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News and Views by Experts of Finance, Industry, Crops and Commerce Billion-Dollar Shrinkage in scurities Values Is Greatly Reduced by July Gains. OPS ARE HELPED BY RAINS iort Trade Large and Easing doney Should Be Reflected in Early Expansion. HiC AGO. Aug. 2.—Clearing finan- skies, although not yet free of ds and mist, presage the deliver- s of investors from a continuance the dullness which has fettered nciai operations during the last r. There was during that period Bcllne of about 20 points in lead- industrial and railroad shares, ch marked the approach of a slow ic, as a result of the enormous nkage in values, approached only 907. ompartions with that year, taking i consiceratlon the large increase the voljme of securities In six rs, protebly display a decline In ue of marly *6,000,000,000, but the rent rrcnth's betterment has re ed the less by about $1,250,000,000. lusiness tondltlons in the United tes are ®und and promising, but reat deal depends upon the crops, leh have leen Improved by recent ns. The Tuly Government report not fully ndicate the damage sus- ned by druth, but the August flg- s, if exlsing conditions are sus- ned, will tot show the betterment ich has iome since showers re- ■ed the vinter wheat belts. 'he cashig operations in the win- wheat ountry are facilitated by ar weathr, and the movement of .in from rst hands to the seaboard 3 consurmg points means the ro se of Irge amounts of money, ich othewise would be tied up if nkers wee not insistent that ae- nulation must not hamper the igress ofthe country. Railrdds to Start Buying, tailroad. which are enormous Con ners ofindustrial produ-ts, lack dit wit which to facilitate their rchasesand they have been com- led to conomtze. There is a be- howeer, that the return of con- ?nce w:h easing money conditions 1 effet the extension of credits, ich wi enable railroad corpora- ns to inter the market for sup- es andlnaugurate a period of pros- ■itv wlch will compare favorably :h tha of 1906. rhe pplic is aware that this is the son men the business world slows vn, een in normal periods. This ir th tendency is Increased by trietd credit, recent high levels ich toney rates attained and the idUt tariff and currencv changes, fe' ,t should be remembered that t tcrld, and particularly this coun- , (S not overproducing, but is op- ,»ig only as necessity requires, tgers have been urging their dl l' to make progress slowly in or- *o lessen the call for aceommoda- Confidt.rice Reviving. Eter this waiting period—waiting the crops to mature, for currency rm to be completed on a sound s which will make for elasticity substantiality and for the clear- of Europe's skies—confidence lid develop in every section of the itry. cere is a great deal of encourage- t to be derived from this coun- i foreign trade. June exports ex- led anything in the history of United States, while the imports s smaller. Measuring the volume rade, diverse contractions can not liven precedence over the amplifl- nns. eel foundries and mills have been g a large business and their un- 3 orders are in liberal volume, textile industry Is making ample its, and in the leather trade big is have been established. While ‘ctions have been less /satisfac- , stocks of merchandise have llka- • displayed a corresponding re ion. Money Is Eeasier. te key to whatever improvement rt may be in the situation lies in daxation of monetary tension, n week money was firm and loan- as high as 7 per cent. Now, n is a supply of idle funds avail- fat 6 per cent when collateral of apeachable quality is tendered, I commercial aper rates do not above the 6 1-2 per cent rate, he position taken everywhere ba kers to compel liquidation brought if, and there Is lea- - opportunity a crisis to develop next fall, ?i crop ai.d trade requirements I Increase, than has existed for r rears. In this country this Is a 1. o Europe, however, the struggle ler the load of militarism is gl- iti«, A war chest of enormous size s prepared by Germany, and ,nc? emulated her rival. Out of gold sent tbroad, *60,000,000 was based upon a legitimate exchange position. b^T was a special move nt. Paris *>aid a premium to In- ase its god holdings. Germany tested Engand's claim to the new ply of goH coming every week m South Airfra, but this competi- > has ceased and recent develop- nts suggest normal requirements I a more satlifaetory situation took market positions were bet- ed by liquSation and LaSalle eet believes adverse factors have n fully disounted. There is a dow cast upn prosperity by Mi x- where the possibilities of friction h Europear powers should not be llmized, bu. railroad and building kes are aeing adjusted; large Ids of gr»ir. co.ton and other farm ducts ale in sight to add wealth the natjbo, and hysteria has been uaged. 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. CHARLES A. WHITTLE. 