Newspaper Page Text
MONDAY, SEPTEMBER 29
COTTON AND
GRAIN.
THE WEATHER
(Forecast till 8 a. m. tomorrow)
Augusta and vicinity: Showers to
night; Tuesday fair.
Georgia: Probably showers tonight
and Tuesday except fair "Tuesday in
north portion.
Weather Conditions.
Low pressure of moderate energy
over the Soutr caused moderate to
heavy rain during the past 24 hours
in the middle and South Atlantic
and east Gulf states.
A cool wave high of considerable in
tensity for the season overlies the
west.
Weather Data.
Highest temperature yesterday SO
degrees; lowest temperature this
morning. 72 degrees.
River stage at 8 a. m., 10.0.
Fall in 24 hours ending 8 a. m . 8.4.
Moon: Rises S:OG a. m. Tuesday.
Relative humidity yesterday: 8 a.
m., 95; 12:30-p. m., 79: 8 p. m., 98.
E. D. EMIGH.
AUGUSTA COTTON
Spots 24.88
Saturday . . 24.50
Last Year. . 28.00
PRICES BY GRADE
Close.
Middling fair 25.58
Strict good middling 25.63
Good middling 25.38
Strict middling 26.25
Middling 24.88
Strict low middling 23.88
Low middling 22.88
Strict good ordinary 22.13
Good ordinary . 21.13
o o
I I
| CLOSING QUOTATIONS ON I
NEW ORLEANS AND NEW |
I YORK COTTON EXCHANGES I
(!) A
The following quotations from New
Orleans and" New York were posted
on the Augusta Cotton Exchange
Monday:
NEW YORK
Prev.
Open High Low Close close
Jan... 24.43 25.25 24.43 24.99 24.50
Mar... 24.75 25.45 24.70 25.15 24.75
May... 25.00 25.62 24.95 25.40 25.00
0ct.... 25.45 26.05 25.30 25.80 25.40
Dec... 24.50 25.20 24.33 24 90 24.50
NEW ORLEANS.
Prev.
Open High Low Close close
Jan... 24.25 25.10 24.22 24.81 - 24.42
Mar... 24.49 25.25 24.49 25.00 24.59
May... 24.61 23.37 24.61 25.0 S 24.68
0ct.... 24.00 24.98 24.00 24.79 24.41
Dec... 24.10 23.10 24.10 24.81 24.30
NEW ORLEANS COTTON
NEW ORLEANS.—The cotton mar
ket opened lower In sympathy with
lower Liverpool than was due. The
first trade in October showed a de
cline of 41 points but later positions
showed initial losses of 10 to 29
points. The market firmed up as the
call proceeded and immediately after
the call October traded as high as
24.50 December at 24.62 and January
at 24.64, or nine points net higher
than Saturday's close and 22 to 23
points net higher on later positions.
The map showed general rains in the
eastern belt bus dtrp in the central
and western portions. Temperatures
were generally low but no frost was
reported.
Fears of further damage to the
cron in the eastern belt from the gulf
storm and reported heavv buying hr
New York traders on expectation of
'.ullish crop estimates caused a fur
ther bulge in prices around noon, all
active months making new highs with
October up to 24 99. December to 24.98
and January to 25.00 or 99. 86 and 78
points respectively up from the open
ing lows. Prices eased off about 25
points during the artemoon on realis
ing but the undertone continued bul
ish. A southern authority makes the
condition 55 and the indicated yield
11.905,000. A new York authority is
sued a fiat estimate of 11,980.000
bales. Kgports for the day were
large, totalling 49,024 bales of whioh
Houston contributed 26,165 bales.
NEW ORLEANS, La.—Spot cotton
steady, 40 points up. Sales on the spot
671; to arrive 2,618. Low middling,
22.90; middling, 24.90: good middling,
25.40. Receipts 10,568; stock, 116,307.
NEW YORK COTTON
NEW YORK.—The cotton market
opened Monday at a decline of two
to eleven points under sqjllng which
was encouraged by rather easier Liv
erpool cables and failure of the weath
er news to show any frost In the
southwest. Further rains were re
ported in eastern belt sections how
ever, accompanied by reports that
cotton was sprouting in the bolls and
the market soon turned firmer on
rebuying by sellers of last week and
covering. December sold up from 24.35
to 24.79 in the first half hour, the
general list showing net advances of
14 to 25 points. Private cables at
tributed the decline in Liverpool to
re-selling by bulls and hedging hut
that offerings had been absorbed by
spinners callings.
A report estimating the crop of 11,-
905,009 bales on a condition of 55 and
acreage of 38,429,000 combined with
the official forecast for first Monday
night in northern sections, western
belt, probably contributed to the
forenoon strength. December sold up
to 25.02 or 52 points net higher hut
realizing and hedge selling cheeked
the advance and the market was less
active, prices showing reactions of
about 10 to 20 noints at midday.
The early afternoon bulges were
cheeked by realizing or hedge sollfng
which seemed to increase around the
250 level for December. Trading was
less active at 2 o'clock with December
at 24.90 or about 40 to 45 points
higher.
NEW YORK SPOTS.
NEW YORK.—Spot cotton, quiet;
middling, 26.10.
LIVERPOOL MARKET
LIVERPOOL. Cotton spot, fair
demand: prices easy
Strictly gcod middling 1.4.59
Good middi'ni” 15. at
Strictly middling 14.74
Middling 14.39
Strictly low middling 14 19
Low middling 13,69
Strictly good ordinary 13.? o
Good ordlnarv 12 60
Sales 7.000 bale*, including 4,500
40a American.
Futures closed steady:
September 14.65
October 14 54
January 14 16
March ; 14.17
July 14 00
navaTstores
SAVANNAH naval stores.
SAVANNAH Turpentine, qutet.
*2e; sales none: recelnts, 255: ship
ments. 3,636; stock. 10,529
Rosin, firm; sales. 1.252; recelnts,
1.039; shlnrr»nts 105: stack 99 934
©note- R D F F G H t. 45.16115.20;
K 45 2214453 93; M *5 25'93 3«: N *5.40-
455 60; window gtasa 40 95; water
white. 16 90427.00; X. 36.90427.20.
Brocks, Hyman & Co.
62 BEAVER ST. NEW TORK.
—Member* —
New York Cotton Exchange.
Represented by
R. E. ALLEN, Jr„ AuguHs, Ga.
Orders solicited for the purchase
and sale of Cotton for future de
livery. . . _ „ .
Market Closed Steady;
Spots at Augusta 24.88
By W. A. LUFBURROW.
Market Editor.
