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The Marietta journal and courier. (Marietta, Ga.) 1909-1918, 1917-08-10
Kinks CHAPEL

we are still having plenty of rain
IN our section.
ME- Claud and Miss Maud McCol-
,[.'l' Of Due West, were the guests of
..''SS Lillian Hardage Sunday even
ne Ladies Aid Society met Friday
81 .s'hoon with a nice program and
large attendance. Mrs. L. Hardage
Conducted the meeting.
mr. and Mrs. r. A. Cunningham
-''yeu MIR. P. t. Cunningham and
-'II.iy near Blackwell Sunday.
,"rs' j. V. Smith is slowly improv-
"s after several weeks illness.
The Marietta journal and courier. (Marietta, Ga.) 1909-1918, 1917-08-10
OLIVE SPRINGS

Mrs. Mary Moore, of Ashburn, is
on visit to her sister, Mrs. Julia
Southern.
Mr.. E. j. Moon, of Rice, who en-
listed in the army a few days ago
spent Tuesday with his uncle and
aunt Mr.. and Mrs. G. E. Crow, be-
fore taking his leave for Charles
ton, S. c.
Mr.. V. r. Newsome, of Buford,
spent a couple of days here the lat
ter part of last week with his father,
Mr.. G. w. Newsome, and also his
little sisters and brothers. Mr.. New
some will leave in a short while for
Texas.
Miss Nellie Clay, of Orange Hill,
spent the weekend as the guest of
Mrs, A. P. Wise and Miss Philia Cas-
sidy
The many friends here of Mr.. w.
d. Brewer, of Atlanta, will be grieved
to learn he is now in the hospital
suffering from a sprained ankle he
received on his run from Atlanta
to Chattanooga, Tenn, during the
past week. Mr.. Brewer is an uncle
of Mrs. G. E. Crow, of this cummuni-
ty and also has two brothers, Messrs.
j. F. and N. A. Brewer, living in Ma
rietta. Mr.. Brewer has many Cobb
county friends as well as relatives
that hope for him safe recovery.
Series of meeting closed here on
Tuesday night. During this meeting
twenty three united with the church
by experience and five by letter.
Rev. J. j. Grow, of Atlanta, visit
ed Rev. and Mrs. G. V. Crow here
during the past week and while here
on Tuesday he delivered two very
able and interesting sermons.
Little Jessie Margaret Moore who
has been sick here for several days
is now on the road to recovery.
Mrs. A. P. Wise had with her Sun
day for dinner Mr.. and Mrs. Henry
Gam, of Milford, and Miss Mary
Van Wrinkle of Smyrna.
Little Miss. Estelle Crows condi-
ton does not seem to improve very
fast and her mother, Mrs G. V. Grow,
has been quite indisposed for several
days but Olive Springs friends wish
for them both a speedy recovery.
Rev. G. V. Grow, J. T. Eubanks,
Mr.. and Mrs. j. E. White, Mr.. and
Mrs. j. W. Barber, Mr.. J. w. White
and son, Mr.. S. A. White, attended
the association at Lost Mountain on
Wednesday last going over in Mr.
Eubank's and Mr.. Whites car, and
also Mr.. T. F. and sons, Messrs. Hen
ry and Hubert going in Mr.. Knox's
ears the same day. Introductory
sermon was preached by Rev. G. V.
Grow using as his subject peace"
which was very appropriate.
Mrs. Ed Baswell continues very
low at this time.
Miss Annie Butler is in Athens
on visit.
Mr.. c. D. Reed and family, of
Atlanta, spent several days here with
Mr.. Reeds parents, Mr. and Mrs.
j. L. Reed.
Mrs. d. L. Moon and son, George,
after spending several days here
with relatives, returned to their home
at Rice on Friday afternoon.
Mr.. J. A. York and family came
up from Atlanta to visit Mrs. J. H.
York, Mr.. York returning to Atlanta
Sunday afternoon, while Mrs. York
and the children will remain several
days longer.
On account of rain the singing here
Sunday afternoon was not very well
attended
Mrs. E. E. johnson and little Jose
phine who have been with Mr.. and
Mrs. ]. w. Barber for the summer,
spent the past week with their aunt,
Mrs. Lula Howard, at Shady Grove.
CLYDE.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
The Weak Link

