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8 D ITEARST’S SUNDAY AMERICAN. ATLANTA, GA., SUNDAY, JUNE 1, 1913. News and Views by Experts of Finance, Industry, Crops and Commerce ECEIVERSHIP IS FINANCE, FORBES THIS 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 diagramed in the eyes of the financial world by the sudden 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 a scandal. The courts, I understand, are to be invoked to ferret out the responsibility of the many in terested parties Thfafk of Hi Less than six nssedes agio, French investors induced to pay solvency price*-fior $8,000,000 of the com- bonds on definite assnr- anee from the president that maturing obligations would be met and an official statement that a net surplus of some $1,- 200,000 had been accumulated in •even months. had tJie FYervoTi investors’ the company'i treas ury# iHi*il llk« a bolt from the sky, Ohalraen Benjamin F. YoAkom, Pres ident Benjaunln L. Wlnchell and as- •oolat»s »u<!denty. without consulting the bank era, say the latter, ha<l a St. Louis oourt appoint President Wlnch- ®11 and a friend as receivers. The fnnds necessary to meet $2.- 150,000 bonds failing: due to-day were not forthcoming, It was explained. Stock 8hrlve!» In Value. The $50,000,000 stock of the. Frisco road shriveled up to some $2,600 000 In market value, while the 6 per cent freneml Mon bonds collapsed to 68 and the 4per oant bond* to 66. Instantly “protective committee*" sprang: into exJotenoe, each clamoring: for the protection of It* own set of 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 engrffeatlon that »1nce American railroad credit is be ing: aosaastnated, the Interstate Com merce ComaTtieslon should e*ek to in terpose In the interest* of all cred itors, thus Injuring fair play for everyone, Bhiropean end American, for bondholders and stockholders. The United States need* foreign capital. We can balance our obliga tion* only by exporting securities. But can IDuropean Investors be ex pected to retain faith In a country where each ooandels as this are al- 'jowed^ to go on pro bod end unpun- Paria Issue* Ultimatum. The Part* Borov** already ha* an nounced that not one dollar of Ameri can investment*, not even the New York City bond*, will be accepted there unless th* French holders of Frisco bond* are saved from every penny of Lose. Thl# ultimatum ought t© make the government a] authorities here take notice. Rumor* fll! Wall Street that a thor ough probing of the Frisco System's operation*. it* numerous purchases of arubaddiaries, it* various important contract* and the like, would reveal ongoing* that would gladden the heart of th* Now Haven management on the theory that misery loves company. ' V Monopolistic aspirations and reck less financing have characterized tho history of both system* New' Haven’s rottenness has been laid bare. I* the Frisco mess to have a lid plaoed on It by “friendly" re ceivers and the ruined stockholders and bondholders forced to pay tbs penalty of past mismanagement, ac tual and otherwise? What have the management, 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 action. Wall 8tr*et Stricken. Wall Street has never before been bo 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. Renta are not being earned. Neither stocks nor bonda can be sold In even moderate quantity. The Rt. Louis and Ran Francisco collapse has Incited nervousness over other weak roads, such as Rock Island, Denver and Rio Grando, M., K. and T. and Krie. Th* Other Aspect. But, bibs* you, the country is not going to ruin. Turn your eyes from Wall Street to the rolling wheat and corn fields of the West und the vast cotton plantation# of the South. There, where the nation’s material prosperity Is made and unmade, mer-' clful nature Is turning soil into wealth at a rate the country has not before known In all Its history. This is not hyperbole; it Is not rhetorle. It Is a fact. The crop prospects all ovst the United States are most inspiring. And that, after all. is the axle on which prosperity revolves. To insure funds to market the un precedentedly heavy crops that ure promised our bonkers will have to act with great diplomacy. Our languishing trade, our lifeless investment markets and even our po litical fears would be Instantly re lieved by the adoption of a right cur rency Mil. We need It French Commission Will Probe Incident PARIS, May 81.—M. D’Allly I>eVer- neuil, of the Agents DeCliange, who declared yesterday that American se curitb-s would probably be barred from the Paris Bourse in the future because of the financial disaster which has overtaken the St. Louis and Ran FTanesco 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. Tho commission will be made up of bankers and brokers. The reason for the intense feeling here over the Frisco’s affairs Is that a bond Issue of the road was sold here not long ago. Market Stubborn When Bears Assail Prevalent Prices “Trade Buying Versus Speculative Selling” Is Explanation Given by New Orleans Experts. NEJW ORLF1ANR, May 31.