Evening Star Newspaper, December 31, 1925, Page 23

. THE EVENING STAR, WASHINGTON, D. C., THURSDAY. D ECEMBER 31, 1925 Good Year for Cotion and Livestock Raisers; One of Extremes in Grain Trade big Canadian surplus and expectations of a bi sentine market. The cur BUT HAS BROUGHT FAIR RETURN 3,5 e i i menced to skyrocket once again, with | betore some bull leaders predicting $2 wheat s in Wheat Corug“""""] the big May. The same leaders who were behind that narket of a year ago of the past month, ind they are saying that Furope will need every bushel of whes continent she can get, in high price. Desp can when tarmers the greater part of their producer this year made a e speculators were hard hit by | wherever he had . this smash.up, but the farmers were | With thelr return, farmers st little concerned, having disposed of |10 increase their Winter wheat their big holdings months before, Sim- | #cTeare nearly 11 per cent for 1926 flarly they had mot shared to any Dut bad weather put a crimp in their | great extent in the excessive advance, | PANS and the outlook is for an | but had received profitable prices for |ACteass about the same asiin 1925. | their 1924 crop, which had been The price of corn in 1925 has |large one in the face of general fail- |ranged from its February peak of e e oithe world S137% a bushel down to 78 cents | The situation was reversed when |for May, 1926, delivery. The high nter wheat crop started to | price for the 1824 crop was due t {come to market. The United States its smaliness, but even this high price ey p £ 19 Winter wheat crop was nearly a fail. dropped off when farmers, rathe varly part of 1925 ure, with the outlook none too good than feed corn, which was more val JutieaEn | became for Spring wheat, while Canada and |uable when sold in the cash market, ‘If("':jw S ““[ European countries were faced witl Id off their live s BRLEID L bumper yields May, 1626, corn sturted at et on agricul but eased off to S0 cents and bel 1 agric Y its and below, ural - prosperity due to the tremendous crop, estimated yward the end of early 2,000,000,000 bushels. T 1 1 3 000 bushels. The he vea; when the final this fizure mate. year's huge crop rially ked up somewhat lepressed L].m In spite of the low prices obta rela Yy un-g. ¢ 1 he outlook is not discouring profitable ll‘\l‘. man who has own corn. Live stc kl'h-* {wr:-li Government crop iswot sellir tbove a parity of corn used a year-end price furt ind the farmer who markets his corn »th and corn. L Iw.‘ “\\ L ny thro h his stock w certainly e ot at a ceive a4 handsome profit. The one dif eduction in acreage ficulty is that many farms sold off ¢ SRR R X zo0d share of their live stock and are ent_agricultural census. This es not so plentifully suppiled for feeding 2de expected e undertaken a holdir nportance as where able and several wbined in urging them crop off the market as long as possible in_anticipation of a later. Tt seems more than probable that before rryover Prevents Import Basic Increasingly Important, Huge Crop Depressing . 2 b pite of the Prices at End of Year. e the high prices disposed of wheat, the wod profit Pleased rted out at 1.361 in K BY GEORC The & o in April, & break of 70 cents | than three monti €. SCHNACKEL. | rule crop n tr; st as h de. of prices paid American W oay hectic » withal which brought | the va from arms, roof ex but or return to 1ge grow- the wild fluctu. been remes, 1 fadir he av \fter peculative tions had eveled off. Wheat was the rincipal center of tivity during the Carryover Gave Surplus. estimate and prices w The borne developments the early combined Winter production was G687.000,0¢ while domestic requirements 0,000,000 bushels normaily. How a_carryover of more than 100 600,000 bushels gave just enough sur wheat to prevent the United| States from going on an import basis. Canada startled the trade by rals ing D of « 100,000,000 bush of which 300,000,000 bushels is avail able for export. France, Germany nd Poland raised enoush wheat for their needs. And Russia. little con sidered the start of the seaso furnished the big surprise of the ear by coming through with an ex portable surplus, The Ameri farmer has most to | concerned about over the return Russia to the competitive markets exports to date, about 15,000,000 shels small. but they indicate what may be looked for in the fu ure when production picks up. The southern hemisphere by its de velopments the speculative | fon 10 again in Decem this yvear. Australia came h with a small crop. having about 56,000,000 bushels for ex Then Argentina. expected bout 200,000,000 busk f some early estimates started have trouble. ed stitements of September frost in Northern provi would | hurt the crop matertally and rust iblic came | has caused some damage in the cen un extent that | tral sections. As a result, the ex e e portable surplus is now estimated at level the only 140,00 crashed. Forel very sold filli REVIEW largely The wheat have out outloc nd Sprin 0 SCHNACKEL, bust amount report n both op was plus he ing by Goverr bushels less corn dary move because tock eturn rise al con perity. Wheat bushel s cver, were ha of profitable 