52,1126,917,367 REVENUE FOR 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 club?; (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 Beat 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 fc4)ll weevil can not live upon and how to grow them successfully. The 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 wav 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 Kimp extent in conflict. Corn Clubs Are Anti-Weevil Clubs. The boll weevil can find no food 1n a corn field. If it'ean get no cotton it dies. The 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 corn, vleing with each other; lead them to adopt modern scientific method? 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 realization—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 corn clubs Georgia has a “big stick” for meeting the weevil. No State in the South has had better suc cess in organizing corn clubs. No where has there been greater progress in corn 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 Athens. The college Is headquarters and directing center so Forty-two Concerns Increase Dividends Only One Railroad in the Number, but Twenty-five Are Public Utility Corporations. 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 39 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 York. $40; American Tobacco, 15 per cent; Standard Oil of Indiana 11 per cent; Eastman Kodak. 15 per cent; Mahoning Coal. $25; Anglo-American Oil, $10, and Gulf Oil. 100 per cent. Chino Copper and Ray Consolidated declared initial dividends and Beth- lebem Steel resumed payments on the preferred issue at the rate of 5 per csitf. Georgia State College of Agriculture. far as Georgia work is 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 Farmer*. 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 the 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. Dealers in food-stuffs have made statements in some of these counties that they have ceased buying in the West jand the only feed-stuffs which they are, now handling at all are bought from home-growers. No won der the farm demonstration work has taken such strong hold of Georgia farmers! Work Centers in Colleg®. 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 interval? 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 specialize in given lines in which their respec tive counties are most interested. Once the purpose 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 farmed accepts the terms of the demonstration agent, prepares his seed bed according to instructions, fertilizes according to formulas rec ommended, cultivates according to well established modern methods. 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 is 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 moRt successfully. The Educative Side Popular. All the w r ork which has been men tioned is supplemented with addi tional educative methods, such as is afforded through the medium of farm ers’ institutes. In those sections of the State where the boll weevil will appear first, of course, the greatest interest is being manifested by farm ers in learning what things they must do to combat the weevil. Hence it has 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 as 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 is planned for, has been organized into and in co-operation with the State colleges of agriculture in the respective States. Some Educative Work. In Georgia some 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. Hence 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 athrao- 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 Home 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 has been waged most successfully through proper co-op eration of agents and farmers At the head of this party will be Hon. Bradford Knapp. Phil Campbell. State agent of Georgia, will, of course, be in direct charge of the Georgia agents, while others 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 the Georgia border, it will be no fault of Geor gia's. Georgia has responded to the call to corn clubs, to girls' clubs, 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 knows is going to be the covert of the weevil, but enough of the in telligent farmers 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. Interstate Commerce Commission Issues Report Covering 1912 Fiscal Year’s Operations. NEWS FOR INVESTORS Among; new lletingfl on the New York Stock Exchange are *4,500,000 Atlanta, Knoxville and Cincinnati Division 4 per cent bond? by appiir cation of the Louisville and Nash* ville Railroad; *6.000,000 Nashville. Chattanooga and St. Louis Railroad common; *5,961,000 Bankers' Trust Company certificates of deposit for the St. lands 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 $1,200, a higher price than the average for the year. Frisco Has $950,000 Interest Due Soon Receivers of Railroad Must Wrestle With Big Problem In Early Fall. NEW YORK, Aug 2.