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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