Newspaper Page Text
10 D
TTEARST’S SUNDAY AMERICAN ATLANTA. OA.. SUNDAY, DECEMBER 20. 1010.
News and Views by Experts of Finance, Industry, Crops and Commerce
BEARS CAN’T
CUT PRICE OF
Crops Give Farmers
$4,940,301,000 in 1913
Holders Present Solid Front to
Opponents, Aided by the
Banks' Backing.
LIVERPOOL ABSORBS OFFERS
Stocks Stationary—Losses at the
Interior Points Made Up by
Gains at Ports.
MEMPHIS, Dec. 27.—It Is too oar-
)▼ yet to *ay whether the holders of
cotton In the belt will win In their
contest with the speculative bears,
but some things have happened dur
ing the past week to encourage them.
Sellers became less aggressive at a
time when it looked as if a large In
terest had finished its liquidation, and
coincident with the changed attitude
in many circles ns to the future
course of business and trade. The
strong front put up by the spot peo
ple in the belt also had to do with the
altered sentiment as to prices. Rare
ly. if ever, has there been witnessed a
more stubborn or determined effort
on the i»art of holders to withstand
the attacks of the bears, and the ex
cellent financial condition of the
.South and the seeming disposition on
the part of the banks to render every
eld consistent with reason has had
stimulating effect.
From ft speculative point of view
the week was not out of the ordinary
pre-holiday alfair. There was marked
weakness in contracts early in the
neck, and prices in Now York futures
reached 12 cents and below, an ap
proximate decline of $6 a bale from
the high lovel recorded Just after the
Government estimate December 12
From the season’s highest levels made
about th last of October, the dip in
speculative values was nearly $1 the
bale.
New York Stock Grows.
The increase of the stock in New
York, which meant, according to cur-
»ent sentiment, large tenders on Jan
uary contracts, helped to send the list
to its lowest level, although In the
belt spots were selling away above
on tract parity. Rut big interests
seemed to be “gunning" for some of
the longs, and the state of general
sentiment as to business outlook and
the state of inactivity in spot demand
in the belt enabled them to be suc
cessful.
Liverpool and the foreign traders
had much to do with the check to the
decline, for there was absorption of
offers at the lower levels and some
"calling” of cotton on contracts. The
financial situation Improved abroad,
and the prospect of the early passage
of the currency measure in this coun
try stimulated a feeling of optimism
in the foreign mind.
On this side also there was more
brightness in the financial and busi
ness sky, and It found refiectlon in
the stock market, so long the source
f pessimism. All of this helped in
i he moderate recovery in contract
prices and in the marked change in
How 1913 Harvests Compare With 1912
Yields in Bushels.
Final,
F inal,
Vain#
1D13.
1912.
1913.
1912.
Win? er—
Winter ...
523.561,000
400.000,000
$ 433.995,000
$ 323,572,000
Spring ....
239.819,000
330 000,000
176,127,000
231.708,000
Total ..
. 763.380,000
730,000,000
S 810,121,000
$ 555,280,000
Corn
. 2,446,988.000
3,124,746,000
$1,692,092,000
11,620,454,000
Oat s
. 1.121.768.000
1.418,000,000
439,596,000
452,469,000
Harley . . . .
. 178.189,000
224,000,000
95,731,000
112,957,000
Rye
41,381,000
35.664.000
26,220.000
23,636,000
Buckwheat
13,833,000
19.249.000
10.445,000
12.720,000
Flaxseed . .
13,853,000
28.000,000
21,399,000
32.202,000
Potatoes ..
. 231,525.000
420,647,000
227,901,000
212.550,000
Cotton ....
•13,677,000
13.703,000
797,841.1)00
780*221*000
Tobacco ...
. 1947.399.000
962,855,000
121,597.000
104,063,000
Hay
$64,116,000
72,691,000
737,077,000
856,695,000
•Bales.
t Pounds. $Tons.
COTTII EXPERT IMGENTI
BITS ATLANTA REEF COMING
TO HELP Tl
Commission Urges Steel
Equipment on Railroads
Safety Rules Ignored Habitually, Though Pennies Are
Cheeked -Minutely, Says Report.
Farmers of the United States will
receive $182,9f>8.000 more for tholr
crops this year than in 1912, accord
ing to final figures published yester
day by the Department of Agricul
ture. The value of the nation’s four
teen principal farm oropH is given as
$4,940,301,000. Prices are baaed on
those prevailing on December 1 last.
Yields of corn and cotton were the
most valuable ever produced, while
the oat crop was the second best In
history.
