Atlanta tri-weekly journal. (Atlanta, GA.) 1920-19??, October 14, 1920, Page 7, Image 7
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COTTON
NEW YORK, Oct. 13.—A new low level
of prices was established in the mar
ket here today. Liverpool showed declines
over the iocal holiday while reports from
the goods trade were unfavorable and the
weather in the south continued favotahle
for picking and maturing the crop. These
featurees led to a good deal of local and
Wall street selling, while there was heavy
hedge selling by the south and after open
ing easy at a decline of 10 to 47 p in's,
active months showed net losses of about
30 to 47 points with October selling at
21.50; December at 20.30 and January at
19.75. Both local and southern spot houses
were good buyers at the decline and there
was considerable realising on old short lines
which absorbed offerings and caused mod
erate rallies.
The market was under continued pressure
later, Liverpool, the south and local opera
tors being active sellers. Trade interests
bought on a scale down, but otherwise
,about the only support represented profit
taking of old short lines, and. if anything,
the selling became more active after the
publication of the favorable weekly weath
er report. All active months made new
low ground with December selling at 20.05 c
and January at 19.45 c with the general
market showing net declines of about 50 to
70 points.
Reports of a disturbance in the extreme
northwest, which might bring another cold
wave to the south, led to covering during
the early afternoon. December contracts
sold up from 20.05 c to 20.42 c and January
from 19.45 c to 19.77 c. with active months
ruling about 18 to 33 points net lower
around 2 o’clock.
NEW YORK COTTON
The following were the ruling prices In
the exchange today:
Tone, steady; middling, 23c, quiet.
Last Prev.
Open High. Ix>w. San- ''lose. Close.
Jan. ...19.85 19.95 19 43 19.68 19.68 20.10
Meh. ..19.35 19.60 19.19 19.46 19.45 19.77
May ~.19.35 19.40 19.03 19.34 19.30 19.55
July 4 ..19.05 19.15 18.80 19.ip 19.30
Oct. ...21.50 21.75 21.00 21.45 21.45 21.80
Dec. ...20.40 20.48 20.05 20.37 20.39 20.60
NEW ORLEANS COTTON
NEW ORLEANS, Oct. 13.—The slump In
the Liverpool . nlarket yesterday caused a
drop in the price of cotton here on the
opening today. During the first hour of
business prices were 3 to 45 points under
the close of Monday with December down to
19.29.' Favorable weather over the belt
caused more or less Selling. Private ca
bles from Liverpool stated that values there
had been affected by continued financial
and industrial depression.
The weekly crop reports were congiderea
favorable and .selling increased moderetely
following their reading to the ring. Little
demand appeared from any quarter and it
did not require large offe ng- to deprels
prices, which, in the trading up to 11 o’clock,
fell to levels 51 to 64 points under the
. close of Monday. December eased off to
1910.
Substantial reactions were caused by short
covering, reports that trade interests were
buying and the fear that the barometer
lines on the weather map meant rain for
the belt. Prices recovered to within to 10
points of Monday's finals but in the trad
ing toward the close the market lost much
of • its steaediness, falling to net declines
of 23 to 28 points.
NEW ORLEANS COTTON
The following were the ru • oes in the
exchange today:
Tone, steady; middling, 20.75 c, steady.
Last Prev.
Open High. Low. Sale. Close. Close.
Jan. ...19.25 19.36 18.70 19.29 19.23 19.45
Meh. ..19.10 19.21 18.68 19.08 19.02 19.25
May ...18.88 18.91 18.50 18.85 18.82 19.01
July ...18.60 18.60 18.35 18.54 18.54 18.88
Oct. ...20.30 20.30 19.98 20.00 20.00 20.30
Dec.;’...19.40 19.65 19.10 19.62 19.52 19.74
NEW ORLEANS SPOT COTTON
NEW ORLEANS, Oct. 13.—Spot cotton,
steady; quotations revised. Middling, 75
points lower; sales on the spot, 1,093 bales;
to arrive, 1,200; low middling, 14.25 c; mid
' dling, 20.75 c; good middling, 22.75 c; re
ceipts, 5,045; stock, 224,374.
SPOT COTTON MARKET
Atlanta, steady, 21.40 c.
New York, quiet, 23c.
New Orleans, steady, 20.75 c.
Philadelphia, steady, 23.25 c.
Norfolk, steady, ,22c.
Savannah, steady, 22.50 c.
St. Louis, steady, 23c.
Houston, steady, 20.50 c.
Memphis, steady, 22.50 c.
Augusta, steady, 21.25 c.
Little-Rock, steady, 21,50 c.
Dallas, steady, 20.10 c.
Mobile, steady. 21c. a
Charleston, steady, 24c.
Wilmington, steady, 2250 c.
Boston, steady, 24c.
Galveston, steady, 22c.
