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The times dispatch. [volume] (Richmond, Va.) 1903-1914, January 08, 1912, Image 8

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OUTLOOK FOR FUTURE
COURSE IS UNCERTAIN
Strong Fffortsby Certain Leading- Inter~sts to
Bull Market and Induce General Speculative
snd Outside Public B ying.
Now Vork. January 7.?From the
close of business lost Friday there was
a gradual Improvement in pr|ce.r. rang?
ing from 27 to 30 points, mostly on
covering of shorts and some buying.
This movement ha3 been principally
against the shorts, with the view of
broadening the outside speculative de?
mand, and to create a higher basis for
fresh hedge selling against tlic crop.
Most of the shorts arc now covered,
and in place of the heavy and extensiv -'
short Interest which existed u;i to tho j
rime the government's crop estimate I
was announce,) a month ago. there Is
now quite a large speculative interest
In trie market, with prices up fiO to 70
points 'from the extreme low level
reached on Dc-emhcr 12. I
Tho high prices this week were (
reached when January sold at 0.10. ?
March. 0.27. May. o.:t>: July. 0.40. and |
October, tile new crop option, sold at I
.9 The market cloved yesterday ?
wltbin S to 13 points of the highest |
prices of the wick, ag against about (
S.45 for January, for March and |
S 70 for May. tho season's lowest level 1
reached on December 12. tho day after
the announcement of the government's
crop estimate.
The PrMrnt Spretilstlve Position.
The outlook for the future course of
price? Is now very uncertain. Much
depends on tho early settlement of the
T.anM-shire mill trouble, and whether
<he heavy buying of spinners' agents
generally and exporters, so heavy up
? o a fortnight ago, will bo resumed at
the present advanced price of nearly
$3.80 per bale ifrom the low. level of
.lust about a month ago. Strong ef?
fort? havo been made by certain lead?
ing Interests, who have supplied N?w
England and foreign spinners with
>:eaVy stocks of cotton, to bull tho
market and indues general speculative
e.nd outside public buying.
TJp to date, however, only the shorts
have covered, aryl professional traders,
?with some Wall Street and Western
operators, havo been .induced to come
In on tho bull side ana help along this
movement to advance prices. In the
meantime. Ftrongor evidence of the
total crop reaching close to lfi.500.000
bales of splnnablo cotton bag been pro?
duced, with still little Indication of
tiny material broadenlnfr in the trade
demand for dry goods of Im-portanco.
Crop Now Ficredlnit the Kaftmntc.
The Cens-us Bureau's report covering
the amount ot the crop ginned to Jan?
uary 1 will bs announced before tho
opening of the market on Tuesday.
January o. This should show -upwards
?f J 4 300.000 bales ginned, aftnlnsf 13,
7119,000 In Its last report to Dec-'mber
IS, as contrasted with 11.081.000 bales
pinned to January 1 laut year, against
0.SI7.00O In 1010. 12.4(5.000 In 1009,
0,951.000 In 1008. 11.741.000 In 10O7. and'
9.725,000 In 1906. against about 13.500.
000 bales In tlic previous record Bin?
ning tor the period to January 1 In
1905.
In this connection It Is well to note
the average fe-rosp weight of the bales
of tho total amount of the crop of
nearly 10.000.000 bale? so far marketed
from plantation figures out about 517
pounds each. This conrpares with the
gross weight of but 500 pounds each
allowed for ,by the Agricultural Bu
r.'au. in figuring out the government's
total crop estimate of 14,883,000 bales.,
exclusive of Unters announced on De?
cember 11. If the amount of cotton
ginned to January 1 of upwards of
11.300.000 -bales were figured out In 500
pounds each, it would come very close
to equaling the total crop estimate of
1I.SS5.000 bales of 500 pounds each
allowed for In th" government's esti?
mate of the total yield.
Thus it would appeur thai the gov- |
ernment's crop estimate has under
slated the actual total crop produced. |
exclusive of Unters, by what is prob- '
ably between 300,000 to 510.000 bales,
or the equivalent of certainly over u
total crop of 15.300.000 bales, with over
450.000 bales of Unters and repacks
of samnle cotton to be added for the
probable total commercial crop, against
a total commercial crop movement last
year <-f i3.120.onn bales on the move?
ment Into slgbi from plantations from ,
the beginning of the season on Scp- I
tomber 1 to the close of the cotton
year on August 31. ao contrasted with
about 10,600,000 the previous year and
13.S50.000 In the previous big crop of
the year 'before.
