Newspaper Page Text
JW GAMBLING
WEXCHANGE
SMESS
Chairman of Law Committee of
New York Pit Admits It Can
Stop Manipulation.
U Dec. 13.—Frank K.
, r X chaiiman of the law committee
, y,.-.- York stock exchange, ad
tlm house money trust Inves
committee today that the ex-
I prevent both short selling
.’."manipulation if it saw fit to do sj.
said that he did not per
approve of short selling and
■..-nered by Samuel Untermeyer,
J', the committee, as to why he
u ged this reform in his 30-
. , of experience on the stock
'ng.-, he said he was not “reading
tV ‘ s to the other people of
moiai ■ „
the community.
.. asked him if he knew
; average daily transactions of the
‘•xchang-. and he said he did not.
”y,,ur committee supply the
■ iu ghe<. commission with data on these
. ....ns?” asked Untermeyer.
■ I dor. t remember. We gave them
said Sturgis.
' i'ihvi’V pointed out that the fig
ins 1) had showed about an average
vig.iui.i shares yearly. Sturgis was
n ',. su that was right.
~, ; these transactions 25 cents a
a commission was paid to brokers,
.t not?" asked Untermeyer.
,X,.t on ail of them. Some of the
~ r . may have been acting
tJJ , Somewhere between one-quar
ts j.r.i one-half of the dealings were
p obably for brokers.”
About Brokers’ Rates.
Sturgis said there were about 400 ac
tive members on the exchange on busy
days. He admitted that about one
ti.ird of the active business was front
brokers. He said the rate of commis
sions varied a good deal, only $2 for 100
shares being paid in commissions on
the floor business. The varying sched
ule of commission rates was regulated
by the exchange. Where the outside
public was on both sides of the trans
actions a tax of 25 cents a share had to
be paid to brokers.
"Is It not a fact that the price of
securities has no effect on the size of
the commission?”
'Excepting mining stock below $lO
par value, that is true,” said Sturgis.
Untermeyer then took up short sell
ing
"In the main, short selling is specu
lative,” said Surtgis.
“Short selling Is practically selling
something you haven’t got, isn’t it?”
asked Untermeyer. *
"Yes,” said the witness.
Ts it legitimate?”
"I think so.”
“Panic Makes No Difference.”
"If a panic is raging, do you think
its right to sell stocks short to depress
the market?'
"I do not think it’s wrong. It is
protection for men who have been
caught with a lot of long securities,
and they are able to repair their cred
it* under such conditions.”
Sturgis said his idea of the defen
sibility of short selling was based on
the financial necessity of the person en
gaged in such transaction. He said that
“short selling In a normal market" was
a question of morals. He did not per
sonally aprove of it under certain con
ditions, and said he had never sold a
share of stock short in his life.
"Could you not regulate short sell
ing?’
"It would not be practicable."
"Wouldn't the broker’s books show
the transactions?”
“Some times.”
Ultimately Sturgis admitted the
brokers' books in New York would re
veal all short sales. The exchange, by
periodic examinations of the books,
could find out the extent of short sales
and manipulation.
He Never Met Issue.
“If the exchange wanted to forbid
short selling or manipulation, could it
do so?’’
"The exchange has never met that
issue.”
"Have you urged its reform*"
"It’s not my duty to read moral lec
tures to the other people of the com
munity.”
I ntermeyer reviewed the arguments
m favor of short selling as a balancing
'orce in a rising market, but then came
back tn the question of gambling.
Don’t you think the moral obliquy
of such a transaction outweighs any
argument in its favor?” he said.
I do. personally.”
a matter of fact, it is mere
gambling, i s not?”
'Yes, very likely.”
1 ntermeyer asked Sturgis if such
‘‘‘('actions as the Hocking pooi did
I! 'trt American credit abroad. Un
“'Ubtwlly they did, he said. In the
|> oo i Citse stock exchange firms
took part in it were censured, the
w ‘tness said.
Reckless Firms Suspended.
th„v > ''” " ere not suspended, were
. ' ’inns were suspended because
”, '-nt beyond their means. They
'u'.o,,.,’T' k ' ess ’ The others were not
f . ■ ’ '■“<! because they kept within
■ '‘ itm-ss could not agree with On-
. ■' Jo the distinction the ex-
""'I found between those “cen-
. those ‘suspended.”
