Newspaper Page Text
THURSDAY, OCTOBER 16
COTTON AND
GRAIN.
THE WEATHER
(Forecasts till 8 a. m. tomorrow.)
Augusta and vicinity: Fair tonight
and Friday; little change tempera
ture.
Falr tonight and Friday;
little change in temperature.
Weather Conditions.
Weather conditions have changed
hut little since yesterday morning,
though the pressure is relatively low
in the central valleys and some
cloudiness developed. Practically no
precipitation is reported.
The temperatures are moderate.
E. D. ISMIGH.
AUGUSTA COTTON
Spots 22.50
Wednesday. 22.06
Last Year. . 28.56
PRICES BY QRADE
Middling fair .f ?3 0 50
Strict good middling 23.25
Good middling 23.00
Strict middling 22 88
Middling 22.50
Strict low middling . 21.50
Low middling 20.50
Strict good middling 19.50
Good ordinary 18.50
CLOSING QUOTATIONS ON |
NEW ORLEANS ANO NEW |
YORK COTTON EXCHANGES |
The following quotations from New
York and New Orleans were posted
on the Augusta Cotton Exchange
Thursday:
NEW YORK.
Prev.
Open High Low Noon close
Jan... 22.58 22.90 22.49 22.83 22.30
Mar... 22.95 23.23 22.81 23 20 22.07
May... 23.18 23.43 23.04 23.40 22.87
July. .. 22.84 23.04 23 SI 23.04 22.50
Dec... 22.45 22.75 22.37 22.73 22.20
NEW ORLEANS.
Prev.
Open High Low Noon close
Jan.., 22.38 22.72 22.30 22 68 22.10
Mar... 22.62 22.98 22.52 22.95 '22.40
May... 23.19 22.77 23 12 22.53
Julv... 22,8.8 22.09 22.88 ——
Oct... 22.25 22.53 22.22 22.55 22.10
Dec... 22.26 22.69 22.25 22.65 22.11
A PROCLAMATION.
Submitting a proposed amendment
to the Constitution of Georgia to be
voted on at the General election to be
held on Tuesday, November 4th, 1924,
said amendment to Paragraph 3, Sec
tion 4, Article 3 of the Constitution
of the State of Georgia, to provide
for Biennial sessions .of the Genera?
Assembly.
By His Excellency,
Clifford Walker, Governor,
State of Georgia,
Executive Department,
August 21, 1924.
WHERE Ay, the General Assembly,
at its session in 1924, proposed an
amendment to the Constitution of this
State as set forth in an Act approved
August 6th, 1924, to-wlt:
GENERAL ASSEMBLY, BIENNIAL
SESSIONS.
No. 966. ' ,
An Act to amend Paragraph 3, Section
J . Article 3 of the Constitution of the
State of Georgia, by striking the words
nnrt figures “October, 1878.” in line
three and Inserting in lieu thereof the
word and figures “June, 1925." and by
striking tlio word “annually’' In lino
four and inserting In lieu thereof tho
word “biennially" and by striking the
word "fifty” and Inserting In lieu there
of the word “sixty,” so as to provide
for the meeting of ths General Assem
bly biennially instead of annually and
for sixty days instead of fifty and tho
manner of submitting same for ratifi
cation, and for other purposes.
Section 1. Be It enacted by the Gen
eral Assembly of the State of Georgia.. ;
and It is hereby enacted by authority
of the same, that Paragraph S. Section
4, Article 3 of the Constitution of the
State of Georgia be and the same is here
by amended by striking the word and
figures "October, 1878,” In line three
and inserting in lieu thereof the word
and figures "June, 3925,” and by strik
ing the word “annually” In line four and
Inserting In lieu thereof the word “bi
ennially,” and by striking the word "fif
ty” In line six and inserting in lieu there
of the word “sixty.” so that when said
Paragraph 3, Section 4, Article 3 of the
Constitution is so amended it shall read
as follows:
'Paragraph 3. Meeting of the General
Assembly. The first meeting of the Gen
eral Assembly, after the ratification of
this amendment to the Constitution, shall
be on the fourth Wednesday In June,
1926, and biennially thereafter on the
same day, until the day shall be changed
by law. No session of ths General As
sembly shall continue longer than sixty
days: provided, that if an Impeachment
trial Is pending at the end of sixty days,
the session may be prolonged till ths com
pletion of said trial.”
Sec. 2. Be It further enacted by the
authority aforesaid, that when said
amendment shall be agreed to by a two
thirds vote of the members elected to
each House, It shall be entered upon the
Journal of each House with the “ayes”
and "nays'' thereon and published In one
or more newspapers In each Congression
al District In Bald State for two months
previous to the time for holding the
next general election, and shall, at the
next general election, be submitted to the
people for ratification. All persons voting
at said election In favor of adopting said
proposed amendment to the Constitution
shall have written or printed on their
ballots the words: “For ratification of
amendment to Paragraph 3, Section 4.
Article 3 of the Constitution of the State
of Georgia, providing for the meeting of
the General Assembly biennially;” and
all persons opposed to the adoption of
aald amendment shall have written or
prlnfffl on their ballots the words:
"Against ratification of Amendment to
Paragraph 3, Section 4, Article 3 of the
Constitution of the State of Georgia, pro
viding for tho meeting of ths General
Assembly biennially,” and If the
majority of tho electors qualified
to voto for the members of ths General
Assembly voting therson shall vote for
the ratification thereof, when the return*
shall be consolidated, as now required
by law In elections for members of the
General Assembly, and return thereof
made to the Governor, then he shall de
otare said amendment adopted and make
proclamation of the results of said elec
tion Hy one insertion in one of the daily
papers of this State, declaring the amend
ment ratified.