Final Ginning and Marfccttnc;.
Another census report on the glnntng
to January 15 will be announced by tho :
Census Bureau on January 23. which
will practically end tho total pinning
of the crop. But a final report will be
Issued on March 20. which will Rive the
ginning of the remnants, and whatever
corrections are to be added from later
returns, together with the rtoss dnd
net weight of the bales In details by
States. The total crop brought Into
sight this week on the figures of the
New York Cotton K^changc la 4 60.000
bales, against 493.000 last week, as con?
trasted with 316.000 last year and 281.
000 two years ago.
This makes 10,111,000 bales marketed
to date from the op.'ning of the season
on September 1. against S.?64.000 the
corresponding period last year, and
7.659.000 to the same time in 1910. On
these figures there are between R.2O0,
000 to 5.400,000 bales of* the total crop
of splnnablc cotton, exclusive of Unt?
ers, still remaining on plantations to
come forward during the balance of
the season, before the receipts of the
new crop commences to be counte.d In
the new cotton year movement begin?
ning September T.
MARKET UNSETTLED,
WITH SMALL CHANGES
Prices Alternately Strong and Weak?Buying
stimulated Mainly by Argentine
Damage reports.
New York. January 7.?Wheat mar?
kets unsettled early tn the week,
prices being alternately Miong and
weak, with changes Inconacqucntal,
Many traders had evidently believed
that there was sufficient news of a
Btlmulatinj character to warrant a de.
elded upturn. For one thing, cables
were decidedly stronger. European
markets bclni; Influenced mainly ny
further reports of unfavorable weather
In Argentina, where additional rains
caused renewed anxiety. Besides, the j
worlJ's shipments were slightly smal- i
lor, while the European visible supply
statement showed a largo reduction.
Our OWin visible supply showed a do- I
crease heavier than anticipated, and '
the world's available supply decreased
3,150,000 bushels", asalnst 1.70S.000 ,
bushels a year ago. Receipts at prl- I
inary points continued light, and with
fairlj l.'Vi.?^. sh,Ipinonls Into consump?
tive channels, 'lind fair export clear?
ances, it was predicted that there
would bo another appreciable - reduc?
tion In the visible supply next Mon?
day.
Iu view of the bad weather !n Ar
fccnt'nu, it is the consensus that tho
exportable surplus in that country
win not exceed loo.ooo.ooo bushels, or
35,000,000 bushels less than the major?
ity of conservative estimates earlier :n
the season. Therefore. It is Imuglncj ,
that ere long Europe will need to look ,
to ibis country for larger quantities j
Of red winter wheat.
Movement l.otc In Week.
Late 'ii the week prices moved up?
ward, but the advance was rather tin- j
important and not wnolly satisfactory :
to buyers for tl?c rise, who had expect?
ed a far greater linprovenic. t It was
Hit- consensus of opinion t' t there
inlgbt easily hove been a mucn heavier
?lsc bad It not been for the concen?
trated holdings in Chicago. In other
wo ds, the big bulls In that market
took advantage of the exceptional op?
portunity to realize, Many conserva?
tive merchants were Inclined to Iook
upon this unloading wlih favor, con?
sidering it a;, conducive to a more
healthy slate of affairs. It was ar- '
good that whrn a large part of the
(Jhlcag holdings bad boon liquidated
dealers In general could trade without i
timidity.
The upward trend was mainly arerlr.
ed to additional unfavorable reports
from Argentina. whlvU brought about
ft sohmvwhnt sensational advance In
Buenos Ayree, January cntrscis ris-1
ing t cents in short order, which makes
n frain In tha*. month since December
il of 15 1-8 cents. Therefore. ;t Is lie
] lev cd that export? during January will
prove to lie exceedingly light, n? com?
pared with early estimates, particular?
ly os railroad employes have tnreateh
: d to strike. Clearances dui^ g Febru?
ary will al>o doubtless be n ?ood d- il
lichter than previously estimated,
partly because the exportable purplUa
in Argentina ir. now estimated at
roundly 08.ooo.ooo bushels, it would
create no surprise Should exporters
take largo; quantities of our winter
ivhoat and flour. Tho huoyqnr.y !n
European markets Aas p.'.rtly attribut?
ed to the expectalon of much smaller
world's shipments for the v.-oek. and It
is believed that there will bo a fairly
OPEN AN ACCOUNT WITH
The Union Bank
of Richmond
1107 EA8T MAIN KT Kb VT.
?' 00 MAKES A START 8 PER
CENT. INTEREST
I
large decrease in the quantity on pas- I
gaffe* I
Hccelpts at our primary tiolnts have
continued light, and with fairly large
cxport6 and shipments Into conaump- I
t|Ve channels. It Is predicted that there ?
will be a fairly heavy deerea-r.o in tho j
visilde supply.