High prices for corn resulting from
the large shrinkage in yield accounted
almost entirely for the increase in
value. The corn crop alone is worth
$171,000,000 more, the total being put
at $1,692,092,000.
For the crops as a whole the aver
age production per acre was about
$16.50. The com crop averaged $15.96
an acre, cotton $22.91, wheat $12.14,
oats $11 44, potatoes $62.10, tobacco
$100.30, rye $12.84, and sugar beets
$59.64.
David F. Houston, Secretary of
Agriculture, commenting on the
showing made by his bureau’s figures
yesterday, said:
“The corn crop, the most valuable
product of this country, is smaller
than any crop since *1903. Wheat
production is the largest ever record
ed in this country. The crop was
practically matured before the
drouth became effective. The oat
crop is the third largest of our his
tory. The hay crop is smaller than
the large crop of 1912. Rather lib
eral rains in the late aummar and
fall have produced good pastures.
The cotton crop will perhaps rank
fourth or third In size."
Dullness in Trade and Heavy Re
ceipts Against Bulls—Ex
ports a Possibility.
By JOSEPH F. PRITCHARD.
CHICAGO, Dec. 27.—Whether the
longs in corn will he enabled to hold
their position is a question that may
be heard on all bides. Those who
doubt the stability of the bull side of
that market at the present time have
in mind the lack of demand for the
cash article, aa well as the fact that
the trade is hacking away from the
actual corn because the East is taking
only a little here and there—merely a
handful. The sales of cash com here
may be considered quite small, undpr
present conditions.
One of tiie best-posted men In the
Chicago corn trade said last night
that he believed that we will see con
siderable corn going into the import
ing countries from America, as the
offerings here will doubtless increase,
and an outlet must be secured for the
surplus now coming to the front, as
well as that which is certain to ar
rive here and at primary markets.
There are many in the corn trade
who say that the country is still long
goodly lines of that cereal, and that
while some of them have been forced
out of their holdings, there are many
others who have put in "stop loss’*
orders, and that they may be forced
out of their position before another
week rolls around—unless bad weath
er should develop, and in addition to
this an improvement in the demand
for the cash article he seen.
Those who know farmers best are
aware of the fact that they seldom
dispose of any commodity around the
best prices reached, as they generally
hold for higher and Fflll higher val
ues.
‘Financial Outlook
(rood/ Says Terrill
Terrill,
president of the United States Lumber
and Cotton Company, in discussing
eonidtlons in America, says the financial
situation is good.
“The outlook for American markets,"
he added "is encouurging because of the
increased confidence of British conti
nental financiers since* they observed
how well the great American banks ab
sorbed the securities unexpect
edly thrown back on them during the
Balkan troubles. This confidence will
be increased if the new currency hill,
which has many enthusiastic supporters
do not
consider a bad measure; but it might
have been better thought out. I regard
the tariff bill as n valuable first step
toward increasing the purchasing value
Of the dollar.”
sentiment which is expected to find
response after the holidays.
Stocks Are Held Even.
The real brunt of the resistance to
bearish efforts, however, has been
borne by the people who were carry
ing cotton, and this city has occu
pied a conspicuous position because
•■'fits large stock The movement ha*: i
been about the same as a year ago j Special Cable to The_ American
at this time, the falling off at Inte- j LONDON, pee.__ 27.--A._ 8.
rior points from recent volume being
offset by some increase to ports.
There have been no developments in
dicative of a change in statistical
comparisons, and bulls have found
much encouragement to their posi
tion from that direction.
Here stock has climbed a little
higher and reached almost 2G0.000
bales by the middle of the week. The
trade outside the belt has evidently
been misled in its conclusions by the
big stock here and has assumed that
there was corresponding quantity
being carried throughout this terri
tory. But peculiar conditions have
caused the stock here to become so
large, exceptional facilities having
been provided during the past few
ts;an,! $100'Grubstake'Nets
factors have offered unusual induce
ments to shippers: besides, this city
is in the heart of the section that has
probably produced the largest yield in
the belt. All of these things have
helped swell the local stock, and there
Is perhaps less money advanced per
bale than has been the case for sev
eral years, value being considered.
Patience Needed.
The attitude of the holders heiV
and throughout this territory has
l»een one of indifference to the break
in contracts, and they have made very
little concession from prices ruling
two weeks ago. Middling at this cen
ter has held at 13 1-4 cents, and daily
sales have been small, due to the re
fusal to cut quotations. The feeling
Is that all that is needed to win the
fight is continued determination and
patience.
