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4 A ———— TTEARST’S SUNDAY AMERICAN, ATLANTA, 0A„ SUNDAY, AUOT T ST 24, 1012. sram of ni f Sweet Potato Crop Yields Big Returns Would Bring Much More if Southern Farmers Did Not Glut Mar ket at Harvest. Financial Optimism Chilled by Prospects of Shortage in Necessities of Life, a Condition That Depresses Securities Market—Cotton Likely to Give U. S. a Big Trade Balance. By CHARLES W. STORM. NEW YORK. Aug. 23.—Financial enthusiasm has been chilled by the spectre of higher price* for food that loomed up on the economic horizon. Simultaneously a halt has been called in the advancing column of security values because higher prices for food stuffs rarely go hand in hand with higher quotations for securities. The has also proven that there is less money available for in vestment when people are paying more to fill their "dinner pails.” Aside from the improvement in the prices of stocks and bonds, invest ment has been greatest in the reports of damage to corn, the greatest American grain. The major propor tion of the corn crop comes to mar ket on hoof, that is, in the shape of meat. It inevitably follows that a short corn crop means higher prices for meat, and the Chicago packers, real izing this, sought last week to pre pare the public for the shock by an nouncing that it would within six months have to pay much more than present prices if the beefsteak is to remain on the dinner table. Lack of moisture has also left the hay crop and pastures in bad shape, so that there is a certainty of in creased prices being paid for meat. Moat prices in New York are on an average three cents higher than on the same day last year, and from five to seven cents higher a pound than ten years ago. Grain Held Over. Experts figure that the combined harvests of wheat, com, oats, flax seed, rve and potatoes will be about 1,000,000,000 bushels less this year than last. The food markets, how ever. will not be as bare as expected owing to the very large amount of grain held over last year by farmers. But for this big carry-over the pros- shortage of grain would be viewed "With greater apprehension. <roposition must be considered as not acute all over the world. Durchase r Europe will be a lar « e \U the ?n- of our grains this year habitants of the Eastern parT-kUiw ^ Eastern Hemisphere have been ’>ev hind guns instead of plows. It is estimated that Eastern Europe can hardlv make within 25 per cent of its usual production. It must neces sarily call upon America to till its larders. _ . Cotton Exports. The trade balance of the United States will probably be swollen by earlv exports of cotton at higher prices than those prevailing las. vear. The new crop from Texas is going in at good prices per bale for ally deliveries. This will produce for this season of the year. Humanity balks at higher prices and for this reason the demand for high grade bonds has fallen off last week. Owners of capital recently showed f disposition to exchange their savings fo high grade bends yielding five per cent and selling around par, but ^n•advance of three or four points has caused them to lose all enthusiasm. The rush of bankers to participate In the underwriting of the Southern Pacific certificates of interest created a favorable impression and demon strated that their is plenty of money available for investment provided ihe securities are offered on an attractive basis. Europe Again Friendly. Financiers were particularly grati fied at the large subscriptions for the Southern Pacific offering made by European bankers, thus reflecting a willingness on the part of the for eigners to lift the embargo that has been on American securities abroad for the last six months. Europeans are still accumulating their gold as indicated by the in creased reserve of the Bank of Eng land, so that their participation in the Southern Pacific underwriting syndicate is not believed to warrant any expectation of a rush by Euro peans to the bargain counter for American securities. Steel has been an exception to the general tendency of commodities to advance. The Steel Corporation announced it had not reduced prices but independents have reduced their quotation* from $1 to $5 a ton. Orders received by the trust last week were slightly better than those in the same week of the previous month. Copper in Demand. A better demand has also been re ported for copper metal, which ad vanced to 1G cents a pound. Money has worker easi *r Well- informed bankers believe that senti ment. relative to the action, of the Secretary of the Treasury in offer ing to deposit money with Western and Southern bankers, is at the bottom of the easing off in rates. Sotne bankers expressed the opinion banks, in expectation of Gov ern have been letting the b«rs some tendency toward over expan sion. Because of this they looked for some reaction in rates. Bankers expect full rates for mon ey during the crop movement periol. The drain by the West does not be gin for from four to six weeks, but the first shipment made to the West for crop movement purposes took place last week. The South has al ready been a heavy borrower for the an unsually good volume of sterling movement of King Cotton. Inter-Bank Lending Varies With Season Maximum Reached at Crop Harvest Time—Lowest Early in the Spring. NEW YORK, Aug. 23.