—Between now and September 1 the St. Louis and San Francisco receivers will have to dis cover way’s and moans 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 he met. Either receivers’ certificates will h« applied for or the payments on the New Orleans. Texas and Mexico .securities will be defaulted. What makes the poor showing of the latter property incom prehensible is the fact that the gross earnings exceed $5,000 a mile. Yet last year the road lost $250,000 besides fall ing to earn the $672,000 interest dues. Particulars will be learned when the road’s receivers come to New York next week. Pennsylvania Stock Held by Near 85,000 Number of Railroad Shareholder* In creases 5,444 in Two Months. PHILADELPHIA, Aug. 2 — On July 1 the 9,858,692 shares of Pennsylvania Railroad stock outstanding were owned by 84,244 persons. 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 3,308 over February, both returns being the largest on record. The increase during the last two months was 5,444. This figure rep resents the addition to the list growing out of the recent stock issue. The number of women stockholders constitutes 47.8 per cent of the total, there being 40,326 compared with 37,902 in May, an increase in the last two months 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 36,457. The number of stockholders in Penn sylvania is 28,161, in New York 14.294. In New England there are 16.296 Penn sylvania'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 25,604. in New York 13,417 and in foreign coun tries 10,735. The par value of Pennsylvania shares outstanding is $492,934,600. 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 $2,772,733,828 in the previous year. Operating ex penses were $1,957,963,431, against S1,- 901,399,475. while net operating reve nue was $867,954,536. The report covers 240,238 miles of line operated. The total mileage of tracks was 360,714. an increase of 8,925 miles. Employees numbered 1,699,218. an Increase of 45,987. There were 63,558 enginemen, 66,408 firemen, 49,051 con ductors, 136,959 other trainmen and 39,530 pwitch tenders, crossing tend ers and watchmen. Wages and sal aries 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 $8,469,560,687, of which $6.- 882.813,008 was common and $1,586,- 747,679 preferred; the remaining part, $11,064,190,115, representing funded debt, consisted of mortgage bonds, $8,019,700,886; collateral trust bonds, $ 1,279,128.260; plain bond? deben tures and notes, $1,967,567,350; income bonds, $263,441,054; miscellaneous funded obligations. $116,170,300, and equipment trust obligations, $318,- 182.259. Of the total capital stock outstand ing, $2,909,693,873, or 34.35 per cent, paid no dividends. Dividends reach ed $400,432,752, equivalent to 7.20 per cent on dividend-paying stoyk. The average rate of dividends 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 6,- 447,594. Freight. carried aggregated 1,818,- 232,193 tons, the increase being 65,- 042,254 tons. The dividend payment? of 400,808,- s 609 are apt to be misleading, as they include payments from one road to another, thus entailing duplications. The income account shows: Rail operations— Op. revenues. ..$2,826,917,967 Op. expenses... 1.958,963,431 Net operating revenue.... ♦667.954,536 Outside net revenue 1,037,469 Total net revenue $868,991,996 Taxes accrued 113,122,509 Operating income . $766,869,486 Other income 255,611,496 Gross income $1,011,480,981 Rents, interest, etc 609,661,490 Net corporate income.... $401,819,491 Deduct— Dividends from current income $246,871,011 Additions and bet terments 37,186,108 New lines and extensions 77,082 Other reserves... 6,463.269 Total $289,098,464 Balance ..A...- $112,721,027 Iron Quotations Go As Low as $10.50 Ton Immediate Delivery Order* Taken at Cheap Price—Bulk of Sales Made at $11. BIRMINGHAM, ALA., Aug. 2.—Con siderable selling of pig iron was noted in Southern territory during the latter part of July and prices ranged from $10.50 to $11, the greater portion at the last named quotation. Some iron was disposed of at $10.50 per ton, but the stipulation was made that the product would be taken during the month of August. Some iron was sold at $10.75 for delivery during August and Septem ber, but the $11 per ton iron carries a stipulation of delivery at any time want ed during the latter part 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 stocks have been up to 200.000 tons. The make Is being held down pending 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- S any will carry the name of Gulf States teel Company and will have a capital ization of $15,500,000. It is intended to raise $1,980,000 with which to pay off court litigation and do some improve ment and development that is neces sary The company will then be on a paying basis, it is claimed. Stop That Whooping Cough WITH THE McFAUL Whooping Cough Powders Instant Relit! In U*e Over 30 Years For young babies, children or adults Contains no dangerona or habit-forming drugs. When given to children under two years of age