Sec 8. Be it further enacted that all
laws and parts of laws In conflict with
this Act be and the earn* are hereby re
pealed.
NOW. THEREFORE, I, Clifford
Walker, Governor of said State, do
Issue this my proclamation hereby d<f
daring that the proposed foregoing
amendment to the Constitution Is sub
mitted for ratification or rejection to
the voters of the State qualified to
rote for members of the General As
sembly at the Oeneral election to be
held on Tuesday, November 4th, 1924.
CLIFFORD WALKER,
Governor.
By the Governor,
S. Q. McLendon.
Secretary of State.
.11,11,*»,19,1*
NEW ORLEANS COTTON
NEW ORLEANS—The cotton mar
ket opened firmer despite lower Liv
erpool cables than due. First trades
showed gains of lk to 22 points. Prices
continued to gain during the early
trading, December advancing to 22 44,
January to 22.49 and March to 22.70
or 30 to 33 points above the closing
levels of Wednesday. The rally was
due mainly to technical conditions,
particularly the over-eold condition
of the market. Fear that the tropi
cal disturbance may eater the gulf
and cause heavy rains and gales help
ed the advancement.
Noon bids, steady:
October 22.38
December 22.44
January 22.50
March 22.72
May *2.88
The market ruled steady during
the afternoon and fluctuated within
the previous range nnd not more than
12 to 15 points below the high* of the
morning at any time. While the ad
vance brought out considerable offer
ings, they were well absorbed. The
storm nnd the large exports for the
day were the main sustaining Influ
ence. It was reported a private esti
mated ginnlngs to date at 7,200,000
bale sas compared wtth 6.409,000 bales
ginned to October 18th, last year.
NEW ORLEANS SPOTS.
NEW ORLEANS, La—Spot cotton,
steady. 56 points up. Sales on the
spot, 250; to arrive, 285. Low mid
dling. 20.70; middling. 22.70; good
middling, 23.20. Receipts 13,924; stocks
214,823.
NEW YORK COTTON
NEW YORK.—The cotton market
showed a somewhat better tone in
Thursday's early trading on reports of
increased trade demands or spinners'
calling and covering on expectation of
rallies after Wednesday's declln*.
The opening wae firm at an ad
vance of 11 to 34 points. After slight
irregularity, active months sold 20 to
37 points net higher, December ad
vancing to 22.61. October was rela
tively easy owing to the issuance of
notices but held a premium of about
79 points compared with S 8 points at
the close Wednesday. Private ca
bles reported a quiet market In Liv
erpool with she undertone steady.
11:45 a. m. bids, steady:
October 23 23
December 22 53
January 22 02
March 22 93
May 23.20
Reactions of 20 to 25 points on the
early advance resulted from realizing
and southern selling but trade inter
ests were buyers on the decline and
the market firmed up again on re
ports that the tropical storm near
Yucatan Channel was gaining In In
tensity. Official forecasts pointed to
continued good weather In the south
Thursday night and Friday except for
rain on the south Florida coast but
uncertainty as to the further course
of the storm evidently caused some
nervousness. December advanced to
22.71 with the general market showing
net advances of 31 to 48 points around
mld-dny.
The demand promoted by the tro
pical storm UncertMntv appeared to
he supplied on thewnid-day advance.
The market was barely steady at 2
o’clock with price* off to 22.45 for
December or within 20 points of
Wednesday’s closing quotation under
liquidation and a little selling by the
south.
NEW YORK SPOTS.
NS7W YORK. —Spot cotton, steady;
middling, 23.65.
LIVERPOOrMARKET
LIVERPOOL. —Cotton, spot, quiet;
prices, steady:
Strictly good middling 14.13
Good middlgig 13.7$
Strictly middling 13.53
Middling 13.33
■ Strictly low middling 13.13
Low middling 12.63
Strict/ good ordinary 12 23
Good ordinary 11.63
i Sales, 5,000 bales. Including 2,-
i 800 American Receipts 11,690 bales
Including 3.200 American.
Futures closed steady:
i October 13.03
, December 12.89
January 12.92
March .T. 12.97
May - 13.02
July 12.92
COTTONSEED OIL
NEW YORK.—Cottonseed oil closed
steady:
Prime summer yellow bid.. 510.50,
Prime crude asked 9.00
October -0.95
November 10.48
December 10.43
‘ January 10 47
February 1050
March 10.61
April 10.60
May 10.77
Sales IJ.IOO.
CHICAGO GRAIN MARKET
CHICAGO, 111.—Although the wheat
market Thursday opened at the high
est price which the December de
livery had yet touched this season,
heavy profit-taking sales quickly
brought about a decided setback.
Opening prices which varied from the
same as Wednesday’s finish to one
cent higher, were followed by a gen
eral upturn that In some cases went
three cents under the earlier top level.
Corn and oats declined as a result
of fine weather and lack of support-
After opening at %e off to an equal
advance, corn showed losses of more
than two cents.
Oats started unchaaged to %c high
er, and later all months underwent a
material decline.
Rapid disappearance of stocks of
lard gßve firmness to the provision
market.
Wheat closed weak l%c to 2%c net
lower.
, Corn closed heavy 2%c to 4%c net
lower.
WHEAT—
Open High Low Ctos<
Dee .... 16114 162% 148 149
May .... 156 156% 152 153%
July .... 137% 128% 134% 135
CORN—
Dec .... 112% 114 109% 109%
May .... 115% 315% 110% 111%
July ... 116 116 111% 111%
OATS—
Dec 66 56 64 66
May 60% 60% 58 58%
July 56% 56% 55 65
RYE—
Dec 135 136% 133% 133%
May .... 137 137% 133% 133%
LARD—
Nov ... 1530 1555 1580 1530
Jan ... 1425 1432 1420 1420
RIBS—
Nov ... 1225
Jan ... 1250
BELLIES—
Nov ... 1445
Jan .... —— 1200
CHICAGO CASH GRAIN
CHICAGO, lll.—Wheat. No. 2 hard,
f 1.50.
