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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 man
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
his 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 that 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
tho 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 w'ho 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 the mar
ket up to satisfactory levdls. 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-L6c 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 western half of the belt also have
given the market an easier tendency.
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.
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
w'hen 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
bams, carry le«s 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 com in the field or
other field-cured cpops, 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 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.
I Aside from the unquestioned econ
omy, the silage has special value l 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
CHAS. A. WHITTLE
Railroads Buying
Many Locomotives
Prices Not Cut Deeply as for Cars,
and Earnings of Manufac
turers Show Gain.
In comparison with the first quar
ter of 1612, 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 fit 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 locomotive companies.
The fiscal vear of the American Lo
comotive Company, which ended June
80, Is expected to be established in the
annual report as one of the best in
the company’s history in respect to
*ross sales, while rtet income ran far
in excess df the previous year.
News From Mexico
Nearly Unobtainable
Business Men Have Much Trouble
in Learning Real State of
Affairs in Republic.
providing silage to which morn
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 mera
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
w'hich 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
uae 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 laxativeness 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 pound*
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 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 calve*
intended for beef production, will
produce 35 pounds more gain per
steer during the season at the tame
cost of ration than when shock corn
similarly supplemented is fed, ac
cording to experiment conducted oy
the Illinois station.
Another experiment wTiere cattle
were fed a ration of silage, shelled
corn and cotton seed meal, as against
another group that was fed all the
corn and clover it would eat. The
cost 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 8oil Fertility.
The more live stock grown per acre
the greater the amount of manure
available for enriching it. Since the
PRICE IMIS
Spinners Evidently Do Not Think
Market Out of Line, Even
With Good Crop Coming.
MEMPHIS, July 26.—Whether the
cotton crop yield Is under 15,000,000
or over 16,000,000 depends, according
to many well-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 figure 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-
*ilo'makps^ it* pussifii® ‘to raiTO two naturally sustained with «o large a
, , , ■ omn itirHna tori vot munlntilanva ta/>.
oows where one has been grown oy
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
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 grown on the farm rob*
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 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 plants
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 were compelled to buy.
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 cocked, 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
Price of Cotton Oil
Is Not Manipulated
Shortage Is Blamed for Present Bulge, Together
With Advance in Lard.
The recent advance* in the price of
cotton seed oil have led to suggeiitlons
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 Oil Compa
ny, it being alleged that these com
panies are "trusts" in violation of the
Rherman act, and that they have
forced the price of the oil to between
20 and 30 cents a gallon above iu
actual commercial value.
Inquiries made among laTgo inde
pendent dealers in cotton oil. how
ever, seem to show that the increase
In the cost of oil has been due to th*
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 10
get supplies of oil, and what we ( now
have on hand is only about one
month’s supply, while we really need
is permitted to go to waste. After for the pest to take toll of tends to
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 r
rying and beef raising have been
using silos with great profit for a
number of years. One can ride half
minimize concern and acta 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.
across some of the Southern States though there are few who think
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
chances favor breaking the high rec
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
port will shed some light on the ques
tion, and .it is expected to be above
. , , ... l: _ 11IJU, RUU . 1 l IB t’AlfiJV ICU IU UC 1UIUIO
it pays to have one Jul t according that o{ a mon th ago. Some think it
to some of the best design» and at w)]| be around 83 or 84 while others
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 850 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.
think the improvement for the belt
will be barely a point on account of
the dry spell over a part of the belt.
Col. Thompson Lauds
Cotton Tax Editorial
NEW YORK, July 26.—Business
ien with property Interests in Mex-
o can understand the President’s
scision to recall Ambassador Wilson
om Mexico City in order to get his
ccount of conditions in that dis-
lrbed republic. f
Judging by the difficulty of obtaiu-
lg authentic information from cor
espondents in various parts of Mex-
■o, it might be imagined that tho
[uerta Government was located on
South Sea island, with no cables to
le mainland.
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.
"Finest I Ever Read on That Topic,"
Says American Interviewed
In London.
Special Cable to The American.
LONDON, July 26.—Colonel Robert
M. Thompson, of New York, in an in
terview with a representaitve of Tho
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.
Tho 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
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 Mellen.
He asserted himself in the good,
old-fashioned 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
w ho 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 Detinning directors learned
that. The president had an un
comfortable half hour before the
Ptock Exchange governors for
the three days’ delay in announc
ing the dividend omission. Pub
licity pays.
