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HEARST’S SUNDAY AMERICAN, ATLANTA, GA„ SUNDAY. AUGUST 17, 1913.
13 D
Inquiry for Standard Stocks Is
Growing and Prices Are Better.'
Trade Record High.
Six Crops of Alfalfa in One Season;
Big Opportunity for Farmers of South
Special Soil Preparatin Is Necessary to Success—Inoculation and Liming Important—Seed Bed
Preparation Should Begin Two Years in Advance.
CHARLES A. WHITTLE.
(Georgia State College of Agriculture.)
By CHARLES W. STORM.
NEW YORK, Aug. 16.—A marked
brightening of our financial sky is re
jected in easier money, an increased
demand for high grade investments
and higher prices for securities.
Bankers are authority for the state
ment that the corner has been turned
and confidence, the most sensitive ele
ment in the world, gradually is com
ing back. Many millions of capital
which have been in hiding waiting
for the financial squall to blow' over,
are beginning to seek investment. The
amount of money that has been ac
cumulating is very large and its own
ers are expected to continue seeking
employment for their savings up to
the fall, when the crop movement will
make demands on capital.
Inquiry for standard stocks is grow
ing.
Investors have been coming to Wall
Street and picking up shares which
are considered to be selling at bar
gain prices. Commission houses re
port the opening of many new ac
counts but a very large proportion of
the buyers are paying for their securi
ties and taking them home.
The stock market is considered to
be the truest barometer of general
trade, the advance in securities has
done considerable to restore confi
dence. Railroads and corporations are
making fresh offerings of securities,
emphasizing a belief on the part of
railroad operators and industry that
conditions have improved sufficiently
to go ahead w ith new work.
Why the Bankers Howl.
Bankers have been decrying the of
fer of Secretary of the Treasury Mc-
Adoo to deposit between $25,000,000
and $50,000,000 in Western and South
ern banks to facilitate the movement
of the crops, but this offer has done
much to relieve fear of tight money
and high rates during the harvest pe
riod.
Deposits of so much money by Sec
retary McAdoo will prevent high rates,
and as the profits to banks accrue
from the rates received on funds
loaned it is only natural that they
should raise a hue and cry.
Everything is done through the
pocket.
Improvement in the demand for cop
per metal continues, a further ad
vance in the price of electrolytic be
ing recorded the past week. Some
agencies have sold their supplies for
August and September. The Copper
Producers’ Association report of the
supply of copper metal on hand July
1 showed an increase of 690.338
pounds, which was much less than
expected.
The Government crop report, issued
Friday, is considered worse than the
ten-year average. It made a very bad
showing, inasmuch as the indicated
yields of wheat, corn, oats, barley, rye,
fiaxseed and potatoes show an aggre
gate shrinkage of 975,330,500 bushels,
compared with the final yields of last
year. The indicated hay crop also
show's a substantial reduction. Bad as
the figures were they had been dis
counted by the stock market, which
rose after their publication.
The Corn Market.
The condition of corn was the cen
ter of attraction owing to the recent
reports of severe deterioration, which
seemed to be confirmed in a large
measure by the Government’s figures.
Damage to the plant, however, w'as
greatest in those States where bump
er crops were raised last year and
where there is a large carry-over.
Calamity howlers who have been In
sisting that the country is ‘'going to
the dogs” received a rude shock when
the Government announced that the
United States established a new high
record for trade of $4,275,000,000 dur
ing the fiscal year. This is a growth
of $421,000,000 over the previous year.
The balance of trade in favor of Uncle
Sam w'as $663,000,000.
With the advent of the parcel post
the express companies changed their
motto of “the public be damned” to
that of "the public be pleased." But
they were too late, and the general
public now will make them pay for the
shameful treatment accorded it.
Rail Presidency Too
Much for One Man
Northern 'Pacific Creates Office to
Relieve Chief Executive of
Many Onerous Duties.
More and more the railways are
coming: to realize that the duties con
nected With the president's office are
too numerous properly to be handled
by one man.
This is especially true of the lines
in the East, where a president's time
is 'argely taken up by hearings before
commissions on abolishing grad-i
crossingts, or the authorization of new
securities, or in meetings with other
railroad heads to discuss various
traffic problems. In the Northern
Pacific case the decision to create
a chairmanship was partly due to the
fact that the road is dperated from St,
Paul, most of the directors living
in New York.
With a resident chairman it will
not be necessary for the President
to come East every few weeks for*
a meeting with his board. Colonel
W. P. Ciouen, who is expected to be
promoted from vice president to
chairman has been a member of the
executive committee, with his offi' e
in New York, and will continue to
perform much the same duties as in
the past.
