Newspaper Page Text
FRIDAY, SEPTEMBER 26
COTTON AND
GRAIN,
THE WEATHER
(Forecast till 8 a. m. tomorrow)
Augusta and vicinity: Rain tonight
ai )? Saturday; warmer Saturday.
Georgia; Probably showers to
night and Saturday; warmer Saturday
in north portion.
Weather Conditlens.
Cloudiness and unsettled weather
prevail in the central valleys and
western Southern states under the in
fluence of low pressure in the Plains
states, while general rain continues
over the southeast with heavy down
pours locally.
The temperatures remain moderate.
Weather Data.
Highest temperature vesterdav 82
degrees; lowest temperature 'this
morning. 62 degrees.
River stage at S a. m.. 15.4.
Moon: Rises 4:58 a. m. Saturday.
Relative humidity vesterdav S a
m., 93; 12:30 p. m., 92: 8 p. m .'97
E. D. EMIGH.
AUGUSTA COTTON 1
Spots 25.00
Thursday . . 23.38
Last Year. . 28.38
PRICES BY GRADE
Middling fair jivofl
Strict good middling 25.25
Good middling 25 50
Strict middling 25.38
Middling 25.00
Strict low middling 24'on
Low middling 23 no
Strict good middling 82.25 •
Good ordinary 21.25
o 0
I CLOS'NG QUOTATIONS ON I
1 NEW ORLEANS ANn NEW I
"1 YORK COTTON EXCHANGES |
I
o O
The following quotations from New
Orleans and New York were posted
on the Augusta Cotton Ercharge
Friday:
NEW YORK.
Prev
Oren High T,ow Close close
Jan. . 23.88 25 on 23 80 H. 90 28.80
Mar... 24.18 25.18 24.14 25.11 23.80
May... 21.30 25.37 24 30 25 37 24.00
Oct 94.75 25.80 24.75 25.75 24.13
Dec... 23.75 24.90 23.75 21.81 23.00
NEW ORLEANS.
Prev.
Coen High T.ow Close close
•Tan... ”3.8’ 21 so J 3.52 3475 7352
Mar... 21.12 25.00 24 00 24.90 33.75
Mav. 2«.20 25.i1l 24 15 25 02 23.85
Oct.. . 22.17 91.77 22.17 "170 28.40
Dec. . 23.55 24.78 2.2.54 24.71 23.10
NEW YORK COTTON
NEW YORK- — Continued buying
foatured the cotton market early Fri
day. The opening was firm at an ad
vance of 22 to 49 points in response
to higher Liverpool cables and re
ports of further eastern belt rains.
Some southern hedge selling and
rather heavy realising was met on
the advance but it was taken on
slight setbacks. The market was
very firm at the end of the first hour
with active months about 55 to 00
points net higher. October sold up
to 25.00 and December to 24 18, mak
ing advances of about 2% to 3c a
pound fro mthe recent low levels.
Buying wa* encouraged by renorts of
increased rales of cloth in the Fall
River market and more bullish crop
advices from Georgia and the Caro
lines.
Regjislng sales caused reactions of
a few points but prices firmed up
again later on fear of a cold snap In
the southwest and the continued
bullish character of crop advices from
sections. October advanced to 25 nil
and December to 2421 or 6rf to 5.3
points net higher and the market was
within four or five points of these fig
ures at midday.
The advance was checked by real
izing at 24.82 for December The
market was 25 to So points below the
best levels at 2 o'clock.
NEW YORK SPOTS.
NEW YORK.—Cotton spot, steady;
middling, 25.00.
NEW ORLEANS COTTON
NEW ORLEANS.—The cotton mar
ket experienced an ewrited opening
with very heavy trading on the call.
Although Liverpool was lower thal
due by the time tne call terminated
prices were 30 to .38 points net high
er. October traded up to 23.90, De
cember to 24.00 and January to 24.p2
or 50 to 54 points above the closing
levels of Thursday, soon after the
call. The market was stimulated by
large sales in Fall River for the week
75,000 pieces against only 15.000 last
week and reposts of heavy rains over
night and this morning in the east
ern belt. Towards the end of the
first half hour prices eased off about
20 points on realising.
The market was very firm sil morn
ing and prices steadily advanced until
October traded as high as 21.33. De
cember 24 41 and January 24 48, or 93
to 98 points above the closing levels
of Thursday. The main stimulants
were the continued had weather in
the eastern helt and indications of
an improvement In the textile indus
try both at home and abroad. The
map showed considerable rain In the
Atlantic states and tn the eastern helt
generally but was dry elsewhere! The
forecast called for generally unset
tled and showery weather practlcai
lv ffcr the whole belt. At mid-ses
sion* prices were ruling near the
highs
Galveston exported 27.023 hales
Friday.
The market quieted down consid
erably near noon and prices reacted
som n . the most active month. De
cember easing off 29 points from the
high of the morning but later recov
ered some of the loss Sentiment
was a little more reactionary during
the early afternoon on the theory
shorts have shout covered and the
market is entitled to some reaction
after the rather "harp advance of the
pan 'wo days. Hs«tsr merle mill tak
ing- for the week 2Cn non hales ega'n«t
173.000 lest ves- Total exports Fri
day reached 39.539 hales.
NEW ORLEANS SPOTS
NEW ORLEANS. La Spot cotton
firm. 125 points up. Sales on the
snot 1 227- to arrive 1.*40 Low mid
dling. 9" 80; middling 2*.SO; good mid
dling, 25 30. Receipts MIS: stock. 59.-
830. • f
LIVERPOOL MARKET
LIVERPOOL —Cotton spot, good
demand but business moderate; prices
ifefldv
strict good mlddl'ng 15.34
Good mlddWne 14 84
ptrlrtly middling 14 to
Middling 1503
Strictly low middling 13 so
Low middling 13 39
strictly rood ordinary .... 12 90
Good ordinary 12 39
Kale* 8.001) hales Including 2 500
American. Rscelnt* 4.000 balas
Including 1000 American
Futures closed steady:
Rrntcmber I* ll
October 18.70
December 18 85
January ’8 87
March I*'i
M»v 18 78
July 13.64
LIVERPOOL. —Weekly cotton ata
‘ Total forwarded to m'fle 51.000 hales
of which America* J 3 000- stock S’7.-
000- American I'oooo. jmnorta. 54-
000, Am»r'csn 42.000; exports 5.000.
