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IT D ITEARST’S SUNDAY AMERICAN, ATLANTA, GA., SUNDAY, 3TTLY 27, 1MX Economic Reform Swinging Too Far the Other Way. From the License of Former Times. By BOERSIANER. CHICAGO, July 26.—Nothing is more absurd in English history, Ma caulay has observed, than the out breaks of fanatical morality. Periods of orgies and libertinism are followed by intolerable puritanical reigns, and upon these, in turn, ensue free thought and free action of lawless character. America goes to extremes in the matter of business ♦morality. The financial orgy of 1901-1906 has incited a reaction that is felt everywhere. Hardly a State that has not enacted statutes inimical, to some extent, to the welfare of commonwealths. Curative in purpose, these^laws are really destructive in effect. And what State legislators have done, or tried to do, in detail national legislators at Washington are doing in a large way. The economic reform wave, incip ient in 1908, mild in 1910, now is be come almost a mania. Every other statesman has a highly original scheme for perfecting the economic condition of the country. Almost ev ery man in a position to submit a bill wishes to save his constituents from financial imposition. The idea of men in public office is quite gen eral that the people as a whole can not only be legislated into unimpair- able happiness, but that every indi vidual can be prevented from mak ing financial mistakes. The law, seemingly, can do everything to per fect the deficiencies of political econ omy. “Blue Sky” Laws. Probably the most virulent form of fiscal reformation is that which is known as the “blue sky” laws. No body knows definitely how the term originated. Among bond men it is supposed that the expression had its origin in the idea that the maker of shady securities was trying to capi talize the blue sky—was selling shares on the blue of the heavens. The supposition is improbable. The probabilities are that it is of German birth. There is a Teutonic proverb, “Er redet das blaue von himmel herun- ter si,” roughly, “He could induce the blue of the heavens to come down with his talk.” Very likely, then, a German sales man of insecurities—a voluble, hyp notizing swindler—prompted the phrase, “blue sky laws.” These laws, as a whole well inten- tioned, are as entirely ignorantly con ceived and injurious. Their purpose is to protect people who have no knowledge of values, who are innocent of financial methods, from the swarm of swindlers who in part travel about the country and who in other part in fest the skyscrapers in the financial districts of cities. The preventive so far has been unsuccessful. Contrari wise, the sellers of sound securities have been enormously embarrassed. Kansas Takes Lead. The first State to enact restrictive measures was Kansas—the home of the greenback proposal of the Granger movement, of the Populist party; all in good intent, but unsound politically and economically. The Kansas statutes make it a se verely punishable offense to attempt to sell securities without obtaining from the bank commissioner a state ment that the vender is solvent; that his plan of doing business and pro posed contract contain and provide for a fair, just and equitable plan for the transaction of business, and, in the commissioner's judgment, promise a fair return on the securites. An applicant for such a statement must file with the commissioner his plan of doing business; a copy of all contracts he proposes to make with or sell to his clients; an itemized account of his financial condition and, if a corporation or association, copies of all papers pertaining to organiza- tion. An approved applicant must regis ter his agents in the commissioner’s office semi-annually (oftener if called for), file his balance sheet and take a trial balance monthly for the in formation t>f inquiring customers. Certain concerns and securities are not within the purview of the law. The concerns are banks, real estate mortgage companies, building and loan associations and corporations not organized for profit. The excepted securities are Government bonds, bonds of the State of Kansas and Kansas municipalities, and Kansas real esate mortgages. Home Securities Exempt. It was, of course, highly consider ate of Kansas legislators to exempt the securities of Kansas, especially its real estate mortgages. This was an inspiration of solonlike fame. Twelve other States to date have passed laws based more or less on the Kansas idea. A few of the devia tions from the Kansas scheme are Interesting. Thus Wisconsin holds the vender responsible for the bonds sold. If the interest is stopped or the principal is invalidated, the seller must make it up to the purchaser. In Michigan the wiseacres insisted upon having the authorities audit the books of bond houses and make every bondman prove the amount of his wealth. Tn Kentucky a slight slip from the license stipulation lands ths licensee in Jail summarily. ■From beginning to end the thing is inquisitorial. Chara-cter goes for naught. Prestige is worthless. A house like Harris, Forbes & Co is on the same level with a mining stock sharp—it must run the gauntlet of commissions who may know some thing of ward heeling, but who. as a rule, know as much of bond values and the standing of a firm as a toad knows of astronomy. However, the chances for graft are myriad. How It Works. When it Is considered that there are some bond houses here and In the East that have on their lists at one time 200 issues each, all of which, before being offered, must pass through the commissioner'* office, an idea is had of how tho bond business Is impeded. Twice as Many Cattle Could Be Raised In South By Use of the Modern Silo 'ermits Greatest Amount of Food Per Acre, Furnishes Appetizing, Succulent Food—N Essential in Beef Production—The South Conserves the Waste, ecessary for the Dairy, 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 ar^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 shape. 