, ".'‘-yer Showed Sturgis figures
>“• kihr assets, and asked if there
Sood reason for boosting the
. ', li ' "as a very poor invest-
.." witness said.
' \\\ - ,l ." that an investment?”
t a purchase, then.”
', , I .'' ” went into the question
--mg stocks by making them
i active and bow the pur-
ifcu nr S ' "awn into pools by ullur-1
"tondses,
4 CONVICTS AWAIT
SUMMONS TO DIE ON
OREGON SCAFFOLD
OREG., Dec. i3._F our nien
convicted of murder and condemned to
death waited toda<for the sentence to
e earned out. Unless Governor Oswald
. est intervenes tlie sentence will be ear
ned out before night.
The sentences against the men have
already-been delayed by the governor.
Who refused to permit their execution
until the voters passed vn an initiative
aw abolishing capital punishment. The
law was defeated at the November elec
tion.
At that time woman suffrage was voted
in. .Since then an effort has been made
to resubmit the law against capital pun
ishment so that the women might vote
on it as well as the men. The governor
has been urged to grant the condemned
men a reprieve until this might be done.
Recently he said he would not interfere
again. The condemned men are Noble
bauldner, Michael Morgan, Frank Gar
rison and E. E. Roberts.
RED MEN HOLD ANNUAL
‘POWWOW ON MONDAY
The fourteenth annual “pow-wow”
of Choctaw tribe No. 35, Improved. Or
der of Red Men, will take place next
Monday night at the hall, Decatur and
Moore streets. The following program
has been arranged:
„ol'. eIC .° ni . c a<iriress ’ E. A. Baughan.
past gieat sachem of Georgia; address
on Redmanshlp. Great Junior Sagamore
1. H. Jeffries; .“The Burning of Rome "
mo’ „ bj „ Miss Ethel Hudson; "Long
laik last Great Sachem Frank F.
smith; black-face comedy sketch,
brank C. Holmes; “Long Talk,” Great
Junior Sagamore of Georgia Jack R.
tj 111 "Long Talk," Past Sachem W.
H. Abbott.
The public is invited.
AVIATOR ATWOOD'S WIFE
IS IN RENO FOR DIVORCE
RENO, NEY’., Dec. 13—Mrs. Harry At
wood. wife of the aviator who made a
record trip from St. Louis to New York
two years ago, arrived her today and has
taken up her residence in the divorce
(colony. She plans to bring suit against
her husband.
R. E. Jones.
.R. E. Jones, 35 years of age. of North
Side park, died at a private sanitarium
at 1:30 o’clock this morning. He is
survived by his wife, three children,
and his mother and father. The body
was removed to Patterson’s chapei to
await funeral arrangements.
THE S TORE OF THE CHRIS TMAS~SPIRIT WW<
M. RICH & BROS. CO.
J 1 I. £
| Sale of Gold Jewelry, 98c |
*}J Real solid gold jewelry at 98c—worth and style without extravagance.
Every piece offered in this lot is guaranteed to be 10-kt. gold—and to wear
3® forever. AVe doubt if any jewelry store shows more or varied designs, and
ij, we’re fairly sure that no jewelry store has 10-kt. gold jewelry pieces at 98c.
d for hands °l? e Scarf pins iu this edges, some embossed, others with signets.
" S —■’w ’ noue worth less than $2.00; Only 98c. KtC
tZOVmany worth a half more. Solid Tie clasps-Oval and square shapes, plain
55 . , f gold pms and mountings va- signet> embosse d or engraved designs. J*
-jl musly set with doublets and real stones. Some to match links. 98c Z-
Bar Pins—Plain or embossed; beautiful de- v .