American 1.000,
=.Financial and Commercial News=
Market Advanced 162 Points
Friday; Augusta Spots 25.00
By W. A. LUFBURROW.
Market Editor.
The effort of the speculators to
hear the cotton market failed Friday
and on the close spot cotton at Au
gusta was quoted at 25 cents, an ad
vance of 162 points over previous
clostr.g quotations. This advance of
over |7.50 on the bale was due to
short covering, better Liverpool ca
bles and unfavorable wither condi
tions over the cotton belt. Some hears
contend that the market is going to
lose its recent advances, but It looks
as though the bulls have it for a
time.
Receipts in Augusta from August
Ist to September 26th, 1924. show a
total of 52.213 bales as against 38,076
for a corresponding period in 1923.
There seems to be considerable dis
turbance over the price of cotton and
cotton exchanges arc blamed for the
condition of the price level. It looks
ns though war Is going to be levied
on the professional gambler In the
cotton market. That this type of
creature is a detriment to the mar
ket and every thing else it comes is
contact with, goes without saying.
That there is unwarranted gambling
in cotton Is true. Of late press re
ports tell us that Senator Harris of
Georgia and Senator Caraway of Ar
kansas are going to investigate the
Chicago cotton exchange and the way i
the professional gambler operates on
other cotton exchanges. There Is no
excuse for the Chicago cotton ex
change, other than gambling in cot
ton futures, if this is an excuse, and
it could hardly be called such.
Conceding that the professional in
New York. New Orleans and other
cotton exchanges is a detriment tn
the country and should be either put
to work as any other member of so
ciety or placed behind the bars, we
must not loose sight of the thousands
of farmers, bankers and merchants
and others in the South who gamble
In cotton. Now "what Is sauce for
the goose Is sauce for the gander."
There Is a gambling Instinct in
man that political demagogues and
fool laws will never eliminate. Law
is the creature of the ideas and acts
of man, whether sane or insane.
Gambling is a part of the individual,
born in it and lives with it through
out life. It is a part of the Mas
ter who creates laws. The creator
certainly is not Inferior to the created,
neither can the created eliminate in
CATTLE MARKET
(Corrected by Augusta Stock Yards.)
CATTLE.
Common 2 ®2%
Ordinary 3 ®3%
Good 3%(54
Fancy 4%®'5
CALVES.
Common 4 ®5
Ordinary 6 ®7
Good 7 {§>7%
Fancy 8 <g>B%
HOGS.
Corn fed (according to size).B ®9
LIVESTOCK MARKET
CHICAGO CATTLE. SHEEP
AND HOG RECEIPTS.
CHICAGO, 111—Hogs: Receipts 15.-
600, strong to 16c higher; bulk het
ter 160@225 pounds weight. slo.oo®-
10.30; desirable 14047150-pound aver
ages largely 39.50419.85; packing
sows, $8.50i59.00; slaughter pigs most
ly $8.75®».00,
Cattle: Receipts 3.000, practically
no outlet for weighty fed steers or in
between grades fat cows and heifers:
some demand for desirable yearlings;
no choice kind here; best early $10.25;
bulls tending lower: vealer* mostly
steady; packers taking choice offer
ings upward to $12.00; small killers
upward to $12.50
Sheep: Receipts 14.000. fat lambs
fully steady; bulk desirable natives.
$12.50013.00: choice range lambs, sl3;
Rheep and feeding lambs steady; fat
ewes, $4.750 6.25. ,
ATLANTA CATTLE AND HOG
RECEIPTS.
ATLANTA, Ga.—Cattle: Receipts
250: steady; beef cows. $3.2504.00;
strictly fat heifprs, $5.00 nnd above;
earners and cutters largely $2,000-
2.75.
Hogs: Receipts 900; steady; 160
pounds un. dull few moving, held
around $10.75; 1300160 pounds $10.05-
©10.25; slaughter files, $8.7509.25;
stocker pigs. $7.2508.00.
CHICAGO GRAIN MARKET
LEAD CHI GRAIN UmcinC. SO
CHICAGO, lll.—Corn made a spec*
tacular advance of as much as six
cents a bushel in price Friday. Th
biggezt Jump in values was to sl.lO
for July delivery.
CHlCAGO.—Sharply higher prices
for corn resulted Friday from the
government semi-monthly crop report
indicating that the corn crop as a
whole is even more backward rela
tively than was the case a month
■go. Opening prices, which ranged
from %c to one cent higher were
followed by gains that on some
transactions reached 3% above
Thursday's finish.
Wet weather in the Canadian north
west gave strength to wheat values.
After opening unchanged to %c
higher wheat scored a material up
turn all around.
Oats reflected the advance of corn
and wheat, starting unchanged to %c
up and later continuing to ascend.
In line with hogs and grain the pro
vision market was rlrm.
Corn closed strong %e to l%c
advance.
Wheat closed firm l%c to 3%c net
higher
WHEAT—
Open High Low Close
Rept 132% 135% 132% 134%
Deo .... 136 139". 136 138%
May . . . 141% US r 141% 14f%
CORN—
Sept 107 111% 10? 110%
Dec .... 108 108 103 106 K
May .... 104% 110 104% 108%
OATS—
Sept 48 48% 47% 4814
Dec 51% 52% 51% 52
May 53 58% 53 56%
LARD— '
Sept ... 1367 1380 1367 1377
Oct ... 1350 1370 1350 1370
Nov ... 1350 1370 1330 1370
RIBS—
Sept ... 1190
Oct .... 1190 1190 1190 1190
Nov ... m 1190
BELLIES—
Sent ... —— 1360
Oct ... 1333 1333 1335 1335
Nov ... 1340
St. Louis Cash Grain
ST. LOUIS —Wheat No 2 red. $1,37.
