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SUNDAY, SEPTEMBER 28 COTTON AND GRAIN. THE WEATHER _____ • WASHINGTON, D. C.—Forecast: Georgia: Showers Sunday, warmer in north portion: Monday, clearing and cooler, moderate east winds. South Carolina: Unsettled and warmer Sunday, probably showers; Monday, showers, coolepeln west por tion, moderate to fresh east winds. AUGUSTA COTTON Spots 24.50 Friday .... 25.00 Last Year. . 28.00 PRICES BY GRADE Clone. Middling fair 26.50 Strict good middling 25 % Good middling 25.00 Strict middling 24 88 Middling 24.50 Strict low middling 2.160 Low middling 22.50 Strict good ordinary 21.75 Good ordinary 20.76 NEW YORK COTTON NKW YORK —The cotton market Saturday wa* eatri nuly narvVtsa and Irregular following Friday*' big ad vance*. After aclling off to 24.62 In the early trading December advanced to 25.12, a new high record for the < movement, but later broke to 24.45 and closed at 24.50, the general mar ket cloning weak at a net decline of 34 to 42 point*. The market opened steady, un changed to a decline of 10 polntn. Wonknen* developed under nouthern hedge (selling, week-end realising and celling on IheTxpeetatlon of reaction* after Friday'* rapid advance. A great many contract*, however, were taken out of the market on the decline to 25.50 for October and 24.60 for Jan uary or about 20 to 25 point* below Friday’* cloning quotation*, and when early aeller* attempted to cover on reporta of continued rain* and pre diction* for ivttll colder weather in the eouthweat contract* appeared to be comparatively scarce. October aold up to 26 98 and Jan uary to 25.16. making net advance* of 22 to 29 point*. The official weather belt forecast wa* for front in north west Arkansas. Oklahoma, and Texas, but the new high prlre* bttrarted a renewal of heavy realizing and the late market was unsettled by the relatively easy ruling of October, nc rompanled by rumor* of selling iigainst Intended shipments here for delivery *nd of realizing by some of the larger holders of contract*. October ibroke to 25.20 and January to 24 50, making net declines of about no to SS point* <>n the ictitfl position!. The opinion Among nrnit local traders appeared to be that it wa* too early In the session for any killing tem peratures In the south, but It wremed that the day’s weather news ns a whole had tended to strengthen ex pectations of a further reduction In itti of tbs crop Cotton on ship board nwa’ting clearance was esti mated at 11)3.000 bales against 127,000 ln*t year, NEW YORKvRPOTS NEW YORK.—Cotton spot, quiet; middling. 25.70. NEW ORLEANS COTTON NEW ORLEANS. —The cotton mar ket wa* very active Saturday and prices fluctusted within a wide range. October reached 26 00 at the start for the first time on the present upward movement but closed at 24 41, the low price of the day. showing a spread of 69 points, December, the most active month, after advancing to 25 06 de «line d to 24.89 The net decline* for the day on other month* were 31 to 35 points. At the start the mnrket wa* 24 point* lip owing to favorable Liver pool cable* but prices soon eased off on week-end realizing, losing 60 to 66 points. When the weather map was posted showing more rains in the eastern belt, general cloudiness in the belt as a whole and light to heavy friHit in the fsr northwest, the mar ket rallied and the advance was ac celerated by a forecast predicting un settled weather In the belt over Sun ds\ and froat in the northern part of the western belt Thl* bulge car ried price* up 64 to 61 points from the 111 til#* last few min - me* of trading the market broke badly on heavy lb mi-da t lon by longs and active short selling and new low* for the day war* established right at the close. December trading at 24 39. Heginnlng Monday the New Or leans market will open at 9 a m , and close at 2 p. m. NEW ORLEANS SPOTS. NEW ORLEANS, La.—Spot cotton Steady. 50 points down Sales on the snot 702 to arrive 1.616 Middling, 23 60* middling, 24 50; good middling, COTTON MOVEMENT Port Movement. New Orleans: Middling 24 66; re ceipts. 5.059; exports, $00; sales, 2,* 216; stock, 105.457. Galveston Middling, 24 60; receipt*, 21.931: sale*. 1 S2O; stock. 353.569 Mobile: Middling. 24 00; receipts, 1 120; exports, 60(1; sales, 3.68; stock, 11.999. Savannah; Middling 24 25: receipts, 4,562; sales, 865; stock, 74.644 Charleston: Middling. 24 00; receipt*, 1.200; stock, 23,255. Wilmington Mlddl'ng, 24 28; re ceipts. 363; stock, 2.247 Norfolk Middling. 24 60; receipt*, 625; export*. 100; stork 16,101. Baltimore: Stock. 1.052 Boston: Middling. 20.10; stock, 1.- too Philadelphia: Middling. 25 76; stock, 2.217. New York: Middling. 25.70; stock. 62 689 Minor ports- Receipts, 1,000; ex ports. 1.000; stock. 1.294 Houston. Receipts, 2,05?; export*. Total today: Receipt*. 41.210; ex ports, 4.550; sales. 6.353; stock, 947,- 124 Total for week Receipts. 41,210; exports. 4.650. Tidal for season Receipt*, 1 228.- 604; exports, 747,710. Interior Movement Houston Middling 24 35; receipt*. 30.310; shipments. 18.723; sales, 14.- 328: stock. 283 207. Memphis: Middling 24 06: receipts. 2.514; shipment*, 1,720, sales, 1.600; stock, 27,171. Augusta- Middling. 24.60; receipts, 1.467: shipments. 866, sales. 694; stock, **6 617 St. Louis* Middling 24 ap; receipts, 906; shipments 906: stock. 1.632. Atlanta Middling. 24 00. Little Rock Middling 24 00; re ceints. 936; shipments. 1,364, sales. 7.119: stock 13.566 Dallas: Middling, 23 60; sales. 14 - 619 Montgomery: Middling, 23 50; sales, twenty-two. Total todsv Receipts. 