It Is almost a specific, rendering the disease so mild that the whoop is not heard. Prepared by a physician for physicians and physicians prescribe and recommend U. By Mail 25 Cents, or at Druggists. The McFauI Medicine Company 431 Marietta Straat Atlanta, Gesrgla 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 tha 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 he burdensome to the ability of the world to consume at prices which will be remunerative to the grower. The report issued Friday waa 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 Reason but fewer than the bum per year of 1911-12. It is realized that August is the crucial month aw 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 arc now coming to hand and ,th e conditions that exist in the greater part of the belt, it Is har<Ly reasonable to expect any gain ir percentage this year. Should 8ucl < a thing occur, there would be an increase in bearish sen timent which vot'd be difficult to overcome. The crop during the past week has done about as well as could be ex pected. and the 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 th© chief 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 w’eevil and is causing rapid maturity and opening of the crop, yet preponder ant sentiment is that breaking up of the drouth w’ould 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 lessen 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 mor© 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 showers wdll increase the importance of frost dat© 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 pric© 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 year#, 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. 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 \s not in a position to pick and choose the time w'hen 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 far less risky than a sale of bonds. In this connection attention is called to the fact that the bankers who undertook to float $3,- 000,000 of notes for the We*tlnghouse company have not succeeded in sell ing all of them yet. They are ped dling them out little by itttle 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 figure the New Haven shareholders who subscribe to the bonds will b? getting something worth having. Es pecially wdll this be the case If a oompetent railroad man will be choser. to succeed Charles S. Mellen, resigned. Shares* of the New Haven Railroad had never fe*old as low as par until lasr month, when the price broke to 99 1-4. Previously to that disastrous decline, New Haven had been regarded as in the investment class. For years it has not declined below 126. and there were periods when for mere than two years at a stretch it did not sell under $200 a share. NEW ORLEANS, Aug. 2 Ltwr- ! pool cables and letters recently have | reflected a somewhAt bearish senti- | ment in that market For many 1 months the English market has been | the chief bull center, and the change of front on the part of I^tverpooi has caused no little comment here. From what can be learned here, the change In sentiment broad, which has taken place since f he Clarke bill was introduced in Congress, was brought about by the strong probability of iho passage of that measure. With ths American future markets destroyed, as they will be by the passage of the Clarke bill, English interests figure that speculation will no longer stand between the producer ajid the spinner, and that, consequently, the spinner will be In a position to dictate the price to be paid for American cotton. Some of the English circular write: s have plainly expressed this view, which seems to have met with favor on the other std*. In the meanwhile, the Nfcw 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 that 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. Shorrs 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 1s hard to arouse any enthusiasm on the hull side. Consequently, the markat sh-*ws a sagging tendency. Consolidated Plans Chicago Exchange Committee Now In West Arranging for Opening Branches of Stock Board. CHICAGO, Aug 2—In Tine with the policy of hustling for business Instead of idly waiting for It to come in. Presi dent M. E. PeAguero, of the Consoli dated Stock Exchange, with Ogden D. Budd and W. L S Webster, of the Legislative Committee, are now In Chi cago to establish a branch exchange. A statement issued by President De- Aguero gives the purpose o fthe Con solidated in establishing auxiliary ex changes throughout the country’s finan cial centers. He Hays: “It Is purposed to establish auxil iary exchanges connected by private wire with the Consolidated Btock 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 legally 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 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 store 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-dollar 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.