Corn, No 2, mixed, 9112%; No. t,
yellow, 81.12%01.13%.
Oats, No. 2. white, 51%®52%i No.
2, white. 48%®51%c.
Rye, No, 2. 91.22%61.5i.
Barley. 86 0 96c.
Timothy seed *4 7586 40.
, Clover seed. 91.6508 21 50
Lard. 115.90. Ribs, 11112. Bellies,
915.00.
St. Louis Cash Grain
ST LOUIS—Cash whest, No. 2,
red. 91.068162; No. 3, hard, 9146.
Corn, No. 2, white, 91 14%8115%;
No 2, yellow, 91 1481.14%
Oats. No 2. white, 65%e; No. 9,
white, 537259%c.
SUGAR MARKET
NEW TOrOL—Raw and refined su
gar- ujmhajwred.
Financial and Commercial Nem=
A -
Market Closed Steady;
Augusta Spots 22.50
(By W. A. LUFBURROW)
(Market Editor)
Tbursday'n cotton market rallied on
what? That is the question. About
the only i.V'wer fliat can be given is
on the overdue recovery from 11% re
cent terrific breaks. Throughout the
(lay “dope'’ as to the why and how
of the market was conflicting and re
flected a State of high guessing pre
vailing in the minds of those who
ventured an opinion. Certainly there
must have been more short covering
that was admitted, or a bit of real
business. Spot cotton at Augusta on
the close was quoted at 22.50, an ad
vance of 44 points.
Monday, October 20th, 1924, will
not be a holiday on the cotton or
other exchanges throughout the
country. The notice paring on
the market page of The Herald,
had reference to the holiday of
Monday, October 13th, 1924—Co
lumbus Day.
Weather conditions in the cotton
belt viewed as a whole aro un
changed—fair warm weather. Indica
tions from the weather map of Thurs
day were for continued fair warm
weather through Friday and probably
Saturday. In point of fact the weath
er map of Thursday is more promis
ing for good weather than was that
of Wednesday, and there was nothing
in the One of Wednesday to bring
about any apprehension as to bu(l
weather.
It stands to reason that the mar
ket Is heavily oversold, and in spite
of the clear weather and the possi
bility of the crop being benefited to
the extent of a small Increase over
the last estimate of (he government,
there seems to be a willingness on
the part of mills to buy nnd this will
bull the market. Shorts will be look
State Bureau of Markets
Prices below are those which w holesalers 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 $ 2.3$ $ 2.25 $ 2.25 $ 2.50
Irish Potatoes, No. 1 new, per
150-11). sack 2.65 2.75 2.70 3.75 2.75
Cabbage (green crated) 100 lbs... 1.75 1.75 1.75 2.0il 2.25
Black eye peas, pound 0514 .05% .05% .0514 .05%
Brown eye peas, pound 04 .04 ,04
Eggs, fresh candied, dozen 37 .37 .30 .40 .44
Stags, pound 2L .22 .22 .21 .22
Hens, pound 22 .23 .22 .23 .22
Roosters, pound 1214 -1114 .11 .11)4 12
Friers and broilers, 1 to 2 lbs. .25 .26 .25 .31 .30
pound
Ducks, pound 20 .15 .15 .25 .27
Geese, pound 15 .13 .12 .15 .17
Turkeys (hens), pound .2714 .25 .25 .25
Turkey (toms), pound 2714 -25 .25 .25 • .
Country butter (best table), lb.. .35 ” .33 .35 .35 .37
Country butter (cooking), pound. .20 .21 .20 .25 .34
Ga. cane syrup (Bbl.), ga! 75 .75 .70 .75 .75
Corn meal, per 69-lb. sack .... 2.80 2.90 2.80 2.90 2.90
Corn, No. 2, (white) sacked, bu... 1.41% 1.44 1,41% 1.46 1 47%
Oats No. 2 (white) sacked, bu 70% .72 .70% .72% .72%
Peavine hay. ton $2 2.00 22.00 21.50 22.50 22.00
•—No market.
South Carolina Banker
Points Way of Success
To Farmers of South
GREENVILLE, S. C.—Agricultural
authorities arc said to have express
ed tho hope that a state-wide move
ment may result from an offer to pur
chase cattle for the farmers of this
section, just announced by a local
bank. In a letter Issued last week
the Woodsido National Bank of
Greenville expressed Its readiness to
aid the livestock industry In both a
practical and substantial way, as fol
lows:
"Instead of depending on the
cotton crop alone, a farmer should
diversify his farming interests
and raise more livestock, as well
as growing more corn, hay and
other pffltiucts, thereby making
himself Independent of the ever
fluctuating price of cotton.
“We believe that the farmers of
our county can be made more
wealthy by raising good blooded
dairy cattle and with this end In
view, the Woodstd# National Bank
of Greenville, S. C., will under
take to order thoroughbred dairy
cattle in carload lots, nnd place
them with the farmers of the
county at actual cost. By or
dering In carload lots wholesale
prices can he obtained and also a
saving in the way of freight and
creating can be had.
ft? -<•% X -;v- V"i • jL **&;* *.'/*£<: ■* a
| '•
: '„ v 4 ■ i®' , '
Jft -f * V
Jfrlnn V•• * K:-* f -4
VOI'VK OFTEN HEARD of the “Fountain of I-earning."