J. M. Hannaford, who seems to be
slated for promotion from vice pres
ident. will manage the road from St.
Paul.
PROFESSORS IN THE SHOPS.
Twemv-elght instructors representing
ie electrical engineering departments
1 26 colleges are- spending their vaca-
iens working side by side with the
killed mechanics and engineers in the
Cestirghouse Company’s works in East
'iitshurg The instructors conform to
hcip hours and regulations, and receive
hf- pay of second-class apprentices—22
t r tp ;m he***:, or an average of about
35 a
Think of from four to six crops* of
hay off a field in a year, and you
are thinking of the possibilities of
alfalfa growing in the South. Think
of cutting from one to one and a half
tons per acre each time and figure
that each ton is worth at least $23
and you arrive at a very snug income
with mighty little sweat as compared
to cotton, for instance.
But be not deceived. Learning to
grow alfalfa in the South is the big
gest thing about it. Anybody who
takes it as a matter of course that all
he has* to do is to stir the land and
plant ana thereafter watch the ne
groes harvest, is more than likely to
be enrolled with the long list of those
who have proven alfalfa failures in
the South.
With a 1 ! the good things that can
be said of the soil of the South, it
can pretty generally be said that
Southern lands are not naturally "cut
out" to grow alfalfa. This is not
saying that alfalfa as a rule will not
grow in the South, nor Is It reflecting
in any wise on either the soil or the
climate. The point is that all South
ern soils have to be given special
treatment and preparation before al
falfa will be at home in it.
Alfalfa on Every Farm.
“Alfalfa on every farm,” the slo
gan now going the rounds, does not
point to an impossible ideal, but if
anyone chinks it can be attained in
the South without a considerable rev
olution. he may be easily deceived by
trying it.
With all. it is easy enough to pre
pare the .soil for alfalfa and go along
producing it, if the prospective grower
will follow good advice—but there is*
the rub.
The ordinary cotton grower of the
South will have to practice crop ro
tation. he will have to add inocula
tion to his vocabulary and practices,
and he will hsve to get lime into his
soil. Those who have been teaching
this sort of doctrine and have ob
served how far it has taken root in
the South will understand how much
farming practice will have to be
changed to realize "Alfalfa on every
farm."
To the average Southern farmer to
mention inoculation is to elicit in
quiries. What is it? Why? And to
tell the truth. It is neither easy to
understand nor to explain. A full ex
planation, indeed, is impossible. In
oculation means to introduce friendly
bacteria into the poll. Without cer
tain nitrogen fixing bacteria present
in the ordinary soil, alfalfa and other
legumes make poor headway. Cer
tain It is that some of these bacteria
can take the nitrogen from the air
and fix it in the ground, converting
at the same time the nitrogen into
food for the growing plant.
Alfalfa Bred Bacteria Best.
It is believed that almost any soil
has some of the nitrogen fixing bac
teria present in it, but as a matter
of fact in some soils these bacteria
are few and apparently so starved
as to be unequal to the task imposed
by thrifty alfalfa.
The best bacteria with which to inoc
ulate are those which have been bred
In a good alfalfa field. Good bacteria
can be grown artificially and it is
with such artificially grown bacteria
that seed are inoculated. When
sprinkled with a solution in which
the artificially grown bacteria have
been turned loose, the seed carry on
their surface enough of the bacteria
to start up business in a new field.
Of course the bacteria are invisible
except under a compound microscope.
The farmer can not see them and
when he buys he buys on faith. If his
alfalfa grows and produces good
crops he believes in inoculation. If
it does not, he is likely to have no
tions of his own about inoculation.
It is possible for seed to be perfectly
inoculated and by reason of Improper
handling may fail to show results.
Sunlight destroys bacteria and inocu
lated seed left exposed to the sun
light will become sterile. To escape
the danger of sunlight it is neces
sary, of course, to shelter the bac
teria. and it is wiser to sow' or to ap
ply the inoculation medium late in
the afternoon or during cloudy weath-
er.
Again, the seed may he properly
inoculated, due precaution may be
taken to get it into the soil with the
least injury from the sunlight, but
the soil may be sour, w'hich is no sort
of soil for a nitrogen fixing bacteria.
Lime Necessary to Alfalfa.
To correct sourness of soil lime is
necessary. The fact is that prac
tically all soils in the South are de
ficient in lim*». This may never be
come apparent so long as cotton or
corn is grown, but it is certainly true
w hen it comes to growing legumes.