Z signs. 98c. Rings—Assorted styles, Tiffany
5* Beauty Pins—Some to match above; the with various kinds of stones. For men and
pain 98c. P WOmen " 98c ’ JJf
Cuff Links—Over 50 styles, plain or beaded (Famous Center Aisle—Main Floor)
• Bags With $3.50 Frames Brass Goods Sale
v Hereafter we shall not handle
W I" 11 Of* certain lines of brass goods and
their discontinuance means these
3* m , u- i x , s MT&r bargains for you:
Taking his surplus stock of $22 50 Brasg „ inbrel]a gta
S 5q ,ldS, i m *q f -nT S 4 go \ S2O Km ” ire ll “ brella $12.50.
.JB $3 and $3.00 bags the maker , u Gllt Magazine stand, $6.50
used his usual materials, and |lO Gut b
lo!-a better bag than you or $lO Ant Bl . ass Jardlnl $750
h ro O e H e V' een a s * ls B ra s s Jardiniere, 12-in.. $lO.
bag at 98e that is easily worth fl $]8 . 50 Jardinlerei 14 . in $1250
> $L5 ° t 0 $2 " si wit°h fiTer “‘512 50 in - BiZe ’ 5"
J® Frames are German silver and German silver gold plated, gun ji-aißm.,, r’
SR metal and leather covered. Seal and walrus grain leather, moire $25 Brass Wood Baske/120 $9 ’
T® and leather lined, creased and round bottoms. Fitted with coin . " JOd ” dske L S 2O -
purse. Sizes and styles to please all. Black only; 98c. lube Brass Gongs, $6.
5® (Center Aisle—Main Floor) (Brass Goods—Third Floor)
$1 Union Suits Two Toyland Specials, at 5
gj Ptao.-Wdl.m..de upright doll -L K
3® -seconds” -le JUL pianos, of rosewood finish; com
-5® him have his way; P l ' 4 '’ Wlth ten (10) keys; 7 1-2 g gV
there is nothing about them to inches high; 10 inches long. jw;
hurl Trunks—Doll trunks, 13 inches
Made of soft Sea Island cotton, long, 8 inches high, with tray Ss
fine ribbed, ankle length, long inside; of wood, and paper cov-
S’ sleeves sand 6. ired. Only 78 in all 'w fear £
in 50c Undershirts, 25c there will be none for late coiners.
J®® For the same reason. Same style No phone orders on either of these specials.
as above. Sizes 4, 5 and 6.
3® (Underwear— Main Floor) (Toyland Annex. Main Floor—Right Aisle) a* '
J When You Give Gloves Chiffon and Auto Veils jr
Remember these makes: Fowin-s. Trefousse, Jn XlliaS BoXCS: Special •
Vallier. from abroad: Bacnio, Dempster and j U8 t 300 attractive chiffon veils, 2
Pimm Ireland Fiske, Clarke & Clagg, from y arfls lon K and 27 inches wide. Have
11 ’ ’ deep satin borders. White, black and MvL
at home. all colors; all ready In a pretty Poln- 3**
' C S For these are the best of the world's settia Xmas box. 300 should not last out the day
at the price of 59c. .
gloves—timp-tested and tine. •//* 1/ r m
" They are here in every color, style and Chiffon Veils $1.50 ijF
3* r> ■ 1 4 J;J ..nv nnir will he nret- Heavy chiffon veils with deep borders; 2 yards ®L
'j» size. Priced to $4, and any pair win m pret- by j yard; black wbHe and co^rg
‘SW tily boxed upon request. Maline Scarfs Are New
Q* Continuing Jhe sale> of broken Thev flt just lnslde ,hp coat a,1(1 are finished
Children s ;>oc. <sc and . < ■ " with shirred ends or little bow knots. Easily made RK
lines and sizes. Maline by the yard in black, white and all colors,
(Gloves. Main Floor—Left) is 25c.
m. rich t mos co. ’■ mtn > bros. OWWPR
THE ATLANTA GEORGIAN AND NEWS. FRIDAY, DECEMBER 13, 1912.
Clay’s Confession
Halts Woman’s Plea
At tlie very moment that Robert Lee
Clay was throwing off his mask of in
sanity today and assuring those around
him that he was perfectly sane, a wom
an, giving her name merely as “Mrs.
Kennedy.” was seeking diligently to get
to the governor in the capltol. for the
purpose of convincing him, if possible,
that Clay was insane, and she knew
why.
