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A LETTER AND A REPLY HARVIE JORDAN, President, Atlanta, Ga. RICHARD CHEATHAM, Secretary, Atlanta, Ga. PRESIDENT'S OFFICE, J. H. LATHAM, Treasurer, Dublin, Texas. SOUTHERN COTTON ASSOCIATION, 920-21-21 EMPIRE BUILDING. Atlanta, Ga., July It, 1101. Vteurn. Charles D. Freeman A Co, 11 S. William St, New York, N. Y. Gentlemen: I am today In receipt of your faror of the l?th Instant, making a defenee of the methods employed In the han dling of cotton through the New York Cotton Exchange. The rules governing the delivery of cotton on contract, made through the New York Cotton Exchange are very unsatisfactory, both to the cotton grow ers and the cotton manufacturers. The Cotton Manufacturers' Association of Charlotte, N. C, recently passed very strong resolutions calling upon the members of the New York Cotton Ex change to revise their rules relative to the grades of cotton tendered on contracts through your exchange. This matter seems to be a very serious one to those who are legitimately engaged In handling spot cotton. I would be glad If you would explain to me why It Is that July contracts are quoted on your exchange at 10 cents, and middling spot cotton, the basis of such contracts. Is quoted at 10.»0c on the same day. In the same city; and why It Is that future contracts In New York for the same day are from seven ty-five to one hundred points lower than the same grade of spot cotton can be purchased In the South. These are matters which the people of the South, particularly those en gaged In the production of cotton, would like very much to have cleared up. I have been Informed personally by high officials of the New York Ex change that your market Is purely a speculative one, and has long ceased to be regarded by people who operate there as a spot market. There Is no doubt but that some members of your exchange have with in the past twelve months made serious efforts to secure the -revision of ypur present rules with reference to the de livery of cotton on contracts, and I have heard members of your exchange very seriously reflect upon that part of your exchange. I would be very much obliged to you If you would write me fully and con cisely with reference to the above quee ttons, and why It la that under your rules a man who buys middling cotton can have tendered to him any one of twenty-one different grades. With best wishes. Yours truly, HARVIE JORDAN, THE LATEST IN PARIS Victim Is Set Up and Stab bed By Two Fair Rogues. ‘ (Communicated.) The following letter Is offered In reply to the foregoing: CHARLES D. FREEMAN & CO, 21 William Street, New York. New Orleans Correspondents! Messrs. Glbert A Clay. New York New Orleans Savannah Liverpool 1 August 6, 1908. Harvle Jordan, Esq, President of the Southern Cotton As sociation and Editor of The Cotton Journal, Atlanta, Ga. Dear Sir: Inasmuch as you do not dispute the propositions contained In my letter ad dressed to you on July 27, I assume • that you now concede that a cotton contract Is a legitimate medium for the transaction of cotton business for the producer, for the merchant and for the consumer- I assume, further, that your allegation that If the cotton exchanges' of this country trade In 600,000,000 bales of cotton during the year, that you now acknowledge that these trans actions are legitimate, and that they are but the transfer of contracts for th« final delivery of actual cotton. This brings me to the consideration of three proportions contained In your letter to me, dated July 11: First. "The rules governing the de livery of cotton on contracts made through the New York Cotton Ex change are very unsatisfactory, both to the cotton growers and to the man ufacturers." Second. You ask me to explain to you, "why it Is that July contracts are quoted In your (our) Exchange at 10 cents and middling spot cotton, the basis of spot contracts. Is quoted at 10.00 on the same day,” and "with ref erence to the above quotations, why It Is that under your (our) rules a man who buys middling cotton can have tendered to him any one of twenty-one different grades," and Third. Tou "have been Informed per sonally by high officials of the New York Cotton Exchange that your (our) market Is purely a speculative one, and