Newspaper Page Text
HEARST’S SUNDAY AMERICAN, ATLANTA, OA., SUNDAY, AUGUST 3, 1913
9 D
Six Billio-Dollar Shrinkage in
Securiti* Values Is Greatly
Redced by July Gains.
CROPS,RE HELPED BY RAINS
Export Trade Large and Easing
Mony Should Be Reflected
in Early Expansion.
(SICAGO, Aug. 2.—Clearing flnan-
cl? skies, although not yet free of
cluds and mist, presage the dellver-
aye of investors from a continuance
O' the dullness which has fettered
ftanclai operations during the last
par. There was during that period
' decline of about 20 points In lead-
ng industrial and railroad shares,
vhlch marked the approach of a glow
panic, as a result of the enormous
shrinkage In values, approached only
In 1907.
Comparisons with that year, taking
into consideration the large Increase
In the volume of securities in six
years, probably display a decline In
value of nearly *6,000,000,100, but the
current month's bettermmt has re
duced the loss by about * ,250,000,000.
Business conditions in the United
States are sound and promising-, but
a great deal depends up<n the crops,
which have been Improv’d by recent
rains. The July Goventnent report
did not fully Indicate theaamage sus
tained by drouth, but th August fig
ures, if existing condltbns are sus
tained, will not show tie betterment
which has come since showers re
lieved the winter whea' belts.
The cashing operation in the win
ter wheat country are facilitated by
clear weather, and th movement of
grain from first handsto the seaboard
and consuming pointi means the re
lease of large amoflts of money,
which otherwise woufl be tied up if
bankers were not ifilstent that ac
cumulations must »t hamper the
progress of the counTy.
Railroads to Ssrt Buying.
Railroads, which fe enormous con
sumers of lndustrfl products, lack
credit with which o facilitate their
purchases, and the have been com
pelled to economt*. There Is a be
lief, however, thatthe return of con
fidence with easlri money conditions
will effect the etenslon of credits,
which will enablrrallroad corpora
tions to enter t* market for sup
plies and lnauguite a period of pros
perity which wi 1 compare favorably
with that of 19«
The public is Ware that this is the
season when th business world slows
down, even in tormal periods. This
vear the temjocy is increased by
restricted cred, recent high levels
which money ates attained and the
pending tariffin'! currency changes.
Vet it shoifl be remembered that
the world, amparticularly this coun
try. is not otrproduclng, but is op
erating onlygs necessity requires.
Bankers hav been urging their cli
ents to mak- progress slowly in or
der to lessenthe call for accommoda
tion.
Condence Reviving.
After thisWaitlng period-waiting
for the cropr tl mature, for currency
reform to Ir (pmpleted on a sounl
basis which wfi make for elasticity
and substai*ial*y and for the clear
ing of Europ* skies—confidence
should develop 1 every section of the
country.
There Is a gr*.t deal of encourage
ment to be dered from this coun
try's foreign trie. June exports ex
ceeded anythin in the history of
the United 9ta«. while the Imports
were smaller, easurlng the volumj
of trade, divers contractions can not
be given precetfice over the amplifi
cations.
Steel foundrii and mills havs been
doing a large lsiness and their un
filled orders & in liberal volume.
The textile Incstry Is making ample
profits, and irthe leather trade big
gains have btfi established. While
collections hae been less satisfac
tory, stocks otnerchandlse have like
wise displayi! a corresponding re
cession.
Mo«y Is Eeasier,
The key tiwhatever Improvement
there mav bln the situation lies in
a relaxationof monetary tension.
East week pney was firm and loan
ing as hlgjas 7 per cent. Now,
there is a tfply of idle funds avail
able at 6 p cent when collateral of
un!mpeaeh» le quality is tendered,
and comnivlal -aper rates do not
rise abovehe 6 1-2 per cent rate.
The porf on taken everywhere by
bankers ti’wnpe' liquidation brought
relief, an there Is lea? opportunity
for a c*ts to develop next fall,
when cr< ai.d trade requirements
will in<r** e > than has existed for
four yea<- In this country this is a
fact.
