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i i 8 D ITEARST’S SUNDAY AMERICAN, ATLANTA, OA., SUNDAY. JUNE 1, 1913. French Holders Deceived and Paris Bourse Threatens Ban on All Se curities From Wall St.—Thorough Probe Is Believed To Be Necessary. By B. 0. FORBES. NEW YORK, May 31.—America has been disgraced in the eyes of the financial world by the midden bankruptcy of the St. Louis and San Francisco Railroad, a system comprising enough mileage to run from San Francisco to London or Paris, and having obligations of a third of a bil lion dollars. American finance, American credit, America’s whole reputation have been lowered, for the epi sode is everywhere condemned as r scandal. The courts, I understand, are to be invoked to ferret out the responsibility of the many in terested parties. TUzfk of tti Less than six weeks ago, French investors wm induced to pay solvency price* Aar $3,000,000 of the nom- psny's bonds on definite assur ance from the president that maturing obligations would be met and as official statement that a net surplus of some $1,- 200,000 had been aocnrmilated in ■even months. ®earee had tti* PYeoah tnv«»tor*’ mons#- T*MLch«d the company** tneas- ury, *rtien. Ilka a bolt from th© sky, ChAlnman Benjamin F. Yoakum. Pres ident Benjamin L. WJnchell and as sociates suddenly, without consulting tha bankers, ©ay fhe latter, had a St. Txmla court appoint President Winch- ell and a friend a# receiver* The funds necessary to meet $2,- 250,000 bonds falling due to-day were not forthcoming, it was explained. Stook Shrivels in Value. The 150,000.000 stock of th© Frisco road shriveled up to some $2,500,000 in market value, while the 5 per cent general lien bonds collapsed to 58 and the 4 per oent bonds to 66. Instantly “protective oonrwnftt©©*” sprang Into exist©noe each clamoring for the protection or Its own set erf client* The scramble is now on; it is a case of each committee for itself and devil take the hindmost. I want to offer the suggestion that since American railroad credit is be ing assassinated, the Interstate Com merce Commission should seek to in terpose in the interests of all cred itors, thus insuring fair pfay for everyone, Doropean and American, for bondholders and stockholders. The Untied States needs foreign capital. We can balance our obliga tions only by exporting securities. But can European investors be ex pected to retain faith In a country where such scandale as this are al- jewed^ to go anpeobed and unpun- Parts-tssvee Utttmatvm. The Parts Bmrre© already has an nounced that not one dollar of Ameri can Investments, not even the New York CJtv bonds, wfn be accepted there unless the French holders of Frisco bonds are saved from every penny of loss. This ultimatum ought to make the governmental authorities here take ttHtoe. Rumor# fin Wall Street that a thor ough probing of the Frisco System’s Operations, its numerous purchases of subsidiaries. its various Important contracts and the like, would reveal ongoings that would gladden the heart of the New Harm management on the theory that misery love# company. Monopolistic aspirations and reck less financing have characterized the history of both systems. New Haven # rottenness has been laid bare. Is the FVlsco mess to have a lid placed on it by “friendly” re ceivers and the ruined stockholders and bondholders forced to pay the penalty of oust mismanagement, ac tual and otherwise? What have th© manapremsnt, the roads' complexity of bankers and the Interstate Commerce Commission to •ay about It? An aroused, indignant public, at home and abroad, should expect very clear explanations and appropriate aotlon. Wall 8ir®et Stricken. Wall Ptroet has never before been so sorely stricken. Commission houses are discharging half their clerks, one firm has laid off two-thirds of Its force. Salaries everywhere are being out. Firm members are unable to draw their customary allowance. Rents are not being earned. Neither stocks nor bonds can be sold In even moderate quantity. The St. Louis ami San Francisco collapse has Incited nervousness over other weak roads, such as Rock Island, Denver and Rio Grande, M., K. and T. and Erie. The Other Aspect. But blase you, th© country is not going to ruin. Turn your eyes from Wall Street to the rolling wheat nnd corn fields of the West und the vast cotton plantations of the South. There, where the nation's material prosperity Is made and unmade, met-’ ciful nature Is turning soil Into wealth at a rate the country has not before known In all its history. This is not hyperbole; It la not rhetoric. It Is a fact. The crop prospect# all over the United States are most Inspiring. And that, after all, ts th© axle on which prosperity revolves. To insure funds to market the un- preoedentedly heavy crops that ore promised our banker® will have to act with great diplomacy. Our languishing trade, our lifeless investment market* and even our po litical fear* would be instantly re lieved by the adoption of a right cur rency bin. We need It. French Commission Will Probe Incident PARIS, May. 81.