Newspaper Page Text
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COTTON
i
NEW YORK, May 15.—Cotton opened firm |
at an advance of 24 to 31 points on reports
of renewed showers in the -southwest, higher ;
Liverpool cables, favorable Manchester trade .
advices, steady foreign exchange rates, and ;
reports of foreign trade buying. There was >
considerable profit-taking and probably some ,
local selling which held the advance in check !
at the start, but as soon as it was absorbed, t
July sold up to 19.53 and October to 19.87, I
or about 35 to 39 points net higher on the
general list, with new crop months making ;
new high records. There were numerous
wires reporting rain or showers in Texas,
which led to reiterated predictions of low
end-May condition figures.
Buying on the unfavorable weather news
was stimulated by the reports of a bettor
trade demand and telegrams from the south
west. reporting a very stiff basis, and stat
ing that everything offered had been taken
for export. Trading here became a little
less active late in the forenoon, bnt prices
showed continued strength, with all months
this side of January selling above the 20-
eent level. May advanced to 20.53 c and Oe
tober to 20.10 c, or 55 to 59 points above last
week’s closing quotations. The official fore
casts were for unsettled or cloudy weather,
with showers in most sections, and some of
the private map readers are predicting-sev
eral davs of unsettled weather.
Bullish weather and spot advices continued
to reach here from the south, with the early
afternoon market becoming even more active
and excited. May sold up to 20.90 c and
October to 20.40 c. making net advances of
81 to 106 points on the general list. Busi
ness tapered off somewhat at those prices,
but the market held within 4 or 5 points of
the best around 2 o'clock.
NEW YORK COTTON
The following were the ruling prices tr
t’”> r-vebnnge today:
Tone, steady; midding? 21.25 c, quiet.
Uait i*fe»
Onen High. l-ow Sale Close *’los’
Jan. 19.68 20.25 19.03 20.23 20.20 19.42
Mar. .. 19.6 S 20.28 19.6 S 20.19 2.0.19 19.44
May .. 20.05 20.95 20.05 20.95 90.93 19.84
July .. 19.75 20.40 19.67 20.40 20.37 19.47
Oct. .. 19.75 20.40 19.71 20.38 20.38 19.51
Dec. .. 19.75 20.42 19.75 20.38 20.37 19.51
NEW ORLEANS COTTON
NEW ORLEANS, May 15.—Private reports
of very heavy rains in Texas and Oklahoma,
I, combined with a better Liverpool than due
1 and sales of 20.000 bales on the spot there,
nut the price of cotton strongly higher on
the opening today and in the first boor of
ths the trading months gained o 3 to
55 points. July traded up to 19.ua, and De
cember to 19.50.
Complaints of crop damage in the western
belt, resulting from excessive rains, and -e
--ports from the spot demand indicating, a
wide demand both here and at interior
points, aroused general buying on which, i»
the trading up to 11 o’clock, prices were
sent to levels 72 to 74 points higher than
the finals of last week. July rose to 19.73 c.
NEW ORLEANS COTTON „
The following were the ruling prices 1»
the exchange today:
Last Pres
Onen. High. Low. Sale. Close. Clnse_
Jan. .. 19.20 19.75 19.20 19.70 19.70 18. So
Mar. .. 19.31 19.69 19.31 19.58 19.58 18.81
May .. 19-12 19.74 19.03 19.74 19.72 19.79
July .. 19.30 19.95 19.30 19.93 19.88 19.01
- Oct. .. 19.40 19.95 19.29 19.91 19.88 19.00
Dac. .. 19.36 19.95 19.26 19.88 19.84 18.97
NEW ORLEANS SPOT COTTON
NEW ORLEANS, May 15.—Spot cotton,
steady, 62 higher; sales on the spot, l.oil
bales’ to arrive, 271; low middling, 18._o,
middling 19.50; good middling. 20.50; re
ceipts, 2,493; stock, 229,104.
SPOT COTTON MARKET
Atlanta, steady, 19.75 c.
New Orleans, steady, 19.50 c.
New York, quiet, 21.25 c.
Philadelphia, steady. 21.00 c.
Norfolk, steady, IS»TSc.
Savannah, steady, 19.75 c.
St. Louis, steady, 19.25 c.
Little Rock, steady, 19.25 c.
Houston, steady, 19.90 c.
Dallas, steady, 19.40 c.
Wilmington, nominal.
Galveston, steady, 20c.
Montgomery, steady, 19c.
Mobile, steady. 19c.
Memphis, steady, 19.50 c.
Augusta, steady, 19.50 c.
ATLANTA - SPOT COTTON
Atlanta spot cotton 19.75e
Receipts -lj
Shipments 385 .
Stocks 30,<36 |
LIVERPOOL COTTON
Tone, firm; sales, 20,000; good middling. I
12.70 d.
' Prev .
Open. Close. Close.
January 11.00 11.12 10.94:
February 10.61 10.89 .
March' 10.92 11.00 10.85
April 10.96 10.87 ,
May 11-47 11.04 11-38
June 11.54 11.30
July 11.34 11.51 11.28
August .... 11.31 11.44 11.22-
September .... 11.36 11.17 |
October 11.16 11.30 11.10:
November JJ’To
December ..■••• 11.06 11.18 10.99
AMERICAN EXCHANGE QUOTATIONS
The following were the ruling prices in
the exchange today:
Prev.
Open. High. Low. Close, t lose
Jan 19.70 20.23 19.70 20.23 19.42
Mav .... 20.10 20.90 20.10 20.75 19.85
July .... 19.75 20.38 19.71 211.37 19.4 S
Oct 19 75 20.38 19.74 20.38 19.51
Dec’. 19.76 20.38 19.76 20.38 19.42
COTTONSEED OIL MARKET
Open. Close
Spots • • 11.65 bid
Mav 11.70@11.80 11.65@11.76
June 11.8O(fill.87 11.78@11.85
July 11.80(511.81 11.85(511.86
August 11.R0fi11.82 11.87ffi11.88
September .. .. 11.81(511.83 11.87(1111.88
October 11.06(511.08 11.18(511.20
November .. .. 10.05(510.10 10.19(510.20
December 10.00@Y0.01 10.05@10.07
Tone, firm.