In E°pe, however, the struggle
under f load of militarism is gi
gantic.A war chest of enormous slxs
wa!< Spared by Germany, and
Franic emulated her rival. Out of
the *xd sent abroad. 160,090,000 was
notbiSed upon a legitimate exchange
prjrsition, but was a special mova
nt. PartB paid a premium to in
cise its gold holdings. Germany
/tested England's claim to the new
Kply of gold coming every week
J>m South Africa, but this competi-
jn has ceased and recent develop
ments suggest norma! requirements
hd a more satisfactory situation.
Stock market positions were bet
tered by liquidation and LaSalle
Street believes adverse factors have
teen fully discounted. There is a
-Shadow cast upon prosperity by Mex
ico, where the possibilities of friction
/with European powers should not be
I minimized, but railroad and building
I strikes are being adjusted, large
yields of grain, cucton and other farm
products are in sight to add wealth
to the nation, and hysteria has been
assuaged. '
What Uncle Sam Is Doing to
Fight Boll Weevil in Georgia
Corn Clubs, Girls’ Clubs, Farm Demonstrating Agents
and Other Educative Agencies, Operating Through
Agricultural College, Are Used—Will Take Agents
to Boll Weevil Territory to Study Insects.
Uncle Sam is preparing: to meet the
approach of the boll weevil in Georgia
with all the force and wisdom at his
command. The funds which have
been allotted to Georgia for this pur
pose are to be supplemented this year
by an addition of about $15,000, bring
ing the allowance up to $50,000, this
Increase being contingent upon proper
co-operation of State authorities.
This means (1) more money for
boys’ corn clubs and girls’ canning
clubs; (2) more money for farm dem
onstration agents’ work; (3) more
dissemination of information among
the farmers concerning what to do
when the weevil arrives.
The big sum of money which is an
nually spent in corn clubs, farm dem
onstration work, etc., in the South by
the Bureau of Agriculture was voted
by Congress to meet boll weevil con
ditions. •
The Beet Safeguard.
The biggest thing to do in meeting
the boll weevil is to diversify crops.
Of course. It is not necessary to await
the coming of the weevil before teach
ing farmers how to grow other crops
than cotton. So Federal authorities
co-operating with State authorities
have been quite busy and quite suc
cessful In the State of Georgia during
the past few years teaching Georgians
how to grow crops that the boll weevil
can not live upon and how to grow
them successfully. Th.e corn clubs,
the girls’ clubs, the co-operative dem
onstration work with farmers, under
the direction of farm demonstration
agents, has been the work of one hand
of the Bureau of Agriculture, while
the other has been engaged in study
ing the weevil, combatting it and in
every way trying to check it on the
ground which the weevil has claimed.
The Southern States have attempt
ed very little on their own initiative,
electing rather to co-operate with the
Government forces that had been in
the fight from the beginning of the
invasion of the enemy, depending
rather upon the accumulated results
of the Government rather than to
Initiate separately a new campaign
and perhaps undertake work which
one force could do better than two
operating to pome extent In conflict.
Com Clubs Are Anti-Wesvil Clubs.
The boll weevil can find no food in
a corn field. If it can get no cotton it
dies. Ths Federal authorities rightly
considered that the South could best
be induced to grow corn than any
other anti-weevil crop. How to en
courage the growing of corn and how
to grow it in a way that would en
courage its widest and quickest use
was a problem which the Government
faced and solved in the very best way
that anybody could have conceived.
The solution is the corn club. Get the
boys to raising com, vleing with each
other; lead them to adopt modern
scientific methods of soil preparation,
seed selection and plant cultivation.
Reach the boys through the schools.
It was a great constructive genius
who brought the boys’ corn club into
realisation—the Hon. Seaman Knapp.
It is his son. the Hon. Bradford
Knapp, that the South knows as its
inspiring leader in corn clubs and co
operative farm demonstration work.
In com clubs Georgia has a “big
stick’’ for meeting the weevil. No
State in the South has had better suc
cess In organizing com clubs. No
where has there been greater progress
in com raising, especially in getting a
greater amount of corn from the acre
The organizing and operation of the
corn clubs and the girls’ clubs has
been conducted in co-operation with
the Georgia State College of Agri
culture at Athena. The college is
headquarters and directing center so
Forty-two Concerns
Increase Dividends
Only One Railroad In the Number,
but Twenty-flva Ara Publio Utility
Corporations.
