Newspaper Page Text
FINANCIAL
SECTION
Optimism Grows in Wall Stieel; Financiers Encouraged by Railroad Outlook
BUSINESS [5 STEADILY
GAINING CONFIDENGE
Inereased Faith of Big Interests and Bankers Is
Outgrowth of Improved Trade and Belief That
Rail Problems Are Near Solution.
NEW YORK, March 22.—Gradually
but steadily confidence is growing in
the Wall Street distreict in the ability
of the nation to emerge from the pres
ent period of readjustment and enter
a new era of prosperity the like of
which has never been witnessed.
The increased *faith of big business
fnterests and bankers in the future
welfare of America is the outgrowth
of reports of improved trade and the
manifestation by Director General
Hines of a desire to co-operate with
the important railroad and banking
interests in solving the problems that
are now confronting the railroads.
The financial district believes that
the director general is fully alive to
the necessity of pulling the railroads
out of their present difficulties if the
wheels of the important industrieg of
the country are to be set moving in
the direction of prosperity. ‘\
Faith in Hines. |
Wall Street recognizes that the pfl-‘
sition: assumed by Director General |
Hines is an unenviable one, but has
confidence in his ability tq_do mm'h}
that is good owing to the commenda
ble work done by him when identified
with the private management of rail-|
roads, particularly the Atchison, ’l‘o-]
peka and Santa Feißailway.
Former business associates of Di-]
rector General Hines say he is a man
of unusual ability and foresight. Ilis}
decisions and plans, they say, are not.
the result of haphazard jndgment, hutj
the product of careful investigation
that always includes frequent Mn-‘
ferences with experts whose opinions
he weighs with much care. Thus hlßl
evident desire to do constructive work
is being hailed with much enthusiasm
among' the railroad and banking in
terests. s ]
The quickness with which the new
director general created a makeshift
by which the financial requirements
of the railroads will be met pending
action by the incoming Republican
Congress was a source of much grat
ification, although the ".issuance of
warrants by the Government to be‘
used as collateral for loans is not
considered financing of the soundest
character.
The slowness with which Wash
ington has treated smportant matters
associated with big business has fre
quently resulted in uncertainty whichl
has been harmful to general business,
B i AARe A A At R A A . SRR,
The following table shows the Census Bureau's final ginning report, as
announced 'l‘hursda_\f, on the 1918-19 cotton crop (counting round as half
bales), with comparizons: L
“ Bates— T Ris- 19 ] 1817-18.] 1916-17.] 1915-16. 1 1914-18.
GOOTEIA ....vvossntneceeissassnss] 2,116,023 T 1.886,054] 1,862,104] 1,057,930 2,723,004
RIBDUIIR o iviiisnnsrvirsssnnres 788,870 520,906 552,679 1,025,818] 1,731,751
BEIENR . ooavi sk rena s a s 54,070 001 i il s
APERDBRE . % iosisesiinsnnaoanss] 985027 | 963.687] 11038711 " 789.5831 9un9BY
EWIHBPNIN . dersvrssnnacsvarnes 71,479! 63,974 43,664 28,586] 48,374
RR R e L 33,599 48,178 50,970 55,364 90648
MissIBBIPDL ..o iueevmnnssrornnesss) 1,102,819 | 8R6,2691 800,190 926,509 1,217,883
BRI ... nirs i PRI 629,719 441,121 336.813] 452,261
BN ... R mesioiii 59,174 68,937 60,466 46,644 78,409
MOME CRPOHDR ;.o stusncenbabiens 917,83 28 656,650 693.672} 737,354 970,479
RIS i iivacinncnnndiesl WIS N 0 §56,342] 813,419 622,196/ 1,232,638
Mouth Caroling ...c.ovessiuessees.) 1,578.:5 69 1,267,136 970.7'5z 1,174,218] 1:660,195
WEBRNOBIOU . s rcvercrvansssnsnssese 317,473 288,806 878,064 206,000] 372,068
TEXUS L oovivorrnearntninsrrassses] 2,600,601 | 3,041,726 3,562,789) 3,068,852 4,390,200
I i 25,2 36 20,156 27,976 16,963 26,277
BRI 6,228 | 5,658| 13,420/ 6,963 13,326
TOtAl - ... ...................]11,888,138 111,248,242/11,363,916[11,068,173/15,905,840
Faquivalent 600-Ib, round ba1e5....|12,022,6 01 11,302 575[11,449,930{11,191.20116,134.930
Round bales included ............ 154,0 60 189,076 192,339 111,716 67,618
AR IBIANE ... iaciirnaesina] MLODR 92,6191 117,560 91,844] 81,664
WES DOBl . ..iioiisiansniisd HTTRR 158,492 38,038/ 39,6231 121,528
i ~ 04 21,6241 zx.ezfl' 23,162 121628
Gins operated . . .......osesiinsionliiiiiiet. 20.304] 23.824] 23168).........
*lncluded in 1918 total. .~ e o
Cotton ginned, in running bhales, counting roynd as half bales, and equivalent
in 600-pound bales for 1818, by States: o
e e e [Equivi't.
R ———————————————————————————-———
.
Lee Tire & Rubber Earns
$2.00 a Share on Stock
Lee Tire and Rubber profits in 1918
made a sharp advance, the company re-;
gf"'""' net earnings after charges and |
ederal tuxes of $200,348, equal to §2 =
ghare on the 100,000 sahres of stock of no |
g&r value a 8 compared with profits of |
22,689, nqual to 22 cents a share, earned |
on the stock in phe previous year, |
COTTON NOTES. !
Harris, Winthrop & Co.: "I the mnrket
turns strong this morning, I think Centrag
Leather, Corn Products and Distillers will
allo do to buy. Papers intimate that Mis.
souri Pacific interests were buyers of Texog
Puacitic Wednesdny, and want a chunge in
manugement, Mexico City dispatehes, say
Mexiean Government witl not demand paye
ment of royaities on oil until Congress
meots in May at least.'
. 9 0
i Al Burean: "“These stocks are
bet well recommended—American Can,
Great Northern Ore, Southern Pacifie,
Hteel and Corn Preducts, It is stated by
floor brokers that the selling of U. B
Steel appoears to be going into a bag. It
4#¢ also stated that the market for Corn
Products took s very good and sales are
well taken'
e e
Clark & Co.: “Hegard stock market as a
good safe trading proposition for those
who are satisficd to handle standard steels,
ralls and coppers on moderate turny. Read.
ing, Anuconds and 1. B. Hteel are attrace
tive. Reading hos been giving for weeks
#& the leader in a lurge list of ralls”
. e
B, F. Larburres of Ehipman Sons who
has jJuet returned from Eurepe n{u there
will be a good Buropean export business
for American If wo are willing to finance
u\% countries as well as seil the mers
chandise,
s 9 N
United States Bhippiog Board advises:
The New York Coffee and Sugar Kxe
c%lmxn.wm be closed on Tuesday March
26 the day of the big ‘Jmnmn In response
to o !flmrul;'y migne petition the New
York Cotton Fxchange will take action on
the matter Thursday.
