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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.