Newspaper Page Text
9 D
TTEAKST’S SUNDAY AMERICAN, ATLANTA, CIA., SUNDAY, AUGUST 3, 1013.
lews and Views by Experts of Finance, Industry, Crops and Commerce
Ilion-Dollar Shrinkage in
ities Values Is Greatly
educed by July Gains.
ARE HELPED BY RAINS
Trade Large and Easing
iy Should Be Reflected
n Early Expansion.
VGO, Aug. 2— Clearing flnan-
although not yet free of
nd mist, presage the deliver-
investors from a continuance
dullness which has fettered
operations during the last
'here was during that period
e of about 20 points in lead-
ustrial and railroad shares,
larked the approach of a slow
s a result of the enormous
re in values, approached only
ir^ons with that year, taking
sideration the large increase
volume of securities In six
robably display a decline in
nearly $6,000,000,000, but the
month’s betterment has re-
le loss by about $1,250,000,000.
>ss conditions in the United
re sound and promising, but
deal depends upon the crops,
ave been improved by recent
rhe July Government report
'ully indicate the damage sus-
y drouth, but the August flg-
existing conditions are sus-
vill not show the betterment
tas come since showers re-
le winter wheat belts,
ashing operations in the win-
at country^ are facilitated by
rather, and the movement of
>m first hands to the seaboard
suming points means the ro-
f large amounts of money,
therwise would be tied up if
were not insistent that ac
tons must not hamper the
of the country,
ilroads to Start Buying,
ads, which are enormous con-
of Industrial products, lack
ith which to facilitate their
;s, and they have been com-
> economize. There is a be-
rever, that the return of con-
with easing money conditions
>ct the extension of credits,
till enable railroad corpora-
enter the market for sup-
i Inaugurate a period of pros-
fhich will compare favorably
it of 1906.
ublic is aware that this is the
vhen the business world slows
ven in normal periods. This
e tendency is increased by
d credit, recent high levels
toney rates attained and the
tariff and currency changes,
should be remembered that
d, and particularly this coun-
iot overproducing, but is op-
only as necessity requires,
have been urging their cli-
make progress slowly in.or-
ssen the call for accommoda-
Confidence Reviving.
this wwiting period—waiting
crops to mature, for currency
to be completed on a souni
hich will make for elasticity
stantiality and for the clear-
Europe’s skies—confidence
evelop in every section of the
is a great deal of eneourage-
be derived from this coun-
■eign trade. June exports ex-
anything in the history of
ted States, while the imports
laller. Measuring the volume
, diverse contractions can not
. precedence over the amplifl-
foundries and mills have been
large business and their un-
•ders are in liberal volume,
lie industry is making ample
and in the leather trade_ big
ive been established. While
ns have been less satisfa’-
cks of merchandise have like-
jpiayed a corresponding re-
Money Is Eeasier.
ey to whatever improvement
ay be in the situation lies in
Ltion of monetary tension,
ek money was firm and loan-
high as 7 per cent. Now,
a supply of idle funds avail-
6 per cent when collateral of
chable quality is tendered,
imercial aper rates do not
ve the 6 1-2 per cent rate,
osition taken everywhere by
to compel liquidation brought
nd there is lea.-' opportunity
crisis to develop next fall,
rop ai.d trade requirements
rease, than has existed for
rs. In this country this is a
rope, however, the struggle
be load of militarism is gi-
A war chest of enormous size
•spared by Germany, and
emulated her rival. Out of
sent abroad, $60,000,000 was
d upon a legitimate exchange
Ion. but was a special movs-
Paris paid a premium to in-
ts gold holdings. Germany
d England’s claim to the new
of gold coming every week
uth Africa, but this competi-
i ceased and recent develop-
luggest normal requirements
ore satisfactory situation,
market positions were bet-
V liquidation and LaSalle
lelieves adverse factors have
illv discounted. There is a
cast upon prosperity by Mex-
re the possibilities of friction
ropean powers should not be
ed but railroad and build.ng
are being adjusted; large
’ grain. Cu.ton and other farm
! ‘are in sight to add wealth
lalion, and hysteria has been
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.
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 1 ; (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 Best 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. 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 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.
Corn Clubs Are Anti-Weevil Clubs.
The boll weevil can find no food In
a corn field. If it can 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, vlelng with each
other; lead them to adopt modern
scientific methods of soli 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 demonutration 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
lehem S*eel resumed payments on the
preferred issue at the rate of 5 per
ceuc.
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
w ith information to carry to the far
mer about how r he can diversify his
crop* 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 and 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 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 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 r 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 most successfully.
The Educative Side Popular.
All the work 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
IS2.I2I.917.SI7
REVENUEFDR
ALL RAILROADS
j Interstate Commerce Commission
Issues Report Covering 1912
Fiscal Year’s Operations.
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 redch 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 w eevil conditions.