Here It Is. Situated on the rimpus of the I'nlversity of Call.
fomU, this bubbling fountain of InU Is popular with students
tsJio have fountain pen* to fill. Picture shows Miss Irma
Fraser, ro-ed, taking advantage of the aid to higher learning.
THE AUGUSTA HERALD, AUGUSTA, GA.
ing to the long side bofore always.
Whether It comes or not, the mar
ket is due for an advance, and wheth
er it comes at this time or not, when
It doos come. It looks now as though
there will he a healthy one. This
of course is speculation as to what
movements will do, and tlio man who
trades had best watch the situation
very closely.
It is not long now before the normal
functioning of the law of supply and
demand will begin. Then the mar
ket Wiir Jje on a better and more sta
ble basis than has been tho case
slree that time last season.
There is considerable resistance to
the decline reported from among spot
holders. Tho activity of the market
as far as the bull side Is concerned
will be greatly lnfleunced by any com
bined action on the part of these
holders to hold the staple off the
market. It Is unfortunate at this
time that many growers, because of
financial necessity, are forced to sac
rifice their cotton on the present
mnrket. It is the opinion of experts
and experience of farmers that un
der present conditions the South can
not produce cotton for less than 25
cents per pound, and It Is the opinion
of the majority that growing cotton
for less than 25 or 30 cents per
pound means a dead loss to the
farmer to say nothing of a small mar
gin of profit for bis labor and money
expended.
Until the economic condition of
the Southern farmer Is more eotid
than it li and has been 10, these
many years, he cannot expect to
be nble to combat conditions sue
cessfully, such as the market title
presented during the past month
or so. Until he is his own man.
owns his own soul, then he must
do the bidding of his master —
CREDIT!
“It Is il’oposed to order several
carloads of heifers and these
heifers can bo bought already
with calf or young open stock.
Also will purchase some bulls If
nocossary. Wo want to place
these heifers, preferably, In lot*
not to exceed three to each farm
er. If you do not wish to pay
cash, we will take your note, with
satisfactory endorsements, pay
able next fall.
"We belfeve that one of the
best breeds for this section is the
Jersey, and our first order will
be of this breed, If, however,
a number of farmers deslro the
Guernseys or Holstelns, and suf
ficient orders for these breed* are
placed to make shipment In car
load lots, ws will be glad to or
der these also.”
Robert I. Wooflsld*, president of
the Woodsida National Banl: and for
mer president V the South Carolina
Bankers Association, today expressed
the view that nine-tenths of all past
and present troubles with agriculture
In the South are due to our relative
neglect of livestock, and he asserted
that South Carolina may easily gain
great wealth nnd importance bv turn
ing every possible energy toward Im
provement of breeds and husbandry
in cattle production.
\ N. Y. STOCK MARKET
NEW YORK.—With buying orders
predominating at the opening of
Thursday's slock market, prices turn
ed upward. Most of the speculative
favorites showed fractional gulps and
advances of a point or more were
scored by other Jssues, including
North American and Willy-Overland
preferred. Oils were strengthened by
a further decrease in crude oil pro
duction.
Buying of high priced shares, in
cluding American Tobacco, Pullman
ami Nash Motor Issues which rose
one to two points and extremely heavy
absorption of the new German bonds
accentuated the upward trend of
prices in the early dealings. The
German obligations, taken in bloe’Rs
of $50,000 to $200,000 were pushed lip
to a record high price of 95%.S tnnd
ard Investment rails such as New
York Centwil responded to a broader
inquiry and the oil snares attracted
a large speculative following ns a re
sult of Wednesday’s Impressive show
of Republic Steel reacted
fractionally on the report of a deficit
for the third quarter nnd several other
stocks, including Lackawanna end
United States fast Iron Ftps, were
heavy on realizing Leather issues
showed a stronger tone.
Foreign exchanges opened stendy.
The subsidence of speculative In
teaest In the long side of the market
for many of the popular leaders en
couraged n resumption of selling In
tho afternoon which carried down
prices of a number of Influential
shares from one *0 three points.
Delaware nnd Hudson dropped three
I nnd American fan, United States Cast
Iron Pipe, General Electric and
Baldwin ruled from 1% to two points
lower. Worthington Pump, United
States Rubber, first preferred. Wool-
I worth, Norfolk and Western and Gulf
states Steel were also weak.
NEW YORK STOCK LIST.
Close
Allied Chemical and Dye 71
American Can 125%
American Car and F0undry....103%
American International 23%
American Locomotive 76%
Am Smelting nnd Refg 75%
American Sugar 42%
American To.’ and Tel 126
American Tobacco 164
Anierlcnu AVoolcn 66%
Am Xinc. Lead and Sinelt 7
Anaconda Copper 38%
Atchison 103%
Allanllc Coast Line 131%
Ralilwln Locomotlvo 11G
Baltimore nnd Ohio 58%
Bothlehem Steel 42%
California Petroleum 21%
Canadian Pnclflo 146%
Central Leather 13%
Cerro de Pasco 46
Chandler Motors 80%
Chesapeake nnd Ohio 81%
Chicago and Northwestern 58%
Chi, Mil and St. Paul pfd 19%
Chicago, U I and Pac 30%
Chile Copper 31%
Coca % Cola 74%
Colorado Fuel end Iron 37%
congoleum 44%
Consolidated Gas 67%
Corn Products, new 34%
Cosden Oil 24%
Crucible Steel 114%
Cuba Cane Sugar pfd 67%
Davison Chemical 43%
DuPont ($6 Nemours 12514
Erie 26%
Famous Players Laslty 79%
General Asphalt 39
General Electric 213%
General Motors 55%
Great Northern pfd 60
Gulf States Steel 87%
Houston Oil 69
Illinois Central 107%
Int Harvester $1 %
Int Mer Mar pfd 34%
Invincible OH 13
Kelly-Springfield Tire 16%
Kenneeott Copper 44%
Louisville nnd Nashville 96
Mack Truck 96
Marland Oil 34%
Maxwell Motor* A 58%
Middle States Oil 1%
M'ssourl, Kan and Tex 14%
Missouri Pacific pfd 62%
National Lend 14'ft.
