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16 D HBARRT’S SUNDAY AMERICAN, ATLANTA, OA., SUNDAY, SEPTEMBER 14, 1013. News and Views by Experts of Finance, Industry, Crops and Commerce Premium on Qualities Above Mid dling Narrowed — Exchange Reacts on Political News. Millions of Beef Cattle Can Be Grown On Waste Lands of Southern Farms Meat Can Be Produced at 2 Cents Per Pound That Will Sell This Year for 9 Cents—Pasturing Will Enrich Worn Acres. By CHARLES A. WHITTLE. Georgia Stale College of Agriculture. Beef rattle will bring 9 rents per pound this winter By living up to Its opportunities the South nan pro duce beef at from 8 to 4 rents per pound, live weight No other sec- wiva ~ 1V T>1 . tion of the country can do so well. XTTW ORUF.AN8. 8*Pt. 1 *-The The S()Uth haJ) Brpaj , of waJ ,„ action of the Senate Finance Commit- land, such as cut-over pine lands, tee In postponing the time In which worn-out farm lands, rough hill the Clarke amendment la to go into effect until September, 1914, ha* been reflected In the cotton market by a sensational recovery In values. Sharp a* waa the break last Fri- day, when the news came that the Democratic caucus had approved the Clarke amendment In Its original form, the rebound has been even more violent, January contracts In this market Tuesday selling as high aa IS.82, or nearly 100 points above the low level touched on the decline that took place Friday of last week. Spot markets, too. have shared In the advance, gains of 1-4 to 1-Ic per pound having been recorded at in terior points, while the local spot market, which had held steady while the declining tendency was shown at the close of last week, has advanced l-4c, middling and the grades below not having been affected by the monthly revision of differences Wed nesday. although the premium on bet ter grades, which are becoming more lands, swampy lowlands, on which cattle can graze for nine months of the year A little cottonseed meal cake put In the field accessible at will will complete the ration of beef cat tle for the greater part of the year In the South. Bermuda grass as a permanent pas ture. with Japanese clover, both of which will grow on the poorest of land, constitute Ideal grazing food. These grasses, together with cotton seed meal, will put on flesh at from 11-2 cents to 2 cents per pound, when pasturage Is charged up at $1.60 per month per head. When It Is considered that waste land, such as has been mentioned, would not yield that much revenue when used In any other way, In fact, would usually be looked to for no revenue at all, then will the value of turning waste places Into profit by grazing beef cattle be appreci ated. Making Fine Pasturage. The writer saw only recently a piece of land that had been abandon ed for years, which had been gullied until only a fevtf scrub pines found footing, now furnishing excellent pas ture of Bermuda grass. The pines plentiful, was reduced 1-8 of a cent. ; and blackberry briers had been clear- In fact, middling and the grades be- ; e( j G ff ar »d thrown In the gullies, some low were advanced 1-16e at the same Bermuda grass was sown on the land time that the higher grades were re and harrowed In, and the Japanese duoed 1-8, thus narrowing the dlf- j clover seemed only to he waiting ference®. the opportunity thus afforded to be- Flrst Pickings Good. gin to thrive. The land was still At the present time the supply of poor, very poor For cropping pur good grades is daily Increasing First poses It would be considered worse pickings, as a rule, always grade than useless. But the land Is fur- high. If the rains which have been nlshlng pasture for some fine-bred, general over the belt for several days high-producing dairy cows. Of course, past continue much longer, the effect therp Is big profit In dairying when will be to lower the grade of the milk - producing food Is obtained upon crop, and later on In the season the such lands and with so little In difference In price between the lower vestment. and the better grades again may Another Bermuda-Japanese clover widen. pasture has been seen by the writer. The advance about 18 1-4 cents on created on another gullied, worn and Tuesday brought out considerable useless tract of land The gullies are hedge selling, as well as profit taking not yet filled, except by brush taken on the part of leading long interests from the land. On this tract was a strong, of course the Jersey and Hol stein bulls are being purchased. A Georgia community began to get I Interested in dairying only a few i years ago, after getting rid of the ticks, by investing in Jersey bulls of ] high breeds The farmers went in for butter fat. 1 They separated their butter fat and j sold It to the milk and butter com- I panics of the larger Southern cities. They have prospered beyond their ex pectations A gentleman driving through the territory said that he could invariably pick out the dairy farmer, solely by the appearance of the farm lands. There was evidence of prosperity, Increased soil fertility largely brought about by barnyard manures from cattle. These farmers were utilizing thf skimmed milk for building up a hog Industry. Thus one step of progress opens up opportunities for others. All of the prosperity of the dairying farmers in that region hangs upon tick