ATLANTA SPOT COTTON
Atlanta spot cotton ... 21.40 c
Receipts 437
Shipments 593
’ Stocks 12,500
AMERICAN COTTON
AND GRAIN EXCHANGE
COTTON QUOTATIONS
The following were the opening, highest
lowest, close and previous close quota
lions on the American Cotton and Grali
Exchange of New Yorg:
Prev
Open. High. Low. Close C'.nw
Jan. ... 19.77 19.95 19.43 19.68 20.10
Meh. ... 19.42 19.60 14.19 19.40 19.75
May ... 19.30 19.40 19.03 19.53 19.50
Oct. ... 21.60 21.75 21.00 21.43 21.80
Dec. ... 20.45 20.48 20.05 20.30 20.60
LIVERPOOL COTTON
Tone, unsettled; sales 3,000 bales; good
middling, 19.02 d.
Prev.
Open. Close. Close.
Jan 14.56 14.41 14.73
Feb 14.79 14.30 14.69
March 1 14.32 14.19 14.45
April 14.88 J 4.34
May 14.20 13.97 #4.23
June .... 13.85 ill. 13
July 13.93 13.76 14.03
Aug. 13.53 13.83
Sept 13.62 13.40 13.65
Oct 14.84 14.65 15.02
Nov 14.92 11.45 14.79
Dec .... 14.74 14.45 14.78
COTTONSEED OIL MARKET
Opening Closing.
Spots 10.00 bid
January 11.37@11.89 11.45@11.47
February .. 11.3941.11.5'' 11.43@11.60
March 11.51@11.55 il.tio@ll .t>s
April 11.50@11.8u 11.64@J1.75
May 11.W@11.80 11.76@il 80
October 10.80@11.0y 11.05@11.35
November 11.25@11.45 11.20@11.25
December 11.35@11.87 ’1.45@11.4U
Tone, steady; sales, 23,300
NEW YORK~BUGAR MARKET
Close.
January 7.40@7.50
February 7.45@7.48
March ... 7.35 . "
April 7.40@7.45
May 7.48@7.50
October .. ... 7.G0@7.70
November 7.28@7.50
P December 7.48@7.50
NEW YORK, Oct. 13. —Raw sugar, nomi
nal; refined, unchanged, 11 cents.
iilkb A..! ,)OCK>AL.
GRAIN
CHICAGO, Oct. 13.—Wheat prices today
in Chicago reflected the decline of values
yesterday in tlie northwest while the mar
ket here was closed. Opening prices ranged
from l%c to 3c lower.
I Wheat closed nervous, 1U to 2%c net
higher.
Corn went lower with wheat. The open
ling was l%c off to %c advance.
Corn prices closed unsettled, 2%c net low
er to %c advance.
Oats were easier as a result of the weak
ness of other grain, stating to %c down.
Provisions sympathized with cereals, de
spite higher quotations on hogs.
CHICAGO QUOTATIONS
The foi’uwing were the ruling prices in
she exchange today:
Prev
Open. High., Low. Close. Close,
WHEAT—
Dec 2.06 2.12 2.05 2.09% 2.07%
May .... 2.02 2.07 2.00 % 2.05% 2.03%
CORN—
Oct 88 90 86% 86% 89%
Dec 86% 87% 85% 86% 86%
May .... 90% 91% 89% 90% 90%
OATS—
Des 56 56% 55% 56% 56%
May .... 60% 61% 60% 60% 60%
PORK— ™
Oct 23.00 23.00 22.40
Nov 23.00 23.00 22.60
LARD—
Oct 19.55 19.77 19.55 19.77 19.75
Jan 16.75 16.95 16.75 16.95 16.87
RIBS—
Oct. .... 16.50 17.05 16.50 17.00 16.50
Jan 15.00 15.10 14.97 15.10 15.10
RECEIPTS IN CHICAGO
Today.
Wheat 32 cars
Corn 307 cars
Oats 180 cars
Hogs 13,000 y head
CHICAGO CASH QUOTATIONS
CHICAGO. Oct. 13.—Wheat, No. 1 hard,
$2.18@2.19%; No. 2 hard, $2.18%.
Corn, No. 2 mixed, 92@92%c; No. 2 yel
low, 92%@93%c.
Oats, No. 2 white, 55%@56%c; No. 3
white, 53%@54%c.
Rye, No. 2, $1.67%.
Barley, 77%51.05.
'Timothy seed, $5.00@6.50.
Clover seed, $12.00@ 20.00.
Pork, nominal.
Lard, $19,871
Ribs, $17.00@19.00.
GRAIN MARKET OPINIONS
Bartlett, Frazier & Co.: We feel that the
rally has gone far enough in wheat.
Clement-Curtis: We look, for a return of
Belling after this advance.
Harris, Winthrop & Co.: The movement in
corn will fall off; the demand is now giving
aigns of betterment.
NEW YORK "PRODUCE MARKET
NEW YORK, Oct. 13.—Flour: Quiet and
firmer.
I'ork—Quiet; mess, $31.00@32.00.
Lard—Firm; middle west spot, $20.50@
29.60.
Suar—Raw, quiet;
8.03; refined, quiet; granulated, 11.0o@
14.00. " 1
Coffee —Rip No. 7, on spot, 7%t; No. 4
Santos, U%@l2%c.