—In the opin ion of local bankers, undue impor tance should not be attached to the practice of some banks to conceal, by various indirect processes, their debts to other banks. The figures for inter bank obligations reported to the Comptroller under "notes rediscount ed” and "bills payable” can be re garded as substantially correct. In requiring the national banks to report their loans, as well as their debts, to other banks, it does not ap pear that the Comptroller is seeking to bring to light the rather negligible amount of inter-bank debts disguised under various subterfuges. The pur pose he has In view is rather to deter mine the sources whence banks obtain accommodation and the uses to which such accommodation is put. The volume of notes rediscounted and bills payable naturally is subject to seasonal variations. It attains its maximum proportions in the middle of the autumn, when the Interior banks are obliged to make heavy drafts on the resources of the East ern centers to finance the crop move ment. . . As the crops are shipped eastward and are marketed, the West liqui dates its indebtedness to the East, and teh notes rediscounted and the bills payable gradually shrink in amounts until about the opening of spring, when the lowest figure is touched. As the brunt of the lending to oth er banks fails on the institutions in the three central reserve centers, the amount they borrow themselves is of nominal proportions. Reserve city banks seek accommodation on a more extensive scale. Hut the great bulk of borrowing is done by the country banks. Want No Trustees Dealing in Stocks London Brokers Make Strict Rule Against Taking Accounts of Men Handling Others’ Money. Each year the sweet potato is be coming of greater importance as a money crop in the South. The value of this crop in the United States in 1900 was $34,429,000. 90 per cent of which was produced in the Southern States. The total area devoted o sweet potatoes in the United States increased from 537,000 acres in 1899 to 641,000 in 1909, and the yield in creased from 42,500,000 to 52,200,000 bushels. The total value of the crop Increased at a much more rapid rate thai> either the acreage or the yield, showing an increase of 78.3 per cent in ten years. With better methods of storing and marketing the potatoes, it is said, their value could be doubled without Increasing the acreage or production. This is especially true in the South, where the potatoes are either rushed on the market at digging time, when the price is low, or stored in outdoor pits or banks, where a large portion decays. Very few of the sweet potatoes stored in pit* or banks ever reach the market, for from 25 to 50 per cent spoil, and those that remain are not of good quality. Even if the pit or bank method of storage would keep the potatoes, it is not economical. Too much labor and expense are re quired to make these banks every year and to get the potatoes out when wanted for market. Sweet potatoes can be marketed more economically and to much better advantage from storage houses. WILL NEGRO CONTROL FARM LANDS OF SOUTH? NOTE OF ALARM IS BEING SOUNDED BY LEADER Community Villages Will Solve Rural Racial Problem—Breaking l’|> of Large Estates Into Small Farms With Village Centers Affords the Opportunity—Whites Will Be Encouraged 1<> Become Land- Owners. -CHARLES A. WHITTLE Georgia State College of Agrirultun N. 0. T, &M. Receiver May Ask Big Loan Frisco Subsidiary Almost Certain to Default on Interest Due Sep tember 1. NEW YORK. Aug, 23.—As soon as New Orleans, Texas and Mexico re ceivers know whether Frisco receiv ers will or will not pay the $700,000 interest due September 1, they will make application for permission to is sue approximately $1,000,000 receiv ers' certificates. In the meantime the Columbia-Knickerbocker Trust Com pany is making temporary loans to the receivers comprising $100,000 for debt falling due August 1. and about $200,000 additional to middle of Sep tember. The engineers employed to examine the properties which make up the Frisco's South Texas lines have not yet made their report, but the most favorable statement would show that at least 18 months of steady work and adequate funds would be necessary to put New Orleans, Texas and Mexico in a position to earn interest on its bonds. Others believe at least three years would be consumed in putting the line on its feet, and between $2,- 000.000 and $3,000,000 expenditures would be needed. Under these circumstances