The lime is not needed as a ferti
lizer. It is merely a tonic to nitrogen
fixing bacteria. Soils generally are
supplied with all the lime that the.
crops need. Experiments have shown
that most of the crops grow’n in the
South are benefited by the use of lime,
a benefit that is attributable to in
creasing bacterial activity. Bacterial
activity means increase of plant food,
for bacteria in effect are minute lab
oratories changing the elements non-
available for plant food into elements
of the soil that are available. Of
course there fire good and bad bac
teria. Some of those that might be
classed as bad operate to change
available plant food into non-avail
able. Of such are the denitrifying
bacteria, which instead of preparing
bacteria for the plants change it into
perhaps free nitrogen that returns
again to the air.
These friendly bacteria have been
isolated and named and are nurtured,
coaxed and strengthened to do their
best. Only the border of the realm
of these soil agents has been entered,
and it may be reckoned with a degree
of certainty that as the scientist ven
tures further into the mysterious
country of the unseen that he w'ill
bring back to the farmer knowledge
that w’ill mean tw'o bushels w’here one
Is now grown, all by learning which
are the good bacteria that are serv
ing plant life and how to encourage
their grow’th.
The first great contribution of th
scientist in looking into the teeming
soil world is that lime is good for ni
trogen-fixing bacteria, and since ni
trogen i? the most expensive plant
food and one of the most important
it is a wonderful discovery this jf
lime and its relations to bacteria.
Since nitrogen-fixing bacteria op
erating to the good of alfalfa set up
shop on the roots of the plant and
there extract nitrogen from the air
that has penetrated the soil, to know
that lime will make It thrive is equiv
alent to saying that without lime al
falfa w'ill not grow* in many Southern
soils, for it Is a fact that most
Southern soils are deficient in lime
and are too sour for nitrogen-fixing
bacteria.
Success Has Made Failures.
Some pretty well-known, highly re
spected and Intelligent men have said
that they do not believe in inocula
tion nor in liming for alfalfa. They
point to their successful alfalfa patch
to show you that neither is necessary.
Unwittingly such well-meaning peo
ple have been thf means of the down
fall of others in their attempts to
grow* alfalfa Do not get an Idei
that there are many such alfalfa suc
cesses in the South, especially among
those who have not used lime.. Even
where the soil has been formed by
the disintegration of limestone rock,
w’here there is a foundation of lime
stone in the soil, Is to be found a
marked deficiency in available lime.
The lime has leached out. It must be
supplied. On soils which for some
reason, exceptional to the rule, there
is sufficient lime, alfalfa may be start
ed and grown successfully even with
out inoculation. The reason for the
unnecessary inoculation w’ill be found
to be that the soil has already been
stocked with nitrogen-fixing bacteria
through the medium of clover, cow-
peas, beans or one qf a hundred other
legumes.
Some of the authorities are now ad
vocating going to the roadside, the
fence corners or other places where
sw’eet clover or burr clover, or lespe-
deza, or some other legumes are grow
ing, taking some of the soil from un
derneath, scatter it over the alfalfa
seed bed and harrow it under. By this
mean nitrogen-fixing bacteria w’ill he
added to the soil, bacteria that have
been making their living off the very
kind of soil in w’hich they are ap
pointed to continue operations.
Better still, of course, would be soil
taken from a field in which alfalfa
had grown, a field where conditions
are similar as to character of soil,
climate, growing zone, etc. Naturally
bacteria that have been feeding on al
falfa must have established alfalfa-
loving characteristics.
Suppose some cotton farmer gets
inspiration enough to get out of the
ruts and takes the advice of the man
w’ho does not believe in inoculation
or liming, and suppose he fails, as ne
is likely to do, what a pity! When
again will he be in frame of mind to
try?
Preparing the Seed Bed.
The preparation of the seed bed
with reference to weed eradication «s
important. It is time well spent :f
two years are taken in preparing the
land for alfalfa. Tf barnyard manure
is applied, it is better to follow witn
a crop of corn as a weed eradicato r .
This followed by rye or oats drilled
betw’een the corn rows at the last
time the corn is w'orked. will afford
not only a winter cover crop, but good
pasturage for the colts and calves
during the winter. After the rye or
oats, as the case may be. Is taken off.
the cowpea or soy bean will prove
excellent for keeping the weeds from
getting a start. Turning under the
cowpeas or soy beans and harrowing
the ground until It is in find tilth, as
good a seed bed as could be obtained
for growing alfalfa is prepared.