—Bearish Interests in the cotton market have had a hard time trying to depress jrrloes the past week. Weather condi tions were favorable, and crop advices were more encouraging than for some weeks post, yet the market khowed stubborn resistance to the hammering and as soon as pressure was with drawn, Immediately r^ncted Students of the cotton market say that it is a < a$e of trade buying versus speculative selling. Sentiment 1s generally bearish, and the specu lative element in the South 1# guided bv this Influence. Should 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 lhat level, however, trade buyers Come In and absorb all th$ contracts,’ and when the shorts at tempt to cover they find the supply of contracts on the market so smAll that a little bidding suffices to cause an advance of 20 points or more. Trade 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 Belling on crop prospects. The for eigners are shrewd enough to re-alize fhat brilliant crop prospects Burn us ually shattered before the planting season 1* over; even If the yield of th© orop 1s not materially reduced, a crop Bears of large proportions de velops flomt time or other during the summer, and when the large short latsrasts attempt to cover, an advanoe of one or two cents usually takes place. Thus the foreign trade buyer seldom ever loses anything on his contraot purchases, and when he Is able lo buy the actual cotton he can then sell out his hedges and depress the market at a*time when his object Is to buy spots as cheaply as possi ble. Tho trade buying this year has been on an unprecedented scale. A promi nent Liverpool firm, In a letter Just received in this market, explains the situation by saying that sales of cloths ahead by English and Conti nontal spinners have been ah©nxl of the average of many years past, and hence, the larger hedge requirements In the way of contract purchases. The consensus of opinion here is that tiie average condition shown by the Bureau Monday will be around 83. Th© lowest condition figures are expected from the Atlantic* and from Texas. Going Away? Y OU WILL SAVE TIME, AVOID delays, have your money always safe, and practically enjoy the many benefits of having a bank account in every country in which you may travel, if you 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 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 Bank of At lanta, a member of the monetary commission, which was picked from men who had gained national recognition at. expertt, ditcuttet herewith the nerdt of the United States at to banking and currency reforms. The United States Senate Hanking and Currency Committee hat tent a Ust of thirty-two guctUont to bankert throughout the nation t tee,king their views. The tubject it next to the tariff in popular interett, and many business men believe it exceeds the tariff in importance. The present Congress mutt do something. Mr. McCord's discussion of the problem, therefore, is timely ansi valuable. By Joseph A. MoCord. On a recent visit to W r a«hington, 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 as the Zone Sys tem. I find that the administration and the loading 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 Rtates. 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 the country In a position where they could not discount for their customers because they could not avail them selves of their reserves for the bene fit of extension of credit without con tinually being under discount with the 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 be very detrimental to the business* interests of the country, and that they will be disposed to divide up the reserve be tween the central cities and the Re gional Reserve Association. If proper facilities are provided, whereby one Regional Reserve 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 nec essary 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 ln the course of business events that would force it upon the country. New Crop Progress Absorbs Attention News From Fields Supplants Gossip of Trad© Circles and Sales of Old Remnant. MEMPHIS, May 31.—DlBCU«sion of th© condition of th© new crop has been the main occupation of the cot ton trade ln this section during the pajft week or so, supplanting in Im portance the situation in trade cir cle* ajid 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 has been small and the unsold portion of the stock is approximately what the total was a year ago at’ even date. One feature of the strength dis played ln the future market has been that large spot Interests have been giving support and much of the ab sorption of new-crop offerings has come from representatives of the 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 40,000 bales, of w hich only about 60,000 are under certificate and are thus avail able for contract delivery, has left short sellers of July and August with but little protection ln case there should be bullish activity agniust 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 1n 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 ln 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 the 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 tho official guess on Monday morning to be around 82 to 84 per cent for condition on May 26. 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 8 per cent in crease compared with the official re vised 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 bolt 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 Texas, has had plenty of rain and the thing now needed is warm weather so that stands can be had and proper cultivation given. 