1 become a real rices have not moved a eith directts The May, 19 delivery ranged fr « 1o 663 o and t ¥, 1425-26 delivery ranged fron Another large crop of estimated at 1,470 325,000,000, the five of poses is in for Oats, how- are the Heavy Wheat Trading vear Th to ts wheat trad enced started as s Strong lieving world shortuge in the | ¥itw 1 1 their opinions | Per rces at ed th Feb 4 cents raised Ainst 1 Consumption ng p is decreasi boilir 000,000, throu oat only port furnish export ith eir ~eady e May 1ary A wild orked up by eading trad each 2.50 he o the market to suct rol away f the financi command limb t delivery i« n on the farm fc 1sing, but it specil ert to repe: rs tha was speculative trad as large of wn' mater cost feedir sulted in 1 p creased for 5 production pork products market sho es shec deanand 000 helpix bushels. buyers had held their demands hecause fror the sti of OF COMMODITY was sold i zrown. Pri 2 5 at a b vel. An average loston in (Continued from Pag quotatic was around Then they nearly 1A Vngla 5 L bol Ie Speo ajor factor in the situatior Importa approximated $1.021. unds stumpe of the ¥ ther were h of the d mills, like the remair textile in rv. were | unfavors condition oppir 2y hitting July the i progressed strengthened rapidly Growers who had be position and able to wools for favorable cleaned up accumulati Zood pric April and ar in May recovery fall, but an duce The real money-making the tobacco ind around cigaretty output oi cigare of 12 to0 1 - cent 192 of o contir Productior n i hold opportunity then at ng | blus | 1, rices e declinir auotations margin acty produ tes shi the manu ain profit were 18 months In compared with nding pe year. Ninc about half sumed here, cigars the previot America grows ) the wool which is the foreign markets s before a decided influence on venue t " tations at foreign auctior e strong. France wa: buyer and many dealers saw in these purchas 1 attempt to turn de. preciated francs into something more stable here was also increased buving for Japanese and Rus counts. A marked increase took place in domestic consumptive demand in the early Winter. owing to improvemen: in the woolen zoods trade. iken s o whole. 1925 was a good vear for the wool grower. but with Australlan ning on the market many fail to see a continuation of ivances in the first quarte low-priced de popul the use manufacturers, by tit novel colof fabrics a for women rd the end of the year : from garmen sout the lack n in weaving wool and ch it was cluimed * of the fabrics. they opened tk nes for 1926 in Noven manufacturers increase placed will assure ion for leave mu vels are material Leen. i of sy best e: R 2 ti siven a proj eported the silk many e pile rnings ic sut wert combinations. T \Wern had Quo 1 the Fall a heavy trade better t ~ember but protests begar rices s and sel of take s of leaf are ago. Some little to rejoice but others, the those situatior growing h 1 their product stimated at garette vine months i Spri er, carpet wrted a substantia Orders now e mill produc mor Profits still be desired, as price compared with ra and competition i ible the manufacture wool par arly app! carpet purposes may tend pet ma what rayon cotton zoods man programs The ded was placed the year. nev t for the unds the consumption h to dealers WOOL. did for tirers iinoleur ord the Building producers aided ces for their woo bout half the estern part singl in the - ever month reco; of the U October saw the strongest improve of ment of the year in the woolen goods (Copyr it 1925.) lows: 2T Harry N. Theodore Cooper, January iglehart, February Delavigne. February Charle Giddings, March 3 min F. Williams, March 20; Tompkins, July 7; James Oyster, in charge of police, also AUEUSt 28 Daniel Sullivan. passed away. l. Clande l" Koont November The vice squad passed out of ex-| . lifford .. Gran December 16 istence, being replaced to some extent ].11 M. Mattingly, Dacember by a roving squadron of dry raiders | Sert. Samuel Murphy, Decembe under Capt. Guy Burlingame. B bl bt o Liquor and traflic received probably | (jva persommel - o the the greatest attention from the Police | yngerwent a wide and Department of any items of police in- | organization daring terest during the vear. 1 . During the early the Lieut. O. T. Davis and Sbr; chief D. McQuade, leading the vice squad. Tast Juiv 1 he was oeee. specialized in selzures of liquor and in | e, JUIY 1 be was prom: bre ing up disorderly parties Dur- (Depectar and Aselstant Super 1 A g intendent of police. After the death ing the month of June, however, this | of Maj, Sullivan. Tnspector Thase work was discontinued and the liauor | yiade chief of police, an appointment ";“d of it transferred to Capt. Burlin- recognized with favor in the ranks of e i $ - the department suiimes of vislence were provounced| Liemt. Walter Emerson, in charge of during the year, but not_espec the Detective Bureau at night, on July outstanding. There were 45 murders, || was made a captain. in accordance one of which remained unsolved, the|with legislative enactment, being the killing of John F. Heimer, proprietor | first to fill a position as captain of dqe. of a candy store on E near Sixth|teetives. i L street. Lieut. Guy Bu n v s 4 Traffic claimed 82 during the year.