eradication and the pure-bred sire. Aside from the food value and the foundation for a live stock Industry which permanent pastures of Bermu da and native legumes afford, there Is the Important consideration of the grazing cattle bringing up the fertil ity of the land by reason of their droppings Can any one think of a better way to rebuild the abandoned and gullied lands of the South? The poor land Is actually restoring Itself by furnishing food for cattle that re turned valuable fertility to it while at the same time yielding a profit of milk and butter through the cattle. Grass Checks Erosion. Again an Important consideration favoring getting Bermuda grass on the. waste lands, especially on the gullied slopes, is that it will serve to check erosion, hold the fertility which has been created In the land free from the power of the rains to wash or leach. In doing so the Bermuda Is not only saving the land on which It grows, but Is saving the soil of the rich bottom lands from being cov ered with washed sand, and saving the streams from being choked with accumulation that creates overflow or swamp land* of fertile acre*. While Bermuda grass Is unques tionably the solution of the perma nent pasture problem outside of the bluegrass region, there is widespread prejudice against It on the part of farmers. The belief obtains among them that the Bermuda grass is a pest which, once in a field, can not be eradicated, or that, If it is sown In one field, It will spread to another and, after a while, take the farm Much of this prejudice is without foundation. Its spreading habit 1# mostly by root and not by seed. Cor rect cultivation of any land will kill out Bermuda—that is, If a crop is cultivated a* It should be in order to make a good crop of It, the grass will be killed. Where a Bermuda pasture Is desired for cultivation, plowing in the fall, a repetition In March, fol lowed by a harrowing to pull out ths roots, will serve the purpose. Hogs turned on the field after the sod has been turned will eat tbe roots with relish and thus make away with them. It has been found profitable to sow Burr clover with Bermuda, the Bun- clover furnishing an early pasture ajid the Bermuda grass following to carry the grazing through for the re mainder of the season. While cattle do not readily take to Bun- clover, they acquire a taste for It In the ab sence of other pasture, and learn to thrive on it. Burr clover has an ad vantage as a soil builder over Ber muda, but none over the Japanese clover or lespedeza. They are le gumes, therefore nitrogen gatherers. Great Accumulation Indicated by Production and Influx From Borrowing Nations. Putting in of Winter Crop Essential in South which had been forecast to come to the support of the market as a mat ter of self protection when the big break took place Friday of last week. Almost a panic was on at the time, and thousands of bales of cotton which were being pitched overboard by weak longs had to be taken care of by stronger hands. These big in terests did not falter, and succeeded In rallying the market sharply even before the cheering news from Wash ington came, which enabled them to resume bullish operations on a large scale The whole South responded to the more favorable turn of affairs at Washington, and the market Mon large herd of white-face Herefords, the mothers and their calves. They were turned Into the pasture as soon as any pasture had appeared in the spring. They had been fed nothing else since, except occasionally some salt. They were living under range conditions. The cows w r ere not milk ed except as the calves, which rang ed with them from time of birth, at tended to It. These cattle are round ed up at the stock barns and fed allege during the winter months. Every Advantage in South. Each year thlH herd will product a carload or more of feeders for the market. Where can calves be raised day and Tuesday reminded old timers an ^,i!Vi 0UKllt , f,° uge with of the Bwtn K 8 upward which were of ?° ' 1, ’ le ?°»t •’ » here ™n srazlnu " . anil rui o h t u I n a 11 m/\fd oVioat. .. ? r Ui mo on lUKH U tnaiu 111 ■ n ui , „ , , . . , , • almost datlv occurrence during the >»nd be obtained more cheaply? In what so-called beef-growing section of the country wlP bermuda f?rasa or | any other grass of such fine nutrl- ; ent properties grow as successfully as in the South? In what country Bully year, until the climax came In February’ of that year. Remember Sully Year. Not a few traders here are asking themselves the question whether the ootton market Is in for another Sully year. Some strong arguments are be ing adduced In favor of the affirma tive side of the proposition, the prin cipal one being the admitted short- tage of the crop In the western belt, and the fact that the consumption can cotton seed meal be obtained so chea plji? But the advantages are not alone In pasturage on land that can be ob tained for a song, but the South has a distinct advantage in producing barn feed. In the first place, the now Is anvwhere from throe to four ^ m i' ^ Hs a s uir <i r barn-feeding pe- mllllon holes larger than It waa at a " d ovar « * reat P 1 "' 1 l !’