Newspaper Page Text
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II KARST'S SUNDAY AMERICAN. ATLANTA, GA., SUNDAY, DECEMBER M, I OB!.
News and Views by Experts of Finance, Industry, Crops and Commerce
$23,181,545,433 Is Total of
Banking Resources in U.S.
NEW ERA OE
MAY EXPLAIN LACK OF
i Canadian Pacific
Ready for Big 'Melon'
Automobiles Given as One Instance
of a Luxury Which * Has Made
Families, Long Thrifty, Into
Spenders of Their Whole Income.
NEW YORK. Dee 13. The United Shite* used to save from
*,>00.000,000 to $750,000,000 a year.
The United States now spends for automobile^and autoinobil-
ing at least $750,000,000.
Does this throw any light, on the unprece
dented lack of demand for investments and the
consequent grave shrinkage in the market
islue of securities?
Money, you know, must be saved before
it can be invested. The individual who spends
all he earns can not buy one share of stock or
even a $100 bond.
How many persons, how many families do
vou know, or know of, who used to live eeonom
ieally and bank a nice little sum every year,
who now support an automobile that, costs any
where from $000 to $6,000, and entails an up
keep expense of several hundred or several
thousand dollars each year?
Obviously these people can not both spent
save it.
Reflect for a moment,—or, bet- j
ter still, an hour—and see if you
<an not trace direct connection
between this new orgy of expen
diture and the absence of buyers
of bonds, stocks and mortgages. | new
If we have an entirely new expense
a,count of >750,000,000 annually, is it
not reasonable to flsure that this
must cut into the sum available for
lmestment or for putting the savings
in the bank?
Condition Worldwide
Remember, also, that similar con
ditions have arisen all ov er the world.
Mv mind was drawn to this whole
subject by "sn upstate fanner." to
use his own phrase, Winfield T. Sher-
v ood. of Sidney, N. Y.
"We who live in villages and know
* very body and their antecedents," he
.aid sagely, "get closer to one ftn-
■ tl.er than you New Yorkers We
know aboutjiow much each family is
| By Segregation Scheme $75 a Share
Will Be Allotted to
Investors.
MONTKKAL, Dee. 13 Directors will
announce their financial plans for If* 14 1
within the next fortnight.
The various departments, such as '
steamships, land hotels, sleeping, din
ing and observation cars, will be segre
gated, it is learned, and each separately
Incorporated.
Stock in each concern will be allotted
to shareholders, which .will mean a
"melon" of about $75 per share
Conductors Well
Paid as Professors
Average Dividend 11.4
pared to 11.01 in
J er cent in 1913, Coin-
Previous Year.
(1 tlieir money ;md
t rth. how Touch it earns, how muon
ii spends and how much it saves.
Now, I find that most of our people
who used to save from $500 to 42.500
i year, and cither buy a local mort
gage. deposit In a bank, or invest in
bonds or stocks, now own an automo
bile. Most of what used to be invest
ed has gone Into automobiling during
the last >ear or two. This change In
our local life set me thinking.'’
Intere*ting Deductions.
And I venture to sav tliat his think
ing and his deduction will Interest
>ou
The world has been prosperous.'
h«* said, “beyond ordinary. Business
everywhere has been good. Vet se-
« urities everywhere have been declin
ing. French ^Government bonds fell
to the lowest price ever recorded. Puz
zled security holders have thought of
the Balkan war, the political change,
the tarifr. the currency bill. Mexico,
and the governmental attitude toward
large corporations But have any of
the causes named seemed sufilclent to
• xplain why last year's great crops
•faded from wight, without giving a
few days’ stimulus to the Investment
markets'.’ That such an addition off
wealth disappeared and left no trace
of itself behind is a new experience
in the financial world. Evidently a
leak—and a leak of no mean propor-
tions- has sprung In our commercial
► ; stem. Can we trace it?