There was an advance in the Cot
ton market on the close Monday and
at Augusta spot cotton was quoted at
24.88, an advance of 38 points over
previous closing quotations. Weather
conditions served the bull interest and
there was some more short covering.
It is expected that the market will
decline on fair weather. This is as
speculative as is the weather.
The partial strike in the textile in
dustry of Lodz which had been run
ning for a number of weeks was set
tled during the third week of Au
gust, by the workmen accepting a
general cut of 5 per cent in wages,
according to Acting Commercial At
tache Leighton W. Rogers, Warsaw,
Poland. A slight revival of buying
has begun to cut into stocks, and
there is a general improvement in
the operating time of the industry.
The depression in the Catalonia tex
tile industry has been further ac
centuated by the complete shutdown
of the mills in certain districts, and
production in Barcelona has been re
duced to between 25 and 50 per cent
of capacity. The general condition
of the Spanish cotton industry is very
unfavorable, and'a bad winter is ex
pected, according to the local press.
August imports of cotton were only
4,600 bales including 2,400 from the
United States, while spinners’ takings
reached 87.000 bales of which 18,000
were Atnerlcan. Stocks on hand on
September 1 totaled 80,000 bales In
cluding 8,000 American. Assistant
Trade Commissioner James C. Burke,
Madrid, Spain, has cabled the De
partment of Commerce.
Production of cotton textiles in
Siam is comparatively insignificant,
being confined to hand-woven, fabrics
alone. The importance of foreign
textiles in this market is apparent
from the fact that such articles form
by far the largest item in the Import
trade of the Kingdom. The total
value of all classes of commodities
landed at the port of Bangkok during
the fiscal year ended March 81. 1928
amounted to 133.718.000 tleals (tical —
CHICAGO GRAIN MARKET
CHICAGO, 111—Although numerous
reports of frost led to something of a
buying rush In the corn market at the
opening Mopday, heavy selling quick
ly forced a sharp setback in prices.
The opening which ranged from 2%
cents decline to 1% cent advance was
followed by a general drop which in
some cases went three cents under
Saturday’s finish. Activity of for
eign demand gave strength to wheat
values. After opening %c to l%e up
the market underwent a moderate sag
from the initial figures and then rose
higher than before.
Oats were easier, sympathizing
with corn. Starting at %c off to %c
gain, prices later showed losses all
around.
Higher quotations on hogs upheld
the provision market.
Wheat clqsed firm 2%c to 3 cents
net higher.
Corn closed unsettled %c to l%c
net lower.
WHEAT—
Open High Low Close
Sept .... 136% 138 135% 13?%
Dec .... 189% 141% 138% 140%
May ..... 145% 146% 144% 146%
Sept KN r’lll% 113% 111% 113%
Deo .... lmk 11? 108% 109%
May .... 113 113% 110% 111%
Scpf TS ~. 48% 49% 48% 48%
Dec 62% 53 52 52%
May 56% 57% 56% 56%
LARD—
Sept ... 1397 1400 1387 1400
Oct ... 1390 1390 1377 1387
Nov ... 1390 1390 1377 1387
RIBS—
Sept ... ■—— 1100
Oct .... 1190 1190 1190 1190
Nov .... —— - 1200
BELLIES— ....
gept ... - 1350
Oct .... 1340 1340 1340 1340
Nov ... - 1345
CHICAGO CASH GRAIN
CHICAGO, 111—Wheat No. 3 red.
$1.40; No. 2 hard. $1.38®%.
Corn No. 2 mixed, $1.11@1.12; No. 2
yellow, $1.1201.13.
Oats No. 2 white. 50%@51%c; No.
3 white. 48%®49%c.
Rye, No. 2, $1.15. Bariev 80@91e.
Timothy seed $4.75576.35.
.Clover seed. $11.50 0 25.50
Lard, $14.10. Ribs, $12.25. Bellies,
$13.62. ,
St. Louis Cash Grain
ST LOUIS.—Cash wheat No. 2 red.
$1 4801.50%: No. 3 red, $1 4501.47.
Corn No. 2 white $1.1401.15; No. 2
yellow, *1.12.
Oat* No. 2 white, 81c; No. 3 white.
49V.050C. _
Close; Wheat September $1.37: De
cember $1.40. Corn, September $1.11:
December'sl.o9% @1.09. Oats, Septem
ber 50 %c.
CATTLE MARKET
(Corrected by Augusta Stock Yards.)
CATTLE.
Common 2 ?
Ordinary 3.
Good
Fanos-
CALVES.
Common 4 5®
Ordinary 6 ffil
Good I 0264
Fancy - 8 @B7*
HOGS.
Com fed (according to size).B @9
LIVESTOCK MARKET
CHICAGO CATTLE, SHEEP
AND HOG RECEIPTS.
CHICAGO, lll.—Hogs Receipts 29,-
000: desirable grades fairly active, 10c
to 20c higher: others, slow; top $10.70;
food and choice 16041230 pounds,
10.10@10 *0; packing rows largely,
$8 70179.10; slaughter pigs, $8.72©-
0 25
Cattle; Receipts 19,000, better grades
fed steers, stale kind and yearlings,
10c to 15c higher; others uneven,
steadv to strong; top yearlings $11.50;
plain rough heavy steers mostly stale
kind cashing at $5.25®9.50; desirable
beef heifers, stronger: bulk bologna
hulls. $4 0041 4 35; vealers uneven to
25c lower; bulk to packers sll.oo©-
11.25.
Sheep: Receipts 20.000; actove; fat
lambs, steady; hulk desirable natives
sl2 604113.00; culls mostly *9.50; good
to choice rangers, $12.754713.00. Sheep
stiady; bulk fat ewes, $4.75©6.50.
ATLANTA CATTLE AND HOG
RECEIPTS.
ATLANTA. Ga—Cattle: Receipts
900; liberal supply she stock and light
steers market extremely slow; few
early sales, steady, lower undertone:
v>dd head 1020-pound beef steers. $5.20
4*5 50. stoekera $3.60©4 50; fat heifers,
$5 00,
Hogs Receipts 2 100 steady; hulk
190©200-pound butchers $10.75, ex
treme top 11100; 110© 120-pound pigs
mostly $8.6508 75: Stocker pigs, 17.25-
4?8.00; few smooth packers, $8 50.
SUGAR JVIARKET
NEW YORK —Raw sugar, firmer;
spot unchanged at 603 for Cuban,
duty paid. Shipment sugar higher at
609 Refined unchanged at 7.15©7.50:
for fine granulated.
