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nnArcsTB nrjnu/ii mn ni»nv/\n T n r umrrn, vm., nuvrxm x , trp'iwpi, xmrr. U 1/ E Henry Warten “Sews Up” Mar ket, but Permits Opponents to Settle by Compromise. NEW ORLEANS, July 26.—The collapse of the July deal in this mar ket, attended by violent fluctuations, has been the sensational feature of the trading this week. The break started Tuesday, when a decline of 45 points from Monday's closing level was recorded as the result of com paratively few sales of July contracts, and was continued Wednesday, when another drop of 30 points took place. Up to the time that the break in the July option started it was thought that Henry Warten, the cotton inan from Athens, Ala., who had been en gineering the deal in July, had the month "sewed up.” He had received 2,900 bales of cotton on contract, and it was thought that he would demand about 10,000 bales more from the ring, which had sold that month short. The shorts were being hard pushed to find cotton to deliver on contract, and for that reason the collapse of the July deal was all the more unex pected. It was reported on the floor of the exchange to-day that Mr. War- ten had deemed it best to close out hie contracts, without demanding de livery of the rest of the cotton due him. Makes a Profit. In other words, a private settle ment was made, it is thought, on a large portion of his holdings, while the rest were liquidated recently when the market had a strong undertone. It is not believed thai Mr. Warten has lost any money on the July deal; on the contrary, it is asserted that he came out with a profit. The worst that is said about him in connection with the deal is that he got “cold feet.” That a cotton man should fore go such an advantage as he had is more than experienced operators like Frank B. Hayne can understand. On the floor of the exchange it was said that if Mr. Hayne or W. P. Brown had had the ring short and unable to deliver all the cotton required, as ■was the case in this deal, prices on July would have gone sky-high, so to speak, and somebody would have had to settle at much higher prices. The only persons who got hurt by the collapse of July were some trail ers on the long side. They had held on, expecting to unload when the Warten interest had shoved thtf mar ket up to satisfactory levels. When it was discovered that the Warten interest had been liquidated, the trailers attempted to sell out on a market which had no support whatever. The result was that brok ers had to offer July down to a level well below the value of spot cotton before buyers could be found. Spots Out of Line. One reason, it is said, for the failure of Mr. Warten to carry his deal through to the logical conclusion was the fact that the differences on grades in this market were not in line with the differences prevailing in the inte rior. Here low middling is quoted 7-16c under middling, while at Hous ton and other interior markets the discount from middling on low mid dling has been a cent to one and one- eighth cent. Hence, the receiver of cotton in this market has been loaded up with low grade cotton which he could not sell in competition to the mills except at a clear loss of at least 9-16 of a cent. This, it is said, is what caused the leading July inter ests to close out their contracts and leave the trailers with the bag toh old. The new' crop months have natural ly sympathized, to some extent, with the weakness in the near positions, August having declined proportionate ly with July. Predictions of rains in the w'estern half of the belt also have given the market an easier tendency. Railroads Buying Many Locomotives Prices Not Cut Deeply as for Cars, and Earnings of Manufac turers Show Gain. Twice as Many Cattle Could Be Raised In South By Use of the Modern Silo Permits Greatest Amount of Food Per Acre, Conserves the Waste, Furnishes Appetizing, Succulent Food—Necessary for the Dairy, Essential in Beef Production—The South Backward in Its Use. CHAS. A. WHITTLE With a silo It Is possible to grow two cows where one was grown be fore. More succulent food can be grown on .an acre for the silo than can be grown in any other form. When con verted into ensilage more of the food content of a plant is conserved than when kept in any other sjhape. Cattle fed from the silo with suitable quan tities of other food, are kept health ier and thrive better than when fed in any other manner. The silo is both a source of econ omy and efficiency. Ten times as much space is required for storing corn field-cured than when put in the silo. Three times as much space is required to store hay in the barn than in the silo. So It is that the silo makes it possible to have