|ready inctatien ‘flmf\m: £ :"llgfl“g\'l;‘\:.‘ excepting the last few days, which |antiliquor squadron, became a captain was a _decrease of 10 for the previous |in place of Russell Dean. retived. on vear.. Manslaughter charges were pre-| july | % e ferred against 16 persons, including |~ Tpe hose who were operating automobiles Evece ay Tollows:. Serct which killed othe emiah A. Sullivan, to the vacancy There were 98 accidental deaths dur- | created by promotion of Lient . Bur ing the vear and 57 suicides lingame, July 1; Sergt. B. A. Lamb, to Inspector A. J. Headley was removed | the vacancy created by the death of from his post as chief ‘of the Traffic | Licut. James L. Giles, August 2§ Bureau last June and made captain |Sergt. Hugh H. Groves, to fill the va. ¢ the fourth precinct. while Capt. E.!cancy created by retirement- of 1ieus W. Brown was given the position. James Conlon, September 1" “he Trafic Bureau was enlarged to | Promotions to posts of handle the increase of business and | were: Pvt. Coleman I moved to larger quarters on Pennsyl | the vacancy created by promotion of vania avenue west of Fourteenth|Sergt. James A. Sullivan, July 1: Jo M) seph D. Harrington, to fill the v During the term police sel ancy created by promotion of Sergt. ! gallons of liquor. 27 barrel 2 gal- 'B. A. Lamb: Milton D. Smith, to fill W Acainst |lons and 6,186 bottles of beer and 819 | the vacancy created by promotion of They | bottles of extracts. Some 20.741 gal-|Hugh H. Groves: George M. Little, to 2 bushels | lons of mash were confiscated and de- | fill the vacancy created by retirement hent, 23430 of barley, 208,524 of |Stroved, mostly in raids where 67 Stlls | of Sergt. Simon J. Harry. 4 o eate Fiour showed | were seized. Two hundred and ninet 5 O rense of 10,978 barrels being ex- | five automobiles and other vehicles ported, against 9,992 last week were taken in connection with liquor | Other valuable exports for the week | 4FTeSts. Lt 4 were 5,213.186 pounds of copper and | The liauor arrests totaled 5,206, 1 bales of cotton o — Twelve members of the police force | died g the lasi vear. The de.|probably ysed dates o as fol- to the W POLICE DEPARTMENT E ]_ Renja Clyde J L. Giles October 30 Wil British Interests Anxious to Re- (Continued from Page Twenty-one.) gain Standing. a he valué of the motior or trade promotion and ropaganda is bei the British gov erce Monthly £ Commerce, At a time g prograr iritish fore picture national recognized rnment.,” the Com- the National Bank New York, says. when great advertis. is urged build up ign trade, powerful a iedium as the film cannot fail to be wilized The government recentiy alled attention to th inv ahle dvertising through film shich now s almost Ay 1o he United States. The Federation of British Industrie; reciprocated by olding a meeting to discuss the social nd political effect e foreign film iwvasion in British countrie ““The British government's interest n the fortunes the film ind ry iecame evide! when the budget for he fiscal yvear 1925-26 was made pub. One of the items in the tux pro: tion of the Mc per cent on for just Z 1ths the execu- department sweeping re the year part of yes in B. Hesse started th clerk of the Pol vear a Department ed. to hol the xram was the restor: iKenna duty of 33% eign motion picture films. The duty. however, is not a idable weapon of defense. A fivereel negative, 5.000 eet in length, would be subject to a otal duty of £100 promotions to lieutenants dur. NEW EXPORT RECORD. Baltimore Rushing Foodstuffs Ports. The Sta Foreign Special Dispateh 10 BALTIMORE, 31—k 1l cargoes of grain cleared here last week, which gave the exports in food products & new according to istom reports Altogether 1,186,031 bu as sent out for the per 815 for the previous vere represented by 726, sergeants December ve record, zed 18.110 rels of LARGER GRAPE ACREAGE. 66. The| SAN FRANCISCO, December 31 | (Special).—Grape acreage is expected to increase considerably next year. he planted B0 Adurt principally f China's nn peapic al wear 1 oes. v 2n e were e i from this | and | just | Brown, to fill | HUGE COTTON CROP HAS GIVEN . PRODUCERS LIBERAL RETURNS | Demas Kept Weather Conditions Ha ome Instance BY GEORGE DEWITT MOULSON. | Conditions in the 1925 have been advan the grower and the consumer. crop produced in the United States was one of the three largest ever | grown, but the de- | j mand both at| | home and from | abroad has been such that the pro ducer has recelv ed liberal return: for his cotton. On | the other hand, | sy the large crops of | a 1925 and of the | preceding year| have made for price stability within a range of | a few cents, and the consumer hus enjoyed moderate price; Further more world consumption of American | cotton promises to reach a new record | for all time in the season of 1925-26. | While the spectacular course of s © it has completely overshadowed commodity mark the past yvear, the | fact that the exportation of eight and a quarter million bales of cotton dur- | ing the 12 months ending