
binders, intended for the harvest of
>ats, doubled over last year’s figures.
Repair Business Is Big.
In the same conversation this well-
informed manager stated that the re
pair business of his concern this year
has exceeded in volume any year’s
record for the past decade.
Economy, of course, is the expla
nation. The farmer is making the old
* machine serve, wherever possible.
* while after the great crop of 1911 the
. farmer would buy anything at all in
" the line of improved machinery and
his old equipment was discarded.
“In 1911 they discarded farm wag
ons if they didn't like the paint. This
sear they will buy four new wheels
and a tongue to make the old one an
swer," is the way this student of con
ditions .expresses it.
Meanwhile, the peach crop, one of
Georgia's great standbys, is beginning
to move. The first car went out dur
ing the week from the Fort Valley-
Marshallville region. The Gorwers’
Exchange has increased its estimate
from 1.500 cars to 1.950, and Jocks for
excellent prices. The orchard owner
who did not lose all his peaches prob
ably will profit as much from the
fruit he saved as he did last year
from his huge yield.
The New Federal Deposits.
Southern banks are finding encour
agement in the announcement by the
Secretary of the Treasury that he will
give preference, in distributing the
$10,000,000 additional Government de
posits. to the institutions whose cir
culation is 4D per cent or more of
capital, and that he will take due no
tice of the needs of the various sec
tions of the country.
Circulation amounts more nearly to
60 than to 40 per cent in the larger
Atlanta national banks, and when it
comes to needs of the section, it in
believed the* South has sufficiently
strong claims to merit attention.
It has been argued that these addi
tional Government deposits will serve
to cheapen credit at a time when such
a course is not desirable. Atlanta
financiers do not agree with this
They point out that they must cover
the deposits, dollar for dollar. Nvith
hign-grade bonds. They will have no
more funds to lend, and their only
profit will be the small difference be
tween the 2 per cent demanded on
Government deposits and the inter
est the bonds yield.
Sorr.e Prestige Gained.
The principal advantage is the pres
tige the bank gains in the eyes of
many depositors when it can an
nounce that it has so many hundreds
of thousands of Government funds on
deposit.
Some improvement in the Invest
ment market is noted. New York
City was able to sell $45,000,000 of
bonds bearing 4 1-2 per cent at a
price a little above par. when a few
weeks ago the St. Paul, with bonds
equally attractive, could not get par
for $30,000,000. and two-thirds of the
I'sue remained on the bankers’ hands.
The situation differs, though, from
that of a year ago. when a single firm
offered to take all of a $65,000,000 New
York issue at an attractive price,
GROWERS FAVOR U. S. MO
NOPOLY.
It i? reported that dark tobacco
growers from Kentucky. Virginia
Missouri and North Carolina, in a
convention held in Louisville under
the auspices of the Farmers' Educa
tional and Co-operative Union, adopt
ed a resolution recommending that
all growers in the stemming district
* consolidate into one organization
They recommend also that all loose
tobacco possible be 9old at a pri v
fiiXeu the organization, and th.it
the remainder be put into hogsheads
for export purposes At the sane
meeting a proposal was alsp indorsed
declaring for a Government monopoly
of the manufacture and s^ile of to
bacco similar to foreign syndicate
under Government control.
Investors Object
To Bankers’ Profit
Buyers of Bonds Think ‘Middleman’
Gets Too Much From the
Transaction Nowadays.
NEW YORK. May 24. Ma >y
American hankers believe English
papers have hit on the reason for
failure of recent security offerings in
London when they credit it to “pro
test against existence of the middle
man." according to The Daily Mall,
or willingness of the investor "to
share part of the commission the
underwriter secures.” as expressed by
The Financial Times. It has also
been h not uncommon experience in
Wall Street for bankers to find, on
going to a savings bank with securi
ties to sell, that officials knew how
much had beep paid the issuing com
panies for the seeurities and that they
were willing to take a block if the
bankers would split their commissi »r*
with them. Some such splitting has
been done to consummate sales.