36 133; ship ments, 23.577, sales, 38.379, stock, 351,013 LIVERPOOL MARKET UVERPOOL#—Spot cotton, quiet: prices rteadv Strictly good middling if ot ddllnc Strictly middling 15 32 Middling 14 M Strictly low middling 14 63 l/ow middling 14 11 Strictly good ordinary...... 13 7.1 Good ordinary 13 13 Hale* 5.000 bales including 1,300 American. No receipts Future* eluded very steady- September 14 68 October 14 18 December 14 23 January 14 March 14 26 Msv 14 27 Jpiy 14 09 =Financial and Commercial News= Strength of Cotton Is Largely Based on Crop and Weather Conditions (By W. A. LUFBURROW) (Market Editor) ALTHOUGH the cotton market furnished many kensatlons dur ing the past week and It ad vanced nt Augusta to 25 cents for spots interest and activity of the bulls declined .Saturday and on the close of the market spot cotton at Augusta was quoted at 24.50. It would seem that most of the shorts are very well covered and the opinion being that the market will react, there was not so much willingness to trade. Other than weather conditions and reported crop deterioration there was not much to the bull Hide of the mar ket. Demand for the staple was very limited and unless this pick* up the market will, In nil probability, decline ns rapidly as It advanced. If there are any further short interests In the market worth while speaking of. fur ther unfavorable weather condition* will keep the bears on the Jump suf ficiently to prevent any great break, and probably will be of such assist ance to the bulls that further ad vances will bo witnessed. It Is time for the law of supply and demand to make a feeble effort to function, but ns yet there are no signs of such. Though the mill sit uation may not be viewed by one who Is optimistic as blue, it cannot be said that it is satisfactory. As business conditions in the United States advance the domestic mill in terest WIU doubtless be encouraged. Certainly something definite should be known from this angle by the mid dle of October. Over the cotton mnrket and *ll others bangs the blue clouds of the European situation. Though the sli ver lining might be the gradual bet terment of tilings. The business con dition in Europe since the war has fluctuated violently and ns a whole has had the entire world guessing what was to happen next. If the spinning industries get Into a posi tion where they enn buy American staple, the mnrket. will, of course, re. spend 4T« adll.v. What condition this phase of the European muddle will be able to get into. In the way of do ing btWIAMi Hum fan and winter is a question that no oneean answer, and to guess whiU It will be is taking a great chance. Discussing the cotton situation from many angles the Guaranty Trust Co., of New York says: “One of the nfost encouraging of recent business developments Is the Improvement in the outlook for the cotton textile industry. For more than a year the manufacturers of cotton goods have been facing an excep tionally severe depression, the effects of which have been felt in many other branches of industry and trade. "Among the obstacles to the even and continuous revival of business ■ Ini • lift m 1 Nh n the lack of bill nnce between economic groups, due to the fact that certain basic Indus tries have been seriously embarrass ed by special conditions which have prevented them from swinging Into line In any general upward move ment. A conspicuous example is the cotton textile Industry. In which the factor of primary Importance ha* been a succession of short crops, with steadily diminishing stocks and rising prices for the raw material. This 1s the <xa cl reverse of the situation w blch has been causing trouble In several agricultural lines, and Its principal reaction has been upon the manufacturing rather than upon the agricultural branch or the Industry. "If the economic position of the cot ton farmer had been similar to that of the Wheat grower or ranchman, the short crops would have caused n depression in the cotton belt. Just ns low wheat prices caused a depression In the wheat belt. Dotton, like wheat, is a world cron, and the price Is n world price But the cotton farmer Is in a peculiarly advantageous posi tion, due to the fact that American cotton constitutes so large a propor tion of the world's supply that It vir tually dominates the market For years the American crop has Invariably represented more than half of the world's production. Tho rela tive price, therefore, tends to move Inversely with the sire of the do mestic out pm. short crops bein'* off set by high prices. "The series of low yields of cotton in this country In recent years is duo In the main to the increasing destruc tiveness of the boll weevil. This in sect, which has been called the •bil lion-dollar bug,* entered this country from Mexico In 1892. and has not only resisted all the efforts which have been made to exterminate it, but has increased In both number and de etrurtlveneas /to such a point as to alter radically tho conditions sur rounding the growing of cotton In the Lotted States. Although Its appear mice wa. f0110w.,1 In IK9S bv the low cat *cre yield In 13 year., it ua. not until much Inter that the full extent u. It. potentiality <|#.trurtltin be emm> npparrnt. In ISM tho peak of aero yield wna renehed at ftO.C pound*, *nd a. late a. 1914 tho nver i»K« wa* 209 2 pound*. » figure which ha, been Mirpas.ed only nine The follow lint year, however, witnessed the ließinnlnK of * aeries of low yield, which has been broken only once i!'