ATLANTA COTTONSEED PRODUCTS
MARKET
(Corrected by Atlanta Commercial ■xchange)
Crude oil. basis prime tank..slo.oo
Cottonseed cake. 7 per cent,
car lots Nominal
C. 8. meal, 7 per cent am-
monia. car lots 43.00 $44.00
O. S. meal, Ga. common rate
x. points, car lots 42.00 43.00
C. S. hulls, sacked, car lots.. 15.00 16.00
C S. hulls, loose, car 10t5... 13.00 14.00
linters, first cut. high-grade lots, 4@6c.
’ Linters, clean, mill run. 2@3%c.
Linters, second cut. l%@2c.
Cotton Market Opinions
Hayden. Stone & Co.: We rather epxect a
good reaction.
Silvan Newburger: Our preference must
remain for buying on all good setbacks.
S. B. Chapin & Co.: We would suggest
taking profits on further bulges the ensuing
■week and waiting for good reactions.
Lamborn & Co.: Prices will go much
higher and sensational markets may be wit
nessed if the growing crop should be
seriously threatened during the next sixty
days.
S. M. Weld: For the time being we ad
vise pure bases only on material recessions.
Swartwout & Appenzellar: We continue
to advise purchases now, and on a scale
down.
Reynolds & Gibson. Liverpool: It would
be wise, in our opinion, to take advantage
of any reasonable setback to effect pur
chases.
Bach’e & Co.: We are not disposed to rec
ommend purchases except upon good sub
stantial dips, and would rather wait until
May is out of the way before having any
very positive opinion.
Logan & Bryan: We adhere to the idea
that the greater possibilities exist on the
constructive side of quotations.
Thomson & McKinnon: It would only be
natural to expect a fairly good reaction in
the near future, and should recommend the
purchases on reactions.
Housman Co.: We advocate a iong
position because we see very little hope if
any report sufficiently favorable to cause a
serious decline.
Newman Bros. & Worms: We cannot find
the slightest incentive to sell at these
prices.
' NEW YORK PRODUCE MARKET
. NEW YORK, May 15.—Flour: Dull and
Irregular.
Pork—Firm: mess, $26.50(527.00.
fiard — Steady; middle west spot, $11.90@
12.00.
Sugar—Raw, quiet; centrifugal. 96-test,
4.04: refined, quiet: granulated. $5.30@5.50.
Coffee—Rio No. 7. on sp»,t, ll@ll%c; No.
4 Santos. 14%@14%c.
Tallow—Steady; specials. 6%c; city,
Bay—Quiet: No. 1. $1.60; No. 3, $1.30@
1.40: clover. 90c%51.55.
Dressed Poultry—Dull; turkeys, 25@52c;
chickens, 25@45c; fowls, 19@37%c; ducks,
20@27c.
Live Poultry—Dull: geese. ll@18e: ducks,
lS@26c; fowls. 27@28c: turkeys. 25@40e;
roosters. 15c: broilers. 35@55c.
Cheese —Steady; state milk, common <o
Specials, 13@24c
Butter, steady; receipts, 6,803. creamery,
extra, 36%c; do. special market, 37@37%e;
state dairy, tubs, 30@36c.
Eggs, weak; receipts, 31,005; near-by white
fancy, 37c; near-by mixed fancy. 25@33c;
.fret-ii firsts, 26@30%e; Pacific coast, ex
tras* 7c.
THE ATLANTA TRI-WEEKLY JOURNAL
11 GRAIN
i ‘ 1
I CHICAGO. May 15.—There was very lit
' tie business transacted in wheat today.
: Locals sold and then were run to cover
; tlon of offerings on the dips. Julius Barnes’
i tion of offerings on th dips. Julius
letter addressed to the board of directors
Saturday asking that steps be taken to
prevent the unnecessary •’squeezing” of
hedgers in May wheat failed to have much
effect. However, judging by the action
of the market hedgers were afforded an
opportunity to cover their wheat because
on any little rally there was May wheat
for sale by longs. The visible supply
decreased 3,000,000 bushels. Receipts in
all positions are increasing much to the
surprise of many in the trade. Indications
from the seaboard pointed to a light ex
port business today. Milling demand for
wheat was slow. Weather conditions gen
erally were favorable for the growing
crop. z
Wheat closed %c lower to %c highe-:
May. $1.42%@1.43; July, $1.25%@1.25%.
September, $1.19%.
Corn was exceedingly dull. Prices held
well on scattered commission house buying
and a lack of pressure. There was buying
based on the wet weather, which is de
laying corn planting. The demand for cash
corn, both domestis and export, was not
so good as of late. Receipts continue to
hold uj> well.
Corn closed %e to %c higher: May, 60%c;
July, 64%@64%c; September, 66%c.
Oats held steady. The features were
the buying of July by eastern interests,
and the buying of September and selling
of July by houses with seaboard connections.
The demand for cash oats was not nearly
so good as of late. Receipts are of bet
ter volume.
Oats closed %e to %c higher: May, 37%c;
July, 39%@39%c; September, 41%c.
Provisions were firm in tone. A feature
was the buying by houses with cash con
nections. Exports last week exceeded ex
pectations.
Pork closed unchanged: lard. 10c to 12%e
higher; ribs,2%c to 7%c higher.
CHICAGO QUOTATIONS
The following were the ruling prices l»
the exchange today:
Prev.
Open. High. Low. Close. Ch’se.