smaller barns, carry lees insurance, save cost of repairs. In feeding, the silo preserves from waste a larger quantity of food ma terials than is possible in any other way. True, there is some waste from fermentation in the silo, but the cur ing process of corn in the field or other field-cured crops, exceeds by far the waste from the silo. Economy of Silo. The chief economy In using the silo is that it is the means of converting portions of the plant into appetizing food which otherwise the cattle would discard in the trough. The equivalent of four tons of hay in feeding value can be easily ob tained from an acre of silage. Four tons of hay per acre, of course, are not to be had, except from a good patch of alfalfa. Crops for ensilage can be grown on most any kind of land and with little trouble. It is not so easy to get hay crops. No part of the country' affords the opportunity that the South presents for growing, at lowest cost, abundant silage matter. Corn and sorghum with cowpeas can be gathered in great abundance from a field of ordi nary fertility. Nothing like the equal amount of feeding matter can bo grown in any other way. Consider ing that the silage crop can be grown as a second crop of the long growing season in the South, it is apparent, of course, that the kinds of crops that can be grown are not alone the South’s advantage. Necessity of the Dairy. To keep a dairy up to maximum milk production a.11 the year, of course, requires care in feeding. Ex perience has put beyond all question that no food source better serves the dairyman than the silage which he can get in great amounts from a small tract of land. ! Aside from the unquestioned econ omy, the silage has special value *n maintaining a healthy condition of the animal. It operates as a mild laxative and when properly balanced with cotton seed meal and some dry hay. the cow is in prime condition for the maximum production of milk. If a dairy is maintained on small acreage near a city where land *s expensive, pasturage is out of the question, and the silo alone is the so lution of an economic feed. For most parts of the South, however, pas turage is abundant and easily main tained, so that it is the cheapest pos sible source of food for cattle. Con sidering that there is a nine-month pasturage season on lands covered with Bermuda grass, where one might consider that from $1 to $1.50 pey month would be a fair charge as pas turage cost, it is apparent at once that cattle growing in the South need not be an expensive proposition. The cheapness of pasturage, together with the long growing season, makes it unnecessary to go to the lengths in In comparison with the first quar ter of 1912, locomotive buying by the railroads showed a notable expansion In the opening quarter of this year. Records kept of purchases of all the country’s roads display a total of 1,261 bought in this period of 1913 against 805 in the same time in the preceding year. As price-cutting in this department of equipment making has not been as Intense as among the car building in terests, the increase of orders nat urally is being reflected in the earn ings of iocomotive companies. The fiscal year of the American Lo comotive Company, which ended June 80, is expected to be established in the annual report as onje of the best in the company’s history In respect to gross sales, while net income ran far in excess of the previous year. News From Mexico Nearly Unobtainable Business Men Have Much Trouble in Learning Real State of Affairs in Republic. NEW YORK, July 26.—Business men with property interests in Mex ico can understand the President’s decision to recall Ambassador Wilson from Mexico City in order to get his account of conditions in that dis turbed republic. Judging by the difficulty of obtain ing authentic information from cor respondents in various parts of Mex ico, it might be imagined that the Huerta Government was located on a South Sea Island, with no cables to the mainland. providing silage to w'hich more Northern farmers have to go during the longer period of stall feeding. But a long grazing season on in expensive pasturage does not abate the necessity of a silo. The mere fact that cattle graze so much in the South makes the silo the more neces sary, for no food better follow's or precedes pasturage than succulent si lage. They supplement each other splendidly. For Beef Production. Because of the healthy condition which silage produces in the animal, and because of the enlarged capacity for food which feeding silage creates, beef growers have long recognized the value of leading up to the fin ishing season by using silage. Recent years have developed that silage la not only good as a succu