assimipr tion is made in certain qygrterslthat Frisco will defaulters' guarantee of the interestdue^eptember 1. In fact, it is said^fHafany other course would be iniproper. Fertilizer Concern Has Splendid Year American Agricultural Chemical Earns Close to 7 Per Cent on Its Common Stock. The London Stock Exchange has found it necessary to take action sim ilar to that of the New York Ex change in cases of acceptance of ac counts from employees of banks or other financial institutions. The Lon don rule is more strict than that in New York, applying to all persons oc cupying a fiduciary position. Com menting on recent enforcement of the rule. The London Economist *ays: "The committee of the House are determined to do their utmost to put a stop to speculative accounts beins opened by members of the stock ex change for clients who are not prin cipals. Every case of this kind which is brought before them receives the committee’s stern attention, and sen tence of three years’ suspension has just been passed upon a broker judged to have broken the rule. A member of the stock exchange, it can not be too often reiterated, may undertake speculative transactions for the cos termonger in business on his own ac count. though forbidden to do so for a manager, secretary or any other official, however highly salaried. Tn practice this rule works out with re sults sometimes, laughable, frequent ly annoying and absurd; but the principle is so sound that little excep tion can be taken to It. “The rule is framed with the ex press purpose of restraining from speculation, through stock exchange channels, any person occupying a fiduciary position, and therefore with the command of financial resources, not of his own, under hi* control.” BOSTON, Aug. 23.—American Ag ricultural Chemical for Its year to June 30 is understood to have earned something better than 6 per cent on the $18,330,000 common. In fact, it is barely possible that the final figures will come nearer 7 per cent on this issue. Unless conditions in the fertiliz?r trade become very much worse than for the last two years, the company can continue to earn and pay the present 4 per cent dividend. This dividend rate is, by the way, a testi monial to the wisdom of directors in making the initial distribution on the common stock rather modest. If a 5 per cent or 6 per cent rate had been adopted two years ago. the future outlook would not be nearly so hap py as it is to-day. A very strong feature of American Agricultural operations is the high percentage of branded or trade-mark ed goods which tt sells. It Is safe to state that 90 per cent of the com pany’s tonnage consists of trade mark goods, which farmers buy on the reputation of a particular brand for the specific purpose desired. Frick an Optimist On General Business Cessation of Governmental Harass- ments Greatest Need of the Day, He Believes. ANXIOUS FOR COTTON BILLS. In circles where foreign trade is financed, the appearance of cotton bills in the New York market is al ways looked forward to as the be ginning of a period of relief * It will be especially so in this season, when the crop is pretty well cleared up, on account of the steady demand in the late old-crop months for the staple for export purposes. During both May and June this year exports were 57.304 bales largei than during the rorresponding mor. hs of 1912. when the exports were nearly 2,000,000 greater for the season. BIG BUSINESS OWNED BY THOSE OF SMALL MEANS The United States Steel Corpora tion has 150,000 stockholders, the Pennsylvania Railroad 77,000. The vast majority of these owners of securities are persons of small means. There were 32,381,762 insurance poli cies In force in the United States January 1. 1912. This represents nearly 23,000,000 Individual policy holders. More than 50 per cent of the securities held by the insurance com panies. on ’ which the safety of the savings of the policy holders depends, are listed on the New York Stock Exchange. Railroad securities alone are 38 pe/ cent of the whole. It is therefore essential to policy holders to maintain the prosperity of big business. LONDON. Aug. 23.—in an inter view' with the London correspondent of The American. Henry C. Frick says he considers J. P. Morgan his father’s successor in the financial world. "He is a most able man.” Mr. Frick continued, "a highly conscientious, great worker. In taking over the reins he has certainly risen to the oc casion and situation. I have the ut most confidence in him, and believe h e will wear his father’s mantle with the greatest credit to himself and to the country generally. "On general business conditions, I am an optimist. I am always a firm believer in our country. I see abso lutely no reason for alarm at the pres ent moment. A general feeling of hopefulness seems prevalent. The crops promise well, and good, average crops should give a strong impetus to trade