WHEAT—
May ... 1.42 1.43% 1.41% 1-42% 1.43
July ... 1.25 1.25% 1.24% 1.25% 1.25
Sept. ... 1.19 1.19% 1.18% 1.19% 1.18%
CORN
May .... 60% 61 60% 60% 60%
July ■••• 64% 64% 64 64% 64
Sept 66% 67% 66% 66% 66%
t (ATS—
May .... 37% 37% 37% 37% 37%
July .... 39% 39% 39% 39% 39%
Sept 40% 41% 40% 41 40%
I’OBK
May 22.70
CARD—
May 11.40 11.30
July ... 11.55 11.62 11.55 11.62 11.50
Sept. ... 11.80 11.87 11.77 11.87 11.72
■UBS—
May 2.55 12.52
July 12.00 11.95 11.95 11.90
Sept. ... 11.95 11.97 11.95 11.87 11.90
RECEIPTS - IN - CHICAG O
Today.
Wheat .. 206 cars
Corn 85 cars
Oats ... ......... 58 cars
Hogs 30,000 head
CHICAGO CASH QUOTATIONS
CHICAGO, May 15.—Wheat, No. 2 red
$1.42%@T.53; No. 2 hard $1.42%@1.43.
Corn, No. 2 mixed 65%@62%; No. 2 yel
low 62% @62%.
Oats, No. 2 white 39%@43; No. 3 white
38% @40%.
Rye. No. 2 $1.09%.
Barley 65@71.
Timothy seed $4.50@6.00.
Clover seed $12.00@22.00.
Pork, nominal.
Lard $11.40.
Ribs $12.50@13.50.
CHICAGO PRODUCE MARKET
CHICAGO, May 15.—Butter, creamery ex
tras, 33%cj. creamery standards, 33c. firsts,
29@33c; seconds, 27@29c.
Eggs, ordinaries, 22%@23c; firsts, 24%
@25%c.
Cheese, twins, 15@16c,’ Young Americas,
16 %c.
Live poultry, fowls, 26c; ducks, 22c; geese,
14c; turkeys, 25c; roosters, 14c; broilers, 40
@4Be.
Potatoes, 269 cars; Wisconsin sacked and
bulk, round whites, $1.25@1’60. Minnesota
whites, $1.40@1.45; Canadian whites, $1.40;
Washington, round whites, $1.25; new AJa
baina Triumphs, No. 1, $1.75; No. 2, $1.50;
Florida Spaulding Rose, No. 1, $6.00; No.
2, $4.50.
GRAIN MARKET OPINIONS
Lamson Bros.: News from abroad remains
bullish. ,
Bartlett. Frazier & Co.: Erratic mar
kets are likely this waek.
Harris, Winthrop & Co.: There was
nothing worthy of special comment in Sat
urday’s market.
Hurlbtird, Warren & Co.: Favorable crop
conditions combined with heavy supplies of
old -wheat to be delivered on May contracts
should develop a weak situation in the
July grain.
Riordan. Martin & Co.: We would wait
for reactions to buy.
Sincere & Co.: Purchases on declines are
advisable.
Leland & Co.: We favor the long side on
setbacks.
Live Stock Market
UNION STOCK YARDS, CHICAGO, May
15.—Supplies were heavy in the cattle al
leys today. Hogs also showed an increase
over a week ago, but the supply of sheep
was comparatively light. The average price
of good beef cattle last week was placed
at SB.3D, or a nickel above the week before.
Receipts were estimated at 21.000 cattle,
39.000 hogs. 15,000 sheep and 3,000 calves,
against 17,058 cattle, 34,027 hogs, 23,636
sheep last Monday.
Cattle—Demand was slow for medium and
plain steers and values were off 10@15c,
while choice lots sold nt a decline of 10c
in many spots. Quality was fairly good,
bulk of steers going at $7.75@8.50. Prime
i lots were quoted at $9@9.25. Cows and
heifers sold mostly 10@15c lower and the
trade was slow. Canners and bulls held
about steady, while calves also sold like the
close of last week. Choice vealers went at
$9@9.50.
Ilogs—Light hogs sold strong to a dime
higher, with top lots at $10.90. Bulk of
butchers went $10.55@10.85, with rough
packing hogs nt $9.15@9.50. Heavy hogs
sold slowly. Pigs held about steady, choice
lots going at $10.25@10.50.
Sheep—While the supply was light, yet
sellers had to take prices that were 25@50c.
lower for the bulk of stock. Choice shorn
lambs sold at sl3. while California sprint;-
ers went at $15.25. One small lot of na
tlveA, wade $15.50. Best ewes were quoted
at $7.50@7.75, but few sold above $7.
EAST ST. LOUIS, May 15.—Cattle: Re
ceipts, 3.500. Beef steers, steady. Receipts
mostly trash. Light yearlings and heifers,
slow. Best beef cows, steady. Others tend
ing lower. Canners, steady to 15c low
Bulk around $3.50. Bulls, steady. Bulk
bolognas. $5.00@5.25. Veal calves'2sc low
er. Bidding lower on stoekers.
Ilogs—Receipts. 15.000: fairlv active
mostly 10c higher. Top, $10.95. Bulk good
butchers, $10.80@10.90 Pigs, strong %
higher. Bulk 100 to 140-pound averages,
slo.oo@ 10.50. Packer sows mostly $9.00@
9.50. Quality plain.
Sheep—Receipts, 1,800. Early sales
steady; bidding easier. Choice spring lambs
to city butchers, $15.50. Good springers to
packers. $14.50.
JACKSONVILLE, Fla., May 15.—Hogs:
Receipts medium: prospects steady: heavies
and packers, $7.00: medium, $9.50: lights.
$9.00; rough, $8.00; heavy pigs, $8.00: light
pigs, SB.OO.
Cattle—Receipts light: prospects weak:
steers, $4.00@6.50; bulls, $2.50@4.00: year
lings, $2.00(04.00: cows, $3.00@5.00; 'veal
calves, $4.00@6.50! canners, $1.50 up; grass
steers, $3.00@4.50.
NES YORK~COFFEE MARKET
Open. Close.
NEW YORK, May 15.—Coffee, Rio. W, 11.