Tallow—Dull; specials, 9c; citv, 8.
Hay—Steady; No. 1, $1.80@1.90; No. 3,
$1.55@1.65; clover, $1.35@1.55.
Dressed Poultry—Dull; chickens, 35@50c;
fowls, 2G@42c; ducks, Long Island, 38c.
Live Poultry—Weak; geese, 25c; ducks,
26@30c; fowls, 22@35c; turkeys, 40c; roost
ers, 22c; chickens, broilers, 26@28c.
Cheese—Easier; state milk, common to
specials, 20@29c; skimsj common to.specials,
10@20c.
Butter, "’teady receipts, 3,471; creamery,
extra, 61c;' do. sjecial market, 61%@62c
state dairy tubs; immitation creamery,
firsts, 44@60c, nominal; Argentine, 46@
50c.
Eggs, steady; receipts, 15,417; near-bby
white fancy, $1.00; near-by mixed fancy,
58@82c; fresh firsts, 62@79c; Pacific coast,
65c@51.00. '
CHICAGO PRODUCE MARKET
CHICAGO, Oct. 13.—Butter, creamery,
extras, 55c; creamery, standards, 52%c;
firsts, 45@53c; seconds. 40%43c.
Eggs, ordinaries, 49@55c; firsts, 57% @
58%c.
Cheese, twins, 23%c; Young Americas,
25 %c.
Live poultry, fowls, 18@34c; ducks, 25c;
geese, 22c; springs, 23%c; turkeys, 40c.
Potatoes. 116 cars; Wisconsin (per 100
pounds) and Minnesota (per 100 pounds),
$1.65@1.80.
ATLANTA COTTON SEEIf * PRODUCTS
MARKETS
(Corrected by Atlanta Commercial Exchange)
Crude oil basis prime, tank
lots $7.50 $7.75
Cotton seed cake. 7 per cent
car lots .... .... .. ...... 36.50 .....
C. 8. meal. 7 per cent am-
monia, car lots 41.00
C. 8. meal, Ga. common
rate point, car lots 41.00
Cottonseed hulls, sacked,
car lots (new) s Ga. com
mon rate point 14.00 16.00
Cottonseed hulls, loose, car
lots (new). Ga. common
rate point 10.00 12.00
Linters, first cut, high-grade lots, 4@6c.
Linters, clean, mill run. 2@3c.
Linters. No. 3. l@l%c.
NEW YORK COFFEE MARKET
- > Close.
January 7.01@7.02
February 7.25@7 27
March ...• 7.50@7.52
April 7.63@7,05
May 7.77@7.78
June 7.87@7.88<
July 7.96@7.97
August 8.00(3’8:07
September ... 5.05@8.17
October «.47@6.49
November 6.6206.64
December ... 6.77@6.7S
LIVE. STOCK BY WIRE
EAST ST. LOUTS. Oct 13.—Cattle—Re
ceipts, 4,000, including no Texans market
slow native beef Iteers, f15.75@16.fi0;
yearlings, steers and heifers, $15.50016.50;
cows, $9.00@12.60: stockers and feeders.
$6.0009.50; ealves, $16.75017.60; canners
and cutters, $3.5006.00.
Hogs—Receipts, 8.000; market 35040 c
i’ilglier; mixed and butchers. $15.600’16.10-
good and heavy. sls 60016.00: roughs,
$13.<X>014.25; light, $15.65016.10; pigs.
$13.75015.25; bulk. $15.650 16.00.
Sheep—Receipts. 2.200; market steady:
clipped ewes. $5.0006.00: lambs. SII,OOO
11-.75; cannei-s and choppers, $1.0004.50.
CHICAGO. Oct. 13—Cattle: Receipts
12,000; market very sloiv: early bids lower: '
few good nnd fair choice steers sold at
$15.50017.50; prime cattle searpe; grassy ,
kinds druggy, $8.75014.25; cows dull; bulk,
$5.2509.50; dinners, mostly $16.00016.50:
grassy calves, mostly $8.50012.00; feeders
slow to siiade easier; receipts, westerns,
5,000; quality plain; market weak.
Hogs—Receipts 13.000: mostly 15c to 25e
higher than yesterday’s average; top, one
o.ud. $15.95; bulk light and butchers. 815.25
015. SO; bulk packing sows, 14.15@14.85;
pics strong.
Sheep—Receipts 22.000; fat stock open
ing slow, steady, with yesterday’s average;
choice native lambs to packers, £12.00; bulk.
$11.00012.00: good westerns, $12.25; choice
unsold fat ewes quotable to $5.75: bulk,
$5.0005.50; feeders active, fully steady.
LGriSVir.LE, Ky.. Oct. 13.—Cattle: Re
ceipts 800, slow. Heavy steers, $12,000
13.00: beef steers, $7.00011.00; heifers,
86.00010.00; cows. $4.f)O0'1O.OO; feeders,
$7.ni)0t0.50,: stOckers, $5.0009.00.