and insure continued pros perity. "The one greatest need is a let-up in Governmental lawsuits and inter ference which continually threaten capital and inevitably create an at mosphere of general uncertainty and mistrust. "I don’t believe the tariff bill will lead to any great business disturb ance. Its effects have been largely discounted, ;md our country is big and prosperous enough to quickly shake I off any unexpected evil result.” Clarence Poe, editor of The Pro gressive Farmer—a leading Southern publication—has stirred wide interest in favor Of segregating the races In the rural South. "The negro now has an advantage in the *truggle for con trol of our rural districts, and It.is only to equalize matters, to give the white man a fairer show’, that segre gation. the grouping of races in sepa rate communities, is proposed," says Mr. Poe. He insist® that there is nothing new or radical about hi* proposal. In stancing that the races are separately grouped In Southern cities, that thev have separate churches, separate schools, are separated in. trains, that California has its Chinatown, the In dians their reservations. Summing up his argument*, Mr. Poe holds that segregation Is neces sary to give the Southern white farm ers and their families a satisfying social life, to insure them greater safety and protection, to give them better schools and churches, to open the way for co-operation and co-oper ative enterprise* now impossible as between w’hites and blacks, to improve moral conditions in the relation of the races, to give the South a greater proportion of white people, first, by stopping the crowding out of white farmers by the negroes, and. second, by providing all-white communities such as while people of other sec tion.* will be willing to move into; to induce whites to become tenants in white communities! who are now un willing to compete with the negro in mixed communities, and to induce white tenants to aspire tc become landowners Would Arouse Sentiment. How to bring about a segregation of race* in Southern rural communi ties, Mr. Poe does not venture to say other than to arouse public senti ment and to indicate that it will doubtless be necessary to go further and adopt some legi*lation «uch as Atlanta has passed, w’hich provides that when a majority of the property owner* in a block elect they can for bid the selling of any piece of prop erty in that block to a person of a different race than their*. "Why can not Georgia, or any other State, pass a law’ giving a similar privilege Xf> its cQunjLrv.jieogleX', the query^of the- 'leader of the mov^rfieftL-'- ^ The assumption is that property holding will automatically segregate the race*. But it may well be asked w’hen. if ever, any considerable por tion of the black race will be pre pared to become landowners and thus bring about effective segrega tion. and where w’ill the white*, as the dominant landowners sell, or per mit to be hold, to the negro any of their acres, especially when such a law as that mentioned increase* the power of the white owners to resist Increasing the domain of the black? Would not segregation by such terms be merely a mirage and the negro more than ever a w’anderer and social menace? Issues Are Vital. So vital are the Issue set forth by Mr. Poe that they may well evoke public interest, as they are. The South needs to be setting itself hard at the large and man-sided problem, bear ing faithfully In mind that each race should be hindered the least by the other in working out its own salva tion. Any solution of the Southern rural problem must take Into consideration the one vital need of the South, the community village. Indeed, it may he doubted if the problem will ever be rightly solved until the South’s rural population is recast into a community village life. The village at once solves the Southern rural school problem, the rural church problem; It provides pro tection from the negro fiend, makes for better sanitation, for co-operative enterprises, affords the satisfying so cial life so much denied by the iso lated farmhouse. Where the village is established in the rural South there will be the ne gro towm, that segregation now exist ing in Southern cities which Mr. Poe want* vso much for the country. During the ante-bellum period each plantation, w'ith Its mansion and n*- gro huts, constituted a social unit. The relationship of master and serv ant sufficiently segregated and em powered for control. But with the freedom of the negro came naturally, drifting and irresponsible habits, and the plantation unit was destroyed. The w’hite landowner felt the humil iation of hi* los* of independence and became more and more helpless as the negro asserted his independence as a laborer, until finally a great many of the landowners leased their plantations to the negroes and went to the towns and cities to follow other pursuits. One ha* only to consult the