This situation i» a natural result
in the investment market when com
petition of new securities is keen.
The risk involved in buying securities
and resellng them is greater than in
times of °r>od investment demand,
and therefore it would seem the bank
ers’ commission should be greater.
But some New York banking haus -«»
have adopted a reasoning directly op
posite and are finding it successful
They are cutting commissions to a
small pattern and offering new issu*:**
to investors at prices which attract
enough buyers to make the bonds gi
rapidly This obviates the risk and
expense of carrying the securities air
length of time, and gives the investor
more chance to make a profit bn h'.*
purchase.
Bankers say securities can he sold
when the “right" price is put on them,
and that if bankers will do their share
in making prices attractive there will
be no trouble in carrying through the
large financing waiting to be done.
Issuing companies have already bee i
forced to do their part in selling se
curities to bankers at low prices.
Some of the difficulties between n-
vestorsi and bankers, according to the
bankers’ viewpoint, grow out of th*
fact that investors have not * et been
educated to the value of the service
that the banker performs. At present
with all the commissions to pass m
security issues, and the greater uses
of publicity, tl.e amount of commis
sion is often made public, and th«
bankers’ commission is coming In for
closer scrutiny.
ON OLD BASIS
Some Concerns Able to Increase
Payments This Year, but Will
Pursue Conservative Course.
Think Filibuster
Against Money Law
Delay.in Tariff Legislation Thought
by Many to Mask Movement
Against Currency Program.
WASHINGTON. May 24.—Some of
the Democratic leaders of the Senate
told President Wilson that in their
•pihion the present filibuster against
immediate reference of the tariff bill
to the finance committee 1s not eft-'
rected primarily against the ‘tariff,
but against the Wilson program for
currency legislation, the men respon
sible for the filibuster desiring to
make sure that currency legislation
goes over until the regular session,
beginning in December.
These Democratic Senators predict
ed that such postponement would not
interfere with the enactment of the
kind of a law the administration hay
in mind. There is a possibility, how
ever, that it may prevent considera
tion of a currency bill by the Senate
at this time, if the men who are en
gineering the filibuster insist on fight
ing the tariff bill item by item after
it has been reported for debate.
Such a contest would carry the
present session over until autumn
and compel adjournment as soon as
the tariff is out of the way. The view
of the Democratic Senators was of
much interest to the newspaper men
to whom it was expressed.
The President is understood to have
made no important comment on what
he was told other than to Indicate
that he would not change either his
tariff or his currency program mere
ly because opposition to them had
grown up in Congress.
NEW YORK, May 24.—There are a
number of companies that are in a po
sition to increase their respective div
idend rates, but deem it the best pol
icy to make no change until they can
get a better idea as to the future
course of general business. They arj
husbanding resources in order to for
tify themselves against a possible re
action later on in the year.
The Steel Corporation is certain to
make no change in its rate. While
1 earnings this year will he large, the
| course of the steel Industry at the mo
ment is rather uncertain. Should then
be a falling off in production and
prices. United States Steel would ex
perience difficulty in showing an in-
| come in excess’of present dividend n -
; quirements. Bethlehem Steel recently
placed preferred stock on a 5 per cent
| basis, but there will be no increase
from that level this year. While earn-
i 'ngs are large, new financing involv
ing at least $7,006,000 if* now being
arranged.
Competition is Keen.
The electrical business is large, hut
!'competition is pronounced and for
this reason no change in General
i Electric’s- dividend is looked for. Tne
| same can be said of Westinghouse
Electric and Manufacturing.
United States Rubber took the
Street by surprise recently by raising
the dividend to 6 per cent. No change
from this level this year is expected.
Republic Steel is making sufficient
money to pay off the back dividends
on the preferred stock and pay some,
i thing on the common, but in line with
its conservative policy the company
i believer it prudent to still further add
| to its already large cash resources.