Have ailocated two ships to cotton.oare
Ms‘ trade to load from New Orleans in
April, One for Genoa, the other for Unl.
ted Kingdom. 1t s believed that Wed.
nesday's sudden spot deminnd, ineluding
low grade comm.mn: (:r these ships”
The Jourual of (fi:nmam snys the new
felt in the dry goods market is
o e ampest ot Surihos busbons.
bu&‘ the evlde}\t intention of Mr,
Hines to act guickly is expected to
g 0 a long way toward relieving much
of the apprehension that is being en
tertained in connection +with the
transportation situation. ;
- Big Problems Faced.
Announcement by the director gen
eral of the fact that the railroads
will need $701,500,00 during the re
mainder of the fiscal year, which ends
June 30 next, is declared to have
placed before the public in an im
pressive maner the importance of the
problems which must be faced by
the arteries of commerce the next
three months.
Confidence is growing, notwith
standing that the steel and copper
business continues at low ebb. Prom
inent copper men admit the depres
sion prevailing in their industry, but
say the worst has probably been wit
nesgsed, and that improvement should
be expected frodm now on. A note
of optimism on this score,is sounded
by Simon Guggenheim, tresident of
the American Smelting’ & Refining
Company, in the annual report of that
company just made public,
Another favorable development is
the statement that building opera
tions are showing an increase. No
boom, however, is expected in this
direction until materials and wages
show an appreciable reecession. The
betterment is considered significant
in that a general disposition to re
new building operations and con
struction prevails and is expected to
be launched following reduced prices.
Bonds Show Improvement.
A revival of confidence is also re
ported among prospective buyers of
railroad bopnds, investment bankers
announeing that a better inquiry for
this type of investment has developed
the last week. A general movement
to conclude new finanningiqthut has
been in the stocks for Wweeks is ex
pst;ted to take place before the Gov
erfiment starts its Victory Loan cam
paign in the third wek of April
“While activity in the stock market
has bhen confined recently to special
ties, the steels and copper shares be
ing neglected, a brgader market is
expected to develop shortly. Public
participation in the stock market con
tinues negligible, but as confidence
grows peopler are expected to come
to ‘Wall Street and exchange their
surplus funds for secnrities.
i o Beibbi
AIRBEIMIS "ivosiuvuscrinnseananys] 500,181
AERDBE &oo coihscusvooncrnissnss 55,660
AFEBIIAE . « vcoivbossnssnsnnnnessl MBEILN
COBRIMOPRIE i ocrisovisrriadinves 67,322
FIDEIAS . s ninnsosntvarsnsinss 28,242
COOUEIR ..o c.vensacstrassnnssessiß 120,000
FOBIBIERA o .vingocessorinsnnsscnsl BER 408
\i(!nfltal?pi sokasNeannasiumernans 11 085,508
BENMMONEL . i iievcicisiisiiieil AIBE
NOrth CBroling .\ cocoiisiviisnns+l 195,083
(s)‘klnhoma “‘ 876,370
uth Coarolind . .covvvovmisnnnns |l, 566900
T..,mM sarhesnviisiarasininail 398008
TORBE ... iuioisrnonssicninsiresns hOOB 810
WIPBININ c Pii s iiibohinisinninnns 24 885 |
A olhe L 6,167
Following shows the number of
bales ginned prior to January 16 for
the last few years:
T T e X 6 TR S 0 1 dak 18,
Mfi!mt‘mL...“l!;_Fl!": 1.
fikw.- errivss] 1,994,758 1,781,758 1.825,0101
IR i iiians T63,167] 488,284 944,023
Ariß sisvers 36,718 16,413 81,726
APR eaiii 867,368 868,100] 1,068,006
et ... 65,440 41,670 26,601
Pia, ‘......’ 29,242 47,107 £0,606
Miss, T.iooooo 1,078,400] 818,010 780,442
W' vvivioii 63,984 nie ...
N o 811,075 561,360 668,067
OMIN. o .Ise 664,017 909,142] 806,443
RO .00 1,440,5608] 1,108,181 936,678
Tonn, ......| 290,062 ‘202324 362789
Texuw ......| :.ns.':n| n.'bn,au] 3,640,767
Ve ...iih.] 31,3860 /36084 T 67,040
All others | 4,770 3,968 11,777
Round hales 170.412] 186,014 180,004
RBea Islond .| u,mu' 93,040} 116,692
Total ... 111.051.345[12.570,173 11,137,686
- .
ATLANTA LIVE STOCK MARKET,
(Corrected by W. H. White, Jr,, President
of White Prevision Co, U, S Foed Ad
ministrntion License No. G-21371.)
Good to choice steers, 860 to 1,000, 11.00
@11.50; good wteers, 760 to K6O, 10.00@
10.60; medium to good steers, 660 to 760,
’.50?010.00; medium to cholee beof cows,
760 §6O, 9.00@9.60; medium to good
cows, 860 to 760, 7.50@8.50; sood to cholce
m;'g'm. 550 to €6O, 7.60@K.50,
¢ above represents ruling prices for
ood quality fed eattle, Inferior grades,
Sntry types and range cattle gummi below ;
Medium to good ntxdru, 700 to 800, §.60
?‘.a"& medium to g cows, 600 to 700,
BO@R 60 mixed compon Cows G.w.s
7.00; good fat oxen, T.60@8.50; Ko
butefier bulls, 7.00@000; choles vonl
cabves, T. 0069.00; yearlings, 0,08% o,
Prime hoge, 166 to 020 140060 14.50;
Hight hoysx 130 to 166 15006 13.50; heavy
igs, 100 to 176, m‘owz.am Hght pigs,
:0 10 100, u.wg:z.
an above ek to good quality meixed
el e W g e——
A - < Mfz""\"\‘\, //j‘/»“fi’c%;; ‘:‘“\\\:\:‘ k- T }‘_/.
U 7Y
£ ‘&1 R "“’ffi“}.x{; LA
< TPy @
e B o F. C‘) ’r“‘ 7 ~ \)' Y-’ . — y T
APER {FEORLE hwr O
F. %
AAAAA AA A A P PSP ;
How Can Germany Pay?
Cigar Stores Sales.
:
Lackawanna Earnings Less,
\
3 3 ‘6 "
California ‘‘Pete’s’’ Plan.