census reports to note the aupafi- ing number of absentee^ landlords throughout the South. Nor has the drift of landowners to town ceased. Those remaining on the farms claim that the lease sy*tem has left only the poorest and least reliable negroes available for hire. Soil Is Depleted. Poor methods of agriculture, prac ticed by regroes under the present Iea3e system in the South, has ac complished nothing so much as the depletion of soil*. Land values are low. Absent landlords who have felt financial stress have parted wdth some of their lands to thriftier negro ten ants. and thus the negro is slowly becoming a landowner Facing the fact that the lease *ys- lem 'Is ruining Southern farm lands, much of w’hich is defined to go into the hands of the negro race at a very low r price, unless there is a check to the movement. Mr. Poe has been con strained to sav. "The negro now’ has an advantage in the struggle for con trol of our rural districts." The lack of co-operation among white landowners i* largely respon sible for the demoralization in land conditions, and the lack of co-opera tion, of course, is largely due to lack of the community village. It is not too late for landowners to organize and consider lease terms that will conserve and build up farm lands. The South can W'ell turn to European countries for guidance in making leases. W'ith proper co-op eration in this direction much may be saved that will eventually be lo>” by present methods. Right crop ro tation. right cultivation and right fer tilization for soil building when pro vided for in a lease, benefit*. *f course, not only the lessor but th • lessee. But permanent agricultural ad vancement 1* not based on leases an 1 never can be. The problem of the rural South will be solved most near ly aright when the man who culti vate* the land owns it. The planta tions must be broken into small fdrm* and sold to men who can not have the inspiration to -ucceed with out a sense of ownership. Opportunity Ha* Arrived. W’ith the breaking up of the large plantations comes the opportunity for establishing the community village and the practical solution of the prob lem of segregation of race*. The plantation owners can assemble the tenant house® into a village. Of course, there must be something in it for the plantation owner, and so there would be. If the landowner* are willing to sell off small farm*, a village house would be sold with each tract. The house In the village w’ould be worth more than a houee on the tract of land, and once the owner Is located in it and enjoys the priv ileges of village life, he will prefer to live there and go out to his farm ,o work during the day; he will prefer the .school advantages, the protec tion of his family while he is away from the house at work. Unquestionably too, there will b° found plqnty of thrifty tenants who will be willing to buy house and land on easy terms. Certainly If such are not to be found in a community, a colony of thrifty people from some other section of the country’ or from foreign land* can be found. Thus, vil lage construction In the rural South may find its greatest incentive in the direct profit to those establishing them and in the disposal of their farm lands. To what end would this operate to help or hinder the negro in his land ownings ?. It * ha^s be^.i stated that each village would nat urally have it* negro town. This means segregation. What matters it. then to the white man If the acre* adjoining his are owned by a negro so long as he or the negro are living on their respective tracts, so long as the family of the white man has white neighbor* in the village and is not Isolated on a farm and surrounded by negroes? True, there will alway* be racial prejudice. There will always be white men w ho will be opposed to negroes owning land, but there will doubtless alw r ays be opportunities for the negro to buy land, and racial fric tion will be at least only where the adjoining white and black land-own ers are not neighbors, and this can be only where the population dwells in community villages. Plantations to Blame. Slavery and large plantations are largely the reason* for not having settled in villages, as has been the case in other sections of the country, where smaller farms permitted the following of this natural Instinct for closer social contact. The holding of the large planta tions intact by absentee landlords and their attempt to operate th# 1 plantations by a. lease system has in no w’ise affected the Isolation of Southern rural homes. The landlords have followed the custom of the South and have built cabins for ten ants on the tract of'land which each was to cultivate. Where so many negroes are tenants, the white tenant I* Isolated not only by distance but by race and unequal competition. It is, therefore, natural that more and more of the white tenants of the black district* should be drifting away