“Carefully compiled figures show
that In 1911 approximately $300,000.-
i*0fl of the nation’s earnings were di
verted into a new channel, the pleas-
liie automobile. In 1912 about $600.-
<100,000 was diverted in like manner,
>vr.ile in 1913 practically $1,100,000,000
* being consumed in this same chan
nel.
Nation’s Surplus
Xow. the annual surplus earning
capacity of the United Staton is va
riously estimated at from five hun
dred millions to one billion dollars.
This surplus wealth is the fund from
which our new buildings, our new
enterprises, our railroad extensions
and our municipal improvements are
financed. And it is from this name sur
plus fund that the $300,000,000. $600,-
000,000 and $1,000,000,000 have been
taken during these last three years.
"But the mone\ goes directly back
To the manufacturer, and Is by hint
distributed for labor and supplies, so
It is not lost." is retorted.
Upon first ihought this reply seems
. onclusive. But when it is remem
bered that an automobile neither
«\eds, clothes nor houses its owner,
and that, with the exception of a
comparatively small number of
wealthy people, they are largely own-
e I by persons w ho did not previously
own horses—or if ihey did, still re
tain them- it appears that the auto
mobile is, in the main, an entirely
nd unusbal expense.
A Comparison.
This being the rase, the results to
the country financially are the same
as though all the men employed In
building, selling, repairing and run
ning automobiles had been set aside
and been told to build a mountain,
meanwhile taking their ’sustenance
fiom the common earnings of the bal
ance of the nation. The comparison
may seem fantastic, but it is, never
theless. true, except that the moun
tain. when once built and paid for.
would not require further oqtlay in
repairs and fuel.
What the ultimate result of this
.shifting of “the river of gold" will be.
eat'h should decipher for himself. But
so far the visible signs, in addition to
the selling price of securities, appear
most clearly in the stopping of all in-
( (H*'pendent building operations and
the abandonment on the part bf rail
roads of any expenditures in the way
of new development.
These foread changes in policy have
leduced the steel trade to the pre
carious position that is at present at
tracting the attention of the nation.
Indiana Bank Robbed:
Dakota Alarm Rings
HUDSON. S. DAK., Dec. 13.—Hud
son people claim the most sensitive
piece of machinery in South Dakota
is the burglar alarm at the Bank vj
Hudson. A hank at Shelbyville, I ml.,
whs robbed the other night, and at
that very minute the alarm in the
Bank of Hudson started an alarm.
The whole town assembled at the
hank. The door was opened and a
thorough search of the premises
made, but no burglar could he found.
Finally a machinist was sent for anJ
he managed to stop the alarm.
The next day ii was discovered tha:
the burglary really occurred at SheJ-
byville, Ind.
Irish Benefit by New
Tariff, Says Consul
NKW YORK. Dec. \f. IT. K <*ruik-
t-hank, United States vice consul at
Queenstown, Ireland, who arrived in
New York yesterday, said conditions in
Ireland have Improved noticeably and
j tliat the country would be visibly bene-
| fit©d by the new American tariff regu
lations.
“Irish manufacturers.'’ he said, “ex
pect to fare well by the importation
into this country of laces, homespuns,
poplins, hides and mackerel. The Irish
farmer will in time also be.benefited.’’
Americans to Back
Moscow Car Lines
Special Cable to The American.
ST PETERSBURG. Dec. 13. - The
technical project of the American en
gineer Hough, who la backed by liner
iean finance, is the first in the list of
probable schemes for installing a metro
politan electric traction system for Mos
cow on the lines of the Parts ami Ber
lln systems.
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An Opportunity |gg||j
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for ear Iztf etf javwciuiu mccW, mm4 prize* eftmd by leedm?
■rnttetaren.
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Mtafot boeJUc* f*re to *rr »d«W.
[RANDOLPH fit CO.