July 10.15 10.33@10.35
Jan 9.61
Feb <j.sO
March . 9.45 9.51
June 10.48
Joly 10.15 10.33@10.35
August 10.10
Kept 9.76 9.86@ 9.87
Oct 9.80
Nov 9.73
bee 9.66
Sugar Market
NEW YORK, May 15.—Raw sugar, firm
and unchanged at 4.04 c for centrifugal.
Refined, firm and unchanged at 5.30 c ti
5.40 c for fine granulated.
NEW YORK RAW SUGAR MARKET
Open. Close.
January 2.82
March 2.83 2.82@2.R3
May 2.42
June 2.51
July 2.65 2.62@2.63
August 2.72
September 2.85 2.81 @28.2
October 2.82(1?2.83
November 2.81(<r'2.82
December 2.87 2.85@2.87
NEW YORK REFINED SUGAR MARKET
Open, Close.
May 5.95 5.70@5.95
I June 5.95
July 5.95 5.95
' Aug 6.10
Sept 6.10 6.10
Oct 6.00
; Nov 5.05
L'ec« «Xl. 6.0 Q 6.00
MUTT AND JEFF—THE DROP IN PUNK OIL MEANT SEVERAL THINGS
/ WvTT.
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BUY “REPEAT’ STOCKS,
SAYS BABSON
Statistician Classifies All Industrial Securities Under
Three Heads
WELLESLEY HILLS, Mass., May
13.—When asked for his plan for se
lecting industrial stocks, Roger W.
Babson, the statistician, today sound
ed a new note in recommending what
he calls ‘‘the repeats.”
“Manufacturing concerns are di
vided into three main groups,” said
Mr. Babson, “according to the na
ture ow what they produce. These
groups are as follows:
“Group one includes thdSe con
cerns making products that are
bought eventually by every person,
but in small quantities. Coffins are
a simple illustration of this group.
For each of us one coffin will some
day be bought. This is known as
the essential group.
“Group two includes those con
cerns, manufacturing products which
only a certain percentage of the peo
ple buy at all and which only a very
few buy more than once. There are
hosts of illustrations of this group.
Pianos, automobiles, yes, even gar
den tools are in this group.
“Group three includes those con
cerns who are engaged in the man
ufacture of repeat merchandise. The
breakfast food people are an illus
tration of such manufacturers. You
get into the habit of using a cer
tain breakfast food and you keep
buying it. The soap people are en
gaged in this repeat business. Such
business is the most profitable, both
to the manufacturer and to the in
vestor. Industrial securities which
are founded on the third group are
generally recognized as the most at
tractive.
“One might think that the essen
tial group is the best group in which
to invest one’s money, but a study
of the situation convinces one that
this is not so. Although some one
is sure some day to buy a coffin for
each of us, yet the coffin industry
is a very easy industry to get over
stocked. Surely the sale, of coffins
can be increased very little by ad
vertising, salesmanship, of any other
means known to the most clever
sales managers.
"Take salt,” continued Mr. Bab
son, “salt is the prime- essential of
food, yet the cleverest advertising
in the world could not increase the
natural consumption of salt. Al
though offhand you might think it
much safer to loan money to the salt
industry than to the candy indus
try. yet a study of failure records
show that the candy industry is
safer than the salt industry. Al
though musical instruments are not
essential the demand for them can
be increased to an almost unlimited
extent. Hence, industries producing
products of the second group are
preferable to those of the first group.
“The third group, including those
industries based upon repeating pur
chases, is the most profitable of all.
The securities of the “Gillette Razor”
Cotton Consumed During April
446,843 Vs. 409,247 Last Year
WASHINGTON, May 13.—Cotton consumed during April
amounted to 446,843 bales of Init and 46,288 bales of linters, com
pared with 409,247 of lint and 48,227 of linters in April last year,
the census bureau announced today.
Cotton held April 30 in consuming establishments, amounted to
1,458,219 bales of lint, and 175,534 of linters, compared with 1,-
315,706 of lint and 215,985 of linters a year ago, and in public stor
age and at compresses, 3,214,386 of lint and 118,453 of linters, com
pared with 5,026,894 of lints and 301,639 of linters.
Imports during April amounted to 15,115 bales, compared with
18,731 in April last year.
Exports during April amounted to 612,659 bales, including 11,-
598 bales of linters, compared with 319,933 bales, including 4,748
of linters, in April last year.
The number of spindles active during April numbered 31,389,-
256 compared with 32,597,453 in April last year.
Details for cotton growing states are:
Consumed during April 97,303 bales, compared with 248,676
bales in April last year.
Cotton on hand April 30 in consuming establishments was 696,-
201 bales compared with 598,042 last year, and in public storage and
at compresses 2,796,538 compared with 4,547,112 a year ago.
Cotton spindles active during April numbered 15.504,463 com
pared with 14,835,274 in April last year.
Dry Goods Prices
Strong at Opening
NEW YORK, May 15. —Prices
were firmly maintained when the
dry goods market opened today but
the volume of trading in the stand
ard print cloth constructions was
somewhat limited and generally con
fined to nearby deliveries. There
were some reports of shading of sec
ond hands but sellers ideas for July
and August commitments were very
firm. Sheetings were in good de
mand and drills were in request for
khaki dyeing for the garment trade.
There were inquiries also for hose
and tire fabrics and sateens were
fairly active.
The raw silk market showed little
change although buyers seemed a
trifle more willing to meet demands
of sellers. The volume of business
in finished goods was only fair.
Wool Market Interest
Centers in the West
BOSTON, May 15.—Although a
fair volume of business at strong
prices was recorded in the wool
market today the center of inter
est continued in the west. The Ore
gon clip now has been fairly well
cleaned up, and active bidding is on
in Montana. Territory wools are be
ing sold faster than they are being
shorn, and are obtaining
are a very good illustration. The Gil
lette company can afford to sell a
razor at a loss because of the blades
they sell later.