lent food between pasturage seasons, but is a food that can be carried along till the feeding is finished. Former ly it w r as said that cattle fattened by use of silage did not kill out well, that the meat did not have good color and the bone was too hard, that in shipping the shrinkage was greater than in the case of strictly corn-fed animals. Careful experiments have largely disproved these claims. At the Virginia station 124 beef animals were fed with reference to testing si lage in beef production, for a period of 149 days and were then sold on the market. These cattle were fed from eight to nine pounds of con centrates per day from twenty-five to thirty-nine pounds of silage per day and about two pounds of dry stover or hay. When shipped to mar ket the shrinkage was not as large as usually prevailed on shipment of corn-fed cattle from the same terri tory. The lot of cattle dressed out 56.9 per cent; a very creditable rec ord, considering that they were grades, fed only 149 days. Instead of the meat being inferior, it turned out superior in quality. The fat and lean were well blended and the color was excellent. It will be noted that some dry mat ter was fed. This is generally ad vised as a check on the laxativeness of the silage. Professor Charles Plumb, one of the greatest feeding experts of this country, connected with the Ohio State University, white strongly advocating silage, believes that to feed silage twice a day and hay once would prove a good policy. Others, however, claim that no more dry matter need be fed than by ex periments prove is necessary to pre vent too great a laxativeness of the animal. Best Feeding Record Includes Silage. The most rapid and economic gains made in a car load of cattle averag ing 800 pounds each and fed from March 17 to July 15, by the Indiana Station, were those made from feed ing 33.81 pounds of silage, 14.6 pounds of corn, 2.34 pounds of cotton seed meal, 2.38 pounds of clover hay. This experiment, as will be observed, w f as conducted during the summer months The cattle relish silage in the sum mer as well as in the winter. For those sections of the country where droughts occur, the summer silo Is considered a most important adjunct to cattle raising. The Illinois station used silage for finishing choice Hereford steers along with a ration of broken ear corn and alfalfa. The cheapest gains were made where the silage exceeded tne alfalfa, but the most rapid gains were made where the proportion of alfalfa to silage was greater. Corn silage. when supplemented with oats and hay and used for calves intended for beef production, will produce 35 pounds more gain per steer during the season at the same cost of ration than when shock corn similarly supplemented is fed, ac cording to experiment conducted oy the Illinois station. Another experiment where cattle were fed a ration of silage, shelled corn and cotton seed meal, aw against another group that was fed all the corn and clover it would eat. The cost of gain per 100 pounds in thp first was $9.79 and In the second $12.99. This experiment was con ducted by the Indian* station. Many instances might be multiplied giving the advantages of silage feed ing in the cost of beef production, but enough has been given to indi cate the general results. Conserves Soil Fertility. The more live stock grown per acre the greater the amount of manure available for enriching it. Since the silo makes it possible to raise two oows where one has been grown by other methods, so the silo makes it possible to get twice as much soil fer tility for the same outlay—a matter well w r orth considering in these days when acquiring soil fertility Is be coming more and more expensive. Moreover, the silo is a means for returning to the soil the largest pos sible amount of the plant food con tents which the crops have taken out. Each plant grewn on the farm robs the soil of a certain amount of fertil ity. If it is corn that is grown and the grain is sold off of the farm, rath er than fed on it, that much of soil fertility that has gone into the gram leaves and if its equal is to be ob tained the farmer must go forth and buy it. If a part of the stalk of the com is permitted to waste in the field, or is permitted to cure in a form that the cattle do not eat, so much of food content of the soil Is throwm away. But when it is cut up and put in the silo, all of the plant is made palatable and available for food. Thus, the least possible amount of soil fertility taken up by plants is permitted to go to waste. After being fed, of course, it goes back io the soil to that extent which the ani mal has not converted into bone, blood, sinew and fat. It is estimated that about 75 per