Financial and Commercial News =
80.37), out of which cotton manufac
tures accounted for 24,525,752 tleals,
compared with 18,238,000 tleals in
1913-14, according to a report to the
Department of Commerce from Vice
Consul Carl C. Hanson, Bangkok.
The generally satisfactory scale of
operations in the different branches
of the Czecho-Slovak textile industry
continued in the last half of August
with the fall buying reported in good
volume, especially in the domestic
market. Prices have remained prac
tically unchanged both in cotton and
wool goods. General satisfaction is
expressed in the local trade over the
adoption of the Dawes plan by Ger
many, Commercial Attache H. Law
rence Groves, Prague, reports.
Imports of unbleached cotton goods
into Aden during the fiscal year end
ed March 31, 1924. totaled 57,861,000
yards qompared with 37.028,000 yards
in 1922-23. Grey sheetings consti
tuted 29,192,035 yards of the total im
ports in 1923-24 and 21,450,000 yards
in 1922-23. these goods being brought
in not only for local consumption but
also in considerable quantities for
distribution to the Red Sea district.
The 1923-24 receipts of grey sheetings
included 10,123,135 yards from Japan.
8,673.067 yards from India, 6,078,720
yawls from the United States, and
5,422,113 yards from other countries,
principally China. Imports from In
dia probably Include a large quantity
of Japanese sheetings shipped to
Adqn Trade Registration Bureau hav
ing made a practice of including such
shipments in the Indian total, while
those listed under Japan are mainly
imported direct from that country,
Consul Raymond Davis. Aden, reports
to the Department of Commerce.
Declared exports from the. Dresden
consular district show that 641.939
dozen pairs of cotton gloves, valued
at $1,892,189, and 255.164 dozen pairs
of cotton hosiery, valued at $541,182,
were shipped to the United States
during the first six months of 1924.
Comparable figures for the first half
of 1923 were: 983.735 dozen pairs of
gloves worth $3,592,817 and 340.977
dozen pairs of cotton hosiery invoiced
at $606,011, Vice Consul John A. Scott,
Dresden. Germany reports.
DAIRY MARKET
CHICAGO BUTTER, EGG AND
POULTRY RECEIPTS.
CHICAGO, 111—Butter, easy; cream
ery extras, 3£%®35%c; standards,
34c; extra firsts, 33%@34%c; firsts,
31%@32%c. Seconds. 30@30%c.
Eggs, unchanged firsts, 36@41c;
ordinary firsts, 32035 c.
Poultry, alive, higher; fowls, 17@-
23c; springs, 22%c; roosters, 14%c.
NEW YORK BUTTER, EGG AND
CHEESE RECEIPTS.
NEW YORK. —Butter, firm; cream
ery firsts, 88 to 91 score, 34@37c.
Eggs fresh gathered firsts, 39@44e;
closely selected extras, 67 0 71c: near
by and nearby western hennery
whbtes firsts to average extras, 54@-
66c; nearby hennery browns extras,
55064 c; Pacific coast whites extras,
61@62%c; do firsts to extra firsts, 50-
@6oc; refrigerator extra firsts, 370-
37%c; do firsts, 35@36%c.
Cheese, irregular.
Live poultry, nominal. Dressed
poultry, irregular; chickens. 24@27c;
fowls, 20030 c; frozen fowls. 21032 c;
old roosters,( 15@21c; turkeys. 25-
045 c.
Chicago Potato Market
CHICAGO. 111.—Potatoes, slightly
weaker; Minnesota sacked sandland
Ohios 85090 c; sacked round whites,
$1.0001.10; Minnesota ftnd North Da
kota sacked Rer River Ohio's $1.00;
Wisconsin sacked and bulk round
whites, $1.0001.10; few $1.15.
PRODUCE MARKET
Flour—Hard wheat, 98-lb. cot
ton sacks, bhl $7.75
Flour—Plain. 9S-lb. sks., bbl.. 7.70
Flour—S. R., sks., bbl 7.80
Flour—S. R„ 48-lb. sks., bbls... 7.16
Flour—Best plain, 98-lb. sks,
barrel (.71
Flour—S, R„ 24-Ih. sks., bbl... 7.10
Flour—S. R., 48-lb. sks.. bbls.. 6.55
Buckwheat, 24-pkg. case 3.55
Grits, 24 2s, per case 1.90
Grits, 12 3s, per case 1.90
Grits, fine and medium, 9(s
per sack 2.40
Meal, 965, per sack 2.50
Meal, 4Js, per sack 122%
Meal, 24a, per sack 65
Itlce—Fancy, No. 864 or 60. 113,
100-lb. sks.. lb 06%
Rice, fancy, No. 68. lb .07%
Wesson Cooking Oil, 24 pints.. 5.75
Wesson Cooking Oil, 12-qt 1 . case 5.40
Wesson Oil, 6 1-gal. cans, ca5e..9.80
Axle Grease, 10c size, 1-lb., 4
dozen 3.75
SEEDS.
Amber Cane, 150-lb. sks., 50-
TOURIST CARAVAN
From North to Be Greeted at
Aiken
AIKEN, S. C.—A caravan of tourists
that left Chicago Friday is expected
to pass through this place October
2d tor 4th en route to their destina
tion, Hollywood, Florida, where they
are scheduled to arrive October Bth.
The party that left Chicago will be
Joined on succeeding days by other
parties at New York, Philadelphia,
Atlantic city and other points. The
caravan will be greeted on its arrival
in Aiken by representatives of the Ki
wanl* Club, the Chamber of Com
merce. and other civic organizations,
according to plans now In the shap
ing. The caravan consists of 17 large
automobiles and is accompanied by a
band in a specially constructed auto.
AIKEN. P. C.—A unique exhibit to
be placed at the Plate Fair at Co
lumbia October 20-25, and one that
promises to lie of invaluable benefit to
agricultural interests from an instruc
tive standpoint, will be the model
farm D. I). Whitcomb, marketing
expert of Clemson College located
here, left Monday morning for Colum
bia to superintend the placing of the
farm. He will he assisted in install
ing the exhibit by C. .1. Cushman and
8. L. Jeffords, of Spartanburg, and it
is estimated that two weeks will be
necessary to complete the work. The
model farm will be laid out on a space
30x*7 feet and representing a 200-
acre plantation. Every detail of a
modern farm will be shown In the
miniature, water and lighting sys
tems, sanltsry farm house, hams,
silos, etc. Stock, forage, pasture crops,
cotton, corn, and other cash crops
will also be represented in miniature
form. The exhibit will be Intensely
interesting and will claim the atten
tion of the hundreds who will visit
the state fair In October The ex
hibit will be placed In the steel build
ing at the exposiiton.