N Orleans, Tex and Mex 106%
New York Central 104
N Y, N H and Hartford 21%
Norfolk nnd Western 120%
Northern Pacific ar.T tiofi
Pacific Oil 47*%
Pan-Aniorlcan Pctro B 50%
Pennsylvania 44%
Producers nnd Refiners 25%
Pure Oil 23
Rending fig .
Republic Iron and Steel 42%,
Reynolds Tobacco B 7a !
Seaboard Air Lina 74
Senrs-Roebuck 104%
Sinclair Con 16%
Sloss-Sheffield Steel and iron.... 66%
Southern Pnlefle 02%
Southern Railway 65%
Southern Railway pfd 76
Std oil of Cal 67%
Std Oil of N .1 25%
Studebaker Corporation 38%
Texas Co 40%
Texas and Pacific 32%
Tobaccd Product* " 63%
Transcontinental Oil 4
Union Pacific 186 U
United Drug 91
U S Cast Iron Pipe ,'i.”l08
U S Tnd ACI 68%
UnlUd State* Rubbo..r 32%
nn'ted State* Steel lnr.%
Utah Copper 78
Westlnghous* Electric 61
Wltlvs-Overland 7«<
Woolworth ".104 *
STOCKS AND BONDS
(Corrected by T. D. Carey & Co.)
STOCKS.
. . „ Bid Ask.
Augusta Factory .....15
Augusta and Rav. R, R 93 *7
Hon Air Hotel Cor. c0m.... 62 67
Bon Air Hotel, pfd 62 67
Cltlssens A Sou. Bank 260 255
Enterprise Mfg. Co 90 100
Georgia R R. Bank Co 194 197
Granltevllle Mfg. Co 165
John P. King, pfd 104
John p. King, com 110 120
National Exchange 8ank...106 tin
Sibley Manufacturing C 0... *5 75
Southwestern Railway 98 100
Union Savings Bank 140 150
BONDS.
Bid Asked
Augusta Factory 6s, 1941.... 99 101
Bon Air Hotel 7s. 1942 101 103
City of Augusta (8a5i5)....4.4096
Ga. R. R. A Rkg. 4s. 1947., *2 44
Ga. H It A Bk. Co. 6s. 1951.108
Granltevllle Co. 7s. 1912 101 108
Lnngicv Mills 7s, 1943 97 »«
Sibley Mfg r„ . 7s. 1942.,..100 109
State of Georgia (basis) ..4 25%
BAR SILVEFL
NEW YORK—Bor silver, 71%;
Mexican dollars, 56%.
CALL MONEY*
NEW YORK—CaII money, steady;
high, low, ruling rate and cloning bid,
all 2%; offered at. 2%; late loan, 2%;
call loans agulnst acceptances, 2%.
Time loans, steady; mlxad collateral,
60-90 days, t%03; 4-6 months, 8146-
3%; prims commercial paper, 308%e.
LIBERTY BONDS
NEW YORK —-United State* gov
ernment bond* closed:
Liberty
First. 4s 10210
Second 4%a 101 16
Th'rd 4% N 102 3
Fourth 4% a 10212
Treasury 4%s 100.15
DAIRY~MARKET
NEW YORK BUTTER, EGO AND
CHEESE RECEIPTS.
NEW YORK—Butler, steady:
Eggs, Irregular; nearby and nearby
western hennery, whltee, first, to
average extras, 55075 c.
Cheese, weak.
CHICAGO BUTTER. EGG AND
POULTRY RECEIPTS,
CHICAGO.—Butter, lower: cresm
ery. firsts, 82X8 34c; second*, 310-
31 We.
Eggs, unchanged.
Uoultry. alive, lower; fowls. 140.
220; sprlngs( *2%e; roosters, 16c; tur.
■Aerve. P6A,
Odd-Lot Cotton Trading
Is Condemned By Cotton
Exchange as “Gambling”
Alluring Advertisements and all Bucket Shop Methods to
Swindle People in Cotton and Other Markets Being
Fought by Exchanges and Responsible Brokers.
NEW ORLEANS.—Letter* which
have been flooding the’mall* In Louis
iana and Mississippi proposing the
establishment of an odd-lot cotton
brokerage firm In New Orleans to
handle business of the small specula
tor drew fire from tho New Orleans
cotton lntorests yesterday. They
branded the business a system of
"small wagering."
Not onlv has the odd-lot brokerage
firm established Itself here, but al
ready efforts aro being made to form
what Its sponsors call the "New Or
leans Odd-Lot Cotton Exchange."
Reams of alluring literature have
gone out explaining the odd-lot eys
tem of doing business on tho narrow
margin of $2 to $4 a halo nnd de
scribing how the mnn of small menus
can buy lots a* small ns ten bnles.
In a statement yesterday, Edwin 8.
Butler, president of the New Orleans
Cotton Exchange, condemned the bus
iness as destructive to tho "prleo in
surance" object for which the larger
exchanges, (radlng In 100-bale units,
Wfro organized.
The statement of the New York
exchange that Southern Investors
were "fleeced cut of $5,000,000 last
year by Irresponsible brokers," was
cited by Mr. Butler.
