Newspaper Page Text
TUESDAY, OCTOBER 14
COTTON AND
GRAIN.
THE WEATHER
(Forecast* till S a. m. tomorrow.)
Augusta an dvlclnlty: Fair tonight
and Wednesday; little change in tem
perature.
Georgia: Fair tonight and Wednes
d little change in temperature.
Weather Condition*.
High pressure which covers the
country from the Rocky Mountains
eastward is attended by generally fair
weather and moderate temperature.
Weather Data.
Highest temperature yesterday 82
degrees; lowest temperature ’ this
morning,
River stage at 8 a. m., 8.2.
Fall In 24 hours ending 8 a. m., 1.1.
Moon tonight: Rises 7:27 p, m.
Relative humidity yesterday: 8 a.
m., 90; 12:30 p. m., .88; 8 p. m.. 78.
E. D EMIGH.
AUGUSTA COTTON
Spots 22.13
Saturday . . 23.13
Last Year. . 28.81
PRICES BY GRADE
Close
Middling fair 23.13
Strict good middling 22.88
Good middling 22.63
Strict middling 22.50
Middling 22.13
Strict low middling 21.13
Eon middling 20.13
Stric t good middling 10.13
G 1 d ordinary 18.13
CLOSING QUOTATIONS ON I
NEW ORLEANS AND NEW |
YORK COTTON EXCHANGES |
The following quotations from New
Yolk and New Orleans were posted
on the Augusta Cotton Exchange
Tuesday:
NEW YORK.
Prev.
Open High Low Noon close
Jan .. 22.93 28.0(1 22.40 22.40 23.35
Mar... 23.40 23.40 22.70 22.70 23.68
Mav... 23.60* 23.60 22.88 22.88 23.90
Julv... 23.30 23.30 22. GO 22.60 23.50
Oct. .. 23.'90 23.90 23.18 23 18 24.20
Deo... 22.95 22.95 22.33 22.32 23.28
NEW ORLEANS.
Prev.
Open High Low Noon close
Jan... 22.70 22.80 22.23 23.27 23.21
Mar... 22.97 23.03 22.48 22.53 23.45
May... 23.11 23.19 22.63 22.68 23. Cl
Julv... 22.83 22.93 22.50 £2.40 23.33
Oct... 22.75 22.75 22.17 22.17 23.17
Dec. . 23.75 22.75 22.20 22.25 23.17
NEWYORK^COTTON
NEW YORK —The cotton market
was lower early Tuesday on reports
of favorable weather in the south
and relatively easy Liverpool cables.
Bullish comment attended the report
of the census bureau showing do
mestic mill consumption of 435,216
bales compared with 397.456 for Au
gust and 485,665 for September last
year. Reports lhat a gulf storm
was threatening the Texas coaßt
caused some nervousness. These fea
tures. however, failed to produce ag
gressive buying power and after
opening weak at a decline of 25 to
41 points the market sold about 50
to 60 points lower, December declin
ing to 22.75.
The early decline extended to 22.55
for December, representing net olsses
of r; to 73 points on active positions;
trade buying expanded as prices ap
proached the 22%-cent level, how
ever. and the market steadied later in
r ■ morning. Some purchasing was
io; raged by a belief that the tech
nical position had strengthened dur
ing the progress of recent severe de
clines and while bugles met consid
erable selling the late forenoon mar
ket was fairly steady. December held
around 22.68 at mid-day, 13 points
above the lowest levels.
11:45 a. m. bids, steady:
October 23 59
December 22.60
January 22.88
March 23 07
May 23.08
NEW ORLEANS COTTON
NEW ORLEANS—The cotton mar
ket opened decidedly easier after the
two days' holiday. Liverpool was
much lower than due and the weath
er generally favorable. These Influ
ences combined with accumulated
hedge selling caused first trades to
show losses compared with Satur
day's close of 42 to 51 points. Pe
ber to ease off to 12 95 right after
the call and January dropped to 22 69,
cldedly heavy selling caused Decem
or 52 points down for both months.
Consumption of 435.219 bales during
September was considered better
than expected. Mill stocks of 514,-
537 showed a loss and are barely
more than a month's supply.
Another wave of selling. Including
considerable hedge selling featured
the market at the end of the first
hour of trading and lasted most of
thf second hour. Aside from the
hedge sales the weakness was due
mainly to the favorable weather.
The market ruled quiet and fluctuated
within a very narrow range but gen
erally about 15 points above the low
levels of the morning.