Mrs. Kennedy came to tlie capltol
early this morning, and asked to see
the governor. She was there two hours
before the governor was due. After
waiting a while, she said she would go
to the mansion, but did not state what
her business was.
After a while she came back'to the
capitol, and Secretary Jesse Perry, see
ing her in the corridor, asked her busi
ness. She then said she wished to
see the governor. She said she had had
experience among insane people, and
had studied their characteristics. She
said “a hearty appetite and a rapid
pulse” were two infallible signs of men
tal wreck.
Secretary Perry assured her that
there was no use seeing the governor,
as tlie case had been settled—that it
was closed.
Mrs. Kennedy- was not at all dem
onstrative. She talked cahnlv, said she
never had laid eyes on any of the Clays
—but insisted that she knew Clay was
insane nevertheless.
Eventually a noon edition of The
Atlanta Georgian reached the capitol,
and Mrs. Kennedy read therein the
story of Clay’s admission that he had
been shamming and been playing a
part.
Mrs. Kennedy left the capitol imme
diately. and made no further effort to
reach the governor.
TRAIN HITS WAGON TAKING
SIX MEN TO WORK; 1 DEAD
"Lexington, ky., Dec. is.—a wagon
containing six carpenters on their way to
work was struck by’ a Louisville and
Nashville train at a crossing. Henry
Wilson was instantly killed; George Neal
seriously hurt, and the others slightly in
jured.
■MH
POWER GO. W
Will Appear Before Council
Committee Today, and Plans
Hard Fight.
Joel Hurt, the millionaire property
owner who has declared that the rates
of the Georgia Railway and Power
Company are so high that he will not
buy power from it, will renew his peti
tion to the streets committee of council
this afternoon for the right to lay con
duits under the streets through which
to supply current to his buildings from
his own private plant.
Because this right is opposed by the
Georgia Railway and Power Company
Mr. Hurt will outline to the committee
that he will build an electric power
plant to compete with the power com
pany if his permit is refused.
Mr. Hurt expects to build a private
power plant in the basement of his new
skyscraper on Edgewood a,venue and he
wants to supply power to his several
other buildings from this plant. The
power company objects to his use of
the streets because he won’t be subject
to the regulations and taxes of the pub
lic utility corporations. The company
claims the city can not legally grant
the permit.
Mr. Hurt said today he would show
the committee that such permits arc
granted in every city.
Mr. Hurt once owned large street
railway interests, but sold out to the
present corporation after a bitter war
of competition had lasted for several
years. He claims that the history of
the corporation since the consolidation
would make the most startling story of
high finance in America.
Representatives of the company will
be present to oppose his permit. A bit
ter clash is expected.
BASS BASS BASS BASS BASS BASS BASS BASS BASS BASS BASS fcASS™
i Another Great Sale of |
l Coats and Suits!
CD >
x Another great bargain sale of Ladies’ Coats 8
$ and Suits will begin in our popular second floor to- §
g morrow. Additional Jots of the great Ginsberg $
<d purchase—and other lines bought at 50 cents on the «
< dollar. 5
y, Sale will begin at 8 o’clock Saturday morning. w
< Come early. S
co _
Suits worth up to Coats worth up to S
i»57.95 5.54,95 i
< Suits worth up to Coats worth up to 5
i£ $9.90 5 ; .56.90?