PeUtf iftwr&t/z,
618 “F“ Street, N. W„
WiSRnOTeX, D. c.
aSBaaEaaeaeft
CHICAGO. Dec. 13 A young man
may enter the service of a railroad as
a brakeman and g* ? as much pay as
does the young graduate of a school of
engineering, and may look forward to
earning as much In the road's service
as does it full professor in many a col
lege, according to an official of the Bal
timore and (>hlo.
This is not a result of the award
made by tlie arbitration board; if was
true before that. With that condition
existing the trainmen were yet granted
an increase
II is an Interesting fact that a young
man who lias had no preliminary train- I
Ing may become a railroad brakeman I
and get $85 a month, and that tills |
same man who begins as brakeman. j
may look forward to making over $1,900 |
p. Near as a conductor.
The Baltimore and Ohio has conduc
tors who average $240 a month, which j
is as much as a professor in college
makes The dean of a certain engi
neering school makes ogly $2,000 a year. |
Municipal Bonds
Show Great Growth
CHICAGO, 1 )ec. 13.—The Bond Buyer
reports u total of $32,126,369 permanent
municipal bonds brought out in this
country during the month of November,
as compared with $12,494,414 in the same
rnontli iast year. The total for the
eleven months of the year is $274,108,209,
against $290,798,603 for the correspond
ing period last year
In addition to the above-mentioned
figures, eleven municipalities made tern -
porary loans aggregating $54,969,466. of
which $64,489,465 was borrowed by the
city of New York.
In view of the inactivity in the mar
ket for all kinds of stocks and bonds
that was marked during the month Just
pas ed, Tha Bond Buyer considers that
the showing made by municipals is ex
ceptionally strong
1,236,150 Factory
Hands in New York
NEW YORK, Dec. 13. The 48.851 fac
tories of this State employ 1,236.160 per
sons. according to slat sties of the State
Department of Labor issued yesterday.
Based on a population >f 9.500,000. on©
out of every eight persons is employed
in a factory' and one male in every six
is a factory worker.
The progress of the movement for
shorter hours is strikingly shown by
the fact that 20 per cent of the factory
operatives are working less than fifty-
two hours per week and 46 per cent be
tween fifty two and fifty-eight hours.
f’lothing and millinery establishments
employ nearly one-half and textile mills
about 20 per cent of the women work
ers.
10 p.c. Rise in Exports
To South Anterica
WASHINGTON, Dec. 13. — Statistics
by the Bureau of Foreign and Domestic
Commerce, for the first ten months of
the calendar year, show that to five of
the principal countries of South Ameri
ca Brazil, Argentina. Chile. Peru and
Pruguay American exports were 10 per
cent greater than in the first ten months
of iyi2. $108,300,000 this year, against
$99,000,000 last
Imports showed a large falling ofT.
befng $129,600,009 this year, a decrease
of almost 21 per cent.
Last year Brazil sent 516.000,000
pounds of coffee, against 441.000.000
pounds this year.
Exports'lo Argentina increased from
$42,000,000 to $46,000,000. while imports
from that country decreased from $28.-
500.000 to $17,750,000.
Savings Bank for
Women Projected
AMSTERDAM, Dec. 13. -A loan ami
savings bank especially for women is
an early possibility. During the recent
Woman’s Exposition the subject was so
much discussed that the proposition has
forcibly impressed many people.
The design is to begin on a moderate
scale, with about $10,000 capital, shares j
being $20 each; every shareholder to be 1
responsible for $40 over the value of
her stock in case the hank should dis
continue business. Besides the loaning
of money, the ordinary banking busi- !
ness would be conducted, including tak
ing orders for stock and bond securi
ties.
Postoffice Seeks U.S.
Owned R. R. Cars
WASHINGTON. Dec. 1" Government
ownership of railway postal cars prob
ably will be proposed in the annual
post office appropriation bill, about ready
to be reported to the House, with a rec
ord-breaking aggregate of $300,000,000.
It was recently pointed out tliat wood
en cars cost approximately $6,000 a car
and the modern steel type $10,000 each.