—M. D’Aillv DeVer- neull, of th© Agents DeChange, who declared yesterday that American se curities would probably be barred from the Paris Bourse in the future because of the financial disaster which has overtaken the St. Louis end Pan Francisco Railroad, said to day that a commission will soon go to the United States to investigate the affairs of the Frisco and the re ceivership. The commission will be made up of bankers and brokers. The reason for the Intense feeling here over th© Frisco’s affairs Is that a bond issue of the road was sold here not long ago. Going Away? Y OU WILL SAVE TIME, AVOID delays, have your money always safe, and practically enjoy the many benefits of haring a bank account in every country in which you may travel, if yon carry with you a Letter of Credit or Trav elers’ Cheque. It will enable you to know exactly the relative worth of your paper in foreign countries, and enable you to keep an accurate account of your ex penditures. And yet the cost is very small. A mere nothing compared with the innu merable benefits they afford. We will be glad to have you come in and talk the matter over with us. Atlanta National Bank The Oldest National Bank in the Cotton States Market Stubborn When Bears Assail Prevalent Prices "Trade Buying Versus Speculative Selling'* Is Explanation Given by New Orleans Experts. NHJW ORLEANS, May 81.—Bearish Interests in the cotton market have had a hard time trying to depress ITrloes the past week. Weather condi tions were favorable, and crop advices wore more encouraging than for some weeks past, yet the market Showed stubborn resistance to the hammering and as soon as pressure was with drawn. immediately reacted Students of the cotton market say that it is a case of trade buying versus speculative selling. Sentiment is generally bearish, and the specu lative element in the South Is guided bv this Influence. Ihottld crop con ditions continue to improve this sen timent might induce sufficient specu lative selling to depress prices to the level of 11 cents for the new crop contracts. Whenever the market gets around that level, however, trade buyers come In and absorb all the contracts,' and when the shorts at tempt to cover they find th© supply of contracts on the market so small that a little bidding suffices to ca,use an advance of 20 points or msre. Trad© buying is not an unusual thing at this season of the year. The mills, especially the European mills, which make contracts for ten to four teen months ahead, always begin to hedge their commitments by pur chases of new crop contracts In the spring; and early summer when, as a rule, speculators on this side are soiling on crop prospects. The for eigners are shrewd enough to realize that brilliant crop nrospects are us ually shattered before the planting season la over; even if the yield of th© orop la not materially reduced, a crop scare of large proportions de velops some time or other during the summer, and when the largo short Interest* attempt to cover, an advance of one or two cents usually takes place. Thus the foreign trade buyer *«ldora ever loses anythlnr on his contract purchases, a.nd when h© Is a bis lo buy the actual cotton he can then sell out his hedges and depress th© market at a time when his object Is to buy spot© as cheaply as possi ble. The trade buying this year has been on an unprecedented scale. A promi nent Liverpool flnm. In a letter Just received In this market, explains the situation by saying that sale* of cloths ahead by English and Conti nental spinners have been ahead of th© average of many years past, and hence, the larger hedge requirements in th© way of con tract purchases. The consensus of opinion here Is that the average condition shown by the Bureau Monday will be around 83. Th© lowest condition figures are expected from the Atlantlcs and from Texas. New Crop Progress Absorbs Attention News From Fields 