No increase in Corn Products Re-
j lining’s rate of 5 per cent on the pre-
! ferred is looked for. Earnings are
running only slightly fn excess of div
idend requirements and besides it is
, going through a Federal investigation.
Building Falls Off.
I. The falling.off in building opera-
1 tionn will prevent ajiy increase in
; United States Realty and improve
ment’s disbursements.
American’ Uotton Oil-directors will
not take up the question of dividends
on the common stock until they have
, made all provisions for financing new
! construction work, which Vill add
j largely to earning power.
Crucible Steel Company of Ar$erU.i
i.-j. qnaking sufficient money, to pay. olie
back dividends on the preferred* hut
tariff uncertainties will prevent any
action of this kind this year. Pitts
burg Coal is in no position to satisfy
dividends in arrears.
Secretary's Ruling
Creates Surprise
New Policy Indicated in Willingness
to Take Certificates for Deposit
Instead of Actual Bonds.
Surprise was created by tin- an
nouncement that Secretary of tire
Treasury 'McAdoo would accept tem
porary certificates of t lie New York
city bonds, just issued, as security
for note issues. Thd Treasury De
partment in times past has insisted
upon the deposit of the bonds them
selves before permitting note issues.
Only once was this rule broken, and
that was in t.he panic year 1907. when
money was 100 per cent and banks
were closing their doors on every
hand. As no such extremity can be
pleaded now, the Street was curious
to learn the why of the new order.
One conclusion was that politics
played a part in it. Such a concession
in the case of the new issue ought to
help the market for it. The last time
the city issued a large block of Its
securities a dispute arose over the
printing of the bonds, with the result
that the bonds were never listed on
the New York Stock Exchange.
The dispute caused quite a little de.
lay In the issue of the bonds them
selves. Under the customary pro
cedure of the treasury should a sim
ilar delay occur this year the bonds
would not be available for deposit for
some time, and banks would not be
able to use them as security fmyiotes.
By taking the action he did Secretary
McAdoo has cleared the way for
speedy application of them for cir
culation purposes.
The action is in accord with his
policy of increasing government de
posits of money and of helping banks
to increase the circulation of their
notes.
Baseball Charity for
Boys Covers His Sins
Judge Dismisses the Man Who
Bought Bats and Balls for
Youths to Play With.
FALL ORDERS
T
MUCH ELECTRICITY DRAWN
FROM SOUTHERN RIVERS
Plants already in operation and In
| eourse of construction will develop
i more than 1.000.000 electrical hors -
power in the Southern States and
I other projected developments will ad i
| 2.000.000 horsepower to this amount,
with an additional 2,000,000 availab'^
from minimum flows of rivers. To
this 5.000.000 horsepower another 15,-
| (100,000 horsepower could be added 1\
' comprehensive reservoir and storage
systems.
The developments now completed
i or approaching completion include
the Alabama Traction Light and
Power on the Uoosa River, the Alumi
num Company of America on the Lit-
I tie Tennessee River the Southern
Aluminum Company on the Yadkin
River, the Virginian Power Company
on the New River, the West Penn
Traction and Water Power Company
on the Cheat River, the Georgia Rail
way and Power Company at Tallulai
Falls, the Ozark Power and Water
Company on the White River and th«
Tennessee Railway, Light and Power
Company on tl.e Oconee River.
WHAT THE SHOPS OFFER.
A "poke" oo.lar of pique, a piquf
tie and shirt bosom, and a pique
waistcoat, is the finest combinati*; i
show n for evening wear for men. A.;
the articles mentioned show the sa i<
degree of whiteness and produce an
unusually neat effect.
The vogue for silks in the Frencn
fashion centers is especially shown in
the .evening wrans now being worn
by the elite. Gorgeous brocades an 1
other silks are used in place of tne
satin-finished broadcloths and wool in
goods of a few years ago.