®* date. In the last ten years the g<*>d crop has become the excep tion rather than the rule. "The average yield per acre for the five Years 1910-14 was 192,1 pounds, while that for 1919-23 was only 147 3 pounds. On the basis of calculations made by the Department "I T * cu,turr . it appear* that during the five years ended in 1922 nearly # .1* 1,10 b ercrnt »K* reduction from full yields per acre was caused by the boll wvevll. Amt In each of the years I®*®. and 1922 the dnmage from the weevil was greater than that from all other factors combined. "The ern ts of th.se conditions on the cotton industry have been pro found Tke average relative price has been rNing steadily since '1920 while stock* have regularly dimin ished year by year Talk of a ‘cotton famine’ has been heard with increas ing frequency, and it appear* that another short crop this >ear would have been virtually sufficient to bring about such a situation. ♦‘Combined with tbs decreasing stoc** and rising prices of the raw materia! has been a radical change in the having policy of distributors of cotton goods. 'Hand-to*month* buy ing has become the almost invariable j rule. Although the same tendency has been apparent In many other I lines, it has not generally gone to I such lengths, or entailed such serious I difficulties, as in cotton textiles Its effect has been to shift to the manu facturers the burden of carrying and financing the stocks which would ordinarily have been held by whole sale and retail distributors—a burden which the manufacturer* were not In a position to assnnte. The efforts of producers to relieve themselves of these excessive Inventories have pre vented the prices of finished roods from coming lt\j£ alignment with the price of raw cotton This price weak ness hn« in turn served to Intensify the cautious attitude of wholesale and retail dealcss "Price disparity dearly represent* an anomalous situation, which can not continue indefinitely. It has In fact, already set In motion the force* which would ultimately bring about Its correction Cotton manufacturing has become, for many concerns, un profitable end the activity of textile mills ha* declined. The domestic con sumut on of raw* cotton decreased steadily from February to July, reach lc«* the lowest point since December, 1920 During tbs .vsar ended July 31, tho total consumption was only 6,669,000 bales, as compared w'ith 6,- 665,000 bale* In the preceding year; and in the Just six months of that period the total was only 2,582,000 bales, as against 3,087,000 In the first six months. In course of time the reduced supply of fabrics and the lack of demand for raw cotton resulting from curtailed activity would neces sarily bring the prices of the two commodities Into a more natural r<|- latlonshlp. 1 "Obviously, however, this readjust ment could be effected only at the cost of diminished production (and therefore diminished consumption), great flnanclalloss, and disaster to some •such a process may be made unnec essary by the harvesting of a large cotton crop this year. Although the trade has been reluctant throughout the season to'accept the more opti mistic reports, it is now generally agreed that the Top has come through in better condition than at first seemed possible. "In the early part of the season the prospect* were regarded‘as far from cheerful. Although it was known that the area planted to cotton, esti mated nt 40,403,000 acres, was much larger than ever before, the impres *ir»n was general that a very low acr« yield w'as inevitable. Cold weather and excessive rainfall in the spring had caused late planting ,nnd In many rases replanting was necibcsnry. Since the advent of the boll weevil an early start has come to be regarded as doubly important, since the weavil usually accomplishes its greatest de struction late In the growing season, and enn be combated mo*e success fully if the bolls havo become tough and resistant by that time. "Contrary to general expectations, the weevil has been less prevalent this summer than for many seasons past. Climatic conditions also have been unusually favorable. Although rainfall in the Carolina* has been heavy, most of tki i»< it ha* pi by high temperature* and dry weath er, and threatened droughts have been opportunely checked. As a result, tho latest official estimate places tho average yield per acre at 149 2 pounds, much the largest since 1920. and slightly above the average for the last five years. "The period of possible serious dam age to the growing crop has virtually passed, and the latest official report, hawed on condition September 16th, forecasts a harvest of 12,596,000 bales. Most private estimates are consider ably above that figure. It is fairly certain that this year’s crop will be easily tho largest since 1920, and larger than anv other since the rec ord crop of 1914. "The price of raw cotton. In re sponse to continued good crop re ports, has declined this month to new low points for tho year. Cotton goods prices have shown some weakness In sympathy with the lower quotations for the raw material, but the decline has been much less pronounced than that of raw cotton. The net result I lias been a material Improvement in the price situation, with a prospect for further improvement if present estimates of yield prove to be sub stantially correct. "A measure of relief has already been experienced by manufacturers as a result of more active buying and of the improved price situation. The consumption of raw cotton last month was slightly greater than in July, and the activity of spindles also showed a small increase. Some southern mills have recently resumed full-time rations