Noon, steady, bids:
October ,w 22.45
December 22.51
January 22.53
March 22 75
May 22.52 ,
livTrpooil^market
LIVERPOOL. —Cotton, spot, fair
demand; prices steady.
Strictly good middling 14.64
Hood middling 14.29
Strictly middling 14.64
Middling IS M
Strictly low middling 13 64
Low middling 13.14
Strictly good ordinary 12.74
Good ordinary 12.14
Sales. 4.600 bales. Including 1.-'
700 American. Receipts 11,000
bales. Including 6,300 American.
Futures closed barely steady
December 12.93
January 12 95
March 1* 60
Mav 12.04
July 12.92
P RODUCE ~MA RK ET
Flour—Hard wheat. 26-lb. cot
ton sacks, bbl 17 75
Flour—Plain, 99-lb. ska., bbl.. 770
Flour—S.-R., sks . bbl 7.80
Flour—S -R.. 48-lb. sks.. bbl*... 7.15
Flour—Best plain, 91-lb. sks.,
barrel
Flour—S -R„ 24-lb. ski., bbl... 7.16
Flour—S.-R.. 24-lb. sks., bbl*.. 655
Buckheat. 24-pkg. cm* * BK
Grits, 24 2s, per cats I*o
Grits, 12 3s. per case 1.90
Grits, fins and medium. 26*
per sack 2 46
Veal. 965, per sack 2.80
Meal, 48s. per sack 122*4
Meal, 245. per sack .65
nice—Fancv, No 864 or Nd. 112.
160-lb. ski., lb 6694
Rice, fancy. No. 68. lb .6784
Wesson Cooking Oil, 24 pints.. 8.75
Wesson Cooking Oil, 12-qt. case 8 40
W.\ snn OH. 6 1-gal cans. rase. 9.80
Axle Grease, 10c else. 1-lb.. 4
dozen 3 75
SEEDS.
A cher Cane. I*o-ih. sks 80
Corn fed (according to else).* 09
LIBERTY BONDS
NEW YORK—T'nlted Statee gov
ernment bond* closed:
1 Ibertv 384* 1166*7
First 4s 102.3
First 4y« 107*
Ceeo-d 41 S 1M 14
Third fits 10*1
F irth <« • I*2 10
Treasury 4t;s 100 6
=Financial and Commercial News=
N. Y. STOCK MARKET
NEW YORK. Price movement*
lacked a definite trend at tne open
ing of Tuesday's stock market. Wool
worth, DuPont and Doose Wiles each
dropped a point on Initial sales and
Baldwin advanced 144■ The first sale
of United States common was 1,000
shares at 107, unchanged.
Continued Irregularity took place
during the early trading despite the
indicated heavy over-subscription of
America's $110,000,000 portion of the
$200,000,000 German loan. Chief in
terest In the stock market centered
in the specialties. National Surety
sold six points above Its previous sale
at 172, a new top; Youngstown Sheet
and Tube advanced two, Commercial
Solvents B. 1% and Savage Anns, one.
United 3tate» Cast Iron Pipe drop
ped two points and General Electric
1%. The market turned heavy around
the end of the first half-hour. United
States Steel sagging to 106% and
several ether popular Industrials and
rails yielding to selling pressure.
Foreign exchanges opened firm.
With the active trading element
apparently favoring the short side of
the market losses were considerably
extended in the afternoon. Baldwin
and American Can were the weak
est of the pivotal industrials, falling
284 and 3Vi points, respectively.
Bonds involved in the projected new
railroad groupings were among the
weakest Issues, New York Central
yielding 214, Lackawanna, 3% and
Delaware and Hudson 384. Standard
Plate Glass dropped 384 to 14Vi. a
new low, .
The closing was weak.
Sales approximated 1,100,000 shares.
(HEW YORK STOCK LIST.