One Of the weak spots in our indus
trial life IS the country's Transports
ton system. Not in the last twenty
years has il been able to render the
service demanded of it. Transporta-
tion executives have held that IT would
be poor business policy to have suf-
ficient equipment 10 move the peak
load during a short season and allow
the equipment to stand idle during the
remaining time. Then they have in
sisted that transportation charges were
not sufficient 10 finance additional
equipment, and money has been balk-
ing at railway securities. The result IL
that we now face the greatest crisis IN
American history with inadequate
transportation facilities. The govern
ment is spending billions FOR war ne
cessitics. The raw materials must be
supplied the factories ard the finished
products moved to the seaboard. The
training Of hundreds OF thousands OF
young men for military service re-
quires unimpaired facilities 10 army
cantonments In the spring, at the sea
son when the bulk of implements move
to the dealer ordinarily, an immense
army will be moved TO an Atlantic port.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
Dividends

Atlantic Coast Line Railroad. Regular
.smi-annual dividend Of Pc rer cent on the
preferred stock payable November 10 %
stockholders Of record October y.
Bank of Montreal. Extra dividend Of
per cent in addition TO quarterly dividend
Of %; per cent, payable December Z 20 stock
holders Of record October 81.
Georgia Southern & Florida Railway.
Regular semi-annus dividend OF $3.50 on the
first and second preferred stock. payable No
vember 10 stockholders Of record Octo-
Der 80.
Farmers Loan & Trust. Usual quarterly
dividend Of AZ per cent, payable November
] to stockholders OF record October 20.
EIgin Watch. Regular quarterly dividend
OF per cent. payable November ! To stock
holders OF record October %.
Illuminating Power Securities. Regu-
lar quarterly dividend 81 ia per cent on the
preferred stock. payable November Is 20
stockholders Of record October 81.
Elmira & wulismsport Railroad. Semi
annual dividend Of s226 a share on the com
mon stock. payable November 1 to stock
holders Of record October 20.
Esmond Mills. Regular quarterly di, idend
Of u. per cent or the preferred stock. pay
able November / 10 stockholders Of record
October "a
American Soda Fountain.-Usual quarter
Der IS 10 stockholders OF record November l.
Lowell Electric Light Corporation Regu-
lar quarterly dividend of $3.50 = share. pay
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
Saturday, October 20, 1917

REIMBURSEMENT Of business to con-
ditions imposed by the war is pro-
ceeding satisfactorily" says a trade
journal, and it is therefore con-
vinced that the outlook is most cheer
full. But is the progress "satisfac-
tory" Considered specifically, II
may be said that the chenge to the
new order of things, so far as a
change has been effected, has been
made with less disturbance to the
business structure than was general
ly expected, and that is gratifying.
Beyond that, however, business has
little reason to congratulate itself,
for the plain fact is that the read
justment has hardly begun. Bust
less is still altogether too much "as
usual" In the year which ends June
80. 1918, the United States govern
ment must raise for war twenty bill
ion dollars. That is equivalent to
one-half of the national income. ac-
cepting the most widely adopted es-
innate. or one-third, if you prefer
the highest estimate-S60, 900, OOO,-
0O0-which has been made. AND
those estimates were based on con-
ditions under which a much larger
percentage of our population were
gainfully employed than will be the
case while we are at war. War must
be financed out of current income
it must be conducted mainly with
the things which are produced this
year. Last years production is al
ready consumed. Therefore, to say
that the United States must raise
twenty billions for war in a year
means that the labor required to pro-
duce twenty billion dollars worth Of
goods must be placed at the dis
posal of the government. Increased
eficiency-that is, greater produc-
ton per unit of labor-may be
counted on to produce very little.
but by far the greater part musu
come through reduced consumption
"a reduction, as the figures given
suggest, of at least third Of what
is normally produced for what may
be termed private consumption.
Qualify this estimate as much as
you wish, and it is still certain that
every one must save much more than
* being saved now. And 1t is
equally certain that when the people
begin to save on the scale which Is
necessary, whether they do it volun-
tarily or the other way, a readjust-
ment of vastly greater proportions
than the one has taken place Will be
witnessed. The sooner the process
gets under way the better it will be
COR ali concerned.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
Copper Trade
Unsettled by
Price Fixing
OUTPUT More Than Sufficient
for Government
Needs