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 less 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 oowpeas can be gathered in great abundance from a field of ordi nary fertility. Nothing like the equal amount of feeding matter can be 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 all 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 per 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 providing silage to which 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 follows 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 is 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 was 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, while 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 iaxativeness of the animal. Best Feeding Record Includes Silage. The most rapid and economic gain3 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, was conducted during the summer months. The eattla 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 the 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 an*d cotton *eed meal, as against another group that was fed all the corn and clover it would eat. The co9t of gain per 100 pounds in the first was $9.79 and in the second $12.99. This experiment was con ducted by the Indiana 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 cows w'here 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 worth considering in these days MORE PROFITS Showings in Several Instances Better Than Brought Out by Profit-Paying Lines. , . . ., .. ..... , . ment in the earnings of Erie and Mis- when acquiring soil fertility is be- ri p ac ifl 0 after a long period of up- rn-inn more PYnPns ve v . The principal railroads, which fit present are paying no dividends on their common stocks and have passed through many financial vicissitudes, have been able in several cases to at tain more satisfactory operating re sults than have many of the impor tant roads which enjoy greater pres tige and confidence. This group of roads includes Mis souri Pacific, Erie, Seaboard Air Line, Wabash, St. Louis and San Francis co, Rock Island, and Missouri, Kan sas and Texas. Generally speaking, these roads have shown an expansion in gross earnings in keeping with the record attained by all the large sys tems of the country In their current year. In respect to the amount they have been able to save for net, they have done even better. The improve- Price of Cotton Oil Is Not Manipulated Shortage Is Blamed for Present Bulge, Together With Advance in Lard. 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 grown on the farm robs the soil of a certain amount of fertile 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 grain 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 corn 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 thrown 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 plnnis is permitted to go to waste. After being fed. of course, it goes back to 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 sorfie of the Southern States and never see a silo. It is the great est need of the Southern dairyman. adversity, furnishes a striking exam ple. The St. Louis and San Francisco receivership, because of the road’s in ability to meet $2,250,000 maturing notes, has, of course, tended to ob scure the fact that it has been making quite a satisfactory operating record so far this fiscal year. For the first three-quarters of its year gross earn ings of the system were $47,511,845, an increase of $3,122,448, or 7 per cent, and incidentally the largest in its his tory. Net earnings were $13,138,852, an Increase of $1,072,953, or 8.8 per cent. The increase in net was, there fore, proportionally larger than tha gross gain. Missouri Pacific’s achievement in the ten months to the end of April was more striking. Gross earnings were $52,324,996, a gain of $6,718,383, or 14.7 per cent over the correspond ing period of the previous year, anJ net earnings were $14,267,990, an in crease of $3,667,702, or 34.6 per cent over the ten months of the 1912 year. Erie with ten months’ gross earn ings of $51,879,756 showed a gain of $4,762,029, or 10.1 per cent over the previous year. Net earnings were $13,040,888. an increase of $1,449,300. or 12.5 per cent. In other words, it was able to save more than 25 per cent of gross for net, against some what over 24 per cent last year. Missouri, Kansas and Texas made a more impressive showing. Its gross earnings for ten months showed a gain over the previous year of 14.9 per cent, totaling $27,585,043, and net gained 47.6 per cent, reaching $7,412,- 469. It is doubtful If beef production can • n t j • txti ' i. be generally carried on with success i .1. hi gt jUStlCG W ill t)6 in the South without the use of the' u f T 1J " fcWV 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 I lasting qualities, as well as its better j WASHINGTON, July 26.—Chief arrangement. A silo can be hullt at ; justice White, of the Supreme Court Opposed Cotton Tax Assailed Similar Assessment as Per nicious While Serving as Sen ator From Louisiana. 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. Col, Thompson Lauds Cotton Tax Editorial 'Finest I Ever Read on That Topic,” Says American Interviewed in London. OCCASIONAL OBSERVATIONS 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 to me the finest edito rial I have ever read on that topic. The way it grips thje 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 uned, fcu* with no great success. Anyway, in Premier Bryan the United States can boast—if it feels that way 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 Mellon. He asserted himself in the good, • old-fas'hiomed way of' the late' J. - P. ’Tis 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 eubmit to the new leadership. Half the directors did not know when they met that Mellon 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 wdth secrecy is playing witii dynamite these days. The Vul can Detinnlng 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. Loeb & 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 w'hich 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 State* to play l Vke game. of the United States, himself a Louis ianian and cotton planter, is on rec ord as against a tax on cotton futures on oonstitutionnal 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 the 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 the 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 decision to recall Ambassador Wilson j Government, and none more calcu- , .. . 