I and that the Government paid an annual
rental of approximately half the cost.
It we« suggested, however, tliat this
was not excessive in view of the haul
ing and other expense to the railroads.
I Great Lakes Ship
Lines To Be Merged
I FORT WILLIAM. ONTARIO. Dec. 13
Several steamship lines operating on
the Great lathes, it is announced, to be
known aw the Canada Steamship Lines.
Ltd., have merged.
The lines involved are the Quebec
Steamship Company. Richelieu ami On
tario Navigation Company, Ontario and
Quebec Navigation Company. Canadian
Interlake Line. Inland Linos and thel
Northern Navigation Company.
The new company will control more
than a hundred steamers.
OPERATORS GET RAISE.
DALLAS, Dec 13.—Telegraph oper
ators on tHe Trinity and Brazos Val
ley have received an increase in pay
avenging 6.7 per cent, which com
pares with 9.3 per cent, the amount
l asked for.
WASHINGTON. Dec. 13—The
banking resources of the' United
States total $23,181,545,433.
Of this enormous figure .the na
tional banks contribute $10,876,852,344.
National banking was a trifle mors
profitable last year than in 1912, the
average dividend being 11.4 per cent,
as compared with 11.01 per cent the
year previous.
The total amount of saxings depos
its in the United States has reached
the huge sum of $4,727,403,950.
The number of national banks vi-
creased from 7,420 to 7,488 during the
year.
These facts are taken from the an
nual report of the Acting Comptroller
of the Currency, Thomas I*. Kane. lc
contains an enormous mass of statU-
tlcs. most of which, however, are to
be found in .the regular statements
showing the condition of the banks,
issued five times a year.
The Acting Comptroller does r. *.
discuss currency reform.
Based on capital and surplufe, ihe
gross earnings of national banks dur
ing the year were greater by over 2
per cent than m 1912. The capital of
national and other banking institu
tions amounts to $2,096,800,000. of
which slightly more than one-half is
the capital of national banks. Of in
dividual deposits aggregating $17,-
475,700,000 national banks held ap
proximately one-third.
The-distribution and proportion of
loans as of June 4, 1913. in the banks
of New York, in ail central reserve
cities, other reserve cities and in
country banks are.
Per
Amount. Cent.
$886,966,804 1 4.4
1,315,735,177 21.4
B 0 E R SII !i E R STROHGER IDE
New York ....
Chicago .......
Other reserve cities 1.640,317,608 26
All re.sei* © cities.. $2,956,052,785 48.1
Country 3,186.975,348 51.9
Total $6,143,028,133 100.0
VITAL ISSUE IN TO ADVERTISE
Cost-of-Living Battle Will Be
Waged at the Coming Ses
sion of Parliament.
OTTAWA, Dec. 13.—In ali tHe years
since confederation, when the Do
minion of Canada as we know it j
came into being, no session of the
Dominion Parliament has ever ap
proached its opening fraught with
greater questions, with more burning
issues, with more interest—compell
ing problems to be solved, with more
real human interest in its probable
doings than the third session of the
Twelfth Parliament of Canada, which
will be opened with dignity and bril-
llance by the Duke of Connaught,
Canada’s first Royal Governor Gen
eral. on the 8th of January next.
The speech from the throne will
have outlined what the Government
proposes by way of affirmative legis
lation for the session. But there will
be nothing in the speech about what
Sir Wilfrid Laurier, the leader of the
opposition, plans to do. Clashes are
expected from the instant "time" is
called.
Cost of Living Has Risen.
The cost of living has risen stead
ily. The new United States tariff
has also come into being. How to
make both ends meet In the living
and family-raising sense has. as a
topic of conversation, taken first
place. You scarcely hear anything
now about the Laurier or Borden na
val policies. They both involve
spending money, and. while lavish ex
penditures by the Government are
being urged in some, quarters as n
financial cure-all for the complaints
of the present, throwing money
around recklessly does not seem to
meet with a hearty response.
