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TTEARST’S SUNDAY AMERICAN, ATLANTA, CA.. SUNDAY, AUGUST 24. 1013.
13 D
News and Views by Experts of Finance, Industry, Crops and Commerce
SPECTER
DC
ICES HILTS S
1 CHOPS FILL OFF
Financial Optimism Chilled by Prospects of
Shortage in Necessities of Life, a Condition
That Depresses Securities Market—Cotton
Likely to Clive U. S. a Big Trade Balance.
Sweet Potato Crop
Yields Big Returns
Would Bring Much More if Southern
Farmers Did Not Glut Mar
ket at Harvest.
By CHARLES W. STORM.
NEW YORK. A us. 23.—Financial
enthusiasm has been chilled by the
spectre of higher prices 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.
Meat 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 corn, oats, flax
seed. rye 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
pective shortage of grain would be
viewed , with greater apprehension.
The general food proposition must
be considered as not dangerous but
acute all over the world.
Europe will be a larger purchaser
of our grains this year for the in
habitants of the Eastern part of the
Eastern Hemisphere have been be
hind guns instead of plows. It is
estimated that Eastern Europe can
hardly make within 25 per cent of
its usual production. It must neces
sarily call upon America to fill its
larders.
Cotton Exports.
The, trade balance of the United
States will probably be swollen by
early exports of cotton at higher
prices than those prevailing las.
year The new crop from Texas is
going in at good prices per bale for
f>arlv deliveries. This will produce
an unsually good volume of sterling
for this season of the year.
Humanity balke at higher prices
and for this reason the demand for
high grade bonds has fallen off last
we?k. Owners of capital recently
shewed r disposition to exchange
Uu ir savings fo high grade bends
yielding five per cent and selling
around par. but an 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 Bar.k 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
quotations 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 10 cents a pound.
Money has worker easier. 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.
Some bankers expressed the opinion
that banks, in expectation of Gov
ernment deposits, have been lett.ing
the bars down a little too much , with
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 period.
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
movement of King Cotton.
DROUTH ASSUMING
CALAMITY ASPECT
rEMPHTS, TENN., Aug. .23.—The
ton crop west of the Mississippi
er continues its steady and rapid
*rioration. because of the excessive
uth and abnormally high tempera-
3, and at the same time there is a
a ’k in the ranks of the uniformly
d reports that have been coming
n the East. The cessation of
gress in the latter section, how-
r is due almost wholly to the fact
t’ the cotton of first plantings has
ut reached the stage where de
oration incident to maturity be-
3 There are a few complaints Ol
c of sufficient moisture, but these
lplaints are few and come from
ely scattered localities that make
he aggregate only a small area,
i the west the continued drouth is
Liming grave proportions, and un
soon relieved, bids fair to be-
ie something of a calamity. At
moment there is no indication nf
nedlate relief, or even of relief in
verv near future. There were good
ications of rain during the early
t of last week, and a few scattered
vvers fell over sections of South-
and Central Texas, but they were
jfficient even in the districts where
viest. In Northern Texas, all f
ahoma and Western Arkansas no
i has fallen for several weeks, and
spects that were considered noth-
short of brilliant a month ago
e dwindled until present indica-
is are for far less than an average
crop, even should good rains fall over
the entire area within a week.
Conservative estimates of the yield
in Texas and Oklahoma have been re
vised from 6,000,000 bales or better to
5,000,000 bales or less, with the right
reserved to make further revision
should the drouth continue. There still
is a large portion that has not been
damaged beyond repair and that
would make a fairly good yield with
good rains now and favorable weath
er for the remainder of the season.
To offset the poor promise in the
west, the promise in the east Is better
than that of any other year except
1911, and even compares favorably
with the record crop of that year. The
crop is reaching maturity in splen
did condition and another well-dis
tributed rain will practically insure a
near-record yield. Scattered showers
during the past week were in time to
prevent possible damage where rains
were beginning to be needed.
The new crop is moving In increas
ing volume. The dry, hot weather in
Southern Texas is rapidly opening th^
bolls and the crop is being harvested
and marketed as fast as it opens. Port
receipts to date are somewhat larger
than at the same time last year, and
during the past week demand from
spinners showed a distinct improve
ment, owing to the fear of a curtailed
yield as a result of the dry weather.
With the improved demand Texas re
ported an improved export basis.