MISS CLARA LUDLOW
DIES AT WASHINGTON
WASHINGTON—Mis* Clara 8.
Ludlow, whose work as an entomo
logist In the study of dtseass
bearlng mosquitoes has distinguish
ed her In the field of science, died
here Sunday at the age of 70 years.
Many new species of such mosqui
toes were discovered by Miss Lud
low, who was connected with the
armv medical museum at the time
of her death and whose work 1*
said to have been an important
contribution to the dieesse preven
tion activities of the army.
THE AUGUSTA HERALD, AUGUSTA, GA. '
N. Y. STOCK MARKET
NEW YORK.—A firm undertone
prevailed in the stock market as trad
ing was resumed Monday with buying
orders well distributed over the gen
eral list. Initial prices, however,
showed only slight changes. Demand
for Atchison sent that stock up to
107$*, duplicating the year's high rec
107$*, duplicating the year's high rec?
old. General Electric moved frac
tionally lower.
Representative industrials varied
little from last weeks closing prices
but active specialties and low priced
rails advanced smartly to new high
levels for the year. Gains of one to
1% points were recorded by Chicago
and Alton preferred, Frisco preferred.
Chandler and Maxwell A were in
the forefront of an upward movement
in the motor group. Scattered heavy
spots Included Gulf States Steel,
White Motor and Barnsdall A.
Foreign exchanges were firm in
quiet trading.
Trading became lively In mid-after
noon when the weakness of influ
ential shares like United States Steel,
American Can, DuPont, U. S. Oast
Iron Pipe, Consoldiated Gas, Gulf
States Steel, the coppers and St. Paul
preferred checked the rise in the in
active Issues which had reached sub
stantial proportions in many In
stances. Nash Motors was down nine
points, American Waterworks and
Electric 6. Union Tank Car, 356 and
Atlantic Coast Line 3% while Stand
ard Plate Glass sold at 18$*, a new
low.
The closing was easy.
Sales approximated 850,000 shares.
NEW YORK STOCK LIST.
Close
Allied Chemical and Dye 73%
American Can 128%
American Car and Foundry 166
American International 26
American Locomotive 79 %
American Smelting and Refg... 73%
American Sugar 45%
American Tel and Tel 127%
American Tobacco 160%
American Woolen 56%
American Zinc. Lead and Smelt. S
Anaconda Copper 35%
Atchison 107%
Atlantic Coast Line 134
Baldwin Locomotive 121%
Baltimore and Ohio 62%
Bethlehem Steel 42%
California Petroleum 21%
Canadian Pacific 148
Central Leather 14
Cerfo de Pasco 46%
Chandler Motors 86%
Chesa and Ohio 85%
Chicago and Northwestern 62
Chi, Mil and St Paul pfd 20%
Chi. R I and Pac 23
Chile Copper 31%
Coca-Cola 77
Colorado Fuel and Iron 42%
Congoleum 44
Consolidated Gas 73%
Corn Products, new 30%
Cosden Oil 23%
Crucible Steel 55%
Cuba Cane Sugar pfd 62%
Davison Chemical 47
DuPont de Nem 131%
Erie 27%
Famous Players-LasSy 82%
General Asphalt 41%
General Electric 257%
General Motors, new 60%
Great Northern pfd 63
Gulf States Steel 72
Houston Oil 71%
Ullnolc Central 110%
International Harvester 95 %
Int Mer Mar pfd 38%
Int Tel and Tel 83i/.
Invincible Oil 13%
Kelly-Sprlngfleld Tire IS
Kenm» >tt Copper 40%
Louisville and Nashville 99
Mack Truck 98% ~
Marland Oil 34
Maxwell Motors A 60%
Middle States Oil 138
Missouri, Kan and Tex 16
Missouri Pacific pfd 56%
National Lead 156
New Orleans, Tex and Mex 108
New York Central 106 i(
N Y, N H and Hartford 24%
Norfolk and Western 125
Northern Pacific 65%
Pacificin Oil 46%
Pan-American Petro B 51%
Pennsylvania 44%
Producer* and Refiners 251/,
Pure Oil ?2%
Reading 61%
Republic Iron and Steel 45%
Reynolds Tobacco B 77
fieaboard Air Line 14%
Sears-Roebuck 103%
Sinclair Con 16
Sloss-Sheffield Steel and 1r0n... 73%
Southern Pacific 96
Southern Railway 68%
Southern Railway pfd 75%
Stdard Oil of Calif r. 7%
Standard Oil of N .1 35%
Studebaker Corporation 41%
Texas Co 40
Texas and Pacific 36%
Tobacco Product* 67
Transcontinental Oil 4%
Union Pacific 146%
United Drug 92
IT S Cast, Iron Pipe 112%
U S Ind Acl 70
United States Rubber 34%
United States Steel 107%
Utah Copper 77
Westinghouae Electric .’. 63%
Willys-Overland hu
Wootworth 111%
LIBERTY BONDS
NEW YORK.—U. S. government
bonds closed:
Liberty 3%« $100.28
First 4s bid 102 14
Second 4s 101.15
First 4% * 102.17
Second 4%s 101.16
Third 4% a 102.4
Fourth 4>4 * 102.17
Treasury 4%s 105.31
STOCKS AND RONDS
STOCKS.
Rid Ask.
Augusta Factory 20 so
Augusta and Sav. R. R 4 92 97
Bon Air Hotel Cor. com 62 67
Ron Air Hotel, pfd 62 47
Citizens & Sou. Rank 250 255
Enterprise Mfg Co 87
Georgia R. R. Bank Co 194 200
Granltevllle Mfg. Co 150
John P. King, pfd 104
John P. King, com ,100
National Exchange Rank... 104 110
Sibley Manufacturing C 0... 60
Southwestern Railway 95 99
Union Savings Rank 140 150
BONDS.
• Bid Aaked
Augusta Factory Bs, 1941.... 100 102
Bon Air Hotel 7a, 1942 101 103
City of Augusta (basis) 4.6074
Ga. R. R. * Bkg. 4s. 1947.. 80
Oa. R. R. & Rk. Co. 6s. 1951.108
Granltevllle Co. 7s. 1942 98 101
Langley Mllla 7e, 1943 97 98
Sibley Mfg. Co, 7s. 1942..., 98,100
State of Georgia (basis) ..4 25%
CALL MONEY
NEW YORK.—CaII money, firmer;
high, 3; low, 2; ruling rate, 3; closing
bid, 3; offered at iV t : last loan. 3;
call loans against, acceptances. 161;
time Hoans, firm; mixed collateral,
00-90 pays, 2V4H264; 4-6 months. 3©-
314; prime commercial paper, 3'4.