9upplants Gossip of Trad© Circles and Sales of Old Remnant. MEMPHIS, May 3L—Discussion of th© condition of th© new crop has been th© main occupation of th© cot ton trad© In this section during the past week or so, supplanting in im portance the situation In trade cir cles and the disposal of the unsold remnant of the old crop. There has been somewhat of a lull in the latter and sales have been restricted to fill ing of commitments that could not well be deferred. In this center busi ness lias been small and th© unsold portion of the stock is approximately what th© total was a year ng© nV •ven date. One feature of the strength dis played In the future market has been that largo spot Interests hare been giving support and much of the ab sorption of now-crop offerings has com© from representatives of th© for eign spinning interests, thus Indicat ing a belief that present price levels are not unreasonable. The reduction of the New York stock to about 10,000 bales, of which only about 60,000 are under certificate and are thus avail able for contract delivery, lias loft short sellers of July and August with but little protection In case there should be bullish activity against them. Prices in the belt continue at a level that means heavy loss to any who might attempt contract deliver ies in New York. There is an idea that manipulative tactics are largely responsible for the recent action of the market In the face of favorable news as to the new crop, though the existence of an extensive short inter est created by a widespread effect to discount bearish news In advance when pessimism was so rampant, has made it possible for the profession als to thus dominate the speculative market. The usual period of trying to dis count th© Government crop condition estimate has been experienced during the week, and the offerings from pri vate sources have been normal. These reports have prepared sentiment to expect th© official guess on Monday morning to be around 82 to 84 per cent for condition on May 25. Such would compare with 78.9 a year ago, 87.8 the year before and a 10-year average of 79.9. While the Govern ment will not issue its report on acre age until July 1 or thereabouts, sev eral private estimates are at hand, averaging slightly over 3 per cent in crease compared with th© official re- v B©d figures for the past season. Such would bring acreage very near ly to what it was two years ago, when the crop proved a record one. Information reaching here during the week from all sections of the belt said the crop was faring satisfac torily, the only complaint being that night temperatures were abnormally low, thus delaying growth and germi nation and causing some Injury to the tender plant Every section, ex cept a small portion of Southern and Southwestern Texajs. has had plenty of rain and the thing now needed is warm weather so that stands can be had and proper cultivation given. CHICAGO GRAIN CLEARANCES. Clearances of two days of wheat to tal 1.090.000 bushels: flour, 24.000 bar rels; corn, 1,000 bushels, and oats 6.000 bushels. Wheat and flour equaled 1,217,000 bushels. JOSEPH A. M’CORD FOR ZONE SYSTEM Congress Will Not Hear of Central Bank, Re gional Plan Is Next Best, Expert Writes. Joseph A. McCord, vice president of the, Third National Hank of At lanta, a member of the monetary commission, which was picked from men who had pained national recognition as experts, discusses herewith the nerds of the United States as to banking and currency reforms. The United States Senate Hanking and Currency Committee has sent a list of thirty-two questions to bankers throughout the nation j seeking their views. The subject is neirt to the tariff in popular interest, and many business men believe it exceeds the tariff in importance. 'The present Congress must do something. Mr. McCord's discussion of the problem, therefore, is timely and valuable. OF BIG NEAR DECISION Grain Case, Tallulah Falls Litiga tion, Tariff and Money Re form Are Pending Issues. Breeds New Cotton Maturing Before Boll Weevil Season By Joseph A. McCord. On a recent visit to Washington, I learned that whatever our views may be relative to the Central Reserve Association, or Cen tral Bank, that neither of these would be acceptable to those who had in charge the currency legislation of the present Congress: therefore, it is useless to discuss what we would prefer in the way of currency legislation. Eliminating the Central Bank or Central Reserve Association, I think the best