Ilogs—Receipts 1.006, steady; 165 pounds
up. .815.75; 120 to 165 nounds. Sil 00: 150
pounds down, $9.75011.25; throwouts, $11.50
down.
Sheep—Receipts 500, steady; lambs, $11;
sheep, $5.00, down.
BOGUS MAJOR IS
FACING JURY ON
FRAUD CHARGES
(Continued from Page 1.)
graphs of Vincent, attired in a
major’s uniform, with six wound
stripes on his coat sleeve and numer
ous medals across his breast. He dis
played a number of cancelled checks,
which had been signed by his wife
and indorsed and cashed by Vin
cent.
Says Vincent Boasted
H. T. Adams, an automobile ga
rage man, testified Vincent took him
to the bank, showed him, Liberty
Bonds and money, and boasted to him
that he had “plenty of money,’’ and
that he was a joint heir with Mrs.
Lougherty to certain Peachtree street
property.
Miss Arnie Cline, chief nurse at
St. Joseph’s hospital, then took the
stand and swore that Vincent had
been confined by sickness in the hos
pital for ten days during the fall
of 1918, and that when he was re
leased he wore the uniform of the
army with major’s Insignia, medals
for bravery nad many wound stripes.
Mrs. W. R. Dougherty, young wife
of D. O. Dougherty, was weeping as
she walked to the witness chair. She
said she and her husband are now
estranged.
“I met Mr. Vincent in Clayton, Ga.,
where I took my children for a sum
mer vacation,” she aid. “He was said
. to be recruiting men for the army
at the time, and he had war relics
on display. I had been doing war
work and was greatly interested, r
invited him to my home when h«
came to Atlanta. After that, I saw
him often until my husband came
back home.
“Quite often he came out to the
house. Other times, I would meet
him down town. I hardly knew
whether he was regularly connected
with the government, but I saw his
picture in the newspapers as being
active in the fourth Liberty Loan
drive. ’
Backed Him in Business
Asked why she advanced money to
Vincent, Mrs. Dougherty said she
wanted to help him make a start
in the business world. She said he
began the operation of a taxicab line
between Atlanta and Camp Gordon
with the money she loaned him. She
told of the loans made him—the first
for SSO, the next $250, then S4OO, then
S9OO, later a SI,OOO Liberty bond,
and finally her husband’s automo
bile.
“I felt sure that if my husband
had been at home, he .would have
helped the young fellow start out in
life.’ she said.
The witness said Vincent made
many speeches in behalf of the fourth
Liberty loan campaign. She admit
ted that she had advanced him money
voluntarily, and said she knew at
the time she made him the first loans
that he was not a major.
Asked if she did not. give Vincent
a gold watch belonging to Mr. Dough
erty, with her picture on its face,
the witness replied: “Yes, I let him
wear it while his own watch was be
ing repaired.’’
finaTdisposition
OF MIXED BABY CASE
TO REST WITH JURY
(Continued from Fag's 1.)
one for the consideration of a jury.
He differed with Judge Bell’s view
that the question- of Louise Made
line’s parentage was one of fact ;.nd
should thus be determined by a jury
of twelve men. The attorney also
objected formally to Judge Bell’s
excoriation of the “system” at the
Grady hospital.
“While I entertain the highest re
spect and regard for this court,”
said Attorney Austin, "my duty to
my clients demands that T object to
the attack made by the court on the
system at the Grady hospital." I con
tend that it will tend to prejudice
the minds of the jurors, who must
be impaneled from the general pub
lic reading the account of this hear
ing in the newspapers and hearing
of it by word of mouth. My clients
are entitled to an impartial trial
and I insist that the court’s exco
riation will tend to prevent it. Coun
sel for the plaintiffs has said that
the Grady hospital is on trill in this
case. 1 also object to the early set
ting of the jury trial because of the
effect of the court’s statement from
the bench.”
Judge Bell, at the conclusion of
Attorney Austin’s remarks, stated
that he had not attacked the hos
pital »a3 an institution, but that his
attack %’as directed against the “sys
tem” of handling new-born infants.
Permission for Mrs. Garner to
visit the Pittman home to see Lou
ise Madeline at reasonable intervals
was asked of the court by Attorney
Arnaud, but Judg x e Bell declined to
pass such an order, saying* that the
matter could be arranged between the
two families.
Monday Session
The defense had its innings at
Monday's session of court, introduc
ing witnesses to rebut testimony of
the plaintiff’s witnesses in regard to
blood tests and facial resemblances
between Louise Madeline and the
Garner family.
They included Dr. O. B. Bush, Dr.
John Funke and Dr. E. C. Thrash,
Atlanta specialists in pathology, who
declared that blood tests were of no
practical value in determining paren
tage of children. Previously D»r Al
len H. Bunce, another specialist, Call
ed by the Garners, had testified that
such tests might help', in determining
the parentage of a child.
Mrs. Pittman was the principal
witness for the defense Monday, tell
ing her story of her baby's birth, de
claring the baby had a birthmark
1 on its neck when it, was born; thh.t
I she has a similar birthmark on her
i back; and that Louise Madeline has
the birthmark on her neck, although
all but invisible.