With the arrival of the vogue f jr
strong colorings, laces have been clev
erly produced to meet the demand
printing and dyeing Mat ramp a in
other heavy laces are used principal
ly for this purpose.
Among the latest men’s wear
articles for summer are soft col-
j lars cut low in the front and
away front so popular at the pres*uc
time, and permit easy adjustment of
scarfs.
Daintiness will be the keynote «>f
fall lingerie. Night gowns are strong-
lv favored in the Empire style, with
the waict portion very ornate. The
substance of fashion's dictates in th-s
, line is “less bulk.”'
L. & N. Bonds Sell
Now on 4.40 Basis
Unified Mortgage Issue Almost Clos
ed Up—N. C. & St. L. 7
To Be Retired Soon.
Investment bankers are offering, at
a price to yield 4.4o per cent, the un
sold balance of $4,000,000 Louisville
and Xafhville Railroad Company uni
fied mortgage 4 per cent bonds.
These bonds are a part of an au
thorized issue of $75,000,000. of which
i there are outstanding $61,871,000. Of
tne remaining $13,129,000, there are
! reserved $10,844,000. for the retire
ment of prior liens, making the unified
mortgage practically closed, except for
refunding purposes. The bonds are
secured by a direct lien on 2.000 miles
of road, subject to prior liens at the
average rate of about $5,500 per mile
They are also a direct and collateral
lien on mileage, including some of th<i
j moft important main lines of the
Louisville and Nashville system.
For the past seven years the com-
j pany has reported a surplus, after the
! payment of fixed charges, averaging
over $8,OOft,OO0 a year. For the fiscal
J year ended Juno 30, ^the earnings were
equivalent to 15.9 per cent on th«-
stock. It has paid dividends of not
less than 4 per cent .--'ince 1900. and is
now paying at the rate of 7 per cent a
yea r
The bankers also announce that the
first mortgage 7 per cent bonds of the
Nashville, Chattanooga and St. Louis
Railroad, which mature July 1. will
be paid at maturity from the* funds
raised through the sale of $6,000,000
capital stock. The bonds will not be
extended. The hankers offer, how
ever. to pay a 3 per cent basis for the
bonds in exchange for Louisville and
Nashville unified mortgage 4s.
SLAYER’S PISTOL FOUND
34 YEARS AFTER HANGING
, .
WARRENSBURG, MO., May 24.—
Thirty-four years ago Frank David
son shot and killed Joe Haggerty at
a country picnic. After the shooting,
Davidson held the crowd at bay with
a revolver until he had a chance t>
hide the weapon. He was captures,
I tried for murder and hanged at War-
rensburg. but his pistol was never
found.
To-day Isom Manis. the farmer wh.)
owns the land where the picnic was
held, turned up a six-shooter while
plowing near where Davidson was
captured by hl§ neighbors. The pist >1
held three empty shells, the numb • *
fired into Haggertv’s body. Three
loaded cartridges were also found in
the cylinder. The pistol was cock *d
when found.
WOMAN FISH WARDEN IN
KANSAS MAKES AN ARREST
TOPEKA. KAN'S., May 24.—When
Mrs. C. A. Fisher. State Deputy Fish
Warden, found H. R. Stone fishing
with more than one line yesterday,
she arrested him on a charge of vio
lating the fish and game laws. This
was the flrsh arrest ever made by a
woman deputy game warden in Kan-
.V|rs. Kjsher fo?»k Wtone-TK fdro a jtfcfrv
tire. Who fined trie prisoner one cent
and costs. Stone appealed the case.
CINCINNATI. ().. May 24.—Police
Court Judge Fricke, known the coun
try over for hie many acts of kindness
delivered from the bench, paid a higli
tribute to a man who, in buying a
supply of baseball bats and balls for
a number of small boys, was indi
rectly responsible for the breaking
of a number of wjndows. John Lucas
was the man in question. He trembled
ar he faced Judge Fricke on a charge
of disorderly conduct.