July 1, 1925 returned to the United States about | $1,000,000,000 has heen one of the most | important « ing factors in the | general prospe his enormous exportation cotton was made possible by the pro- duction of a 13,600,000-bale crop in 1924, and followed by a vield of 15,600 000, estimated by the Department Agrie for 19: A review of the yvear, point of events in the arket itself, presents a strikin with m: wions cotton trade in us both to | The G. D. MOULSON, of raw from a stand course of the | uety $30 and $75 in the | of @ bale of cotton were of freque occurrence. Five yvears ago cott sold from 40 cents down to 10 cents pound. From 10 cents in 1921, pric had advanced to 37 cents in the Fa Stal 1n 1925 has range of chang . ¥ a Feature. feature « Hatoant Wiy advant ing v . cen iddling e of he ndi s, ond the the S the most 1 i seis While ns on record than t large and, though some the best yield per ons suf uced almost a com 1 From a speculative poin v the vear s been characterizea by the normal rather than the unique, and. with the exception of semimonthly davs of excitement produced by tots xpected Government reports mar} has moved dily for » ity predestined end, Like its o he year contained res. when of in temporary price vidence of a liberal overwhelming tha discounting a large small crop earrie 18 cents in Octo compared with 21 cents gure of the previous vear less than half th = pre November, 192 Nature Not Orderly Once or twice Auring the vear prices van ahove 25 cents, but held above 211, cents for nine months until the veizht of the marketing movement in October carried quotations below the 20-cent level. There is but little in so ord featureless a course of events to arouse the interest of the general J what the cotton markets | of the world Jacked in the wauy of spec r and record-l nking develop. nat irnished the cotton Texas and the Pledmont { Georgia and the Caroiin planter of more than the South the vear remembered, and an ac nature's tcomings and esses in the course of a few shor would be difficult to parallel other country. result of three short n 1921 to 193, reserves of n of all kinds were depleted to in_extent ihat threatened a fami | unlfke any experienced in the past 50 yaars. There were neither manufac tured goods nor raw material to draw upon and prices advanced to figures which made cotton growing extremely attractive. Damage by boll weevil had virtually | | ruined many owners of large planta- | tions east of the Mississippi River and the number of abandoned farms in the South_has of late exceeded those in New England. The toll exacted by | weevil has amounted to several hun dred million dollars annually, until the | world despaired of ever seelng good- sized crops and an abundance of American cotton. Acreage Increased. While some growers gave up and either sold out, moved away or ceased to plant cotton and tried other crops others, undaunted, increased their acreage. Not only have growers ex tended the area under cultivation, but sections which never before attempted | to grow cotton have been attracted by | the lure of high prices to see what | could be done to meet the emergency | This has been particularly true west of the Misslssippl River. In northern and western Texas, in Oklahoma. in Missourl, in both Arizona and New | Mexico and on the Pacific Coast culti vation of cotton is expanding. | From 34,000,000 acres planted in | 1922, the area increased to over 38 000,000 in 1923, above 42,000,000 in 1924, and to the record acreage of 46, 148,000 in 1925. Never before in the history of cotton cultivation has so | concerted an effort been made to raise | & crop. That a harvest of over 15.| 000,000 bales compared with only about 10,000,000 in the years 1922 and | | 1923 measures the success of the com- | bined efforts of farming communities | | of 16 States, when contrasted with the | 16,000,000 hales raised on only abour | 80 per cent as large an acreage in 1924, shows how much the fi re. sults fell short of what could be de | sired. | | Fears of just such a disappointing | | outturn actuated the grower long be- | fore weather had become mild enough to permit him to get on the land. Dur- | ing the Winter months he had ordered | more fertilizers than at any time since i the outbreak of the war. Regardless of the greatly increased cost of chem cals, a spirit of generous competitive | endeavor to raise a big crop and meet | | the needs of the world seemed to pre- | vail in all Southern communities. Boll Weevil Spreads Out. Even granting that the basis for other 1 st the anxiety r dvances out-turn process of rather usual cr <u bhut days B level of he and valling ir and ane | 1925 | o months As a crops fro interest and a price level that render most profi a hove Pace jand beyond the economic be | | =0 the lage one of the lowest in the pz With Supply, While ve Reduced Quality in —LExportation Enormous. factor, other es were at work. Starting small area_in the extreme southerly portion of Texas In 1892, the boll weevil had spread year after year until fields had become infested as far north as the Atlantic coast districts of North Carolina. Over 600,000 