Below is the OCR text representation for this newspapers page.

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 EVERY WOMAN is NEEDS THESE UNIQUE BOOKS $1 EACH The first edition of "Salads” is sold out; but the second edition just off the press. The first edition of “Desserts” is going 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 saiad-making, Olive M. Hulse. “Salad*" contains more than 200 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. $1 Postpaid. “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 chapter on “Dessert; Lore” reads more like a fairy story than the actual history of 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 book of its kind ever published. $1 Post paid. 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 ited, but a prompt reply will insure delivery. Western Merchandise & Supply 326 West Madison Street t : Company Chicago, : t