CD e CO
< Suits worth up to Coats worth up to S
=« $30.00; d»i 6.50 $18.00; <7 QE §
S choice.. * “• choice.. «
CD CO
< Suits worth up to Coats worth up to §
S $40.00; d* 1 A .50 $25.00; d»Q Qf| g
“ choice .. -t * choice..“
CD 00
—————————— """ >
« Bargain Sale of Dresses 8
co
< Extra special sale of new dresses—satin S
messalines, all-wool serges, etc.-—all new
models and worth up to $15.00. QK S
M Take choice for only ip
CD CO
CD —————
“ Other Bargains in 2nd Floor
CD CO
CD 200 Children’s Coats: samples Big lot of Ladies’ Waists In nett Ladies’ All-Wool Sweaters:
worth up to $12.50;. QCS styles; $2.00 QQtf* worth up to $4.00; ttl QK CD
CQ choicevalues «OC choicel.VO (/)
Satin Messalim* Pi'ttiiu ’ts, worth Ladles’ Vests and Pants; heavy- Ladies’ Outing Gowns, full ?ut
rz . upto $5.00; this ® J C&K ribbed; 50c values; and well made; ffl
jy sale only fc»*C SI.OO values
Fur Neckpieces, wo tn up to Ladles' Union Suits; heavy rib- Lad.ies’ Ready-to-Wear Hats; 7*
$15.00; on sale QK* bed and fleece-lined; values up to $5.00; in ,
CQ tomorrow at >gv.®w SI.OO values...... tills sale, onlywwC CD
Handsome Fur Sets, worth up to Children’s Vests and Pants, rib- Ladies’ Trimmed Dress Hats.
CD $20.00; choice, CQ bed and fleece-lined; worth up to $15.00; CO OK ™
CD tomorrow p er g armen t 1 choice
< CD
“ Specials in Blankets and Comforts »
< Her 1 are seasonable specials in Blankets and Comforts—bargains that will not be duplicat
® ed by any other Atlanta store. An immense stock—but early buyers will get choice of best
CD offerings. Q 5
CD >
Babies’ Crib Blankets, soft and Extra large and heavy Blankets, Good size Cotton Comforts, silk- (/>
ry*, warm; this sale, OQn worth $2.25; at C 1 /I Q oline-covered; CD
perpair pair l ,4$ only CJOC
CD Special lot of three-quarter size Full size Cotton Comforts, with CD
CD Cotton Blankets; SI.OO /IQa Large, fine Wool-Mixed Blankets, splendid silkoline £ 4 A O
values, per pair $4.00 value; per « , . covers) I .Ht© CD
fp Single bed size Cotton Blankets, pair Extra size silkoline-covered Cot- jCD
on sale tomorrow, CQ/* ton Comforts; £ 4 QQ
CD at, pair UVv Extra large and very fine Cali- $3.00 values ... | ,QQ CD
CD Full 11-4 size heavy Cotton Blan- fornia Wool Blankets; the kind Aery fine sateen-covered Cotton 5*
kets; In this sale, QQr* sold by other stores CO QQ Down Comforts; CO GO
CQ pair vOw at $5 and $0; pair . this sale ydiUQ
CD CD
g Table of Novelties, Notions and Furnishings
cd SpSl Big tabic of Ladies’ Belts, Ladies’ and Men’s Hose CD
P Supporters, wide Sash Ribbons, Ladies’ and Men’s gy O
1, 1 Neckwear ’ Jewelry Novelties, etc. All at 25c for Jw If
CD OT
I These Extra Specials On Sale Saturday Only!
Girls’ and Boys’ Knit Wool Gioves M<n's $2.00 Kid Gloves on sa..e New Silver Mesh Bags, in va-
® on sale tomorrow tomorrow only, tious styles; S3.US,
at fcWV at, pair . ... sl.9h and ?JCSC
CD Ladles’ Wool Gloves; yerv spo- l.idh s' $1.50 grad, j-ela.-i Kid Ladies' and .Men’s Knit Mufflers; CD
CD cial values at 50c UK/* Gloves in this sale black, white and
■ ** v
as Ladles’ Jersey Gloves, chamois i L ulies’ Silk Automobile Scarfs; i Special sale of Ladies’ Hand- ICD I
lined; black and col- UQf* remarks ble bargains KQr* kerchiefs tomorrow at ftaa
ors; pair a t_ only iq ( . ;inf j wv —.
CD >
< CD
“ Special sale of Smith’s seamless &
CD
» all-wool Brussels Art Squares at the «
CD CD
< following bargain prices: «
y, 6by 9 footer QZA 9by 12 foot(£Q Qfk g
S size,only size, only g?
CD 1 " 1 11 co
5 We Give ITOk ® jd 18 West «
Green W JB ’ Mitchell,
Trading a Near
S Stamps ■■■■r * MOF Whitehall
BASS BASS BASS B~ASS BASS BASS BASS BASS BASS BASS BASS BASS
3