has long ceased to be regarded by peo ple who operate there as a spot mar ket." Any effort to explain these proposi tions categorically requires an analysis of the conditions surrounding the New York cotton market It Is a fair question for you, or any one to ask: Why Is New York a cotton market at ail? Why, located so far from the fields of production, should It have dally transactions of 160,600 bales, and why 7(0,000 bales of actual cotton should annually pass through, or re- main temporarily at Its port. Realis ing In some essentials that the market lx an artificial one, the merchants of this city have adopted rules for the handling of merchantable cotton, and have established a trading basis, which protects the buyer and seller of cotton contracts, assuming primarily that the buyer and seller have a legitimate transaction to consummate, either with the producer or the consumer. This brings us squarely to the question at Issue, aa to why the New York con tract Is, as you and others allege, a debauched contract? (This term "de bauched" Is a convenient expression used by people in the cotton business who do not understand, nor who have taken the trouble to analyse the true conditions which exist In New York.) Realising further that It Is Impos sible, by reason of the trade conditions which prevail throughout the world, for New York to command even run ning grades of cotton In quantity, rules hare been formed which make this market one for ANY MERCHANTA BLE GRADE OF COTTON; and have provided for the tender on contract of thirty different grades. The basis of this tender Is always middling cotton, and'with equitable and commercial al lowances made for grades below and above middling, which allowances are fixed twice In a season by a committee of seventeen merchants. It Is assumed that both the seller and buyer of a New York contract know all the con ditions surrounding the terms of the contract when they execute It. You and others refer to "dog-tall" cotton that l« tendered In New York. I think It Is your duty to stop and con sider the'resources to the Bouthem producer, of a market for grades of cotton for which he might not be able to find a market In his own territory. Falling to find the profitable market at home, he may ship his cotton to New York, and during all the years that these rules have been In operation, all grades of cotton that have come to New York have In the end been shipped hence to spinners, or exported on a profitable basis. The rules are not designed to make (Ills primarily a consumer's mdrkct. They are designed to make It a producer's market, and by reason of Its location geographically It could not exist solely as a spinners' market. The spinners of the country well know this, and they make their speclfio contracts elsewhere, or through the merchants of tho New York Cotton Exchange who are able to procure the specified grades. The New York market responds to the same laws and forces to which all markets respond. A market- Is a place where buyers and sellers meet to buy and sell commodities or things, and In the flfial analysis actual value prevails and every one Is supposed to know the rules affecting the trading. This analysis makes possible an ex- plantation of your second proposition— why July contracts are quoted at 10 cents and middling spot rottton Is quoted nt 10.90 on the same day. The reason Is, that 10.90 Is the price of middling cotton If It be obtainable, but the bulk of the stpek of cotton In the warehouses of New York at that time being composed of grades below middling. the contract price represents the actual value of the grades which are available for tender on contracts. We will assume, as the basis of argu ment, that you have a large stock farm on which you raise horses. Some are better than others. Horses suit able for the work on your plantation, for hauling, plowing and cultivating, are worth (160 each. Your finer stock, suitable for fast driving and superior In other qualities, are worth $260 each. Now, I ask you. ns an economic prop osition, If, unable to sell your plow horses at home, you are obliged to send them to another market, should you and your neighbors condemn the mnrket wherein you sell them because, perchance, th <y do not bring as high a price as do