cent of the elements of ' the plant get back to the soil when fed through the silo and re turned to the soil in the form of ma nure. South Backward in Use of Silo. All sections of the United States have better appreciated and made use of the silo than the South. True, some sections of the South devoted to dai rying and beef raising have been using silos with great profit for a number of years. One can ride half across some of the Southern States and never see a silo. It is the great est need of the Southern dairyman. It is doubtful If beef production can be generally carried on with success in the South without the use of the silo. A silo can be constructed cheaply; in fact, more cheaply in the South than elsewhere. A farmer can build one himself at little cost. Usually It pays to have one built according to some of the best designs and at greater expense than the cheapest and more temporary kind, because of the lasting qualities, as well as its better arrangement. A silo can be built at a cost anywhere from $50 to $250. In the South they should be built with less diameter than in the North, be cause of climatic conditions. Any college of agriculture or ex periment station will furnish plans and specifications for a silo. Some of the railroads will also do the same. It would seem that there is no ex cuse for the Southern farmer not having a silo. puce™ Spinners Evidently Do Not Think Market Out of Line, Even With Good Crop Coming. Price of Cotton Oil Is Not Manipulated Shortage Is Blamed for Present Bulge, Together With Advance in Lard. MEMPHIS, July 26.—Whether the cotton crop yield Is under 15,000,000 or over 16,000,000 depends, according to many w£ll-informed members of the trade throughout the belt, on the sort of weather during the next few weeks. At present it appears reason able to think chances good for the former flguro to be a minimum, and it is a conservative opinion that the market has been ruled by that sort of an idea. It is true that many people in the trade have thought the market un naturally sustained with so large a* crop indicated, yet manipulative tac tics have not been conspicuous and influences have been of legitimate character. In other words, the spot market has kept well above contract prices, indicating that spinners were not averse to paying current prices for what they wer^ compelled to ouy. Conditions during the past week have been favorable as a rule, ac cording to advices reaching here, and in this part of the belt there are al most no complaints. In the weevil sections the high temperatures tend ed to minimize the danger, for the larvae in large numbers were vir tually cooked, thus offsetting in a measure the injury done by lack of sufficient moisture. The lack of rain, however, was not widespread, being confined almost entirely to the West ern belt, including Texas and Okla homa. There has been partial relief out there, but they will face increased weevil damage if rains come soon. The crucial period for this pest is ahead, and will reach its climax be tween the first and tenth of August. The fact that there is so large a crop for the pest to take toll of tends to minimize concern and acts as an off- | set, for continuation of energetic ef forts to reduce the number of the weevil is doing much to lessen the promised damage. Where the moisture supply was am ple the crop has been doing well and showing some of the benefits of Its excellent state of cultivation. Fruit ing has been done under favorable conditions, and the smallness of the plant has to a large extent been over come, though the crop as a rule is re garded as a little behind average. A continuation of average weather conditions will give basis for expect ing a yield that will be very large, i though there are few who think | chances favor breaking the high rec- j ord of two years ago. That would probably require an ab normally favorable August, and at the present time there are factors in the situation that do not promise any too well for holding the high condition. The coming bureau condition re- j port will shed some light on the ques- ! tion, and it Is expected to be above I that of a month ago. Some think it will be around 83 or 84, while others think the improvement for the belt will be barely a point on account of the dry spell over a part of the belt. Th«* recent advances in the price of cotton seed oil have led to suggestions that the price of the oil is being ma nipulated by large buyers. It is re ported that Attorney General McRoy- nolds has been asked to investigate the American Cotton Oil Company and the Southern Cotton OH Compa ny, it being alleged that these com panies are “trusts” in violation of the Sherman act, and that they