Sii Wilfrid looks elated, confident,
defiant, again. He sounded the key
note of the political war which he
will manage during tlie coming ses
sion at Hamilton when he said:
Requires Prompt Action.
"The situation requires prompt, un
hesitating action. The policy T give
you, the policy I believe every patriot
in Canada ought i<» support, and the
policy 1 believe it to be the duty of
the Government to immediately inau
gurate as a policy of absolutely free
food—food free from customs duty.
"It will be said of me, if you advo
cate tliat policy, do you not advocate
a revision of the tariff to that ex
tent? Certainly I do. but somebody
will tell me that the tariff which is in
force to-day is the Fielding tariff of
1897. So it is, but the Fielding tariff
was made for the needs of that time,
not for all eternity.”
Mongolian Produce
Diverted to America
Special Cable to The American.
ST. PETERSBURG. Dec 13.—Great
concern is expressed in the Moscow
business world over the diversion of
the hulk of the Mongolian and Man
churian produce from the markets of
European Russia, in favor of the
American market. Both the new
American tariff and the coming open
ing of the Panama Canal have In
duced \mericans to make future bar
gains for great consignments of beans
and wool from Manchuria^and Mon
golia. where such produce is extraor
dinarily cheap, and their import into
tlie United States by the new route.
The Kharbin Viestnik. the chief
business organ of the Russo-Chines>e
Orient, describes this transfer of trade
as tiie most notable economic phe
nomenon in the world to-day.
FREIGHT RECORD BROKEN.
ST. LOUIS. Dec. 13.—During the fis
cal year ended June 30 the freight
iraffle of St. Louis made a new rec
ord. The number of loaded freight
cars intei changed by railroads in tha't
l eriod amounted to 2,213.301. an in
crease of 245.054 cars, or 12.45 per
cent. over the preceding twelve
months, according to the report of
the Terminal Railroad Association.
NEW RULE ENFORCED.
NEW YORK. Dec. 13.—Hereafter
passengers purchasing round-trip
tickets on any railroad in this coun
try and using only the.going portion
\v 111 not have to wait until the other
half is sent to the general passenger
agent The unused portion will be
redeemed at the office where tlie tick
et was bought and the usual deduc
tion will be made.
Continuous Work Only Counts,
Says Publicity Man of Big
Institution.
NEW YORK. Dec. 13.—“You must
do some kind of advertising that will
keep you in the minds of possible
users of your bank, so that they may
think of you when the time comes
when they want a bank, be that time
one month from now. one year from
now or ten years from now.
“In my opinion, the standard daily
newspapers are the best mediums to
accomplish this result.”
This was the opinion expressed by
Horace Anderson, advertising man
ager of the Title Guarantee and Trust
Company.
In a recent talk before the Bank
Publicity Association. Mr. Anderson
advocated the use of newspapers as
the best medium through which to
accomplish advertising results desired
by banks.
All Read Papers.
Explaining his reason, Mr. Ander
son said:
Every man who is likely to have
money enough for a bank deposit
reads a daily paper. He may
not read the same paper every
day. and some days he may read
no paper. He may not read it
with equal attention each day,
but some time each day it is his
intention to spend some time with
one of the standard daily papers.
If you advertise once or twice
a week in all of the standard
daily papers ultimately you will
reach that man. At first he will
not be conscious of your adver
tisement at all. The first inser
tion of your advertisement will
have an effect upon him without
Jiis knowing it. At a later time
it will penetrate to his subcon
scious self, and in time may af
fect him to such an extent that
he will begin to look for it and
will take a definite, decided in
terest in it.
Continuous Work.
It is your object to make a
mental photograph on that man’s
mind that gradually will inspire
him with an interest and a. desire
to use your bank. By the use of
the daily papers continuously you
are sure to accomplish this result.
The amount of space you use
and the number of times you ad
vertise vary according to the size
of the bank and the amount of
money that you want to spend.