The price Of 1914 cents a pound for
copper, agreed upon by the War Indus
tries Board with the big producers, has
created great unsettlement in the
trade, says the National Conduit and
Cable Company in its current issue OF
Copper Gossip" Both buyers and
sellers, il is stated, hesitate to enter
into new obligations until rights and
restrictions under the present regime
arc clearly defined. Emphasis is laid
on the statement, however, that no dis
senting voice has been heard regarding
the reasonableness of the new price
for government requirements under ex-
listing exigencies.
1.-THE outlet for copper" adds the
company's publication, with the enor-
nous world demand for the metal,
would certainly warrant a higher level
Of values, but without question II Is
patriotic duty to furnish the United
States and the Allies with every pound
of copper they actually need at big
discount below what trade interests
have already paid for heavy tonnages.
Nevertheless, the policy Of interfering
with natural laws, in commerce as well
as nature. and the substitution OF ar
tifcial and arbitrary values is fraught
with danger
Under the arrangement between the
copper producers and the government
the view is taken that agents, dealers
and brokers would be eliminated. This
would account for the quotations oelng
made by them above 2312 cents u
mound. Dealers in secondhand copper
have sold the metal for immediate de-
livery recently as high as % cents
pound.
Estimating maximum refinery output
M 900 900 900 pounds a month, the
National Conduit and Cable Company
saws it is fair to suppose that the re-
ouirements of the government ana the
Allies can be filled with balance OF
PRODUCTION that can be left subject ia
The operation of the law OF supply and
demand.
,Thc question Of the government
pHce Of 23ia cents per pound, which. II
b.e bnen announced, will be effective
for deliveries over the balance Of the
year. does not apply to contracts iol
fourth-auarter deliveries, which were
made prior 10 the first of OCTOBER
"As far as we can determine" says
Conner Gossip" "it is the expectation
NJ he producers TO deliver copper az
contract prices. In fact, it would seem
that any variation from this policy
would SMELL utter Generalization in the
conner trade. inasmuch as consumers
could ne in position where they
would have to reduce prices to their
customers. although their stocks might
have been taken in large part prior 10
ire first Of October. and their obliga-
lion TO deliver would be greatly IN "a,
cess of the tonnage which they would
obtain at 23iz cents"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
Relevant Facts

Carbon Steel.-A proxy contest is
this company, which is screduled TO
take place on November IL at Pitts
burgh. The minority stockholders are
represented by the same interests who
recently obtained an injunction against
the management, restraining the pay
ment of further bonuses 20 officers OF
the company on war contracts. The
minority interests, headed by George
". Shera and Annie s. Johnston, have
issued a call to stockholders to attend
a conference az Is Exchange Place,
Jersey City, on October %. az which
it is proposed to outline the policy to
be acted upon at the annual meeting.
Chile Copper Company's Output.-In
september the production OF this com.
pany amounted to 3,29i,000 pounds,
compared with s,036,000 pounds in
August, $4,000 pounds in July, 81
$4,000 in June, 100000 in May, S.
02S,O00 pounds in April, and high
record of S,7lI,000 pounds last March.
In Septen Der, 1915, the company pro-
duccd 4O3s,OOO pounds OF the metal.
Falling off of output in September was
attributed TO inability 10 obtain deliy-
cries OF California and Mexican fuel
oil and 20 the general shortage OF
Chilean coal, which conditions still
exist.
Studebaker Corporation.-The hoat-
ing debt OF this company, il was an
nounced yesterday, has been reduced 70
$4,000, 600, compared with total bank
loans OF slS, 23l 500 on July /. BY the
end of this year, according 70 present
plans of the management, loans will
have been cut down 10 about so,000,-
600. The company he's received from
the government about s6,000,00o in war
business, including vehicles, artillery
wheels, saddlery, harness, etc.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
The Duty of Banks