to the towns, leaving the land to the undisputed tefiant claim of the negro. Just as naturally’ does It come to pass that w’hen the negro dominates as a leaseholder in any territory that the land becomes le*s desirable to the w’hi-te man. Since the white man’s ownership or willingness to buy' gives land Its chief value, it fol lows that when only negroes are in the market to buy’, that property goes for less. It is because of the black population and the black leases a* -veil as Ignorance of how to main tain soil fertility that land values In the South have not Increased as rapidly a* In some other sections of the country. Here, too, is the plausible excuse of the absentee land lord for holding onto his great plan tation acreage. He does not want .o sell to the negro at a sacrifice. Hope for Good Price. The*e landlords have been hoping that they would get a white man’s price for their lands, somehow’, some time. The time will probably never come until they have established a community village for whites and are then ready to sell off their lands In small tracts to white farmers. Occasionally, one sees advertise ment* of a sale of a large plantation in small tract*—a step In the right direction—but if another step is taken and there 1* created a village cen ter, both tracts and village lots could be sold for more than the racts separately. A hint to the wi«u real estate agent and Colonizer Is suf ficient. So much of the worse *ide of racial differences ha* gone out to the world in the press dispatches that it will be found more and more difficult to Influence colonists, or home seeker*, to buv land In the rural South, except ir connection with the community village, an assurance to the stranger of safety for his family. Most of the home seekers who will come Into the South to buy land are people who have lived In villages and towns and who can not be fully satisfied until they can find such a situation in ihe South. Newcomers will be looking up the schoolhouses and the churches to observe what advantages they offer for the growing up of the children. Unquestionably, there 1* not much to show’ of either In the average coun- try community of the South. The village center* make it possible to assemble the largest number of chil dren at school and thus 90 reduce the expense of teaching as to make *t possible to have long terms, and with money enough to get good teachers. The same is true of the church en terprises. Better church facilities, better paid ministers, and. therefore, better minister*. The Coming Settlers. Furthermore, most of the de*irabl>? home seekers will come from regions and countries where co-operation among farmers ha* been in force mor- than it is in the South. They will expect to find an opportunity to com. bine the little that he can grow’ of vegetables, fruit, fowls, etc., with that of his neighbors so that a carload may be shipped to the best markets. The centralization of the population In villages or towns, of course, admits not only of co-operative selling for the best prices but also of co-opera tive buying, and from present Indi cation*. opportunity for co-operative borrowing. The village affords the nucleus and point of radiation for agricultural In formation and exchange of experience —factors that have made agriculture successful In European countries more than anything else. Some wise landow’ners w’ho would like to dispose of his hundreds of acre® to the best advantage could piortgage his property, if need be, to obtain sufficient money for tear ing down the tenant houses and re building them at a desirable point for a village, add to them and make them nicer construct £ schoolhouse and a store building, and then pro ceed to plat hi* land into small farms, each plat to be sold with a house and lot In the village. It w’ould surprise the landowner to find how much the value of hi* land has been enhanced, how much more he can get for it by offering the social advantages of i<chool, church, and the protection that village life affords. Great Northern’s High Efficiency Shown by Gains in Net as Compared to Gross. • The Great Northern Railway Com pany closed its fiscal period June 30 with approximately 12 per cent earn ed on its $209,990,750 capital stock, or a little over 10 3-4 per cent on the $231,000,000 that will be outstanding when all the installments have been paid by stockholders on the $21,000,- 000 of additional stock that was offer ed for subscription last January. James J. Hill has given the major part of his attention in recent years to affairs of the company, and a great deal of money has been expended In perfecting Its roadway and track, which, together with the large amount of new and modern equip ment, has placed the road in a very high state of operating efficiency. This is reflected in the statement of earnings for the fiscal year ended June 30 last, when there was a gain in gross of more