Close
Allied Chemical and Dye 70%
Amerfican Can 124%
Aroorican Car and Foundry 164
American International 22%
American Locomotive 76
American Smelting and Refg... 73%
American Sugar 41%
Am Tel and Tel 126%
American Woolen 55%
American Tobacco 161%
Am Zinc, Lead and Smelt 7
Anaconda Copper 34%
Atchison lu3',*s
Atlantic Coast Line 136
Baldwin Locomotive 110%
Balt and Ohio 58%
Bethlehem Steel 43
California Petroleum 19%
Canadian Pacific 146%
Central Leather 1.1%
Cerro de Pasco 45%
Chandler Motors 30%
Chesapeake and Ohio 81%
Chicago and Northwestern 58%
Chi, Mil and St Paul pfd 19%
Chicago, R I and Pac 30
Chile Copper 31%
Coca-Cola 74%
Colorado Fuel and Iron 85
Congoieum 44%
Consolidated Gas 67Vi
Corn Products, new 83%
Cosden Oil 22%
Cruoibie Steel 1 64Vi
Cuba Cane Sugar pfijv 59%
Davison Chemical 42%
DuPont de Nemours 125%
Erie 24%
Famous Players-Lasky 79
General Asphalt 39
General Electric 240
General Motors 56
Great Northern pfd 60%
Gulf States Steel 67%
Houston OH 66%
Illinois Central 107%
Int Harvester 91%
Int Mer Mar pfd 34%
Int Tel and Tel SO
Invincible OH 12%
Kelly-Springfield Tire 15%
Kenecott Copper 44%
Louisville and Nashville 90
Mack Truck 94%
Marland Oil 32
Maxwell Motors A 58%
Middle States Oil 11%
Missouri, Kan and Tex 14%
Missouri Pacific pfd 52%
National Lead 148%
N Orleans, Tex and Mex 106%
New York Central 103%
N Y, N H and H 21%
Norf and Western 121%
Northern raclfie 61%
Pacific Oil -» 46V,
Pan-Am Petri B , 4784
Pennsylvania 44%
Producers and Refiners 23
Pure Oil 22
Reading 68%
Republic Iron and Steel 44%
Reynold* Tobacco B 75%
Seaboard Air line 14
Sears-Roebuck 101%
Sinclair Con 15%
Sloss-Sheffield Steel and 1r0n... 67%
Southern Pacific 91%
Southern Railway 64%
Southern Railway pfd 76%
Std Oil of Cal 56%
Std Oil of N J 35%
Studebaker Corporation 37%
Texas Company 39
Texas and Pacific 3284
Tobacco Products 62%
Transcontinental Oil 4
Union Pacific 136%
United Drug 90%
U S Cast Iron Pipe 106%
U S Ind Acl 67%
United States Steel 104%
United States Rubber 32
Utah Copper 7784
Westlnghouse Electric 61%
Wtllys-Overland 7%
Woolworth 102
Hudson Motor* 2g%
CHICAGO GRAIN MARKET
CHICAGO, 111.—In a general rush
to buy, wheat started 286 c to five
cents higher Tuesday and steadied
at about four cents above Saturday’s
finish. After opening at Jl-45 to
*1.46, December, and *1.50 to *1.5284
May, the market continued active
but extreme gains failed to hold.
Corn and oats sympathised with
wheat strength. Corn opening price*
which ranged from dc to 184 c higher,
were followed by a ellght further ad
vance.
Oats started 84c to 84e up and kept
within the initial limits.
Provisions were upheld by the ac
tion of grain.
Wheat closed unsettled *T4c to 484 c
higher. *
Corn cloeed nervous, 14c to 84e net
higher.
WHEAT—
Onen High Low Closi
Dec ... 145 14784 147 14584
May .... 150 152 84 150 151 84
July .... 134 84 134 84 132 84 1 3384
CORN—
Dec .... 112 US 11184 11484
May .... 11484 11484 113 114
July .... 11484 11*84 11384 11484
OATS—
Dec 83 84 8 4 84 5384 54
May 6884 5* 5784 BBtf
July 5 5 84 5 9 5 5 84 5 5 86
RLE—
Dee .... ISO 13184 12884 131*4
May .... 130 1321* 130 13284
LARD—
Nov ~. 1512 1652 1510 1510
Jan ... 1412 1417 140 S 1405
RIBS—
Nov ... 1255
Jan .... 1252
BELLIES—
Nov ... 1457 1457 1450 1450
Jan ... 1205 1305 1302 1302
SUGAR MARKET
NEW YORK.—Raw sugar, un
changed: spot. Cuban. 8.02. duty paid.
Refined, unchanged at 715 to 760
for fine granulated.
Chicago Potato Market
CHICAGO. Ill—Potatoes slightly
stronger on Ohio'* dull on white: Min
nesota and North Dakota, tacked Red
River Ohio’s, II 0001.10: Minnesota,
sacked, roupd whites. 660*0*: Wis
consin, sacked, round whites. 700*3c;
few fancy. 20c; Minnesota and Wy.
eonsln. bqjk round whites, 754190 c;
Colorado sacked People's Rueacts.