CHARLES A. WHITTLE.
Georgia State Collage of Agrioulturs.
far as Georgia work la concerned,
while, of course, the general head
quarters of all the corn club work
which the Government is doing In
the South Is at Washington.
Co-operative Work With Former*.
Nothing has accomplished more for
preparing the farmers of Georgia for
boll weevil conditions, and, for that
matter, for more successful farming,
than that which Uncle Sam Is doing
In close co-operation with ths farm
ers themselves through farm
demonstration agents. Briefly de
scribed, the farm demonstration
agent Is a disciple of modern farming
with Information to carry to the far
mer about how he can diversify his
crops and what he must do to get
the best results.
More than 60 counties In Georgia
have obtained farm demonstration
agents and many others are asking
for them and planning to have them.
Remarkable results have been ob
tained from some of the counties
where the farm demonstration agents
have been at work longest. Counties
that formerly bought from the West
much of what they fed to themselves
and their cattle have now diverted
the outgo to an Inside circulation.
Dealer* In food-stufTs have made
statements in some of these counties
that they have ceased buying In the
West and the only feed-stuffs whlct\
they are now handling at all are
bought from home-growers. No won
der the farm demonatration work has
taken such strong hold of Georgia
farmers!
Work Centers in College.
The farm demonstration work also
centers at the State College of Ag
riculture, where the State agent Is In
charge, and to which place the agents
go at stated Intervals during the
year to study conditions and out
line plans of campaign for the bet
terment of the farmer. All agents
are required to take the agricultural
short course and also to specialise
In given lines In which their respec
tive counties are most Interested
Once the purpoie of the farm dem
onstration agent Is clearly under
stood there is no difficulty met In
finding all the farmers they can take
care of. to carry on demonstration
work. In agreeing to carry on co
operative demonstration work the
farnisp accepts the terms of the
demonstration agent, prepares his
seed bed according to instructions,
fertilises according to formulas rec
ommended, cultivates according to
well established modem methode.
Not only does the demonstration
agent teach how to diversify crops,
but urges modern machinery, cattle
raising, silo erection and all econom
ical and successful farm means and
methods.
Bear in mind that this ie all being
done with boll weevil money. No
one would say it Is not well spent and
spent in a way calculated to help
the farmer to meet boll weevil condi
tions most successfully.
The Educative Side Popular.
All the work which has been men
tioned ie aupplemented with addi
tional educative methods, such as Is
afforded through the medium of farm
ers' institutes. In thoee sections of
the State where the boll weevil will
appear first, of course, the greatest
Interest is being manifested by term
ers In learning what things they muet
do to combat the weevil. Hence It
ha* been the policy of those direct
ing the co-operative Federal and
State fight against the weevil to
carry Information through the me
dium of the farmers’ institutes to
these farmers. More of this will, of
course, be done as the immediate ne
cessity requires.
It is the policy of the Bureau of
Agriculture at Washington to -co-op
erate with the educative branches of
the various States to reach the farm
er with boll weevil information, espe
cially with information a* to what
the farmer must do. The research
work is carried on by the bureau on
Its own account and not In co-opera
tion with educational Institutions.
Hence the entire educative work
that has been done and la planned
for, has been organized into and in
co-operation with the State colleges
of agriculture in the respective States.
8ome Educative Work.
In Georgia eomfc educative work has
been done by the State Entomologist,
Mr. Worsham, who has conducted
some institutes In southwestern Geor
gia. His particular work has been
studying blackroot or wilt, but In
working on that line he found what
he claims Is a variety that resists
blackroot and wilt, and being an
early maturing variety Is therefore
well adapted to boll weevil conditions.
Henoe the State Entomologist has
entered to some extent Into the boll
weevil problem In Georgia.
The Director of the Georgia Ex
periment Station, Prof. R. J. H. De-
Loach, while developing a strain of
cotton that Is resistant to athrac-
nose, another disastrous disease of
cotton, not only developed a variety
that is highly resistant to the dis
ease, but by reason of its early ma
turing and physical characteristics Is
recommended by him as suitable to
boll weevil conditions This work
Professor DeLoach did through sev
eral years of experiments at the State
College of Agriculture.