suggestion is the Regional Reserve Association, or what is known rr the Zone Sys tem. I find that the administration and the leading members of the House and Senate at Washington are disposed to take up legislation along the line of the Regional Reserve Association, or the Zone System, say of fifteen zones, located in various sections of the United Ftates. This could be made very satisfactory and agreeable, and of considerable value to the country, with proper safeguards surrounding it, if the. banks were allowed to place part of their reserves In Central Re serve cities. However, if those in authority In sist on all of the reserves being kept In the banks’ vaults and in Regional Reserve associations, this would practically stop the wheels of com merce and put the banks throughout th© country In a position where they could not discount for their customers because they could not avail them- News From Kansas Decidedly Bullish Bountiful Rains and Ensuing Lower Temperatures Needed to Prevent Further Deterioration. By JOSEPH F. PRITCHARD. CHICAGO, May 31—Not only have the “crop killers” sounded the alarm of serious deterioration of the winter wheat plant in Kansas and States bordering on that section, but nearly all the grain and elevator concerns in Kansan have had more or less to say about the crop going backward. They have volunteered the opinion that unless there are boun tiful rains soon which bring lower tem peratures, the outcome of the harvest will be entirely different from that which was expected a few weeks ago. One of the best authorities In the •wheat belt says that in Southeastern Kansas, parts of Oklahoma and South western Missouri, the long drawn out dry weather has caused the wheat plant to show thin growth as w r ell act a sickly color and many localities do not prornls© much over a normal yield, where an ex traordinary crop was promised. It was also said that in the greater part of th© hard winter wheat region th© outlook Is for an average crop. Grain q votat ions t Previous selves of their reserves for the bene fit of extension of credit without con tinually being under discount with th© Regional Reserve Association, which no bank would care to be. I believe that those In position to handle the legislation have discover ed that such a course would b© very detrimental to the businesss interests of the country, and that they will be disposed to divide up the reserve be tween the central cities and th© Re gional Reserve Association. If proper facilities are provided, whereby one Regional Reservo Association may discount for another, or so that funds credited in one zone may be placed to the credit of a bank in another zone, this will go a long way toward carrying out the plans suggested by the American Bankers’ Association. After this has been put in force, it will be readily seen that the Cen tral Reserve Association will be neo- •ssary for the Issuance of currency, for the discount of commercial paper, the handling of foreign bills of ex change and foreign commercial drafts. While the present Congress possibly would not listen to the establishment of a Central Reserve Association at the present time, it would naturally come in the course of business events that would force It upon the country. Furnace Repairing Curtails Production Southern Make of Pig Reduced for June—Steel Market Shows Better Conditions. E. L. Worsham Successfully De velops Variety Resisting Wilt and Black Root, Yet Growing Fast. HISh. I*ow. dose. Ck>s©. WHEAT— May. . MH 92 nvt, July.... 92% 92U, 92U 9Uj Sept.... 92V* 01 \ Sli* 90 4 Dee...., COfttf- 94'* S*8<*i 94H 92*4 M ay... . 69 6Tb. 69 6814 July 67*4 574* 67% 67# ... 68 Vi 58 68 57% Deo 59 68% 69 50 OATS- May.... 43 % 42*4 43 42 July. . . . 39'* 38 < 39 88 N Kept.... 38 4 38*4 38 r>«o.. . 39 M, 39 39 38N PORK- May.... 20.50 20.37V4 20.50 July-. . 20.30 20.26 20.2714 20.26 Sept ... 19.90 19.85 19.86 16.87% May.... 11.26 July.... 11.12 11.3214 May.... 12.75 July... 11.85 Sept.... 11.42^ 11.20 11.07 11.20 12.76 11.72*4 11.35 11.20 11.07 11.20 12.75 11.72H 11.87 Vi 11.20 11.17V4 11.20 12.75 11.75 11.40 CHICAGO CASH QUOTATIONS. CHICAGO, May SI.—Wheat: No. 2 red. 1.01^1.04*4; No. 8 red, 95(0)1.00; No. 2 hard winter. 93H<S>P&H; No. 3 hard win ter, 92(095: No. 1 Northern spring. 93*4(0 96V*, No. 2 Northern spring, 92@94; No. 3 spring, 91©92. Corn- No. 2, 58<8'58*4: No. 2 white, 59 Vi (d59^: No. 2 yellow, 58(I?68*4; No. 8. 57%568: No. 3 white. 69(0 59%: No. 8 yellow'. 