1135.
COTTONSEED OIL
NEW YORK.—Cottonseed oil cloeed
steady;
Prim* summer yellow, hid ,*11.50
Prime crude *6.62840 2.00
October 10 *0
November 10.30
Deremher 10.21
January in 35
Fehriarv «o
March 10 on
April 10.32
Mev 10 67
Palca 11.300.
Market Closed Easy;
Augusta Spots 22.13
Heavy selling orders over-hang
ing the cotton market Tuesday and
clear weather with possibilities of
a better crop and some holders be
coming nervous over the situation
and the buying power only looking
on enabled the bears to control the
day and drove hard. On
of the market spot cotton at Au
gusta was quoted at 22.13 a de
cline pf 100 points from previous
closing quotations. Whether the
big break will influence some buy
ing is the question. If it does, then
there will be a recovery, to what
extent, will bo governed by the vol
ume of business. It is possible that
such interest will remain out of the
market hoping that It will decline
further, but some recovery is due,
and with an upward trend it stands
to reason that some business will
be done.
According to the weather map the
belt Is clear and the forecast for
Wednesdav Is no change. This Is hav
ing Its influence on the market. Some
cotton men in New York claim to be
bullish while others expect another
bear raid before there will be any
substantial comeback In the market.
Both are guessing.
Cotton consumed tor September.
1924, was 435,216 bales and for a cor
responding period in 1923 wus 453,-
852 balee and 490,013 for a like pe
riod in 1922. So it will be read
ily seen there was nothing to bull the
market In from this angle.
Cotton held in consuming ware
houses. September. 1924, was 514,-
537; 1923, 773.173 bale*, and 1,065,816
bales in 1922.
Discussing the textile situation
Bradstreet says:
“In most lines of toxtiles, primary
markets were quieter this week.
Many establishments were closed
on Wednesday in observance' of
Yom Kippur. The government cot
ton report and subsequent sharp
decline in speculative prices had
an unsettling effect upon cotton
goods. These factors, together with
the approach of another holiday
next Monday, and the world's se
ries baseball games, which diverted
interest, accounted in large measure
for the slackening of trade. Such
new business as was put through
was of much the same character as
in recent weeks, consisting prin
cipally of hand-to-mouth buying In
small lots for Immediate or nearby
requiraments, excepting certain
lines of dress fabrics and other
goods offered for next spring, which
were fairly well patronized. Inter
est, however, centered largely in
novelties and fades; staple cottons
and other textiles received com
paratively little attention, so far as
covering distant needs was con
cerned. Trading In print cloths and
gray goods was limited and scat
tered; buyer* manifested a dispo
sition to await the government crop
report on Wednesday, and although
this proved rather encauraging to
cloth merchants and manufactur
ers. In that a yield of 12,499,000
bales, the latest forecast was con
sidered sufficient for requirements
now in jirospect, the severe slump
in prices of the staple following
publication of the report served to
upset calculations and restricted
trading. Neither buyers nor sellers
were inclined to make any exten
sive commitments pending more
settled conditions In the raw ma
State Bureau of Markets
Trices below are those which wholesalers are paying F. O. B. these
consuming centers. To arrive at prices net shippers, deduct freight to
most favorable point. . _ ..
Atl’ta Aug’ta Macon Sav'nah Col bus
Sweet potatoes. Yel. bulk load
ing. 100 pounds $ 2.25 2 2.3* * 2.26 * 2.25 * 2.60
Irish Potatoes, No. 1 new, per
150-lb. sack 205 2.75 2 70 2.75 2.75
Cabbage (green crated) 100 lbs... 1.75 1.75 1.75 2.0(1 225
Black eye peas, pound 0584 05*4 .0584 .0514 .0684
Brown eye peas, pound .04 —— .04 .04
Eggs, fresh candled, dozen 37 .37 .36 .40 .44
Stags, pound 21 .22 .22 .21 .22
Hens, pound 22 .23 .22 .23 .22
Roosters, pound 1284 1184 -11 -1184 -12
Friers and broilers, 1 to 2 lbs. .25 .20 .25 .31 .30
pound
Ducks, pound 20 .15 .15 .25 .27
Geese, pound .15 .13 .12 .16 .17
Turkeys (hens), pound 2784 -25 .25 .25 •
Turkey (tomsr, pound .27 84 -25 .25 .25 *
Country butter (best table), lb.. .35 .33 .33 .35 .87
Country butter (cooking), pound. .20 .21 .20 .25 .34
Ga. cane syrup (Bbl.), gal 75 .75 .70 .75 .75
Corn meal, per 69-Ib. sack .... 2.80 2.90 280 2.90 2.90
Corn, No. 2, (white) sacked, bu... 1.4184 1-44 1.4 184 1.45 1.4784
Oats No. 2 (white) sacked, bu 7084 .7 2 70 84 . 7284 .72 84
Peavine hay. ton ft *22.00 22.00 21.50 22.50 22.00
•—No market.