Another illustration is the East
man Kodak company. Eastman can
well afford to sell a kodak at cost
because of the great source of in
come in films and supplies. Another
illustration is the phonograph. A
piano would go in group two, a pho
nograph would also go in group two,
but phonograph records would go in
group three. The Victor company
has made its greatest profits on the
records rather than on the phono
graphs. This fact is interest
ing when looking over< the stock
market, because you will see that
the most profitable stocks are those
of companies like Gillette, Kodak
and Victor, all of which come under
this third group.
“Investors should not be frighten
ed at the word ‘industrials.’ Every
class of securities has its strong fea
tures. No class of investments has
a monopoly of all the good points.
The wise investor will diversify, tak
ing part governments and munici
pals, part railroads, part industrials,
part public utilities, part other
classes. When, however, seeking in
dustrial securities select those in
dustries that are based upon repeat
orders and where the market is more
or less unlimited.
“Some people bank on monopoly.
They will buy only into industries
which have monopolies. Temporari
ly they may win, but the fact of the
company’s having a monoply usual
ly tends to make the company inef
ficient and often ultimately brings
disaster. The investor who depends
on monopoly is playing a dangerous
game. It is far better to buy into
an industry which has a great unde,
veloped field and which relies on re
peat orders.
“I certainly advise investors
against putting their money into
companies which manufacture prod
ucts which do people harm. Statis
tics show that the greatest losses to
investors in industrials have come
through companies such as brewery
companies, for instance. They have
been operated purely for profit with
out regard to the welfare of the peo
ple. The primary feature to be
sought when considering an invest
ment,” concluded Mr. Babson, “is
to be certain that your money is to
make people healthier, happier and
more prosperous. When you invest
your money, if you will try to select
such companies, and at the same
time companies profiting on repeat
business, you will make the greatest
profits with the least risk.”
General business has maintained
the gain made a week ago, accord
ing to the index of the Babson shart,
and is running at 15 per cent below
normal.
high prices. So advantageous are
many of these bids that some diffi
culty is reported in holding members
of pooling agreements in line. Trad
ing in Wyoming wools is .reported
on a basis of about thirty-five to
thirty-seven cents in the grease.
, METALMARKET
NEW YORK, May 15.—Copper steailv.
Eletrclytic spot and futures, 13%. Tin
?rm; spot and nearby, 30.75; futures,
30.57. Iron, steady. No. 1 Northern. $24.00
@26.00; No. 2 Northern, 23.00@24.00; No.
2 Southern, _ 17.50@T8.00. Lead, steady;
spot, 5.25@5.50. Zinc, quiet; East SL
Lonis delivery, spot, 5.15. Antimony, spot,
5.50.
Big Cantaloupe Crop
Predicted for Bibb
MACON, Ga., May 13.—At the
regular meeting of the Bibb county
farm bureau Saturday a report was
made on the cantaloupe crop that
will be grown in this county and it
was decided that not less than 50,-
000 crates would be needed for ship
ping purposes. An order for half
this number was placed, the others
to be ordered within the next thirty
days.
This will be cne of the largest
crops grown in Bibb county this
year, especially by farmers who are
not planting any cotton whatever.
The cantaloupe acreage in this
county this year was increased more
than 20 per cent. Arrangements
have been made by the bureau to
market the cantaloupes at regular
market prices,
FOIID SHOJLS 0 F FEB I
IS HIT BE EXPEBTI
WASHINGTON, May 13.—Prop
ositions which have been made to
the government by private interests
to lease or purchase its Muscle
Shoals water power and nitrate prop
erties were given scant support by
Oscar C. Merrill, executive secretary
of the federal power commission,' in
testimony today before the senate
agriculture committee. He said |
many of the offers were “long on
what the government puts-up, and J
short on what the private interests i
supply” and some of them, he said, j
Were comparable to “glorified shell i
games.” j
With reference to the offer of
Henry Ford, Mr. Merrill declared
that the government by accepting I
the proposal would be granting “a |
sheer outright subsidy” to the De- I
troit manufacturer. He criticized [
the Ford proposal further as con- I
taining “unreasonable” terms, and •
asserted that Mr. Ford “is not going
down there so much as a philan
thropist as for the purpose of ob
taining the cheapest power in the
world” for his manufacturing inter
ests.
Operating Cost
The witness, in the course of a
discussion of the value of the Shoals
properties, gave an estimate of SB,-
250,000 as the probable annual re
turn provided primary and second
ary installation of 850,000 horsepow
er is accomplished. He sets against
that figure an operating cost of $7.-
200.000 ‘ a year. He told the com
mittee that both figures were, in
the very nature of things, estimates. •
but said that he believed other en
gineers calculating totals based on
the same facts and accompanied by
the same assumptions, would arrive
at somewhat similar results.
Mr. Merrill believed that energy
produced at the Tennessee river
plants could be sold at from four
mills to five, mills a kilowatt hour,
and that a fair profit would be de
riled at these figures. The Alabama
Power company, according to the
witness, is selling quantity power in
th a same section at six and six and
one-half mills per kilowatt hour.
Mr. Merrill’s inferential opposi
tion to the various offers which
have been submitted to the govern
ment was followed by a request
from Chairman Norris, of the com
i mittee for a statement regarding
the senator’s bill which would set
up a government controlled corpora
tion to develop the properties.
No Opposition to Progress
Mr. Merrill did not oppose that
sort of a program but he said that
the chief difficulty presented by it
was the influence of politics. He did
not believe, he said, that “any legis-<
lative body ever would pay the price
for competent men” which would be
required to properly manage the
undertaking.
The witness in connection with his
r discussion of the private offers ex
pressed the fear that they would
not result in the benefit to the en
i tiFe southern section that would be
contemplated by congress in enact
. ing legislation to turn over the Ten
nessee river development. He ex
plained that there would be diver
gent opinions as to what should be
done wit hthe power, whether it
should be used in industrial develop
’ rnent or to the manufacture of fer
tilizer, and he did not know how the
question of policy could satisfactorly
be settled.