FRENCH CALICOMAKERS
MAKE 20-YEAR COMPACT
Several years ago an attempt was
made to organize the French calico
printing trade, a cartel being formed
which included the principal produc
ers, and an effort was made to fix
standard prices. The results were not
altogether satisfactory, and the agree
ment was allowed to expire. The
matter was taken up again recently,
and It is now reported that a new*
cartel, comprising seven of the lead
ing French firms whose works are sit
uated in .Rouen. Epinal, Bolbec and
Valenciennes has been formed.
A central sales bureau, which will
transact the entire selling business of
the concerns interested, has been es
tablished under the style of the
Uomptoir de Vente dee Tissu's Fran-
cais Tmprimees.
According to the Daily Consular
and Trade Report, the agreement is
for twenty years.
SMALL TOWN SECURES
NATIONAL BANK CHARTER
STOCKTON, CAL., Aug. 23.—An-
nouncement is made that application
the first bif r rubber factory to be es-
at Riverbank has been granted.
This is the first time in California
that a town of 600 inhabitants has
secured a charter for a national bank.
The bank is capitalized at $25,000.
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 th e staple
for export purposes. During both
May and June this year exports were
57.304 bales larger than during the
corresponding months of 1912. when
ttm exports were nearly 2,000,000
greater for the season.
Each year the sweet potato la 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 acre* 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
than 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 pits 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.
N.0.T.&M. Receiver
May Ask Big Loan
Frisco Subsidiary Almost Certain to
Default on Interest Due Sep
tember 1.
i
NEW YORK. Aug. 23.—As soon as
New Orleans, Texas and Mexico re
ceivers know 7 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
Oolumbla-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 betw’een $2,-
000.000 and $3,000,000 expenditures
would be needed.
Under these circumstances assump
tion is made in certain quarters that
Frisco w’ill default Its guarantee of
the Interest due September 1. In fact.
It is said that any other course would
be improper.
Fertilizer Concern
Has Splendid Year
American Agricultural Chemical
Earns Close to 7 Per Cent on
Its Common Stock.
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 fertilizer
trade become very much worse than
for the last tw’o 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 m
making the initial distribution on the
common stock rather modest. If h
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 w'hlch it 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.
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 w’orker. 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 alw’avs 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
counted, and our country is big and
prosperous enough to quickly shake
off any unexpected evil rtfrtult.”
WILL NEGRO CONTROL FARM LANDS OF SOUTH?
NOTE OF ALARM IS BEING SOUNDED BY LEADER
Community Villages Will Solve Rural Racial Problem—Breaking Up
of Large Estates Into Small Farms With Village Centers Affords
the Opportunity—Whites AVill Be Encouraged to Become ' Land-
Owners.
-CHARLES A. WHITTLE
Clarence Poe, editor of The Pro
gressive Farmer—a leading Southern
publication—has stirred wide interest
in favor of «egregaUng the races In
the rural South. "The negro now has
an advantage in the rtruggle for con
trol of our rural districts, and It ; s
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 his 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 arguments. 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 oo-operation and co-oper
ative enterprises now Impossible as
between whites and blacks, to improve
moral conditions in the relation of
the races, to give the South a greater
proportion of white people, first, by
shopping the crowding out of white
farmers by the negroes, and. second,
by providing all-white communities
such as white people of other sec
tion-3 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 races 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 legislation such as
Atlanta has passed, which provides
that when a majority of the property
owners 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 theirs. "Why can
not Georgia, or any other State, pass
a law giving a similar privilege to its
country people?” is the query of the
leader of the movement.
The assumption is that propertv
holding w’ill automatically segregate
the races. But it may well be asked
when, 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 w’here will the whites, as
the dominant landowners sell, or per
mit to be hold, to the negro any of
their acres, especially w'hen such a
law' as that mentioned Increases the
pow'er of the white owners to reen^t
Increasing the domain of the black ?
Would not segregation by such terms
be merely a mirage and the negro
more than ever a wanderer 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 rac^>
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
enterprise* affords the satisfying so
cial life so much denied by the iso
lated farmhouse
Where the village is established *.n
the rural South there will be the ne
gro towm, that segregation now exist
ing in Southern cities which Mr. Poe
wants so much for the country.
During the ante-bellum period each
plantation, with its mansion and ne
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 white landowner felt the humil
iation of his loss of independence and
became more and more helpleps 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 towms and cities to follow’ other
pursuits. One has only to consult
the census reports tc note the appaU-
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 system has left only
the poorest and least reliable negroes
available for hire.
Soil Is Depleted.