4 . . i lated to do untold and untellable harm 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. At best, communication between New York and Mexico City is muenj ln comparison with the first quar- more difficult than with countries sop- j t( , r of 1912 , locomotive buying by the arated by the Atlantic or Pacific, an i 1 tai i roads showed a notable expansion 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 The 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 Me Rey nolds has been asked to investigate the American Cotton Oil Company and the Southern Cotton Oil 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 increase in the cost of oil has been due to the fact that consumption 1? considerably in excess of output and that con sumers, both large and small, are ln 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 to get supplies of oil, and what we now have on hand is only about one month’s supply, while we really need 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 Io9s or near the cost mark. There are indications of a better condition of the market in the next few r 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 w r ill be furnishing billets to the American Steel and Wire Company at its new plant neat Fairfield, in‘the Birmingham district. Cast iron pipe plants 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 conce^ions on the price, $23 per ton being asked still for the product. Spe cial analysis ifon as w'ell as special brand iron is commanding a prerriium 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 rest of the year. Mexico is still receiving much coke from the Birmingham district. fully three months, company is in th The American saint* 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 buying 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 lari, 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 the fact that July oil is now selling at a higher price* than August. As new supplies 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 bigger price, as there; are storage and other expenses to be taken into consideration. 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.” Fiscal Year Closes With New Record for Gross Earnings and Satisfactory Net. 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. It is understood that the fiscal ywaT of the American Locomotive Com pany ended June 30 will rank among the two or three best years ln the company’s entire career. So far a* gross was concerned it was of record proportions and although net has been exceeded, particularly in per-, centage for the common stock, ths general results were most satisfac tory- The balance for the $26,000,000 com mon after taking out $1,750,000 for preferred dividends and the usual lib eral allowance for depreciation was equal V 1 not far from $3,000,000 or practiciilly 12 per cent for the issue, a record which compares with less than 1-2 per cent for the common la the 1912 year and 7 per cent in 1911.- Final inventory taking is likely to* increase rather than reduce thi# 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 contrast 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 equitably American Car and Foundry had a me-, diocre year with a balance for ttg. common of but 4.1 per cent, or less, than double the 2.4 per cent earned ln 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, opera tion out of the plants. This year just ended the company, has had no labor difficulties and if, has had the benefit of sufficient orders, to keep plants in operation at an., average of better than 80 per cent ef capacity. Locomotive orders, as a whole, have done relatively better than car orders during the past 18 months. to the people of this great country.” Railroads Buying Many Locomotives Prices Not Cut Deeply as for Cars, and Earnings of Manufac turers Show Gain. since the latest outbreaks it has been almost impossible to get an answer to inquiries directed to Americans on duty at different Mexican points. President E. N. Brown, of the Na tional Railways, who has tried hard to have an ex- placed before his title, has sailed for the United States anl is expected to reach the company’s i the local offices on July 27. Until then. 1 lnten9c as dmonK tnp the directors of the National Rail ways do not expect to have mui-n news of the situation. in the opening quarter of this year Records kept of purchases of all the country's roads display a total or 1,261 bought in this period of 1913 against 805 in the same time ln the preceding year. As price-cutting in this department of equipment making libs not been as ar building in terests, the increase of orders nat urally is being retlected in the earn ings of locomotive companies. The fiscal year of the American Lo comotive Company, which ended June 30, is expected to be established in the annual report as one of the best in the company’s history ln respect to gro c s sales, while net income ran far in excess of the previous year, SOUTHERN RAILWAY BONDS LOUISIANA CORPORATION HAS INTERURBAN PLAN NEW ORLEANS, July 26—The South- western Traction and Power Company has filed incorporation articles and pro- . IAn A.., P Dll\/ AMD cell poses to build a system of Interurban IVlOnGANo DUT AND otLL railways in Louisiana connecting I^afay- ette. New Iberia and Abbevile. 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 be extended to Alexandria from Lafayette there would be about 80 miles more add ed. or a total of 140 or 150 miles, ac cording as variations from a tangent might be made to tap Intermediate point*. 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 cluding $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 ments, etc. Purchases of Cars Rise to New Figures Railroads, by Heavy Orders In Last Year, Seek to Prevent Another Shortage. During the first six month* 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 I exceeds the record of car purchases for the first half of 19r which ‘ reached hardly over 50, 7 The’ heaviest buying of cars, hoOer, in 1912 did not come until the last half j 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 j cars ordere by the roads reaches a total that shows they are making ev ery effort to prevent a recurrence of j the car shortage of last year. In the final six months' period of last year from 150,000 to 175,000 cars ; were ordered, w hich brought the total ! of the year up to approximately 235,- j 000 cars. According to estimates made by the ‘ Iron Trade Review, the cars ordered I during the first half of this year pro- j 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 Boutbarn concern selling bookkeeping jand record forms. I TUls 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 Pay for It, Con sider Yourself Engaged.” This com pany figured that if it could actually secure a complete hearing of some 100 out of a list of some 150 of .ts best prospects the amount invested in the one-dollar bills would be money well spent. THE “ICE KIST” No Crank No Dasher No Handle^ No Cogs No Wheels, No Wood No Hoops No - Hard Work $1.95 lApjdedfcr' I ■ E 1 A ’ M Mi. ■£A 3^ im r ; I M $1.95 PACK IT- POSTPAID 30 DAYS’ TRIAL 2-QUART SIZE For the ICE-KIST all you have to do i». to pour in the cream, sherbet or what-' THAT’S II LL ever refreshment it may be. an d pack in the ice as in the ordinary freezer. Then the work is ended. There is no working a dasher, no turning a handle or crank, no straining ycrur arms and hack, 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. 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