*TA9
YOU PAY
MORE THAN HE
Why do you see so many Packard Sixes in front
of splendid homes and exclusive dubs?
Is it because of Packard prestige and the luxury
of Packard motoring?
Yes and no.
In the long run, it costs the owner of that splen
did home less to operate and maintain his
Packard Six than it costs you to drive your
3-year ordinary car.
Get the facts from him about gasoline and tire
mileage, repair bills, insurance, long life and
re-sale value. You’ll find he has your figure!
beaten by a wide margin.
So why deprive yourself of ell the joys of
Packard ownership when they really cost you
less than you are now paying?
Manybrefer to talit advantage of Packard' l extremely
liberal time-payment plan to enjoy Immediately the
advantages of a Packard Six or Packard Eight—
purchasing out of income instead of capital, just as
practically all other necessities are now bought
AUGUSTA MOTORS CO.
577 Broad Strest
PACKARD
' SIX
THE AUGUSTA HERALD. AUGUSTA, GA. '
terial market and a clearer out
look as to the future trend of prices
for cotton goods. Print cloths, re
flecting the drop in cotton, eased
off about 1-8 cent n yard to the
basis of 8 7-8 cents for 38 1-2-Inch
«4x6os. whllo sheetings were 1-8 to
1-4 cent lower at 7 1-8 cents for
3C-lneh 40x405, uml other gray
goods showed similar declines.
“Primary markets for knitted
goods, particularly hosiery and un
derwear, were quiet with respect to
forward buying, but heavyweight
lines for prompt and early delivery
continued In active request. Trade
in broad silks showed some im
provement as a result of the offer
ing of ne wspring lines by a num
ber of manufacturers. Japanese raw
silks developed further easiness in
sympathy with sharp declines in
Yokohama. Imports of raw silk in
to the United States lust month,
amounting to 48,551 bales, accord
ing to the Silk Association's fig
ures, exceeded the August total by
about 12,000 bales, and were the
lurgest of any month in three years,
while deliveries from warehouses to
Amerjcan mills in September reach
ed the highest figure since April
of 1923. A feature In the woolen and
worsted goods market was the fur
ther advance of 6 to 12 1-2 cents
or more a yard, announced by the
American Woolen Company on va
rious spring lines of woolen and
worsted mixtures, owing to the in
creased cost of the wool content in
such fabrics."
STOCKS AND BONDS
(Corrected by T. D. Carey A Co.)
STOCKS.
* Bid Ask.
Augusta Factory 15 —-
Augusta and Sav. R. It.■>... 93 97
Bon Air Hotel Cor. c0m.... 62 #7
Bon Air Hotel, pfd 62 67
Citizens & Sou. Hank 260 255
Enterprise Mfg. Co 96 100
Georgia R. R. Bank Co 194 197
Granitevllle Mfg. Co 165 ■ —-
John P. King, pfd 104 ~
John P. King, com 110 120
National Exchange 8ank...106 110
Sibley Manufacturing C 0... 65 .5
Southwestern Railway 98 100
Union Savings Bank 140 150
BONDS.
Bid Asked
Augusta Factory Bs, 1941 .... 99 101
Bon Air Hotel 7s. 1942 101 103
Cttv of AuguFta (Basis) 4.4014
(la. R. R. & Bkg. 4s. 1947.. 82 *4
Ga. R. R. & Bk. Co. 6s, 1951.108 —-
Granitevllle Co. 7s. 1942....101 103
Langley Mills 7s, 1943 97 98
Sibley Mfg. Co.. 7s. 1942....100 103
State of Georgia (basis) ..4.2c%
CATTLE MARKET
(Corrected by Augusta Stock Yards.)
CATTLE.
Common 2
Ordinary *,,?"%
Good *%@6
Fancy
CALVES.