57\®58; No. 4, 67%@57%; No. 4 white. 58@58H; No. 4 yellow, 57%<a57H. Oats—No. 2 w'hite, 41041V&; No .1 white. 39%(040■ No. 4 white. 3SV4<&39; Standard, 40%($41. THE WEATHER. Conditions. WASHINGTON. May 31.—Wfth the exception of local showers in the Ohio Valley, Tennessee and North Carolina, the weather will he generally fair to night and Sunday east of the Mississip pi River, with no temperature changes of consequence. General Forecast. Following is the general forecast until 7 p. m. Sunday: Georgia Fair to-night and Sunday. Virginia—Generally fair to-night and Sunday. North Carolina—Local showers to night or Sunday. South Carolina. Florida and Alabama— Fair to-night and Sunday Mississippi—Fair to-night and Sunday Tennessee—Local showers to-night or Sunday. KEEPS DOOR OPEN. At last has come a device that will keep a door open at any desired point. It is made of a flat piece of steel, bent in the form of tongs, with a short, strong spring to supply the required upward pressure to keep the door from sliding. A projection at the end of the shorter leg prevents the device from being dislodged easily. BIRMINGHAM, ALA., May 31.— Pig iron manufacturers in the South ern territory can tell nothing as to what the future is likely to bring forth. At present the iron market continues quiet. The cast Iron pipe makers are in need of iron but ap pear to be waiting perhaps for still lower prices. The Iron quotations in the South are now' about at 811.50 per ton, No. 2, Foundry. Some Iron Is being shipped for export, th© quota tions being low enough. Furnace re pairing starts in next week. This means that there will be a curtail ment of production throughout the South. It is estimated that the production will fall off between 30,000 and 45,000 ton© In June, a© compared to what the make w r as in April and May. Figures will be given out during the coming week as to production in May. Two of th© furnaces making basic iron will have to shut down for n while. There is a healthy accumula tion of Iron in the Southern territory* and the announcement is made that ull orders will be oared for promptly. It Is figured there Is as much iron in furnace yards in this section of th© country as was to be seen here at this time a year ago. Th© steel market still is active. The several plants are doing well in the way of production and good prices prevail. While the demand for steel wire has fallen off there is a good de mand for rod. The Tennessee Coal, Iron & Railroad Company Is making rail at a lively pac© with no accumu lation. There is a good demand for fabricated steel. Borne little rail Is being shipped to Southern countries. Tie making plants in the South are buying some steel In th© Birmingham district while other shapes of steel, rod in particular are in good demand. Foundries and machine shops re port quietness Charcoal Iron com mands $23 and more per ton. Cast Iron pip© plants are against melting pig Iron in quantity but the trade is not yet what it was expected it would be at this time. Georgia Cotton Oil Men Meet Monday Members of tbs Cotton Seed Crush ers’ Association of Georgia, who have gathered In Atlanta from the northern section of this State, leave to-night on a special train over the Central of Geor gia Railway, for Atlantic Beach, Fla., where Monday and Tuesday their ninth annual convention wHI be held. Cars will be picked up at Macon carrying the South Georgia members of the associa tion. P D. McCarley, secretary, haa an nounced the program. An address, of welcome to the association will be made by H. M. Stanford, to which a response will be made by B. L. Bond, of Royston, Ga., vice president. F. \V McKee, of Atlanta, president, will deliver his annual address and will be followed by Andrew M. Soule, presi dent of the State College of Agricul ture at Athens. At the afternoon session, Thomas C. Law, an Atlanta chemist, will read a paper on "The Quality of Crude Oil," and will be followed by PI. C. Brown, of Augusta, with an address on “Proper Grading of Cotton Seed for Manufactur ing Purposes." E. E. Pomeroy, of At lanta. will deliver an address Tuesday morning, and will he followed by Joel Hunter, on “Fallacies in Seed and Crushing Costs.” Dr. Peter F. Bahnsen. State veterinarian, will make the con cluding address. The Georgia Association is the second largest in the South. By M. A. RD8E. Legislation and litigation with vital bearing on the future of business and finance have drawn more attention during the week than any actual change