To urge banks TO promote the LID
crtv Loan is beside the mark. Iney
are doing their duty, efficiently and
with true enthusiasm. The difficulty
is that in their eagerness 20 make the
pending loan d bigger success they
NAV 90 too far in the infringement OF
their liauid resources. Any doubt tnat
the loan is TO be oversubscribed may
be dismissed The banks will take IL
all. if necessary, even though this
action. from the economic standpoint,
might not be the better thing for the
nation. The real duty of the banks
from now until October 27, and there
after as successive loans may be
launched, is TO educate people 10 the
point of realizing that drawing on ac-
cumulated capital is not the real way
to loan money 20 the government. "
will be hard for eXtravagant America
10 come to the point OF exercising IN
dividual economy, but that is the Sc
cret. not only Of successful loans, Du'
Of continued prosperity. consuming
or trading credit is poor foundation
on which 20 build for the future. Inc
dollar saved out of luxury or necessity
is the dollar that helps. If the United
states H. accumulating new wealth at
the almost unimaginable rate OF forty
billions a wear, as stated By the Con-
troller OF the Currency. then fraction
OF this sum will take care of the pend
ing loan and the additional require
ments that may arise before the war
over. The money 10 help win the war
should come out Of the pocket OF the
citizen. Il will not be lost or swept
out of existence. for the people |ho
save il will have tangible evidence OF
their patriotism in the form Of the
best security in the world, as repre-
sented BY Liberty bond. War may
waste, but buying good bonds out OF
current savings increases wealth, ma
tional and individual -The Financier
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
Russian Cotton Oil Industry

The cottonseed oil refining indus
try of Russia. established mainly in
the districts Of Ferghana, Murgal and
Merry, has lately been increased by the
addition of two mills and the enlarge
ment Of the old mills. The material
equipment OF the industry, before the
new mills were established. showed
thirty l6-inch hydraulic presses, seven
Pinch presses and several smaller
ones. The $4,000 tons of cotton seed
formerly handled has increased to 1872.
600 tons The exports OF cotton seed
from Turkestan in 1918 were about 90
32O tons. One pood (thirty-siX pounds
Of cotton seed Of the first grade yields
80 mounds Of unrefined oil, IA pounds
Of oil cake. and 10 pounds of husks and
linters and other waste.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
Britain Leads in Shipyards

A summary Of the worlds shipping
iseilitles just completed by the Ship
ping Affairs Bureau Of the japanese
government shows that there are $50
shipysrds, Of which 26i are equipped
10 build steel ships Of 1000 tons or
more, while 4l6 are able TO turn out
vessels Of less than 1000 tons. The
Tlsn;s covered by the inventory and
the nations in which they are located
ere given as follows: Britain, 236
British colonies, 5s; Holland, lO5;
Germany. 81; Japan, 20; Italy. Is;
France, Is; Austria Hungary, 9; Spain.
"a; Belgium, 7. America. as; Norway,
q; sweden, II; Denmark. 9: Russia,
~; China, ); other nations, 12."-
Marine Journal
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
U. S. Government Bonds
Second Liberty Loan

The premier security OF the world; paws
81. free Of all taxes. except where super-tax
would apply on incomes from an investment
m excess Of 5000.
Exchange your surplus funds for bonds
which amount TO ni-resi-beaung currency +:
the $50 and 500 bonds Of first issue have
been N demand on Consolidated Exchange at
end above 81 900 bond quotations, therefore
al bonds can b, instantly converted INTO cash
# necessary; sellers receive interest added
10 date OF sale.
Wealthy investors and corporations are
subscribing IN large amounts, but the largest
number OF individual subscriptions Is as nm
portsnt a, the winning Of d great battle.
You have only few days OF opportunity
to subscribe. but will have years to regret
neglected opportunity to combine patriotism
with profitable investment.
Subscribe to-day for each member Of your
family, urge Others to 90 the same, and ex.
perlence Tie satisfaction OF duty done In
courage our allie, and men at the front and
show our enemies what we can do.
Subscriptions payable on or before OoL
9Th. IN full for $50 and 500 bonds, 2ft on
$500 and 81 900, balance IN 3 payments, or
we wi carry on partial payment plan.
We will gladly receive subscriptions and
attend to oil details without any charge what
ever; your own Bank or Broker will do the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
Foreign Concerns
Turn Credits to
Governments Use
Plan Approved by U. s.
Treasury Aids in
Financing Allies