after having been on schedules during tho spring and sum mer. and a few are reported to be using night shifts. A more general revival may be expected If present crop prospect* are realized, with prices of the raw material in harmony with production figures. “It Is doubtful, however, whether thf new crop \MII make possible any material increase in the world’s car ry-over of cotton It will provide immediate relief from a dangerous situation. But a series of harvests equal to this year’s output would be no more than sufficient to supply re quirements and to Increase storks to a point of comparative safety." The following flotations from New Orleans and New Turk were posted °n the Augusta Cotton Exchange Saturday: NEW YORK. Prev Onen High Low Close rinse Jan... 24 97 25.16 24 50 24.50 24 90 Mar... 25.10 25 35 24 75 24 75 25.11 May.... 25 62 24 95 25 00 25 9? Oct... 25 70 25.98 26.20 25 40 25 75 Dec... 24.80 24 13 24 45 24 50 24 SI NEW ORLEANS. Prev.. Open High Low Close rinse Jan... 24 86 2.'» 04 24 43 **4 42 24 76 Mar... 24 9‘» 25 20 24 59 24 59 24 9ft | May... 25 12 25 17 24 68 24 68 25 03, 0ct.,,. 25 00 25 00 24 41 24 41 24 76 Dec... 24 89 25.06 24 39 21 39 24 71 COTTONSEED OIL NEW YORK Cottonseed oil wax active nml higher Saturday. General short covering and buying by the wuth, prompted by advancing crude, unfavorable weather nl«> and the strength In grain, caused the ad vance ('losing bids Were off slight ly from the best representing net gains of it) to S 2 points. Sales 21.300 barrels Tenders, 300 barrels. I‘rime crude. 8.55 sales I'rime summer yellow., 10 20G10.30 October io 31 , November 10.K* I'eccmber 10,19 January 10 20 February 10.40 March ]0 4 , April 104,-, May i0.f.5 DAIRY MARKET ' CHICAGO CUTTER, EGO AND POULTRY RECEIPTS. CHICAGO, 111—Butter, unrhangid. >'CE*. higher, ordinary firsts. 32y -I’oultry alive, lower; fowl*. 16022 c ■'Prints, 21'jc, rooster*. 14*,c. NKW YORK Butter, firm: cream ery higher than extras. 39'., 4i 3S\c; creamery firsts. >2 score. 17\c. Kkks. Irregular; 'fresh gathered firsts, 39 a (4c; Pacific twist whites, firsts to extra firsts. 500*6c. Cheese. Irregular. I.lve poultry, unchanged: chlrVens. express. 234127 c; dressed poultry, wc»k, prices uttchnngrd. NAVAL STORES SAVANNAH NAVAL STORES. I SAVANNAH. G*.—Turpentine firm, I SJc. Kales 213: receipts, 449; »hlp. ments. 17: stock, 13.910, lb'sln. firm; ssles. 1.509; receipt*, 2,016; shipments. 14. stock, 109.700 viuet. B r» K V O 1C 1 So 25A*: K M, *5 Si; N 13(0; window glass, J 6 2S; water white, X. *6 90 JACKSONVILLE NAVAL STORES JACKSONVILLE. Kl* - -Turpentine, firm. 81L»<t*l%o; sales, 204: receipts, 327: shipments, 9: storks. 27,000. Knsln. firm: sale* 1.1*1: receipts, 1.435: shipments. 1.2*0: stocks 124*4? (Joule It to I S 3 324, K >1 $;. 2.V N IS4oft!>4s: window glass 4*25; watir white, 96 90ff 6.94; X. 9*95. THE AUGUSTA HERALD. AUGUSTA, GA. N. Y. STOCK MARKET Twenty Twenty IndusA-lals. railroad*. Saturday .......•...102,95 91.65 Friday .102.98 91.50 Week ago 102.43 90.38 High. 1924 104.13 93.15 Low. 1924 90.27 81.00 Total aale*, 456,000. NKW YORK. —Pronounced strength of tho motor* and public utilities and the uniformly strong tone of the rails were the chief development* in Sat urday’* brief but active session of the stock market. United State* Steel ■ crossed 109 for a net gain of % but many of the other standard indus trial* showed a tendency to heavi ness. Nash Motor was the individual fea ture, soaring II point* to 161, the highest price since the distribution Of a stock dividend two years ago. Other motors improved in sympathy, Pack ard touching a new high at 14 and Studebaker. Maxwell B and Spicer Manufacturing duplicating their pre vious 1924 peak prices. Reports of increased car sales formed the basis for the buying of these shares. Public utilities continued to respond to reports of high earnings and rumors of Increased dividends, La ded • Gas. Pacific Gas and Electric, Standard Gas arid Electric and Pub lic Service of New Jersey breaking through their previous top level*. St. Louis-Southwestern Railroad Is sues continued to discount the expect ed declaration of a dividend on the preferred stock at next week’s meet ing of tho board of directors, the common touching 31 and the preferred 66%. Atchison* led the advance in high priced carriers, moving up more than two points to 107%. Southern Pa cific, Lackawanna, New York Central and several others improved frac tionally. United States Cast Iron Pipe was hid up nearly four points to a new top at 115 on urgent short covering, casing later to 113%. Good buying also was noted in Commercial Sol vent* "B," Dupont, iron Product*, Remington Typewriter, and Norfolk and Southern, all tip two points or more. American Tobacco, American Sugar, United Fruit, General Electric and National Lead were among the heavy spots. Foreign exchanges eased slightly in quiet spading. Demand sterling ruled about half a cent lower around 84.4614 and French francs held rela tively steady Just above 51,4 cents. Other European rates showed only nominal changes. NEW YORK—Stocks, bonds and commodity prices pointed upward this w'eek although there were periods of irregularity in all markets. The stock market was featured by a series of bullish demonstrations in the public utilities, motor and food shares and steady accumulation of several of the southern and south western rails. Standard industrials showed a tendency to heaviness, but this was believed In some quarters to be a tctccn to cover buying else where. Bond prices approached within a small margin of the