your thoroughbreds? I must take Issue with you that, "You hav» been personally informed by high officials of the New York Cot ton Exchange that the New York mar ket Is purely a speculative one, and hns long censed to be n spot market." I know personally every official con nected with the New York Cotton Ex change, and not one of them has ever, In my opinion, made such a statement. Borne of the members of the exchange, In an effort to explain their own bus iness Incapacity, attribute their medi ocre success to the so-called "de bauched" contract. There Is an honest difference of opinion among the mer chants of the exchange aa to what Is the value of grades below middling and the grades above middling. Trade con ditions, the quantity and quality of the various grades, and the demand therefor, nre the factors considered, but with all this difference of opinion there Is the determination to legislate and to establish the New York contract on the commercial basis that shall open to planters of cotton a market for every grade that their plantations traduce, and to attract to the port of Cew York such cotton as shall keep the contract market In equilibrium, and thus afford an opportunity for your friends and mine to conduct their business on a safe basis, by hedge sales and hedge purchases. I take this opportunity to again urge upon you the wisdom of Informing the Southern people of the truth affecting cotton contracts. As you are xealous In destroying "bucket shops and local exchanges,” you should be equally seal- ous In advising the producers of cotton to respect the contracts that are made In New York and New Orleans, and consider them a commercial expedient for the distribution of their crops, real ising that in the future, as the yield becomes larger, the necessity for the cotton contract will bd greater. Very truly yours, CHARLES D. FREEMAN. By RAOUL DE 8T. RENE. Bpsctsl to The Georgian. Paris, Aug. ii.—French historians and others who are Interested In sou venirs of bygone times In France are rejoicing over Monsieur Clemenceau'e decision to permit the restoration upon the tombstones of the members of the Commune of the statements setting forth the connection of the deceased with that famous Institution. Up to the present it has been against the law to Inscribe upon the tombstones of the former Communards anything recalling the port which they played'In 1171. Among the few surviving Commun ards Is M. Henri Rockefoert. the bellig erent Journalist, and one of *hs most picturesque figures of modern Franca M. Rockefoert Is really a marquis, but he refuses his title. His wife Is an American and was a Miss O’Key. Everybody who has been to Paris must know'the amiable elderly gen tleman who feeds the sparrows with crumbs of bread In the Tuileries Gar dena. This-person now has a rival In the affections of the little beings; but the new-comer Is specially drawn to swal lows and his benefaction takes the form particularly of supplying them with shelter. M. Jacques, such Is his name, who enjoys a modest Income, has noticed that the swallows In the city have a somewhat precarious ex istence and that their nests are terri bly at the mercy of the little human gutter-snipe. He has determined to remedy this state of affairs, and for this purpose has hired some fifty garrets In various parts of the city. He leaves the win dows of all these rooms open and locks the doors, taking the keys away with him. The swallows come and build their nests In the empty rooms. M. Jacques goes around dally to see that his little proteges are getting along all right In the autumn, when the ewallows go away, he will shut up his garrets and go to the south of France to await their return next spring. Combinations of government ployees In France are not allowed, and a month or two ago a large number of postofllce employees were cashiered for daring to form themselves Into a syn dicate. Borne consternation has been caused In official circles by the knowl edge that the Paris police are going to form themselves Into a syndicate. M Leplne, chief of police, took the mat- ter to the minister of the Interior, and steps have been taken to prevent such a syndicate being formed until parlia ment has discussed the new aseoclatlon law, M. Porel, the manager of the fash ionable little vaudeville theater, and ex-husband of the famous actress, Re- Jane, brought an action ‘ against ' M. Gemler, an actor, claiming $2,000 dam ages because the latter refused to per form In a minor part for which he was cast The court held that M. Gemler was Justified, as. his engagement had been for "stat". roles only, and M. Porel lost his cose. 