The Weck'? t-oru Market.
Corn was Inactive most ot the. week,
with lo ? and unimportant fluctuations.
The tendency was illghtly firmer at
times, mainly In sympathy with wheat,
hut this latter was counterbalanced
partly by clear and much colder weath?
er West, which will doubtless result in
larger receipts at primary points. In
fact, the movement was moderatelv
large this week, and hence there will
probably be n fairly liberal Increase in
the visible supply. In view of the
much better weather West, it Is ex
pecte . that g-rading will soon begin to
show improvement, which should lead
to a better domestic and export de?
mand.
PinCii OP UNKNOWN OltlGIN.
BcboOlhouWe and Daru Destroyed?Pret?
ty Weddlug Ccreuiouy.
lSp< clsj to The Tlmea-Dlspatch.]
Leesburg, Va.. January 7.?Two fires
of uuKnown origin occurred in the
Hound I (ill nelgnborhood on Sunday
nigiit and Monday morning, and caus?
ed many t" believe that a firebug is ut
work in thai locality. On Sunday
bight the BChoolhouse in Round Hill I
was entirely destroyed, together with
a lot of school books belonging to the
i hlldrcn. The building bad not been i
used for several days; and the origin
of the blaze If- II mystery. On Mommy
morning, ? large bam on the farm
of C. U Malier, a few miles from
Hound 11111. was also destroyed. The
tire was discovered while Mr. Hnber's
? l, : 11 i 1 > ? was at breakfast, and the stock
and Implements were saved, but all the
fe.-d was destroyed with the building,
The origin of the tire is unknown.
Tlu tact that Iht wind was blowing
in an opposite direction saved Hie
dwelling house, a tenant house and
other outbuildings that were nearby. |
Mrs. Nannte Du Ian y DcDutts died on
Wednesday morning of pneumonia .it
her home in Welburn, Lotidoun county,
Mrs. OePiltts was sixty years of age, i
and was born In Pulrfux. She Is sur?
vive.I by her husband and seven chil?
dren, as follows, it. Grnffc-hrold Dd
llutts, of IH-rhdoii; Mrs. Wynkoop, of
Washington; lohn DeButts, of pur
cellvlllei Krank. Wclby and Dick !)<.
H?tts. of W. Iburn. and Mrs. Herbert
DeUutts, of Uppcrvllli.
The home "i Mn. Daniel fs. Willard.
oi tiorcsville, was the seen., of a pret?
ty we.luiiig Monday, January l. ut
high noon, when lor niece, .Mi*s Nellie
At well, became'tho bride of John
farter Oshurn, of LuckeitS, The cciv
moii) was witnessed only by th--. two
Immediate families, it was performed
by Hey. C. C Durltee, rector dt Christ
icnurch, of lloresvllle, assisted by Itev
H..'Hoger Tyler, of si. .Main's church.
( Richmond, The bride t.- the daughter
; of Mis. Gertrude At well, of Lovctts
Vllle, and lb- groom is u son of the
? lute Herbarl Osnurii, of l^esbura
I The court ha.-, appointed J. R. it.'
! Alexander to represent the Common
. weoltn in th.- ease the Common?
wealth vs William H. Casllear. to i>*
j ii-led at the Pebruary term of court.
?for th- reason that Cecil Connor. Ihn
new < ommoiiwealih's Attorney, had
' been engaged .is counsel for the de?
fendant when It Wa.s expected the c:.s?
would be tried before the ex pi rat Ion of
the term of etile- ?.{ Mr. Connor's rre
! decessor. Mr. Oarrett.
Many t'lgarcttre stolen. '
S H. Shockett reported to the po
i lice yesterday that his place of busl
: nee* at 10JI Kast Main Street had been
entered Home time Saturday night, end
! that 5.000 cigarettes hi.<i been stolen.
I Entrance was forced through a :>.ar
window.
Hutcheson's Leaf Tobacco Warehouse
For the Sale of Loose Leaf and For Storage.