* the time the Sully campaign waa In- Sm,th ,he r e 8 ’' ,m8 Pasturage the augurated 1 year round. In the second place, the Bears are counting on the heavy S ? ut * °» n s | ,9 R p < ' r °P\ l J’ movement that usually takes place In abundance at the lowest poss ble cos' the fall to depress prices, hut they Take corn and sorghum, for Instance, appear to he Ignoring the disposition No better silo fillers can he found Putting In a winter cover crop Is the most important thing for the j Southern farmer to be looking after during the fall. The great staple winter cover crop has come to be oats. Nothing Is better. Oats can be sown In the fall be tween the cotton rows, three or four rows of Oltl between two rows of cotton Next spring or In late winter the oats will furnish light grazing without harm and in summer pro duce a good crop of oats. Of course, the great purpose of a winter cover crop Is to check the wash and the leaching away of the soil fertility during the winter, Enor mous loss has been going on each year by reason of bare lands In win ter. It Is the bane of cotton grow ing that It leave.s the land exposed to erosion and leaching during a great part of the year. By using oats, rye, barley, wheat, crimson clover, vetch or some other good cover crop., the Southern farm er gets two crops off of his land a year Instead of one. Two crops ob tained while saving the loas of the fertility of the soil is certainly at tractive economy. of many planters and farmers to hold their cotton for 15 cents. Should the holding movement become gen eral. 16-rent cotton may become a reality sooner than some of the trade figure on. New England Mill Stocks Show Slump Tariff Discussion Costs 24 Leading Issues an Averaoe of 16 Points From 1912 High. BOSTON, Sept. 10.—The tariff dis cussions have proved costly to the holders of stocks In the New Eng land textile mills, although the de clines in those issues have In some cases been no greater than the losses suffered by other industrial stocks In the recent depressed market. The lower prices have been largely the result of sentiment, only two of 24 representative mill stocks having had to reduce their dividends so far. On the other hand, five mills have in creased their payments slightly. The following table shows the num Both corn and sorghum have found their finest development and largest I yields in the South. Of course, the silo is the economical feed supply. Winter feeding with anything else would be unwise. In fact, to buy feed with which to fat ten cattle, even with the South’s long grazing season, would mean loss. Th? food must be grown on the farm, and It can not be grown in any form so ; cheaply and so good for the cattle as i silage. Thoroughbreds Not Necessary. To obtain the foundation stock, it is not necessary to go in for both i pure bred males and females. Tne j mire bred male crossed on the home scrub cow Is suFlcient, provided that the grade bulls are killed. Wonder a have been wrought with crossing of Hereford pure bred bulls or Short Horn bulls on piny woods cows. Somebody, of course, should have pure bred females, so that pure bred sires can be produced and dissemi nated for developing beef animals from the scrubs. For the next few years those who introduce the most pure bred sires into the South will be the South’s greatest benefactors of animal hus- : bandry. Of course, it is poor business trv- The setffmd crop following oats in the summer is cow peas as a rule and nothing better can be grown In the South. It Is a soli building crop and will make a larger crop of that which follows It than would have otherwise been obtained. A point about selecting oats. Rust proof oats alone should be sown. If the farmer has oats which did not show rust during the past year he should sow them rather than pur chase seed oats the rust proof quali ties of which he can not absolutely know a* he does those which he has grown himself. Another Important point which does not have to be emphasized after the experiences of this year’s oats corn Is that the oats be sown not later than November, preferably in October. Wherever oats were sown early In Georgia there were good crops this year. Where they were sown late, that* Is, in winter or early spring, the crop was a failure. The spring drouth prevented the late grown crops from getting a good start, and It was the late sown or spring sown oats that suffered most from rust. Cotton Mills Hire All Available Hands Shortage of Operatives Likely to Prove Real Handicap If Season Develops Boom. PROVIDENCE, Sept. 13 —The cot ton goods market is more active and the mill men are taking advantage of what some of the more pessimistic declare is only a flurry. Every mill in this vicinity Is running on full time, and every bit of machinery for which operatives could be procured has been p it In motion. The shortage of competent cotton machinery hands is being felt more than ever and now it is certain that i should the coming season develop a I boom the manufacturers would find ’ themselves seriously handicapped be- j cause of the inability to get a suffi cient number of skilled workers. Increased business this week does not come as a surprise, because mill men predicted several weeks ago that there would be a resumption of trad ing on a large scale soon after Labor Day. ber of points which leading mill, ^ ave from the high prices ing to grow beef cattle without hav- or 1912 and from the lowest point ing an animal that will produce flesh touched that year: Mills. Off from Off from 1912 high. 1912 low. Acushnet • .. 