Ae A AA A AAP A NS
RAIL EQUIPMENT ORDERS
WILL KEEP PLANTS OPEN
WASHINGTON, March 22.—Car and lo
comotive bullders have been told by Di
rector General Hines that means would
be found to finance the railroads and con
templated big purchases of rolling stock.
He emiphasized that there was ne cause
for alarm among Industries affected and
no need for shutting down car and loco
motive plants,
e ®
NO PHELPS-DODGE EXTRA.
Phelps, Dodge Co. has declared the
regular quarterly dividend of $2.50 a
share, payable April 2 to stock of record
March 20
Three months ago the company declared
an extra dividend of $5.50 a share in ad
dition to the regular quarterly dividend.
Phelps Dodge paid extra dividends of
S2O a share in 1918,
e
LACKAWANNA STEEL EARNINGS OVF.
Earnings of the Lackawanna Steel Co.
for the first two months of the current
year were at a rate of more than suf
ficlent to meet dividend reguirements.
Operations of the Lackawanna -plant,
however, are gradually being reduced.
They are now almost down to 50 per cent
capacity and thé company has but little
business on 'Lé\buukfs and faces turther
drastic reductions in operations unless
there is a revival of demand soon.
Second guarter €arnings are likely to be
poor.
&y ¢
ANILINE STOCK SYNDICATE,
A gvndicate headed by White, Weld &
Co. will shortly offer 70,000 shares Nation
al Aniline and Chemical Company 7 per
cent cumulative preferred stock. Thid
block of stock is part of an original issue
of '525,000.000 which was given in ex
change for various properties which were
merged in 1917. None of-the preferred
was evet offered to the public and 70,000
shares were purchased privately from in
terests formerly connected with the coms
pany. The company itself contemplates
no financing. §
.s 8 :
CIGAR STORES SALES GAIN, #
Sales of the United Cigar Stores Coms=
pany of America during the first two
months of 1919 increased 41,485,680, If this
rate of increase continuves during the rest
of the year it will mean that the com
pany's business will approach $61,000,000,
as against $62,037,747 in 1618, .a 'gain of
neariy $9,000,000,. Those who ave in touch
with the affairs of the company, howeyer,
are confident that sales will increase aps
proximately $12,000,000, which would mean
a gross business of about %£64,000,000.
& ¥ e .
Foreign departments of the big banks
are deeply interested at the moment in
how Gdermany tq going to pay for goods
when the blockade is lifted against trad
ing with the Alliés. The lifting of this
blockade i 8 expected to evefituate in o
very short time. When it comes it will
mean a new fuctor not only in the eur
rents of world trade, but in the foreign
exchange market. If Germany is com
pelled to pay in eash for tha goods she
buys first, it means she must get dollars
in New York somehow., There {8 con
giderable difference of opinion as to how
she could do this. She =ztill has some
gold, but it is doubtful whether the Al
lies would allow her to ship it abroad.
She has still a large amount of neutral
securities that could be sold and the
proceeds used Another factor that must
not be overlooked is that Germany has
halances in several neutral countries’ no
tably Swiperland @nd South America,
that were hurriedly withdrawn from this
country when war hroke out. These, how
ever, are ondy a few of the complicated
matters international bankers are 'trying
to figure out ahead of time so they will
know what to expect when the blockade
disappears, ‘
.0 @ |
Various rumors have been going around
regording California Petroleum’s imten
tions with regard to dividends, it In
learned on good authority that the com
pany intends paying off this year all the
back dividends on the preferred. At pres
ent there is no consideration of a ~divi
dend on the common stock, The come
pany is drilling actively, and its earn
ings are said to be good. The company
has recently paid off some of the back
dividends on the preferred, reducing the
accumulations from Bs§% to 4% per cent,
CHICAGO, March 22.--'"Wheat along the
Atchison system is greening xu wonder
fully and scoms to equal all the Atchison
reports of a record condition.” said Joseph
Wiid, of B. W. Wagner & Co., who I 8 at
Colorado Springs. “Running through
Kansas one finds a supreme. confidence In
a record wheat crop.”
With the announcement that four Unit
ed States shipping hoard boats have been
relcased for service to Franse, the freight
rate charged by private ewnord begun to
drop. From a quotation o¢ §65 per ton
for ecarly April a few .Jdays ago, & vargo
g 1 ioe i 8 now avallable as low as SSO per
;«5:.1 The shipping rate is slightly over
2 '
Recently more marketable hogs accumn
lated in the Newlands irrigation project,
forméely the Truckee-Carson projoct, in
Nevada, than could be handied by thy lo
cal slaughterers. As a result a repredons
tative ‘of the United States Department of
Agriculture sdvoeated co-onerntive ship
ments to be marketed in San Fravcisco.
He arranged with the farmoers te deliver
thelr surplus hogs on_a certain date, so
that the apimals could be Anippar in car
lots. The total shipping and nm{kctmu
expenses ranged from 1% 1Y e peripound,
80 that producers realized a grouter mnet
incomeincome than from hogs sold at
home,
. s
Sugar hoot growers are contracting their
1010 crop of heeta™or delivery at $lO a ton,
or from $5.50 to $6 a ton higher thun pre
war figures, Prospectsa for the crop are
excellent. An avernge inerease of from 20
to 26 per cent over the plantings of last
year 18 indieated, ol conditions nre bete
ter than usual in ull.nurt of the belt.
. .
The weekly erop report of the Hanta Fe
rond gays there (s all kinds of moisture in
the Southwest and if that country does
m‘.h raide a big orop this year it never
will,
The Government's weekly summary of
conditions in the hay market tells of gen.
erally "('{'“ receipts and firm prices with
a good demand, The one exception in the
Chicago market, where receipts were muech
heavier and market lower.
o 8 8
Dc'vunma,ne of Agriculture estimates the
Au‘n{) y of wheat In intorior elevators and
mills on March 1 at 167,184,000 bushels
maore than & year ago.
Large Eastarn distributor writes: “We
belinve in grain at present prices bocatine
world's as well as domestic conditions wim.
rant ?rmm levels. The Hast is ‘bare
of graln and feed of uv;'mmu. They hnve
been feasting on bearish talk and now are
fasting."
.
mflfi‘::l of the grain eschangs at Wine
nipeg va decided In connection with
tr?d!mx in oatw, tmrh}y and flax for future
delivery in any specified month that after
the clows of the inonth Immedistely pre.
ceding the axm.m; month no new eon.