Weeds and alfalfa do not do well
together. If the farmer can not get
rid of the w’eeds, he need not look to
alfalfa to do It. Many farmers have
had fits of despair over the weeds anl
crab grass which have made their
appearance in their alfalfa patches.
But w’eeds are not formidable ob
stacles to growing alfalfa where the
precautions described have been
taken. Even w’here the weeds have
appeared in an alfalfa patch there is
a fighting chance for alfaU- If the
right steps are taken to keep down
the weeds. The method usually rec
ommended is to run a disk harrO’V
over the field. This plays havoc with
the weeds, but harms the alfalfa very
little. By some it is claimed that the
harrowing will break up the alfalfa
crowns or bunches and start ne *Y
plants. Weed eradication in the field
will rarely be necessarv if the seed
bed is properly prepared in advance.
Then Put In Lime.
Having brought the seed bed
through two seasons of preparation
and having broken and harrowed the
ground, the next important step is to
put in the lime. The amount of lime
to apply will depend upon the degree
of acidity or sourness of the land, not
on the amount o*f lime already in the
soil. The degree of sourness is usual
ly determined by the use of litmus pa
per, a prepared paper that can be
purchased at any drug store. This pa
per when imbedded in fairly ntolrft
soil and left a short time, when taken
out will show by the change of color
how’ acid the soil is. If the change of
color is verv marked plenty of lime
should be applied. The application
will vary from one to two tons per
acre.
Lime is comparatively inexpensive
and when once applied serves its pur
pose five or more years. Ground lime
stone is the form which is most gen
erally used. The price is determined
largely by the cost of freight. At
lime manufacturing centers the ground
limestone can usually be bought at
$1 per ton and even less, especlai*/
where the lime Is a by-product.
The lime should be broadcasted or
drilled in. If broadcasted, then har
rowed under.
Sourness of soil is attributed to an
incomplete stage of decomposition of
vegetable matter which has been
turned into the soil. The lime is the
cne element that will at once adjust
conditions and permit other bacteria
as well as the nitrogen fixing bacte
ria to do their work. The vegetable
matter which has been turned under
in preparing the seed bed and is in
process of decomposition, that is.
which is being transformed by bacte
ria, proceeds w’ith its processes most
favorably in the presence of lime, be
comes humus and then plant food.
An application of nitrate of soda
after the alfalfa has come up, espe
cially if it is not showing good color,
has often proved helpful.
Cropping Alfalfa.
When the alfalfa plant has grown
its full height, a second growth w'ill
the second growth has put up its
shoots and has started vigorously,
be found starting at the roots. When
then is the time to cut off the first
crop. If the weather is normal, in a
month’s time there will be another
crop ready to cut. The same signs
of when to cut are to be followed in
each instance—that is, the oncoming
of another crop.
In the South when there has been
as much rain as has generally pre
vailed this summer, the owner of an
alfalfa patch will be cutting hay once
a month for about six months in the
year. Indeed, the prospeest are fav
orable in some alfalfa patches for
seven crops this year, five already
having been cut, and the 0 *«mng
season ahead extending through Sep
tember and October.
If a ton of cured hay per acre is
obtained with each cutting, the alfal
fa can be counted as doing first rate.
Some will do better.
Alfalfa hay is worth taking good
care of. The weather is not alw’ays
favorable for curing it in the field,
especially during the thundershower
period. Canvas caps for the piles of
hay in the field pay for themselves
over and over by saving hay that
would rot in the field from too much
rain. Any grower of hay of what
ever kind of hay it may be can well
afford to provide hay caps.
Alfalfa hay is good, rich hay and
ranks very near wheat bran in the
amount of nutriments, ton for ton.
Wheat bran costs about $30 per ton
laid down in the South. Raise al
falfa hay and the wheat bran need
not be purchased. The alfalfa has a
feeding value of nearly $30 per ton
at present prices, but at the outset
of this article a selling prices of $25
was set as an average.
As a feed alfalfa is a producer of
high-class barnyard manure. Con
sidering that the feeding value of al
falfa is nearly $30 per ton and the
manure produced of high fertilizing
value, the conclusion is that alfalfa
is most profitable to the farmer when
he feeds it to farm animals and ap
plies the manure to the land.
Thus the story of alfalfa ends most
happily when alfalfa is married to a
home made live stock business.
Selling U. S. Bonds
Short Is Risky Deal
Restricted Market for These Securi
ties Makes the ‘Bear’s’ Lot
One Not Enviable.
Deficit of $121,000 in First Quar
ter Overcome and oGod Sur
plus Besides.