These contributions of varieties re
puted to be well adapted to boll
weevil Conditions is Georgia's contri
bution to the sum of knowledge con
cerning the weevil. As has been
stated, most of the research work
which has been done respecting the
weevil and the cotton varieties
adapted to It has been done by the
Federal experts
Will Study Weevil at Heme
In order that the farm demonstra
tion agents may become familiar with
the weevil. Its habits and the best
methods of combating It. the De
partment of Agriculture has planned
to take a number of the agents from
that section of the State first to be
Invaded on a trip through Alabama,
Mississippi and Louisiana, where the
weevil Is at work and to those points
where the fight h»* been waged most
successfully through proper co-op
eration of agents and farmer*
At the head of this party will be
Hon. Bradford Knapp, mill Campbell,
State agent of Georgia, will, of
course, be In direct charge of the
Georgia agents, while other* will ac
company the weevil "scouting party"
Among these will be the State Agri
cultural Commissioner, Mr Price, and
his assistant, Mr. Hughes, the State
entomologist, Mr. Worsham.
If the boll weevil does not meet a
stubborn resistance when he flings
his line of battle across ths Georgia
border, it will be no fault of Geor
gia's. Georgia has responded to the
call to corn clubs, to girls' dubs, to
co-operative farm demonstration
work, to every appeal which has
seemed material to the defense of the
cotton farms.
Of course the ignorant tenant who
never know* 1* going to be th* covert
of the weevil, but enough of the in
telligent farmer* have been aroused
in every county of the State, who, if
they will preach the gospel they have
been taught, can make formidable
defense against the weevil.
12,826,917,967
REVENUE FDR
ALL RAILROADS
Interstate Commerce Commission
Issues Report Covering 1912
Fiscal Year’s Operations.
The Interstate Commerce Commis
sion reports that the operating reve
nue of the country’s railroads reach
ed *2,826,917,967 in the year ended
June 30, 1912, against **,772,733,828
In the previous year. Operating ex
penses were *1,957,963,431, against *1,-
901,899,475. while net operating reve
nue was *867,954,536.
The report covers 240,288 miles of
line operated. The total mileage ot
tracks was 360,714, an increase of
8,925 miles.
Employees numbered 1,699.218. an
Increase of 46,987. There were 63,558
englnemen, 66,408 firemen, 49,051 con
ductors, 135,969 other trainmen and
39,580 ewltch tenders, crossing tend
ers and watchmen. Wages and *al-
artes reached *1,243,113,172.
Par value of the amount of railway
capital outstanding was *19,533,750,-
802. This amount Includes capital
held by the railway companies con
cerned, as well as by the public. Stock
totaled *8,469,660,687, of which *6.-
882,813,008 was common and *1,686,-
747,679 preferred; the remaining part,
*11,064,190,116, repreeentlng funded
debt, consleted of mortgage bonds,
*8,019,700,886; collateral trust bonds,
$1,279,128,266; plain bonds, deben
tures and note*, 11,967,567,350; Income
bonds, *263,441,054; miscellaneous
funded obligations. 3116,170,300, and
equipment trust obligations, 3318,-
182.256.
Of the total capital stock outstand
ing. *2,909,693,873, or 34.35 par cant,
paid no dividends. Dividends reach
ed *400,432,752, equivalent to 7.20 per
o*nt on dividend-paying atook, Th,
average rate of dividend* paid on all
stocks outstanding pertaining to the
roads under consideration was 4.73
per cent. No interest was paid on
*808,464,701. or 7.52 per cent, of the
total amount of funded debt out
standing (other than equipment, trust
obligations.)
The number of passengers carried
was 994,158,691, an increase of (,-
447,594.
Freight oarrled aggregated 1,818,-
232,193 tone, th* Increase being 65,-
042,254 tons.
The dividend payments of 400,808,-
609 are apt to be misleading, as they
include payments front one road to
another, thus entailing duplications.