Sixth and Cary Streets.
In the Centre of the Tobacco Trade.
Most Complete and Most Comfortable Tobacco Ware?
house in the South. Concrete Reinforced Fireproof Building,
especially designed and built for the business. Three Per?
fectly Lighted Sales Floors. Ample Stables, with eight-foot
aisles. Lodging Rooms for Farmers. Electric Elevators.
Ample Storage Room.
IlltlM. YOUR T.OOS1D LEAF TOBACCO TO IIXTCHESON'S
for top notch prices and quick sales. Your check ready in
two minutes after your last pile is sold.
JOHN A. HUTCHESON, Proprietor.
John M. Valentine, Auctioneer.
VIEWS FORMULATED
WITH OPENING YEAR
Expressions So Varying Ihat It Is Difficult to De?
termine Average Opinion of btock
iYiarket Con itions.
i.\ew yorK. January V.?The opening
of the new year In the stock market
was tho occasion for formulating views
of the coming y*utr in published ex?
pressions from a large body of well
Inforrnod persons. The uvcrage opin ion j
thus outlined, however, proved unuau-l
ally difficult to determine, so varying'
were the Individual views. The baiting!
action of the stock market itself was'
a rcllcctlon of this condition. A feel?
ing of hopefulness and confidence, on
the whole, waa the rule. In tho market
Itself It was ovudent that such a feel?
ing had I icon counted upon by some
previous speculative buying, and the
realising sales from such sources bur?
dened the market to some extent. The
movement In Congress to Investigate
the charge of a community of
Interest among the great banks and
tho taking up of the steel sohedulcs by
the Ways and Means Committee drew
the attention of the flnanc.lay coromun
:lty.
I The feature of tho week was the gen
I eral relaxation of monoy markets el".'
ovor the world. Call money In New)
York wont lower, day after day, and]
foreign markets reported a steady de?
cline in discounts.
The digest of the controller's reportal
of the national banks for December(
i threw interesting light on the movc-i
? nicnt of credits and made a surprising'
showing of chnnges In banking invest-j
. ments in securities. The decnoase of
IH.301,000 in loans and J32.6S1.O0O In
! cash since tho procedlng coll on ficp-.
j leinber 1, was more than accounted for,
, by these Items in the banks In New]
Vork City alone. The light demand for!
'commercial funds Is th? easily undcr-i
' stood explanation of the show.ng- Tbej
same condition Is shown In the yearly!
? comparison, the $20S,f.O0.000 loan 4n
I crease in that period being the small
est for the corresponding period since
1903. Here again moderation is with
the New York banks, their loan in?
crease over November 10, 1910, being
but 122,700,000.
The singularity of the showing lies
In the Item of ??bonds, securities, etc.-1
In which the moderate Influence of the
New York banks also appears. al?
though the slack commercial demand
Is given to explain the enormous ex?
pansion of investment holdings by the
national bank, as a whole. The con?
troller's oall shows an Increase of such
holdings from September 1 to Decem?
ber 5, this year, of 3208.650.000, al?
though the New- York bonks' sain for
that time was but 3712,000. Of the'
year's ga4n by all tho banks of 3370.
381,000, the Now York banks account
for but $57,384,000.
The stock market's puszle is how far
this growth may represent securities
current In the New York stock mar
kot, and how far securities of local en?
terprises confined to different soctlons
of the country. The fact that attempts i
at Important new financing are expect-'
cd at an early date in the New York
market adds inlereet to the question.
Both tho Item of security holdings and
of Individual deposits in the December
returns to the controller established
new record figures.
Expiration of th<- time limit on many]
questions at tho low basic was held
responsible for some of tho placing of
orders for steel products before tho
end of the year. The test of the de?
mand at advanced prices Is felt to be
before the market. Copper also faces
the prospect of stimulating production]
In consequence of the rise in refined
copper. The seasonable weather was
considered good for rela'l trade and
dry goods were helped by steadiness j
In the cotton market.
COTTON PRICES ARE
FORCED UP BY BULLS
Xew Orleans, La., January 7.?Tho
New Orleans cotton market will fce
closod to-morrow In celebration of the
annlvorsay of the battle of New Or?
leans. Tuoadny'a opening largely will
be influenced by the action of the othai
two Urge markets and news from Lan?
cashire mills. A settlement of the lock?
out, It la believed, would help the mar?
ket.