NEW YORK, Aug. 16.—Seaboard
Air Line in the year ended June 30
earned in excess of 7 per cent on $23,-
894,000. Final surplus was approxi
mately $1,730,000, against $813,000 in
1912, both figures including only rail
operations.
The showing reflects credit on the
new management. In a year when
the company’s territory scored only
about 60 per cent of a normal cotton
crop, and when the Initial three
months’ operations under the old
management produced a deficit of
$121,000, results for the succeeding
nine months not only overcame these
handicaps, but so far recovered that
gross increased $1,523,000 and surplus
over all charges increased $817,000.
On basis of nine months’ operations
under the new management, and al
lowing for effort necessary to pick
up and recover the initial quarter’s
deficit, the property appears to be
earning at rate of nearly $2,000,000
surplus annually, or equivalent to
more than 8 per cent on the out
standing preferred. Total operating
ratio In the past year was 72 per cent
of gross. In 1912 It w*as 75 per cent.
Officials look fonvard to better
than a $2,000,000 surplus in the cur
rent year. Crops offer excellent
promise, with one of the largest cot
ton crops ever raised among the
prospects this year. General busi-
is moving in fair volume and
Increase in Acreage, More Fer
tilizing, Superior Seed, Better
Cultivation, Clean Fields.
NEWS FOR
INVESTORS
NEW ORLEANS, Aug. 16.—Cotton
for 1913, on the Government August
condition of 79.6, may be anything
from 13,500,000 bale.** to 15,000,000. It
has to the end of December, when
picking ends. The frost limit, the ex
tent to w’hich later bolls mature, the
weevil damages and systems of cul
tivation are still influences not fully
Incorporated.
The things that make for a larger
crop than last year are (1) acreage,
(2) more extensive use of fertilizers,
(3) superior seed selection, (4) better
cultivation, (5) clean fields and (6)
less* devastation from insect pests.
This year’s area is 35,622,00 acres,
or 856,000 more than harvested in
1912. Fertilizers formerly used to in
crease yield are now' used to force
earlier maturity. Clean, continuous
cultivation and better mastery of the
boll weevil are factors favorable to
an increase over crop of 14,313,000
bales of 1912.
On the other hand, w*e have never
had a large crop on a condition under
83.9 for July 25.
With a * crop of 13,500.000 bales,
there would be more active competi
tion among buyer* than among sell
ers, so that the grower would come
nearer getting the price he thinks he
ought to have. If he follows the pol
icy of holding out of the market any
considerable quantity of so-called
"distress” cotton, it would take a
Anaconda Copper Company's pro
duction for July exceeds June’s by
600,000 pounds, although this is 1,-
000,000 pounds below the July out
put last year.
* *. *
American Smelting and Refining
Company earnings, although not so
large as last year, owing to Mexican
disturbances, will make no change in
the regular dividend.
* * *
Minneapolis and St. Louis Railroad
for the twelve months ended June 30
increased gross by $1,880,782 and net
by $1,173,665, compared w’ith last
year.
• • •
Seaboard Air Line for the fiscal
year increased total operating reve
nue $783,417 and net $1,028,700 over
1912. Surplus, w’hich increased $836,-
558 over last year, is equal to 7 1-4
per cent on the preferred stock out
standing. compared with 3 3-4 per
cent in 1912.
• • •
The St. Louis, Iron Mountain and
Southern Railway Company has been
authorized by the Missouri Public
Service Commission to iRsue $28,584,-
500 first and refunding 40-year 6 per
cent bonds, of w’hich $26,730,000 are
to replace bonds already outstanding,
and the remainder for reimbursing
the road for expenditures made for
improvements and equipment.
Permanent Gains
Recorded in Bonds
Traders Say Market le Certain
Raise Prices on All Issues.
Buyers Confident.
to
NEW YORK, Aug. 16.—The trader
who sells any Government bonds
short takes a long chance of making
a profit, because of the restricted mar
ket for these securities, and the short
seller of those which bear coupons
assumes a risk much greater than is
attached to any active stock or bond
on the Stock Exchange list. Govern
ment coupon bonds, particularly
those w’hich have the circulation priv
ilege, are comparatively scarce.
The coupon bonds may be convert
ed into registered bonds, but regis
tered bonds may not be exchanged
for others of the same clas w’hich
bear coupons.
The application of this provision to
the issues which are used to secure
bank note issues, naturally, hap | Atchison gen
w’orked to cut down the number of ■
coupon bonds outstanding and there
by greatly lessened the opportunity I
of short sellers for covering their con
tracts at times when the£ have the
best advantage for a profitable trans
action.