What will happen after the holidays
-for little change is expected until
then—is problematical. But there is
a remarkable degree of optimism in
the ranks of those who are carrying
cotton, and the improved tenor of ad
vices as to business prospects is
counted on for material help toward
a higher level. The next ginning re
port is expected to he fairly full, but
subsequent ones will leave no doubt
of the practical accuracy of the Gov
ernment estimate, say tiie bulls.
Government to Investigate the
National Institutions to Run
Down “Violators.”
WASHINGTON, Dec. 27.—An in-
vestigatlon of the national banks of
the country of art unusual nature will
be undertaken by the Treasury De
partment, now that the currency bill
Is passed, according to a member of
the Senate who (Stands close to the
Administration.
The apparent purpose of the in
vestigation will he to determine In
the case of each national bank Just
how it will fit into the new currency
system and whether any adjustments
will have to be made.
The real purpose, according to this
authority, will be to run down many
practices of the tyanks which are said
to be in effect, violations of the na
tional banking act; and to fasten
these improper practices on the indi
vidual officials of the banks who are
directly responsible for them.
Examiners To Bo Busy.
"The bank examiners and the Dis
trict Attorneys of this country will
he busier next year than ever In the
history of the United States," said
the Senator.
It is known to the Administration,
he said, that many of the national
banks have violated the law* In spirit,
If not In fact.
Action on all these cases, the Sena
tor says, was held back until alter
tiie passage of the currency bill. The
reason ascribed Is that the Adminis
tration does not want to give the na
tional banks the opportunity to say
that the Treasury Department In
prosecuting them is actuated by mo
tives of revenge on account of the
national hanks’ attacks on the cur
rency bill.
Hogarth Charges Delayed.
This accounts, he says, for the
Treasury Department holding back
its findings in the Investigation into
the conduct of the National City Bank
of New York, the biggest bank in
America, on charges filed by J. B.
Hogarth, of Chicago.
Mr. Hogarth charged that Frank
A. Vanderllp and Samuel McRoborts,
president and vice president of the
National City, had violated the na
tional hanking act In furnishing $44,-
500.000 to Samuel Insull and Henry
A. Blair to finance the Chicago Trac
tion merger.
Government Agent Comes January
2 to Talk of What He Has
Learned Abroad.
WASHINGTON, Dee. 27. To en-
able American cotton manufacturers
to obtain at fir.«rt hand information
regarding the market for their goods
in foreign countries, the Bureau of
Foreign and Domestic Commerce, De
partment of Commerce, has arranged
that Ralph M. Odell, one of Its com
mercial agents, shall visit the princi
pal cities of the country, In order to
meet the manufacturers, discuss with
them the special features of the mar
kets he ha® visited and suggest means
and methods for obtaining a larger
share of the trade.
Mr Odell has Just returned from a
second trip abroad. On his first trip
he made a study of the cotton goods
trade and industry of Spain, Portugal,
Italy, Russia, the Balkan States and
parts of Turkey. His second journey
took him to Egypt, the Red Sea mar
kets (Arabia. Eritrea, Somaliland, the
Sudan and Abyssinia), British East
Africa, Uganda, German East Africa,
Portuguese East Africa and the Un
ion of South Africa.
Has Studied Markets.
In each of these countries he made
a careful study of the market require
ments, the competition among foreign
countries for the trade, and the best
methods of furthering the interests of
American cotton manufacturers.
A particularly valuable feature of
his w*ork was the collection of 8am-
! pies of cotton goods. Where found
i practicable Mr. Odell will exhibit a
number of these samples in the cities
that he will visit The Itinerary of
his trip through the South is as fol
lows:
Itinerary for Trip.
December 29 Charlotte, N. C.,
Greater Charlotte Club and American
Cotton Manufacturers* Association.
December 30—Greenville, S. C.,
Board of Trade.
December 31—Augusta, Ga., Cham
ber of Commerce.
January 2—Atlanta, Ga., Chamber
of Commerce.
January 5—Birmingham, Ala.,
Chamber of Commerce.
January 7—Mobile. Ala., Chamber
Of Commerce and Business League.
January 8—New Orleans, La., of
fice of the bureau, Association of
Commerce Building.
January 12—Memphis, Tenn., Busi
ness! Men’s Club
January 14—Nashville, Tenn., Board
of Trade.
January 16—Knoxville, Tenn., Board
of Trade.
January 19—Greensboro, N. C., in
dividual manufacturers.
January 20—Durham, N. C., indi
vidual manufacturers
January 23—Danville, Va., Com
merelal Association.