'Your money or your life." Such was the terror-striking remark that greeted a gentleman named Naptler, In the Boulevard de Grenelle as he was passing a dhrk alley the other night. He looked and his astonishment was not less than hie fright on finding that his assailants were two dashing fe males. "We are the Amaxones of the Grenelle," they yelled at him, leaving no doubt In his mind that they mtgh: after all only be having a playful little Joke. He drew back and was about to remonstrate, when the charming things rushed at him with daggers and stabbed him in several places. He fell senseless to the ground, and the two lady footpads helped- themselves to hla watch and the contents of his pockets and decamped. The victim is now lying In a hospital In a serious condition. AT THE THEATERS #(•••••(••((••§((•••••••(•((•••••••(((••••••••(•« At the Caelno. Vaudeville will continue Its bid for popularity with the theatergoers, and Inasmuch as there are many people re turning home, the strength of the bill that will start entertaining on Monday at tho Casino will probably establish the, attendance record for the summer theater. The new bill Is a perfect collection of vaudeville, well balanced and with out a doubt one of the strongest com edy combinations of the entire season. There are features that have been tried and found to be gilt-edged, and there are others that are well known to the followers of the pace In this branch of things theatrical. The headliner act of the program will be the contribution of the Elenora Bisters, who were at the head of one of the strongest musical comedy at tractions that drew the capacity of the RIJou last season. These comediennes have been featured In the best vaude ville theaters In the land, and present an act that Is original In quaint ec centric comedy and Is all for fun. As a special feature for the ladles nnd children Jacob’s Marvelous Acro batic Dogs will be Introduced. These dogs are finely trained, and will surely prove to be one of the pleasing ten ures of the vaudeville season. The dogs will perform a routine of tricks that have kept the act prohilnent In vaudeville and that will make a strong bid for a real hit here. Mile. Latina, in a physical culture stunt, promises a novelty, and Cart- mell nnd Reed will offer a comedy singing and dancing number that is said to be very good. Morris and Morris, who come to At lanta almost direct from the Palace In I-on cl on, and who are known an "come dy eceentrlques,” will offer an act that has been n great comely success Is America. Moving pictures have been most successful and the pictures to be ex hibited this week are declared to be the best yet offered. The bill Is one of exceptional strength, with comedy as Its principal quality. The acts are all hlgh-clsae, and It is believed that the bill will fol low the pace that has been so swift for the past three weeks. COTTON BUYERS who don’t feel like loafing all summer, are utilizing their spare time in a pleas ant and profitable way, as agents of the old Mutual Benefit Life, of Newark, N, J. Its excellent reputation, low premiums and large annual dividends make its policies popular and easy to sell. We don’t pay the high est commissions, but we sell tho best goods, and there is really money in handling them. Angier&Foreman, State Agents, Atlanta. SNOBS GIVEN REBUKE BY AH ENGLISH DUKE Plebeian Legislator, Ignored at Function, Entertained By Norfolk, By RICHARD ABERCORN. Special to Tbs Georgian. London, Aug. 11.