WARNING IS GIVEN
THE PUBLIC.
Until a few days ago. the recently
established odd-lot firm In New Or
leans received Its mall at 60 Queen 4*
Crescent building. It now lias moved,
leaving the Whitney-Central building
ns Its nddress. A largo amount of
mall came to the firm, addressed,
“New Orleans Odd-I.ot Cotton Ex
change." The proprietors could not
bo found yesterday.
Odd lots of cotton cannot be used
for hedging to Insure prices, the New
Orleans Cotton Exchange contends,
and therefore, such trailing, besides
being unsafe, becomes merely a
strong invitation to small salaried
people to speculate and lose their
money.
"The New Orleans Cotton Ex
change." said Mr. Butler'* statement,
"as far back as August, 1921. adopted
a rule prohibiting Its members under
penalty of suspension or expulsion
rrom becoming members of liny ex
change, board of trade or Minillar In
stitution, or transacting business di
rectly or Indirectly with any member
of any such exchange or institution
1 hat permitted tho purchase or sals
of contracts for future delivery of
cotton in units of loss thau ons hun
dred bales.
“'The original object of t.he ex
changes In adopting the hundred-bale
unit was to provide a contract rep
resentative of round lots of cotton as
sold In the spot markets of the world
—a contract that could be used for
hedging or price Insurance purpose*
and not within the reacli of people of
small means solely for local specula
tion. The one hundred-bale contract
has performed Its fund lons satisfac
torily throughout the cotton world on
both sides of the Atlantic snil la to
day- a most important part of a great
modern economic system that by reu
son of price protection lias reduced
the cost of bundling th# cotton crop
many hundreds of millions nf dollars
annually. To do away with or Im
pede the system as operated In th*
New Orleans and New York Cptton
Exchanges would be tantamount to a
return from the electric trainway
system to the old style mule cars.
EXCHANGES FIGHT
BUCKET SHOPS,
“This has been so abundantly prov
en In the past half century that not
withstanding contsant bombardment
lliiSvery session of the national leg*
AsTature, Involving tho Introduction of
than 163 Mils against cotton fu-
I lui* trading, Congress has confined
[ itself to merely regulating tile busl
ness to secure uniformity and fair
ness. Today, by means of the United
States Cotton Futures Act, tho gov
ernment Is practically In partnership
with the exchanges In the final exe
cution of cotton Bures contrects. It
hus been the constant object of the
exchanges to prevent bucket shop
ping nr the use of the! rquotatlons
for belting purposes and the ex
changes have persistently opposed
speculation In small lots by financial
ly Incompetent speclators.
“In October, 1922, I wrote the presi
dent of a sister exchange:
” 'You are probably aware that
Louisiana is one of the few Southern
states that withstood the “moral
wave” of 1908, when In les* than eight
months ail of our neighboring stale*
passed anti-option laws and the great
state of TeXaa and several of the
others have never as yet rcpesled such
laws The cause leading up lo this
condition was the undue activity of
the bucket shope during the now fa
mous “Bully year," which In Its cul
mination practically bankrupted ths
cotton region. This new cotton and
grain exchange la making rapid
strides and la catering entirely to a
claes of “traders,” who are simply
speeulatlng without knowledge or suf
ficient financial resources to warrant
their trading We appreciate whHt the
final outcome to these people will he.
e have thought out the Idea of ask-
Ing-Gongress to make the minimum
unit of entton future trading not less
than 100 bales but we fear the ery
that this will deprive tho email farm
er or merchant of hedging, though he
never really thinks of hedging.”
“And yet It may become vitally
necessary for Gongresa to take some
action eventually that will rut out the
Irresponsible small speculators, usual
ly termed 'the butcher, tho baker and
candlestick maker,' without Interfer
ing with the general trad* system of
price Insurance as now conducted tn
two great exchanges of New Orleans
and New York.
“There Is no question that hedging
or price Insurance Is no part or par
cel of the small unit system and ob
viously a system which, as the At
lanta Constitution says, 'lnvites tliosa
of small resources Into a pure gnmble
that is dangerously alluring.' should
he so regulatsd hy law ** to obviate
Its possibilities for harm.
“It la gratifying to know that the
business conduct committee of the
New York Cotton Exchange Is also
thoroughly alive to the situation and
has been giving special attention to
the maelilnnationa of irresponsible so
called brokers, many of whom make
their headquarters In that great cen
ter.”
—Reprinted from The Times*
Picayune of Oetabar 9, 1924.
NEW YORK
EXCHANGE ACTE.
The New York Times tn a racent
issue has the following:
"Louis Hrooks, chairman of the
business conduct committee, who Is
sued the warning, said that these
brokers, during the cotton specula
tion of 1922, fleeced Southern Inves
tors Of more than 95,000.000, and that
In an effort to prevent a recurrence
of these losses, the Cotton Exchange,
In co-operation with the authorities.
Is taking steps to warn Investors of
the schemes advanced hy unscrupu
lous operator*.
“Firms of this type usually have
membership In tom« of the numerous
small odd-lot exchanges through
which their orders are supposed to
he executed, Two odd-lot exchanges
In New York which were put out of
business by the authorities, were as
Irresponsible ns the firms which
composed their membership.
"Two things are necessary to pro
tect small Investors In cotton against
the activities of these unscrupulous
firms. In the opinion of Mr. Brooks.
Thai* «r# first: ’An amendment to/
th* Martin Act so ns to Include com
modity exchanges and put more teeth
Into the law, anil second, cotton
bucketshop operators who have been
under indictment in New York coun
ty. in some cases for more than two
years, should ho brought to trial at
once. Tha failure to prosecute, In
such Instances, Is an Invitation to
others to vlolftt* the law.’