As a Means of Insuring Cheaper ^ s s ion
Meats, Free Trade Seems
To Be a Delusion.
CHICAGO, Dt»o. 27.—Not a single
pound of Argentine beef has been
loaded at River Plate points for the
United States during the past wee*.
A f^w small lots are drifting across
the Atlantic from London, but the
prospect of generous consignments
from South America, which will be
essential to reducipg cost to meat
consumers, Is remote, and those wno
predicted that free trade would pare
down the national meat bill are being
discredited.
During October only §,700,000
pounds of foreign meats entered the
United States, and it is probable that
November Imports will be even less.
The Canadian run of cattle has prac
tically ceased, only a (ew loads of On
tario stockers reaching Buffalo this
week, while Chicago is getting no
Western Canadian cattle.
Fat steers are worth more money
at Toronto and Winnipeg than in Chi
cago or Buffalo, and prospect exists
that Canada will be under the neces
sity of drawing on the United States
for beef before next spring, as it ‘.s
now taking large consignments of
mutton and hog product.
During the ten months of the cur*
rent year ending with October the
United States '"•aid Canada $3,798,218
for cattle, mostly canners and stock
ers, but sold its neighbor to the north
beef, hog product and mutton to the
value of $6,173,092, of which $1,218,-
483 was for bacon ai._ $1,373,173 for
lard. Canada as a source of cheap
meat supply has proved to be an il
lusion.
WASHINGTON, Dec. 27.—*lhe re
port of the Interstate Commerce Com.
reveals interesting conclu-
"During the year ending June 30,
1913, 76 train accidents were investi
gated, including 51 collisions and 25
derailments, causing the death of 283
persons and the injury of 1,880.
"The evidence Is that in many
cases operating officers are cognizant
of habitual disregard of rules, and no
proper steps are taken to correct the
evil. On many roads there is little or
no system of inspection or supervi
sion of the work of employees so far
as to those matters which vitally af
fect safety.”
About 74 per cent of the serious ac
cidents investigated were due to the
mistakes of employees, but on this the
commission comments:
Rules Neglected.
"The auditing and checking systems
used for detecting the dishonesty of
employees are marvels of ingenuity
and careful attention to detail, but
means of determining whether trains
are operated In accordance with the
requirements of safety and in con
formity with the rules are almost
lacking. s
"Road foremen are employed to su
pervise the work of englnemen and to
instruct them, but such supervision
and instruction pertain mainly to
matters affecting the proper working
of engines so as to economize In the
use of fuel, oil and other supplies; in
struction on the rules is either entire
ly neglected or made secondary to
matters of economy.
"To end the dangerous condition
existing the commission renews its
demand for Federal legislation re
quiring explicit and uniform operat
ing rules, and assurance that em
ployees all understand them.”
Steel Cars.
Great emphasis is laid on the ne
cessity of forcing the substitution of
steel and steel underframe cars for
those of wooden construction. Leg
islation, the report states, should be
enacted prohibiting the use of wooden
cars in high speed through train serv
ice after a certain date. The law
should also provide, the commission
says, that all new cars constructed
after a certain date be made entireiv
of steel or of steel underframe con
struction of approved design.
The number of indictments re
turned and prosecutions concluded, as
well as the aggregate amount of fines
recovered, for violation .pf the com
merce act during the past year aie
less than for the previous year.
Attempts at Rebating.
The year’s showing indicates a ten
dency among carriers and shippers to
understand and conform to the law.
The report describes a number of
ingenious ways in which carriers are
attempting to continue rebating. The
courts now show a disposition to con
strue the Elkins act in such a way as
to make rebating and the granting of
concessions punishable, however in
genious may have been the devl.e
employed.
"It also urges the universal instal
lation of automatic safety devices. In
fourteen accidents due to failures to
obey block signals seven of the culpa
ble enginemen were killed. "The
trains involved in these lamentable
disasters,” says the report, "are gen
erally operated by trusted employees
of long experience. But the record
abundantly proves that even splendid
signal equipment and admirable dis
cipline, coupled with long experience
and high moral character, can not
prevent the occasional man failures
which produce such fatal results."
•For this reason the commission
thinks automatic devices are neces
sary. It also condemns the high speed
at which the railroads require engina-
men to operate trains, and the prac
tice of trying to make up lost tim«.
It asks that speedometers be Installed
In engines that enginemen may know
when they are exceeding a safe limit of
speed.
Take Advantage of New Law to
Increase Their Quotations to
Importers.