Iracte to M&fw sell onts, barley or xhu
for Rgture delivery, tn he detiversd dur
ing wyel MWN"}' month, shall § I'3;?3*
Alßay | | gontracte are made ! -
ment or Hguidation of existing contracts,
ATLANTA, GA, SUNDAY, MARCH 23, 1919,
Get Busy! Prices Never
Will Drop to Pre-War
Levels,Says S. W. Straus
Better i,i\'illg St‘:;;l*z;;:i;‘l—]::'l‘ml;x_\' amd Labor
Entitled to Square Deal,
He Adds.
By S. W. STRAUS, :
President 8. W, Straus & Co.’ Bank
ers.
What we need in America today
more than anything else is mental
stabilization. We must begin _think
ing in harfmony with the true spirit
of this great new victory age.
We must remember that we have
turned a very sharp corner in the
last eighteen months of our history.
MWe must judge the future by the
standards of the iJuture, not by the
standards of the past, :
~_Just as soon as we ean reach this
condition of mental stabilization we
shall see the beginning of America’s
~greatest era of business' prosperity,
}We shall see also the beginning of
'real democracy and good will among
men, and the development‘of the arts,
’the sciences and education as never
before experienced in this country.
FORMER LIVING STANDARDS
'NEVER TO RETURN. /
In the Victory age which we have
just entered there must be a direct
application of our war ideals to our
‘daily lives, What the business Jmen
_of this country must learn, and learn
quickly, is the fact that we ate never
going back to the general standards
of living that existed before the war.
Herein lies the secret of the whole
situation—business, political and eth
ieal. .
| We must realize that there is not
going to be any general recession in
labor because the standards of living
with all men must grow better. What
’the laboring classes really want is
- not to be dealt with so much in terms
‘l of wages as in terms of living stand
ards.
}. They want more comfortable homes,
more sanitary surroundings and bet
ter educational advantages for their
children, Such conditions constitute
real democracy-—the ‘more equable
distributicn of the rewards of human
endeavor. . . .
WAR CEY.«MUSI G%fi INTO ~
'OUR REAL EXISTE E.
. During the war we heard on the
lips of evefy man from P‘refildentl
Wilson down, “We are fighting to
rm:\ke the world safe for democracy.”
This was the victorious war cry of all
the civilized world. ~ !
This democraey which we fought
for and which so many millions of
men died for is a condition that must
come into our real existence. These
demoeratic ideals, translated into the
actual circumstances of our daily
lives, must mean that the rank and
file of mankind is going o live better
than ever before. -~
But such conditions ofgwner livin
never c¢an be brought about through
low wages or low prices. If men arve
going to live in better homes, sur
round themselves with a more re
fined and elevating environment and
give their ¢hildren superior eduyca
tional advantages, they must have a/
sufficiently liberal compensation for
their time and labor.
In the past there has been too much
talk about a “living wage scale.” Too
many employers have felt that when
those who “depended upon them for a
livelihood were given enough money
in the weekly pay envelope barely to
meet actual living expenses their full|
duty has been done, But a bare liv-|
ing is not sufficient, because a man
can not practice thrift, pravide for the
emergencies of the future and edu
cate his chiidren in the way they
have a right to be educated when he
ig dependent on a mere ‘living wage.”
WAGE SCALE OF EUROPE
CERTAIN TO ADVANCE.
1f the general standard of living
in America is to improve, therefore,
we are not going to see any pro
nounced recession in wages, while in
all European countries the scale is
going to come up. There are going
to bhe better working conditions eve
eryvwhere, such as shorter hours,
greater precautionary measures
against accident and 111 health, and
‘an eight-hour day.
All business conditiNns midt be
prepared to adjust themselves to
these standards, and this is the v(ow-‘
point we must have in bringing about
the needed business stabilization, In-|
asmuch as labor is the chief item of
cost in all commodities and finiehed
produets, the general scale of living
costs will be maintained in aecord
ance with the standards of wages,
It is futile, therefore, to expect
lower prices, and the business man
today who i holding off in his activ.
itles with the expectation that in the
repdjustment there will be a revision
of prices downward is simply mark.
ing time and possibly letting his com
petitor get ahead of him,
There has been, of course, a seal
ing down of costs In some instances,
and this process wlill continue to a
limited@ extent. As the spring and!
summer advance it is nataral that in |
some food commodities these will be|
lower prices,
There also hay been, profitesring In|
some lines of ilwiness, and there have
been excessive wages pald In bonuses
and overtime, In such instuces there
will be un adjustment to lower levels,
but thé general conomie situation
will not be affected thereby,
In the bullding situation it is par
tieularly essentinl that conditions be.
come stabilized as soon as possible,
In the elght North Atwintle States
building is more than half a billion
dollars behind normal requirements,
There are not enough homes, office
hufldings, apartment honnz hotels,
factories or mercantile structures to
eare for present demands, It would
take some time to complete a half
billlon-dollar building program even
if it were to start tomorrow,
BUILDING SHORTAGE A’lufl!!
PRONOUNCED ACTIVITY.
Meantime the country is growing
rapidiy. We are expan r ex»
port trade and we are deve ;
greater Activities within our own
boundaries. The half-a-billion-dollar
building shortage in the eight North
Atlantic States, therefore, means that
there must come sooner or later a
long period of pronounced activities
in that part of the country. And this
same statement may be applied to all
sections of the country.
The thing for all business men to
do now is to adopt a "Get Busy”
slogan—to quit thinking in terms of
hesitation and doubt, and to make up
their minds that business is going
ahead as it never has done before in
the history of the world. MThis is the
state of mind that should exist every
where in the country.
During the war we learned great
legsons in thrift. More than 25.000,.-
000 of our citizens bought Liberty
bonds and more than 36,000,000 of our
gitizens purchased thrift stamps.
These practices of thrift must be
made permanent, for it is only
through thrift that the individual
makes progress and the nation ad
vances. Thrift ‘means new capital
and a continual upbuilding of wealth.
OPTIMISM AND THRIFT
SPELL PROSPERITY.
Optimism and thrift must be the
keynote of the situation. Every cir
cumstance today points to good times.
All that is needed to start the wheels
of industry whirling, to inaugurate
unprecedented building aetivitigs, to
furnish profitable employment to all
men, to develep all our natural re
sources and build up a great export
husiness, is 1o realize in our minds
that the time is now ripe for such
conditions.
We must bear in mind also that
priceg are only high/by way of com
parison. The trend always has been
steadily upward, and as each new
level was reached prices were consid
ered high. But in the course of time
we adjusted ourselves to them. We
must take the same viewpoint now.
Prices, generally speaking, are not
goming down, and the only stabiliza
tion really needed is that which must
exist in our own minds. When this
has been accomplished we shall be
gin to realize the splendid actualities
of the Vietory Age.