Hence the State Entomologist has
entered to some extent into the boil
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 w’ell 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 W'hen 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 i9 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.
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; $5,961,000 Bankers’ Trust
Company certificates of deposit for
the St. Ixniis 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 ways and means to pay the $700,-
<*U0 semi-annual interest on New Or
leans, Texas and Mexico division first
mortgage bonds.
Obligations maturing In August are
very small and are scheduler! 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 bp
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
crease* 5,444 In Two
Month*.
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 ihe
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 40,32o 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
sylvdnia’s shareholders, or almost 2,000
more than In the metropolis. The Euro
pean stockholders number 11.215, 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 $ 1,-
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, 135,959 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,
$1,279,128,266; 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 stock. 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 994,158,591, an Increase of 6,-
447,594.
Freight carried aggregated 1,818, -
232,193 tons, the increase being 65,-
042,254 tons.
The dividend payments of 400,308,-
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 1,037,459
Total net revenue $868,991,995
Taxes accrued 113,122,509
Operating income $755,869,486
Other income 255,611,495
Gross income $1,011,480,981
Rents, Interest, etc 609,661,490
Net corporate income..., $401,819,491
Deduct—
Dividends from
current income. $246,371.011
Additions and bet
terments 37,186.101
New lines and
extensions 77,082
Other reserves... 5,463.269
Total $289,098,464
Balance $112,721,027
Iron Quotations Go
As Low as $10,50 Ton
Immediate Delivery Order* Taken at
Cheap Price—Bulk of Sale*
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 lip 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 $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 1» claimed.
Stop That Whooping Cough
WITH THE McFAUL
Whooping Cough Powders
Instant Relief In Use Over 30 Years
For young bableg, children or adults. Contains no dangerous 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 It.
By Mail 25 Cents, or at Druggists.
The McFaul Medicine Company
431 Marietta Straat Atlanta. Georgia
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 the
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 year*
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 the 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, 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 the 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 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
lessen chancas 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 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 j
and spots would seem to indicate that '
the entire cotton trade feels that with 1
many uncertainties ahead, present !
levels are safe. One thing of im- '
portance to the grower in connection !
with price probabilities and the I
profits to himself Is that the crop 1
has been raised as cheaply as any j
in rerent years. In this part of the |
belt the cost has been less than for l
a number of years, due to the ex- I
cellent season for cultivation. With
the assurance of excellent crops of
grain and forage tb 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 Hoven 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, und,
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 Wostlnghouse
company have not succeeded in sell
ing all of them yet. They are 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 Now 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 will this be the case if a
competent railroad man will be chosen
to succeed Charles S. Mellen, resigned.
Shares of the New Haven Railroad
had never «*old as low as par until hast
month, when the price broke to 99 1-4.
iTevlously to that disastrous decline,
New Haven had been regarded an 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 sell under
$200 a share.
NEW ORLEANS, Aug. 2^-Liver
pool cables and letter* recently have
reflected a somewhat bearish senti
ment in that market. For many
months the English market ha* been
the chief bull center, and the change
of front on the part of Liverpool ha*
caused no little comment hare.
From what can be learned here, the
change In sentiment broad, which has
taken place since f h© Clarke bill was
Introduced In Congress, was brought
about by the strong probability of the
passage of that measure. With the
American future markets destroyed,
as they will bo by the passage of the
Clarke bill, English Interests figure
that speculation will no longer stand
between the produc-er and 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 writers
have plainly expressed this view,
which seems to have met with favor
on the other sld*.
In the meanwhile, the Orleans
Cotton Exchange has officially pro
tested to Washington that the passage
of the Clarke bill wfll absolutely de
stroy the system of contract trading,
and brokers in this market fire 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. Shorts
have been rather aggressive, and al
though weather conditions, according
to official and private reports, re
cently have been none too faroTabls
In certain parts of the belt, it Is hard
to arouse any enthusiasm on the bull
side. Consequently, the market shows
a sagging tendency.
Consolidated Plans
Chicago Exchange
Committee Now In West Arranging
for Opening Branches of
Stock Board.
CinCAGO, An*. 2 —Tn Tine with the
police of hustling for business instead
of idly waiting for it to come In. Presi
dent M. E. DeAguero, of the Consoli
dated Stock Exchange, with Ogden D.
Rudd and W. L S Webster, of the
Legislative Committee, are now In Chi
cago to establish a branch exohange.
A statement Issued Try President De-
Aguero gives the purpose o fthe Con
solidated in establishing auxiliary ex
changes throughout the country’s finan
cial centers. He says:
“It Is purposed to establish auxil
iary exchanges connected by prlvat*
wire with the Consolidated stock Ex
change of New York.
The obieet la to hand 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 ^hs
predatory bucket shop interests, whose
widespread operations are detrimental to
broker and client.
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-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.
‘ 4 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 yon 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.