“Heinous!" exclaimed the Judge.
“Man. you have committed « most
| serious crime. Whatever induced you
to do *»uch a thing? * This is one of
the .most flagrant cases of disorderly
conduct that ever came to my atten
tion."
Luca? quailed and began to explain.
“I want to hear no explanation
; from you," said the Judge. “However.
I want to say that you are dis
missed"
''Wait a mni&ff ." said the .TU0go* ”1
say to you, Lucas, that you need have
no feftr from any such charges as the
present as long as I am on the bench.
I wish there were more men like you.
for what you have done is an argu
ment for the need of more play
grounds ”
Tango Dances Barred
By University Heads
■ . • rwT"? T A .
Wisconsin Students Stirred Up Over
New Ruling—Spooning Also
Must be Stopped.
MADISON, W1S.. May 24. —Rigid
rules issued by the Stale University
authorities regarding flip >conduct of
men and women students have
brought out a violent protest from
the State University Independent col
lege daily. The Daily News. The new
rules are in part:
No more hazing.
No more picnic lunches for two.
No more dual diners.
No more tangos, grapevines, tur-
! key trots, bbnny hugs. Boston dips,
| no sir. not even a friendly call oil
milady fair until after 4 p. m.
The,varsity student court "has «if
j and sal hard on nil wiggles, terpsieh-
j orean contortions, spooning dinner.".
; lovers’ strolls, etc., at the request of
the dean of the women’s department.
Rules are posted all over the var-
j sity building, and he who dares dis-
i obey is haled before ..the student body*
Twelve students are already on the
| dbeket for trial.
SICKLE LOST 70 YEARS
FOUND IMBEDDED IN TREE
INDIANA. PA.. May 24.—An nlil-
fashioned metal fickle stuck into a
maple sapling 7 0 yea is ago by an
irate father. Daniel Nupp, while he
chastised his two sons in a harvest
field, was found imbedded 1n the heart
I of a large tree cut down*recently by
Cyrus Nupp, of all persons Just the
one to explain the mystery out of a
j vivid memory of the aqcient incident.
While Daniel Nupp, one of the pio-
| neer farmers of this county, was har-
! vesting the props on the old home
stead farm, in Green Township, in
1843, he asked his two sons. George.
| aged 10. and Cyrus, aged 7. to carry
water for the harvest handH. It was
a warm day, and the boysw ent into a
nearby woods and sat in the shade.
The father, who was cutting grain'
I with a sickle, became irritated and.
! sticking the point of the sickle into a
small sapling, called the boys to him.
cut a switch from a nearby bush ami
chastised the lads. Nupp returned to
the field and. having forgotten what
he did with the sickle, hunted for it in
| vain.
CASE ‘WITH A HOOKWORM’
UP BEFORE JUDGE LANDIS
CHICAGO. May 24 —Judge Dandle
found a case with "a hook worm in it."
The case has been dragging along
for 23 years. It came up for argu
ment on a technical point. When a
continuance for a month was asked,
the jurist remarked:
"I think a month is a very reason
able request alongside of 23 year .
Why. I’ve had that case on my docket
alone for nine years."
The case is that, of suits totaling
$80,000 for damage*'against the Unit-
' od Steamboat Company as a result of
the explosion of the steamer Tioga on
July 11. fxim The iVoat was load'd
, with gasoline, and 16 hands lost their
Heavy Shoes for Rough Usage and
‘Children’s Models Seem To
Be in Greatest Demandd.
BOSTON, May 24. Orders for the
fall shoe trade showed a marked im
provement during the week with spe
cial requests for prompt deliveries,
and the absence of the usual attempts
to break prices gave a better color
to the general market than has been
discernible for several weeks.
The Jobbers have held aloof from
trading until the approaching season
for deliveries was too near to warrant
the hazard of further delays. Values
holding strong under this pressure,
little of the bearish element is noticed
although the volume of business is ;
moderate and caution is a ruling trait.