NEW YORK, Deo. 27.—Through
their agents abroad large woolten i m .
porting houses have learned that tha
foreign manufacturer proposes to
raise prices after the new tariff law
goes In effect upon January 1. The
price reduction that was expected on
this class of goods apparently will not
materialize.
While the duty has been reduced
from 60 per cent to 35 per cent ad
valorem, the foreign manufacturer is
said to have decided to raise
prices of goods, so that the
eumer in this country will not ben
eflt.
the
con-
• t
Wheat Production
Of World Increases
$100 Bonds Offered
As Holiday Gifts
CHICAGO, Dec. 27.—One-hundred-
dollar bonds as Christmas presents is
a seasonal suggestion which a num
ber of local bond houses are making.
It is pointed out that such a present
has not only a ready cash value, bat
provides an income which is a re
peated remembrance of the giver at
each semi-annual interest period.
Hundred-dollar bonds have become
more common than formerly, and it is
probable that they will become much
more common as corporations con
tinue to enlist he savings of small In
vestors.
Nearly all first mortgage bonds is-
ued on real estate are available in
100 denominations, and well selected
real estate bonds, paying 6 per cent
interest, are recommended by many
responsible houses as an Ideal Christ
mas gift.
New Attitude Toward Trusts
Chases Gloom From ‘Street’
Manager Sylvester Byrnes, of R.
H. Macy & Co., yesterday said
Bo far duties on some of our good,
have been less and some are about
the same as.under the old law Of
course we have received working,
that the prices at which we have
purchased goods abroad are to be in
creased. But on importations ordered
months ago there is no great differ
ence.”
Fred M. Higgins. Appraiser of the
jr 01 ?’ sai <* : " l have heard rumors
that the foreigners Intend to take ad-
vantage of the tariff reduction br
adding on the difference to their sel’-
ing prices, but as yet I have no aii-
thoritative information.”
"Our buyers have been told before
and since the new tariff went into
effect that those from whom we buy
goods intend to exact higher prices
from us,” said Isadore Saks. ‘'The
excuse is that they have been com
pelled to Increase the wages of the -
employees from 25 to 30 per cent.
Just why we should pay such a dif
ference I can not explain.
"We are waiting to see what the
foreign manufacturer actually does
before determining what will be our
course.”
WASHINGTON. Dec. 27.—A cable
gram from the International Institute
of Agriculture. Rome, received to-day
by the United States Department of
Agriculture contained the following
information:
The total production this year of
the staples mentioned in the countries
named below, being the principal pro
ducing countries of the northern hem
isphere, is as follows:
All wheat, 3,569,000,000 bushels,
/being 8.9 per cent more than last
year; rye, 1.828,000.000 bushels, 1 per
cent decrease; barley, 1,524.000.000
bushels, 7.7 per cent increase; oats,
4,571,000,000 bushels, 2.3 per cent in
crease; corn, 3,044.000,000 bushels, 1.8
per cent decrease.
The countries included are Austria,
Germany, Belgium. Denmark, Spain.
France. Great Britain and Ireland,
Hungary, Italy, Luxemburg, Nether
lands, Roumanian Russia in Europe
(63 governments), Switzerland, Can
ada, United States. India, Japan. Rus
sia in Asia (ten governments), Al
geria ofid Tunis.
Total production of cleaned cotton
was 9,296.000,000 pounds, 2.1 per cent
more than last year in the United
States, India, Japan and Egypt.
Dr. Jordan Puts High
Living on Militarism
Special Cable to The American.
LONDON, Dec. 27.—Dr. David Starr
Jordan, of Leland Stanford, Jr., Univer
sity, in a notable letter to The London
Daily News on the high cost of living.
says:
“The waste of all governments on war
and the system of national defense
through war is worldwide. Through it
and its related agencies, the taxes of
tiie world are about double what they
were in 1897.
"With the increase in tax exactions,
every one who can puts up his prices,
and under the war system the number
of men mal-employed or economically
idle has greatly increased, while work
ers pay for their keep. The theory that
the redundancy of gold has led to high
er prices is without foundation, but the
enterprise of the world is checked by its
actual scarcity.
"Through militarism the world is liv
ing beyond its means; through the bor
rowing beyond the means of the next
four generations.”
NEW YORK, Dec. 27.—That all big
business hails with Joy the news that
henceforth expensive litigation and
long-drawn-out legal battles are to
be supplanted by "understandings”
between erring trusts and the Presi
dent in person is more than evident
in Wall Street. Everywhere optim
ism is reviving. The one question on
every man’s tongue was, Who will be
next to step up to teacher and hold
out his hand for the sting of the
ruler?