An expert on Government issues
predicted yesterday that traders w’ho
went short on coupon 2s below 96
would have difficulty in covering at
any price under par unless some de
velopment at Washington occurs to
weaken them drastically.
traffic outlook shows no unfavorable tfreat deal less to effect his purpose
signs. on such a crop than on one 2,000,000
bales larger.
From the standpoint of the manu
facturer a crop of the minimum given
above is more likely to mean 12 cents
than 11 cents a pound. Anything un
der 14.000,000 bales would be just f*o
much of a premium on the early buy
ing by mills or their agents. La.T
year’s crop of 14,131,000 bales was
bought early by foreigners and ex
ported promptly at an average of 12
cents a pound. From present indica
tions the Government’s report of con
dition under ten-year average may
be expected to stimulate early com
mitments. ,
This mason's plant is remarkably
well fruited and has a bearing power
w’hich many a better looking plant
never enjoyed. With 856,000 acres
larger than last season, and a con
dition 3.1 per cent better a 14.000.000-
bale crop under average conditions
may be assured.
If the season from now on favors
maturing of the bolls on the lower
half of the stalk, It should easily add
500.000 to 1,000,000 bales more than
otherwise. On existing acreage it
would require an average of 200
pounds to produce 14,250.000 bales anu
of 190 pounds to produce 13,436,000.
No One Surprised at
Passing of Dividend
National Railways of Mexico Made
the Plaything of Every
Rebel Chieftain.
NEW YORK, Aug. 16.—Persons suf
ficiently interested in the National
Railways of Mexico to watch earnings
long ago decided that the company
could not pay another semi-annual
dividend on its first preferred stock
while the revolution continued. Mem
bers of the New York board said the
payment due August 10 would not be
made; and when word came from
Mexico City that the usual declara
tion expected at this time had been
omitted by the directors. thkre was
no surprise.
The Railways’ lines have been th'-*
plaything of the rebels and bandits
wherever they have congregated in
numbers sufficient to defy the author
ities. Under the delusion that one of
the first rules of warfare is to de
stroy as much property as possible,
the insurrectos have burned trestles
and torn up track in which they, as
natives of Mexico, had a proprietary
Interest.
There 1» a great deal of European
money invested in the National Rail
ways. as well as a very respectable
ampunt of American capital but the
Mexican Government owns $74,724,000
of the $150,000,000 common stock, $10,-
000.000 of the $57,662,000 of the first
preferred and $38,278.00 of the $240.-
597,000 of second preferred.
Moreover, the Government will be
held liable for the damage to the
railways when pence is restored, so
that every time a piece of property is
destroyed the Mexican Government is
saddled with additional obligations.
Preliminary estimates for the last
year indicate that the company earned
almost $2,000,000 over its expenses
and fixed charges, or about $500,000
less than the dividends paid.
Improvement in the bond market is
of the gradual and steady sort that
makes for permanence.
July was a good month for the bond
market. Forced liquidation appeared
to culminate late in June. Since then
investors have been quietly selecting
the bargains that most appealed to
their choice. As the prospect has be
come clearer that there will be no
uerious money disturbance in connec
tion with the autumn crop moving,
the buying has become more confi
dent.
Special causes W’ere responsible for
large advances made by certain 1k-
suea Erie convertible 4 per cent
bonds rose 5 1-2 points, owing to the
large gain** in gross and net which
the company will report in Its state
ment for the year ended June 30. Rock
Island collateral 4s. which were un
duly depressed, rebounded over 3
points.
In the following table are shown
comparisons of the prices of twenty
representative bonds now and at the
beginning of July;
Price Latest
July 1. price.
4s 1995 93%
B. and O. conv. 4%b 1933 .... 90%
B. R. T. conv. 4s, 1945 86%
C. Pacific 1st guar. 4s, 1921.. 93%
C. G. Western 4s, 1969 71
i C., St. P., M. and O. deb. 5s.
| 1930 98%
C., R. I and P. col. 4a. 2002.. 54%
| C.. R. I. and P. ref 4s, 1934. 78
Denver and R G. ref. 4s, 1965. 68
Erie conv. 4s A, 1963 67%
Erie conv. 4s B. 1953 65%
Illinois Steel 4%s, 1940 83%
Jnterboro-Met col. 4%h, 1956. 74%
N. and W. conv. 4s, 1996 92
N. P. prior 1st 4a. 1997.... 91%
Pacific Tel. let 6s. 1937 96%
Reading gen 4s. 1997 94
Repub. I. and S. a. f. 5s. 1940. 89
St. L. and S. F gen. 1 5» 1927 52
PITTSBURG COAL*MINES
PRODUCING BIG PROFIT
FITTSBUKG, Aug-. 16.—Mines in
the Pittsburg district are being oper
ated to. the limit fixed by car and la
bor supply. As these are very satis
factory. output is correspondingly
large. There is not a d'ery heavy de
mand for quick delivery. Contracts
are calling for the greater part of the
attention of operators.