have forced the price of the oil to between 20 and 30 cents a gallon above its actual commercial value. Inquiries made among large inde pendent dealers in cotton oil, how ever, seem to show that the incrense in the cost of oil has been due to the fact that consumption is considerably In excess of output and that con sumers, both large and small, are In the same position In that they have been unable to provide themselves with an adequate supply. One of the largest dealers In cotton oil said: 'There is no doubt that the present scarcity of oil is the principal cause for the high price. Neither the Amer ican nor the Southern Cotton Oil Companies is In a position to con trol the supply of oil to-day, and it is absurd to claim that they are re sponsible. ‘We ourselves have been unable io get supplies of oil, and what we now have on hand Is only about one month’s supply, while we really need Col. Thompson Lauds Cotton Tax Editorial "Finest I Ever Read on That Topic,” Says American Interviewed In London. GERMAN FORESTS PROFITABLE. On the best German forests the an nual expense is $13 an acre, but the gross returns are as much as $24; thus they yield a net return of $11 an acre each year. Special Cable to The American. LONDON, July 26.—Colonel Robert M. Thompson, of New York, in an in terview with a representaitve of The New York American, said: "I would like to offer your paper this expression of my opinion: You had an editorial on the cotton problem which seemed t^ me the finest edito rial I have ever read on that topic. The way it grips the situation is just wonderful.” The Sunday American, July 6, had the following in its weekly business and financial article: “The vicious proposal to tax deal ings in cotton ‘futures’ has naturally aroused a storm of protest, for it would embarrass cotton growers, cot ton manufacturers, spinners and ev eryone associated with the business, to say nothing of driving dealings in the staple from New York and New Orleans to Liverpool, where the ad vantages of a free, unfettered market are properly appreciated. “The manufacturer who under- takes to make and supply so many gross of shirts or dresses or sheets at at stipulated price. In order to es cape risk, at once arranges to have the raw material delivered to him it a specified price. On the cotton ex changes he can buy this material for future delivery, as there Is an active market all the time for ‘futures.’ But if every bale thus traded in be taxed $2 or $3, this markete will be ruined. "The manufacturer will have to pay more for his protection aaginst uncer tain fluctuations and the grower will not find a ready market for his crop the moment he has it gathered and baled. "The cotton tax is barbaric, and should be killed before it reaches the statute book. It would benefit nobody, but would injure everybody.” DOGWOOD SCARCE. Dogwood, the principal source of shuttles for use in cotton mills, is grow ing scarcer year by year, and various substitutes are being tried, but with no great success. OCCASIONAL OBSERVATIONS Anyway, in Premier Bryan the United States can boast—if it feels that w'ay about It—of having the most conspicuous “DOLLAR Diplo mat” that ever held office. The emphasis is on the “Dollar.” The "Diplomat” part is sounded softly. • * • Young J. P. Morgan rose like a son of his dad at the New Haven meeting which ousted Mellen. He asserted himself in the good, old-fashioned way of the late J. P. ’Tls said that it was the new Morgan who insisted upon Mel- len’s going, that it was Morgan who arrogated to himself the duty of selecting a successor, and that the other directors were forced to submit to the new leadership. Half the directors did not know when they met that Mellen was slated for dismissal. Morgan’s ag gressive action took their breath away. He showed unmistakable signs of pain and anger over the nation-wide criticism that has been leveled at the New Haven management. • • • Playing with secrecy Is playing with dynamite these days. The Vul can Detlnning directors learned that. The president had an un comfortable half hour before the Stock Exchange governors for the three days’ delay in announc ing the dividend omission. Pub licity pays. • • • J. P. Morgan & Co. and Kuhn, Ix>eb & Co, have been supplying Huer ta with sinews of war. In case of intervention by the United States, what then? • • • There is much mental speculation going on In brokers’ offices as to the probable price at which Union Pacific stockholders will be asked to subscribe to their allot ted holdings of Southern Pacific. Efforts to obtain a glimmer of in formation from the bankers have signally failed. A well-known broker calls it a case where the bankers hold all the cards and the Union Pacific stockholders are compelled by the Supreme Court of the United States to play the game. Chief Justice White Opposed Cotton Tax Assailed Similar Assessment as Per nicious While Serving as Sen ator From Louisiana. WASHINGTON, July 26.