Poor methods of agriculture, prac
ticed by negroes under the present
lease system in the Fouth. has ac
complished nothing so much as the
depletion of soil 0 . Land values are
low. Absent landlords who have felt
financial stre«« have parted w ith some
of their lands to thriftier negro ten
ants. and thus the negro is slowly
becoming a landowner.
Facing th» fact that the |ea<*e sys
tem Is ruining Southern farm lands,
much of which is destined to go into
the hands of the negro race at a very
low price, unless there i* a check to
the movement. Mr. Poe has been con
strained to shv. "The negro now has
an advantage in the struggle for con
trol of our rural districts."
The lack of co-operation among
Georgia State College of Agru'ulturc.
whit© landowners Is 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 iate for landowners
to organize and consider lease terms
that will conserve and build up farm
lands. The South can well turn to
European countries for guidance In
making leases. With proper co-op
eration In this direction much may
be saved that will eventually be loot
by present methods. Right crop ro
tation, right cultivation and right fer
tilization for soil building when pro
vided for in a lease, benefits. of
course, not only the lessor but the
lessee.
But permanent agricultural ad
vancement Is#not based on leases and
never can be. The problem of the
rural 'South will be solved most near
ly aright when th*e man w r ho culti-
vaten the land owns it. The planta
tions must be broken u^ into small
farms and sold to men who can not
have the inspiration to succeed with
out. a sense of ownership.
Opportunity Has Arrived.
With 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 houses Into a village. Of
course, there must be something In
it for the plantation owner, and so
there would be. If the landowners
are willing to sell off small farms,
a village house would be sold with
each tract. The house in the village
would be worth more than a houne 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 3Chool advantages, the protec
tion of his family while he 1b away
from the house at work.
Unquestionably too, there 'will be
found plenty 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 landn 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
owning aspiration? It has bee.i
stated that each village would nat
urally have its negro town. This
means segregation. What matters It.
then to the white man if the acres
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
neighbors in the village and Is not
Isolated on a farm and surrounded by
negroes? True, there will always be
racial prejudice. There will always
be white men who will be opposed to
negroes owning land, but there will
doubtless always be opportunities for
the negro to buy land, and racial fric
tion will be at least only where the
adjoining white and black lamf-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 reasons 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 bolding of the large planta
tions Intact by absentee landlords
and their attempt to operate the
plantations bv a lease system has in
no wise 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 trhet of land which each
was to cultivate. Where so many
negroes are tenants the white tenant
is Isolated not only by distance but
by race Rnd unequal competition. It
Is. therefore, natural that more and
more of the white tenants of the
black districts should be drifting
away to the towns, leaving the land
to the undisputed tenant claim of
the negro.
Just as naturally does it come to
pass that when the negro dominates
as a leaseholder in any territory
that the land becomes lew desirable
to the white man. Since the white
man’s ownershin or willingness io
buy gives land its chief value, it fol
lows that" when only negroes are in
the market to buy. that propertv
goes for less It is because of the
black population and the black leases
an veil as ignorance of how to main
tain soli fertility that land values
In the South have not Increased as
rRpldlv as in some other section*
of the country. Here, too, is the
plauslbl 0 excuse of the absentee land
lord for holding onto his great plan
tation acreaee. He does not vanf o
sell to the negro at a sacrifice
Hope for Good Price.
Thenp landlords have been hoping
that they would get a white man’s
price for their lands, somehow, some
time. The time will probable never
come until they have established a
communitv village for whites and ar»
then ready to sell off their lands in
small tracts to white farmers.
Occasionally, one sees advertise
ments of a sale of a large plantation
In small tract**—a step In the right
direction—but if another ster» is taken
and there is created a village cen
ter, both tracts and village lots could
be sold for more than the tracts
«*enarately. A hint to the wise re<«i
estate agent and colonizer Is suf
ficient.
So much of the worse sdde 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 0
to btiv land in the rural South, excen*
in connection with the oornmunit v
village an assurance to the stranger
of safety for hi* family.
Most of the home seekers who will
come into the South to tmy 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 the ftou-th.
Newcomers will be looking up the
school ho uses and the churches to
observe what advantages they offer
for the growing up of the children.
Unquestionably, there i» not much to
show’ of either In the average coun
try community of the South. The
village centers make it possible to’
assemble the largest number of chil-
dr< n at school and thus so reduce the
expense of teaching as to make H
possible to have long terms, and with
money enough to get good teachers.
The same i« true of the church en
terprises. Better church facilities,
better paid ministers, and. therefore,
better ministers.
The Coming Settlers.