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 ln Kansas and States bordering on that section, but nearly all the grain and elevator concerns ln Kansas 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 ln 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 well as a sickly color and many localities do not promise much over a normal yield, where an ex traordinary crop was promised. It was also said that In the greater part of the hard winter wheat region the outlook la for an average crop. Grain quotations: Furnace Repairing Curtails Production Southern Make of Pig Reduced for June—Steel Market Shows Better Conditions. Previous High. I<ow Close. Close. WHEAT— May.... #2% , 91% 92 91% July.... 92% 92% 92*4 9l4 Sept.... 92% 91 % 90 74 Dec 9414 95 4 94 Ms 924 CORN May.... 69 57% 69 58 % July. . . . 57% 57% 57% 57 >4 Bvpi 58 68 V4 B7’J Dec 69 58% 69 66 OATS- May.... 431b 42^ 48 42 July.... 39 >4 38*4 39 38% Kept.... 38% 38V 4 38% 38 Dec 39% 39 39 38% PORK May.... 20.50 20.37 Ms 20.50 July.... 20.30 20.26 20.27^ 20.25 Sept.... 19.90 19.85 19.85 19.87% Lard—• May . . . 11.26 11.20 11.20 11.20 July.... 11.12 11.07 11.07 11.17% Sept.... RIBS 11.22% 11.20 11.20 11.20 May. 12.76 12.75 12.75 12.76 July.... 11 85 11.72H 11.72 Va 11.76 Sept.... 11.4214 11.35 11.87^5 11.40 CHICAGO CASH QUOTATIONS. CHICAGO, May 31.—Wheat: No. 2 red, 1.01(011.04^; No, 3 red, 96(0)1.00; No. 2 3 spring, 91 (S'92. Corn—No. 2, 68 No. 2 white, 9Va(R59^i; No. 2 yellow, 68(3)6814; No. 3, 57^4^ 68; No 3 white, 69 (u 5^*4; No. 3 yellow. 67 s -* (a 68; No. 4. 57 **@57 *4; No. 4 white, 58(s2l>8 , 4; No. 4 yellow. Oats—No. 2 white, 41(0)41Vi; No 3 white. 39*4®40. No. 4 white, 38^<&39; Standard, 40^@41. THE WEATHER. Conditions. WASHINGTON, May 31.—With the exception of local showers in the Ohio Valley, Tennessee and North Carolina, the weather will be 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 t>. 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 ar.d Sunday. Mississippi—Fair to-night and Sunday Tennessee—Local showers to-night or Sunday. 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 $11.50 per ton, No. 2, Foundry. Some iron is being shipped for export, the 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 46,000 tons ln June, as compared to what the make was in April and May. Figures will be given out during the coming week as to production in May. Two of the furnaces making basic Iron will have to shut down for a while. There is a healthy accumula tion of iron ln the Southern territory and the announcement Is made that all orders will be cared for promptly. It is figured there is as much iron in furnace yards in this section of the country as was to be seen here at this time a year ago. The 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 pace with no accumu lation. There Is a good demand for fabricated steel. Some little rail is being shipped to Southern countries. Tie making plants in the South are buying some steel ln the Birmingham district while other shapes of steel, rod ln particular are in good demand. Foundries and machine shops re port quietness. Charcoal Iron com mands $23 and more per ton. Cast iron pipe plants are against melting pig Iron in quantity but tho trade is not yet what it was expected it would be at this time. 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. KEEPS DOOR OPEN. At lust 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. Georgia Cotton Oil Men Meet Monday Members of the Cotton Seed Crush ers’ Association of Georgia, w r ho 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 will be held. Cars will be picked up at Macon earning the South Georgia members of the associa tion. P. D. McCarley. secretary, has 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. W. 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 th© afternoon session, Thomas C. Law, an Atlanta chemist, will read a paper on "The Quality of Crude Oil," and will be followed by H. 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 be followed by Joel Hunter, on "Fallacies ln 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. 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 E. L. Worsham Successfully De velops Variety Resisting Wilt and Black Root, Yet Growing Fast. , By M. A. ROSE. 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 facturer? 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 most 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 crop 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 Factors. With business restricted by tight money, then, the attention of business and financial circle? Is attracted, un divided, to two court actions which will have a great effect ln this terri tory, and to the two most Important subjects under consideration by Con gress, which affect the Southeast ln ns 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 ln 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 technicaliteis, the sit uation is that Nashville 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 rebill 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. A? this works out, it amounts to $12 to $18 per car difference 1n freight Vn favor of Nashville, when shipping to such points a-s 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 gTa.ln and flour busi ness conservatively estimated at 40,- 000 cars a year, and believes this will be enormously Increased by a favor able decision. Translated into dol lars, this Is a staggering sum. Local 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 moat ac tive feature of the local stock market recently, and which are held by al most everyone ln Atlanta who holds any stocks at all. The decision of the lower court was ln favor of the power company, 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 ln the South is coarse numbers. Fear an Overproduction. Where the shoe pinches is in the fear that spinners of fine numbers ln the East, robbed of tariff protec tion. will turn to coarser yarns, thus Increasing the South's competition and perhaps bringing about overpro duction. 