®I3S; No. 3 red. $1.3801.43.
Corn No. 2 mixed $1.10; No. 2 yel
low. sl.ll.
Oats No. 2 white, 51 %e; No. 3
white, 49050 c
Clo-e: Wheat September $1.34%:
December $1.37%. Corn, September
81.10; December $1.06%. Oats, Sep.
■ember 50c.
NAVAL STORES
SAVANNAH NAVAL STORES
SAVANNAH, Ga —Turpentine firm,
81%c.81%t. Sales, 66; receipts, 277;
| shipment*. 158; atock, 13.478
Rosin firm: sales, 1.309; receipts,
1.543; shipments. 547 rtock. 107 398
Quote - B $6 12%; DEF 6 H $5 17%;
K M $5.30; N $5 25: window glass
$6.25; water white, X. 16.90.
born principles of its Master.
If farmers are to get a good price
for their cotton then they must quit
farming on credit, and buying all of
their feed and foodstuffs. As long
as money is borrowed to run a farm
with the farmer is at the mercy of
the cotton market and its many
whims that are controlled by influ
ences over which no nation on earth
has the control of. After this Is done,
and it Is as impossible to make every
farmer in the south see the road to
economic Independence, as it is edu
cate everybody. Most of the former
will not see because they cannot, and
the vast majority of the people can
not receive a higher education be
cause their intellects are not capable
of absorbing and understanding.
If the report of the Agricultural
Department of the federal govern
ment every two weeks on the cotton
crop and weather conditions causes
a lower market on prospective yield
the government Is cussed by farmers
and some speculators, if the report
causes an advance tn the market,
the. farmers smile and some specula
tors cuss while others grin. So there
you are.
When all fanners can see the eco
nomic salvation of their individual ex
istence, und will follow it out, say in
the next 49 trillion ages, and get
their cotton bales under their “vines
and fig trees” and sit back, and say
"now, Mr. Whoever Wants My Cot
ton. you must pas' my price." They
must at the same time do something
to stop themselves nnd their neigh
bors In the South from gambling in
cotton futures. Because If they do
not, the market wilt continue tn
fluctuate, and the Intelligent and
shrewd will continue to ride on the
backs of the stupid, just because they
are stupid. The average man who
plays any sort of a market is a
sucker.
It will require greater brain power
than now reposes In the halls of the
United States Congress—both bodies,
if you please,—to readjust successful
ly the commercial arrangement of this
country. Things move by far, more
rapidly in this world than ordinary
thoughts do In the minds of some of
the members. Judging from a great
deal of legislation coming from those
halls, most of them have no con
ception what it is all about, or where
they or their vote getting bills are
headed for. World conditions that
influence the market will not heed
the threats of vote-getting office
holders, nor the hlumdorlng of others.
DAIRY MARKET
CHICAGO BUTTER, EGG AND
POULTRY RECEIPTS.
CHICAGO.—Butter, higher; cream
ery firsts, 31%®32c.
Eggs, higher; firsts, 36®40c.
Poultry, alive, lower; fowls, 170-
23c; springs, 21" c; roosters, 14" c.
NEW YORK BUTTER, EGG AND
CHEESE RECEIPTS.
NEW YORK. Butter, firmer;
creamer}’ extras, 92 score. 37% 0-
37 %c.
Eggs, irregular; nearby and nearby
western hennery whites, firsts to
average extras, 62066 c; Pacific coast
whites, extras, 61062 c: do firsts to
extra firsts. 51060 c: refrigerator ex
tra firsts, 37®'47%c.
Cheese, steady.
Live poultry, irregular, chickens by
express, 23 0 36c; fowls by express. 15-
©32c; turks, by express, 35®45c.
Dressed poultry, weak; prices un
changed.
Chicago Potato Market
CHICAGO. 111.—Pototoea: Trading
fair; maraeT rfeady; receipts, 62 ears;
iMnnesota. and North Dakota sacked
Red River Ohios 9501.10; sacked
round whites. 90©!.n0 : sacked sand
land Oh'os 80 0 90c; Wisconsin sacked
round whiles. 9001.05: Colorado saok
od peoples russets $1 70; South Dako
ta sacked early Ohios 9501.05.
SWEET POTATOES.
CHICAGO, 111.—Sweet potatoes'
Nancy Hall hampers.
$1.75©1.86.
Tennessee hampers, 75e®-
ATLANTA FEDERAL BANK
Statement of resources and liabili
ties Federal Reserve Bank of Atlanta
at the close of business, September
24th, 1924:
REROrHCBS
Hold Wl,h r R , gont $129,840,870 0
Odd rulwiptlon bind with V. 8.