At the close of the past week bilUs,
had succeeded in forcing prices up to i
a comparatively high level. InterestI
now is centred In the ultimate object j
of those, back of the movement? Some
bears contend that the bul'.n arc at- |
tempting to bring about a better bedg- j
Ing basis, and efforts probably will bo
directed toward preventing them from'
acquiring a following which would al?
low them to lighten their contracts.
Thore Is a probability that the bulls
will receive assistance during tho com?
ing w'-ek from statistics. The week
just closed showed an Increase, while
the sume week last year and tho year
before showed decreases. A loss for
the first time, however, appeared in
stocks at tho thirty counted Interior
towns. It may be that tho lnto-s'?Tnt
will he small enough and the lake out
of sight large enough to cause a shrink- I
age which probably would Increase; spot!
demand.
It la gonerally expected thai the Ccn- '
sus Bureau report on the ginning of j
cotton up to January 1, which will hi? |
issued Tuesday morning, will be large |
enough to show that the government
has underestimated the crop. This may I
balance any bullish news from Lanca-j
shire.
PERKINS ON TRUST QUESTION
Dcrlsren Republican Tnrty I> Carrying Out i
nemocrntJr Platform,
New York. January 7 ?An attack on the I
Republican party for its aliened failure to
carry out the first plank of Its own tru^t
platform and for earning out. Instead, ho
clHlnied. the Democratic trust plank, "which'
tlic American people repudiated." nun ?\
feature of an ad'ir<!? by Goorct W. Perkins. I
director of the L'nltcd Steten .Sleet Corpo-,
ration anil other big Interests, nt a lunch- ]
ion of tho Republican Club yesterday.
Referring tt, the Shermun law nnd the at
11 tilde .if the tie,, parties toward ihr trust
question, ni expressed In their IMS platforms,
Mr. Perkins said:
"What did the legislative branch do to'
carry out its bei!?? on the mint questions
as explained to the people In Its party plat?
form? It did nothing. Ii left the question
Just whtro It haa been for fifteen or twenty
years; left th* Supreme Court with no cholc?
but to Interpret the Ian as |i stood, and
left the business of the country In bii em?
barrassing situation. In place of providing
th* suitable publicity, supervision for which
the ftepubllcan party pronounced and which
the people o: thin rountry Indorterl by a
plurality of over 1.280,000 voles, nothing, ab?
solutely nothing at all, wan done. We are
now witnessing the spectacle of the repub?
lican party, not only falling to carry ou:
the rlrsi plunk or Its own plutform. but act?
ually vigorous!: carrying- out tho trust plank
of the Uemocrn-Jr platform, which It so
strenuously attacked and which the Ameri?
can people repudiated." ,
Mr. Perkins aald that the party whleh
utood for constructive legislation would have
the votes of the people next fali. He brand?
ed tt as a crime to use as a pawn In tho |
next presidential election business p.obieine
affecting the very life of th? nation, which
were held- back for at least twelve months
"for the profit and advantage of politicians."
VETERINARIANS' MEETING
The annual meeting of the Virginia
State Veterinary Association will be |
I held in Richmond at Murphy's Hotel
[ next Friday. The examination ol
; candidates before the Stat* Hoard ot
Medical Examiners will take place
Thursday at Murphy'e.
following the annual address of the
president. Dr. J. G. Ferneyhough, of
Burkevllle, papers of Interest to the
profession will be read by Dr. Georrio
C. Favllle. ot Norfolk: Dr. N. S. Moyo,
Illucksbtirg; Dr. J. P. Baldwin. Nor?
folk: Dr. T. M. Owen, Raleigh, N. C.i
W. D. Saund<?r?. of Bichmond; Dr. .7.
H. Sweeney. Suffolk; Dr. M. Pu^-J
Smith. Washington. D. C; Dr. E. W.
Miller, Woodstock; Dr. Henry Yeager,
Somerset: Dr. .1. R. Meycrhoeffer, Covo
Siation: Dr. F?. H. DraXe. r.ecsbur?;
Dr. C. K. Rhodes, Norfolk; Dr. J. A.
Garvey, Alexandria; Dr. D. E. Bowen.
Uvnchburg. and Dr. G. E. Ftnney,
Onancock.
The officers of the association are
as follows: Dr. Ferneyhough, presi?
dent: Dr. II. Bannister, of rtonnoke.
first vice-president; Dr. Charles Epps,
Richmond, second vice-president, and
Dr. W. (!. Chrisman. of Raleigh, secre?
tary-treasurer.