in the drift of Immediate af fairs. Indeed the trend of business seems little altered. Consumers are buying from retailers, retailers from jobbers and Jobbers from brokers or manu facturers In the same restricted way that has been noted since the begin ning of the year. There Is the same eagerness on the part of borrowers, and the same caution on the part of lenders. “If I could get hold of a barrel of cash I’d make this season pay well enough to enable me to retire,” sighed a wholesaler the other day. “My country dealers are begging for sup plies and offering the moat heavily gilded kind of collateral for credit. If I had the cash to buy all I could sell, take their notes and collateral, and wait for the cTop to enable them to pay out, I’d get rich this year," But he hasn’t the cash, and neither has anyone else, to go Into such a venture Four Undecided Faotors. With business restricted by tight money, then, the attention of business and financial circles Is attracted, un divided, to two court actions which will have a great effect In this terri tory, and to the two most important, subjects under consideration by Con gress, which affect the Southeast In as great or greater measure than the other sections of the nation. The Nashville grain case now be fore the Supreme Court of the United States and the Tallulah Falls case tried in the Superior Court at Clayton are the two Important pieces of liti gation, and, of course, the tariff and the currency reform bill are the na tional questions. A decision was predicted for last Monday in the Nashville grain case. For years the railroads have ex tended a privilege to Nashville grain and grain products dealers which has been denied to Atlanta. Stripped of teehnlcaliteds, th© sit uation is that Nashvilje dealers are allowed to buy grain or flour at any of the Ohio or Mississippi River crossings (Memphis, Cincinnati or Louisville, for Instance); move this grain to Nashville; unload It and put it Into elevators there for mixing, grading, drying and sacking; and at any time within six months reblll it to any point in the Southeast, paying only the through rate from the river crossing to the point of destina tion. How It Works Out. Atlanta dealers, on the other hand, pay the through rate from the point of origin to Atlanta; then must pay the local rate from Atlanta to desti nation. AsthlswoTks out, 1t amounts to $12 to $18 per car difference in freight In favor of Nashville, when shipping to such points as Griffin and Macon. Indeed, Nashville dealers can deliver flour In East Point, at Atlanta’s city limits, cheaper than can Atlanta dealers. Atlanta won its case against the carriers in the hearing before the In terstate Commerce Commission, lost before the Commerce Court and ap pealed to the Supreme Court. If Atlanta wins, the railroads either may cease the practice at Nashville or extend It to Atlanta. Whichever they do, the result will be beneficial to Atlanta. Atlanta does a grain and flour busi ness conservatively estimated at Ph ono cars a year, and believes this will be enormously Increased by a favor able decision. Translated Into dol lars, this Is a staggering sum. Looat Stocks Affected. The Tallulah Falls case Is being watched because It is certain to affect the price of Georgia Railway and Power common and second preferred stocks, which have been the most ac tive feature of the local stock market recently, and which are held by al most everyone tn Atlanta who holds any stocks at all. The decision of the lower court was In favor of the power oompany, but this decision Is not final. An appeal is certain. Georgia cotton mill men have been presenting their views of the cotton schedule before the Senate subdivi sion of Its Finance Committee. In general, they are anxious for greater distinction between the grays and colored goods, and between the plain and fine goods. Reports from Washington indicate that they made a strong appeal. On the surface, the South is not much affected by the cotton sched ule as framed and passed by the House. The fine weaves are the only grades slashed, and most of the out put In the South Is coarse numbers. Fear an Overproduction. Where the shoe pinches Is In the fear that spinners of fine numbers In the East, robbed of tariff protec tion, will turn to coarser yarns, thus Increasing the South's competition and perhaps bringing about overpro durtion. ■When the tariff schedules first were made public leading cotton and wool en mill men of the State, In