In closing, the plaintiffs introduced
several women who testified to other
alleged baby “mix-ups” at the Grady
hospital. Mrs. J. H. Dudley, of 345
Filey street, testified that while she
was a patient in the “flu ward”
last March, her new-born baby was
given by mistake to another woman
but was later given to her. An affi
davit was read from Mrs Stella Hoff
man, of 6 Bonnie Brae avenue, that
she saw a girl and a boy baby tem
porarily “mixed” while she was in
the “fiu ward" last March. Mrs. L.
W. Whitley, a patient in a private
ward at Grady next to the maternity
ward, when Mrs. Garner and Mrs
Pittman were there, told about the
admitted swap of their babies and
declared her own baby wasn’t tagged
for nearly a week.
RESERVE SYSTEM
HELD RESPONSIBLE
FOR LOW PRICES
(Continued from Fage 1)
try and prices of commodities. We
believe that the rate of discount
should be determined, first, by the
character of the paper offered for
discount, and, second, by tho aggre
gate earnings of the federal reserve
system, and that the rate should not
be used as a weapon to deflate prices
or discourage proper loans and com
mercial transactions.
“We, therefore, insist that the fed
eral reserve officers and officers of
the treasury department shall dis
continue and desist from issuing
statements of their opinion as to
prices, and their attitude towards
the trend of commercial events.”
Recommendations
The committee recommends that
the rate of discount for the mar
keting of the agricultural products
be made as low as justified by a
sound business and that the rate on
a fixed or certain class of paper
shall be uniform and that the rate
be not changed during the period
of crop marketing. If the federal
reserve officers will take such ac
tion at once, the report says “with
particular reference to a more lib
eral policy in extending credits for
the encouragement of exports, we
believe that the distress and unrest
among the farmers of the country
will be greatly relieved.”
“Prices of commodities that farm
ers receive will be determined by
the law of supply and demand, if
artificial and gainful advices and
statements are withheld,” the report
continues. “The question for these
officials .(treasury and feleral re
serve bank) to determine is what
rate of interest and re-discount is
justifiable under the law, and to
leave the question of marketing and
prices to the natural laws of com
merce.
“The people who sonsume our
products are, or should be, vitally
interested in the solution of these
problems, for as long as we hhve
a decadent agriculture we are sure
to have increasing cost of living.”
Financed Allies, Fail Farmers
One of the striking passages in the
critical resolutions adopted by the
farmers’ conference was the conclu
sion that:
“The fact that we are facing
prices today that are below the cost
of production arises out of the fact
that while the federal reserve system
was found adtequate to finance our
allies and ourselves during the great
est upheaval the world, has ever seen,
it has arbitrarily withheld from as
sisting the basic industry of this
country to maintain a level of prices
that at least meets the cost of pro
duction.” , *
Ruinous prices, the cotton confer
ence voted, were hot confined to the
cotton industry, but prevailed in all
branches of farming and W’ere 'prac
tically similar and uniform.”
Arriving for the cenference Wed
nesday, Representative Aswell, of
Louisiana, suggested additional leg
islation to make it mandatory upon
the reserve system to furnish finan
cial assistance to agricultural and
removing present discretionary pow
ei “Currency legislation now gives
discretion to the executive branch
said Representative Aswell, and
this discretion has been used against
the farmer. I am inclined to th l" k
that mandatory legislation is the
only relief, and I know both branches
of congress are friendly to agricul-
U “We may demand things here for
ten years and not get tkem
the present conditions. There
be legislation so that when the farm
er offers his good security, it shall
be mandatory upon the reserve sys
tem to furnish him the financial as
sistance to which he is entitled.
May Fool Low Grades
Indications were today that before
adjourning the cotton conference
would take some action favoring the
pooling of low-grade cotton by the
cotton growers in each state, such
pooling to be followed by efforts to
market the entire output in European
countries. ,
The special cotton committee of the
general conference had before it to
day a resolution introduced by Fred
Roberts, of Corpus Christi. Tex., rep
resenting the United Cotton Growers
association, calling upon producers
to hold state conventions and form
a Central body known as the “Cotton
Growers’ Selling Commission. This
commission, representing all growers
and states, would be authorized to
handle all low-grade cotton put into
the pool and to make the best ar
rangements possible for its sale in
Europe. Assessments on a per bale
basis would be made to cover ex
penses. Mr. Roberts urged favorable
action on his resolution as a mearre
to early sale of the low grades, which
sales would enable the farmers the
better to hold higher grades for bet
ter prices.
Wholesale criticism of Secretary
Houston and the reserve board which
enlivened the late session Tuesday
afternoon means that there will be a
rather sensational threshing out of
the differences between the farmers
and the board. The conference, re
maining in session until dark Tues
day, heard various speakers unspar
ingly condemn the withdrawal of
credits on farm products. The
charges against the board ranged
that of “conspiracy,” made by
former Senator Marion Butler, of
North Carolina, to a statement by
Senator Ellison D. Smith, of South
(Carolina, that “it is none of the
'board’s business to attempt to fix
prices.”