16 10 Am Woolen pfd . .. ... 20 4 Arlington ... 35 24 Arkwright 8 •7 Butler . .. 18 17 Chace ... 12 9 Dartmouth ... 26 13 L>avls ... 12 10 Everett ... 26 24 Grinnell .. . 25 32 Granite 3 4 Kilburn ... 17 31 Lincoln 1 1 Manomet 9 6 Massachusetts . . ... 16 12 Merchants 3 8 Merrimac, pf. . . . .. 15 11 Nashawena . . . . ... 28 15 Nonquit ... 15 10 Pocasset 8 1 Potomska . . 16 10 Sagamore ... 10 6 amsutta ... 15 5 Whitman ... 31 25 Average ... 16 10 •—Advance. The average of these mill stocks ha- declined about 16 per cent as compared with the best quotations fex 1912. in the largest measure for what be cats. Ordinary, scrub, tick-infested | cattle of the South will not fatten profitably. Again, It is not worth while to at- | tempt beef production with tlcky oat- , tie. In the first place, a pure-bred j sire from an uninfested territory will 1 die of the tick fever when he gets » ln-to tick territory, thus preventing at tbe outset the foundation for a beef industry. In the second place, cattle of whatever breed are stunted from their youth up when raised in tick- i Infested territory. The bar to hope Is up against suc- j cessful beef raising in the South where the tick remains. Fortunately the farmers have awakened to 'he seriousness of their situation in this j respect and more tick-infested terri tory is being cleared now than at any time since the work was inaugurated ! several years ago. It is easy enough to get rid of tl j ticks permanently, so easy that tbe j tick can hardly be said to be a serious I obstacle in the way. Bought Jersey Bulls. Along with the campaign of tick eradication the farmers are taking an ; interest in introducing pure-brec 1 aire*. Where the dairy inclination it Pacific Syndicate Closes Successfully Underwriters Are Required to Take but 8 1-4 Per Cent of Their Full Allotments. NEW YORK, Sept. 10.—With the completion of subscriptions for the $8S.357,000 of Southern Pacific stock trust certificates issued by the Cen tral Trust Company against a like amount of Southern Pacific stock held for the Union Pacific Railroad. Kuhrf, I^oeb & Co., as managers of the un derwriting syndicate, have called upon the members to take up their share of the remaining stock and to pay their proportion of the subscrip tions. Owing to the unexpectedly large response to the offering, the syndicate members will have to take but 8 1-4 per cent of the amounts al lotted them. This will tqtal about $7,290,000 of stock, which will be di vided among more than 600 members. As the syndicate members receive 2 1-2 per cent commission on the en tire $88,357,000 of par value, amount ing to $2,200,000, and pay 92 for the certificates, the actual cash which they will be called upon to pay will be but $4,600*000. United States Buys Corn in Argentina Price Paid Is Close to Parity With Chicago When 15-Cent Duty Is Considered. The Corn Products Refining Com pany has purchased about 750,000 bushels of Argentina com at 69 1-2 cents, which on the day of the trans action was almost up to parity with the Chicago market, after taking into consideration the 15-cent import duty. This fact calls attention to the position of Argentina as a corn grower at a time when the domestic crop has suffered so severely through drouth and hot weather. Although the Argentine has figured as a wheat producer for a decade or more, not until the past three or four years has it become a consequential exporter of corn. In fact, from a position fur down the line of pro ducers in 1910. it last year held sec ond rank, being exceeded only by the United States. Argentina’s production and exports of corn for three years show (bush els!: Production. 1912 240,000,000, 1911 260,000,000. 1910 250,760,000; ex ports. 1912 210,S85,000, 1911 43S.000, 1910 87,000,000. Since the first of April there has been exported from Argentina 93,- 700,000 bushels. Last week’s exports exceeded 7.000.000 bushels. The high protective duty on corn imports and the fact that the United States ranks above all other countries as a producer of corn have naturally combined against the Argentine find ing a market for this grain on this side of the Atlantic, with the result that a large part of its corn exports have been consigned to Antwerp. ‘Outside Industrial’ Does Huge Business Procter & Gamble Gross Sales In 1912 Are $55,000,000, and Will Be Greater for 1913. It is sometimes surprising to learn the business transacted by what may be called the “outside Industrials,’’ enterprises for the most part not in the popular eye. The gross business of the Procter & Gamble Company in 1912 was over $55,000,000 and for 1913 will probably come very close to $60,- 000,000. Procter & Gamble was financed in its beginning through a Boston bank ing house and in large measure with New England money. It has been one of the most astonishing of indus trial successes. CHICAGO, Sept. 13.