year’s high levels with strength of the foreign govern ment liens and United HtSates gov ernment securities among the fea tures. The principal development in the "outside” market was the drastic break in German war loan bonds. Cotton quotations improved in re flection of the government’s reduced crop estimate and adverse weather reports. A bearish government esti mate also resulted in a sharp run-up in corn price* while wheat quotations moved up in response to increased ex port requirement* and the embargo placed upon the exportation of Rus sian wheat. The principal European exchange rates fluctuated Irregularly within narrow limits. NEW YORK STOCK LIST. Close Allied Chemical and Dye 741/, American Can 129'* American Car and Foundry 167 American Locomotive 80% American Smelting and Refg.... 73% American Sugar 46 American Tel and Tel 1271/. American Tobacco 163% American Woolen 56*, Anaconda Copper 37% Atchison 107% Atlantic Coast Line 136% Baldwin Locomotive .. 122% Baltimore and Ohio 63 Bethlehem Steel 43% California Petroleum 22 Canadian Pacific 14K% Central Leather pfd 47% Cerro de Pasco 46 chandler Motors \.... 36% Chesapeake and Ohio 85% Chi. Mil and St Paul pfd 21% Chi. It I"and Pac. 34% Chile Copper 32% Coca-Cola 76% Congolouin 45% Consolidated Gas 74 5 , Consolidated Textile 3% Continental Can 58% Corn Products, new 35% Coaden Oil 23% Crucible Steel 56% Cuba Cane Sugar pfd 64% Cuban-American Sugar 32 Davison Chemical 49% DuPont de Nemours 133% Erie 27% Famous Plavers-Lasky 831; General Asphalt 42c; General Electric 261% General Motors 15% Great Northern pfd 64% Gulf States Steel 73% Houston Oil 72% Illinois Central llft% lnt Mer Marine pfd 4<)% Invincible Oil 13 Kelly-Springfield Tire 18% Kennecott Copper 47 v. Marland Oil 34% Middle States Oil 1% Missouri, Kan and Tex 16% Missouri Pacific pfd 58 Now York Central 107% N Y, N H and Hartford 25 14 Norfolk and Western 125% Northern Pacific 65% Pacific Oil 48 Pan-American Petroleum B 52% Pennsylvania 44% Phillips Petroleum 32 Pure Oil 22% Reading 62V, Republic Iron and Steel 46% Reynolds Tobacco B 77 St. Louis Southwestern 43% Seaboard Air Line 15% Seaboard Air Line pfd 29 Sears-Roebuck 104 v Sinclair Con 16% Southern Pacific 95 Southern Hallway 7'U| Southern Railwav pfd 76 Stndnrd OH of Cal 51% Standard Oil of N J. 35 1 -, Stewart Warner , 57% Studebaker Corporation 42 Texas Comnnrtv 49 Texas and Pacific 27 Tobacco Products 67% Transcontinental Oil u: Union Pacific ... 141114 V S Cast Iron Pipe 113% United States Rubber 35% United States Steel 109tj Wcstlnghouse Elect etc 63 WUlya-Overland pfd 68% Hudson 2$ FOREIGN EXCHANGE • NKW YORK Foreign exchange* steady. Quotations in cents I Great Britain, demand 4 46%t ca- Wcs. 4.46%; 60-day bills on bank*, 4 43% France, demand 5.25%; cables. 5 26. Italy, demand 4 30 t ables 4 39 Belgium, demand cables 4 84. Germany, demand, per trillion. 23%. Holland, demand 38.55. NVrwoy. demand 14 > 3 Denmark, demand 17.21 Switzerland, demand 19 05. Spain, demand Greece, demand 1 77. Poland, demand 19%. Ozecho-Sb # tb :-\snd 2.9%. Jugo-Slavakm. demand 13 9. Rumania, demand M% Argentina, demand 35.75. Brazil, demand 10 50. Tokin. demand 46% Montreal, demand 1 06. LIBERTY BONDS NKW YORK.—V. S- Kovvrnmsnt bond* cioatd ■ L'ln-rt v m* |liV' ?9 First ti. s inj.tit Sr.'ond 6t,» lot 2J Third 61,* In? T Fourth 61.. 10J ?l Tr».x*ury 6H* IOC S NEW YORK BONDS Sat'day. Friday. Ten first grade rai15..89.75 89.82 Ten secondary rai15..88.62 88.60 Ten public utilities.. .21.27 91.30 Ten industrials 95.13 95.11 Combined astrage ....91.19 91.21 Combined month ag0.90.22 Year ago 80.07 Total sales, 6,870.000. NEW YORK.—Trading in Satur day'* brief session of the bond mar ket ended with pri.es holding around the highest levels of the week. Scat tered profit-taking at the close re duced earlier gains of several high grade railroad and industrial issues, but the general list displayed a firm tone with greater activity in foreign obligations, indications that the Ger man loan would be put in shape for offering at an early date brought a revival of interest In virtually all European issues. United Kingdom of 1937 and Swiscs 5V4’», of 1937, achieved new high prices for the year, and a broadened inquiry embraced Australian 7's, and Netherland C's, .South American bonds, however, yielded to the pressure of realising sales. Frisco Income 6's were among, the most active of the railroad mort gages, scoring a gain of more than a point in anticipation of distribution of dividends osi the preferred stock next week. Heavy spots included St. Paul and International Great Northern Railroad liens, Wickwlre Spencer Steel 7's and United States Rubber 7'/j's. Wlllys-Overland 6'/i's, one of the few motor company bonds, touched par for the first time this year in response* to the rise in motor shares. United States government bonds moved irregularly lower. NEW BOND LIST. FOREIGN. Argentine 6s 94 Austrian Govt gtd loan 7s 95% Horn of Canada ss, 1952 103 U Dutch East Indies sis, 1962 9014 French Republic 7’,4s 103i*i Japan 6's 92'i Kingdom of Belgium 7</i8 11l U K of G B and I G%s, 1937... .105% U S of Brazil 8s 96% DOMESTIC Amor Agr Chem 7i4s 9694 Amer Smelting 5s 9494 American Sugr 6s 999, Amer Tel and Tel deb s'/ 2 s 103 Anaconda Cop 6s, 1953 98 At T and San Fe gen 4s 8994 Balt and Ohio cv 4>/is 8994 Bethlehem Steel G'/Os 8894 Central Leather 5.5..4 10094 Chesa and Ohio cv 's 9894 Chi, Burl and Quincy ref 5s A.. 102 Chic Great Western 4s 59 Ch 1 , Mil and St Paul cv 4945.... 