Consumers have very little coal on
hand and the increased activity in
iron production may cause a stiffen
ing of prices of both coal and coke.
TEXAS TRAIN OF 98 CARS
HAS CANTALOUPE BURDEN
AUSTIN, TEXAS. Aug. 16—The
longest train ever run on a railroad in
Texas recently crossed the upper
Panhandle on Rock Island. It con
sisted of 98 loaded freight cars, and,
what w’as the more remarkable. 95
were loaded with cantaloupes, there
being 1,277,060 melons in the load. Of
the remaining three cars, one was
loaded feith wool, one with cattle and
the other with merchandise.
This long train was pulled by one
engine from Dalhart, Texas, to Liber
al, Kans., Ill miles, in five hours,
including stops and delays. The
track is almost straight and nearly
level.
SIMPLE IDEA
Patent on Crude Petroleum for
Laying Dust Forces Tribute of
Five Dollars Per Mile.
Every railroad in the country oil
ing its tracks with crude petroleum
must pay a private company $5 per
mile as a royalty for an idea and not
a device. James R. Nichol holds the
patent on the principle of allaying
dust on railroads by crude petroleum,
and for this principle the transporta
tion companies must pay. It matters
not by what device or system the oil
is applied to the road the owner of
the idea must be given his reward.
The point came up when the Bur
lington road sought to oil its tracks
this season between Chicago and
Downers Grove, 22 miles. Attorneys
for the owner of the idea put in a
bill, and after investigation it was
found that by similar claim against
the Pennsylvania Railroad had been
upheld by the courts. The Burlington
and the Pennsylvania roads used
sprinkling devices of their own cre
ation, but the royalty was paid Just
the same.
The ruling is for a royalty of $5
each line of road, or $10 for double
track. As the Burlington maintains
three tracks between Chicago and
Downers Grove and the distance is
22 miles the amount paid to the
owner of the idea was $330. This
royalty, however, is paid but once;
after which a railroad is free to use
oil as often and long as it pleases.
The Illinois Central also was re
quired to pay for oiling its suburban
tracks in Chicago, and the Southern
Pacific and Santa Fe likewise joined
in tribute to the idea.
As it is only comparatively re
cently that railroads have started to
oil railroads the company owning the
idea has not reaped much of a reward
and it is not likely to. as the patent
expires in about a year, it is said.
THE NEW ISSUES.
The Financial Chronicle’s New
York review of new security issues
for the last six months shows them
to have been the smallest in years
and much below the average of the
last eight years, totaling for stocks
and bonds only $627,048,160. par
value, compared with $1,219,250 in the
first six months of 1912.
UNDERWRITERS BUY ISSUE
Underwriters of Buenos Aires Pa
cific Ralway issue have been com.
pelled to take 60 per cent.
PHYSICAL LIMIT SET.
The Baldwin Locomotive Company
says the factor determining size and
power of locomotives is the physical
ability of firemen to shovel coal.
95%
91%
97%
95
72%
Big Credit Wheel
To Move Texas Crop
Bankers Will Need $400,000,000, but
Not in Cash, and Not
in One Lump.
EAUTY
and Health for You
Through Electric Massage
He vnnr own heniitw mamidiiM. Give
CHEMICAL COMPANY’S YEAR.
Virgin ia-Carollna Chemical Company
reports for the year ended May 81 last
as follows:
Decrease
$2,991,103 $586,349
1.224 005
Net earnings ....
Charges . .
Net profit
Pfd dividend . ..
Ral for com . ..
Deficit
Prev surplus . ..
Total surplus . . .
Total deductions
Final surplus . ..
. 1.747.098
. 1,600 000
147,098
692.524
. 9,451.916
. 8.759.481
425.538
8.333,943
143,107
729.456
•40.000
769.456
•769,456
•101,513
667,943
598,721
1,117,971
•Increase.
SEABOARD NOTES CHEAP.
The offering of the unsold balance
of Seaboard Air Line $1,900,000 equip
ment trust notes is being made at a
price to yield 6 per rent. Seaboard
Air Line Railway’s surplus over all
fixed Charges and bond Interest, for
the year ended June 30, last, it Is
understood, was between $1,725,000
and $1,760,000, or equivalent to 6.9
per cent on the $25,000,000 preferred
stock. Last year the surplus on the
same basis was $999,000.