Treasury 2,793,144 44
po’l held eacluslTtly aaalaat y
1* »*•*• $111,454,314.41
Cold wtllnnent fund with 1". R.
beset 14.045,249.43
field »nd sold certificates held hy
hank 7.543.032 59
Total sold respires $157,282,594,56
Unmet other than roM 2.884,792.60
Tout rfsrrrftf ..$144147.994.46
Nnn-reseryp rath 3,550,181 32
Rills discounted:
See. by V. S. Coy't utilizations 2641.743.39
Other bills discounted . 22.094.245.52
Tots! bills discounted ( 2.4.595.991 84
Rills boujtht. In oren market . .. 2.393.803 76
4J- 8 Ooy't securities:
Rends 994,359 0
Treasury notes 1,374.509 00
Certificates of tndebtednaas 515.009 00
Total r 8 Oiw't securities . I 2.885,850.00
Total earnin* l td $ 80,785,845 60
Fnoollectrd Items 26.787,221 52
Rank premises 2 874 70s 77
All other rcsourcea 1.873,429,49
Total rasourcea $232,043,578.20
LTARIUTIEK
F. R notea In actual circulation.. .133,955,406 04
Peposlts:
Member bank—
Rcserre account . $59,490.34.1 44
Government 5.117,405 94
Other deposits 100,14934
Total depo Its 04.714.030 93
Tieferrrd seal ability Items 18.457,440 17
t’lpl'al paid la 4.474,040.09
Wurpliis 8,950,909.14
All other llabtlltlea 1,137 412 03
Total liabilities $282,043 574 20
Ratio of total reserves to deposit and F, R
no’., liabilities combined, 83 0 per rent.
(Tonttnzent liability 00 bills purrhised for
forelsn correspondents. $900,428.89
PRODUCE MARKET
Flour—Haril wheat, SMb. eot
ton sack*, bbl $7.76
Flour—Plain, 58-lh. *V».. bbl.. 7.76
Flour—S. R., *ks„ bbl 7.36
Flour— S R.. 43-lb. ska, bbl*... 7.16
Flour—Bent plain. SB-!b. aka,
barrel 6.'.$
Flour—3. R„ 24-lb. aka., bbi... 7.10
Flour—S. R.. 48-lb. aka., bblj.. 6.65
Buckwheat, 24-pkg. case 8 55
Grits, 24 2a, per rasa 1 80
Grits. 12 Sa. per case 1.90
Orlta, flrt« an<l medium, 06a
per sack 3.40
Meal. 96a, per sack 2.66
Meal, 4ia, por sack 1.22%
Meal, 24". per sack 65
Rice—Fancy. No. 864 or 60. 118,
100-lb. ik«„ lb. ' 06%
P.lee. fancy, *{o. 68. lb 07%
Wesson Cooking Oil. 24 plnta.. 6.7$
Wesson Cooking Oil, 12-qt. eaae 5.40
Wesson Oil, 6 1-cal cans, caee .9.89
Axle Grease. 10c *lze. 1 -lb., 4
dozen 175
BEEOS.
Amber Cane, 150-Ih. eki., 60-
lb. tacks, per bushel 1.50
THE AUGUSTA HERALD, AUGUSTA, GA. x
N. Y. STOCK MARKET
NEW YORK.—Stock prices display- .
ud a firm undertone at tile opening ]
of Friday's market with buying or
ders well distributed over the general
list. Pullman, International Tele
phone and American Chicle preferred
each opened a p< it higher, the last
named and Publ,.: Service of New
Jersey establishing a new 1924 high
price. Most of the standard indus
trials and rails improved fractionally.
llail-oad shares moved up briskly
in ret a ction of record breaking car
loadings and the sharp curtailment of
i xnenses show n in the August earn
ing statements now being published.
Lehigh Valley advanced 1% to 59%,
the highest price since the segrega
tion of the coal properties, while
Southern Railway, Frisco common,
Peoria and Eastern and Chicago Great
Western preferred sold at their high
est prices of year. Park and Tilfmd
and Vivaudou climbed to higher
ground on merger rumors General
Baking, National Lead and Interna
tional Combustion Engineering ad
vanced one to two points but Na
tional and Loose Wiles Biscuits fell
back on profit-taking
Foreign exchanges opened steady.
The search for stocks which had
not participated In the recent rise
brought Into view during the after
noon. National Rallivays of Mexico
first and second preferred and other
equally obtrure Issues. Leathers,
motor accessories and medium priced
rail shares were taken on ascending
scale. Republic Steel, common and
preferred, "Soo" preferred. Cushman
and United Railways nnd Investment
preferred yielded turn to 3% points.
The closing was strong.
Sales approximated 825,000 shares.
NEW YORK STOCK LIST,
Close
Allied Chemical and Dve 74
American Can ...... ,129%
American Car and Foundry.. .167
American International 26%
American Locomotive 80
American Smelting and Hefg 78%
American Tel and Tel 127%
American Tobacco | 104%
American Woolen 57
Am Zinc, Lend and Smelt 7
Anaconda Copper 37%
Atchison 105*4
Atlantic Coast Line 137
Baldwin Locomotive 123%
Baltimore nnd Ohio 63%
Bethlehem Steel 43
California Petroleum 22
Canadian Pacific 148%
Central Leather 14%
Cerro (le Pasco 45%
Chandler Motors 3G'<.
Chesapeake and Ohio 85%
Chicago and Northwestern 62%
Chi, sfil and St Paul pfd 21*4
Chicago, R I and t’ac 24%
Chile Copper 32%
Coca-Cola 76%
Colorado Fuel and Iron 43%
Congoleum 45%
Consolidated Gas 74%
Corn Products, new 35%
Cosden Oil 23%
Crucible Steel 56%
Cuba Cane Sugar pfd 641;
Davison Chemical 50
DuPont do Nemours 130%
Erie 27 %
Famous Players-Lasky 81%
General Asphalt 411%
General Electric- 263%
General Motors 16-•
Great Northern pfd 64%
Gulf States Steel 73u'
Houston Oil 73
Illinois Central no
International Harvester 94
Int Mer Marine pfd 40%
Invincible Oil 131-
Kelly-Sprlngfield Tire IS%
Kennecott Copper 47..
Loulsvillo nnd Nashville 99
Mack Truck 99%
Marland Oil 34*4
Maxwell Motors A !. 60%
Middle States Oil li-
Missouri, Kan and Tex 16
Missouri Pacific pfd 57%
National Lead ~.. .159
New Orleans, Tex and Mex 107%
New York Central 107%
N Y, N H and Hertford 251,
Norfolk and Western 125%
Northern Pacific 66%
Pacific Oil 477^
Pan-American Petro B 52K.