square miles of the cotton belt reported the ssenco of these insects and the 1 ace had attained proportions of world interest. Would the genius of man conquer or would he be compelled to vield in the fight and admit defeat? The De partment of Agriculture, State experi mental stations, private agencies, had all been devoting money and energy toward the solution of the problen Svery town and county was stirred to activity by the weevil propaganda un- til a_triumphant conquest in the strug gle became n matter of pride. Ther: was great danger that American su . -y in cotton production would puss to foreign lands The world over, wherever cotton could be grown successfully, an in se in acreage had occurred in nt years. If the United States could not continue to furnish man kind with an adequate supply of cot n, then production elsewhere must fostered to maintaln an uninter rupted flow of raw material. It had become au _death struggle and too much credit cannot be given the Southern planter for the way in \Which he responded influen; from a A Season of Extremes But from the start nature proved ricious. The season of 1425 de oped a series of extremes. Spring came very e and was atiended with little moisture. While the com bination of these two factors is most sirable, sufficient ruinfall to permit sential. and at one time hough parts of Texas velief before it became too late Very ughout the Winter months in the Southwest + continuatfon of insufficlency of ture in many sections developed st droughts in the his f cas. From October April. 1925, Texas received or less than an fnch mo: normal for this period hes. April and Ma) s unevenly distrib of central and suffere 10 i hereas nea ted, so tl outh T aster. at parts as ultimately at similar conditions rexions und see per cent of that section s delayed owing to lack of moisture. n - general no little. rather much, moisture, with laid th oundations f In the weevil-infested area the Mississippl one of the months April prevented rapid weevll propagation, and later ir hish temperatures held fn ts in check t, for cessive vear, nature assisted anter in the battie. contrasted with what happened ntral Texas and in the Piedmont Mississippi .Delta_enjoved perfect cotton season and ised over a vast expanse turned one the most clory ever n ot the As rty erop territory st and grown the of out Drought in Carolinas, estern nd in se t ) northern Georgia & drought developed in July such severity the water supplv of cities was threatened and powe ies were compelled to restrict erations. The deficiency cial records, exceeded vienced in 35 vears. eptember two weeks ng heat prevailed when day after two-thirds of the reporting stations had temperatures above 100 degrees and many of them as high as 110 de. grees. But the plant was so far \dvanced that the hulk of the lower and middle crop had alr amage was confined to the smaller top bolls. The first general and heavy precipi- jon of the vear set in during the latter part of September and in mark ed contrast to the ideal picking weather of October, 1424, the Fall cost the South tens of millions of dollars. In W linas arg inything Then in early record-breal of the river expe mainly In six weeks, from the middle of Sep-| 1. more rain fell during the entire six months from January to July. As thougzh this had not heen enonugh, one of the earliest freezing spells on rec ord appeared the latter part of Oc tober br ng temperatures of 20 ees in Oklahoma and North Texas ‘ving the frost line almost to the Gulf of Mexico. What these six weeks cost the grow. er will never be known, but damage to grades alone changed the whole char. acter of the outturn. From what promised to be a high-grade crop of excellent staple, the quantity of low grades produced has made the aver- st seven vears and threatens to leave many hundreds of thousands of bales to be carried over at the close of the cur rent season Though the yield is so much larger than in the previous vear, the Depart- ment of Agriculture states that it is possible the quantity ‘grading above middiing may be actually less than in 1924. Some of the low grades dam- aged by weather, however, are of such gzood staple that mills are discovering their intrinsic spinning value and the low price is a factor working toward eventual absorption in commercial channels. tember to Novemper fn Texas than Crop One of the Largest. As a result of a record acreage, an rly start, generous use of fertilizer. intensive cultivation and uniformly iry, hot weather that checked insects, the cotton crop of 1925 is one of the three largest ever grown. In 1914, the yield turned out 16,134,000 and sold at an average price of 7% cents while the yield in 1911 amounted to 15,692,000, which was sold for an aver- age of about 91 cents. Had there been no disaster in Texas or the Pledmont and an open Fall similar to last vear, it would be diffi- cult to estimate what the crop might have been. Certainly many hundreds of thousands of bales above any pre- vious production. This would have caused much lower prices and, in the end, worked sreat hardship to the grower. Many million bales were sold above 23 