TO PITFOII ITSELF
WASHINGTON, May 13.—The
amount the government will recover I
from alleged war fraud cases “will
be many times the amount granted
to defray expenses incident to their
prosecution,” the house appropria
tions committee declared today in
reporting a bill carrying $500,000 for
use by the department of justice as
a special investigating and prosecut
ing fund. 1
Explaining the need of money and
men assistance, Attorney General
Daugherty told the committee, as
revealed by printed hearings made
public today, that about 275 such
cases, ranging from several thou
sand to several million dollars, were
pending and that the total amount
involved aggregated $192,000,000.
Urging speedy passage of the bill
so that the department of justice
might be adequately equipped “for
successful disposition of the case,”
the committee declared those who
had defrauded the government dur
ing the war should be prosecuted
to the limit v.’ith all the vigor the
government could command, while
those upon whom unjust suspicion
might rest were entitled to know
promptly that such suspicion was
not justified.
Attorney General Daugherty in
tends to employ “twenty or twenty
five of s he best attorneys in the
country” and set them to work on
the war frauds cases, he told the
house appropriations committee
when hearings were held on th ■
$500,000 appropriation Thursday, it
was revealed today when printed re
ports of the hearing were mrfde
public.
“The $500,000 appropriation,” Mr.
Daugherty asserted, “will be repaid
to the government many times over
in collections.”
He said that his last check of war
fraud cases showed the government
has a good chance of recovering
$192,00,000 or 275 cases which already
have been investigated and in some
of which prosecution is ready to
start. .
BASEBALL
BULLETINS
Standing of Clubs
SOUTHERN LEAGUE
Cl<bs — Won. Lost. Pct.
Little Roek 19 11 .633
Mobile 19 13 .594
New Orleans 17 12 .586
Memphis 17 14 .548
Birmingham 14 15 .483
Nashville .14 16 .467
ATLANTA 10 18 .357
Chattanooga .... .■ . ■ ... 9 20 .310
americafFleague
Clubs— Won. Lost. Pct.
New York 19 10 .655
St. Louis 18 10 .642
Cleveland 14 14 .500
Detroit 13 15 .404
Philadelphia 12 14 .462
Boston 11 13 .458
Chicago 11 15 .423
Washington 11 18 .379
NATIONAL LEAGUE
Clubs— Won. Lost. Pet.
New York 19 7 .731
St. Louis 15 11 .577
Pittsburg 14 11 .500
Chicago 13 12 .520
Philadelphia 11 12 .478
Brooklyn .... 11 14 .440
Cincinnati 11 18 .379
Boston 7 16 .304
SUNDAYS RESULTS
SOUTHERN LEAGUE
Memphis. 4; New Orleans, 10.
Little Rock, 8: Chattanooga, 6.
Mobile. 8; Nashville, 1.
Only three games scheduled.
AMERICAN LEAGUE I
Detroit, 8; New York. 2.
Cleveland, 3: Washington. 4,
Only two games scheduled.
nationaiFleague
New York, 5; Chicago. 4.
Brooklyn. 6; Cincinnati, 5.
Philadelphia, 5: St. Louis, 1.
Only three games scheduled.
texasFleague
Dallas, 4: Houston, 6.
Wichita Falls, 3; San Antonio, 2.
Shreveport. 4; Galveston, 10.
INTERNATIONAL LEAGUE
Buffalo, 3; Jersey City, 9.
Rochester. 5; Newark, 6.
Syracuse, 3; Reading, 2.
americajFassociation
St. Paul-Columbus, rain.
Minneapolis-Toledo, rain.
Kansas City, 10; Indianapolis, 8.
Milwaukee, 11; Louisville, 10.
HBEBBTWE
BITTMSENJTE
WASHINGTON, May 13.—The
Newberry election case caused an
other sharp clash today between sen
ate Republicans and Democrats.
Senator McKellar, Democrat, Ten
nessee, attacked Senator Newberry,
charging him with purchasing nis
seat, and when Senator Townsend,
Republican, Michigan, defended the
case, the exchanges became so heat
ed that Senator McKellar was twice
reprimanded for alleged violation of
the rules by Senator Robinson, Dem
ocrat, Arkansas, presiding tempo
rarily.
Senator Spencer, Republican, Mis
souri, who had charge of Senator
Newberry’s case in the senate, ob
jected to Senator McKellar’s :tate
ment that Mr. Newberry had
’ bought his seat” and Senator Rob
inson admonished Senator McKel
lar, ruling that he had violated the
rules against reflecting upon a fel
low member.
The second time that Senator Mc-
Kellar drew a reprimand from the
presiding officer was when he de
clared that Senator Townsend had
made statements which, he said,
were “absolutely false.” This also,
Senator Robinson ruled voluntarily,
was out of order and he directed
Senator McKellar to take his seat.
The flurrj 7 followed, discussion of
legislation to curb senatorial cam
paign expenses during which Sena
tors McKellar and Pomerene, Dem
ocrat, Ohio, urged early action to
curb campaign funds. In this debate
Senator Townsend charged that Mr.
McKellar had “reflected upon the
people of Michigan.” This was de
nied by Senator McKellar, who said
he intended only to change: that offi
cers of Michigan had been “derelict”
in prosecuting the Newberry case.
Senator Spencer and McKellar ex
changed charges that their state
ments were made for partisan polit
ical purposes. Mr. Spencer observed
that Senator McKellar was “on the
eve of his political campaign” while
Senator McKellar said that Senator
Townsend had read “a carefully pre
pared attack on me for political pur
poses.”
Senator Townsend asserted that
Senator McKellar had made “insin
uations upon the people of Michi
gan which are unbecoming a sena
tor.” Senator McKellar countered
with a denial and the explanation
that Michigan officers were dere
lict and declared that th.e Newberry
conviction was upset by the supreme
court on technicality. •
Senator Spencer, denying that
Senator Newberry had “bought” his
seat, said that he had not been prose
cuted by Michigan officers because,
Senator Spencer said, there were no
facts to warrant action.