“Many of the so-called cotton brok
ers. according to Mr. Brooks, are
members of the newly formed cotton
exchanges which say they furnish a
market for odd-lot transactions in
cotton and which have their offices
either in New York or New Orleans.
None of these exchanges is connected
in any way with either the New York
Cotton Exchange on the New Orleans
Cotton Exchange."
DANOEROU6LY ALLURING.
Not many months ago there was
announced the failure of one of the
most prominent of what are known
a* odd-lot cotton houses—houses
which make It possible for speculating
In the cotton market on a smaller
basis than is authorized by the New
York Cotton Exchange. These houses
would execute an order—and still do
—for aa small a "contract" as ten
halo*, requiring In this Instance as
nominal as SSO mnrgln. The failure
of this pnrtlculsr litis* plays I havoc
among thousands of small specula
tors, and numbered among these
thousands were many young salaried
men In the state of Georgia.
Other firms have continued to exist
since this failure: but since that time
a great deal of criticism hn* been di
rected at this odd-lot trading, not
so much at tha responsibility of the
firm* doing business, hut at the whole
system of so-called odd-lot trading in
Itself, and the perils It. holds out to
those Avho can 111 afford to lose a
penny.
And now to add to the evils of odd
lot trading, the country Is being
flooded with literature of a new ex
change, It 1 s snld, whose members
will execute orders on as small a
mnrgln os $2 n Imlc for a day’s trad
ing and $4 when the contract Is hold
over night—nnd trade In as snmll a
contract as ten hales.
Such n system Invite* tho** of *mal!
resource* Into a pure gamble that I*
dangerously alluring. It allows one
to go Into the cotton mnrket with a*
lllllc ns s2(l mnrgln. nnd a person
who haa so little margin ha* no liusi
fiess In the cotton mnrket. with
fluctuation* a* wild as they have
been In the last ten davs, nnd as un
certain as they generally are over a
bureau" report: and certainly has no
money to spare In that kind of In
vestment
Th* New York Cotton Exchange,
whose members are not allowed to
execute a contract under ino hales,
are unalterably opposed to the sys
tem of odd-lot trading and their on
position Is reslly a commendation for
that organisation.
Gambling In small lota of cotton
should he halted for the welfare of
those who partlclphte nnd for the
good of the cotton trade In general.—
Editorial, Atlanta Constitution, Octo
ber 2.
CATTLE MARKET
(Corrected by Augusta Stock Yards.)
CATTLE.
Common 3 62%
Ordinary 3 8)6%
Good 3% nit
Fancy 4%®5
CALVE*.
Common 4 86
Ordinary 6 87
Goody 7 67%
Fancy 8 ©3%
LIVESTOCK MARKET
ATLANTA CATTLE AND HOG
RECEIPTS.
ATLANTA, Ga.—Cattle: Receipts
300, steady; bulk beef cowsv $3 008-
2 75; runners and cutters, $2.00 0 2.86;
few light steers, $3 2584.00.
Hogs: Receipts, 800, steady; prac
tical top and hulk, 160 pounds up,
$11.75; 130 to 160 pounds, mostly
$10.25; majority anlughter pigs, $9.26;
no Georgia hogs on sale.
PRODUCE MARKET
Flour—Hard wheat. 98-lb. cot
ton sacks, bhl $7.75
Flour—Plain, 98-lb. aks., bbl.. 7.70
Flour-—B.-R., aka., bbl 7.80
Flour—S-U., 48-lb. aka., bbla... 7.15
Flour-Best plain, 98-lb. aks..
barrel *-7S
Flour—B.-R., 34-lb. aka., bbl... 7.10
Flour—H.-R.. 24-lb. aks., bbla.. 6.65
Biirkheat. 24-pkg. case 356
Grits, 24 2s, per casa 1.90
Grits, 12 3a, per case 1.90
Grits, fine and medium, 96a
per sack 2 40
Meal. 90s, per sack 2 60
Meal, 48s, per saek 1.22%
Meal, 245. per sack 65
Hire— Fancy. No. 864 or Nd. 118.
100-lb. ska., lb 06%
Rice, fancy, No. 68 lb 07%
Wesson Cooking Oil. 24 pints.. 6,76
Wesson Cooking Oil, 12-qt. case 6 40
Wesson Oil, 6 l-gal. cans, casa. 9.90
Axlo Grease, 10c size, 1-lb., 4
dozen 8 75
BEEDB.
Amber Cans, 160-lh. ski 10
Chicago Potato Market
CHICAGO. Ill—Potatoes: Trading
slow, market firm on good stock; Min
nesota and North Dakota. Red River
Ohio's, $1.0581.10; Minnesota, sacked,
round whites, 750 90c; Wisconsin,
sacked, round whites, 60085 c; few
boat, 60c; bulk, 65090 c.
*
“The Joy of My
Family’s Life”
That Is what on* man «n!d
of a car he had bought from
the classified columns of
The Augusta Herald.
Ha knew hi* family would
he trappier with a car. Price
was a factor, so he did a
sensible thing.
He kept close watch on
the good serviceable car*
advertised dally ovar In The
Herald s Classified columns,
and when the right car waa
offered, ha Investigated,
found It could be bought
with the right guarantee, at
the right price—and h*
bought It.
Bring the earn* Joy to your
family. The new car cen
come later. Dut meanwhile
—one of these good* used
cars will give splendid aer*
vies.
The Augutta Herald
Augusta's Automobile Directory.
NINETEEN
STOCKS AND
BONDS.
LEGAL NOTICES 1
By Hon. J. Roy Cooper.