cents in September, and dur- ing the first four months of the sea- son, beginning August 1, over 10,000, 000 bales had already reached the market. How eagerly the cotton industry has_absorbed raw material is shown in the fact that during these first four months spinners took nearly a million bales in excess of the previous season, though the total last year aggregated 14,750,000 bales. Not all of this cot- ton taken last year was consumed since both domestic and foreign mills bought for a rainy day and attempted to bring depleted reserves nearer a normal basis. Neither European nor American con- More than 500 acres in Sutter County | these extensive preparations was self- | sumers have. as yet restored their ures, though the stry now is in the pre-war vorld's textile ind: iy matured, | | most healthy and flourishing condition | since 1914. | From eleven and one-fourth million | bales in 1923-1924, world consumption | of American cotton rose to fourteen {und onefourth million bales during 19241925, and. unless upset by some | unforeseen disaster, promises to reach | + new record during the current sea- | son of 1926, Preliminary esti mates placed the possible lint con- | sumption in the neighborhood of four- | teen and one-fourth million bales, | which, with linter would carry the al above the previous high figures | of 15,000,000 reached in 1915 During the five years from 1911 to | 1916 consumption averaged nearly 14,500,000 annually, so that, for the first time since the war, conditions are | 1 being restored a ur normal condition. This recove particularly | | marked in such countries as Italy, | I'rance, Germany, Japan and the \_!llll‘tl States. The use of cotton in| the production of rayon and artificlal fabrics and in the automobile industry | now is on . scale unknown 10 vears | 1go, calling for similar expansion in | the growth of raw material. | According to the Department of | Agriculture the world's cotton crop of 1925 aggregated 24,700,000 bales, and exceeded the preliminary estimate of 24,000,000 made a year ago at this time. " With a larger outturn in the United States and increased acreage in | 1gyrt and India, as well as in Afric and South America, the figures may readily reach 27,000,000 bales this ve The combined growth of the two seasons promises to equal, if not ex- ceed, any two consecutive years in the Bistory of cotton culture and benefits 1o the textile world are incaleulable. Price Stability Is Helpful. Stability of prices, with the violent p cident with crop failures and vears of | nt production, permit - orderly processes of manufacture to the extent | |of the purchasing power of world in | habitants to consume. The course of | 1925 thercfore, has in great measure | fulfilled the promises held out at its in- ception. The entire cotton industry has become more stabilized, justifying | i general fee of confidence in profitable. thougii perhaps more mod . returns from economic endeavor. | But it would be unwise to ignore | possible element of danger contained {in this very sense of security. The combination of viston. hard work snd | self-sacrifice on the part of the South- lern planter, with weather for two sea sons which proved most unfavorable for weevil propagation, has produced surplus supply « aw material ov and above current requirements. This supply must be financed, and or retaflers, wholesalers or spinners to overlook or’ evade thelr proportionate | share in this distribution and to leave the grower or the cotton exchanges to ineet the emergency unassisted might | attended with far-reaching conse- | auences. While the law of supply and demand | in its effect on prices is inexorable, ef fects of temporary emergencie: n be | lessened by the facilities of modern finance. A far-sighted poliey, dictated by a recollection of the dispiriting re sults of short-crop vears, would call ch w nd sane provisions now avoid extremes, not only safe. rding the great festile industry, | but securing for the planter a return sufficient to prevent either present debt or discouragement for the future. (Copyright. 19251 as contrasted changes coin as to the second | BY ROBERT MACK. Reviewing the hi tary of radio for the ye is a task something akin | listing the decisive battles of the world. It i= to write solely of turning points. Through the smashing of radio prejudices, the definite establishment f fundamental radio principles and} the advancement new radic the ories, 1925 will go down in history as » vear in which was discarded all | bt as to the eventual elimination space as a factor in complete verbal and possibly visual communrication The entire world. with the United States leading the way, has in the past 12 months accepted radio and ac corded it a very definite and impor- tant place in its scheme of progres: And this despite the fact that a fool's cap was being made ready for it five | years ago. In the United States it is not of so | great consequence in the end that the radio industry in 1925 skyrocketed into | | a business of a half billlon dollars. Of | | greater import are the factors behind | | this sudden leap into a position with {the big 10 of