LMMMNWVWW
Corrected by General Distribul Co.,
lanta, Ga., U. S. Feod -A&:’Mflnfi
License No, G-58194. >
Acid Bengoie, U. 5. P, Ib.. 1.35 @ 1.50
Carbolte, Cryst., 1b..,... .26 @ 30
Phosphoric»U. 8. P, Ib, 40 @ .45
Btearic, D, P, 1b........ Sll%@ -22%
Tannie. U. B P, 1h.... LBO & 300
q'l‘miuric. Cryst., b, ..., S6L @
~ artaric, Powd,, 1b....., MK @
Aleohol, denatured, gallon .66 @ ‘t}
U 8. P, 100 proof, gal.. ¢97 @ "
Wond, 96 per cent, gal.. 1.2: 1.30
Allspice, in bags, 1b...... .1 @ .15
Alum. Powd, 1b......... OBN N 7
Balsam, Cop., U, 8. P, 'ib, .95 @ .17
Copaiba, Para., 1b....., 80 § 62
PO, . i asnge B 0 48 388
olw, ... .1D B lED
Bark, Bayberry, 1b....e 086 E 1
Cottomroont, 1b.......... 30 @& 2§ .
Prickly Ash, 1b........ & @ .38
Beans, Vanilia, Mex..s'lct.lb 4,60 @ 6.00
Vanilla, Mex. Cuts, ib,, 3.00 @ 3.26
Vanillg, Bourbon, 1b.... 2.50 @ 3.00
Vanilla, Tehati, 1b,.... 1,60 &
Berries, Juniper, b...... 09 @ .11
Saw Palmetto, grnd, Ib.. .30 @ .24
Camphor, American, 1b..., 3.26 @ 400
Cassin Buds, b .......... .28 @ .38
Chioroform, U. 8. P. 1b... 43 @ .44
Cloves, bales, 1b.........: 28 @ 40
Coumarin, C. P, 1b,..... 10.00 @@12.00
Creum Tuartar, U. 8. P, Ib. 63 @ .70
Epsom ?n». AP, .. Hiy@e 3%,
Giycering, C. P, drums, Ib. .17 @
P oonnn 1b... 60 ees VNG
Gum _Tragacanth, Ne. 1
white, p0und....,.... 415 4.26
Ne, 3 Ih..iiinnn,.: A 1 3.00
Powdersd, 1b.......55:x RIS 3.00
Leaves, Buchu Bhort, gr'dd
PEURE iioviviorsovan. 80 1.70
Haana, Ib..cvirancinss 81 a 2
Bage, IB...icosiesdnanss BB 28
Benna TION ..crasehanes G2lB .16
Kola Nuts, bags, 1b...... .20 .23
Nutmegs, 105-110 s, ib..,. .38 4%
Nux Vomica, powd, ib..., .13 .18
Oils, Bweet Almond, 1b.... 1.60 1.75
;\gnhm, 1{)n,... %'4’% ‘llgz
OFEHIG rydeveesnens B¢ 7.
Clator; I v be s a 0 281
CAOVE. TN i 380 2.35
Coriander Seed, 1b..,...3000
Lomon, Ib. .y i idp i 1 40 1.56
Mirbane, 10, ... . coossvve 129 .24
Mustard, 1b..........+..10,80 13.00
Peppermint, b, cn sl AN 535
Baseafras, True b ,o 0 BB 8.75
Bassafras, Artificial, Ib.. .48 A 8
Segame, gallon vive B 9
Lyestuffs: Market on mnghur und di
rect colorggvery firm with big demand.
All abeve prices are f. 0. h. New York
or fuctory to jobbers and In original pack-
| B ’
i
‘i FERTILIZER MATERIALS '
I 5 PN A AT AN A
CORRECTED BY HEIRY COHEN,
1. 5 Food Adiministeation License No.
(27360,
Nitrage of sodn, 456 per cent, prompt ship.
meonts, 4.30@4 4% ex store or ex vessel,
HBouthern paorts
Hulphate of ammonia, bulk, prompt
shipments, 500 a. f. Bouthern points
Trona potash murinte, 40 per gent K2O
prompt ai\flpmz uts, 3.76 per unit avallable,
your station,
Nebragka potash, 22 per eemt@23 per
cent, K2O, provipt deliveries, 4.00 per unit
o 8§ your station,
Actd phospliate, basis bulh 16 per cent
ot 16,00 Houthern ports, 16.00816.60 inte
rior peints.
Cyanumid, February, March -m§mmu_
390 per unit, ammonia, £. o b Niagara
Falls, N Y.
Packer's high grade mnuar (ground),
5.90, 10 eents bulk, . 0. b, f\n“o.
hl'arkm"l high grade blood, 6,00 £o b
Chicago.
South American blood and tankage, .00,
b. Baitimore v bags weighed in gross for
net,
Tohuecn sters, 6,00 per unit, Ammonia
4.25 per unit, yotash btrawt;t“h be allowed
our poipt u bags i 3
E Lime stone, 200 £ o b, gmuvm;.
Tonn, .
i —— o ————
Muareoni Wireless Net
¥
Shows Slight Increase
The Marconi Wireless '}‘o\am.?n Coms
pany of Amarics reports & surplus o ter
chargos of 3711 541 for tm’ru Do
comber 01, 1915, cqunl to & whare
snrned on the §5,068) Wl lgek i
Aguinet o surplos of §617,778, ooty
por ahisre anftivd 0 sling yeur.
’B 1 ‘
AP PPN PN
| Heavy Taxes Hamper Trade.
Profit-Taking Restricted.
‘ Try to Pay Too Fast,
§ Can Next Generation Escape?
QMMWW
By BOERSIANER.
CHICAGO, March 23.—Two con
summations might be hastened with
out hurt to the things themselves or
to the world at large—the peace treaty
and the fixing of definite prices on
major commodities. Until the peace
is a signed as well as an accomplished
fact, there must be more or less in
ttax"na,t.iorm,l political uncertainty and
i unstability.
i » Basically and economically gound as
is the United States, the unsettled
|state of cardinal trades makes for
(general unsettlement in industries,
{The hand-to-mouth transactions be
! tween manufacturers and wholesalers
tare directly due to the lack of a sta
| ble status in quotations. Steel makers
'and producers are both in the air.
‘()nce prices are established—what
|ever the figures—business must pro
| ceed apace.
Delayed by Heavy Tax.
It would proceed faster, If not more
confidently, were taxes less onerous.
In noting that the Government, pres
ent or future, may deem it necessary
|to have the tax laws amended, one
imerely expresses the hope of the busl-
Iness community.