Common J
Ordinary ®
Good I f’ft
Fancy •# #. o 'u rz
CALL MONEY'
NEW YORK—CaII money, firmer;
high, 3; low. 2%; ruling rale, 2%;
closing bid, 3; offered at 3%; last
loan. 3; call loans against acceptances
2 Tlmo loans, firm., mixed collateral,
60-90 days, 2%<J>3; 4-6 months. 8%-
prime commercial paper, 3%.
BUSINESS OUTLOOK
Discussing the business outlook in
tho South Bradstreet soes it this week
as follows:
BALTIMORE: A better sentiment
prevails in Industrial circles than
since the early part of the year. De
spite further curtailment In some
lines and a definite reduction in ope
rations from the same months of last
year, a cumulavtle Increase Is noted
since August, and renewed buying la
manifesting Itself in more activity
among manufacturers. At wholesale,
buying generally Is on the increase,
but orders Indicate a persistent policy
of conservatism. Retail trade, stimu
lated by cool weather, is bettor, and
merchants look forward to a good
fall trade. While inquiries for steel
and Iron are more numerous, the
general lovel In this trade Is some
what below last year, and actual
bookings are placed sparingly. Build
ing tends to case off with the ap
proach of winter.
Dry goods and notions are running
ahead of Inst month, but orders con
tinue small and are for cheaper
grades. Millinery sales continue good
and some houses report sales ahead
of last year. Toy and novelty houses
are displaying holiday goods, but qd
vaneed buying la not yet under way.
Manufacturers of confections already
reflect the approach of the holidny
season, and increase* In output over
August, running up to 60 p»r cent,
are reported by soma houses. Im
porters of frutt are Dusy. Manufac
turers of cigars are working to ca
pacity for the first time this year,
and a good seasonal business is an
ticipated Jobbers of hosiery and
underwear report a moderate increase
in demand, but collections continue
alow. Leaf tobacco with receipts
of 857 and sales of 1,108 hogsheads,
continues nctlvc at former prices.
Hides are in fair demand, with the
market firm. Inquiry for oyster*
increases, blit the weather is yet too
mild for best sales. For other fish
there Is a constant demand. Local de
mand for flour hesitates, hut there
it a fair export Inquiry, and ship
ments are on a fair scale. Receipt* of
eggs are light and the market la firm.
The growing season Is two to three
week* behind normal, and crops are
maturing very late. Anples and peara
arc no better than fair. Potatoes
are generally good. Tobacco ripens
slowly, but Is being cut. This week
was more favorable to late truck and
pastures.
RICHMOND: Jobbers and retailers,
report buisness somewhat Irregular,
but wholesalers of dry goods and no
tions and jobbers of shoes not* some
improvement. Reports from other
lines vary, some houses claiming
sales compare favorably with last
year, while others report business
poor nnd buying cautious and In small
quantities. Alanufacturing continues
satisfactory, particularly in products
used In construction work. Labor is
very plentiful, especially skilled me
chanics, but there is little unemploy
ment. Crops appear to be below
tho average, but prices continue sat
isfactory. Considerable damage has
been done recently by excessive rains
and destructive floods, and In soma
of the lowland sections individual
$110,000,000.
German External Loan 1924
Seven Per Cent Gold Bonds
Dated October 15. 1924 . Dated October 15, 1949
Interest payeble April IS and Ootober 1$
NON-REDBEMABLE PRIOR TO MATURITY, EXCEPT FOR THE SINKING FUND
Sinking Fund, tor this issue, $4,620,000 a year, payable monthly, beginning
November 15, 1924| sufficient to retire annually one twenty-fifth of tho issue at 105%
Bond* to be retired through tho Sinking Fund by purcHasa, if obtainable at or below 156% and accrued Interest,
or If not *o obtainable, by redemption liy lot at 105% end accrued Internet, euch accrued Intereet 1"
either case to be paid otherwise than out of the Sinking Fund. The Honda are to be redeemable
for the Sinking Fund on October 15 of each year, commencing October 15, 1935
Coupon Bonds in denominations of SI,OOO, SSOO and SIOO
Principal and Interest payable In New York City at the office of J. P. Morgan A Co. In United States gold coin
of the present standard of weight and fineness, without deduction for any German taxes, present or future.
Doctor Luther, Finance Minister of Germany, has prepared the following summary from his statement dated
October 10, 1924, copies of which tnuy be had on application tu the undersigned:
THE LOAN These Bonds arc. part of an International Doan to be Issued for the purpose of carrying Into effect
the Plan of the First Committee of Experts appointed by the Reparation Commission, for the double
purpose of ensuring currency stability In Georgany and of financing, especially, deliveries In kind during the pre
liminary period of economic rehabilitation. Tho Loan Is to be Issued In Great Hrttaln, France, Italy, Switzerland.