Personal, savings and inactive accounts are invited, and
3 Per Cent. Interest allowed. Of course, you can draw checks
on the account when you get ready.
1106 East Ma'n Streut,
RICHMOND, VA.
Capital. One Million
Gratifying Reports Submitted by
Cnurcn Otticcrs at Annual
Meeting.
At the anuuul meeting of tho con?
gregation ot the secoud Baptist
L nurch yesterday afternoon, the mem?
bers heard very charming reports
trom tho olllcora and from tno vunouo
societies and committees concerning
tno work ot the past year.
The report of the clvrk show* that
during tho year 104 member* imve?
been received, and tho loee-'B f: era
death and other causes 33, tho not
gain being 71. The total membership
is now 796, there being 307 males ard
ISO females, while S persons not yat
baptized and not counted above ha\*
Joined. j
Tho finance committee's repot'.
shows the following:
Collection* through tho
treasurer .$15,081
Other collections:
For charity fund. ?69 31
I! vVtwng Man's Missionary
Society . SIS 91
By Dorcus Society. it: 00
By Ladles' (Julld. 6?7 16
?fy Woman's Missionary So?
ciety . 133 0?
Tor Woman* Collcg* En?
dowment . 857 50
From other sources. 1,071 60
For Baptist Theological
Seminary . 600 00
Subscriptions to other chari?
ties . 150 00
Total .519.531 15
This Is an increase In contributions
for the year of s3.329.8j.
The ohurch gave last year to for?
eign missions, ?3,350.38: State mis-;
?Ions. $925.80: education board, $110.36;
?unday-school publishing house. JlSt.
49; home missions. 8211.86; orphanage,
$222.17; ministers' rellof fund, $86.88;
city missions. $147.911.
The budget for this year calls for
the usual contributions to the various
boards and asks for SS.GtO for usual
church expensea
The elaborate report on the Sunday
school work shows totiU enrolment as
follows: Officers and tracbers. 01; in?
crease for yeur. 5: scholars. 682; In?
crease, 100; avernge attendance for the
year, 504; number of conversions in
the school. 33; baptisms. 32.
The meeting wns largely attended.
Officers and committees wcro re
elected.
BIBLE IN SCHOOLS
A call on tho Chrlaiinn people ol \
Richmond to demand that the Bible bf
read In the public schools of the cit>
was made lust night by Colonel I7.. tJ
Mansie, in an addrass delivered In >t
Mark's Episcopal Church. The grca'
danger of the age. In the opinion Ol
Colonel MnBsle. was. In allowing th<
young people to grow up without ado
quatr understanding and appreclatior
of the truths of religion. The fauli
he placed equally upon the home am.
the school.
As a remedy, he would- have the
Bible read in every public school
"Not," he said "that denominational
arguments should he taught, nor that
children of Jewish or Catliolic parents
should be compelled to listen to the
reading, but those who do not or can
not receive religious instruction at
home should have some chance to get
acquainted with tho Book."
The proposition of the use of the
Bible In schools is one thai has in I
prior years formed the subject of sharp I
debate. The main objection Is that
the natural result would be tho Im?
parting of religious knowledge ac?
cording to the Individual views of the
teacher, and In opposition, perhaps, to [
those of the parent. It ts also said
that training of this sort should be j
had In the home and the Sunday
school.
FISHER FAVORS
LEASING SYSTEM
j (Continued From First Page.) j
cattlemen arc coming to the convic- j
tlon that their own Interests will be '
better subserved by a U:asing law. j
"In fact, the enlarged application of |
the leasing principle to the public I
domain generally will, in rny Judgment, j
more effectively promote development I
and protect the public Interest than !
the present system. Certainly coal, j
oil. gas, asphalt, nitrate and phosphate I
lands can be more appropriately d:- !
vclopcd by leasehold than by the pres- J
tint system of classification and sale;
of ths fee which prevails with respect I
to coal."
In respect to such leasing In Alaska,
the secretary recommends "the pas?
sage of a liberal but carefully guard?
ed leasing law for tho development of
Its mineral resources and especially ofj
Its coal lands. Alaska's greatest re-'
sources aro her minerals, and In the
development of these the precious me?
tals still hold the predominant place.