—While the finan cial magnates who have control of the savings banks of America, through their influence at Washington, pre vent the establishment of an American postofllce savings bank, here In Eng land the poatoffice aavlnga bank la a popular feature. The establishment of the postofllce savings bank has been sn enormous Inducement to the cultivation of thrift among the workingmen of England. During the past fiscal year they de- posited $211,000,006. They (also drew from- the government, In the form of Interest on undisturbed deposits, the large sum of $2,300,000. With their sav ings a portion of the depository were enabled to buy over $10,000,000 of gov ernment bonds. There Is now In the bank, excluding withdrawals during the year, the enormous sum of $760,0000,000. Finan cial experts declare that were It not for the facility postofllce savings banks offer to tbe thrift, the people’s savings would not be one-halt this sum. As every postofllce In the land ac- pts deposits. It is easy to deposit i lining or two a week. Also with drawals are easy, for under the new regulations It Is possible for a deposit or to withdraw any sum up to $5 at any postofllce without delay. For sums over $6, two or three days' delay Is necessary to enable the bookkeepers at the general postofllce to balance and check the account. By fraternising with a labor member of parliament at a swell function, the duke - of Norfolk administered a tell ing reproof to a snobbish crowd who Ignored the plebeian legislator. It was at a reception given by a fash lonable art society, at which Will Crooks, member of parilarment for Woolwich. turned up In his house of commons suit, instead of the regula tion evening dress. Getting past the doorkeeper with dif ficulty, Mr. Crooks was received with haughty stares by the crowd of "smart" people. Although Mr. Crooks must have been known to many, he was unani mously cut dead. His appearance with out the customary "boiled shirt'' was resented. While the labor leader was wandering lonesomely about, looking at the pic tures end braving It out, the duke of Norfolk arrived. His grace soon spotted" Mr. Crooks, and saw how be was being treated. Coming up to where the lonely mem ber for Woolwich was standing, tha duke greeted him heartily and sold: "Mr. Crooks, have you found your way to the supper room? Come end let us have a cup of coffee together." So the premier duke of Great Brit ain and the ex-cooper, who was born In a work house, spent the rest.of the evening together. Mr. Crooka told the story the other night on the terrace of the house of commone. The countess of Tankervllle, who was Miss Van Marter, of New York, has been sharply criticised by a Judge In a London court for her treatment of her late French maid, Marie Psthler. The maid sued her mistress for $60 salary In lieu of notice. It appeared that the girl was III and Lady Tank ervllle said that If she could pot do her duties she must leave. 8he went at once, but' Lady Tankervllle offered her her salary to date, which ■he refused. In giving judgment against the countess for the amount of salary up to the time of the maid's leaving, the Judge said he thought Marie Pathler tad been very badly treated, and he was sorry he could not find In her fa vor for the amount of the month's hat ary. BAD MEAT IN CANADA. By Private Leased Wire. , -- Wlnnepeg, Manitoba, August 11.—A horrifying state of affairs has been broughtto light through an Investiga tion by health Inspectors In this city. Butchers dealing In the poor dis tricts have been disposing of In their shops and peddling around the city* meat entirely unfit for use. especially what Is known as slink veal. Foreign butchers and peddlers were discovered hanging around, abattoirs carrying away offal which Is afterward offered for sale. JDOWMAN-DOZIER MFG. CO. Manufacturers of Fire-Proof Windows, Doors, Cornices, Skylights, Crestings, Finials, Dixie Ventilators. Contractors fer All Kinds of Sheet Metal Work. 20-22 Trinity Ave. Both Phones 525. B. L.WILLINGHAM, H. H. TIFT, President. Vlce-Prts, W. B. WILLINGHAM, Bec’y and Treas. WILLIN GHAM-TIFT LUMBER COMPANY Rough and Dressed Lumber, Bash, Doors, Blinds, Builders' Hnrilwnn*. 200 Murphy Avenue. Take Hast Point or College Park Car and get off at McCall's Crossing oa Lee Street Bell phone 86 west; Atlanta Phono TIL 0. A. GOUGE. 83 N. Pryor St. Tin and Sheet Metal Worker. If it’s made ‘of metal, see me. BELL PHONE 1443. W. R. JONES. Practical Slate Roofer. And Dealer in All Kinds of Roofing Material. 