And everywhere absolute certainty
was expressed that the slaps would be
gentle and easily borne.
President Wilson’s negotiations
with the Bell system's heads is
known to be an invitation to other
corporations suspected of being "in
restraint of trade”* to come to the
front and "talk it over” with a view
to a quiet, amicable, swift settlement.
And that the Steel Corporation is
likely to be one of the very first of
Railway Earnings
Hurt by Weather
Mild Temperatures Reduce Coal Traf
fic, Reducing Receipts Many
Thousand Dollars.
these to prove its sympathy with the
President’s plan is now regarded in
well-informed circles as certain.
The uncertainty of decisions to be
rendered by the Supreme Court of the
United States was recalled and the
final utterance on the subject of vio
lations of the Sherman law was
pointed out as being President Wil
son’s justification. After the august
tribunal had split several times as to
just what kind of restraint of trade
was forbidden by the Sherman law
the decision was reached that there
could be no general law set down to
cover the subject, but that each Indi
vidual case must be considered by
the court “in the light of reason.”
The President obviously deems it
expedient to go the court one step
further. Why annoy nine justices
with vexatious questions presented
laboriously in litigation? Why not
rather let the light of reason ’ with
which the Chief Executive is endowed
shine on the problems?”
No Corporation Tax on
wnicn nas many enthusiastic supporters t rv • • -»
here, is finally passed in its present form 1 I Tl T'H 71 P.P I 11 VI frP71 M Q
"The Income tax. as a whole l do not iUOU1 tlUUHUo
Billings Man$100,000
BILLINGS, MONT., Dec 27.—A check
for $100,000 whs received the other day
by II. .1 Cohholly as his share in an oil
discovery in Oklahoma made by his
former partner, who was grubstaked by
him seven years ago.
According to Connolly, he gave his
friend $100, which was half of all his
ready cash at that time. He heard a
few days ago of the man’s success and
the sale of property for a large amount,
but did not expect to receive anything
from the proceeds.
No High Living Cost
For Alaskan Natives
WASHINGTON, Dec 37.—The Su
preme Court to-day refused to review
the decision of the Circuit Court at
Philadelphia that the corporation tax
was not collectible from "dividends”
of mutual insurance companies, consist
ing of premiums returned or otherwise
invested at the option of the policy
holder.
As a result, the Government will be
required to refund about $1.54)0.000 al
ready collected and to forego any such
collections under the present Income tax
law.
Yoakum Small Holder
In Frisco, Books Show
ST. LOUIS, Dec. 27.—B. F. Yoakum,
chairman of the board of the Frisco
Railway, asserted on Tuesday that he
is still one of the heaviest stockhold
ers of the system. An examination of
tiie records to-day shows that at the
time receivers were appointed only 21Q
shares were recorded in his name.
.lames Campbell, who was his prin
cipal partner in the Brownsville deal,
in which, it is alleged, the Yoakum syn
dicate made a profit of $3,000,000 by act
ing as both buyer and seller. Is on the
books for 5,762 shares, .lust what stock
Yoakum may cbntrol through family
connections, as he puts it. is not made
clear.
WASHINGTON, Dec. 27.—High living
cost practically has ceased to give the
Alaskan natives any serious
since the Government, through
eral Bureau of Education, has
establishing co-operative supply stores j
at several points. These stores carry
all the goods that the natives desire,
and sell at a price that traders can not
meet.
Heretofore, the Bureau says, traders
have charged exorb-,ant prices for goods
they sold the natives, and purchased
native products at ridiculously low fig
ures.
To Stop Gambling in
‘Foods'on Exchanges
WASHINGTON. IVo. 27.—Repre
sentative Harrison, Mississippi mem
ber of the House Foreign Affairs
Committee, to-day presented a reso
lution for an international conference
to reduce the high cost of living In
laws preventing gambling in food
products on world exchanges.
The resolution was referred to the
Foreign Affairs Committee.
uSln Morgans Offer to Put
Wall Street on Level
NEW YORK. Dec. 27.—J. P. Morgan
Co. want Wall street put "on the lev
el " They offered to the board of es
timate to pay all the expense of a
change of grade at Wall, Broad and
Nassau streets, which would eliminate
the hill and sloping grades at that point.
Wisconsin Plans for
Living Cost Agency
IjA CROSSE. WI8.. Dec. 27 —The
State convention of the American So
ciety of Equity to-day decided to es
tablish at Madison a State marketing
and business agency on a scale higher
than heretofore attempted by farmers
anywhere in the country.