It is the conviction of business men
that a mistake was made in taxing
the present for the possible goed of
the future—if, indeed, it can possibly
be.good for the future to have the
present so heavily burdened by the
taxgatherers,
i Men of affairs are thinking—and
some of them are saying—that the
extinction of the war debt should be
spread over many years, well to the
next generation, perhaps. It is now
clear that the impost as ordered by
the Sixty-fifth Congress must have
restriction — even serious ~— conse
quences to commerce and finance.
Restricts Profit-Taking.
Restrictive-—in that the exchange
of all descriptions of property must
be more or less curbed by the law as
it now stands. At the moment it is
helpful to the forward movement on
the stock exchange that liquidation of
securities in which the holder has a
profit is discouraged by the faet that
a high percentage of the profit would
go to the Government.
But the same preclusion governs
practically every enterprise. Stores,
mills, ships, farms are not sold to
willing buyers-—purchasers who will
pay well--because the vendor must
pay so largely to the Government on
a closed deal. |
Try to Go Too Rapidly. |
Initiative in this sense is stifled,
the heart is quite taken out of im
’pnrmnt barter by the excessive impo
sitions, Taxes are penalizing too
heavily, they are absorbing too much
money in every respect, People of
today attempted too much when their
‘national legislators voted to extin
‘guish the public debt too rapidly.
~ That is the opinion now neld almost
everywhere in responsible trade guar
ters. 'The chance is not remote that
the Sixty-sixth Congress will find the
urge to lighten taxation too strong to
be registed, Both the personal and
the public weal will demand an
emendation. The assessment threat
ens to be seriously hampering.
The measure passed by the last
Congress was conceived in an ideal
ism which is proving impractical.
Poet First Advocate,
How many could name offhand the
first modern advocate of the plan for
the present to pay the nation's bill
that the next generation may be tax
free, or comparatively so? It was
none other than Lamartine, the
French gtatesman-poet.
The author of “Graziella"-ever an
fdealist in precept, never In practice—
always had care of the future, save
his own. He wished France to pay
her way, though he never paid his|
own way., When he was transtn-rn-di
from the Ministry of the Interior to
the Foreign Office, Heine maliciously |
observed his poet friend would not do
better in the higher post, for-—in
Heine's words: “Il n’est pas un Min
istre des Affairs Ftrangers mals un
poet qui et etranger aux affaires” -
roughly and awkwurdly, “He is not a
minister of foreign affairs, but a poet
who is foreign to foreign affairs.”
|
American Brake Shoe
Profits Lower in 1918
The American Beake Bhoe and Fcundl;y
Company reports net income for the fif
teen months epded Decemboer 31, 1818 the
fisenl year having been chanpged from Seps
tember 30--of §2,294. 644 as compared with
$3,232,942 for the twelve months ended
September 30, 1917,
After allowing for reserve for econtine
gencies and dividends on subsidiary stocks,
the net earnings on the preferred which
et all profits above 7 per cent on the
comtnoen were squal to :34 16 a share, or
at the annual rate of 32878 n share as
igaingt §60.21 a share carned in the twelve
months of 1017,
r—— ——————————————
Republie Steel’s
Earnings Smaller
fßopublie Tron and SEteel Company's earns
ings for 1018 were smaller than for 1617,
but were still far above normal, aceording
to Prosident Topping Net income after
wll eharges, taxcs, interest and preferred
dividends were equnl to $523.02 4 share on
the commen stock, agaiust earnings of
$61.85 im 1917 and $47.96 n 1916,
ATLANTA PROVISION MARKWT. |
(White "Nflfi‘w Co, U, 8 dood m‘.fl
!dmfl? License Ne. G-21371,) |
Cornfield huma, 10 to 12 average, 34e. ‘
Cornfield hams, 12 to 14 wvernge, 33 %e.
Cornfield skinned hams, 16 to 19, 38e.
Cornfiald gwn:n hams, § to 8, 240,
Cornfisld breakfast bacon, 46e,
Cornfield sliced bacon, 1-Ib, boxes, 12 to
anse, S3O,
Grocers' baeen, wide or narrow, 36,
Cornfield pork sausage, fresh link or
bulk, 2%¢
Cornficld wieners, fn 10-th, cartons, 2%¢
Cornfisld wisners, In 13-Ib. kits, In
plekie, 126,
Cornfield Hologna sausage, In 26«1h.
boxes, |H3n_
Cornfield smoked Mnk sausege, in 26-Ih,
boxes, 184ae,
Grandmother's pure leaf lard, in tieree
basis, 3¢,
“Vnumry atyle pure lard, tierce basis,
e
Compound lard, lgm basin, J4%a.
D & “Betion: adtam a2e,
[, ® el ;q“wwm average ]
The Australian embargo on all
merchandise not originating in Great
Britain seems to have grown out of
an order limiting the importation of
dyes into Australia to those of Brit
ish origin. According to the National
City Bank, our exports of dyes and
dyestufts to Australia in 1917 amount
ed to $72,600, as against $16,725 in the
year preceding the war,
Production of dyes and dyestuffs in
the United States increased very rgp
idly, following the termination of
trading relations with Germany, from
which country most of our dyes were
formerly drawn, but it is interesting
to note that this increase was suffi
clent to not only meet our own grow
ing requirements, but to also enable
us come to the relief in a modest way
of cur neighbors in other parts of the
world.
Exportation of dyes and dyestuffs
from the United States for the year
immediately preceding the war was
but $356,919, advancing to $16,922,000
in 1918, Exports of analine dyves in
1918 were $7,208000; logwood extract,
$2,239,000, and all other dyes,
$7,284,000.
{ ATLANTA sEOURITIES. |
|
Bl ittt
| Pid [Askd,
Atlantic Steel Co., com. ~....| 97 1106
i B 0 PEBL L hiiarkeasekd ‘}/ 24
L At. Tce and Coal Corp....oes.| 6 7
do({m-n Svessassrnesridane] T 8 76
Atl. and W. P, Railroad ~....{150 166
Atlanta Natiomal Bank ......[3BO [206
Central Bk. and Trust Corp, ...[{l4B [152
Fourth National Bank ......j3156 [320
Augusta and Sav. Railway ....| 02 96
Exposition Cotton Mills ......[IBO [l9O
Fulton National Bank ........}117%{120
Empire Cotton Oil, common ~| 60 | 62
80 Prof. .. vcsasieserserin] 2L 08
Gato City Cotten Mills ........[226 ‘s
Ge. Ry. and Banking Co, ...|233 [238
Ga, Ry. and RElectric C0.,.cu..}... [IOO
eF DB isiiianal T 8 i d
Georgia Ry. and Power, Ist pf.| 66 70
an 20 PIA.. ciiascinnaesid B 0 12%
AO, COMMON ..+ crovannens) B s
Léwry National Bank ......J220 [225
Southwestern Railroad .......| 96 |97
Third Nationn! ».nK ........|2816 [2lB
Trust Company of Georgla ..[275 |2BO
Atl, Cons. BSt. Ry, 58 ... .vece.+]loo 1102
Atl.-Char, Airline 58 ..........15.10 [Basts
ARSI Bends.