interviews given to The American, expressed lit tle concern, and nothing bordering on alarm. Either they have awakened suddenly since that time, or they are engaged in the very human occupa tion of trying to get the best and the most that they can. Southern bankers were among the first to plead for currency reform, and have been among the stanchest advocates of a better system ever since. The “catechism" of 35 questions, sent out by the administration to national bank presidents all over the country, therefore are much discuss ed, and from the South the President and his advisers may expect some interesting and instructive replies. E, Lee Worsham, State Entomolo gist, in hie annual report to the Com missioner of Agriculture, submits a plan for circumventing th© Mexican boll weevil and nullifying In large measure the ravages of that pest, which ts expected to enter Georgia by way of the Southwestern counties this season. Mr Worsham’s plan 1s to cultivate a variety of cotton that will mature before the weevil’s season of opera tion. which Is late summer. The entomologist has perfected a new variety of cotton which he thinks will serve perfectly the purpose he has In mind, and announces that he will bo retidy to distribute this season a sufficient quantity of seed for a thorough test next fall. The trouble with early-maturing varieties of cotton in Georgia hereto fore has been their susceptibility to those fatal cotton diseases, "wilt" and “black root.” By crossing successfully a good, substantial variety of ordinary cot ton with a strain of Egyptian, Mr. Worsham has perfected a new and hardy variety of early-maturing cot ton, perfectly adapted to Georgia cli mate and proof against "wilt" and "black root." The Department of Entomology does not olalm that this new cotton will entirely nulllgy the boll weevil’s powers of destruction, bnt It does think the new cotton will go a long way In that direction, and that, more over, the plan is capable of amplifi cation and further Improvement. In his report to the Commissioner of Agriculture Mr. Worsham calls attention to some other work being carried on by the Department of En tomology. such as the scientific and Intelligent destruction of fruit de stroying Insects and worms, the In spection of appls and peach trees for various diseased conditions and the remedying thereof, the encouragement of farmers' meetings throughout the State and the supplying of helpful literature wherever It is desired. When it Is realized that the de structive work of various Insects al ready costs the farmers of Georgia some $30,000,000 annually, and that the boll weevil actually is at Geor gia’s very front door, the Importance of the Department of Entomology Is readily seen. The Department feels, however, that It could do even better work, if the Legislature would provide more am ple funds, and to that end an addi tional appropriation will be asked of the incoming Genersl Assembly. Greatest Corn Crop In State’s History Is Present Outlook Week Brings Improvement in All Georgia Fields—Fall Sown Oats Better Than Expected. 4 ATHENS, GA., May 81.—Agents In various portions of Georgia reporting to the Georgia State College of Ag riculture, state that the week marked continued Improvement in crop condi tions. Cotton planted late has com* up to a good stand while that which was planted earlier Is poor but grow ing thriftily since the rains. Corn Is showing up well. The poor stand In places Is being recouped by replanting, so that everything la now favorable to the largest com orop the State ever has produced, the com acreage being larger than ever be fore and the soil preparation good. Harvesting oats has been in pro gress through Middle and North Georgia. All reports are to the ef- feet that th© yield Is turning; out bet- t0 L than wa * ex Pe<*ted. Only th© spring' sown oats have suffered to anv extent. Wheat is fin© in all counties reported. Melons ar© fruiting in ex cellent ©hap© after th© rains. Pas- •tures and trucking© have also good showings as a result of the showers. Judging from reports a large part of the oats fields will be sown to peas or velvet beans, though some will go to com. Th© success of fall sown oats so clearly demonstrated 1n contrast to spring oats 1s leading the farmers to plan to sow oats be tween cotton row© this fall. The fields which have been in oats and peas this year will go to cotton next year. SEES POLITICAL 1 CRISIS AHEAD E. P. Ripley, of Santa Fe, Says House and