Senator Smith hinted at a “farm
ers’ strike” unless some relief is af
forded.
Senators Harris, of Georgia, and
Overman, of North Carolina, called
at the White House to ask the pres
ident to see a conference committee
Wednesday and to assemble his cab
inet to hear the grievances. They
were told that it would be impossi
ble for the president to meet the
committee, but the president would
advise later regarding the calling of
the cabinet.
They returned and fled the
that there a prob
ability of presenting demands
to cabinet members reserve
board the foliowin Mean-
while. the flow of he.. oratory at
the farmers’ gathering continued.
Board’s Folicy Scored
The climax came when former
Senator Butler charged the board
with being in a conspiracy to con
tract currency and deflate prices, re
gardless of the disastrous effect on
the producers. The policy of the
board, he said, was criminal.
J. J. McSwain, of South Carolina,
recently nominated for congress in
that state, challenged Mr. Butler to
bring his conspiracy proofs , saying
he believed the reserve board had
made a serious mistake, but that
they were honest.
At this point, Albert Tumlin,
banker and farmer of Cave Springs,
Ga., partly took sides with Senator
Butler by saying that Gov. McCord,
of the Atlanta reserve bank, had told
him as early as last January that
this price reduction movement
would come.
“Governor McCord told me this
was coming and it has come,” shout
ed Mr. Tumlin. “Governor Well
born knew about it, too.”
“And so you claim they were in
a conspiracy?” asked Mr. McSwain.
“Well. I don’t say that, but I am
merely stating a fact that they knew
about this thing as far back as last
January,” said Mr. Tumlin.
“We have got night riders in
Georgia* and day riders in Washing
ton,” continued Mr. Tumlin. “Let
me tell you there will be just half
a crop in Georgia next year. I was
told in Atlanta that the reserve
board would lend money to make a
crop but we couldn’t get money to
hold it for decent prices. Some of
the member banks in Georgia are
paying and getting excessive inter
est rates. I haven’t had to borrow
it. thank Heaven. I would be willing
to go broke tomorrow if these farm
ers could be helped out of this hole.
This organization here in Washing
ton created to help the people is rob
bing the people. I so wrote the
president, attorney general, Secre
tary Houston and the board. I have
never seen such a situation in a
free country.”
Senator Smith Speaks
During the visit of the committee
to the White House, Senator Hoke
Smith addressed the conference say
ing that there was no excuse for the
board not aiding agriculture. One
object of the system, he said, was
to bring seller and purchaser to
gether at a time when the pur
chaser wanted to buy—not to force
the producer to sell at any price ob
tainable.
‘We will not be able to see the
president,” said Senator Smith. “I
knew that when the committee was
named. The president has seen only
three senators sice he became ill a
year ago. He did not even see Sen
ator Simmons, selected by the Dem
ocrats of the senate to confer with
him about reservations to the peace
treaty. But I am hopeful of get
ting some action through the cabi
net or the reserve board.”
J. J. Brown, commissioner of
agriculture of Georgia, chairman of
a special committee to canvass the
general farming situation, made a
preliminary report late Tuesday
“Our committee finds," said Mr.
Brown, “that the same crisis as ex
ists regarding cotton applies to all
other farm products. Our commit
tee is now preparing a statement of
our case to present to the federal
officials.”
Representatives Gordon Lee, Chas.
H. Brand and Tom Bell, of Geor
gia, were members of the ‘Special
committee, as was Senator Smith.
A subcommittee on resolutions, head
ed by Senator Smith, of South Caro
lina, was named to prepare the state*
ment.
Represntative Upshaw, of Atlanta,
reached the conference late Tues
day, adding to the large Georgia rep
resentation which included L. B.
Jackson, chief of the bureau of mar
kets.
The Board’s Function
That the farmer “can refuse to
loosen up with a pound of cotton or
meat or a bushel of wheat or corn
unless we get relief,” was declared
by Senator Smith of South. Caro
lina, r in an address critical, of the
reserve board. Senator Smith dis
agreed with Former Senator Butler
that the board had brought on a
“panic,” but admitted that agri
culture is in the midst of a grave
crisis. “It’s none of the board’s busi
ness to attempt to regulate prices
and let s tell them so,” said Senator
Smith. “If we want to hold for
forty cent cotton and three dollar
wheat, it is none of their affair. The
board, under the law, is to pass on
the eligiblity of paper for discount,
not attempt to set prices of com
modities.”
S. H. Hobbs, of North Carolina
aroused great interest when he re
peated words used by President Wil
son ea.rly in his administration,
promising that there would always be
currency to aid agriculture.
"At that time,” he said, “Secretary
McAdoo was about to issue emer
gency currency to check a panic in
1913. I was one of a committee of
three appointed by President Barrett,
of the Farmers’ union, to see the
president and ask for a large issue.