Atlanta 3%5, 1940 ..........; s.4o|Basls
Atlantic Ice and Coal, 68 ....] 83 "
Atlantic Steel 68 ........e00:] 96 'z
Ga. Railroad and Bank. Co. ..| 85 &
. * .
Municipal Financing in
February $19,827,867
During the brief month of February a
considerable amount of activity mmong
WKtates and municipalities has come to .the
attention of dealers in State and city
bonds, - swcording to the Dally Bond Buyer.
In fact, in the last sow wecks a greater
volume of financing has been gotten “un
der way” than in any similar period in re
cent meouths, The seagon for voting bonds
18 here. Many State Legislatures are in
session and public officials or governing
bodies empowered to issue bonds without
approval of the voters ure preparing to
commence coustruction of lmprovemaaf:}
which means, first of all, the raising
funds with which te purchase materials
and meet pay rotis.
Below {8 & comparison of the sales of
long term American municipal bonds sold
in Februsry and the two months' peried
ending February 28 for six years: |
Fob h?h‘.
'ebruary. mon
1919 ......‘......;u.5z'1,m? $ 44,666,218
IME cicvorremnans 33,445,709 41,851,795
IRET ssvaevsanenes 35,450,900 64,064,390
TRIE .soevommnsens 15,015.308 87,326,120
1016 soncvccensas, 490,610,087 90,976,565
006 omeoersones: 26,070,650 . 111,071,603
» - »
Savings Deposits in Italy ‘
.
Rise 70 P. C. Since 1915
The war has inapirgd thrift in all the
belligerent nations, hni\mwhrm more than
in Italy, The number of accounts, which
was 6,330,282 on June 30, 1914, deelined
to 6,286,797 in the first yoar of the strug
gle, then turned upward and had reached
6,750,472 on June 30, 1918,
On June 30, 1914, the total of savings
accounts was $409,40%222. On June 30,
1916, this had failen to $359,316,379, but
Ly June 30, 1918, the officinl flgures show
e $663,435,486, That the expansion s
still in ~r(.mmn {8 evident from a sup~
plemental report, dated October 31, 1918,
showing deposits of $616,273,497, Thus,
since the middle of 1916, saving accounts
have Increased more than 70 twr cent,
At the same time depesits in all other
banks in Italy inercased greatly, The to
tal in all banks on June 30, 1914, was
7,605,400,000 lire, This declined to 7,066,-
300,000 lire on June 30, 1915, but mounted
to 12,231,500,000 lire on June 30, 1918,
Packers To Be Asked {o
) Release Provision Grip
CHICAGO, March 17--Offlelals of the
Board of Trade will not tolurate manips
ulation of values, whother it be in grain
or hog products, 'The “squeeze” is &
thing of the past. |
Humors are eurrent in beard cireles that
packers are to be ssked 1o release their
grip on big lines of pork, lard and rib
futures. If they refuse te allow shorts to
vover their outstanding contracts without |
& runsway market, they ure, it is suid, |
to e pried loose from helr holdings,
Awift & Co, are reported in control of |
the cash lard and also of the May lard
future. The North American Packing
Company holds wmost of the pork futures
for May delivery, and siso owus the lurger |
portion of the cash pork
Jack l‘fu(lm{r of Milwaukee, s sald to
control the May ribs, and also owis »
kood part of the cash products,
» .
High Operating Costs
Y 1 5y
Cut Colorado Fuel Net
The annual report of the Colorade I‘wl]‘
und lren Company for 1918 shiows gross
rovoipts of 348,938,678, compared with |
$45,018,016 In 1817 The aperating »lni
penses wore $40,769,206, compnred with
$34.502,578 In 1017, leaving net earnings
from uperation of $7 464,568, compared
with $5,665,644 In 1017,
Income from sources other than eperns
tion was $636,742, making a total net
income of 8% 101,111, compared with SB,
473,078 in 3011,
After all deduetions thers was left a
net {ncome of $1,132.047, from which was
roserved $400,000, the estimated amount
of tucome pud excoss profits taxes. Divie
donds of 8 per eent on the proferred stock
and 3 por cent on the common stock
amounted to §1,186 375, leaving a let of
$1,646,172 eatrlod to the eradit of profit
and loss. Barnings on the commnon steck
equaled 7.01 per cent,
Ao i ——
American Tobacco Net
v
Shows $7,700,000 Gain
The income nocount of the Ameriean To
baceo (o, for the yeur ended December 31
lamt shows an indreass in total snies of
64,549,520 and & goin in net, After ex
,{mum taxes and all chargos, of v*,
473, "an compured with, the (& ures 10t
The bulinee for the §40,344, A'm
[iep, sk, sgusied 346 per cont, agninst
16.22 per vent In ) s g
FINANCIAL
SECTION
Fxports in February aggregated
$688,600,000, according to the Departs
ment of Commerce, as compared with
$411,000,000 in February, 1918, and
:"\;:;s,m)u’ozo for January, 1919,
Exporth for the eight months ended
with February totaled $4,386,000,000,
as agalnst $3,862,000,000 for the cope
reponding period of the previous
year,
Imports for February were $285,+4
000,000, which compares with $208,«
000,000 for the same month in 1918,
For the eight monthg’ period imports
to the amount of $1,933,000,000 were
recorded, which contrasts with $1,841,«
000,000 for the corresponding period
of the previous year, §
l i
1? ATLANTA MARKETS ;
Corrected by Cone M, Maddex.)
Adnllnh( tration License Number G-08383
Apples,
Evaporated, §O-Ib. hoXOS .. scecmmsee o 8
Baking Pewders,
Buccens, 48, 6c e aaseneseeemes
Rumford’n, 1 DORIE oo vsciuninniinits
Rumford's, & pound ....essereesen
Bran,
Pillebury’s Medlcina: Health Bran.. %50
Beans,
Gulifornin Limas, 100-poand bags. ‘afl
Canned, 24%a, tring . cocnceess ~’
Catsup,
Bull Head, 24 83-OUDNCE ,ecmmamees k.