It is my advice that you say
something in each one of the ad
vertisements.
There was a time when any*
kind of advertising seemed to
pay, but nowadays, when things
are so expertly done, the use of
brains has become almost as im
portant as tlie use of money.
Saskatchewan Crop
Worth $110,000,000
WINNIPEG. MAN.. Dec. 13.—The
Government of Saskatchewan an
nounced to-day that the grain har
vest this year would be valued at
$110,000,001), of which $71,000,000 is
represented in wheat and $25,000,000
in oats.
The total production was $243,500.-
000 bushels, of which 112.369.000
bushels was wheat, 110.210.000 bush
els of oats and 9,279,000 bushels of
bailey.
Unsettlement in Europe and the
Fear of Adverse Laws at Home
Deterrent Factors.
By BOERSIANER.
CHICAGO, Dee. 13.—Were it not
for a call money situation susceptible
to flighty manipulation, for unanimous
hostility among all who traditionally
make and unmake markets, for fire-
eating legislators whose absorbing
idea is to frame bills which tend
either to discourage or to disgust men
of affairs—were it not for these deter
rents it is altogether likely securi
ties would be anticipating the Janu
ary reinvestment demand and dis
counting a general trade betterment
which should not be deferred beyond
the initial months of the next year.
Trouble in French Politics. %
Europe, filled with the negatives
cabled from this side of the Atlantic,
was disposed to sell stocks early in
the week, but its selling w’as so easily
absorbed that the sellers began to
doubt the views of the experts on the
ground.
Later Europeans did nothing here,
preferring perplexed inactivity to un
profitable activity. They had some
troubles of their own—in France and
Germany. In Paris a highly efficient
ministry was opposed because it in
sisted upon having a new f Government;
bond issue tax-exempt, a most hein
ous insistence, it appears. The pros
pective borrower of $260,000,000 is ex
pected to get a good price for his
bonds, and at the same time is ex
pected to nullify that prospect b\' tax
ing the bonds lie is to offer. The
French Chamber of Deputies is beau
tifully inconsistent.
Across the border, in Germany, the
ministry was mercilessly grilled in
the Reichstag. Ostensibly it was held
more or less responsible for the clash
between the military and civilians in
Alsace. But the Zabern incident was
merely a pretext. Since Germany' has
occupied Alsace-Lora ine, over forty
years, incidents of the Zabern kind
have been chronic. The vote in the
German Parliament was really a pro
test against militarism in general.
Farm Growth Small.
Excepting France, every civilized
and semi-civilized country lirfs dou
bled in population within half a cen
tury. America's inhabitants have
trebled. But in this increase a dan
gerous disproportion has fallen to the
agricultural communities. So small
has it been that food production has
not been commensurate with the nor
mal consumption.
Tlie story is told in values. Al
though farming in the last decade has
become extremely profitable, the price 1
of farm land increased only 23 per
cent, as compared with real estate in
*he country’s leading cities—using
100 as a numerical comparison.
I If some of the energy now devoted
to the construction of yachts, motors,
theaters, apartment houses and slum
tenements were diverted to tilling
more acres there were no food prob
lem—and no chance to lift the cost
of this or that commodity artificially.
Peunsy Head Attacks
Legislative Evils
PITTSBURG, Dec 13.—Ivy L. Lee,
executive assistant to the president of
the Pennsylvania Railroad, before the
Traffic Club of Pittsburg, said:
“The railroads find extraordinary
difficulties in meeting the situation by
reason of numerous and anomalous fac
tors. such as:
' ll) Different tribunals arbitrate the
wage questions from those which settle
what the railroads shall charge.
“(2) States may impose expenses,
and vet through the inter-relationship
between States anl interstate rates, the
national Government, in effect, if not
in act. prevents the increase of State
rates tr meet the increased expenses.
“(3> xv'e are compelled by the Sher
man act to compete, yet under the Hep
burn law in effect forbidden to com
pete with other railroads.”