The president .eaid then we would al
ways have funds. I remember his
words. He said: ‘Wall street is, try
ing to bring on a panic at the begin
ning of my administration. I owe
nothing to Wall street, and shall pre
vent it. There will never be a lack
of currency to move the crops dur
ing my administration.’ ”
“Then why don’t we get it?” asked
several delegates.
“The usurpation of authority by
government officials amounts to a
crime,” Senator Butler said. “The
reserve board has the power to sta
bilize prices, but it is misusing it.
There is a panic right now, and it
has been made by that board,' the
very power created to prevent panics.
I say it is a crime, and I say it re
gretfully and not vindictively.”
Cotton Men Not Suffering Alone
Charles S. Barrett, president of the
Farmers’ union, who presided, asked
Mr. Butler to discuss the tobacco sit
uation in North Carolina. Mr. Butler
said the situation in tobacco was just
as serious as in cotton, wheat and
other farm products. Withdrawal of
credits, he said, "had brought about
ruinous contraction in this govern
ment campaign to bring down prices,
which is hitting mainly the producer.
Wall street could stop its panics; the
federal reserve board is not stopping
this one.”
Delegates from cotton-producing
stages from Texas to Virginia were
in the meeting, and while cotton talk
predominated, it was testified that all
of farming were equally as
concerned and as desperately in need
of financial assistance.
Maintaining the federal reserve
board had both funds and authority
to aid the farmer in the present
crisis. Senator Smith, of South Caro
lina. said the farmer had a right to
hold his produce for higher prices
anfl was entitled to financial assist
afice.
“Let’s say to the federal reserve
board that it is none of their busi
ness if we hold for forty-cent cotton
and $3 wheat,” exclaimed Senator
Smith. "The board has no authority
to say which lines shall receive
credit and which shall not. All I
want them to do is to pass upon the
eligibility of paper; they have noth
ing to do with prices.
"We will say these are our prices
and stick to them. If we cannot get
men who will protect these prices,
we will not loosen up with a pound
of meat, or cotton, or a bushel of
THURSDAY, OCTOBER 14, 1920.
wheat or corn. We ask no special
favors, but we have rights under the
federal reserve law and are going to
demand them.”
That member banks in the south
and west are sending millions to
Wall street to be loaned at high
rates for speculative purposes, while
the farmer is denied credit, was
charged by several speakers.
“There is a government drive to
bring down the prices of farm prod
ucts,” alleged W.\ J. Spillman, edi
tor of a farm publication, “and this
drive has brought wheat down from
$2.50 to $1.60 a bushed. It is clear
that the federal reserve board, back
ed by Secretary Houston, is using its
power to manipulate the markets. I
want to ask ,if there is not some
way to bring to the bar men who
improperly use their power. What
about malfeasance in office?”
“Certainly they can be brought to
account,” said former Senator Butler,
amid applause.
Senator Butler made several
speeches, growing more intense with
each. He attributed to the Aldrich
monetary commission and the Taft
administration most of the credit
for the existing currency law, which,
however, he said, was being arbi
trarily administered by a board sup
posed to represent the public, and
not the moneyed interests.
“I thought we came here for a
dispassionate discussion of our trou
bles, and not politics,” said Repre
sentative Brinson.
“I am sorry Senator Butler has in
jected politics. I agree with some of
the things he has said, including
somewhat his criticisms of Secretary
Houston, but we cannot get along
unless we discuss this crisis dispas
sionately.”
Mr. Brinson asked if the currency
law was the creature of Republicans,
why so many of them voted against
the bill.
South Faces Heavy Loss
The south is facing a loss of more
than $500,000,900 on its cotton crAp,
according to J. J. Brown, agricul
tural commissioner of Georgia.
Wheat growers of the west and
central west are face to face with
a similar probable loss due to the
fall in the price of wheat, according
to John Tromble, of Beloit, Kan.,
another delegate to the conference.
Wheat sold at an average price of
Statement of the ownership, management,
circulation, etc., required hy the act of con
gress of August 24, 1912, of The Atlanta
Tri-Weekly Journal, published tri-weekly at
Atlanta, ila., for October Ist, 1920.
STATE OF GEORGIA—County of . ulton, ss:
Before me, a notary public in and for the
state and county aforesaid, personally ap
peared John S. Cohen, who, having been
duly sworn according to law, deposes and
says that he is the President of The Atlanta
Atlanta Tri-Weekly Journal, and that the
following is, to the best of his knowledge
and belief, a true stat'ement of .the owner
ship, management (and If a daily paper, the
circulation), etc., of the aforesaid publication
for the date shown in the above caption, re
quired by the act of August 24, 1912, em
bodied In section 443, Postal Laws and Reg
ulations, printed on the reverse of this form,
to-wit:
1. That the names and addresses of the
publisher, editor, managing editor, and busi
ness managers are:
Publisher, The Atlanta Journal Company,
Atlanta, Ga.
Editor, John S. Cohen, Atlanta, Ga.
Managing ellitor, James R. Gray, Jr., At
lanta, Ga.