• • •
J. P. Morgan & Co. and Kuhn, Loeb
fr 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 callR it a case w-here 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
‘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
Assailed Similar Assessment as Per- 1 scattered through every region of
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 ay against 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
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. Banker?? and
farmers were known to each other
from childhood; credit was based on
their friendships. With the new
hanks, 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
of that tax will be brought before I the pretext of an attack In Parlia-
the Supreme Court for final deter- ! ment on the Impersonal credit banks,
mination. I and has induced the Government to
It was in 1892, w'hen Chief Justice begin the Credit Agricole._ obliging the
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 vloious. no more flagrantly un
constitutional legislation, no legisla
tion more tending to undermine and
destroy the very foundation of our
Government, and none more ealeu
Bank of France to hold constantly
for its use a reserve fund of 20.uu0.000
francs.
Members of the American Agricul
tural Commission seem to attach
more importance to this phaee 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-
I nations of the way such matters have
! been settled in France by various au
I thorities of the Government lnsti-
| tutions.
.Short-term agricultural credit and
I long-term credit, both collective and
I individual, with constant reference to
lated to do untold and untellable harm
to tho people of this great country."
farmers’ mutual help and co-opera
tive societies, is a subject of study.
Agricultural insurance is also gone
LOUISIANA CORPORATION j ment’s administrative organization of
HAS INTERURBAN PLAN |
France and the Credit .Agricole banks.
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 Abbevlle. 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 I^afayette
there would he about 80 miles more ad«i
ed. or a total of 140 or 150 miles, ac
cording as variations from a tangent
might be made u> tap intermediate
points.
the central Credit Immobilier for
cheap homes, and the results to date
fo State agricultural credit in Francf.
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
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
manta, etu.
fully three months. Tho 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 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 lar.l,
though a considerable amount is also
used in making oleomargarine and hs
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.
Iron Men Holding Up
Price for Product
Believe It Better to Steady Market
Than to Make Sales at
Concessions.
FINANCIAL NOTES
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 pell -in quantity
at a 1089 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 Fnsley 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 near
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
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 rest of the year. Mexico
is still receiving much coke from the
Birmingham district.
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 67,-
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 6.000,-
000 over, the number of animals
slaughtered in the previous fiscal
year.
It is understood that the fiscal ]
of the American Locomotive Com
pany ended June 30 will rank among
the two or three best years in 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, the
general result* were most satlsfc*?-
tory.
The balance for the $25,000,000 com
mon after taking out $1750,000 for
preferred dividends and the nsual lib
eral allowance for depreciation was
equal to not tax from $3,000,000 cr
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 per cent in 191L
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 contract 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 operar-
tion out of the plants.
This year just ended the company
has had no labor difficulties and it
has had the benefit of sufficient ordeTe
to keep plants in operation at an
average of better than 80 per cent of
capacity.
Locomotive orders, as a whole, have
done relatively better than car oedera
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 60,000. 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 total
of the year up to approximately 235,-
000 cars.
According to estimates made by the
Iron Trade Review, the cars ordered
during tho 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 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 Its
best prospects the amount invested in
the one-doilar bills would be money
well spenL
THE “ICE KIST”
No Crank
No Dasher
No Handle;
No Cogs
No Wheels
No Wood
No Hoops
No
Hard Work
POSTPAID r
30 DAYS’ TRIAL \ HJ)
For the ICE-KIST all you have to do is
to pour in the cream, sherbet or wfest-
THAT’S ALL ever refreshment it may be, and pctck^
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 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, trcxsbie2
— 1 you.
$1.95
PACK IT
and-
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 ana
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 from the
center ana from the outside,
too. The cream is frozen with a
smoothness that will delight you.
The Ice-KUt make* a beautiful
and perfect-frozen molcL
Special 30-Day Offer
We want you to know the joy of having an Ice-KUt Crankless
Freozcr 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
ICE-KI ST for 30 days, you are not delighted with it, return it ana we will
return the *1 95.
Don’t let the coupon get lost. Send it NOW.
• ■Mtifii !&■■■■■■ a
® Western Merchandise & Supply Co,.
| 326 W. Madison St., Chicago-, III.
n Enclosed is money order for $1.96.
Please send the ICE-KIST CRANK-
■ LESS FREEZER for 30 days' trial
® Name. • • ..«•••• •• • »••«•••••
^ Address.■«•••••••••• »—*• • • • ••••••
. Ex.
■ m
a ■ ■ ■
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