Holland, Belgium, Sweden, Germany and *be United States of Amerlia, In bonds of various currencies, and for an
amount estimated to be eufflclont to yield In the aggregate a net sum equivalent, at current ratee of exchange, to
approximately 800,000,000 Gold Marks (approximately 1190,400,000).
SECURITY The service of Interest and amortization of the Loan Is:
(1) A direct and unconditional obligation of the German Government chargeable on all the assets and reve
nues of that Government.
(1) A epeclflo first charge on all payments provided for under the Dawes Plan to or for the account of the
Agent-General for Reparation Payments, such charge being prior to reparation and other Treaty pay
ments, which In turn nave a specific precedence over the existing German debt.
(!) A first charge by way of collateral security on the ’’controlled revenues," 1. e., tho gross revenues of the
German Government derived from the customs and from the taxes on tobacco, beer and sugar, the net
revenue of the German Government from fY.e spirits monopoly and such tax (If eny) as may hereafter be
similarly assigned by the German Government In accordance wllh the terms of the final protocol of the
London Conference. The “controlled revenues" nro estimated ns amounting annually to not less than
1,000,000,000 Gold Marks (approximately 5240,000,000). The German Government may not create any further
charge upon the controlled revenues ranking prior to or equally with the charge created In favor of the
bonds of the Loan.
LONDON In the London Protocol, Annex IV, Article !, the Governments of Belgium, Great Britain (with the
PROTOCOL Governments of Canada, Australia, New Zealand, South Africa and India), France, Greece, Italy, Japan,
Portugal, Itoumanla and Jugo-Blavla, agreed as follows:
"In order to secure the service of the loan of 800 million gold marks contemplated by the Experts' Plan, anil
in order to facilitate the Issue of that loan to the public, the signatory Governments hereby declare that, In case
sanctions have to be imposed In consequence of a default by Germnny they will safeguard any specific securities
which may be pledged to the service of the loon.
“The signatory Governments further declare that they consider the service of the loan as entitled to absolute
priority as regards any resources of Germany so far as such resources may have been subjected to a general charge
In favor of the said loan, and also sn regards any resources that may arise us a result of the imposition of sanc
tions.’’
At the London Conference, the Allied Governments adopted a resolution rending as follows:
"Ths Allied Governments, desiring that this loan should be successfully raised, and contemplating that the
loan will be a first Hen on tho securltly pledged thereto, will Invlts the Central Banks In their respective countries
to uss their good offices to facilitate the placing of the loan."
In connection with this resolution, and at ths request of the Governments of Great Britain, France and Bel
fl'#n, J. P. Morgen A Co., and their associates, have undertaken the Issue of the American portion of the Loan.
THE. BONDS ARE OFFERED FOR SUBSCRIPTION, SUBJECT TO THE CONDITIONS STATED BELOW,
AT 92% AND ACCRUED INTEREST, TO YIELD OVER 7.70 % TO MATURITY
All subscriptions will be received subject to appropriate sctloti by the Reparation Commission, to the issus
•nd delivery to us of ths Bonds as planned, and to the approval by counsel of the relevant documents and pro
ceedings.
Citizens and Southern Company
AUGUSTA, GA.
The Information and statistics contained In this circular have been obtained from
sources that we deem reliable, and although not guaranteed, are accepted by us as ec
. curate. All boqds offered, when, as, and If tseued, subject to prior sale and change In
price without notice.
losses are heavy. Collections are only
fair.
CHARI.ESON. S. C.: Business at
wholesale, especially ill heavy groce
ries a n!9 foodstuffs, 1* reported
steady. Dry goods, clothing ami shoes
are more active than last week, al
though purchases are for small
amounts. Doalesa in men’s and boy's
clothing report business only fair.
Retail trade is beginning to show
some improvement, and department
stores, women's ready-to-wsar, dry
goods and notions are doing a fair
business Cotton mills are beginning
to operate full time and some over
time, and a good fall business is ex
pected.
Lumber, while somewhat off in
price, le reported fair. Fertilizer
manufacturing Is fairly active, while
other lines are more or less slow.
Collections continue to drag. Real
estate amt building are practically at
a. standstill.