Experts will g,» into the price ques
tion on a scientific basis and will in
form co-operative selling associations
and farmers of prices prevailing in all
markets, retail as well as wholesale.
Drink in U. S, Kills
Off 680,000 a Year
PHILADELPHIA, Dec. 27.—Dr. Alex
ander MacNi6holl, of New York, vice
president of the American Medical So
ciety, in an article says in part:
"A wave of degeneracy is sweeping
the land—a degeneracy so appalling in
magnitude that it staggers the mind and
threatens to destroy tne republic.
“Statistics compiled by he leading in
insurance companies and presented by
Sir T. P. Whitaker in a report to the
British Parliament show that of every
1,000 deaths among the population ut
large 440 are due to alcohol. This would
mean a mortality from alcohol in the
United States of 680.000 a year.”
CHICAGO, Dec. 27.—Continued mild
weather is causing loss of hundreds of
thousands of dollars to the railroads
whose major traffic coal.
The Chicago and Eastern Illinois is
the chief sufferer. Sixty per cent of
the total tonnage of this system is coal,
and 50 per cent of the earnings is from
that source. With a drop of about 40
per cent in its coal business, receivers
of this road have issued retrenchment
orders. The company’s biggest shops,
situated in Danville, hereafter will he
operated on five days of eight hours
each omitting Saturdays. Work upon
new buildings has been halted, and
forces in various departments will be
reduced to keep operating expenses
down to a point proportionate with de
creases in earnings.
The Illinois Central reports coal traf
fic 25 per cent under what it should be,
This road Is hauling more than last
year, but that is due mainly to the in
crease in coal cars, the company hav
ing In service over 5,000 more coal cars
than at the same period last year, f
The Alton and Wabash reports about
the same drop in coal traffic. The Bur
lington, Chicago, Milwaukee and St.
Paul, the Big Four and other coal lines
are also sufferers.
Banks Sure to Go
Into the New System
Heads of New York Houses Think
Plan Can Be Made to
Work Out Well.
TOPEKA. Dec. 27.—Charles Sessions,
Secretary of State, is hunting for sev
eral hundred Kansas railroads which
have been incorporated in Kansas.
Two years ago about 18,009 corpo
rations were declared defunct becau *
of failure to make the annual re]*)r:s
as the law requires, and the Secretary
of State is going to nut several hun
dred railroad companies out of busi
ness.
Most of the 1,100 charters were strict
ly paper railroads and never were con
structed.
He Makes $1,000,000
By Selling Cherries
FRANKFORT, MICH.. Dec. 27.—Paul
Rose, the "cherry king." who died re
cently at his home near Frankfort,
leaving an estate of nearly $1,000,000.
the greater part of which was made
from his fruit farm near here, was
often asked by less prosperous farmers
for the secret of his success.
His answer invariably was. “By do
ing one thing at a time, and doing
that one thing well.’’
Feijoasellowiannas
Name of New Fruit
Will Probe Freight
Rebates to Brewers
ST. LOUIS. Dec. 27.—Brewers and
other big shippers who use private
freight cars have been advised that the
Interstate Commerce Commission will
begin a country-wide investigation of al
leged rebating by subterfuge.
It is charged that every year the rail
roads pay millions of dollars to the big
industries which own their own freight
cars, thus virtually making a special
rate‘for them and freezing out the small
manufacturer and shipper.
Among the concerns expected to be
investigated here are the Busch brew
ing interests and some of the Missouri
mines and foundries.
N. Y. Central Plans to
Spend $400,000,000
NEW YORK, Dec. 27.—-Local bankers
commented yesterday as follows on the
Currency bill:
James S. Alexander, president Nation
al Bank of Commerce: I believe the
banks will Join the Federal reserve
system and demonstrate the good in it.
It is a big thing to get currency legis
lation. •
Edward Burns, vice president Ameri
can Exchange National Bank- The
k ® h *U with pleasure the pas*,
ing of the bill. There are many good
features and some bad ones. I bone th*
bad features will be eliminated I be!
lieve '.iie banks all over the country
^ remain in the national bank sys
tem.
Hans Winterfeidt, of Speyer & Co •
Tne bui is a good one as far as it goes
Its passage is bound to have a good ef
feet. There are several thim that
could have been left out, but on the
whole It is satisfactory to banking in
terests.