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 ln 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. 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. E. Lee Worsham, State Entomolo gist, in his annual report to the Com missioner of Agriculture, submits a plan for circumventing the Mexican boll weevil and nullifying in large measure the ravages of that pest, which is expected to enter Geerrgia by way of the South western counties this season. Mr. Worsham's plan Is to cultivate a variety of cotton that will mature before the weevil’s season of opera- tlon, which is late summer. The entomologist has perfected a new variety of cotton which he thinks will serve perfectly the purpose he has ln mind, and annonnees that he will be ready to distribute this season a sufficient quantity of seed for a thorough test next fall. The trouble with early-maturing varieties of ootton 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 nulligy the bell weevil’s powers of destruction, but 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 worm*, the in spection of apple 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 530,000,000 annually, and that the boll weevil aotually 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 General Assembly. Greatest Corn Crop In State’s History Is Present Outlook Week Brings Improvement in All Georgia Fields—Fall Sown Oats Better Than Expected. 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 come up to a good stand while that which was planted earlier Is poor but grow ing thriftily since the rains Com is showing up well. The poor stand In places Is being recouped by replanting, so that everything Is now favorable to the largest corn crop 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 fect that the yield Is turning out bet ter than was expected. Only the spring sown oats have suffered to any extent. Wheat is fine in all counties reported. Melons are fruiting in ex cellent shape after the rains Pas tures and truckings 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. The success of fall sown oats so clearly demonstrated in contrast to spring oats Is leading the farmers to plan to sow oats be tween cotton rows this fell. The fields which nave been ln oats and peas this year will go to cotton next year. SEES POLITICflL 1 CRISIS AHEAD E. P. Ripley, of Santa Fe, Says House and Senate Are Too Radical; Wilson Untried. BY BOER8JANER. E. P. Ripley, president of the Santa Fe Railroad, is distrustful of the country's political future. He has no downright fear that the United States Is heading for disaster; the tendency may be checked in time to prervent a catastrophe. There are certain signs which make him hopeful that the headlong course will be stopped, hut he is far from sure. The House and the Senate, in hla view, are dangerously radical. Wil son, to him, Is as yet an unknown quantity. The one compensating fac tor in Washington is that which la relative to the railroads. He believes 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. “I auppose 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 of people who elect leg islators, hut long experience os 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 Its political trend, is not at all wha t 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 wae kept up for many years, but of late the men have been elected to office who sim ply do as the crowd dictates. The 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. I 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 us hope, however, that these are the be ginning of betterment in the right di rection. “I think the appropriation bill for funds for the prosecution of trusts passed by the House and Senate is extremely bad legislation; a measure that provides for prosecution of one class in a community ana absolves an other class Is tinged with demagog- ism. The measure, in effect, was ve toed by Taft. Wilson will give 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 hill I Indorse; also the Income tax. His currency legislation promises to be beneficial and these are features that extenuate much that is disquieting ln the political situation. Expects Rate Increase. “I believe the Eastern roads will be accorded a small increase ln freight rates, for which they have applied. Heaven knows that they need it. When a body like 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 la 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, hut in import it is very untrue. The Increases have been small in im portance and ln 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. ^