—Chief Justice White, of the Supreme Court of the United States, himself a Louis, ianian and cotton planter, is on rec ord aagainst a tax on cotton futures on constitutionnal grounds. Such a provision is contained in the pending tariff bill. Undoubtedly if this provision Is in when the bill becomes law, the constitutionality of that tax will be brought before the Supreme Court for final deter mination. It was in 1892, when Chief Justice White was a Senator from Louisiana, that a bill was pending similar in purpose to the amendment to the tariff bill proposing to tax dealings in cotton futures. In ftie debate, a number of Southern Senators took a prominent part. Speaking of the bill, the then Senator and present‘♦Chief Justice said: "In my judgment there has been before th© American Congress for many years no more pernicious, no more vicious, no more flagrantly un constitutional legislation, no legisla tion more tending to undermine and destroy the very foundation of our Government, and none more calcu lated to do untold and untellable harm to th© people of this great country.” LOUISIANA CORPORATION HAS INTERURBAN PLAN NEW ORLEANS, July 26—The South- western Traction and Power Company has filed incorporation articles and pro poses to build a system of interurban railways In Louisiana connecting Lafay ette, New Iberia and Abbe vile, besides other points, and possibly reaching to Alexandria. The capital stock Is placed at $3,000,- 000 authorized. Construction is expect ed to begin as soon as franchise taxes have been voted In the several districts named. Jules Godchaux is president, Sol Wexler vice president and Lawrence Blum secretary and treasurer. If the line is built to connect only the three places first mentioned, it would be about 60 miles long, but if it b* extended to Alexandria from I^afayette there would be about 80 miles more ado ed. or a total of 140 or 150 miles, ac cording as variations from a tangent might be made to tap intermediate points. ‘Farmers’ Banks’ in France Are Studied By American Party Agricultural Commission Takes Much Interest In System of Cheap Credits Used Abroad. • PARIS, July 26.—During the last thirty years, the great credit banks, with their hundreds of branches scattered through every region of France, have driven out of existence numbers of the-old-fashioned private banks, which, from father to son, had long been fountains of credit to farm ers of their district. Bankers and farmers were known to each other from childhood; credit was based on their friendships. With the new banks, such credit has had to be given in another fashion and with more technical precautions. This is one of the reasons of the late outcry that farmers have not been finding credit. It has been made the pretext of an attack in Parlia ment on the impersonal credit banks, and has induced the Government to begin the Credit Agrieole. obliging the Bank of France to hold constantly for its use a reserve fund of 20,000,000 francs. Members of the American Agricul tural Commission seem to attach more importance to this phai-*e of the question of farmers’ credit and co operation than to intensive cultiva tion, and for this reason the Govern ment has arranged a series of expla- | nations of the way such matters have j been settled in France by various au- ; thorities of the Government lnsti- I tutions. Short-term agricultural credit and | long*-term credit, both collective and individual, with constant reference to farmers’ mutual help and co-opera tive societies, is a subject of study. Agricultural insurance is also gone into thoroughly, as well as Govern I ment’s administrative organization of credit, co-operation, and mutual help, I the relations between the Bank of I France and the Credit Agricole banks, the central Credit Immobilier for cheap homes, and the results to date fo State agricultural credit in France MORGANS BUY AND SELL SOUTHERN RAILWAY BONDS NEW YORK, July 26.