ORDINANCE NO. 247
AN ORDINANCE TO PROVIDE FOR
TKJS SUSPENSION OF ANY CITY
OFFICER FOR DERELICTION OF
DUTY, MISCONDUCT OR DIS
OBEDIENCE OF LAWFUL OR
DERS: TO PROVIDE FOR WRIT
TEN CHARGES AND SERVICE
THEREOF UPON SUCH SUS
PENDED OFFICER UPON DE
MAND THEREFOR: TO LIMIT
THE TIME OF SUCH SUSPEN
SION BEFORE OPPORTUNITY
FOR TRIAL: TO PROVIDE FOR
TRIAL BY COUNCIL UPON SUCH
CHARGES: TO PROVIDE FOR
CONTINUANCES AND THE CON
SEQUENCES THEREOF: TO
MAKE PROVISION IN REFER
ENCE TO COMPENSATION OR
LACK OF IT DURING SUCH
SUSPENSION; TO PROVIDE FOR
SUSPENSION. FINE OR DIS
CHARGE UPON SUCH TRIAL
AND TO FIX THE NECESSARY
VOTE OF COUNCIL TO FIX
EITHER OF SAID PUNISH
MENTS: TO PROVIDE FOR AP
PLICATION TO COUNCIL OF A
NEW TRIAL AND WHEN TO BE
MADE: AND FOR OTHER PUR
POSES.
The City Council of Augusta here
by ordains:
Section I—That from and after th*
passage of this Ordinance any City
Officer may he suspended for derelic
tion of duty, misconduct or dis
obedience of lawful orders upon a
vote for such suspension by a ma
jority of the members of the Finance
Committee or the Committee of Coun
cil supervising the department In
which he Is, until the next regular or
special meeting of Council held more
than ten days after such suspension.
Section 2—That at the next regu
lar or special meeting of Council held
more than ten days after such suspen
sion such City Officer shall, subject
to the provision of this Ordinance as
to continuances, be tried for such
dereliction of duty, misconduct or dis
obedience of lawful order*, hut he
shnil have been served with a copy
of written charges against him at
least five days before such regular or
special meeting of Council held more
than ten day* after such suspension:
provided, nevertheless, that such sus
pended officer shall not he entitled
to such copy of charges nor to a trial
unless he shall file with the Clerk of
Council written demand for such
charges or trial or both within three
days of notice to him of such suspen
sion.
Section 2—That until action by
Council on such charges no such sus
pension shsll be for a longer time than
the next regular or special meeting
of Council held more than ten day*
after such suspension, unless the
hearing upon such charges shall he
continued at the Instance of such
suspended City Officer as herein
after provided, or unless such officer
shall fail to make a demand for s
copy of such chnrgcs nnd for a trial
as hereinbefore provided.
Section 4 —That any such City Of
ficer who may he suspended as afore
said for dereliction of duty, mlscon.
duct or disobedience nf lawful ordere
shall receive no compensation from
she time he Is suspended until the
next regular or special meeting of
Council held more than ten days
after euch suspension; provided fur
ther, that In the event the hearing by
Council on the ehnrgcs should he
postponed on motion of such suspend
ed officer, then In that event such
suspended officer shall reeelvo no
compensation for the time In which
the trial Is delayed on his own mo
tion.
Section s—That upon service of such
written charges at least five days be
fore the next regular or special meet
ing of Council occurring more than
ten day* after such suspension, said
hearing may he continued upon a
legal showing made by either the ac
cused nr those preferring charges and
the accused shsll he entitled to com
pulsory process to compel witnesses to
appear before Council upon euch
charge*.
Section 6—That after the hearing
the Council mar In It* discretion fine.
*u*pend or discharge such officer;
and the Council Chamber shall he
cleared until the decision of Council
he formed—a majority vote of Coun
cil being necessary to discharge such
officer or to fine or suspend such of
ficer not V exceed thirty (30) days,
and such officer shall receive no com
pensstlon during such suspension.
Section 7—That an application to
Council for new trial made by such
City Officer shall he made within
fifteen (15) davs of the decision of
Council upon auch trial, and auch ap
plication for new trial shall he filed
with the Clerk of Council during said
fifteen (15) days from the date of de
cision of snld council upon sold trial:
flpnvlded. neverthele**. nothing herein
contained shall he construed bo aa to
deprive said City Officer nf the right
of certiorari provided for by law.
Section B—That all ordinance* snd
pert* of ordlnsnce* In conflict here
with are hereby repealed: and noth
ing herein contained «hnlt he con
strued to give an employee, end not
an officer, th* right to a trial for sus
pension or d'seharge.
Done In Open Connell under th*
Common Seal thereof, this 13th dsv
of October. 1924
Approved this 15th day of October,
1924.
J. M SMITH,
Attest: Mayor, C. A
J. W. WKSTMORERAND.
Clerk of Coum 11. ol«, 17,18
FOR QUICK RESULTS
USE HERALD WANTS
LOOK FOR
ROGER W. BABSON'S
WEEKLY ARTICLE
On Marketing, Finan
cial and Business condi
tions every Friday on tbe
Market Page of the Au
gusta Herald.
An interesting discus
sion is had this week on
"mortgages as invest
ments”. Babson points
out the "ethical" factor
in making loans, one that
is often overlooked. He
recommends a loan when
the combination of a de
sirable property and bor
rower of good character
is found. Investing money
in a speculative business
is advised against. His
reasons for and against
loans on mortgages will
be of service.
Read Babson’s article
every Friday on the
Market Page of The Au
gusta Herald. He is
America’s foremost busi
ness observer and statis
tician.
THE AUGUSTA HERALD
Augusta, Ga.