15 Waverly Place. Atlanta Phone 843. Bell Phone 3277 L. P. O. Box 816. Bell Phone 3665 J. Atlanta Phono 1966. FRIDDELL BROS. Painters, Decorators and Interior Fin ishers. Interior Wall Tinting and Painting a Specialty. Out of town work given careful atten tion. 69 Ivy Street. MONORIEF FURNACE CO. 103 S. Forsyth St. Heating Plans and Estimates Free. The place to get your furnace. They install the best for any kind of fuel in residences, schools and churches. Both Phones. All Kinds of Building Material. Get • Prices From ALEXANDER LUMBER AND MANUFAC TURING COMPANY. Factory and Yards, corner South Pryor and South ern Railway. Phone $364. City office. ( North For syth, Austell Building. Atlanta phone 460. Bell 39$. ATLANTA STRUCTURAL STEEL CO 1020 Fourth National Bank Bldg. Atlanta, Ga. Estimates furnished on all kinds of structural steel shapes. Prompt shipments from stock. Phones, Bell and Main 4438. WE SELL MANTELS, TILES AND GRATES Cheaper Than Any other Concern. i J. E. HUNNICUTT & CO. 56 Peachtree St HUNNICUTT & TURNER. PLUMBING & HEATING. Estimates on Short Notice. 105 N. Pryor St. Phones 1066. Bell Phone 3565 J. Atlanta Phone 1968. G W. HAYNES, Interior and Exterior HOUSE PAINTER Wall Tinting and Graining. Office and Shop 69 1-2 Ivy Street. ATLANTA, OA. WM. WILSON. Faint and Decorative Contractor. Large Contracts a Specialty. Contracts executed anywhere.. Surety bond. 59 8. Forsyth SL Atlanta, Gs. Both Phone,. HAHR-DAVIS LUMBER CO. PLANING MILLS, OFFICE AND YARD8 : 333 TO 339 DECATUR STREET. Rough and Dressed Lumber, Shingles, Lathi, Sash, Doors, Blinds and Builders' Hardware. Our saw mill Interests In Tift County, Ga., af ford us facilities to give prompt service and at the lowest prices. Dimension Umbers a specialty. Both Phones 3725. LIME, CEMENT. Plaster, Sewer Pipe and other Build ers’ Supplies Low prices and quick de liveries. SCIPLE SONS. 33 N. Broad St Atlanta. TOMLINSON & DIDSOHUNEIT, Contracting Painters. Out of. Town Work a Specialty. Ball Phone 1451L. 79 N. Pryor Street. Atlanta, Georgia. WOODWARD LUMBER 00. Hardwood Interior Finish & Mantels, Doors, Sash & Blinds Send Your Plans for Estimates. Atlanta, -. Georgia. WOOD FIBER WALL PLASTER. The original product, and the only plaster manufactured in Atlanta. Can be put on at as low cost as the lower grade substitutes that have come into the market. We can readily show this, so do not be misled. GEORGIA WOOD FIBER « PLASTER COMPANY. Whitehall St. & Cent. R. R. Phone 1152. 'Dixie r Tile and Cement Works YES, WE ARE UNDER BOND TO THE CITY TO DO STREET SIDEWALKS. LET US BID ON YOUR WORK. WE GUARANTEE SATISFACTION. PHONE W-445. GEORGIANS IN ATLANTA. AT THE MARION. R. P. Smith, Augusta;'F. SI. Smith, Con cord; 1>. 8. Mure all, Cambridge; C. II. bnn- els. Melon; Mrs. C. C. Foster, Roswell; F. F. Corduroy. Blakely; lira. Itobert C. McCall. Silas Nettle McCall, situ -Joaie Mc Call, Quitman; II. L boiler. It. 8. Critten den, Hillman; James R. Brown, Canton; II. >. Johnston, Slaron: W. J. Sima, Newnan; B. It. Braswell, Gainesville. AT THE ARAGON. Round Trip — Chattanooga and Lookout Mountain $4.10, via Western & Atlantic R.R. Battlefield Route. Shortest Line and Quickest Time. Tickets on sale rvery Saturday; good ^ till Tuesday following. An opportunity to vlait Chlckamau- ga Park during the encampment of the Georgia State Guard. For tlcketa, schedules and further Information, call on A. THOMAS, City Pass. A Tkt. Agt. 'Phones 169 M. Bell; 151 Atlanta. . B. Walker, Depot Ticket Agt. 'Phone 213 Main. C. E. Harman, G. P. A. Brooks. Forajth; J. J. Smith. Ileldavllle; J. }} ■ W Mb JrsMegn; W. J. Sima, Newnan; C. N. Wisdom, W. P. Johnsou, Cotumbns. AT THE PIEDMONT. K. Wilcox, Valdosta; E. D. Graham. McRae; C. J. Mills. Athena; R. H. Stovall. Vienna; F. E. land, Oordele: Mrs. Pauline 1 oater. HswktasTUje; II. H. Perry, Gaines- rllle; Mrs. P. A. Stovall. Mlsa .-Wall. J. «. Stovall. Savannah: Mra. A. P. Wooten. Buena Vlstm; Mlao Nina Wooten, Buena Vtata; A. P. Vaaon. Albany; II. T. Iley. nolda. Rome; A. It Snlllvan, Mra E. P. Grant, Rome; W. T. Ilopklns, Savannah. AT THE~"k]mBALL. C. F. Howe. MUlsdgsMtle; H. * Boatright, Carrollton; T. H. Hall. F. Gerney, Marofi L. V. Hatcher, Angaria: B. Jf. McNeil. Marietta; B. S. Walker, Monroe; L. K«»; nedy, Fltsgerald: J. C. Clements. Garden, A. V. Deadweather and wife. Athena. TRY A WANT AD IN THE GEORGIAN . F. E. PURSE “THE PRINTER PRINTING OF ALL DESCRIPTIONS ^ 16 1-2 E. MITCHELL ST. ATLANTA, GA