Gold Is Found at
Depth of 1,265 Feet
CRIPPLE CREEK, Dec. 13.—Gold
values increase at great depth in the
Cripple Creek district. This was
demonstrated again when the exten
sion of an ore body giving good re
turns at the upper level showed a
rich streak at a depth of 1,265 feet
below surface of tlie Elkton Mine.
At this depth the vein is over six
feet wide, and on either side of a
high grade seam running dollars to
Vie pound carries strong commercial
\*alues.
RAILROADS BUYING ENGINES.
NEW YORK. Dec. 13.—The Bald
win Locomotive Works within the
last ten days received orders for 44
locomotives from several railroads.
This is the largest number of loco
motives ordered within the same pe
riod of time from the Baldwin works
Mine tlie Pennsylvania Railroad gave
its order for 100 about two months
ago. '
Continued Improvement Raises
Hopes of Another Discount
Rate Reduction Soon.
Special Cable to The American.
BERLIN. Dec. 13.—The Reichs-
bank’s continued improvement raises
hopes for another discount rate re
duction.
The bank’s status is $124,000,000
stronger than in 1912. while deposits
are being attracted in unusual
amounts.
Lively discussion began in the
Boerse of the chances of a bank rate
reduction upon a rumor that the cen
tral committee, was called for Mon
day.
Weighty financial authorities are
urging the reduction; nevertheless
the Reichsbank management denied
the rumor, and action in December
can be regarded as improbable, tlie
managers prefeiTing to wait until
January and then make a full 1 per
cent cut.
The open market discount advanced
considerably the first half of the
week, with discouners showing
marked hesitancy, but later caH mon
ey relaxed sharply upon abundant of
fering. This finally caused a decline
in discounts.
The Boerse had a fairly good w&ek.
although the Zabern debtae caused
some depression on Thursday, raising
the fear that the Chancellor would
resign. .
Steamship shares are the strong
est section of the list, with traders
building their hopes on a renewal of
the shipping pools in January.
Delay in Dividend
News To Be Stopped
NEW YORK, Dec. 1^|.—To prevent.
I repetition of delays in announcing dlvl -
fiends such as recently occurred in th»‘
Lease of the B. F. Goodrich Company,*th«
{ New York Stock Exchange amended
its rules by this requirement:
“To publish promptly to bond and
share holders the declaration of any
1 dividend on shares, interest on income
I bonds or allotment of rights for sub-
! scription to securities with notice there -
’ "f to the Stock Exchange and to give at,
I least ten days’ notice in advance of tin
I closing of the transfer books or tin-
taking of record of stockholders for an
purpose."
Copies of this rule will be sent t->
corporations with a request that they
assent to its provisions.
Copper Consumption
In U. S. Falls Sharply
Consumption of copper metal in th*
United States during November was th*
smallest since January. 1911. the Cop
per Producers' Association reports.
Domestic deliveries were 19,516.862
pounds under those for October.
Contraction in consumption was
largely responsible for .an increase ofi*
15.363,047 pounds in supplies on hand on
November 1, as compared with October
1. The total surplus of 47.929.429 pounds
is equal to only eleven days' production
Production is November decreased 4.-
982,773 pounds and exports increased
1,944.330 pounds.
Canada's $20,000,000
Loan Is a Failure
LONDON. Dec. 13.—Eighty-three per
cent of the Canadian Government loan
of $20,000,000 at 4 per cent. Issued n(
97. was left on the hands of the un
derwriters.
The feeling prevails tliat Canadian
borrowing has been much overdone.
LOGIC, BOYS’
1 Quart of Whiskey
1 Safety Razor
} Pint Rare Old Whiskey
in Fin© Traveling Flask wiih Alum
inum Drinking Cup Attachment
Look at these presents. Did anybody
ever make a better offer? Could anybody do better by you than
this old distillery? You know how it pays you
to buy direct from the distillery. Look
Present No. 1
ONE WHOLE QUART FREE
Iu addition to all other presents we will continue t»»^
igive one whole quart free with each 8-quart order; twn
quarts with each 10-quart order, etc.