CHATTANOOGA: Retailer* ray
they were not much benefited by the
Trl-Stato Fair, and wholesalers re
ported a reduction. This week starts
off well however, nnd authorities are
of tho oplinon that the two weeks'
business will strike an average. Re
tail lines are especially good this
week. Manufacturing nnd Industry
are improving. Mercerlzers nre put
ting on night forces, und It 18
thought other textile lines will fol
low suit shortly. Prospect* In the
manufacturing lino nre brighter than
they have been all summer. Colleoj
tions are fair. Crops nre for the moST
part harvested, nnd turned out ns
well us expecUd.
NASHVILLE: Wholesalers and job
bers report trade slightly Improved,
hut buying I* conservative nnd large
ly for immediate requirement*. Re
tail trade Is fair. Fall buying has
been retarded by warm weather.
Manufacturing Is fair, most plants be
ing In operation, but not all working
full time. Collection* are slow. Lata
corn has been damaged by frost. To
bacco has been cut and housed, and
plcvklng of cotton Is well under way.
ATLANTA: General trade Is mak
ing moderate progress. Automotive
and tire dealers report increased
business, with favorable outlook.
Lumber In dull, with prlisps off.
Building I* fair. Retail dealers nre
doing a normal business. Fertilizer
concerns anticipate increased volume.
Agricultural Implements are moving
slowly. Collections aro slow. Cotton
prospects are cone'derably below pro.
vious estimates, hut n fair yield for
the state Is Indicated. The total
value of the state tobaeoo crop for
the season juet dosed It placed at
$1,600,900.
SAVANNAH: Wholennls and Job
bing houses report a fairly good In
crease In bualness over last month,
and retail lines hitherto dull, because
of excessive rains nnd hot weather
now report Improvement. Industrial
operations are fair and building is
normal. Collections aro steadily Im
proving Crops aro good, but recent
heavy rains resulted In 20 per cent
damage to growing cotton. However,
most of the counties In this district
had gathered 80 per cent of the staple.
BIRMINGHAM: Retailers and
wholesaler* are doing a fair business,
but collections are slow.
NEW ORLEANS: Conditions In re
tail circles are more encouraging, und
the volume of business handled is
about equal to last year. Jobbers find
more activity throughout this region,
ai d manufacturers are working full
tin.* In almost every line Crops aro
being harvested under good weather
conditions, and tho markets nre ab
sorbing them at eatisinactory prices.
TULSA: A grndual upward trend
Is noted In wholesale and jobbing
lines, while considerable improve
ment Is noted in retail trade. The
International Petroleum Congress and
Exposition Is larger nnd better than
last year, with maximum attendance.
Crude oil production Is decreasing,
and prospects in tlie industry ns a
whole are brighter. Some Improve
ment is expected In collections short
ly as n result of u good crop year.
DALLAS: The weather is too warm
for active retail .business, although
inquiries are brisk. Jobbers nre get
ting very satisfactory orders, and
their purchases in turn are larger.
Manufacturers are running full time,
with business very satisfactory. The
weather in the north nnd central part
of the state has baen Ideal for cot
ton picking. The plant Is still grow
ing, nnd the moisture of recent rains
Value of Dollar
Tho dollar today Is worth but 69
cents, on the basis of Its 1914
valuation—ln other word* before
the war.
This Is considerably bettor than
1920 when It was worth only 40
cents. The value of the dollar la but
THIRTEEN
STOCKS AND
BONDS.
will develop much late cotton If given
time before frost. The recent de
cline In price is depressing. City
banks are loaded with money, with
demand light, and deposits with the
larger banks break all previous rec
ords. The rates are low and unsat
isfactory to bankers, although they
admit that even under these condi
tions they are making money. Col
lections Improve as the cotton crop
moves to market. Pickers are still In
demand, especially In the northwest.
FORTH WORTH: Retail business
Is showing a good Increase, nnd mer
chants are doing more business than
at this time last year. Wholesalers
report continued buying, with best
showings made In the smaller towns.
Collections have improved at both
wholesale and retail, nnd country
merchant* are liquidating debt as fast,
as possible. Cotton gins continue at
full capacity, nnd cotton pickers are
needed In some sections. General
crop conditions continue good. Live
stock prices are steady, due to small
receipts.
Less than 2 pec cent, of the total
arid and Heml-arid land in the
United States is now Irrigated.
a reflection of eeonomlo conditions
The chart shows a man In 1914
with his grocery basket full—the
purchases of a dollar. In 1920 he
filled but 40 per cent, of the bas
ket by spending the same amouunt.
In 1924 he Is able to fill almost 70
per cent, of the basket.