The Income account shows:
Rail operations—
Op. revenues... 12.826,917,967
Op. expenses... 1,968,963,481
Net operating revenue.... ♦*67.954,688
Outside net revenue 1,037,469
Total net revenue »86*,99i,9»6
Taxes accrued 113,122,509
Operating Income (756,869,486
Other Income v 255,611,495
Gross Income *1.611,430,911
Rents, Interest, eto 609,661,490
Net corporate Income.... 3401,619,491
Deduct—
Dividends from
current Income. *240,871,011
Additions and bet
terments 87,180,101
New lines and
extensions 77,08*
Other reserves... 8,443,309
Total - 13*9,090,40*
Balance 3111,711,037
Iron Quotations Go
As Low as $10.50 Ton
NEW YORK. Aug. 2 —Of forty-two
companies to Increase their dividend
rate thus far Into 1913 25 have been
public utility concerns, according to
the record kept by one of the Wall
street news agencies.
In the corresponding period of last
year 89 dividend increases were re
corded, fewer than in the current
year, but, of greater significance be
cause six railroads and several im
portant copper companies were in
cluded in the list.
Since January 1 the Nickel Plate is
the single railroad to advance Its re
turn to stockholders, and these cop
per mining concerns reduced former
rates, Instead of increasing! them;
Calumet and Hecla, Quincy, Osceola,
Ahmeek, and Mohawk. On the whole,
dividend reductions In 1913 have been
of more moment than increases. The
Boston and Maine, and Western
Maryland (preferred) payments were
passed, and the New Haven and
Bangor and Aroostook's were low
ered. American Beet Sugar, Pacific
Gas and Electric, International Steam
Pump preferred. Prairie Oil and Gas,
Rumley, Pennsylvania Steel, and B.
F. Goodrich Company were some of
the Industrial companies to omit dis
bursements entirely.
In the way of extra cash dividends
these stand forth prominently:
American Can, 24 per cent; Colorado
Fuel and Iron, 35 per cent on pre
ferred stocks; Standard Oil of New
Tork, *40; American Tobacco, 15 per
cent; Standard OH of Indiana. 11 per
cent; Eastman Kodak, 15 per cent;
Mahoning Coal. *26, Anglo-American
OH. HO, and Gulf Oil, 100 per cent
Chino Copper and Ray Consolidated
declared initial dividends and Beth
lehem Steel resumed payments on the
preferred Issue at the rate of 5 per
NEWS FOR
INVESTORS
Among new listings on the New
York Stock Exchange are *4,500,000
Atlanta, Knoxville and Cincinnati
Division 4 per cent bonds by appli
cation of the Louisville and Nash
ville Railroad; *6,000,000 Nashville.
Chattanooga and St. Louis Railroad
common, *6,981,000 Bankers' Trust
Company certificates of deposit for
the St Louts and San Francisco gen
eral lien 5s.
• • •
Grand Trunk Railway Company
will Issue *7.500,000 5 per cent five-
year equipment notes to provide for
new rolling stock.
• • •
A Consolidated Stock Echange
seat was sold yesterday for *L200,
a higher price than the average for
the year.
Frisco Has $950,000
Interest Due Soon
Receivers of Railroad Must Wrestls
With Big Probiem In
Early Fall.
NEW TORK, Aug. 2—Between now
and September 1 the St. LouIh and San
Francisco receivers will have to dis
cover ways and means to pay the $700,-
000 semi-annual Interest on New Or
leans. Texas and Mexico division first
mortgage bonds
Obligations maturing In August are
very small and are scheduled to be paid
out of earnings. But the month after,
in addition to the aforementioned
charges, the Frisco’s own $275,000 inter
est on bonds and equipment will have
, to be met.
Either receivers’ certificates will be
applied for or the payments on the New
Orleans, Texas and Mexico securities
wilt be defaulted. What makes the poor
showing of the latter property incom
prehensible 1s the fact that the gross
earnings exceed $6,000 a mile. Yet last
year the road lost $260,000 besides fail
ing to earn the $672,000 interest dues.
Particulars will be learned when the
rosd's receivers come to New Tork next
week.
Pennsylvania Stock
Held by Near 85,000
Number of Railroad Shareholders In-
ereeeee 5,444 In Two
* Month*.