American industries. | And they are man; don | viston Summary of Progress. | | Even a casual | the following Successful demonstrations of trans atlantic rebroadcasting; the transmi gion and reception of messages half way around the world through the me. dium of “short waves”; establishment of a permanent chain of broadcasting stations connected by land wires; a hundredfold increase in power for broadcasting purposes: the capitula | tion of the world's leading mustcal ar- | tists to the power of the microphone; | | a limited but important demonstration | | of “radio vision”—the transmission and visual reception of reproductlons | | of moving objects; the development | and introduction to the public of radio | receivers capable of faithfully repro ducing sounds; a promise of ear establishment of a system of ship-to- | | ship and ship-toshore wireless tele | phony; general acceptance of the radio | compass as the future method of navi- | gation; the establishment of a nation- wide program of agricultural broad- | casting; the trend of broadcasting sta- | tions to “covering” important news stories for their listeners; the installa. tlon of numerous schools and univer sities of the air, and finally and most vital, the public's expression of a de | sire ‘that the Government take over the task of supervising its system of | radio communication. | The very first day of 1925 witnessed {one of the turning points in the hi: tory of radio, when two of the world's most famous singers led their fellow artists in a compromise with the ‘rophone. In the performances on |that day of John McCormack and | Lucrezia Bori, for the benefit of a |radio audience estimated at 20,000,000. | |there was, it is true, an element of | publicity for the artists and the spon- |sors of the program. But there was also the sflent admission that radio had demonstrated its ability to provide a faithful reproduction of the singer's |voice over distances of hundreds of | miles. Since that debut of McCormack | and Borl there remain only a few of the first-rank artists who have not| followed them into the broadcasting | studio. London Concert Rebroadcast. | Scarcely had this point been turned | when without advance notice the| listening public was surprised to hear |through its receivers a concert played | ;m London and rebroadcast in the| United States through the facilities of | the Radio Corporation of America. | Prior to this event radio amateurs | had received dot-and-dash messages | from Europe, and occasionally the volce of a foreign fellow amateur. But never before had a transatlantic program been made audible to_the | owners of $5 crystal sets in New York, | Schenectady and Washington, and to | the owners of tube receivers in all | parts of the United States. Although these rebroadcasts of the Spring of 1925 were spotty and imper- | fect, there have since been made | agreements with the British Broad- | casting Co. and the German govern- | ment whereby rehroadeast concerts, rough fmproved apparatus, will be simmary would list {est point since { comfortably. laround the | ganizations, FOOD RETURNS SHOW BEST YEAR SINCE 1920 FOR STOCK RAISERS Hogs and Sheep Reach Highest Prices in Past Five Years, Cattle Make Important Gains, and tle Depression Is BY L. €. GRUNDELAND. steers ve The live stock producer during the year just closed had 1 profitable returns to show for his en deavor—the it of his best since 1920 Both hogs sheep reached the highest prices i the past five v while cattle made important gains in many months, as suring their pro ducers of favor Jle values. T s reely for depres sion in stock industr Outstandit tures of th were a lig of hogs, with 1 . GRUNDELAND =rades ontselling the heavy s almost through the whole period smaller receipts of cattle range varfety and calves; shortaze o teeding cuttle, and the exce good demand for feedini I of hogs reached over $14 for 1920, while sheen above $19. Cattle made spurt t $16 and above, but it was shortlived A big feature of the c situation was the early start of the movement of range animals and the higher prices paid. The supply of thi was 270,000, compared with 170,000 vear ago, and most of ti t $1 to $2.30 better price 1924, with the general aver higher. The best range reached $12. The entire run was of exceptionally good « and gave favorable returns to the Western pre ducers. November the ile Decembe eattl e high point substant res vear h ced hopr fr yarke vear's 1 that the ptional time 100,000 o der o Tuly December values fe somes Light Reports inc Hoz Crap Espected. pionall Price: higk nbs 4 . croy future tha > steers sold than in £1.5 animals Feeding Cattle in Demand. Liliewise feeding cattle were in good demand, and values high. The | D: shortage of this type of animal ca some live stock producers to look Canada, which has more feeding ar imals on hand than can be handled Conditions. however, do not permit of actually developinz this were b cattle at supply at about o for 1924. Tak ease in range c: native stock was large the local market compared ith & 1 info accour ttle, were 1,038,065 ins last At the start top ers sold at $13. but the market dropped