FOREIGN EXCHANGE
NEW YORK.—Koregn exchanges,
easy. Quotations in cents;
Great Britain, demand 4 45: cables,
4.4564; 60-day hill on banks. 4.42 U
France, demand 6 2214; cables. 5 23.
Italy, demand 4.37; cables 4 37'q
Belgium, demand 4 7914; cables,
4.80.
Germany, demand, per trillion, .2364,
Holland, demand. 38,64
Norway, demand, 14 20,
Sweden, demand 26.59,
Denmark, demand 17 36.
Switzerland, demand 19.08.
Spain, demand 13.3*.
Greeea, demand 1.15
Poland, demand .1914.
Czeeho-Slovakla, demand 2 89.
Jugo-Slavlakla, demand 1.3934.
Austria, demand .001414.
Rumania, demand ,82.
Argentina, demand 38 00.
Rrazll, demand i 9 60
Tokle. demand .4014
Montreal, demand 1 00.
BAR SILVER.
NEW YORK—Bar sliver, 70;
Mexican dollara, 6834
FINANCIAL SITUATION
MAKKET REFLECTS BUSINESS
IMPROVEMENT.
By JAMES B. CLEWS.
WALL STREET. New York.—Not
withstanding the increasing vigor and
heat of the political campaign, which
have necessarily tended to slow down
trading In securities to some extent,
the »tock market during the past
week has presented a very healthy
appearance, which augurs well for
the future. It has been materially
helped by the more favorable pros
pects for business which have been
reported from many quarters and arc
now recognized in the work of various
of the leading forecasters. Current
statistics relating to demand anil dis
tribution give reason for confidence,
while actual prices have been revised
to respond to these optimistic ele
ments in the outlook.
BUSINESS ON MORE
ECONOMICAL BASIS.
Many lines of business are un
doubtedly working to a much more
economical basis of cost. The action
of bodies of textile employes in ac
cepting wage reductions is now con
vincing evidence of this sort, while
relaxation of union restrictions in
some other branches of trade have
been hopeful Indicators of probable
improvement in output. The pro
gress that has been made in this way’
Is very well illustrated by recent rail
road reports, which bring out the
fact that although there was two per
cent more freight business over the
roads of the country in 1923 than in
1920 the average number of employes
was reduced by about 165.000, or ap
proximately about 8 per cent. The
steel business is one branch of trade
in which agitation has resulted in
conducting the process of manufact
uring on a less economic basis, but
even there some offsets have been
gained through the introduction of
better management and the avoid
ance of wastes thus tending to cancel
in part the losses due to changes in
labor efficiency under the new sys
tem of work. A good deal still re
mains to be. done In other directions,
but progress Is undoubtedly being
1. ade and it will not be long at the
present rate before the readjustment
should be more or less general in
basic industries. Meantime stocks
are very prompt to reflect the better
industrial position which results from
such rearrangement.
AGRICULTURAL PROSPERITY.
The government's latest cotton re
ports, c utting the estimated yield to
12.600.000 bales, has put the price of
the staple sharply ahead and has done
much to restore confidence hi cotton
values. Undoubtedly the yield of cot
ton now predicted will be ample for
all practical needs and at present
prices can be fairly well taken by the
manufacturer with asaurance of abil
ity to manufacture at a cost which
will appeal to the consumer. Sharp
advances In corn and well sustained
prices for wheat confirm the general
predictions of agricultural prosperity
and mafee'lt evident that the bettered
condition of the farmer will be re
flected 111 real cash returns and In
the commodities that he will bo en
abled to buy. Already mail order sales
In the agricultural districts and col
lections on the part of houses which
have sold largely to retailers and
other buyers tilers have considerably
improved. This In attested in another
way by steadily high carloadings and
by improving earnings reported by
the roads which tap the principal ag
ricultural sections. The fanner Is get
ting his credit at unuf.ially low fig
ures, warehouse loans being adver
tised lu some parts of the South to
day as low as 4 per capt, while the
agricultural credit banks have been
able to place their debenture* during
the past week at a 3.25 per cent basis.
This is probably unprecedented in the
history of American agriculture.
STEADY PROGRESS ABROAD.
Steady progress is being made in
working out the detail* of th* repa
rations program In Germany, but
agreement on tho terms of the loan to
be floated abroad has not yet been
reached and the financial community
Is still without information aa to the
basis that will be adopted in con
nection therewith. Meantime a good
many groups of foreign borrowers ale
represented by envoys sent to this
market to negotiate for accommoda
tion. They are necessarily obliged
to await the placing of the repara
tions loan inasmuch aa everything Is
considered to depend upon this. But
with that attended to the opening up
of this market for European issues
may confidently be expected as a de
velopment of tho immediate future,
and it Is probable that a very consid
erable amount of offerings will be
placed here nt an early date. Ex
change operators meanwhtlo are also
disposed to ilefer action until more
light is shed upon the situation, rules,
nevertheless, remaining very stable
around the average of recent levels.
There is little disposition to operate
in exchange at the present time, even
the speculation In Oorrnan bonds
and other securities, which was active
a few weeks ago, having died down.
Revival of interest Would follow
quickly upon news of the flotation of
the proposed loan here.
MONEY ABUNDANT
AS EVER.
Although the Federal Reserve hanks
ahow ellght technical reductions of
ratio they are us rich in gold and
have as little pressure of demand
upon them aa ever, even with the
crop moving season approaching the
height of Ha aetlvlty, as ia now the
case. Advance In money rates In
London emphasizes the comparatively
ndvantageoua position of the money
market here and has undoubtedly
tended to shift a good deal of flnane,
ing to this side of the water with
some corresponding opportunities for
Investment that would otherwise
hardly have been so available. Delay
in reparations financing lias also ap
parently brought some European In
vestment funds lo this country with
in the recent past and has thereby
tended to create a demand for Am
erican securities that would other
wise have been absent. The oppor
tunities now open for the refinancing
of business on a large scale are per
haps as satisfactory as they hava
been for many years.
