The Birmingham age-herald., 1924-09-28
STOCK LETTERS

NEW 4OHh, sept. Z(.-Ine news de- velopments were 10 to 16c cut in mid Gas and Gulf Oil, an announcement from semi i-official circles that Stude- baker had entirely liquidated its bank loans, which only a few months ago amounted to about six million. So far as the market itself was concerned, the undertone was fairly strong and numer- ous advances took place in industrial stocks. Nash Motors scared to new high of 1e0, up 15 points from Fridays low. This sensational performance started bullish operations in other auto mobile shares and the new General Motor stock took a leading part around 61. An announcement was also made to the effect that the American Woolen company has withdrawn from sale all woolen goods in its womens wear line as the entire production for the spring season has already been sold. The clos ing tone was somewhat irregular owing to desire on the part of speculative fraternity to even up trading commit ments over the weekend, although United States was 1h points up for the day at 1o9k.-Fenner & Beane to Kahn & Virgin.
 NEW YORK, Sept 27.-What a trans formation we have experienced in pub
 
 so long ago the rails were neglected, if not despised by investors. Today we witness the application of common sense and the effect on the public mind with the resultant restoration of confidence in the securities of our leading indus- try. The oils have been laggards for some time We wonder 1t If is not time to take a mode friendly interest in them. Today's market reflected uni- formity of firmness. Public interest, as evidenced by commission house ac- tivity, showed a slight increase. though spasmodic at times, and largely cen tered in the rails. As we see it, our future is bright. Stocks should be bought on reactions.-John F. Clark & Go.
 Co.,, the great southern bond house, of Nashville, Tenn, advertises in the New York Times a list of southern municipal bonds. It introduces this list with the following quotation from the New York Evening Post of August 21:
 -"It is possible now to purchase south ern municipal bonds which yield from one-half of one per cent to one per cent higher return than Is offered by the is- sues of municipalities situated, for in- stance, in the northeastern part of our country.
 "The prevailing interest rates of the south are generally higher than in oth- CT parts of the country due in part te the great expansion which is now talk. ing place in the south, and the neces- sity for borrowing in outside markets much of the new capital required"
 Caldwell's advertisement then gives a list of tax rates in the different states of the Union. This was compiled by Prof. S. H. Dobbs, of the University of South Carolina. Professor Dobbs says that the states of the south, as a whole, have the lightest tax burden per in- habitant of any of the states of the Union. The eleven lowest on the entire list are southern states, while out of the the fifteen lowest, fourteen are in the south. At the bottom of the list is Alabama. Next comes Arkansas, Louis jana is fourteenth from the bottom of the list of 4S states.
 To reverse the list, there are 34 states in the Union which have a higher tax rate per capita of population than Louisiana. This state has. tax burden per inhabitant, state, county and local, of $29.20. Running up the list of States, inhabitant, Illinois, $40 per inhabitant, Ohio. $45, Nebraska, $46, Wisconsin Ga Follette's state), $47, Iowa, an agri- cultural state, $52, Massachusetts, $54, New York, $5T, California, $59. Nevada tops the list with a tax burden per in- habitant of $S2.
 Thus, as Caldwell & Go. point out, the south, with it's great prosperity and solidity, owes far less per inhabitant for government purpose than does the immensely wealthy north and east.
 The higher rate for money in the south means that demands for progress and betterment in the south are inn perative. And this higher rate is going to keep drawing more and more money south. One reason for the relatively low debt of the south is the natural con servatism of the southern people. An other reason is that for many years they were unable to get money at any price for needed developments. The at titude of many of the southern states toward capital has not been satisfac- tory. This has not, been the position of