—J. P. Mor- gan & Co. have purchased and re sold to Kean. Taylor & Co. $1,500,000 first consolidated mortgage 5 per cent bonds of the Southern Railway Company due 1994. This is part of an authorized issue of $120,000,000 of which $61,757,800 are outstanding, In eluding $1,114,800 now held in the treasury. The proceeds will be utilized in reimbursing the treasury for moneys that have already been ex pended for improvements, better- manta, etc. fully three months. The American company is in the same position. This is proved by the fact that re cently it purchased a lot of oil In an other city and brought it Immedi ately to the refinery, when, If It had been well supplied and was bhylng to hold, It would have been far more profitable to store It where it was bought "Another cause of the price ad vance has been the Increase in the cost of lard. The consumption of cot ton oil for various uses has grown materially of late years, and its prin- cipal use is as a substitute for lar i, though a considerable amount is also used in making oleomargarine and as a substitute for olive oil. With lard selling at nearly 12 cents a pound, cotton oil at 9 cents is an attractive buy, and this has naturally enlarged the demand. “A peculiar phase of the situation is fhe fact that July oil 1b now selling at a higher price than August. As new aupplie8 cease about May and no more oil can be obtained from the new cotton crop until October, it Is natural that the further deliveries Should fetch a biggeT price, as there are storage and other expenses to be taken into cofisideration. The pres ent situation is evidence of the fact that buyers are short and are willing to pay high prices to obtain oil quick ly/* Iron Men Holding Up Price for Product Believe It Better to Steady Market Than to Make Sales at Concessions. BIRMINGHAM. ALA.. July 26.— Southern manufacturers of pig iron are still maintaining the $11 per tor. price for pig iron on a basis of No. 2 foundry- While sales are not very frequent, the belief is that it will be better in the long run to uphold the price rather than to sell in quantity at a loss or near the cost mark. There are indications of a better condition of the market In the next few weeks. The make Is being fur ther curtailed, effort being made to equalize the demand and production. Shipments are lively on old business, consumers asking for immediate de livery. This means there is need for the iron. The steel operations in the Bir mingham district are steady. With the exception of steel billets, the Ten nessee Coal, Iron and Railroad Com pany’s big plant at Ensley has plenty of orders on hand to last two months yet, at least, with Inquiries in hand that will call for operation extending through the balance of the year. It Is expected that before December the Tennessee company will be furnishing billets to the American Steel and Wire Company at its new plant neat Fairfield, in the Birmingham district. Cast iron pipe plai\ts are melting a large quantity of Iron and there is a better feeling for the product. It is expected that all accumulated cast iron pipe will be moved out during the third quarter of the year. Charcoal iron continues slow, but manufacturers are not making any concessions on the price, $23 per ton being asked still for the product. Spe cial analysis iron as well as special brand Iron is commanding a premium of not less than $1 per ton. Coke is in strong demand and good prices obtain. There will be need for steady operation of coke ovens through the re3t of the year Mexico is still receiving much coke from the Birmingham district. FINANCIAL NOTES Total receipts of Suez Canal for 1912 were $27,005,068, an increase of $363,692. Net profits were $17,794,- 423. Royal Dutch group of oil compa nies has entered fight for control of German oil trade against Standard Oil Company and a corporation con trolled by Deutsche Bank. Reports to the Department of Ag riculture show that in the fiscal year ended June 30 last there were 57,- 628,491 animals slaughtered under Federal inspection in the 790 slaugh tering establishments In 225 cities and towns of the United States. This is an increase of nearly 5,000,- 000 over the number of animals slaughtered in the previous fiscal year. Fiscal Year Closes With New Record for Gross Earnings and Satisfactory Net. It is understood that the fiscal year of the American Locomotive Com pany ended Juno 30 will rank among the two or three best years in the company’s entire career. So far nm gross was concerned it was of record proportions and although net has been exceeded, particularly In per centage for the common stock, the general results were most satisfac tory. The balance for the $25,000,000 com mon after taking out $1,750,000 for preferred dividends and the usual lib eral allowance for depreciation was equal to not far from $3,000,000 or practically 12 per cent for the Issue, a record which compares with less than 1-2 per cent for the common In the 1912 year and 7 ptr cent in 1311. Final inventory taking is likely to increase rather than reduce this bal ance for the common stock which compares with a 10-year average of 5.3 per cent. One of the features of American Locomotive’s recently concluded year is the sharp contra.