Discussing Secretary McAdoo’s offer
of Government funds In marketing the
crops Texas bankers were quoted as
saying that the State would require
$400,000,000 to take care of its cotton
,h As 'u'read In cold type the quotation
seemed to imply that this huge sum
would be needed in bulk when Texas
cotton began moving This will rot be
the case and the authors of the state
ment did not so Intend. Texas will nev
ertheless. require the use of $400,000,-
000 worth of credit before Its major crop
passes into consumers’ hands.
It would, perhaps, make the situation
clearer to say that the use of *20.000.-
000 wll be needed twenty times, or $10,-
000 000 40 times, to handle the Texas
crop The cotton goes to market slow
ly—four months will pass. In all like-
llhood. before It has all been disposed
of - and funds necessary to handle the
first consignments will be used over and
over in subsequent operations.
The State is expected to produce 6,-
250 000 bales in round numbers, val
ued at present market prices at $60 per
bale Th<‘ value of the crop therefore
■will be $315,000,000 exclusive of by-prod-
U The use of credit in handling the cot
ton crop may be likened to the revolu
tion of a gigantic wheel whose hub h In
New York and whose r1m cuts a circle
from Liverpool, say. to Dallas, Texas.
The wheel is constantly revolving In
the cotton marketing season and the
load it carries is evenly distributed The
credit wheel Is never suddenly weighter
at one spot, selling In the region behind
it progresses evenly. The wheel is val
ued at $400,000,000. but only when It ts
considered as a whole. It would be a
difficult task to estimate the worth ol
its different parts.
Fall Car Shortage
Will Be No Worse
Shippers and Railroad Men Are Co
operating to Make Best Possi
ble Use of Equipment.
Be yoor own beauty masseuse. Give your- 1
self the true charm of healthy beauty. Rejoice la
the possession of a fresh, smooth, rosy skin. sparkling
eyes and a luxuriant head of lustrous hair. Know
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placed health, vigor and attractiveness within your reach tn the per-
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Helps Hair
The electric
brush feature of
the Home Electric Massage Bat
tery will stimulate your soalp
to the perfect performance of
all its functions. This means
that you will have a healthy
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con have the glorious crown of
soft, silky, lustrous hair that she
wants Every man should use
this treatment to prevent loss
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Save yvMir hair by using the
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For Rheumatism
PferadlBtn is the only method
known to modteat science for tftrteMy
relieving the points sod aches at rbeo-
'roatiirm- Your physic ton win tail ysst
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instant relief to haaducteo, neural
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Home-Electric Massage Batte
tiery
of tenJlc
PULLMAN’S YEAR.
CHICAGO. Aug. 16.—The report of
the Pullman company for the twelve
months ended July 31. which will be
published about a month hence, is ex
pected to show the largest gross earn
ings in the corporation s history.
FRANCE COINS GOLD.
Because of recent monetary strin
gency, Bank of I'ranre has decided to
convert its $600,000,000 gold reserve,
until now represented by Ingots, into
gold currency. More than $200,000.-
000 has already been coined.
TIGHTER MONEY NOT LIKELY.
CHICAGO, Aug 16.—John J. Mitch
ell says: "Money Is unlikely to get
anv clnser this year than it has been
recently, and would not, regardless of
treasury relief. Good rains' would ri -
store corn to very general conditions."
NEW YORK, Aug. 16—Railroad
officials eay that while there will be
a shortage of cars in the fall, It Is
not likely to be greater than last year,
when average deficiency was reported
as 27,581 cars.
The situation this year may be less
difficult to handle because shippers,
ag well as railroad men. have had Im
pressed on them the requirements of
the situation that arise every autumn.
In the case of railroad men, timely re
pair of freight equipment, simplifica
tion of terminal operations and re
casting of Inspection and interchange
rules are the considerations.
Railroads are devoting more atten
tion to utilization of the freight car,
their best assets, earning about 75
per cent of grots, and undoubtedly
their best freight solicitor during pe
riods of heavy traffic. Average earn
ings of each car per day for 1912 were
$2.35, or. eliminating Sundays and
holidays and confining computation
to the busy season, gross earnings ca
pacity was $3 85, w hile net was $1.10.
The newwst, latest and moot convenient scientific application
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Wsstatn Merdumiisc a;i(! Supply Co.
326 W. St.. CLIcfifo,’ Illinois
A4<2res*