As much of the business which has
come to manufacturers of men's fine
shoes is for future delivery the facto
ries have not assumed that activity
which they will later, still there is a
fair amount of work going through.
Makers of men’s medium-priced shoes
are running below capacity limits, yet
there are a few who are busy and re
port plenty of work ahead.
Sturdy Styles Active.
The heavy shoes'for rough usage,
particularly nailed and Goodyear
welts, had an excellent demand, and
late orders may not he shipped as
early as buyers require. Aside from
the busy condition at the factories
there is some delay in getting stock,
such as elk and chrome side leather.
The cheaper grades are getting kan
garoo, but are delayed in not obtain
ing wax splits.
Orders for boys’ and youths’ shoes
are daily received, but they average
in volume below expectations. How
ever. the factories are much better
employed than they were two months
ago. x
There lias been a good mall order
business for ladies’ and misses' foot
wear. the demand including ail
grades.
Street Patterns Unchanged.
There is no conspicuous change in
shoes for street wear, tans, patents
and gun metal being as popular as at
any time in the past. Radical styles
always appear in the ultra high-
priced grades first and often get no
further, therefore the low vamp and
moderate high heel is figuring large
ly in present orders.
Satin slippers. w r ith ornaments in
some instances expensive, are selling
freely in the cities. The shades of
color are unlimited and new' ones are
frequently offered for sale; the color
called battleship gray is one of the
latest.
Children's shoes are having a trade
which is taxing the capacity of some
of the plants. The button boot with
two or more colors is in good request
in the 2 to 8 run. but in sizes beyond
those the uppers are similar to la
dies’ shoes. Deliveries are not what
the trade asks for and prospects of
improving this feature are particular
ly bright.
The Hides Market.
Considering the general dullness
hide sales show that the* packers are
holding the qjarket w'ell in hand, and
were it not that some large transac
tions had taken place one might feel
that the easy tone would develop into
a sharp decline, especially so when
April and May hides do not show the
strength expected and general buying
of these shedders is so moderate.
Hemlock! sole leather had better
sales than the weeks have averaged
of late.
Union sole leather is fairly active.
There have been some large transac
tions which added to a steady though
moderate demand made a very good
week’s business. There is little ac
cumulation.
Oak sole leather is moving freely
considering the price and the ap
proaching close of the season. Prices
are strong and the supply small.
The condition of the calf skin mar
ket is quiet. There was a special sale
which figured large, but generally the
situation is not encouraging.
THREE ME
CASH IN
Washington, m«v 24. -Th<-
quadrennial count of Uncle Sam’s
f'ash is on. all because John Burke,
the new United States Treasurer, is
to take v{large in place of Caruii
Thompson. The work of counting be
gan on April 7, and by June 7 or .1
little after the new official will be
able to give his predecessor a receipt
for $200,060,000 or thereabouts.
Neither Man Preeent.
Neither Burke nor Thompson will
be present during the counting of the
cash. The actual work Is done under
the supervision of a committee of
three, two employees of the Treasurer’s
office and a third selected by Burke to
represent him. Twenty laborers, form
ing two "gangs" will take the pack
ages of coin and paper to the com
mittee, who will personally see to the
counting or weighing of the mone>.
Practically half the time consumed
in the count will be devoted to check
ing up the silver, dollars. On March
19 the Treasurer’s statement showed
156.865.000 sliver dollars In the vaults.
Working at full speed, the committee
could count only 5,000,000 silver dol
lars each working day. This moan-
that 31 working days will be required
to account for this mass of silver.
As it lies in the vaults, it is in bags
N COUNT
TREASURY
containing $1,000 each. In the past it
has not been customary to count ev
ery dollar, but some bags sire opem -i
sind the contents verified, while othe •*
are put on the department's scales to
ascertain if they'come up to the prop,
er weight.