56 Chic and Northwest ref 5s 99 Chi. RIP ref 4s 8294 Chile Copper 6s 106*4 Cuba Cane Sug del) 8s stpd 9934 Dbnver and Rio Grande ref 55... 4614 DuPont de Nem 794 s 96*4 Erie gen lien 4s 64 Goodyear Tire 83, 1931 10614 Great Northern 7s A 16994 Inter and Gt Northern adj 65.. 60% lnt Mer Marine s f 6s 8Y94 KellylSpringfield Tire 8s 99 Mo, Kan and Tex new adj 5s A.. 6494 Mo Paeific gen 4s 6294 N Y Central deb 6s 108 N Y r . N H and H francs 794 8594 Norf and Western cv 6s 125*4 Nor Paeific ref 6s B lost/ 1 Penna It R gen 5s 104 Reading gen 4s 95 St I. anti San Fran Inc 6s 74 Seaboard Air Line con <6s 83-94 Sinclair Con Oil col 7s 90 Southern Pacific cv 4s 9794 Southern Railway gen 4s 75 Southern Railway 6s 103'4 Union Pacific Ist 4s 92% U S Steel s f 5s 105 Ya-Caro Chemical 7s 6194 Virginia Railway 5s 96% Willys-Overland 614 s 9894 STOCKS AND BONDS STOCKS. Bid Ask. Augusta Factory 20 80 Augusta and Sav R. R 4 92 97 Bon Air Hotel Cor. c0m.,.. 62 67 Bon Air Hotel, pfd 62 67 Citizens * Sou. Bank 250 255 Enterprise Mfg. Co 87 Georgia 1!. R Bank Co 194 200 Granitevllle Mfg. Co 150 John P. King, pfd 104 John P. King, coni 10(1 National Exchange 8ank...106 110 Sibley Manufacturing C 0... 60 - Southwestern Railway .... 95 99 Union Savings Bank 140 150 BONDS. Bid Asked Augusta Factory Ss, 1911....100 102 Bon Air Hotel 7s. 1942 101 103 City of Augusta (bnsisl 4.R0-, Ga. R. R & Bkp. 4s. 1947.. 80 Ga. It. R. A- Rk. Co. 6s. 1951.108 Graniteville Co. 7s. 1942 99 101 Lnnglev Mills 7s, 1943 97 98 Sibley Mfg. Co.. 7s. 1942 98 100 State of Georgia (basis) ..4.2394 N. Y. BANK STATEMENT NEW YORK —The actual condition of It lea ring house banks and trust couj+mnies for tho week show* a de ficit in reserve of $19,587,030. This is a decrease of $50,027,700 compared with week. . WALL STREET REVIEW NEW Y’ORK.—Stock and bond prices moved irregularly higher lit this week's market with business on an Increased scale. Easy money rates, I favorable* trade news and the usual crop of merger and dividend rumors provided the ground work on which the advance was based but intermit tent profit-taking brought about many periods of irregularity. Specialties continued to record tho largest gains although substantial progress was made by a series of bullish demonstrations in the public utility, food, motor and low and medi um priced rail shares. tUandard rails and Industrial* moved, t&r the most part, within narrow limits. This was probably due to a disposition on the part of some traders to await further indications of the drift of political sentiment. I Cat-loadings for the week ending September 13th. the latest for which figures are available, exceeded the million mark, were the largest for.any corresponding week In history nnd came within 35.000 of the record for all time established in the fall of last year. Some irregularity took plac* In the steel shares due to the confusion Inci dental to the abolition of the "Pitts burg plus" price plan but encourage ment was derived from the fact that itperaflcns of the United States Steel C,<rporatlon had Increased from sixty to slxt.v-flve per cent of capacity. Oil stwks failed to derive much benefit from an Increase In certain grades of Uosccrans nnd Smackover crudes nnd a further reduction In crude produc tion Motors were helped by report* of Increased car sales bv some of the leading companies. Ruhbers and mo tor accessories ndvanced In sympathy. The spirited bidding for public utili ties reflected higher earnings and forthcoming amalgamation with local gas shares nlded by reports of an early termination of rate lltigntlon In the preliminary' Proceedings of which the companies have been successful. Pools w.re more active but public participation continued relatively small In volume. DRY GOODS NEW YORK.—Cotton goods niar k<ts .tided the week with signs of In creasing demand and higher prices. The American Woolen Company has withdrawn many women's wear wool ens lines from sale and several mills' pr.slucts In men's wear woolens also have been withdrawn. The easing In raw s !k prices has done much to encourage silk merchants In their spring sales plans. Linen* were in better demand for household uses. Heavy knit goods lines continued to j move better, especially knitted outer wear and dress fabric*. BAR SILVER. NEW YORK Bar »ilver. 43%; I Mexican dollars. 53 V SOUTHERN COTTON MILL STOCKS Sou’hern cotton mill »u.cka m quoted by B 8 Oicksou and Company, of Caftonia, X. C., and Greenville. 8. C.: Bid. Ask Acme Spinning Company 99 101 Arcadia Mill* I'BJ 1‘93 American Spinninj Co 2d6 Am. Yarn and I’roc. Co 91 97 Am. Yarn and I’roc. Co. 87a pfd. 102 105 Andmon Cation Mill* 104 108 Arlington Cotton Mills 100 108 Aragun Cotton Mills (S. C.) 135 151 Arcade Cotton Mllia 80 *5 Arrow Mill* 93 Art Cloth Mill* 93 9S IJclton Cotton Mills 6) 63 Itelton Cotton Mills, 7 7c. Pfd 90 93 Heaumont Manufacturing C 0....... 410 —— Hibb Manufacturing Co 173 Hrogon Mills 112 114 C ara Mfg. Co 90 100 Clifton Manufacturing Co 135 140 Cabarrus Cotton Mills 160 176 Cabarrus Cotton illU*. 77c pfd... 10| —— Chadwick-Hoskins Co. (par $25)... 18 20 Chadwick-Hoskins Co., 87a pfd.... 102 104 Chinee Mill* 130 137 China Grove Cotton Mills 103 107 Chluuola Manufacturing Co 250 265 Chlquola Mfg. Co., 6 7a, pfd. 93 Calhoun Mill* 120 125 Cannon Mfg. Co. (par $10) 11% 13^4 Clover Mill* 90 Climax Spinning Co. 120 131 Crescent Spinning Co 9J 101 Columbus Mfg. Co. (Ga.) 140 145 Converse. I». E. Co 117 12u Cowpeiu Mills 75 81 Harlington Mfg. Company 89 92 Dixon Mills 99 103 Drsyton Mills 101 Duncan Mills 98 101 Dunetn Mills. 