Business managers, Chas. D. Atkinson,
business manager; Joltn A. Brice, secretary
and treasurer, Atlanta, Ga.
2. That tlie owners are: (Give names and
addresses of individual owners, or, if a cor
poration, give its name and the name and
addresses of stockholders owning or holding
1 per cent or more of the total amount of
stock).
Names and Addresses of Stockholders of The
Atlanta Journal Company, Holding One
Per Cent or More of the Total
Amount of Stock October Ist, 1920.
Common. Preferred.
Mrs. Jas. R. Gray, Atlan-
ta, Ga 334 70 1-3
James Richard Gray, Jr.,
Atlanta, (la. 629 13-18
Inman Gray, Atlanta, Ga. 629 1-2 24 1-6
Jennie Gray Pearce, At-
lanta, Ga 604 1-2 12 1-6
Cordelia Gray Brumby,
Marietta, Ga 604 1-2 II 1-6
Hattie Fannie Gallogly,
Atlanta, Ga 604 1-2 9 1-6
Treasury Stock (See
„ Note) 1,039 2-5
Estate of Morton Smith,
Atlanta, Ga 541 1-3 1 2-5
John S. Cohen, Atlanta,
Ga 500
Francis R. Hart and
1 Philip Dexter, Boston,
Mass 400
Mrs. Harriet F. Brandon,
Atlanta, Ga 334 11-18 53
FL H. Schaul, Atlanta,
<Ja 250 6
John D. Simmons, Atlan-
ta, Ga. ,201 20
John A. Brice, Atlanta
_Ga 150
Estate of L. DeGive, At-
lanta, Ga ♦... 18 1-3 140
Alex 0, King, Atlanta,
Ga 100 3-5
Chas D. Atkinson, Atlan-
ta. Ga 77 83
The remaining stock is owned by divers
persons, none of whom own as much as *ne
per cent. Preferred stock of the company
has no voting power, being a 6 per cent
stock, the dividends of which must be paid
before any dividends are paid on the com
mon, which is the voting or controlling
stock.
Total common stock, 5,750 shares.
Total preferred stock, 2.450 shares.
NOTE.—These 1.039 2-5 shares of pre
ferred stock were bought with earnings of
The Atlanta Journal Company and they are
held in the treasury of the company as re
tired securities.
3. That the known bondholders, mort
gagees. and other security holders owning
or holding 1 per cent or more of total
amount of bonds, mortgages, 01 other se
curities are: (If there are none so state.)
This company has no bonds, mortgages or
securities other than preferred stock as
indicated.
4. That the two paragraphs next above,
giving tlie names of tlie owners, stockhold
ers. and security holders, if any. contain
not only the list of stockholders and secur
ity holders as they appear upon the books
of the company, but also, in cases where
the stockholder or security bolder appears
upon the books of the companv as trustee
or in any other fiduciary relation the name
of the person or corporation for whom such
trustee Is acting, is given; alst that <be
said two paragraphs contain statements em
bracing affiant's full knowledge and belief
as to tlie circumstances and conditions un
der which stockholders nnd security holders
who do not appear upon the Looks of the
company ns trustees, bold stock and securi
ties in a capacity other than that of a hona
fide owner; and this affiant has no reason to
believe that any other person, association, or
corporation has any interest, direct or in
direct. in the said stock, bonds or other
securities than as so stated by him.
5. That the average number of cop.es of
each issue of this publication sold or dis
tributed, through tho malls or otherwise, to
paid subscribers dii’ ! -<r the six months pre
ceding the date si above is
7M68
(This information is required from dally
publications only.)
JOHN S. COHEN.
President.
Sworn to c.nd subscribed before me this
9th day of October, 1920.
(Seal.) B. F. BENNETT.
My commission expires April 26th, 1924.
$2.14 per bushel October 1, according
to the agriculture department re
ports.
Cotton is now selling for twenty
one cents a pound. “It costs 38.1
cents per pound to produce it,” said
Commissioner Brown. “We’re going
to lose SSO on every bale we sell
at twenty-one cents. The crop this
year will run more than 11,000,000
bales. Very little of it is sold.
"If southern planters must sell
their cotton at twenty-one cents,
there will be many bankrupts in the
south. The action of night riders
who threaten to burn gins and crops
of farmers who sell for twenty-one
cents, does not represent the true
sentiment of the south. Planters are
law-abiding citizens. They’ll do the
best they can under the circum
stances. But we hope the circum
stances will soon be more favorable.”
“To produce wheat costs $2.77 a
bushel.” said Mr. Tromble. “A price
of $2.14, therefore, represents a loss
of sixty-three cents per bushel. This
is not in accordance with the law
of supply and demand. There is a
world-wide shortage. England is go
ing to need to import 450,000,000
bushels. Most of it must come front
the United tSates and Canada. But
these two countries together will
have only 320,000,000 bushels for ex
port. There is no justification £or
falling wheat prices.”
To connect more adequately the
western and southern sections of
Philadelphia, Pa., the city is plan
ning the construction of a massive
$*1,000,000 bridge.
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