The credit Of foreign business con-
Germs DESTROYS of getting supplies from
American manufacturers is now beng
used to relieve the strain Of govern
mental financing between the United
States and the Allies. according to New
York bankers. This plan, which mas
the approval of the Treasury Depart
mont. was advocated by Baron de Neu-
fize. the French banker, when he was
in this country about year ago.
Az the plan works out the importer
IN Europe and the manufacturer or eX-
porter here enter into direct arrange
ment for the ultimate settlement OF the
invoice on some credit basis.
How Arrangement Works
A British railroad company. for m
stance. wants 10 buy some American
locomotives. Inasmuch as the railroads
of England are being run by the gov
eminent. the procedure heretofore was
for the company to acGuaint the Bfh-
ish government with its needs, ana
that government would then arrange
with its fiscal agents in the united
States for the purchase of the required
locomotives.
The bill would contribute to the TO-
tai of the British governments inde6t-
edness on this side, going TO swell me
neriodical loans which had TO be oo-
tanned. first, through public offerings
and after our entry into the war
through advances from the United
States government.
Credit Extension Negotiated
Under the current practice the Brit
;sh railroad company will enter INTO
a direct arrangement with inc AhieJ.
con manufacturer TO supply its needs.
Payment may be negotiated through
,be extension Of a credit. say for one
wear. While in such "a transaction the
credit of the British government Is
Involved. it is relieved OF the necessity
CO.. The time being of obtaining loan.
II BY -; the use Of credits of this charac,
ter Il is hoped. as time goes on. to limit
considerably the direct loans from me
United States government to the Allies
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
Little Commercial
Buying of Steel

Steel mills are receiving liberal
specifications and some additional or
ders for steel forms direct from 'ne
Government and from manufacturers OF
war munitions, but strictly commercial
buyirg is confined within narrow nm
it, awaiting the fixing OF prices ior
finished products other than oar''
mates and shapes. 1t is hoped to AVOID
the necessity Of holding further formal
conferences at Washington. but the
War Industries Board, through repre-
sentative, will sanction the prices
agreed to by manufacturers before the
new schedules become effective.
The orders for cars and locomotives
for Russia and cars for the United
states governments road IN France,
which are now being distributed, call
for 625 200 tons Of steel. Equipment
orders for domestic roads, now under
negotiation. will require 10000 tom,
and pending ORDERS to be distributed
by shipbulders amount to over lOO,ooo
tons.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
Other Cities

Drygoods Shipments Heavy. CHI
CAGO. Oct. 90. Marshall Field 4 Co..
in their weekly review Of the drygoods
trade. say that current wholesale ship
ments for the week are largely ahead
Of the corresponding period Of last
YEAR. Road sales for both immediate
and future delivery are greater than
the heavy volume in the same period o.
A wear ago. The number OF customers
in the market during the week has not
been quite as large as IN the CORE
spending period OF last year. 'ollec-
tons are strong.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
The Dollar in Foreign Exchange

German naval and military activity
in the Gulf of Riga district and the
announcement that the seat Of the
Russian government will be transferred
from Petrograd to Moscow has been
followed by a fresh decline in Russian
exchange in this and other foreign
markets during the last week. Rubles
sold here on Friday as low as 1874
cents, against high a week ago Of 10
cents. They are still considerably
above the low record Of 11iz cents
made two months ago.
In the market for neutral exchange
the rate on Holland has shown re-
dictionary tendency, due largely to the
controversy now under way between
the Netherlands and the British gov
ernments. Great Britain has stopped
cable communication between England
and Amsterdam, and the Dutch have
retaliated by stopping all shipments to
England. This Is expected IN time To
cause a falling of i'm the demand for
the exchange on Holland and the mar
ket for guilders is beginning 70 dis
count il. Guilders sold up to 46 cents
few days ago. They are now quoted
around SO cents.
Owing to the unsatisfactory mail
facilities between the United States
and England the bulk OF the business
being transacted in sterling exchange
is in the form of cable transfers.
Rates for sterling cables have shown
no change at 4.76 7-16. French and
Italian exchange has huctuated mar
rowly.
If you calculate the cost of the dollar
in terms of foreign money-that is, as
if you were buying dollars with pounds,
marks or francs-its value az the close
Of last week, as compared with year
ago. would be about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21

ohIe November / to stockholders oil reco'u
October "A. -.
I.b;yb Valley Transit.-Rsgula dusr,erE
d;,idend Of IN per cent on the preterreu
stocE. payable November 10 to stockho'oeF'
OF record October 81.
Hovard-smith Paper Mills. DIVIDEND ~
. rer cent. payable November 70 sD'e"'
boldsrs Of record October 20
Columbus Railway. Power u Lisht. " y.
ular oyarterly dividends Of y. per ceh' . o.,
The common stock and preferred serie.
tool. payable November 20 5toc"noicer' oi
record October -.
corman.a Bank Semi-annual dividend OF
: per cent. payable November l.
Pacific Bank Regular quarterly o'''e"'
of per cent. payable November /.