Present No. 2
FINE TRAVELING FLASK (filled)
With every shipment, large or small, made on
or before December 24th. we will pack free a flm
traveling flask filled with rare«old liquor. This
goes In ALL shipments. The flask has cut glass
appearance: very natty for traveling; top become:
handsome drinking c up; flask contains
famous old Tennessee whiskey, made in
our own distillery—it is something for
special occasions.
Present No. 3
A SAFETY RAZOR
This is a little extra, by way of goo«V*
measure. It is not an expensive present, yet
it is very neat and shaves well, and may )k
just tl\e thing you want. Not packed unless
specially requested. To get thiri razor you
have tdwrite the word “Yes” in the coupon
Chattanooga Dis'Ni^ 5
°-'STILLED B'f
c ' TTa N0OGA DlSTlLLt
' ATt A N O 0 G A., T
RIDLEY & JAMES
GEORGIA
AUDITORS*
ATLANTA -
Have you ever heard of anything like it"
Three big handsome presents and your win-
key at distillery prices. Get busy, men
Send that Christmas money where you g**t
the most for it.
OUR OLD STANDBYS
/ELLOW SEAL CORN. A smooth, fnl
quality corn with that fine flavor you always
look for in corn whiskey. Unequaled at any
price and guaranteed by us. 4 quarts $2.50,
express piepaid.
STONEWALL RYE. A wonderful whis
key with an exquisite flavor. Distilled fron ^
golden ripe grain. Scarcely ever equaled at
any price. 4 quarts $2.50, express prepaid.
Send $5 for 8 quarts of either brand or
assorted#, and we will ship free one extra
quart, making 9 quarts in all.
We give one extra quart free with every
order for 8 quarts of any of our brands. %
SPECIAL
special Old Tennessee Club... f ***;
(Bottled in Bond 7 years old) •$' 0 $>11.00
Old Tennessee Club
Stonewall Rye f-n
Yellow Seal Corn “'J
Kernel’s Choice Bourbon
White Tassel (White Corn) -
Old While Flash (White Corn)..* *®
2.oil
8.00
5.00
5.00
4.50
4.40
5.60
PRICES
1 qt.
Apple Brandy, Old East Tennessee $1.00
Apple Brandy, Western Apple Jack .65
Rock and Rye 60
Peach and Honey 60
Red Star Rum 1.00
Tom Gin 60
l ord Lytton Dry Gin 1.00
Fine Blackberry, Port, Sherry or
Claret Wine 00
* qt*
$.4..SO
2.50
2.40
2.40
3.50
2A0
3.50
2.40
GEORGIA PRODUCTS DAY
EVERY DAY W HEN YOU WEAR
ARAGON
sh:rts--.pants..-overali.s
MANUFACTURED BY
A. M. ROBiNSO \ COMPAN Y
69 North Pryor St. Atlanta. Georgia
HURRY! HURRY! HURRY!
Get that order in early. Don’t he without some good cheer for Christ
mas. Remember, we sel! DIRECT FROM DISTILLERY, QUICK SHIP
MENTS AND EXPRESS PKJlPAID. Shipments go off on the next, trail:
get The I
Send in your orders
GUARANTEE.
and get The three presents.
Money hack if you are not satisfied.
Do you want
us to send
you a Safety
Razor f
CHATT&NOOGA DISTILLERY
• e
Propriettrs Distillery Re. 115, District of Tennessee
265 MAIN STREET CHATTANOOGA, TE«4.
If you want- us to sund you a Safety Razor in addD’on to Ikr
other two presents a* set forth above, clip out this littiecoupoe
Wl-itft in t.i t A- WllPfl *’ YAtl ** 14111.1 nil! CJII, nn>. in .... ..