“It was because he was not guil
ty ” said Senator Spencer, declar
ing that prosecutions might have
been brought in any one of the
eighty-three counties in Michigan.
Senator Spencer charged that the
animus of the prosecution in the
federal courts was an “outrageous
plan” of the department of justice
under “Democratic stimulation.”
Senator McKellar replied by ques
tioning the department's influence
over a “Republican judge and Re
publican jury.” which, he said, in
dicted, tried and convicted Senator
Newberry.
“The reason those men indicted
and tried Mr. Newberry and found
Irm guilty was because he was guil
ty/’ said Mr. McKellar.
TUESDAY, MAY 16, 1922.
BIRMHKIHM HINT
ADOPTS FOBO PLAN
BIRMINGHAM, Ala., May 13.
Officials of the American Cast Iron
Pipe company, big industrial con
cern, today announced formation of
a board of operatives who will in
effect have charge of the $2,000,006
plant here. |
This board will co-operate with the
beard of management named by the
directors and the two will work to
gether to promote harmony between
the company and employes.
The board is composed of twelve
men, representing all departments.
The board of operatives will name
two of their members who will be
directors of the American Cast Iron
Pipe company.
A statement from the company de
fines the new plan as follows -
“The board of operatives is ex
pected to provide a channel to se
cure and insure close relations and
Intelligent co-ope'ation.
“The board will have access to the
books of the company and will be
made familiar with its monthly,
quarterly and yearly statement of
earnings. It will be consulted by
the board of management on ques
tions affecting the employes, includ
ing any important changes in. wages,
hours of work or working condi
tions.
“It will be expected to make rec
ommendations to the board of man
agement on such matters affecting
the employes as it may desire, and
may report these recommendations
to the board of management either
in writing or in person through its
chairman, or arrange a conference
when all its members may meet with
the board of management.
“In order to facilitate its work, it
shall appoint three subcommittees
on living conditions, working condi
tions and recreation and education.”
The American Cast Iron Pipe com
pany, is a $2,000,000 corporation
which employs approximately 1,200
men.
Three Men and Woman
Held for Jewel Theft
HARRISBURG, Pa., .May 13.
Three men and a woman were ar
rested here today on suspicion of
stealing worth of jewels
from Mrs. Mitchell Harrison, ’April
Don’t Miss This—All for 12 Cents
. ! To start you buying’ from us, we send this great combination pkf.,
IzW/, all postpaid for only 12 cents. It contains Fancy Stone Set Ring, 1
LXsiiti Wr Cameo Scarf Pin, 1 pkg. Handsome Silk Remnants, 1 silvered
Thimble, 2 gilt Collar Buttons. Pocket Telegraph, Felt Pennant, 2
gold-plated Beauty Pins and Watch Charm, all sent postpaid for
only 12c. 3 lots 30c. Address HOME CIRCLE CO., P. O. BOX
I Oasiifed Adlwßir&®m(B!nite. „
BUY ’OR SELL "
Classified advertisements In The Trl-Weekly Journal can be used
by our readers to sell anything useful to others and to buy many things
they need. Oftentimes tilings are offered for less than market price.
The rate for this advertising Is 60 cents a line for a weekthree
Issues, beginning Tuesday. Six usual words are counted as a line. Two
lines is the smallest ad used.
Send your ad with payment to reach us by Saturday. '
THE Tffl-WEEKLY JOURNAL
ATLANTA. GA.
WANTjED HELP—MALE
EARN sllO t 05250 monthly, expenses paid,
as railway traffic Inspector. Position ’guar
anteed after 3 months spare-time study or
money refunded. Excellent opportunities.
Write for free booklet. E-257 Stand. Bus
iness Training Inst., Buffalo, N. Y.
JIEN—Ago 17 to 45; experience unneces
sary; travel; make secret investigations,
reports; salaries; expenses. American For
eign Detective Agency, 322, St. Louis.
BECOME automobile experts. Hundreds va
cancies, $45 week. Learn while earning.
Write Franklin Institute, Dept. E-422, Roch
ester, N. Y-
EE A DETECTIVE—SSO-SIOO weekly; trav
el over world; experience unnecessary
American Detective Agency, 1013 Lucas,
St. Louis.
MEN WANTED to make secret investiga
tions and reports. Experience unneces
sary. Write J. Ganor, former government
detective, 108. St. V.onis.
BE A DETECTIVE —Excellent opportunity;
good pay; travel. Write 0. T. Ludwig,
168 Westover bldg., Hanses City, Mo.
WANTED H ELP—MAI.E-F EMAILE
MEN—WOMEN —GIRLS—Get U. S. govern
ment life jobs. Steady work. Com
mence SO2 to $135 month. Quick, sure
raise. Paid vacation. Pleasant work.
Sport hours. Common education sufficient.
Pull unnecessary. Write immediately it-r
free list positions. Franklin Institute, Dept.
E-80, Rochester, N. Y.
WANTED HE
WOMEN —GIRLS —Learn dress designing:
$35 week. Learn while earning. Sample
lessons free. Franklin Institute, Dept,
E-510, Rochester, N, Y.
WANTEII—AGEMS
AGENTS—Make a dollar an hour. Sell
.Mendets, a patent patch for instantly
mending leaks in all utensils. Sample pack
age free. • COLLETTE MFG. CO., Dept.
725-A. Amsterdam, N. Y.
RUMMAGE* sales make $50.00 daily. Repre
sentatives wanted everywhere. We start
you. Dept. 25, Wholesale Distributors.
ilOtt Division, Chicago.'
WANTED—SALE.MEN ~~~
SIDE LINE salesman wanted to sell coal
to your trade in carload lots. Earn a
week’s pay in an hour. For particulars
write, Washington Coal Co., 3515 South Ra
cine, Chicago.