MARKET REVIEW
AiiD OUTLOOK,
With the opening up of full busi
ness actual operations In the stock
market have naturally tended to In
crease In activity. So long ns politics
continues to play Its present im
portant part the public cannot be ex
pected to show the same Interest that
would naturally be expected under
other conditions. Purchasing has been
quite as good ns could reasonable be
anticipated In theae circumstances
and the gratifying strength of the
entire list on some days reflects a
good deal more than the "manipula
tion,” which is so frequently referred
to as ths principal source of price
changes A considerable proportion
of attention has been given during
the past few days to ''specialty” Is
sues, such as the baking shares and
s few others, but there has been a
very considerable amount of general
inlying of the beat railroad and lndus-
Irlal securities. No Indentions of
important liquidation have been noted
and the fundamental conditions of the
orssent movement ere undoubtedly In
favor of the shareholder Profit-tak
ing sales will always, of course, cause
minor reactions, hut as the demand
Is outrunning the supply It would
seem that the trend Is still upward.
COTTONSEED OIL
NEW YORK.—Cottonseed oil closed
firm:
Prime summer yellow bid.,.510.71
Prime crude sales...,. 8 50
Janusry 10 29
"February in 43
March 10 81
October H.tO
November 10.29
December 10 38
Sales 21,700,
Business Outlook Is
Discussed By Bankers
Leading Bankers of the Nation Give Their Views on the
Business of the Country at the Annual Meeting of the
American Bankers’ Association
CHICAGO, 111—Improved agricul
tural conditions, the beneficial effaat
of the Dawes plan, and satisfactory
manufacturing condition* are cited
as reason* for optimism regarding the
country's immodlate future, by a
number of representative bankers,
from different sections of the country,
who are gathering here today to at
tend the fiftieth annual convention of
tho American Bankers Association.
The majority of the bankers inter
viewed referred to the political situa
tion, expressing the hope that the
pffople will go to the polls In large
numbers In November.
A number of opinions expressed are
nr follows:
WALTER W. HEAD, of Omaha,
Neb., President. American Bunkers
Association: "While a boom in busi
ness is not likely at this time, I an
ticipate a steady improvement In gen
oiai business conditions. Tho marked
advance in prices of farm products,
particularly corn, wheat and hogs,
gives pifimlso of renewed agricultural
prosperity—for the rirst time since
1920. This will materially increase
the purchasing power of those en
gaged in agriculture—a number great
er than one-fourth of our population.
This in turn will Increase the demand
for manufactured produeta, the nat
ural result of which will be a quick
ening of trade and Industry through
out the country.
"We will probably profit also by
partial anticipation of the Improved
foreign market rxpeoled ns a result
of the tendonev towards political and
economic stability In Europe The
results of the Dawes program may
not be entirely apparent, for some
t'me. blit merchants and financiers
will be Inclined to accent the promise
—ln part nt least—without waiting
for actual fulfillment.
"The principal adverse element in
the sltnatlnn Is the danger that the
presidential election may not tie con
clusively determ'ned at the polls In
November and that the .selection of
the Chief Executive mny be thrown
Into Congress. This would cause much
political uncertainty and undoubtedly
would have a dlatnrblne effect upon
business in general. This can be
averted only If the voters are awaka
to the situation and go to the polls In
large numbers to register the'r choice.
IMPROVEMENT IN
BUYING IS SHOWN.
MELVIN A. TRaYLOR. President,
First Trust & Savings Mank, Chicago,
111 , Chairman of the Association s
Economic Policy Commission: "Thera
has been considerstde Improvement In
buying in most lines In this section
of the country In the last 30 days or
so, and it scema to me reasonable to
expect a volume of business sub
stantial. ns at preaent. throughout the
rest of the year. Beyond the next
three or four months I am Inclined
to think the business activity In this
country will depend more or less upon
the development of the general Euro
pean altuntlon. I see no cause for ex
treme pessimism or undue alarm
about our business for the next
year."
DAVID R. FORGAN. Chalrmnn of
the Board. Thn National City Bank
of Chicago: "There has been a dis
tinct Improvement In the past three
months In manv lines of business os
viewed from this point. This has
been due to the Improved agricultural
conditions In the states to the west
nnd northwest of us With ths elec
tion satisfactorily out of the way, I
do not see any reason why this Im
provement should not ho continued
nnd enhanced this fall."
INDUSTRIAL SITUATION
IS ENCOURAGINQ.
RICHARD R. HAWES. Vice-Presi
dent, First National Bank In St.
Louis, former president of the Asso
ciation: “There are a number of
very encouraging churaetorlstlcs In
our present industrial situation. Buy
ing haa proceeded cautiously for many
months, inventories have been re
duced. operating cost decreased by
• lose supervision or expenditures The
business man Is assured of securing
funds for any increased activities at
moderate rates. Bank credit is avail
able in large amounts. The European
situation Is most promising Tho
Dawes plan la being placed into ope
ration. with every promise of peace
In Europe for some years. Agricul
ture, tho weakest spot In our Indus
trial life has grently Improved. The
farmer will he able to pay many of
Ills debts and should have a surplus
with which to buy goods. The presi
dential ele-tlon will soon he over and
removed ns a disturbing factor. Ail
of these eondlttons should work to
Improvement of business and ought
to make ths year 1925 a better one
than that of 1924 ”
F O. WATTS, president. First Na
tionai Rank In St Louis, a former
president of the Association: “The
strong hsnklng and credit situation,
the absence of any marked Inflation,
the better adjustment among Indus
tries, tnd the lack of sny 4»e|ded
over-production makes the business
outlook for autumn encouraging.
There Is no reason to expert a ‘boom’
but a gradual and sustaining Indus
trial activity on sare and aane lines,
taking up much of the past slack
and laying a good foundation for
greater activity In 192.6. Two dangers
to he Rvr/ldsd are—an Inflation of
the credit structure and a 100 rapid
expansion of production In some
lines.”
UNDERLYING CONDITION*
VIEWED AS SOUND.
CHARLES A HINBCH, President,
Fifth-Third National Bank of Cin
cinnati, former president of the-As
sociation: "Underlying condition! era
sound. Storka In nearly every lino
of endeavor are low. There may pos
nlbly he In a few Instances manufac
turers who find themselves overstock
ed, but on the whole, retailers have
been very conservative In their buy
ing Buying today la governed large
ly by the demand, and merchant! and
manufacturers are not speculating
upon the future.
"Crops as a general thing through
out the country have been good, and
the farmer has been In position not
only to liquidate his Indebtedness but
to buy what might be termed luxuries
In addition to hla living expenses.
Wages In many lines of endeavor are
still on n war-time baa's and until
they shall have been liquidated, we
cannot expact a thoroughly healthy
condition to exist. This Is especially
true In the building trades.
"The administration Is to he con
gratulated upon the successful out
come of th* London Conference at
which the ftawea plan was endorsed.