7 7a pfd 98 99 Durham Hosiery, pfd 49 55 Durham Hosiery B 9 12% Easte.n Mfg. Co 71 Kagi® Yarn Mill* 80 85 Eagle and Phoenix (Ga.). 165 170 Kfird Manufacturing Co 109 116 Krwln Cotton Mills Co 144 Erwin Cotton Mills Co., 6 70 pfd... 102 ——- Flint Manufacturing Co 136 Gaffney Mfg. Co 92 96 Gibson Manufapturlng Co 123 —— Globe Yarn Mills (N. C.) 49 56 G*-sy Manufacturing Co ——- 109 Glenwood Cotton Mllia 125 135 Gluck Mills 129 135 OrafMkl Mill* 300 - Grendel Mills, pfd 7 7a (par $50).. 46 48 11 amr ii k Mills 145 155 Hanes, P. H. Knitting Co B'* 9’4 Hanes. V. H. Knitting Co., 7& pfd 102 104 Henrietta. 7 7c Pfd. 98 100 Hunter Mfg. Com. Co., 77a pfd. .. 98 99^ Imperial Yarn Mills 125 130 Inman Mills 130 Diman Mills. 7 7c pfd 101 Jennings Cotton Mill 250 265 Judson Mills 160 163 Jtidson Mills. 7 7c pfd 103 104 Limestone Mills 145 150 Linford Mills 90 Lola Manufacturing Co 90 Lrcke Co'ton Mills Co 166 Laurens Cotton Mills 145 150 Majctlc Manufacturing Co. ......... 149 156 Man«field Mills 150 166 Marlboro C/tton Mills A 59 62 Mills Mill 285 300 Mills Mill. 77a pfd....* 98 101 Monarch Mills. (8. C.) 132 138 Mollohon Manufacturing Co 117 119 Moorcsvllle Cotton Mills 93 97 Tfusgrove Cotton Mills 81 86 Myers Mills 6o 68 Myrtle MUD M J 0 1) National Yarn Mill 106 106 Newberry Cotton Mills Co —— 93 Norris Cotton Mills Co 63 Orr Cotton Mills H 2 114 Orr Cotton Mills, 7ft pfd 97 98% Parkdale Mills M 100 Pscolet Mfg. Co 207 210 l’acolet Mfg Co., 7ft pftl 162 163 Piedmont Mfg. Co. (8. C.) ...... 129 133 Perfection Spinning Co 90 9a Poe. F W.. Mfg. Co 125 130 Poinsett Mills M Vrl cilia Spinning Co 42 47 Kanlo Manufacturing Co 11» “' It Ivor side Mills (par $12.50) 9% 10% ltiver side and Dan River 220 229 Riverside and Dan River 6ft pfd.. 101 103 Him an Cotton Mills Co 92 93 Roanoke Mills, in pfd. 7%ft 1°2% Roanoke Mills, 2nd pfd. Bft 97 100 Rosemary, pfd. 7%ft 66 93 Hhyno-Jlou«rr Mfg. Co.. A 30 90 Saxon Ml'ls ’ 166 105 Seminole Cotton Mills Co 90 94 Spartan Mills JSO 155 Sterling Spinning Co D>6 Stowe Spinning Co 39 9- Toxawa.v Mills (par $25) 32 35 Union Buffalo Mills 7a Union-Buffalo Mills. Ist pfd 7ft.. 93% 9*i Union Ruffa’o MUD. 2nd PM. sft 55 56% Vfetor-Monaghann Co I ft s 106% Victor-Monaghan Co., pfd. 7ft .... 109 111 Victory Yarn Mills Co 71 Victory. Bft pfd 99 160 Ware Shoals Mfg C 0...... 175 195 Watts Mills. Ist pfd. 7ft 99 102 Watts Mills. 2nd pf(i. 7ft 130 11- Winget Yarn Mills Co 64 75 Wise asset t Mills Cd 191 225 Wintamston Mills 200 —- Wood side Cotton Mills H 2 114 Woodslde Cotton Mi'-ls. 7 To pfd... 92 93% Woodruff Cotton Mills 160 ISO Accrued interest to be Added to preferred stock quotations. , The stocks quoted represent prices at which we have buyers, and p'ices at which we can sell AH quotations subject to change with out notice. CHICAGO GRAIN MARKET CHICAGO, Hi. —Immense export business in wheat. together with fear that the corn crop was In Immi nent danger of big damage by frost, whirled grain prices upward Satur day, but lively profit-taking wiped out the wheat gains. On the ad vance all deliveries of wheat and of rye outdid the season's previous top price record. Wheat closed easy at net decline to He rise, December $1.38%@L38K and May *1.44@51.44H; with corn )y?D4%c up; oats showing tic to : Uc advance and provisions unchanged to 17 cents higher. WHEAT— Open High Low Close Sept .... 135 13i;% 134% 134% Dec 138% 140% 135% 138% May 144 145% 143% 144 CORN— Sept ... 114%. 110% 114% Dec 107 111 107 110% May ... 109% 113% 109% 113% OATS— Sept 4Sy 49 45% 49 Dec 52% 53 52% 53% May 56% 57Vi 56% 56% LARD— Sept ... 1390 1395 1390 1395 Oct ... 13S0 1385 1377 1355 Nov ... 13S0 1385 1380 1385 RIBS— Sept ... 1190 1190 Oct 1190 Dec ... 1100 BELLIES— Sept ... 1350 Oct ... 1355 1340 1335 1340 Nov ... 1345 CHICAGO CASH GRAIN CHICAGO, 111—Wheat No. 8 red, 11.41%: No. 2 hard, *1.39. | Corn No. 2 yellow. *1.12% 01. 13%. Oats No. 2 white, 515? Vic; No. 3 white, 45%«f49%c. Rye No. 3. *1.12%. Barley, 831T92C. Timothy *5.00476 75. Clover *14.00023 25. Lard *14.05. Ribs, *l2 25. Bellies, *13.62. St. Louis Cash Grain ST. LOUlS.—Wheat No 2 red, J! 470 1 4S; No. 3 red. *1.38® 1 43 Corn No. 2 white, SI.1401.15; No. 2 yellow. *1.13. Oats No 2 white, 51%; No. 3 white, 49% ©soc. PRODUCE MARKET Flour—Hard wheat, 9S-lb. cot ton sacks, bhi (7.78 Flour—riain, 98-lb. sks.. bbl.. 7.70 Flour—S. R.. sks.. bid 7.80 Flour—S R.. 48-lb. sk-, bbis... 7.15 Flour—Best plain, 98-lb. *ks, barrel *.'.5 Flour—S. R„ 24-lb. aks.. bbl... 7.10 Hour—S. R„ 48-lb. sks.. bbis.. 6.55 Ruckwheat, 24-pkg. case 3 55 Grits, 24 2*. per case I.9i> Grits, 1? Ss. per case 1.90 Grlta. fine and medium,' 96a per sack 2 40 Meal. 965, per sack 2 50 Meal. 4Js, p;r sack 1.22% Meal. 240. per sack 65 Klee—Fancy, No. 864 or 60. 113, 100-lb. sks., lb 06% Rite, fancy. No. 68. lb 07% Wesson Cooking OH. 24 Tints.. 8.75 Wesson Cooking OH. 12-qt. case 5 40 Wesson Oil. 6 1-cal. cans. case .9.50 Axle Grease, 10c slxe, 1-lb., 4 duten 1.75 SEEDS. Amber Cane, 150-lb. aks., M- State Bureau of Markets Prices below are those which wholesalers are paying F. O. B. these consuming centers. To arrive at prices net shippers, deduct freight to most favorable point. . ~ . Atl ta Aug ta Macon Sav nah Col bus Sweet potatoes, Tel. bulk load- .... . „ ...» . „.. ing, 100 pounds * 3.00 * 3.25 $ 3.00 * -.50 * -.i5 Irish Potatoes, No. 1 new, per per 150-pound sack 2.85 -.90 3.00 2.75 2.75 Per 150-lb. sack 1.70 1.7; 1.75 2-00 2.00 Black eye peas, pound 05% .05% .ou% .00% .00% Brown eye peas, pound 04 —— —77 'Ji Eggs, fresh candled, dozen 36 .36 . .-t Stags, pound 23 .23 .22 .21 .21 Hens, pound 23 .24 .22 .25 -2-% Roosters, pound .12 .11 .11 .11H »13 F pfun d and . br ? U . e . rß .'