than $12,400,000 and an Improvement in net operating in come of over $3,400,000. In other w'ords, about one-quarter of the gain in gross w'as saved for the increase in net. For a number of years the Great Northern has paid annual dividends of 7 per cent. From the foregoing it is apparent that little difficulty will be experienced in maintaining this rate in the future, even with the additional $21,000,000 of new stock outstanding. The percentage earned on outstand ing capitalization has not fallen be ing 8 1-3 per cent per annum in some time, and in the fiscal year ended June 30, 1912, it was 10.31 per cent. In 1911 It was 8.34 per cent; in 1910, 8.47 per cent, and in 1909, 8.32 per cent. Dividends of 1 per cent were paid in 1890; 4 3-4 per cent in 1891, 5 per cent from 1892 to 1896, 5 1-2 pe r cent in 1897, 6 1-4 per cent in 1898 and 7 per cent per annum since that time. Crop advices from the Northwest indicate ideal conditions in the terri tory served by the Great Northern. “Carpetbagger” Securities of South Carolina Basis of Action to Recover $50,000. NEW YORK, Aug. 23.—To enforce the payment of $50,000 In State bond* the Attorney General of New Hamp shire is prepared to bring suit in the United States Supreme Court against the State of South Carolina, accord lng to information received by E. E Carpenter, of this city. Mr. Carpen ter is chairman of the Louisiana Debt Committee, and is interested in the collection of repudiated paper of Southern State*. Under the Constitution a State can not be sued by an individual, but can be sued by another State. The South Carolina bonds held by New Hampshire w’ere part of a be quest made to the New Hampshire State College 30 year* ago. The in terest on the bonds was not paid and the college authorities regarded them as worthless. At the last session of the Legislature an appropriation was made to enable the Attorney General to seek a settlement from South Car olina or to bring suit. Two w’eeks ago the Attorney General visited the Attorney General of South Carolina and found there was no prospect a settlement. The State bonds were issued by reconstruction or "carpetbag” gov eminent in 1869 to refund all out J standing obligations. Including ar rears of interest. In 1872, with the tbaggers” misted, the State re pudiated the bonds by putting in th constitution a provision that they should not be recognized or paid. ROADS BUY LOCOMOTIVES. Ten Mikado locomotives have been ordered from Baldwin Locomotive Works by Pere Marquette Railroad. The Canadian Northern is in market for 30 locomotive* and the Norfolk and Western for 10. >r 1 1 NEW KIND OF PIPE LINE. One of the most Temarkable me chanical devices ever used in connec tion with the manufacture of paper is being installed at Orange, Texas. This is a "blower,” more than a mile long, through which the waste yellow pine timber from a local lumber mill will be sent to a paper mill. The slabs as they come from th e mill will be ground into small particles and forced by means of compressed air through the long pipe to the paper manufacturing plant. This paper mill is said to be the ’only plant in the world that makes paper from yellow pine pulp. It has a daily output of thirty-three tons of wrapping pa per. “V EVERY WOMAN NEEDS THESE UNIQUE BOOKS $1 EACH The first edition of "Salads” is sold out; but the second edition is just off the press. The first edition of "Desserts” is goings fast. Send in orders at once. There are no books like these. “SALADS” This is not a "cookbook” in the ordinary sense. It is unique—the work of the fore most authority on salad-making, Olive M. Hulse. "Salads’ contains more than ,!00 original recipes—each a masterpiece in the art of making salads; 30 recipes for salad dress ings. and a remarkable introductory chap ter on "Salad Lore.” There are 95 pages and the printing and binding are most attractive. 51 Postpaid. “DESSERTS” This volume contains 155 pages is tt are more than 200 matchless recipe* for tbe^ making of the most dclic tews... dess effi- { French Pastries, Pies, Cakes, PtfSimgs, ices and Fruit Desserts. The introductory chapter on "Dessert Lore" leads more like a fairy story than the actual history of desserts. In the preparation of “Desserts'’ Mrs Hulse has had the co-operation of some of the most famous chefs in America. The result is the most fascinating and useful book of its kind ever published. 51 Poet- paid. Don’t Delay—Send Now Mrs. Hulse's “Salads” and “Desserts” are unique not only because of their iirvdlwtMe recipes, but in the manner in which the author presents her subject. Her recipes enable the woman in the most moderate circumstances to match the skill of the French chef. Send to-day for “Salads” and “Dessert*”—the y are 51 each, prepaid. The editions are lim ited, but a prompt reply will insure delivery. Western Merchandise & Supply Company 3?.6 West Madison Street s : t t Chicago, IR. -J