In the final working out of this plan,
It will render the immense gold re
serves of the Federal Reserve Bank
nvallable as a basis of credit for short
tlma credits, which will enable the
merchants and manufacturers of Eu
ropean countries to establish credits
here on a dollar basis, which should
find Its reflection In a domestic de
mand that would he very helpful."
OEORME R BDEEPTH, Vice. Pres.
Ident, Th* Nations) city Bank, New
York- "The outlook for hualnesr
this fall and for next summer Is very
satisfactory. Conditions are more
favorable to stability and general
prosperity than at any time In reeant
year* The rise of prices of farm
products gives reason for heps that
the depression which has affected the
great hodv of people on the farms
has pas-ed and nrobshlv will not re.
turn. The last few months hsve fur.
nl«h»d a derposstentlon that the
prices of farm products have been
weighed down hv s comparatively
small surplus, and with ths restora
tion of normal industrial conditions
tn Europe the Increased demand from
that quarter, together with the in
creasing demand of our own growing
population, will maintain .1 higher
level of prices herearter. The hank
ing situation is very strong, nnd the
country la accumulating capital suf
ficient for a vast amount of develop
ment work at home, and also to sup
ply anticipated foreign demands. The
acceptance of the Dawes plan for the
reparation settlement gives promise
that industry will be quickened all
over the world, and that the course of
social nnd Industrial progress, which
was Interrupted by tbe war. Is about
to be fully resumed.”
BUSINESS OUTLOOK
IS PROPITIOUS.
OLIVER C. FULLER, Chairman of
the BoHi-d, First Wisconsin National
Bank, Milwaukee. Wls.: "The busi
ness outlook for tho next few months
Is propitious, Brices are again ris
ing, money is easy and manufacturing
is gradually expanding. Prices of
wheat, corn and livestock began to
rise in June at a time when manu
facturing had about reached the bot
tom of Ha decline. This furnished
a strong impetus to business recov
ery. The condition of agriculture was
growing slowly better year by year,
but it was still the weak spot In our
national economy. The change for
the better this summer has como
about in the only way it could como
about, through an expansion of mar
kets
"The thing that impresses the
banker ts that we have had no string
ency in money, no problems of allo
cating credit so that there would lie
enough to go around, and no forced
liquidations such as we associate with
business declines. Quite the contrary,
bankers have been hard put to it to
keep their funds employed. The re*,
son for this la the unprecedented
amount of gold which our banks have
received from abroad. It has made
our credit position altogether too easy.
"The »ettlng In motion of the ma
chinery of the Daive* plan Is but the
beginning of International readjust
ments of some magnitude. It may
be expected that this country Will
export capital, both In the form of
money and gooda, that Europe will
expand production, and that there
will bo a freer Interchange of com
modities In International trade result
ing In stiffer competition. As a gen
eral proposition, however, we should
benefit from stabilization of money
followed by increases In the produc
tion and consumption of other coun
tries.
"The presidential campaign does not
seem to be having a particularly de
terrent eftect upon business. Some
people ore being hoodwinked Into be
lieving that things are all wrong,
even ugnlnst the better Judgment of
their own senses. The bogles of 'Wall
street,' ‘big business,'' ‘the interests,'
'monopoly' nnd 'privilege' sre being
brought out nneo more to serve their
ancient purpose of frightening the
people. Aa against appeals to fear,
superstitions are bound to weigh most
heavily. In spite of murh furor
from radicals, the election result will
reflect the sober average Judgment of
the people."
MODERATE BUSINESS
EXPANSION IS IN PROCESS.
JOHN 61. LONSDALE, President,
National Bank of Commerce In Ht.
lamia: "Moderate lousiness expansion
Is In progress. There are still some
oros* currents, but tbe foundation for
its up-grade progress is promising
Surely there should be no lack of
confidence or fear of over-inflation
on a market that so far does not
warrant full time production. Neither
should an over-plus of credit bn
mcnnelng if the lessons of Judicious
rentratnt have been sufficiently Im
pressed. Xfost of the standard indi
cations are for hett*rm«nt. Busi
ness purging gmars an end, consum
ers' avenues sre not Jammed with
merchandise, and country and olty
banka have both reached the urns
high atate of liquidity. Business men.
however, are prone to expect too
much and ton sudden business revival
from reparations developments. No
one ean deny Its beneficial Influences,
but ll* ultimate blessings may h# di
rected moro to the producer of raw
materials than to the manufacturer.
It. seems destined to stiffen competi
tion In finished products, bringing
the tariff once more Into prominence.
6)n* of the brightest spots In the side
tracking of the 'lnevitable disaster 1
that was due to reach the farmer,
proving that the best thing about
the worst things in business is that
they never happen. In fact, Provi
dence ha* poured nut such a bless
ing of natural wealth that It chal
lenges man's Initiative to prove up
his rernonslbtllty nnd make business
better."
EDGAR L MATTSON, Vtca-Presi
dent Midland Bank, Minneapolis,
Minn : "This country hss been under
considerable strain fn adjusting It
self to normalcy since the war and In
many lines is still halting but mak
ing progress, this being particularly
true of agriculture. Nevertheless,
how any one can be anything hut an
optimist as to the future I cannot see.
considering that tne United Mates
Tuesday Is Last Day to
File Capital Stock Tax
Tuesday Is ths last day for the fil
ing of Capital Htoek Tax returns. The
time for filing was extended from July
Dial the usual lima for filing capital
stock tax returns, to September 30th.
The corporations of the state have,
therefore had a alxty-day extension
of time In which to file the returns
and the assumption will be that no
additional Mm# will ba necessary on
the pert of any corporation In filing
Its return.