PHILADELPHIA. Aug. 2 —On July 1
the 9,86$,692 shares of Pennsylvania
Railroad stock outstanding were owned
by 84,244 persona. This Is by far the
greatest number of stockholders the
company has ever had, and no railroad
company In the world has a larger list.
In May the total number of stockhold
ers was 78.800, an increase of $.$0$ over
February, both returns being the largest
on record. The increase during the last
two months was 5,444 This figure rep
resent! the addition to the llat growing
out of the recent slock issue
The number of women stockholders
constitutes 47.8 per cent of the total,
there being 40,826 compared with 37,902
lh Mav, on increase in the last two
month* of 2,423, which is an Indication
of the popularity of Pennsylvania shares
with this class of Investors. In Febru
ary the number of women stockholders
was 36,467.
The number of stockholders in Penn
sylvania is 28,161, in New Tork 14.294
In New England there are 16,296 Penn
sylvsnia’s shareholders, or almost 2,000
more than in the metropolis The Euro
pean stockholders number 11.216, and in
other localities there are 14,278 share
holders In February the shareholders
in Pennsylvania numbered 26,604. in
New York 18,417 and in foreign coun
tries 10,735
The par value of Pennsylvania shares
outstanding is $492,934,600.
Stop That Whooping Cough
WITH THE McFAUL
Whooping Cough Powders
Imtant Mmlimf In Uaa Ovar 30 Taart
For young batata* chT14ran or adult*. Contain* no dangoroo* or
ha bit-forming drugs When given to children under two years of ago
It Is almost a ipedflo, rendering th* disease so astld that th* whoop 1*
not heard.
Prepared by a physician for physfcflaaa and physicians prescribe
and recommend It.
By Mail 33 Cant*, or at Drag flats.
The McFaul Medicine Company
431 Marlotta Strati Atlanta. Qsargla
Prospects Against
Record Cotton Yield
No Improvement Ever Expected in August.
Good Prices Seem Assured to Grower.
MEMPHIS, Aug. 2.—Taking the
government’s bureau report on ths
condition of the crop on July 25 as a
basis and comparing it with two
years ago, allowing for difference in
acreage, there is no prospect of any
new record yield by quite a goodly
margin. Also, making similar com
parisons with the corresponding re
port of a year ago there does not ap
pear likelihood of a crop that will be
burdensome to the ability of the
world to consume at prices which
will be remunerative to the grower.
The report issued Friday was 79.6
per cent of normal, compared with
76.5 a year ago and 89.1 two years
ago on even date. According to the
official acreage figures, there are this
year in cultivation more bales than
last season but fewer than the bum
per year of 1911-12.
It is realized that August is the
crucial month as affecting the yield,
for injury done in that period is ir
reparable, while much of that which
is done previously can be, to some
extent, overcome. The average dete
rioration for August is around 5 to
6 per cent, and only one season, ac
cording to records, shows improve
ment in the condition of the crop
during this month. Judging from the
character of reports that are now
coming to hand and th e conditions
that exist in the greater part of the
belt, It is hardly reasonable to expect
any gain in percentage this year.
Should such a thing occur, there
would be an increase in bearish sen
timent which would be difficult to
overcome.
The crop during the past week has
done about as well as could be ex
pected, andithe trade seems to think
there is about enough news of fa
vorable nature to offset the other
kind of news. The situation in most
of Texas and part of Oklahoma has
been the ctyef source of concern, and
will continue to be until a general
rain falls there. The rains which
fell in portions of those States were
highly beneficial, but by no means
sufficient to remove fears of dete
rioration.
The dryness Is checking the weevil
and is causing rapid maturity and
opening of the crop, yet preponder
ant sentiment is that breaking up
of the drouth would be better as af
fecting yield. While there has been
some deterioration already and each
day of drouth adds to it, the feeling
in conservative circles is that the
extent has not been enough yet to
leesen chances materially for a
bumper crop in the two Western
States. Many well informed people
say that rains any time next week
would meet requirements but the
longer it is delayed the more neces
sary will be a late frost.
In the Central belt, outside the
weevil districts, conditions are flat
tering, and in practically all of the
Memphis territory the outlook is for
the best crop ever raised. There is
expected quite a howl from the weevil
districts within the next ten days or
two weeks, and recent showers have
aggravated the danger.