and qual fell during the first half of the yenr Lighter runs brought an lowed by : August and come a permanent feature of Amerl- | rad can radio prograr Gov The Spring first concerted of the short waves and panying victory for th plorer The Westinghouse Elec and Manufacturing Co. had brought the short waves to the attention public in 1924, when ente: m programs were shunted lengths below 100 eters fre Pit burgh to Australia and New Zeal The 192 visitatior £ ¢ wave lengths. however the very highest freque the leaders of the Am telay League and the offi the aval Radio Research Laboratories showing the way cessful transm messages venture into radio it and, w st picturesq Emboldened by their success, the ve been m. same leaders will continue their work in 1926, hoping to establish the wave lengths of from 1 to 10 meters as| the future medium of the majority | of wireless transmission In the early S world's first demor the term Francis Jenkins to his a signed to transmit and T iy the reproductions of jects. Tn the presence the Department of Commerce T Jenkins succeeded in display e production of a moving windmil Ami e ived by wireless from a laboratory T miles distant. Power Gradually Ra League of ns on Air. In Europe the br en natior interests o 1 ha ram Sl i on cor applted Dr. C aratus de won eive ¥ moving officials_of oh. Leagne hroade: The radio Ainger ed. hoy o relay in the Ur appointed as head of t) Percy Maxim radio in th The 1 into in the Summer that violent popular radio against the use superpower for broadcasting—was smashed. Quietly, hut sure of their ground, the leading stations aban doned the 500-watt lfimit for broad casting and, with the sanction o the Department of Commerce, trans. nitters were stepped up gradually to . maximum of 5 kilowatts. Instead f condemnation came praise from the listening public, and the 5-kilowatt mit was raised to 50 kilowatts in n epochal broadeast demonstratior by the General Electric Co. Instead of causing interference nad been predicted by superpower of ponents, there was a distinct sharpne of tuning and a notable increase broadcasting range. This H0-kilowatt station was given permission to op erate at stated periods, and there fo! lowed in November a second super-| power station, owned and operated by the Radlo Corporation of America.| CHANGES IN INSURANCE. just outside New York City. Noted Century. It also was one of the most prejudices—that isting ed aio recet every States. 15 been impor the zlobe a duced and the talled in it ships of been intre parts of the 1dio compass is been of most_impo the leading n And inally entertainment, i come to play educational and countr { 5 salidated Press ed upon solel 1 instrument of past vear it has tant part in the whereas radio was 100! Chain Broadcasting Grows. In the meantime, chain broadc ing, which was introduced by < | Amazing Growth in Only el Ha | American Telephone and Telegraph o life ins insura insu in 1924, was growing by leaps onc bounds.” In March, one of the mosi extensive hook-ups ever arranged for a single event was accorded the in augural address of President Coolidge. one is tempted to say that th During the Summer the chain of sta- | history of life insurance in the United tions broadcasting regularly through |States and Canada is contained in the the week increased from 3 to 10, and | h ntury in some cases even more. The world | the ¢ series add the leading Iastern foot president ball games of the Fall were all booked through the chain by leading stations throughout the country nore 1 With all of these forces at work., and Ihe with the everincreasing desire of or- increased busine: s, schools, pro- | 000,000,000 moters and institutions to get en the air with their own broadeasting tions, it became evident during the surance Summer that radio had come to 1l miun oss-roads. Obviously, if the Unite 2 State to avoid a bedlam in the | 000,000 ether, it was necessary to call a halt | the on the laissezfaire policies extended to | 865, broadcasting and wireless communica tion, and to place some rules and regu- | lations on its progress. | USED CARS SLOW SALE. And so, in Novemb Sl terests of the United States . G in Washington, under the auspices of | P01 the Department of Commerce and seri- | i ously confronted the future, with a full | knowledge of where they wanted to| g0, but not quite sure of the wa which they should get the Ask United States Supervision. ce, the policy provisions, 2" laws, of 1374 with those 1874, savs Haley the Metropolits there were in forc han 92,000,000 insurance in for 00,000 to $67 iness written in tie 150,000 policles 10,000 from $100 £11.000.000,000 fron policies respective years fre sta- | to 18,250,000 fr of i ™ ot to more than icvholders 250,000,000, NCISCO, December 31 of new automo. fortnight have been but even liberal ad- ice to move used avy her vertising did not ! cars. in 143,117 PENNSY INVESTORS. In this frame of mind, it took but| Stockholders of the Pennsylvania three days, under the direction of | Railroad on December 1 totaled 147 Secretary’ of Commeree [loover. to 117. agatnst 141315 unanimously- that ~up nd 143,17 ; ask vision of i on