FRUIT TREE SALESMEN Profitable,
pleasant, permanent work. Good side line
for farmers, teachers and others. Concord
Nurseries. Dept. 20, Concord, Ga.
TEACHERS —Let me tell you how to get
a first-grade license. B. 8. Bolden, El
lijay, Ga.
LET ME TELL YOU HOW TO GET first
grade license, B. 8. Holden, Ellijay, Ga. ;
L
—BY BUD FISHER
30, while she was en route from
Washington, D. C., to New York.
Forty thousand dollars’ worth of
gems were recovered. Those arrest
ed gave names of: Norman J. Beedfe,
Hudson, Mass.; Jack Garvin, Chi
cago; David T. Bushnell, Chicago
and Ruth de Haven, Chicago.
Science Discovers
Greatest Lice Killer
Change* Old Methods. No Dust
ing or Spraying. Birds De
louse Themselves.. Give*
Lasting Relief.
A recent' discovery promise* to revolution
ize nil the methods accepted up to now for
keeping: poultry free from lice and mits*.
This wonderful lice killer keeps the bird*
nlways lice free without the poultry raiser
doing any work. It is the simplest, easiest,
surest and best method ever discovered. '
v Hick’s Lice Kill, which Is the name ol
this sensational lice killer, Is added to the
drinking water. The mecßcine taken Into
tlie system of the bird comes out through
the pores *nd every louse or mite dies or
leaves the body. It does not injure th*
hatchability or flavor of the eggs or meat|
Is harmless to chicks and does not affect th*
plumage. A few days' treatment at th*
start nnd then a little in the drinking water
each month.
A Trial Costs You Nothing
So confident is Mr. Hick that Hick's Lice
Kill will kill every louse or mite, that he is
making a special guaranteed offer of two
regular full sized, double strength, SI.OO bot
tles and a regular SI.OO pnekage of Hick'*
Egg-Lay Tablets all for SI.OO. Use one bot- ,
tie yourself and sell the other at one dollar,
thus getting your own free. Send SI.OO todny
(currency, money order, check, *tc.)_
Chas. M. Hicks & Co., Dept. 1204, 1018 I.
Wanasn Ave., Chicago, in. it you prerer,-
send no money, just your name and address,
nnd pay postman SI.OO nnd postage on de
livery. If after two weeks’ trial yon arsi
not absolutely satisfied, write Mr. Hick and
jour money will be refunded.
Bl? CALLOUSES CAN
O JztEh ,!e ( UR ED—
NOT TRIMMED
W " DO YOUR FEET
Hn B HURT” where the
Kg E linger points? Are
fel ’ vou 811 ff e ring
M ISw 7 Is from Rheumatic
I iSf / Kl condition in your
M IF X W Rack, Hip, Knee,
S Calf of Your Leg,
H V,„. Weak Ankles,
p Painful Heel, Fallen Arches, Bun
ra ions. Paine in your Feet or HeavygS
H Callouses? State your trouble. gB
K Send SI.OO money order or cur-MH
R rency for complete informationHß
Jj how to get Foot Comfort. C. L.Kff
Gisler, Foot Specialist and Expert,Hi
H S' Oran g e ’ Orlando, Fla.gj
WANTED—FARMS
FARM WANTED—Send description and
price. John .1 Black. Chippewa Falls. Wis.
FOR SALE—PLANTS
PORTO RlCO~'potato'plants,'' state inspect
ed, true to name, prompt delivery; 500,
$1; 1,000, $1.50 postpaid; $1.25 1,000. Ex
press cabbage and tomato plants ready May
15. Write for price. Major Crow, Flow- *
ery Branch, Ga.
IMPROVED Porto Rico potato plants, $1.65
per thousand; ever 10,000 @91.45; mil
lions ready; cash with orders. B. J. Head
Alma, Ga. *
PURE Porto Rican potato plants, sl.lO cash.
Inspected: fill orders except Alabama,
Miss., South Carolina. Mullis Plant Co..
Alma, Ga.
I’OR'JO RICO I'OTATO PLANTS ready now,
$1.25 thousand; satisfaction guaranteed.
Express or parcel post, Pitts & Clements,
Pavo, Ga.
I' 01A io/ PLANTS, north Georgia grown,
$1.40 per thousand, prepaid. A. L. Har
din. Rt, 1, Box 62, White, Ga.
PORTO RICO potato plants, $1 per thou
sand, in lots of 2,000 end up. State in
spected and fully guaranteed. J. H, Brig,
man, Baxley, Ga.
~ Sfll.E—MJ
HOMESPUN smoking or chewing tobacco,
collect on delivery, 5 lbs., $1.50; 10 lbs.,
v2..)0; 20 lbs., $4. Farmers' Association,
taducali, Ky.
MAGICAL GOODS Novelties, Lodestone, .
Herbs, Cards, Dice. Books. Catalog Free. *
G. Smythe Co., Newark, Mo,
.PATENTS
INV ENTORS should write for our guide
book, “How to Get Your Patent.’’ Tells
terms nnd methods. Send sketch for our
opinion of patentable nature. Randolph <St
Co.. Dent, 00, Washington. D. C.
medical
DROPSY TREATMENT
\ TT gives quick relief. Dis-
I tressing symptoms rapidly
WiL sag * disappear. Swelling and
XA Cf slujrt breath soon gone. Often
I entire relief in 10 days. Never
heard of anything its equal
f° r dropsy. A trial treatment
vqSWfej sent by mail absolutely FREE.
DR. THOMAS E. GREEN
Box 18. CHATSWORTH, GA.
LEGSORES
Healed by ANTI-FLAMMA—a soothing anti
septic Poultice. Draws out pofiiofls, stops
itching around sores and heals while you
work. Write today, describing <-nse, and get
FREE SAMPLE. Bayles Distributing Ci n .
,; 1820 Grand Ave., Kanana City, Mo. '