The same process is gone through
with in counting the subsidiary sil
ver half dollars, quarter dollars, and
dimes. Some bags are opened for
verification, while others are weighed.
The Treasury statement of March 19
showed the aggregate of subsidiary
silver in the vaults was $1,250,039.69.
Not Much In Gold.
Popular opinion is that the store of
gold In the Treasury runs into tens
of millions, but such is not »the ca»«-.
In fact, the store of gold coin in the
Treasury vaults is only a little over
two and a half millions.
There is more than $55,000,000 in
notes and each one will be counted
before Burke gives his receipt for
them. A corps of women who are ex
pert note, counters will examine al!
of the notes in his possession. Each
of the package* will bo broken op n
and the notes counted by hand, as
there is no known process of count
ing slips of paper mechanicals.
Counters will be pressed Into service
to verify the Treasurer’s book ac
count.
Wild Animals Once
Roamed in Far West
Camel, Elephant and Tiger In
habited This Continent, Says
Scientist.
SAN FRANCISCO, May 24.--Dr.
John Campbell Merriam, professor
of paleontology in the University of
California, has given the public the
results of remarkable excavations
which the university Is carrying on
In the tat pools near Los Angeles.
Skeletons of species of animals
long exiinet have been brought the
light. Remains lit* ye been found
which show that America was once
iii<’ horn * of the camel: that the lion,
elephant and tig r roamed over Cal
ifornia 'a ng befote the time of man.
Between 40.000 and 50,000 bird re
mains have been recovered, and of
this va-w number more than seventy-
five are species hitherto unknown.
Plants, seeds, vegetation and speci
mens of beetles, worms and insects
also have been found
The commonest remains recovered
are those of the ancient giant wolf,
in one opace of four cubic yards for
ty skulls were recovered.
Dr Merriam considers as the most
remarkable of all the discoveries the
recovery of skeletons of camels. Sev
eral of these have been found.
Numetous skeletons of the masto
dons and elephan f s have been found
as well as remains of a horse similar
10 the 1 resent animal. Another re
markable find was that of a hear
which was two and*a half times as
large as those of the present da\.
FAMOUS TITHE BARN SOLD.
Special Cable to The American.
LONDON. May 24. The famous
tithe barn at Maidstone, which was
built 600 years ago. is to be acquired
by the Maidstone Town Council. An
American offered recently to pur
chase the barn.
ONEY
LOANED TO SALARIED MEN
AT LAWFUL RATES
ON PROMISSORY NOTES
Without Endorsement
Without Collateral Security
Without Real Estate Security
NATIONAL DISCOUNT GO.
1211-12 Fourth National Bank Bide-
GENERAL ELECTRIC &
DAYTON FANS
Are the Best and are
tor sale by the Lead
ing Electrical
Firms.
W. E. CARTER ELECTRIC CO.
12 WALTON ST. Ivy 5666
COTTON STATES ELECTRIC CO.
13 S. BROAD ST. Ivy 314
GATE CITY ELEC. CO.. 4 Walton St. Ivy 3360
McGAlGHEY ELEC. CO., 37 N. Forsyth St. Ivy 1956
RUSSELL ELEC. CO.. 15 S. Forsyth St. Main 1328
BAILEY ELEC. CO., 34 N. Pryor St. Main 2643
HUNTER HOGUE ELEC. CO.. Wallon Bldg. Ivy 4071
An Electric Stove
Keeps Babe Alive
Perrine Infant at Ashland. Oreg.. a
2 1-2 Pounder—Doctors Are
Hopeful of Normal Weight.
ASHLAND. OREG., May 24.—A tiny
bit of humanity, the daughter of Mr
and Mrs. C. J. Perrine. is being ker^t
alive at the Granite City Hospital
in this city through the medium of an
electric stove. The child weighed two
and a half pounds at birth and is now
two weeks old. The little one is thriv
ing and the hospital attendants ire
hopeful that it will attain normal
weight and healthfulness.