Roysl, 35, SouBS . ..iconmmmiis :
La Creme, 24, 8-ounce ....coscevss
Post Toast! 85 k 4
o, PACKAKOD ....u4
Kellogg's Corn Flakes, ?’mm a
National Corn Flakes, 36 packages
Krinkle Corn Flakes, 30 packages
Grape Nuts, 2 dozen packagee .. t
Pillsbury’'s Vitos, 1 dozen packages
Coconnus,
Arbuckle's, 100-Ib. CABeS ...eeeees g:
Arbuckle’s, 36-Ib. COSOH, cenvasoans
Blue Ribbon, 1-Ih. CAND, «coeoevensn
Pertection, 1-Ib. pkgs.. L seeseenses o
Compound,
Lard Compound, 60-pound tubs. . B
BROWArift Lard, 6-88 .....oesnor: 3
Bnowdrift Lard, 13-48 ..ceeeeecees 1
Fleur.
Bweet Marte, Belf Rising, 24-Ib
BOOKE ...veioiivtiiisiiinnsaass B
Bweet Marte, Self Rising, ~ 43-Ib. ;
BRERE . .evoiiiniirsiiiisesnasas DN
E-Z Bake, Pilain ' Patent, ' $4-ib. ,
BB iianiiiriis seiieai e 12.00
E-Z Bake, Plain " Patent, ¢3-Ib,
SROME . iiviiarcissvreissvannans B
Plllsbury's Best, 24-1 b sacks. vvomes 1576
No. 2 Standard, 24 cans...eeeem. 348
Kraut,
lflounaud'-. 3 23U o B
Milk, B
Carnation, 98 8-sunce CADS, canenns 1
Carnation, 48 18-ounce CRDB: ¢ot i
Dime Hrand, 48 11-ooz. COANS. vy vmns g
BEagle Brand, 43 15-oz. cans. ..edee 8
Mince Meat,
Atmore's 1-pound bricks crisesan
Atmore's Condensed. 25-pound kits
Union Cooking Ofl, drumns rearasn
Wesson, 24 pints 2508000 20 0 o .
No. 2 Georgia Table Peaches ceanse
Macarent. '
Red, White and Eiue, § and 200 ..
Bulk, 20-pound boxes st s sne
- OiL
Wesson, 8 large P
Wesson, 24 pints srmssassenenen ey ::3
Wasson, 3 S-gallons .....000 00 18
Okra,
24 No. 38, DWarf, canned ..eeemewes 538
Penches,
No. 2% Georgia Pic ['cacher weee 2850
Lot v’“‘ 1\ 35
C-0. Loulstana Molases, bb) 1...._.’
Ne. 1% New Orleans Molnsse. coves .39
) Mustard,
|24 7-ounce Jjars »43 568 S o emeTsN &”
{ Libby's, 24 8-ounce S ——— ’
P 18 d: k .-_.V ‘“
writy, round packoages .
: Fruit Jars, :
| Half gallons, per gross resconseee 1080
| QUAPLR, DOP BTOBS ..ccovsmamemene 808
' Pints, per Kross TEr ena s e
| Caps, per gross FARE Ssa e ne. e
Rings, per gross ......cecomsemes .
% N:lomlny.
Hougland's, EHB L e SO
l'mi:n Butter,
cpper,
Durkee's, Black Ground, § or 100,
Bee Brand, 10e, Black Ground .e
| Black Ground, i6-pound paile ooue
Pork and Beans,
Yon Oamp'a 48 18 ouvirreovmins B
24 S-ounce jurs, Kellogg's . onose
Potted Ment,
LI (48 M 8 o.oioisreirmmmnc tg
Kingan's, 48 &a B S
Peas,
No. 8, extra sifted, I dosen ...... t ;
No. 1 Bleve, 24 28, N, Y. State seme
No. 2 Sleve, 24 2a, N, Y. Btate ..c. &
California Blackeyes, 74-Ib. bags« ,08
Salnd Dressing, i
Durkes's Plonic, 248 .......:m 2.
| Durkee's Medium, 248 ,ceeecescnes &
Libby's, 84, Popular 'o e ne me——————
! Salt,
| Orone, 28 2-pound packnges emnee
Chippewsh, 100-pound DA sueenn
Baker's Balt I barvels ~ cocomes
{mlm
KON Koylam, 100 Cans. ..o t”
1 Mustird, Keyloss, 1008, cemmneee §.OO
% 01l Carton, keyn, 1008..voemmeene 188
Sonp,
Clean Bany, 00 DAFS. .. .. commmmnns w
White RO ...ov.ietreonomanumen
Sugnr,
Btandard Mue Granuiated Pure
Caue, I bbis, or 100-Ib. seoks. .. 8850
Sage.
Hubbed, f:pound bLOZUS cecommensn
Lens, 6-pound DOXOE ~.ssescnnss
Bulk, whole, In barrels , ceesbons
Spluach,
Libby's, 34 30 o ... ommmnnnen D 8
Noup,
Cumpbell’s Tomato Cresvesences &0
Postum,
1 dozen lnrge, regular Cresssmaned ’.R
2 dozen amall, POGUIAP . vesnnncnss B
Assorted, TOgUIRR ~..veeoooooooos B
1 dosen large, INMIABE ...ceonssses
£ dozen mmall, IDSANE ..ooesseensen 3
Assorted, Instant Ry
"Il'lib
™ Brand, buarreis . ERRE
:‘,fi,': ,q"‘;f,: Syrup, ll”h“::-:.o-o »
Refiner's Bugur BYrud¥ . isssnesnce
Alnggn, B<loß ~ssssrsesvensnnnanns ]
Alnga i W sassssrenssnanranane \
Alvgn, BolGf sssvsnsrsssinssnnnes + {
Honita, 6100 ~eevsnsvesssssnsnne ;
Henita 1508 sisusnsssvnsssennns 5
Bonita, 48148 Jcsesssnssassssnsss 4
Fairday, 4518 .ssissssvenncnnns
Falrday, 48<1» * ' -.1.;-:nnm ‘ ,;
. eund paclknges onse, I
ATES. oeunt i B i
100 pound kegs, Lake Herring ..ee 4
§O-pound kogs l.ukfi r’rlt:&".‘ v 8 ‘
é-pound kits, Lake He srsen o
‘4!l '“uu:x quoted £o B M ~
gla, net coash, T e
2420, Fancy 11and Pheked. coomuns “ r
Vienne Sausage, :
Llbby's, 30-%8 o 0 iuiossisonaniion o .
Apple, in barrels, bu .
ur pple, . . - p
Colored Dimtill uruu.w o
White l'e‘:-! “n'h - . .9;3
Fitue Itibbon g FEA A ve— N
Blua BINDOR, PINLE oyeessmonnmmme . 3
Jockey i"tus, a‘mfl tesssssnnenmens sdb
Jockey Clu saa e 'y P
Bugnr Coloring, per ghilones SBE= 3. i
Vanillin, of, . raesses . é=§
Mg D Eb . e e