Pennsylvania 44%
Producers and Refiners 27
Pure Oil 2274
Reading 62%
Republic Iron and Steel 45. V
Reynolds Tobacco 13 77
Seaboard Air Lin* 1 t;,%
Sinclair Con ir,i?
iToss-Sheffield Steel and 1r0n... 73%
Southern Paelffc 94%
Southern Railway * 7a '
Southern Railway pfd . . " 7514
Standnrd Oil of 'California. .5714
Standard Oil of N. ,r 3:,%
Rtudebaker Corporation 41%
Texas Co 40 *
Texas and Pacific 37%
Tobacco Products 67%'
Tobacco Products 67%
Transcontinental Oil 414
Union Paclfio 140 U
United Drug 92 *
U S Cast Iron Pipe ..11l 14
U S Ind Alcohol 71%
United States Rubber 35%
United States Steel 108%
1 tali Copper 7714
Westinghouse Electric . 63-%
Willys-Overland 5.%
Woolworth ...112%
FOREIGN EXCHANGE
NEW YORK—Foreign exchanges,
steady. Quotatb * In cents-
Great Britain. , ,-mand 4.46%; ca
b‘*fi 4 47; 60-day bills on banks. 4.44%
France, demand 5.26%; rabies. 5 27.
Italy, demand 4.38%; cables 4.39- .
Belgium, demand 4.85%; cables 4.R6
Germany, demand, per trillion, .23%.
Holland, demand 38,58.
Norway, demand 14.02
Sweden, demand, 26 60
Denmark, demand 17.24
Switzerland, demand 19.04
Spain, demand 13 49.
Greece, demand 1.75.
Poland, demand 19% .
Czecho-Slnvakla, demand 2 99%.
Jugo-Hlavia, demand 1 40.
Austria, demand 0014%
Rumania, demand, .52.
Argentina, demand 25.76.
Brazil, demand 10.55.
Toklo, demand 40%
Montreal, demand Too.
CALL MONEY
NEW YORK.—CaII money, steady;
high, low ruling rate and closing bid,
2; offered at 2%; last loan. 2; call
loans against acceptances 1%.
Time loans, steady; mixed eoilat
;!!*'• 80-89 days, 2%4J2%: 4-6 months
3w3%. Prime commercial paper. 3%.
STOCKS AND BONDS
STOCKS.
, , _ Bid Ask.
Augusta Factory 20 so
Augusta and Suv. R R 4.... 92 97
Bon Air Hotel Cor. c0m.... 62 67
Bon Air Hotel, pfd 62 67
Citizens & Sou. Bank 250 233
Enterprise Mfg. Co ....87
Georgia R. R Bank Co 194 200
Granltevllle Mfg. Co 160 - •
John P. King, pfd 104
John P. King, com 100
National Exchange Bank... 106 110
Sibley Manufacturing Co. 60 - •
Southwestern Railway 93 09
Union Saving" Bsnk 140 130
BONDS.
Bid Asked
Augusta Factory Ba, 1941.. . 100 102
Bon Air Hotel 7*. 1942 101 103
city of Augusta (hnsls) ...4.50%
Ga. n. R * Bkg. 4s 1947 . 80
G* R. R A Bk. Co. 6s 1931.108
Granltevllle Co. 7s. 1942 98 101
Langley Mills 7», 1943 97 98
Sibley Mfg Co.. 7a. 1942 ... 9« 100
State of Georgia (basin ..416%
BAR SILVER.
NEW YORK. Bar aliver, 69%;
Mexican dollars, 53%
SUGAR MARKET
NEW YGRK —Raw sugar, firm;
prices unchanged at C 03 for Cuban
duty paid.
Refined, firm and unchanged to
five points h ght-r at 7.1007 si) for fine
granulated.
Farmers In Danger o!
Being Bankrupt Unless
Tax Craze Is Checked
r. ARSON I’AKK, Mats.—
"Whther or not state, county, city
nnd town bonds will continue to be
issued as tax exempt securities,
only tho future can tell; but un
less their rate of is sue is curtailed,
taxes necessary to pay interest and
retire them will bankrupt tho
farms of this country,” said nos
er W. Baboon in an exclusive in
terview today.
'The present increase in taxes
which results from the demand
for these non-taxahlo bonds is
raising havoc with land values, the
cost of farm products nnd rural
conditions in general," says the
sttistlclan. "Thus far tax exempt
municipal bnds have had the best
record of any class of securities;
but wise investors are now purpose
ly putting a portion of their funds
into taxable corporation bonds..
They believe that if tills wild is
suing of state, county and munici
pal securities continues, tax payers
will pltirnntely revolt and defaults
will follow. It's an old proverb
'Trees do not grow to the skle.'
For the same reason taxes cannot
continue to increase indefinitely
without causing trouble.
"The real cause of tttl'i recent
increase in such taxes” continued
Mr. Babson, 'is the great *ncr .tsc
In goad building; due. of course, to
automobiles. Automobiles are all
right and the industry Is here to
stay; hut we must not go tax carzy.
If we do wc will kill the goose that
is laying the golden eggs. Con
sidering that all roads were rough
and muddy on'y a few years ago,
we should be satisfied with a ren
sonblo improvement from year to
year. We will have all concrete,
asphalt, brick nd other hard sur
faced roads in duo time; but let
us have them with moijertton. It
might bo well to ‘measure our
cloth’ before we form too many
road districts nnd blindly sell bond
Issues which are to be a burden on
our chttdten ond grandchildren.
There Is no sense In struggling nnd
economizing to save money for our
children with one hand, while we
burden them with debt with tho
other.
"In deciding whether or not to
The Effect of European
Conditions on Business
In the United States
NEW YORK.—Ray Vance, author,
editor and president, of tho ltrook
mire Economic Service, lne., of New
York in a special dispatch to The
Herald points out the great import
ance to American business men of
the present European situation.