Advices reaching here from the
Eastern belt say that conditions are
improving and there is good basis for
expecting a large crop, but con
tinuation of ghowers will increase
the importance of frost date in that
direction also.
It still is difficult for the trade to
reach conclusions as to what will be
a reasonable price for the yield now
promised. The steadiness of futures
and spots would seem to indicate that
the entire cotton trade feels that with
many uncertainties ahead, present
levels are safe. One thing of im
portance to the grower in connection
with price probabilities and the
profits to himself is that the crop
has been raised as cheaply as any
in recent years. In this part of the
belt the cost has been less than for
a number of years, due to the ex
cellent season for cultivation. With
the assurance of excellent crops of
grain and forage to keep down ex
pense bills during the coming win
ter and spring there is an outlook of
good times for the producer.
NEW HAVEN SEEKS
Market Which Has Led Bulls
| Turns Bearish, Foreseeing
Spinners as Future Arbiter.
Big Offer of Debentures to Come
in Fall Shows Bond
Market Trend.
NEW YORK, Aug. 2.—The fact that
the New Haven is going to offer near
ly $68,000,000 of debentures next fall
Is not Indicative of any improvement
In the bond market, declare bankers.
The management of the railroad Is
not in a position to pick and choose
the time when it shall attempt to
raise new capital. It has to raise at
least $40,000,000 by December 1, and,
In the opinion of bankers, selected the
best method of raising needed funds.
A new note Issue, it is admitted,
might prove a failure, and yet a note
offering would be fnr less risky than
a sale of bonds In this connection
attention is called to the fact that the
bankers who undertook to float $8,-
000,000 of notes for the Westlnghouse
company have not succeeded in sell
ing all of them yet. They nre ped
dling them out little by little every
day. Then what chance would an of
fering of $40,000,000 of notes have?
In selling debentures the New Ha
ven Is avoiding altogether an appeal
to the public and is relying on its own
stockholders to finance its needs. The
bonds will be offered to them and
might be compared with the recent
offering of new stock to Its sharehold
ers by the Pennsylvania. As the de
bentures will be exchangeable at par
for stock after five years, bankers
ffgure the New Haven shareholders
who snbscrlbo to the bonds will be
getting something worth having. Es
pecially will this be the case if a
oompetent railroad man will be chosen
to succeed Charles S. Mellen, resigned.
Shares of the New Haven Railroad
had never sold as low as par until last
month, when the price broke to 99 1-4.
Previously to that disastrous decline,
Now Haven had been regarded as in
the investment class. For years it
has not declined below 126. and there
were periods when for more than two
years at a stretch It did not »eU under
$200 a share.
NEW ORLEANS. Aug. 2 Utrer-
pool cables and letter* recently have
reflected a somewhat beorlrti senti
ment in that markst. For many
months the English market he* been
the chief bull center, and the change
of front on the part of Tihrerpooi has
caused no little comment hers.
From what can be learned here, the
change in sentiment brood, which ha*
taken place since *he Clarke bill was
introduced in CongTreo, was brought
about by the strong probability of the
passage of that measure. With the
American future markets destroyed,
as they will be by the i»aseag* of the
Clarke bill, English Interests figure
that speculation win no longer stand
between the producer and the spinner,
and that, consequently, the epinner
will be In a position to dictate the
price to he paid for American ootton.
Some of the English circular write.'*
have plainly expressed this view,
which seems to have met with favor
on the other sM*.
In the meanwhile, the Orleans
Cotton Exchange has officially pro
tested to Washington that the passage
of the Clarke bill will absolutely de
stroy the system of contract trading,
and brokers in this market are con
sidering the best method of liquidat
ing the outstanding interest in the
market in the event tha* the proposed
law goes Into effect.
The result has been to frighten
those Inclined to take the long side of
the market for a long pull. Shorts
have been rather aggressive, and al
though weather conditions, according
to official and private reports, re
cently have been none too favorable
In certain parts of the belt, it Is hard
to arouse any enthusiasm on the bull
aide. Consequently, the market shows
a sagging tendency.
Consolidated Plans
Chicago Exchange
Committee Now In West Arranging
for Opening Branches of
Stock Board.