.. l .. to .. 2 .. lbS : .27-28 .27 .26 .32 .32-34 Ducks, pound 20 .15 .la -25 • Geese, pound 10 .11 -10 -1- ft t Turkey (bens), pound 25 * —“ Turkey (toms), pound 25 • —; — ' Country butter (best table), lb.. .35 .33 .36 .35 •»■> Country butter (cooking), pound. .20 .21 .20 .25 .30 Ga. cane syrup (Bbl.), gal 75 .75 .:0 ..5 .i 5 Corn meal, per 69-lb. sack .... 2.'80 2.80 ?'?5 Corn, No. 2, (white) sacked, bu... 1.42% 1.45 1-68% l-6jj l-J® , Oats No. 2 (white) sacked, bu 67 .69 .67 Peavine hay, ton *2 .00 22.00 21.00 22.50 22.00 TAX RATE OF 12 MILLS FIXED BY BOARD OF EDUCATION SATURDAY (Continued from Page Five) -Tit* budget of the Board of Education for 1924-1925 was an nounced as follows: Estimated Expenditures and Disbursements. Estimated Payments 1924-1925 Office Salaries $ 10,400.00 $ 10,400.00 Teachers’ Salaries: High Schools Tubman (Incl. Dom. Sc. & Secy.) $ 65,300.00 Richmond Academy (Incl., Secty.) 56,280.00 Hephzibah (Incl. Dom. Sc.) 9,620.00 Blythe (Incl. Dom. Sc.) 7,440.00 $138,740.00 Grammar Schools—City White '■ Houghton $ 19,895.00 Central 11,115.00 Davidson 22,535.00 John Milledge 41,115.00 Wood lawn 34,710.00 Hill 10,755.00 Monte Sano . 11,655.00 Turpin Hill 2,220.00 King Mill 2,340.00 D'Antignac 11,775.00 $165,115.00 Specials Kindergarten Teachers $ 19,200.0(F Domestic Science 4,440.00 Manual Training 2,100.00 Music Supervisor 1,710.00 Medical Inspector 675.00 Attendance Officer 1,800.00 $ 29,925.00 Grammar Schools—City Colored First Ward $ 6,150.00 Second Ward 3,720.00 Shiloh 1,740.00 , Gwinnett 11,070.00 \ Nellieville 7,170.00 Weed 4,710.00 Fourth Ward (New) 720.00 Fifth Ward 1,320.00 $ 36.600.00 Specials—Domestic Science $ 6,360.00 6,360.00 Grammar Schools—Rural White Bayvale, 119th District $ 3,840.00 Belair 2,160.00 Rennison 1,080.00 Mundy 720.00 $ 7,800.00 Hood's Chapel, 121st District 5,760.00 5,760.00 Evans Academy, 123rd. District 2,520.00 Morgan 2,520.00 Friendship 2,220.00 7.2G0.00 Pine Hill, 124th. District 1,320.00 Mcßean 2,040.00 Ridge 840.00 4,200.00 Perrin, 1269th. District . 1.5G0.00 i Rocks . 2.220.00 Goodwin 2,220.00 6,300.00 Gracewod, 1660th. District 3,900.00 3,900.00 Hephzibah, 1434th. District 5,460.00 5,460.09 Blythe, 1760th. District 7,380.00 7,380.00 Specials Music Supervisor 1,200.00 County Demonstrator 480.00 1,680.00 Grammar Schools —Rural Colored (Est) 7,000.00 7,000.00 Retirement Fund 3,300.00 3,300.00 Janitors & Janitresses (City and Rural. 20,000.00 20,000.00 Administrative Expense: Per Diem, Postage, Printing & Stationery, Ad vertising, Auto Expense, etc $ 7,500.00 $ 7,500.00 Operating Expense: Fuel and Light $ 10,000.00 Telephones » 850.00 Furniture, Desks, etc 1,000.00 Repairs—Labor, Material, Plumb ing, etc 25,000.00 Kindergarten Materials 500.00 Domestic Science Materials 3,000.00 Shop Material and Expense 500.00 • Water Rent 2,200.00 Rent of Schools 615.00 Wagon or Truck Routes 20,020.00 Books. Charts, Maps, jankers’ Suplies Classroom Supplies\Laundry, Supplies for Principals’ Offices, and Misc 9,00.00 $ 72,685.00 Miscellaneous Items: Playground Appropriation $ 1,500.00 Illiteracy Appropriation 1,000.00 Insurance 1,500.00 $ 4,000.00 a Interest: Coupons not presented—On Bonds $ 1,170.00 Coupons not presented—On Bonds due 1924 67.50 Coupons on Bonds due 1925 1,125.00 Interest on Loans (Estimated) 2,000.00 $ 4,362.50 Anticipated Retirement of Bonds due Jan. 1, 1925 $ 10,000.00 $ 10,000.00 Unfinished Contracts for Buildings: Monte Sano School $ 19,000.00 Additions jfcßean and Bayvale, D'Antignac Furnace 1,000.00 $ 20,000.00 Notes Payable—Georgia Railroad Bank. $ 45,000.00 45,000.00 Total Estimated Expenditures $633,727.60 Respectfully Submitted: W. J. HOLLINGSWORTH, Augusta, Ga.. September 26. 1924. Auditor. Aupstans Divided on Who They Will Support For Sheriff In Old Home Town Continued From Page Five Kti Klux Klan in order to get the washing of the robes for his wife. BOTH OTEY AND ED HAVE SUPPORTERS Postmaster John McAuliffe said his position prevented him from taking any active part in politics, but that he didn’t think even Uncle Sam would object to a man express ing hlmseif on so vital a question as the sheriff's race in the Old Home Town. Mr. Mac says he stands unequivocally for Otey Walker, because Otey has always been a “Home Town" man. Julge William H. Barrett could not be seen when a Herald report SUNDAY, SEPTEMBER 28 STOCKS AND BONDS. er called on him, but his secretary, Jim Talbert, said he was sure Judge Barrett would support Otey be cause of Otey's common-sense law enforcement program. “Uncle Charlie” Skinner, in an in terview, threw aside the robes of office as U. S commission, and dabbled into politics long enough to say that Ed Wurgler is the logical man. “He has made a good Job of keeping the people of the old home town’s body physical clean and I think he Is the man to clean up the body politic.” Judge Skinner *avs Otey Walker ought to have a com fortable roll salted away by now, what with the fee system and so on in the town marshal's Job. It KB can clean the linen, the Judge thinks, he certainly ought to be able to clean the town. Major Paul Carlisle, peppy Texan, says In view of Ed Wurgier’s suc cessful administration as the man ager of a hand laundry he is con fident Ed is the best man for the sheriffs office as against Otey Walker. However, the major think’s a "dark horse” in the form of Dad Keys would not be out of considering that Dad's experiences with railroad "stationery'" warfare should fit him to handle the paper work of the sheriff's office.