"Since the acceptance of tho Dawes
plan tho situation tins already
changed fundamentally from the con
ditions existing between 193 4 and
1924.”
"Future historians may well con
sider the London conference and the
Dawes plan the ral settlement of
(.he great war.”
"During this ten-year period of Am
erican business relationships with
Europe our prosperity has been de
pendent primarily on a paralysis of
European production. Tills has nat
urally given rise to a belief that con
tinued prosperity rnuld lie had only
through continued Industrial stagna
tion abroad. Yet, since it 1s a fact
that the acceptance of tbs Dawes
plan means rehabilitation of Indus
trial Europe there Is necessitated a
new point of view among American
business men and an appreciation of
the trend If we aro to prozper to the
fullest extent."
EFFECT OF THE
DAWES PLAN.
"Of first importance it is to know
whether we will be affected favorably
or adversely by European Improve
ment and how we best can compete
with the reconstructing anti later re
constructed world Ihnt promises to
emerge under the Dawes plan. Will
we have to lower our standard of liv
ing to the present European standard
or will recovery In Europe tie parall
eled by more steady nnd more pro
longed periods of prosperity In the
United .States?
THREE PERIODS OF
KEwONS i nUCTION.
"Prolyhl* development* can be dl
Georgia Boys To Enter
National Stock Contest
ATHENS, Oa —The live atock
Judging team that will represent
the State of Georgia In a nation
wide contest held in connection
with the National Dairy Show at
Milwaukee, Wisconsin, left At
lanta on the Dixie Flyer Thursday
morning.
The teem was composed of Julian
Burnt, George Leard, William Ray.
and Dennis Reynolds, all student*
of Vocational Agriculture In the
Hartwell High School.
They were accompanied on the
trip hy L. M. Shelter, Silpervlaor of
Carload Prices of Feedstuffs at Important Markets
(Per ton, flagged, sight.draft basis)
I t
e-5“|5a3 £ t a „ w “ «
5 u * 2 Su
isiiiiSjssjigj
to~-s<«>io S * 8 o x 5 SI
Wheat bran:
Spring s.ll 00 $ll.OO $20.50 $31.00 ss2 60 $28.50 $26 00 122 50
Soft winter 13.60 13 00 31.00 33.50 32.60 33.75 29.50 ——s26 00 —— s2l 00 ■ gsjt o»
Hard winter 32.00 32.00 29.50 - 32.00 $25 50 28.59 ——— *5.00 sl2 75 23.00 $32 00 -'■ ■■' ,
Wheat middling*:
Spring (standard* 33.75 33 50 32 50 31.50 31.00 33 50 23 00 25.00
Soft winter 40 00 39,60 35.00 33.00 30.00 38.00 ■—.. . 15.00 .—— . - *9 no ~on
Hard winter —— 36.50 - —— - —— 38.50 2tEOO ■ .
Hard winter wheut shorts
Wheat mil! run -■■■■- ——— 35.00 —— —— 25.50 26.00 33 00 34 00
Rye middlings 30.60 27.00 24.00
High protein mosls
Linseed 62.50 52.00 50.75 41 00 44 50 41.00 46.00 49.00 48 00 49 00
Uf.ttnnsecd (437tj 61.410 60.50 50 00 43 00 48 00 48.00 48.60 46.30 50.00 44 70 - 62 00
Uottonsced (41») 48 00 48 23 49.00 . 41.0') 46 00 46,00 46 60 43,5« 45 no
f'oltonaeed (3s*) 44.75 45 00 45.00 38.50 40 26 88 00 48.00 48.00 44.00 41.00
Digester feeding tankage (00f*).... ——— » » - - 1 ■■ •- 60.00 60.00 60.00 60.00 60.00
No. 1 alfalfa m*nl (medium) -—— ——— 30.00 ■■
Gluten feed 49 95 48.90 44.70 45.00 42.70 40.80 43 90 4
White hnmlny feed 47.23 47.00 47.00 46,00 —46.0 nOO 41.00 40,00
Yellow hominy feed 45.00 45,50 -*— ■ 46,00 45.00 - - ■-* 43.00 41.00 139.00 ■■■ * 40.00 ——«
Ground barley - 43.00 42.50 "41.00 —— - - "30 00 46 Oo
Dried beet pulp - 42.00 ——— 44.00 —— ■ ... —, ' 37]00
I —Nominal. "—Rolled. "Extract from Official Report, U. B. Dipt, of Agriculture, September 13, 1924."
Issue bonds, a community should
not be content to consider merely
tho amount of tho Nnd issue. The
first cost of a white linen suit may
be less than that of a dark thin
worsted; but at the end of a few
years, after the laundry bills are
paid. It will be found that tho 1
cheap linen suit’ may have cost
3100! The same principle applies to
the spending of money for pub
lic Improvements. A county may
well afford to spend SIO,OOO to
eliminate a dangerous railroad
crossing, which when built is deno
forever. The same county may,
however, not be Justified tn spend
ing money for surfacing a road if
a continual annual expense will be
required to maintain this road
ufter'it Is built. The original cost
of a highway Is like the $2 which
the colored gentleman gave the
minister for marrying him! It was
the 'fu'st cost.’ I believe in good
roads ttie same as I believe In good
churches, good schools and other
good things. But. there can be too
many churches nnd too many
schools. The great need of life is
for us to have nil things In their
proper proportion according to our
income and requirements. More
over. we should use special care
when spending borrowed money.
Debts can ruin communities ns well
tb individuals.
"All of this means" concluded
Mr. Babson. "That we should more
carc/il ly consider cut state, coun
try and municipal expenditures.
There is only sj much money in
the ciuntry n;us this can be used
either for paying taxes or for build
ing houses und buying clothing for
tho children. It is well enough to
go Into debt to a limited amount
for certain things; but let 11s not
mortgage our future Just to supply
rich men with non-taxable bonds.