Court Closes Pacific
Phone Lines to Rivals
SAN FRANCISCO, Dec. 27—The Cal
ifornia Supreme Court to-day declared
unconstitutional an order of the State
Railroad Commission to compel the Pa
rifle Telephone and Telegraph Company
to physical connection and to per- ,
mit long distance service, with estab-1
^h^e^ompanie^GIennTnS^ehama *&'OenerarMcReVnolds'VhaJ Sped;,:
Counties a , nama la ssistant James W. Orr had aboui com
"The order In question admittedly 'J 161 ®' 1 a P et iti°n providing for the
gives no compensation for the taking of |!L' atlon °, f V le . < jt ntr r a i raC o C ts^‘
the petitioner's property,” says the do- om control of the T nion Pacific
Free Wheat From
Canada Seems Likely
CHICAGO. Due. 27.—Th* ab no mill
strength in the Winnipeg wheat mar.
ket attracted general attention of the
speculative world yesterday and set
many rumors afloat that otherwise
would not have been in the air. The
house of James Carruthers, of Win
nipeg and Montreal, was credited
with having sent a message to a Chi
cago concern In which it was said
that the wheat trade at Winnipeg felt
assured that the matter of the admis
sion of Canadian wheat free to the
United States, and which now rests
with the Canadian Parliament, would
more than likely be acted upon favor
ably.
Another message, and which was
received from Toronto by a local grain
house, said that the members of Par
liament from Ontario were willing to
act in accord with the members from
the three Western provinces In re
gard to the admission of Canadian
wheat free of duty to the United
States, and that this change would
give the “free wheaters” a majority.
Charters of Defunct
Roads To Be Voided
Sugar Prices Below
Cost, Brokers Allege
NEW YORK. Dec. 27.—Sugar brokers
declare that the impending tariff reduc
tion has reduced prices of sugar below
cost of production and is playing havoo
with Southern planters.
The demand from consumers has fall
en off because of a disposition to buy
from hand-to-mouth pending the inau
guration in the spring of the lower duty.
The outlook for the next three months
Is considered very bad.
Sugar traders said that conditions bor
dering on a panic prevail in New Or
leans, where planters, expecting higher
prices for sugar, had mortgaged thesr
properties to the limit. -
MAY DISSOLVE RAIL MERGER.
WASHINGTON. Dec. 27.—Announce -
nent was made this afternoon by Attor-
property,” says the de
cision, ‘and is therefore void by force
and virtue of the constitution of the
State of California.”
JL
it will be filed in a short time.
QUESTIONS MAY BE POINTED.
WASHINGTON, Dec 27—It is re
ported that the Interstate Commerce
Commission will send a set of ques
tions to the railroads to answer. These
will inquire about watered stock. The
object is to learn why the commission
should advance rates to pay dividends
on this class of securities.
TRENTON, Dec. 27.—A plan for the
financing and extension of the lines of
_ _ _ ^ ^ . !the New York Central was approved to-
ESLONDIDO, Dec. 27.—John H. day by the Board of Public Utility Com-
Whetstone* a rancher, has a nice crop jinissloners.
of feijoasellowiannas. Never heard * Under the plan it was estimated that
of them? Well, they do well in Cali-* the Ne ! w Yo f£ CentraJ *nd affiliated
fornia MtMCi&llv In Fficorwiidn companies will spend approximately
torn la, especially in Escondido. ^ InW.OOO.OOO In the next ten years. The
are already i
vary large part of this
Each Kansas Countv
Now Has Own BanW Th *
to California from the Argentine Re- committed to
public. Mr. Whetstone has a grove of expenditure
TOPEKA. Dec 27.—Every Kansas 90 trees. i ——
county now has a bank. The State, The tree is evergreen and beautiful, I IMPORTS HURT SCHWAB.
Charter Board granted a charter to a with a large, fragrant flower. The BOSTON. Dec. 27—Charles M Schwab
bank at Johnson Stanton County, j fruit is about the <ize of a sma n says the business of the Bethlehem
Stanton has been the only County with- 1 0 J^ Steel Corporator, of which he is presi-
out a bank. , f ^ lth * hlte meat ' C h J n ^ a y or - dent, is very bad. due to imports of iron
There are now 209 national and 930 i Letter than the gua\a* though simijar and steel. The preferred dividend, he
State banks in Kansas* ‘ in taste, ^addeo. would fee paak
GEORGIA PRODUCTS DAY
EVERY DAY WHEN YOU WEAR
ARAGON
SHIRTS- - PANTS- -OVER ALLS
MANUFACTURED BY
A. M. ROBINSON COMPA
59 North Pryor St. At
—— 1 ————1 ■mill I.g- '4