Careful consideration of the provisions'
of on appropriate leasing law for tho'
coal lands of Alaska is being continued
through the director of the Bureau of
Mines, with a view to suggesting such
changes in or substitutes for bills on
this subject which nre wow pending in
Congress, as may lie desirable."
KxlBfiog l.nuM Not F.nongb.
The proper administration and de?
velopment of Alaska cannot be acce>m-l
pllsllcd under existing lawe, the secre.j
tary declares; wherefore, he urges also
the construction by the government of
a central trunk line railroad fron? tldo-j
water to the Tanana und Yukon; the;
reservation of a sufficient amount of,
the coal lands to provide fur the fu-l
ture needs of the navy, this coal to bej
mined by the government; more llb-;
eral appropriations for roads and trails.'
and the adoption of a form of tcrri-.
torlal government, a commission form
being suggested, belter adapted to its
remote situation and peculiar local
conditions. 1
"The whole subject of vaterpowerj
development and contrr,! should, In my I
Judgment, receive- the immediate con-'
side-ration of Congress." says the secre?
tary, "and constructive legislation
should bo adopted without further de?
lay. I believe, the Federal government
has adequate constitutional power to!
control water power development, both!
In navigable stroame and upon the
public domain, and to exact compensa-1
tion and to impose proper conditions
In either case. It is apparent that tboi
F?deral goternmonv can act more ef?
fectively than the States In r.iany cases
No correct or permanent solution of
the water power can be reached until
the Interests of the Slate and of the
nation have been reconciI?d- tjm? f.j.
j^nmufal tffnantiai
January Investments
Wc offer for sale and recommend to investors the following attractive bonds
Yielding on the Investment 434% to 6*?% Net.
CAROLINA CENTRAL RAILROAD FIRST MORTGAGE 4's, due
1V49.
These bonds are one of the underlying issues of the Seaboard
Air Line System, and arc secured directly by a first mortgage on the
line fron) Wilmington, N. C, to Rutherfordton, N. C, about 271
miles.
Price, 95 and interest. Yield on the investment about.4;*-?% NC
RALEIGH AND CHARLESTON R. R. PRIOR LIEN, FIRST MORT?
GAGE, 4'8.
Dated 1906, due 1956; interest payable February and August.
These bonds arc part of a total issue of $350,000, secured by direct
first lien on the Raleigh and Charleston Railroad, at the rate of about
58,000 per mile. The Raleigh and Charleston Railroad is earning \
about double the interest charges on these bonds, and, in addition to
this, the bonds are guaranteed, principal and interest, by the Sea?
board Air Line Railway.
Price, 86 and interest- Yield on investment about.Noi
SEABOARD AIR LINE RAILWAY First and Refunding Mortgage
4's.
Due 1059. The net earnings of the Seaboard System for the
last fiscal year, over and above fixed interest charges and rentals,
exceeded three million dollars.
Price, 82 and interest. Yield on investment about. 5% NCI
RALEIGH AND CHARLESTON R. R. First Consolidated Mort?
gage 4's.
Due 1056; interest payable February an'' August. The priiicip.il
and intcrc.?t of these bonds is guaranteed by the Seaboard Air Line
Railway, whose net earnings for the last fiscal year, over and above
its own fixed charges, amounted to$3,07S,150, ormorethan 139timcs
the interest charge on all R. & C. R. R. bonds. K. & C. R. R. bondi
outstanding, including $330,000 prior lien 4's, $550,000.
Price, AO and Interest. Yield on investment.5'-sf,c Nci
VIRGIN A RA LWAV AND POWER CO. First and Refunding
Mortgage 5's.
Secured by a first mortgage on practically the entire property
of the Virginia Railway and Power Company in the cities of. Rich?
mond and Petersburg, including the intcrurban lines between the
two cities. The property embraces street car lines and also com?
mercial lighting and power business. For the last fiscal year the
company'6 net earnings amounted to more than double the amount
of all interest charges for that period.
Price, 97 'A and interest. Yield on investment about.5'<% Net
AUGUSTA-AIKEN RAILWAY AND ELECTR.C CO. 5% Sinking
Fund Gold Bonds.
Secured by direct first mortgage on the entire street railwav
I and electric lighting system of Augusta, Ga.. and suburbs, includ?
ing railway to Aikcn, S. C; also valuable real estate, terminal and
I other properties, subject only to an issue limited to $960,000 on ,t
portion of the property, which is being annually reduced.