Prosperity comes with a proper
distribution of our labor and pur
chases. Let us begin at once to
give less money to the tnx collec
tor nnd give more to tho local
merchants who arc the backbone of
American prosperity. Then the
Habsonchart should reflect an Im
provement in general business ac
tivity which Is now running at 9
per cent, below normal.
vldcci Into three periods: in the flrat
period there will be seen tut imme
diate removal of some of the surplus
agricultural products and raw mate
rials from the American market, nnd
a great Improvement In consumption
here ns the American farmer and
American producer of raw materials
find their purchasing power Increased.
A return flood of European goods
ran scarcely be expected till after
six months and probably not until u
year."
"The second period must unfor
tunately lie one of somewhat de
structive competition when tho Eu
ropean producer will cut Into nur ex
port market and offer ntalerlala at
prices low enough to bring them
across a probable export law. The
length of this second period ennnot
lie stated definitely but Indications
are that It will Inst two or three
years," *
"The third grest period of our com
petition with reconstructed Europe
will tie marked particularly by n
greater European demand for goods
than has ever been seen. Of equal
importance Is the tremendous devel
opment of commercial organization
and of consuming demand in other
pnrts of the world."
SEES BRIGHT FUTURE FOR
AMERICA'S BU6INESB.
"I can easily see how American
productive capacity con he drawn on
to the full to supply American rail
roads In Australia, American power
plants In South America, American
agricultural machinery In South
Africa and so on—And remember al
ways that we are the world’s strong
est competitors. We have n rela
tively low national debt, our taxes ore
and will tie relatively low, we have
the world's best and cheapest supply
of raw materials; ail of which place
this country In the itrongest possible
strategic position."
Agricultural Education, and L. E.
Hemrick, their agricultural in
atructor.
The Georgia live atock Judges
will go directly to Madison, Wis
consin and will spend several day*
traveling over the principle dairy
sections of Wisconsin In prepara
tion for the National contest which
Will he held on Reptcrriher 29th.
The Hartwell boys were chosen
to represent the state In an Eli
mination Contest held nt the Geor
gia State College of Agriculture, In
Athens, on August 4th. This con
tost was open to teams from the A. [
& M. Schools of the state and the'
high sjjiols where vocational agri
culture is taught.
In commenting on this phase of j
agricultural educational work as it]
has been fostered by the Georgia]
State Board of Education, ML
Sheffer said: "This is the fifth
consecutive year that we have car
ried a team of Georgia boys to the
North to compete In a nation wide
live stock judging contest. For,
the past four years we have enter-]
cd teams In the contest in connoc
tlon with the International Live
Stock Exposition in Chicago. Tak-]
trig the average scores in tills con-1
test for a period of four years, the!
Georgia boys lead every other state I
in the country by a margin of
more than 30 points. AVe feel that
$ is Is a wonderful record la view -
of the fact that Georgia, Is the
only Southern state that hat: shown
up favorably In competition with:
the teams from the Middle AVest.
MARKET GOSSIP
BY JOHN J. CLARK & CO
JOURNAL OF COMMERCE
N. (J.: The ralna of the past two
wckes or more have not been fav
orable to cotton developments and
many correspondents state that the
cold rainy weather experienced
since September 13, has resulted In
a good deal of damage.
H. C.: Reports are not encourag
ing and from many pahts of the
state comlltons are regarded as a
disappointment Here also the rain
come too late, to be of benefit and
after so severe a. drouth proved
Injurious. Cotton, consequently is
expected to grade poorly.
Ga.: Returns on the cotton crop
uro much mixed, though more!
hopeful than either of the Caro
llnas. South Georgia reports fav
orable temperatures a normal
amount of shedding, the staple of
good qaulity, fruitage fair and
picking well advanced. The severe
drouth of the summer has un
doubtedly shortened the yield, but
there are a good many sections
where just about tho right amount
of rain has fallen and conditions
are quite satisfactory.
Only red arrow at Little Rock
temperature there 66. Entire map
West blue with arrow pointing
from gulf teniperaturos ranging
from gulfcoast 80 to 64 North
Texas, Okla., nnd Ark. Big high
northwest running from Phenix to
Williston, with temperatures AVin
nemuen 22, Denver 4k. Should
cause rains AVestern belt, with
much lower temperatures by Mon
day.
Dallas wired Hubbard: My wea
ther forecaster predicts severe cold
wave freeze northwest belt.—Pear
salls.
Chicago: Corn rallying on gov
ernment semi-monthly statement of
crop outlook nnd on forocast rains
and lower temperature. Weather
bureau says near freezing in north
Dakota tonight. Rye firm.
\>ry bullish cable from Man
chester says dapressfon passing and
likely go on full time soon.—N. Y.—
N. B.
Damage reports nnd complains
of grade and ataple coming In from
all over eastern belt as well as
wevil damage.—Green.
N. C , ft. C„ Ga., Fla., Ala.. Miss.:
Showers today and Saturday.
I-., Ark., Olka.. ISast—west Tex.:
Part cloudy Saturday probably
scattered showers cooler.
lie wires: “Don't think mills will
follow the ndvnnce ns to rapid.”—
Burgin.
Spot people large buyers of Octo
ber. Liverpool hot more shorts cov
ered squeeze in on Oetober becom
ing sever. Considerable hedge sell
ing nnd profit taking R. Hubbard
large buyer after opening.—Clave.
May shows fair spots central belt
and south Texas but cloudy entire
rest of belt. General rains and
low temperatures eastern states.
COTTON
The John V. Harwell Co., Chicago
say the government rotton report
has stimulated buying of cotton
goods. Wholesale dry goods busi
ness Is running about equal to the
corresponding week of last year,
while collections ahow Improve
ment.