All corporations of every descrip
tion, whether active or Inactive, ope
rating or not operating, muet file a
capital atock tax return and all active
corporations, not specifically exempt,
whose net worth la more than 15.000,
must pay cnpltal stock tax The
commissioner of Internal revenue only
Is nuthorlxed to determine whether oj
not « eorporstlon Is liable for the pay
ment of tax In enseg where cxemp
State Bureau of Markets
Price* below are thoee which w holeealer* 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 Csl'bus
Sweet potatoes, Ye!, bulk load
ing, 100 pounds I 3.00 }3 25 33 00 32 50 32 75
Irish Potatoes. No 1 new, per
per 150-pound sack 235 2.90 3.00 375 275
Per 150-lb. sack 1.75 1 75 1 75 2.00 2.00
Black eys peas, pound 0514 054 .054 .954 rt *4
Brown eys pesa, pound *>4 —— —— ,40 .37
Eggs, fresh candled, dnxen 30 30 ,22 21 .37
Stags, pound 23 .23 .22 21 .21
Hens, pound 23 .34 .22 .25 .234
Roosters, pound 12 .11 .11 .114 -13
Frier* end broilers, 1 to 2 lbs.
pound 27-23 .27 .24 .32 .32.1 t
Ducks, pound 20 4t .15 25 ♦ - -
fieeae, pound 10 .11 .10 ,124 * 1 "
Turkey (hens), pound 25 —•— .25
Turkey (toms), pound 25 •—— 25 •——
Country butter (best table), lb.. .85 .33 .35 35 .35
Country butter (cooking), pound. .30 .21 .10 .15 .30
cin cane syrup (Bhl ), gal .75 75 .70 75 ,75
Corn meet, per 40-lb. seek .... 1.40 2.50 250 2.90 255
Corn, No. 2, (white) sacked, bu. . 1 424 145 1.424 1.44 1.45
Oat* No. 2 (white) sacked, bu 47 49 .47 .494 674
Peavlot bay, km 31 00 22 00 11.10 22.50 22.00
NINE
STOCKS AND
BONDS.
contains less than seven per cent of
tho world’s area and less than seven
per cent of Its population ahd still
has produced In one year from fifty
to slxty-flve per cent of the things
required by the people of the world
In the way of food, raiment, and other
necessities of life.
"In Ui« Ninth Federal Reserve Dis
trict conditions have been anything
but good. In fact, they have been
the reverse. At the same time we
have suffered from an exaggerated
publicity that has lad the country to
believe that we are Impoverished
and maybe Irretrievably ruined. Noth
ing can be further from the facts. We
are Just beginning to market a crop
of grains of an unusually high aggre
gate value; we have reached normalcy
and stand on the threshold of ex
cellent business prospects benefited
bv the lessons that the last few
Years have taught us. As is always
the case, the people who have com
mitted the error of believing that
economic ills can oe cured with po
litical remedies are reaching a bet
ter understanding of the real prob
lems and the vemeay thereof, and I
predict that the advancing prices and
unquestioned business improvement
thst this section of the country will
creditably acquit Itself at the polls In
November."
BUSINESS TURNED FOR
THE BETTER IN AUGUST.
ALEXANDER DUNBAR, Vlee-
Fresident, Bank of Pittsburg "In the
Pittsburg district geneval business
made a turn for the better in the
early part of August. Th» severest
depression of mid-summer was in
steel and fuel, and naturally these
show the largest recovery. Neither,
however, has achieved normal condi
tions. The steel trade of the district
has not been adversely affected by
the finding against the 'Pittsburg
Plus Plan,’ and is not likely to be.
Naturallv, railroad freight tonnage
of the district fell off during the pe
riod from April to August Inclusive,
owing to the hanking of furnaces, the
smaller movements of ore, and the
shut down of coal mining and coking
plants. September shows a noticeable
increase In this respect. The same
causes affected suburban passenger
traffic, but It Is a matter of comment
that through passenger traffic has
been wonderfully well maintained,
showlag. ns one veteran tn the ser
vice remarked, that ‘the people have
money to travel.’
"The feeling in the Pittsburg dis
trict I* one of hopefulness that the
Industrial revival now under way will
continue until the November elections.
Beyond that date the movement will
depend upon the outcome of the bal
loting and the country’s reaction to
the event."
THE SOUTH SHOULD
BE PROSPEROUS.
ALVIN P. HOWARD. Vice-Presi
dent. Hibernia Bank & Trust Co..
New Orlana, La : “Generally speak
ing. the South ahould be pro*perous,
with a cotton crop of Indicated sizable
proportion and a fair price, consider
ing the coat of production, but the
Routh 1* always 'bullish' on cotton,
and many feel that the recent de
cline* In price are not. Justified.
"The cotton mill Industry 1* not. In
satisfactory shape and has not been
for pome time past. How far this
condition will be changed by advant
ageous buying of the new crop and th#
economlaa that have already become
effective. Is a matter of management.
"The wholesale dietrlbutora of cot
ton goods have been finding difficulty
in making a profitable turnover, and
since thev are between the mill and
the retailor. It Is difficult to predict
what the future has in store for them.
At any rate, things could not be
more unfavorable than they have
been during the past twelve month*.
"Freight rates continue to make the
wholesale business tn large centers
unprofitable, or nearly so. but the
small wholesale distributor of all kinds
of goods located In th* country dis
trict* has made good money and t»
In no danger of over-exnareiou be
cause of his limited capital.
"The problem of the retailer ha*
been that of curtailed buying power
on the part of the public. Money
seems to bs plentiful for commercial
purposes, but there le a decided
scarcity from the point of view of
savings accounts."
FINANCIAL SITUATION —— *
HAS IMPROVED. - ----
C. W. ALLENDOERFER. Vice-
President, The First National Bank.
Knnsas City, Mo.: "The financial
situation in Kansas has been wonder
fully Improved d-urlng th* last few
months ns a result of the excellent
crops we have had. The marketing
of wheat has already resulted tn com
plete liquidation of a large volume of
obligations held by country banks
and accounts with country merchants.
The country banks and country mer
chants have in turn paid off what
they owe. It le practically certain
that corn and cotton over a large
part of this territory will produce
abundant yields, which should further
Increase the amount of excess bank
reserve* now on hand. Merchants
and manufacturer* r«port an Increase
In huslne**. which look* a* though it
would continue for several month*.
Up to date, no symptoms of undue
expansion or speculation have been
evident."
■■i.-rr,
ONE DEAD DARKIE.
"Say, Sam, la dat ao what I hear*
'bout Brother Zeko bein' dead?"
"Sho* l».”
"Now ain’t dat bad! When Is d#
interment, 8am?"
"Dry ain’t goln' to Intern ’!m."
"What dey goln' to do wld 'lm,
den?"
"Dey goln' to incriminate Mm."—•
From Everybody's Magazine for Sep
tember.
lion Is claimed If It Is believed that
you are entitled to exemption and
this fact has not been established, a
return must he regularly filed and
full Information concerning the ope
ration of your bUßlnesa submitted to
establish your claim for exemption.
If you are an officer of any cor
poration and responsible for filing its
lax returns and you have not yet filed
them, believing that you do not need
to file a capital stock return. It would
lie well for you to consult with the
collector's office or with some one
else familiar with capital stock tax
return* and determine whether or not
your corporation should file a return.
All corporations of the state are a
matter of record and If you do not
file your return you can expect that
your corporation will b* Investigated
and penalties will have to be assessed
for fullure to eomply with the law.