This company is earning 0% on $1,500,000 of preferred stock
I subsequent to this issue of bond:, and a considerable surplus in ad
I dition.
Price, 94 and interest. Yield on investment about.5'-.'rc Net
NORFOLK AND PORTSMOUTH TRACTION CO. First Mort?
gage 5's.
These bonds arc covered by a first mortgage on very valuable
street railway and lighting properties in Norfolk, Va., and vicinity,
which properties, since July, 1011, have become a part of the Vir
I ginia Railway and Power Company system. The \ irgthi? Railway
and Power Company is now paying regular dividends on $9,200,000
I of preferred stock, and has also commenced the payment of dm
1 deuds on $12,000,000 of common stock.
Price, S9 aud Interest. ,i ield oh investment about.&yi% Nei
OLD DOMINION IRON AND NAIL WORKS First Consol. Mort?
gage 6's.
Secured by direct mortgage on the property of ihc Old Domin?
ion Iron and Nail Works, embracing some 58 acres within the cor?
porate limits of Richmond. These works were established more
than sixty years ago, and arc one of the oldest of Richmond's indus?
tries.
Price, 100 and interest. Yield on investment about. t% Net
INTERSTATE CHEMICAL CORPORATION First Mortgage Sink?
ing i-'und <}'"< Gold Bonds.
These bonds arc secured by n mortgage upon properties valued
at more than three times the total amount of the mortgage, and
! whose net earnings for the past year, before the construction of the
important additions and new plants which arc to be built with the
proceed.- of this $1,500,000 issue of bonds amounted, wc arc officially
advised, to about double its total interest charges.
In addition to being secured by a first mortgage on the valuable
properties of the Interstate Chcmir.il Company in North Carolin i.
ijtorgia and Florida, these bonds have a further benefit of a sinking
fund sufficient to retire practically the entire issue at 110 and interest
before their maturity in 1031.
Price, 95 and interest. Yield on in vestment about.G'.'fc Net
Special circulars regarding the bonds offered above may be obtained on
application. Correspondence Invited.
John L. Williams & Sons,
BANKERS
801 East Main Street Richmond, Virginia.
Your Account at This Bank
Will Be Welcomed Whether Large or Small
3 Per Cent. Interest Allowed
Bank of Commerce and Trusts
JOSEPH E. WILLARD.President
A. R. HOLLA DAY .Vice-President
R M. KENT, Jr., .Vice-President and Cashici
R. B. CAMPBELL.Assistant Cashier
oral government should not part with
any of Its constitutional powers. Tii^ir
exercise, is certain In the future to be?
come essential to the protection of the.
public Interest."
It Ik unsound, both In principle and
In practice, be says, that permits for
the development of water power are
revocable at any time at the. will of
the administrative officials.
He concurs in the recommendation of
a specially appointed board which sug?
gested the appointment of an interna?
tional Colorado llivcr commission to
be composed of American and Mexican
engineers, to work out the treatment
of the problrn).
Otlier Hecontmendutlon?.
A modern and properly equipped
building for the patent olllce. addi?
tional nvine safety cars for the Bureau
of Mines, the re-establishment of the
Board of Pension Appeals, and Increas?
ed resources for the F?deral Bureau
of Education to carry on Its work, are''
among the other recommendations In!
the report.
The secretary calls attention onew|
to the ?'inconsistent manner in which'
the work of the government has been
divided among the Interior. Agricul?
tural and Commerce and Labor Depart?
ments." The patent omen, he aays..
should be under the Department ofi
Commerce and Labor.
Visit the new banking offices
of our Broad Street Branch, 102
East Broad Street.
Commonwealth Bank
National Bank of Virginia
Capital, - $1,200,000
Surplus. - $ 600,000
Accounts solicited
Ninth and Main Street
The Man
With a Million
Needs a clean, strong;, progres?
sive bank. The man with j. hun?
dred cannot afford to do business
with any other kind. This bank
if, seeking your business, and is
prepared tu care for it.
Capital and Surplus,
$2,000.000.00.
First National Bank
1104 E. Main Street.
Virginia State
(FiRE)
INSURANCE CO.,
Organised 1865
Main and Fifth Phone Madison 4000
South Richmond people should
avail themselves of the banking
privileges offered by the
Manchester National Bank
The Confederate Museum
TWELFTH AND CLAY STREETS.
OPEN 0 A. ftf, TO 5 P, M.
Admission. J5t Frew on Saturdays.

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