BAN PUT ON RICE THROWING.
JOPLIN. MO.. May 24. Newly-
wedded couples of this city need have
no fear in the future of being bom
barded with showers of rice and' old
shoes thrown by enthusiastic friends.
John H. Meyers, chief of police, res
urrected an old city ordinance which
puts a ban on the activities of wed
ding ’ cutups." and lie Issued an order
that it be enforced
Retailers' Profits
In Shoes Run High
Gross Returns From 20 to 42 P^r
Cent of Net Selling Price—Aver
age Clerk’s Sales $10,000 Yearly.
The bureau of business research,
• stablished two years ago at Har
vard University to collect and classi
fy facts about business, has just is
sued its first bulletin, which deals with
the differing costs of retailing shoes
in various parts of the country.
Among other things, the bureau ha.s
found that gross profits range from
20 to 42 per cent of the net selling
price; also that operating expenses
range from 18 to 35 per cent of the
net selling price—“which means,’*
says it statement accompanying the
bulletin, “that some stores are nearly
twice as efficient as others.”
Men’s shoes, says the report, almost
invariably sell faster and more relia
bly than those made for women.
Stores that turn over their stocks
only once a year and others turning
their stocks nearly four times wero
encountered by the investigators.
"Imagine in the roughest kind of
way.” suggests the bulletin, “the mil
lions that could be realized front in
vestment in merchandise should the
retailer increase his stock turn hut
once. The bearing of this upon the
demand for higher profit per pkir may
nlso % he seen. More stock turns means
an increase in net profit without any
raiding of pHoe.
Variations in bookkeeping were
encountered everywhere among shoe
dealers. The bureau designated
uniform set of accounts, given to th«
dealers In exchange for figures from
their own business.
The figures returned by mail and
obtained by field' agents are the basis
of the bulletin. They come from more
than 130 shoe stores, representing
every part of the country.
The bureau i<* inclined to think that
the typical gross profit on shoes that
retail at $3.50 or less is from 23 to 25
per cent, and on shoes retailing at
more than $3.50 is from 3ft to 33 per
cent Buying expense seems to cen
ter about 1.1 per cent.
As ot what constitutes selling ex
pense so many opinions prevail, says
the bulletin, that the very mention of
this item is lamost a sufficient argu
ment for the necessity *>f a uniform
accounting system.
The percentage of salaries and
wages of the sales force range from
5 to 10.3. the standard being about 7
per cent In cities of more than 100,000
population. Advertising centers about
2 per cent; delivery expense around
0.6 per cent; rent varies from 1.8 to
14.6 per cent on the net sales.
The average sales per sales person
range from $5,000 to $10,000 a year,
centering about $10,000, according to
this uncompleted Harvard inquiry.
JUNE WEDDINGS
Do not ili-lay longer in placing orders for engraved
invitations. Our samples represent the very latest
shapes and forms that have been accepted by refined
and fashionable society. We do not follow—we
LEAD in originating artistic effects with fine ma
terial. Our prices are the lowest. Send for sam
ples, which will be supplied free of charge.
J. P. STEVENS ENGRAVING CO., Wedding
Stationery Engravers, 47 Whitehall St., Atlanta, Ga.
Best Gasoline - 19c per gal.
Oil 35c per gal.
.. ----— — Op en a t Night — —--
Day & Night Service Co.
12 Houston Street
lust off Peachtree St.
Said: “If a man does not provide for all who
are dependent upon him and if he has not
that vision of conditions to come and that
care for the days that have not yet dawned,
which we sum up in the whole, idea of
Thrift and Saving—then he has not opened
his eyes to any adequate conception of human
life.
This Bank adds emphasis to these words
and invites your account.
4" ; » Interest 100% Safety
Central 56anlr & (Trust (fovjjoration
Capital $1,000,000 Resources Over $5,000,000
CANDLER BUILDING
Branch: Corner Mitchell and Forsyth Streets
—-