CHICAGO, Aug. 2.—Tr. Tine with ths
policy of hustling for business Instead
of idly waiting for It to come In. Presi
dent M. E. DeAguero, of ths Consoli
dated Stock Exchange, with Ogden D.
Budd and W. L S. Webster, of ths
Legislative Committee, are now in Chi
cago to establish a branch exchange.
A statement issued by President Ds-
Aguero gives the purpose o fthe Con
solidated in establishing auxiliary ex
changes throughout the country's flnan-
'Tt Is purposed to establish auxil
iary exchanges connected by private
wire with the Consolidated Ptock Ex
change of New York.
The object is to band together legiti
mate brokers in a concrete organization
pledged to the proper execution of all
orders on some legallv organized ex
change and to the elimination of the
predatory bucket shop interests, whose
widespread operations are detrimental to
broker and client.
It's Here
Immediate Delivery Orders Taken at
Cheap Prlee—Bulk ef Sales
Made at $11.
BIRMINGHAM, ALA.. Aug ^-Con
siderable selling of pig iron was noted
in Southern territory during the latter
part of July and prices ranged from
$14 50 to $11, the greater portion at the
last named quotation. Boms iron was
disposed of at $10.60 per ton, but tbs
stipulation was mads that the product
would be taken during the month of
August. Borne iron was sold at $10.75
for delivery during August and Septem
ber. but the $11 per top iron carries a
stipulation of delivery at any time want
ed during the latter pert of this year
or the first quarter of next.
There was some Iron sold, too, for ex
port. Genoa, Italy, is to receive sev
eral hundred tons during August and
September from the Birmingham dis
trict. It now is believed that the South
ern pig iron market will hold strength
and take on some Improvement both as
to price and demand.
The stock* have been up to 200,000
tons The make is being held down
ponding Improvement In conditions
Steel plants in the South have con
siderable tonnage yet to fill and. new
business has been received.
There is some improvement in steel
rail demands. Charcoal iron brings $23
per ton, but only a small tonnage is In
demand. The make has been reduced
some by the blowing out of a furnace
recently.
Reorganization of the Standard Steel
Company has been planned, to become
effective in September. The new com
pany will carry the name of Gulf States
Steel Company and will have a capital
ization of $15,500,000. It is Intended to
raise fl.980.000 with which to pay off
court lltlsatlon and do some improve
ment and development that is neces
sary The company will then be on a
paying basis, it is claimed.
The Maxwell “25”
On Tuesday last 50 cars of the Maxwell “25”
Model were shipped to fifty important points in
the U. S. We will receive one of these cars to-day.
Come and see it.
OUR RESPECTS to our esteemed competitors who have been wasting so much
sympathy on us while telling us this car would never appear.
WE CORDIALLY INVITE them—one and all—as well as the public gener
ally—to come In and see this real automobile.
WE HAVE A SURPRISE in s'ore for them. Instead of a “dinky tin car”
such as they have been telling you this would be if it ever did happen
they’ll find an automobile that classes with the best in the thousand-do liar
group—but selling for 25 per cent less.
IT’S AN ENGINEERING TRIUMPH—you’ll say so when you have examined
it carefully. And so will they—under their breaths, however, for, of
course, they can’t afford to say so out loud.
“CLEVER—WONDERFULLY CLEVER” exclaimed one of the foremost auto
mobile engineers after he had examined the various features. And he is
connected with a rival concern, too.
AND IT IS CLEVER—You will be lost in admiration of the way Designer
Benner has done some things. You will not find a really new nor a
freakish feature in it. But you will stop and try to figure out just how he
has arrived at some things—by a shorter and at the same time a vastly
better route.
WE’D LIKE TO TELL YOU in detail about this great Maxwell achievement,
because we are enthusiastic to the bursting point. But space forbids and we
refrain. You will be the more delightfully surprised and pleased when
you see with your own eyes and ride in it yourself.
IT WILL BE HERE—this first car—for only a day or two, then we are going to
drive it around our territory to let the various other dealers and their friends
see it. So you will have to hurry—come in to-day—if you want to see this
car about which the entire automobile trade has been talking for several
months past.
UNITED MOTOR ATLANTA CO.
380 Peachtree St.