Furthermore, most of the desirable
home .seekers will come from regions
and countries w’here co-operation
among farmers has been In force more
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 no 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
cations 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 landowners who would
like to dispose of Ills hundreds of
acres to the best advantage could
mortgage 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 a schoolhouse
and a store building, and then pro
ceed to plat his land into small farms,
each plat to he sold with a h^use and
lot in the village. It would surprise
the. landowner to find how much the
value of hie land has been enhanced,
how much more he can get for it
by-offering the social advantages of
school, church, and the protection
that village life affords.
Reported Texas Rains Dwindle
Officially to Showers—Buying
Heavy Ever Since.
NEW ORLEANS. Aug. 23.—More
definite assurance from Washington
that the Clarke bill w’ould receive Its
quietus before long, has revived bull
ish sentiment in the. cotton market.
Weather developments in the west
ern belt, where little rain has fallen
during the past month, also have fa
vored the bulls, and the large out
standing short interest has been com
pletely put to rout.
Alarming: reports have been re--
ceived from reliable sources as to the
deterioration that has taken ple.ee
in the condition of the crop In Texas
and Oklahoma. These reports have
been supported more or less by the
reports of M. C. Cordill, the well-
known traveling crop expert. His
first message Tuesday from Dallas
set the talent here and in New York
by the ears, and buying on a large
scale set in at once.
Liverpool also awakened to
the fnenaoe of the short crop in tho.
western belt, and even far-off Rus
sia has heard echoejf of a crop scare,
and bought heavily in the English
market.
The bears had some encouragement
Monday, when the market opened
about 18 points down on reports of
rains in Texas over Sunday. It sub
sequently developed, however, that
the rains reported were nothing more
than showers, and had not relieved
the drouth situation to any material
extent. Renewed buying then set in.
and shorts have been on the run ever
since.
On bulges leading long interests
show an inclination to take profits,
but it is likely that profit-taking on*
the big scale will be deferred until
the next bureau report, which is ex
pected to make a very bullish show
ing.
In some of the reports received
from Texas and Oklahoma, it Is es
timated that the deterioration within
the last two or three weeks has been
25 per cent, w’hich points to low con
dition figures for those two important
States.
ROADS BUY LOCOMOTIVES.
Ten Mikado locomotives have been
ordered from Baldwin Locomotive
Works by Perc Marquette Railroad.
The Canadian Northern is in market
for 30 locomotives and the Norfolk
and Western for 10.
"Carpetbagger” Securities of
South Carolina Basis of Action
to Recover $50,000.
NEW YORK, Aug. 23.—To enforce
tho payment of *50,000 in State bonds
the Attorney General of New Hamp
shire is prepared to bring suit in the
United States Supreme Court agalnit
the State of South Carolina, accord
ing t.o 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 bv
New Hampshire were part of a be
quest made to the New Hampshire
State College 30 years ago. The in
terest on the bonds was not paid an !
the college authorities regarded them'
ns 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 weeks
ago the Attorney General visited the
Attorney General of South Carolina
and found there was no prospect of
a settlement. ,
The State bonds wvre issued by a
reconstruction or “carpetbag'' gov
ernment In 186ft to refund all out
standing obligations. Including ar
rears nf Interest. In 1872, with the
"carpetbaggers” ousted, the State re
pudiated the bonds by putting In the
constitution a provision that they
should not be recognized or paid.
NEW KIND OF PIPE LINE.
One of the most remarkable me
chanical devices ever used in connecr
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 the mill will
be ground Into snAll 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.
BSHB
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The first edition of "Salads” is sold out; but the second edition
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“SALADS”
•This is not a “cookbook” in the ordinary
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“Salad*" contains more than 200 original
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There are 95 pages and the printing and
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“DESSERTS”
This volume contains 155 pages In it
are more than 200 matchless recipes for the
making of the moet delicious desserts—
French Pastries. Pies, Cakes, Puddings.
Ices and F’ruit Desserts. The introductory
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desserts.
In the preparation of “Desserts” Mrs.
Hulse has had the co-ooeration of some nf
the most famous chefs in America. The
result is the most fascinating and useful
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Don , t Delay—Send Now
Mrs. Hulse’s “Salads” and “Dessert*” are unique not only because of their invaluable
recipe*, but in the manner in which the author presents her subject. Her recipe* enable
the woman in the most moderate circumstances to match the sk31 of the French chef.
Send to-day for “Salads” and “Desserts”—they are $1 each, prepaid. The are lim
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