—A great accu mulation of gold is expected in the world’s financial centers next year, the Influx from the borrowing coun tries, added to the production of new metal, promising to increase hold ings In this country’. England, Ger many and France. Through being denied capital, ex pansion In the younger countries has been checked and the tendency of gold to accumulate in international markets is marked. In the United States treasury there is a stock of $1,- 300.000,000; Brazil has $100,000,000. Russia, $810,000,000; Argentina. $260,- 000.000, and India. $125,000,000. Borrowing countries have ample supplies with which to meet matur ing obligations as well as an adverse balance of trade at any time bor rowing Is made difficult by conges tion elsewhere. This year, too. the world’s output will be about $50,000,- 000. w r hlch will enable the Relchsbank of Germany, the Bank of France and Austrian Institutions to strengthen their reserves. The .Bank of Eng land has been fortified strongly and now holds about $216,000,000 gold, the largest accumulation since 1896, al though the total w’as closely approx imated in 1911 and 1910. The Bank of’ France, though Its gold reserve is $52,000,000 below the high record reached in June, 1909. holds $280,000,000 more than in the week of 1896, when the Bank of Eng land reached Its maximum. The Im perial Bank of Germany never be fore held as much gold In Its vaults as It reported las* u’eek. Prevents Undue Stringency. In reviewing the world’s monetary condition, the London Statist says It should not be assumed that the influx of gold from so many coun tries will bring about an extremely easy money market this year, though it may prevent undue stringency in the United States and Europe. In gauging the outlook of the money markets, that authority stays we have to take Into account the possibility, Indeed probability, that the countries which have absorbed so large a part of the world's gold supplies in re cent years this year not only will not absorb their usual quota, bui also may contribute to the supplies out of their accumulated shocks. In the current year the world’s gold output will be in the neighborhood of $500,000,000, and If. as seems prob able, the usual demand is lacking and some of the old gold returns to the monetary centers, it is obvious the accumulation of the gold await ing purchasers may reach a great figure. It should, of course, be spe cially noted that gold is needed by the continent, that the banks of Ger many, of France and of Austria all are anxious to obtain supplies of the metal in order to strengthen their reserves, and that all the gold coming to hand from the mining and other countries will be welcomed for some time to come. Crops Need New Gold. Moreover, we are at the time of year when currency is needed in most countries to move the crops, and the new gold that will arrive in the In ternational markets will be required to make good the notes and coin withdrawn for harvesting purposes in Europe as well as in Egypt. But it is now fairly evident that the in flux of gold front the mines and from South America and the diminished demand for goltf for Tndia, coupled with the release of something like $50,000,000 of cash from the American Treasury, will provide abundantly all the currency needed. Where the shoe will pinch, apparently, will be in the borrowing countries, which are un-, able to obtain the capital they need, and are compelled to contract their currency in order to meet their obli gations. This is the situation that will be met by curtailing activity and by di minishing consumption. It should not be assumed that the influx of gold from so many countries will bring about an extremely easy money market in the current year. It merely may prevent undue stringency in this country, on the Continent and in the United States, about which apprehension recently was enter tained. The curtailment of consump tion, the diminution of trade activity and the lessened demand for gold are not likely to have any great effe :t upon the world’s money markets un til 1914, when, If the existing indi cations persist, we may have the greatest accumulation of gold in London. Paris. Berlin and New York that bankers ever have had to deal with. In the first place, there will b.» the output of new gold at the rate of $57,000,000 a year, and. for the time, practically no demand for it. Second, there may be a further influx of gold from the borrowing countries, unless confidence is restored and these countries can obtain the additional capital they need. Commodities Prices Off. Doubtless the great banks of the world will seize the opportunity of replenishing their gold reserves, about which they have been so anxious in th*' last twelve months. In consider-, ing the outlook, due account must be had of the falling tendency of the prices of commodities. One after another commodities are falling in price, and the monetarv pressure i the agricultural countries In the cur rent autumn is expected to bring about an appreciable decline In rhe prices of those commodities whi n have not yet fallen. If there is a general fall in prices, much less cur rency will be needed, and the ac cumulation of monev in the hands of bankers will be accentuated by the return of cash from circulation. A great accumulation of money in the hands of bankers and exceedingly low rates of interest can not fail to have a fresh stimulating effect upon trade, and it is evident that trade will not remain depressed for long, especially as the borrowing coun tries. by their shipments of gold and their ability to meet their obligations, will give evidence of their financial strength- Rains May Improve Crops in Dry Belt Crop Guessers Incline to Small Figures Despite Recent Helpful Showers. MEMPHIS, Sept. 13.