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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.