^ which it affords with the car building companies as represented by American Car and Foundry. That company ended its fiscal period April 30, only two months before American Locomotive, so that comparison is fairly equitable. American Car and Foundry had a me diocre year with a balance for Its common of but 4.1 per cent, or less than double the 2.4 per cent earned in 1912. The very favorable record of Amer ican Locomotive must be ascribed mainly to two factors, freedom from labor difficulties and ability to get a large measure of continuous opeiar- tion out of the plants. This year just ended the company has had no labor difficulties and it has had the benefit of sufficient orders to keep plants in operation at an average of better than 80 per cent i*f capacity. Locomotive orders, as a whole, have done relatively better than car o*der» during the past 18 months. Purchases of Cars Rise to New Figures Railroads, by Heavy Orders In Last Year, .Seek to Prevent Another Shortage. During the first six months of the year 1913 a total of 85,000 cars was purchased by the railroads of the United States, according to authorita tive records compiled by leading car manufacturing concerns. This total exceeds the record of car purchases for the first half of 1912. which reached hardly over 50,000. The heaviest buying of cars, however, in 1912 did not come until the last half of the year, and particularly In De cember, when the builders for a time were swamped with orders, so that for the last twelve months the new cars ordere by the roads reaches a total that shows they are making ev ery effort to prevent a recurrence of the car shortage of last year. In the final six months’ period of last year from 150,000 to 175,000 cars were ordered, which brought the toiul of the year Up to approximately 235,- 000 cars. According to estimates made by the Iron Trade Review, the cars ordered during the first half of this year pro vide a requirement of at least 1,000,- 000 tons of rolled steel products. REAL MONEY IN CIRCULAR MAILED BY SOUTHERN FIRM The old saying that “money talks” was put into practice in a recent cir cular advertising campaign by a Southern concern selling bookkeeping and record forms. This company's circular was a fold er closed at the sides with seal stick ers. The announcement on the ad dress side of the circular was, "There Is Some Real Money Inside This Cir cular for You.” Upon tearing open the seals and opening the circular the recipient found a crisp one-dollar bill attached to the top of It. The heading read, “We Wish to Buy Ten Minutes of Your Time. If the At tached Currency Will Pav for It, Con sider Yourself Engaged.” This com pany figured that If it could actually secure a complete hearing of soin p 100 out of a list of some 150 of its best prospects the amount invested in the one-dollar bills would be money well spent. THE TCE KISF No Crank No Dasher No Handle^ No Cogs No Wheels; No Wood No Hoops —^. j. ■' ■ j i iApffedfof v mm i 1. 1% v > ,; i , * c & i ; E •> c ' 2 c *1 i A „ ’ M )c t !| mi \jr\ 9 $1.95 PACK IT ii No Hard Work, POSTPAID A r* 30 DAYS’ TRIAL H?) 2-QUART SIZE v For the ICE-KIST all you have to-do is to pour in the cream, sherbet or wtet- TH$T’S ALL ever refreshment it may be, and pack? in the ice as in the ordinary freeaer., Then the work is ended. There is no working a dasher turning a handle or crank, no straining your arms and back, no opening the freezer to “see” if it is freezing, no-extra packing in of ice. All you do after packing is to open the freezer and serve the refreshment. It saves work, time, trouble,' and—you. Perfect Freezing The ice-KIst has no dasher or crank because it has two freezing surfaces. The old-fashioned freezer had only one freezing surface—that is why a crank and dasher were necessary. The Ice-Kist has a metal freezing tube that extends directly through the cream to the bottom This gives the two freezing surfaces. The cold penetrates /rom the center and from the outside, too. The cream is frozen with a smoothness that will delight you. The Ice-Kist makes a beautiful and perfect-frozen mold- Special 30-Day Offer We want you to know the joy of having an lce-K.Ut Crankfou Freezer in your home. We will send it post-paid upon the return of the coupon together with $1.95—our introductory price, if, after trying the ICh-KIST for .30 days, you are not delighted with it, return it and we will return the $1 95. Don t let the coupon get lost. Send it NOW. Western Merchandise A Supply Co.. 326 W. Madison St., Chicago^ III. Enclosed is money order for $1.95. Please send the ICE-KIST CRANK LESS FREEZER for 30 days’ triaL N a me.......... . — ................ Address C 0 ■ ■ ■ ■ III Ex. ■ a