—One of the question* most discussed by the cot ton trade during the week was whether the rains In the belt, where the heat and lack of moisture were Injuring prospects, would do very much good or Justify enlargement of crop ideas. The preponderant opin ion is that they will help somewhat and, given a late fall and continued favorable growing conditions, the yield will be bettered considerably. There will be improvement of quality by the checking of premature opening. Many bolls which would have been half-sized now probably will develop to normal size. The rains, however, has not yet been general, though enough have fallen to check extremely bullish Ideas and cause a more conservative view of the situation. It still is a difficult matter to get a line on what the trade expects in the way of yield, though there is range of Ideas from about 13.500,000 to 14,500,- 000, with more under the minimum than are over the maximum figure. At this center most guesses seem to be around 14,0(M),000. Prospects In this section are 'good, which may have some effect on the views as io total yield. Price Ideas Variant. How much a crop of 14,000,000 bales Is worth brings no end of argumen*. All signs seem to Justify expecting the world to consume as much the coming year as it did last, provided, of course, prices do not p*o much higher. It -s not thought prices now ruling are ex treme, for the average price of mid dling upland last year was about 12.25c. Quotations In the belt for that grade now range from about 12 1-2 to 13c. The market has been so erratic since the Government’s condition re port came last week, the legislative situation in Washington having been a big factor, that weather conditions have taken a secondary place. The weather still is to be considered, though the date of frost is some way off, and it will require something ab normal to be a potent Influence. The frost will not be very impor tant, except perhaps in some sections of the central and over a large pan of the eastern belt, where rains have kept the crop green and growing. Of course, a spell of wet weather now would change the aspect to some ex tent and Increase the Importance of frost, as a top crop might be a pros pect. The market has been given thrills by the news regarding the tax on fu tures, the announcement that it Is not to go Into effect until the beginning of the season of 1914 proving quite bullish. But it is felt that matters are not yet settled, and In the mean time there will be nervousness. Spots Not Moving Freely. The spot demand has not yet proven that spinners are going to buy freely at the higher levels, and with the movement increasing there has come difficulty In sustaining values. With the speculative support restricted by the legislative program, there has been trouble in taking care of hedge sales, the latter having Increased when spot demand failed to expaiyl enough to absorb offerings of the ac tual. It Is hoped demand soon will take on larger volume, but that is one of the uncertainties. Some talk of pro ducers holding has been heard, but not given serious attention, as the money conditions are against the scheme, to say nothing of the dubious wisdom of such a policy so early in the year. The fact that the Census Depart ment’s first ginning report set a new high record was regarded as indicat ing early maturity rather than big yield, though the gains over last sea - son were made outside of the drouth sections of the belt. OCCASIONAL OBSERVATIONS Standard Oil interests are reported to have experienced “a change of heart” regarding the stock market, and now expect improve ment before 1914. This is the first time since the “dissolution” , of the Oil Trust that Wall street has heard ’of No. 26 Broadway being bullish. • • • A professional croupier, who in the palmy days made the roulette wheels whirr, observes that al though the gaming device car ries 86 numbers, a man can some times guess correctly, whereas in the stock market, with only two ways to go, he can never call the turn. • • • The late James R. Keene made very few confidants; in fact, he was known to be confidential to only one person, his office boy. At one time Keene had besn ad vised by his doctor that a baked apple eaten daily would benefit him greatly. He told the dread ful secret to his office boy, who was also playing the market. The youngsters figured that the time wasted in getting the apple w’ould mean his absence from the ticker. So he went to a restau rant and picked out the most un palatable-looking apple in the place. After Keene had eaten it he conveniently forgot his phy sician’s orders, and the boy never had to purchase a second apple. • • » “Qf course, we have been guilty of many wrongs,” said the express company official, “but the public forgets the valuable service done by us years ago. It overlooks the fact that we are still doing worthy service. We still find a market for the pro ducer whose product is not large enough to warrant a railroad taking the business. We are continually finding a market in one section of the country for the products of another district. We have even gone so far as to send the plants to the producers and tell them we could find a ready market for their fruit if they would raise it. This was at one time particularly true of the shipment of strawberry plants to Texas. Of course, after we find the market the shipments become so great that a railroad will send cars for them, then we lose the business except early in the season when the shippers can profit by send ing their produce via express to the market when prices are very high. As the season advances for the product the supply in creases until it would not pay to send it by express. The rail roads step in at that point.’’ STEEL PASSENGER COACHES RAPIDLY REPLACE WOODEN In view of the fwit that itmr bills are pending: in Congress requiring' re- . placement of wooden passenger equip ment with steel equipment, the spe cial committee on r.'Stlons of railway operation to legislath ''made inquiries as to progress of 'T-.nstruction of steel and steel underframs equip ment. Replies from 247 companies operating 227,754 miles in the United States and from roads operating 24,- 71S miles Uif'anada were received. Between Jhuary 1, 1913, and July 1, 1913, orders were placed by railways for 1,140 passenger equip ment vehicles. Of these 1,064, or 93.3 per cent, axe of steel construction and 76. or 6.7 per cent, have steel under frames. INVENTS TOBACCO CURER. According to a report from Philadel phia, a humidifier has been perfected that will cure leaf tobacco in one-quar ter <if the time usually required under methods now used by cigar manufactur ers. This humidifier is also said to in sure better cure.i tobacco and to de crease by one-half the operating ex penses of sweating. Illinois Central, the “Hard Luck” , Road, Among the Big Sys tems Cutting Rates. In the last two years there have been unexpected and radical reduc tions in railroad dividends. The St. Paul. Illinois Central, New Haven, Boston and Maine and New York Cen tral stocks were subjected to sweep ing reductions. Illinois Central recent ly joined the ranks of 5 per cent divi dend stocks, leaving only Great Northern, Northwestern, Northern Pacific and the Omaha of the impor tant lines in the category of 7 per cent payers. No one was surprised that the Illi nois Central dividend was lowered, although the movement of the stock on the day of the announcement made it apparent that a reduction of the semi-annual payment to 3 per cent instead of 2 1-2 per cent was antici pated in most quarters. In only one year out of the past seven did Illinois Central show a sur plus after dividends as- much as $1,- 000,000, and that was in 1911, when the surplus was about $3,500,000. In 1910 there was a surplus of only $182,- 000, while last year there was a defi cit of $4,250,000. It was not until 1911 that the road’s ordeals became so notable that tho property was given the title of the “hard luck road.” for in that year It became known that the company had been defrauded of nearly $1,500,000 by collusion between leading officials. The strike of shopmen put the road to an enormous expense, and the se vere winter of 1911 and 1912 added to the cost of operation, which was am plified the following spring by flood expenditures. This year the floods again wrought havoc, adding to the obstacles which necessitated the re duction in the dividend rate. Stockholders of the New Haven may not be reconciled to the 6 per cent dividend they are receiving, but at least they are convinced that they can not receive more htan that again for a long time to come. With the advent of a new adminis tration and selection *>f a new presi dent there is a certainty that the property will be subjected to a man agement radically different from that of the Mellen regime. It Is likely President Howard Elliott will bring about a complete change In the New Haven’s policy to the publlc-be- pleased plan, although It is recog nized he will have serious obstacles to overcome. Concerning the Rt. Paul, there ap pears to be much significance bearing upon the outlook foi the resumption of the full dividends. The company has the distinction of reporting for the fiscal year just closed a larger in crease in net earnings than any other railroad system in this country. The amount of net earnings was the great est in the history of the company, the total of $27,551,000 being a gain of $8,339,000 over the preceding year That might have been anticipated] however, as prior to 1910 the Puget Sound division was not available to pay Its earnings into the treasury of the St. Paul. Reports of earnings for the year ended on June 30 reflected the influ ence of varied managements. State ments from the Pennsylvania. Atchi son and New York Central all showed smaller net earnings for the final month than in the same time last year, Pennsylvania’s decrease being $1,262,000, Atchison’s $456,900, and the Vanderbilt properties t ess than $500,- 000. While the Pennsylvania’s gross in crease of $14,900,000 indicated-athat fully 10 per cent more traffic had been handled than in 1912, none of this traffic added to the profits of the sys tem, an enlargement of $18,000,000 in expenses showing how enormously the road’s cost of carrying and mainte nance had increased. One Price, Unvarying Term?, Sticking to Them, Best Policy, Say Whitcomb-Burke Co. Courage, a united front and