Senate Are Too Radical; Wilson Untried. HANDWORK FAVORED. Embroidered waist fronts are com ing in for a good share of success this season. Some excellent handwork of this kind done in the Philippines is shown by a local importer. BY BOBRStANER. B. P. Ripley, president of the Panta Fe Railroad, is distrustful of the country”* political future. He has no downright fear that the United States la heading for disaster; the tendency may be cheeked in time to prevent a catastrophe. There are certain sign* which make him hopeful that the headlong course will be stopped, but he is far from sure. The House and the Senate, tn hi* view, are dangerously radical. Wil son, to him, Is as yet an unknown quantity. The one compensating fac tor In Washington is that which 1* relative to the railroads. He believe* that the Interstate Railroad Commis sion is less perilous than It was, say. a year ago. Mr. Ripley has Just returned from California. The president of the San ta Fe is gradually recovering from an acute attack of indigestion, which occurred seven weeks ago In Califor nia. Thinks Majority Unsafe. ‘1 suppose I have unwittingly ac quired the reputation of being a pes simist," said Mr. Ripley. “1 am per fectly conscious of not agreeing with the majority erf people who elect leg islators, but long experience as a rail road man and as an observer of pol itical tendencies Impels me to say that the United States of to-day, in Its general political aspect, that Is to say. In Us political trend, 1s not at all what the founders of this country In tended. “It was not the Intention of the framers of our Constitution to have the crowd rule. The Intelligent and experienced minority were to rule; men who by their Intellectual gifts and by their statecraft were to guide the country. That idea was kept up for many years, but of late the men have been elected to office who sim ply do as the crowd dictates. Ttje editors, and not the elective, govern. "History Is instructive. It tells us that whenever the mob becomes para mount then was the beginning of dis solution. Lauds Commission Form. "I am glad to qualify, however, my general view, for here and there I see signs of the return of the scheme of government by the fit. 1 mean by this that certain communities have resorted to government by commis sion. instead of government by muni cipalities, who are entirely swayed by the crowd. The signs, true, are few and somewhat indistinct. Let u* hope, however, that these are the b®- ginnlng of betterment 111 the right di rection. "I think the appropriation hill for funds for the prosecution of trusts passed by the House and Senate Is extremely had legislation; a measure that provides for prosecution of on® class in a community and absolves an other class Is tinged with demagog- ism. The measure, In effect, was ve toed by Taft. Wilson will gtve us a better idea of his statesmanship when the bill comes to him. By his action in the matter we shall be able to Judge him in a very Important respect. "However, there Is much to be said In Wilson’s favor. His tariff bill I indorse; also the Income tax. His currency legislation promises to be beneficial and these are features that extenuate much that Is disquieting In the political situation. Expects Rate Increase. "I believe the Eastern roads win be accorded a small increase in freight rates, for which they have applied. Heaven knows that they need it. When a body Hke the railroad com mission Is In office for any length of time they cannot help but perceive that there are two sides to every cor poration question. The commission Is beginning to see the other side and 1 trust that they will have the cour age of their perceptions. “It is, of course, unfair to argue that the commission has allowed as many increases as they have favored decreases. In number this may be true, but. in Import It Is very untrue. The increases have been small in im portance and tn significance, compar ed with the decreases. ESTABLISHED 1880. NATIONALIZED 1908 THE AMERICAN NATIONAL BANK ATLANTA, GEORGIA Capital and Surplus $1,150,000 Deposits - - $3,500,000 WILLIAM L. PEEL, President. R. F. MADDOX, Vice President. T. J. PEEPLES, Cashier. J. P. WINDSOR, Asst. Cash. J. F. ALEXANDER, Asst, Cash. Depository of the State of Georgia, County of Fulton and the City of Atlanta We invite new accounts—both commercial and savings— and extend a service adequate for every legitimate requirement and satisfactory to the most exacting minds. i-. — *i ,._i