Our cable says: "Market higher
In consequence bears covering In
fear of unfavorable weather re
ports. Manchester Itneresta and
State Bureau of Markets
frlcea below are thosa which wholesaler* are paying FOB the**
consuming centers. To arrivo at price* net shipper*, deduct freight to
moat favorable point.
v , Atl'ta Aug t* Macon Sav'nah Col'bua
Sweet potatoes, Ye), bulk load
t.i'lLf'. * , 1 300 33 25 * 3 no I S.so $2.75
Irish Potatoes, No. 1 new, per
per 150-pound sack 2.85 J9O 300 375 275
Per 150-lb. sack 1.75 1.75 1 75 8.00 2.00
Black eye peas, pound 06% 06% .06% 05% 06%
Brown eye peas, pound 04 , 87 1 *
Eggs, fresh candled, dozen 30 36 22 21 37
Stags, pound 2,7 23 ,21
Hen*, pound .23 24 .22 .25 22%
Roosters, pound 12 .11 n mix
Friers and broiler*, 1 to 2 lbs.
pound 27-28 .27 .26 32 32-84
Ducks, pound 20 g ,jg 15 j 5 • -
Geese, pound to u 10 jjtx . . .
Turkey (hens), pound 2’, • • .25 »-
Turkey (toms), pound 25 • • jj .
Country butter (best table), th.. .35 13 35 .35 js
Country butter (rooking), pound. .20 .21 20 ,26 30
<ia cane syrup (Bbl ), gal .75 ,75 70 75 75
Corn meal, per 69-lb. sack ... 280 2.50 2.80 290 235
Lorn, No. 2, fwhlte) sacked, hu... 1.42% 146 1 42% 1.46 1.45
On(s No. 2 (while) sacked, liu 67 69 67 69% 67%
reavln* hay, ton $2 00 22 00 31.50 22.50 22^00
THIRTEEN
STOCKS AND
BONDS.
trade Interests are supporting mar
ket.
Liverpool wheat opened half up.
Dow Jon».» summary: Average
price 20 industrials 104.13 off 55: 20
rails 90.51 off .20; 40 bonds 90.84
up .07.
New York News Bureau. RatiJ
of Federal Reserve system for week
ended September 24 was 80.4 vs.
78:5 previous week and 73.4 year
ago.
Depression in British cotton
trade is passing and only half as
many now receiving unemployment
('.ays as several weeks ago. Mas
ter Cotton Spinners Federation
hopes soon to restore full working
time.
Temperatures nbcut unchanged
o.er the belt. Continued light rain
fall scattered over eastern belt.
Forecast Friday entire belt mostly
part cloudy and colder. —Stanley.
Stein Alstrln: Sentiment in
wheat continues to be bullish. Rye
looks decidedly over-bought. Corn
looks heavy.
T.amson: Purchases on dips for
trading profits are favored.
Hurlburd AVarren Would buy
wheat on moderate dips.
Bartlett Frazier: We favor the
purchase of wheat on all reces
' sions.
CLEVE MORNING LETTER
Liverpool October 4.—Amn. points
hetter than due, December 4 and
Jan six lower. It was still rain
ing in Georgia at. 8 p. m. with 1.90
reported at Macon. This will pro
bably bring in numerous damage
reports. Forecast 1* for showers
for all cotton states. Light to mod
erate business tn Worth Street,
buvers reluctant to pay asked
prices. More mills north nnd south
are resuming full time. Crop ideas
are becoming smaller and senti
ment. is less bearish. If the trade
become doubtful and nervous over
supplies the market will work
higher.—Cleve.
3TOCKS
Town Topics Leaders resting
a bit but not for long Would buy
them on soft spots for turns.
Cotton Feed Oil: The lard mar
ket was only steady but the eotton
strength had sympathetic influence
on oil. The local element is on
both sides, nnd again it was evi
dent that the market was in de
batable ground. Tho bullish ele
ment. however, are fearful of hedg
ing pressure and nt'« hoping for
Improvement In cash trade.
Writs & Wins: Purchases should
he msdo on good setbacks.
Ttache: AVe do not see where buy
ing will come from to absorb pres
sure and look for prices to decline
Orvia: Accepting easiness for
making purchase* appears a wise
pollcv to follow.
Tfuhhard Bros.: Tt Is safe to buy
rotton on nny breaks.
AA'eld: AVe think that rotton epn
he bought on pronounced
breaks.
BIG CATTLE SALE
To Be Held in Turner County
is of Great Interest
ASHBURN. Ga—The dairy farmers
and cattle breeders generally. of Tur
ner county and section, have made
great preparations for the great cat
tle sale to be held In Ashhurn Friday
the 26. There will be offered for »al#
90 head of beef cattle at the Turner
County Stock Yards and fifty head of
young dairy heifers as well as six
purebred young Guernsey bulls and
some dairy cows at Scott's barn in
Aahburn.
The heifer and young bull depart
ment Is creating much interest. In
fact it is an epochal event in this sec
tion, we might say Georgia, as it la
the initial sale of the first fruits of the
splendid lot of purebred Guernsey
bulls Imported to Turner county two
years ago. The heifers are crosses
from high grado Jersey and Guernsey
cows as well us some out of purebred
Guernsey dams by the purebred
Guernsey bulls of which Turner coun
ty boasts of more than any other
county In Georgia. The young bulls
offered for sale are purebred Guern
seys. It is expected there will be
spirited bidding for these by outside
and home buyers, thanks to the good
rrop of cotton and peanuts made in
this section, which puts the home
farmers, who are convinced of the
heneflta of dairying, In a position to
buy.
Outside buyers will have tho right
of way with the beef cattle Many
non-buyers era coming from a dis
tance Just to see this path-finding
event thal amounts to a miniature
Southeastern Fair Cattle exhibit.
Messrs. Henry Branham. State
Dairy Inspector, and Fred Whelchel
of the State Market Bureau, will as
slat In the sale.