impar tiality are the weapons which the merchant of to-day must use to fight the unreasonable demands of custo mers. Development of the courage to stop growing abuses of credit and trade courtesies will do more to bene fit business than will "the passage of the tariff, in the opinion of W. M. Burke, of E R Whitcomb. Burke A Co., grocery brokers. No. 149 Madison avenue. “Much complaint ie heard In whole sale circles of the unreasonable de mands of retail buyers,’’ says Mr. Burke. “A great deal of this com plaint is well founded, but an analysis of it will show that It is due for the mort part to lack of backbone on the part of sellers. “Indiscriminate canceling, Inex cusable returning of goods, demands for unjust discounts, demands for ex cessive samples, all these abases can be Btoptfed by tho use of a little grit by the wholesaler, a-ad be it said to the credit of Atlanta that the whole salers here have gone so far in their campaign against trade abuses that the unreasonable retailers are getting fewer every year. “One thing for a seller to bear in mind in curbing vicious business practices is that Brown, Jones and Smith are having the same trouble. They are Just as anxious as he is to have abuses curbed, and while at flr*t Brown and Jones may gloat over the acquisition of accounts which had been Smith’s until he refused these unreasonable requests, the increased annoyances and losses resulting from these accounts will soon make them doubt the wisdom of their position. In the majority of cases a troublesome account is a losing one. “We have found this—the way to dq business Is to make the conditions ol I the .sale clear and definite, and make It plain that no deviation from these conditions will be conceded. Threats of lost business must not be allowed to influence the wholesaler. The mer chant who is not losing money con stantly through illegitimate leaks la the merchant who, in the long run, will be able to offer the bes»t mer chandise at the lowest price. “Our policy, which has led to suc cess. is to have one set of prices and selling terms to all accounts, be they large or small, and to have the cour age to stick to them.” New Haven Wrecks Cost Million in 1912 Report for Twelve Months Ended June 30, 1913, Sure to Show Even Greater Losses. NEW YORK, Sept. 18.~-The new low record for New Haven shares fol lowing the wreck of September 3 hai raised an interesting point as to how railroads are affected financially by such accidents. Where the loss of Ilf* is heavy or where numerous passen** gers have been injured, many suit* are brought for damages Then thee* is the damage to roadbed and equip ment. ?yfid finally the loss of prestige. Pennsylvania has a good record, despite its occasional wrecks. Last year was an average year with $666,- 000 charged off for damage to freight $19,031 for damage to baggage, $60,651 for loss of other property, and $173.50(1 for injuries to persons. For a 4,000- mile system that is an enviable rec ord. For the same period. New York Central’s expenditures, Including law costa, were $2,068,000. New Haven, with only half ol Pennsylvania’s mileage, charged off $1,129,000 for the fiscal year ended June 30, 1912, including $346,000 for damage to freight,* $574,000 for In juries to persons. The forthcoming annual report for 1913 will doubtleas show a heavy Increase In those items, as the company ha9 had eleven wrecks during the past year, In which 45 persons were killed and 187 In jured. No evidence can be found in the annual reports of the railroads to show how much money Is spent an nually In repairing the damage done to roadbed and equipment through wrecks, those items being Included in ordinary repairs Lose of prestige Is the mo^t Intangible of any suffered by a railroad aa a result of accidents, in cases where one wreck follows an other. the cause can be traced to gen eral demoralization. By the time ths accidents occur the road has already begun to suffer from loss of prestige. Revival Apparent In Market for Iron Large Tonnage Sold for First Half of September and Quotations Show an Advance. BIRMINGHAM. ALA., Sewt. lJU-For the first half of the month a large ton nage of pig iron has been sold by South ern iron manufacturers, in fact it Is announced two or three of the smaller makers are out of the market entirely for a while. There have been several sales if Iron made for delivery during the first quarter of the coming year. The quotations for pig iron have tak en on an advance, $1150 per ton for No. 2 foundry, being the price now for delivery during the first quarter of 1914. The make in this section of the country is to be kept up right along. There are heavy shipments of pig iron from the Southern territory, some of It going out for export. The consumption in the home territory, too, is good. Cast iron pipe plants are melting a large quantity of iron and It Is reported that every pit that can be operated is to be sturtfd up and kept in full oper ation for some time to come. Steel Is in strong demand and the various plants are working on full time and shipping out the product in quan tity. The quotations for steel ar e most satisfactory. There is a demand for steel wire, fabficated steel, rail and other shapes. Gharcoal Iron commands $23.50 to $r psr ton. Coke in In strong demand. Thg }' L