Newspaper Page Text
stock gambling
UPTOEXCHANGE
SMITH
Chairman of Law Committee of
New York Pit Admits It Can
Stop Manipulation.
\\ \sHINGTON, Dec. 13.—Frank K.
q ,-Lis- chairman of the law committee
' r ~. New York stock exchange, ad-
■ ; . t 0 the house money trust inves
rgatii1 ’ committee today that the ex
"could prevent both short selling
"imipulation if it saw fit to do so.
mess said that he did not per
approve of short selling and
ornereS by Samuel Untermeyer,
.for the committee, as to why he
.ver urged this reform in his 30-
v.-ars ot experience on the stock
exchange, he said he was not “reading
, r , lectures to the other people of
the . .immunity."
Untermeyer asked him if he kftew
■ . ~verage daily transactions of the
■ xehange. and he said he did not.
Old your committee supply the
Hughes commission with data on these
■'.'nsa.'tions?" asked Untermeyer,
■I don t remember. We gave them
; data.” said Sturgis.
I’ntermeyer pointed out that the Ag
ues he had showed about an average
0 .- ifltl.ooO shares yearly. Sturgis was
not sure that was right.
i m all these transactions 25 cents a
share commission was paid to brokers,
<V i. t not?” asked Untern»eyer.
Not on all of them. Some of the
.inkers may have been acting
H-ives. Somewhere between one-quar
ter and 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
third of the active business was from
brokers. He said the rate of commis
sions varied a good deal, only $2 for 100
shares being paid tn 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 hafl to
be paid to brokers.
•As it not a fact that tho 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 Burtgis.
"Short selling is practically selling
something you haven’t got, isn’t it?”
asked Untermeyer.
"Yes,” said the witness.
"Is 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
eaught with a lot of long securities,
and they are able to repair their cred
its 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 bo 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 And 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.”
Untermeyer reviewed the arguments
m favor of short selling as a balancing
force in a rising market, but then came
back to the question of gambling.
"Don't you think the moral obliquy
of such a transaction outweighs any
argument in its favor?" he said.
Yes, I do, personally.”
V a matter of tact, it is mere
gambling, is jt not?”
Yes, very likely.”
Untermeyer asked Sturgis if such
transactions as the Hocking pooi did
not hurt American credit abroad. Un
• oulitedly they did, he said. In the
11 1 king pool case stock exchange firms
" took part in it were censured, the
' "'itness said.
Reckless Firms Suspended.
But they were not suspended, were
they?"
.... Jwo firms were suspended because
'•••>■ went beyond their means. They
reckless. The others were not
'uspended because they kept within
mlr means.”
1 ,l “ witness could not agree with Un
‘■inoyer to the distinction the ex
, "ng. had found between those “cen
l'” 1 ' and those "suspended.”
nternieyer showed Sturgis figures
Um king assets, and asked if there
-i . i- 111 ’ 5 evi, d reason for boosting the
1 think it was a very poor invest-
1 ' ' ■ the witness said,
call that an investment?"
' all It a purchase, then."
ei meyer went into the question
■•'Vertising stocks by making them
io be active and how the pur
. was drawn into pools by ullur
*— promises.
4 CONVICTS AWAIT
SUMMONS TO DIE ON
OREGON SCAFFOLD
SALEM. GREG., Dec. 13.—Four men
convicted of murder and condemned to
death waited today for the sentence to
be carried out. Unless Governor Oswald
West intervenes the sentence will be car
ried 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 on an initiative
law 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 he done.
Recently he said he would not interfere
again. The condemned men are Noble
kauldner, Michael Morgan, Frank Gar
rison and E. E. Roberts.
RED MEN HOLD ANNUAL
‘POWWOW' ON MONDAY
The fourteenth annual “pow-wow"
of ( hoctaw tribe No. 35, Improved Or
der of Red Men, will take place next
Monday night at the ha(l, Decatur and
Moore streets. The following program
has been arranged:
Welcome address, E. A. Baughan.
past great sachem of Georgia; address
on Redmanship, Great Junior Sagamore
r, H. Jeffries; “The Burning of Rome."
solo, by Miss Ethel Hudson; "Long
Talk,” Past Great Sachem Frank F.
Smith; black-face comedy sketch.
Frank C. Holmes; "Long Talk,” Great
Junior Sagamore of Georgia Jack R.
Miller; “Long Talk,” Past Sachem W
H. Abbott.
The public is invited.
AVIATOR ATWOOD’S WIFE
IS IN RENO FOR DIVORCE
RENO, NEV., 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 todav 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 ojt 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 chapel to
await funeral arrangements.
THE STORE OF THE
M. RICH & BROS. CO, 1
;■ •&
g 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
forever. We doubt if any jewelry store shows more or varied designs, and
we’re fairly sure that no jewelry store has 10-kt. gold jewelry pieces at 98c. S*
=2? XV Tor handsome Scarf Pins in this edges, some embossed, others with signets.
5 lot; none worth less than $2.00; Only 98c. Vi
■ * </OVmany worth a half more. Solid Tie Clasps-Oval and square shapes, plain 2?
• i t gold pins and mountings va- signet> embossed or engraved designs.
riously set with doublets and real stones. Some to match ]illks . 98c
Na Bar Pins—Plain or embossed; beautiful de- \ ♦ , . , m ~
riS signs 98c. Rings—Assorted styles. Tiffany settings,
Beauty Pins—Some to match above; the with various kinds of stones. For men and J
jg pair, 98c. women ' 98c ’ Jr
□J Cuff Links—Over 50 styles, plain or headed (Famous Center Aisle—Main Floor)
■ Bags With $3.50 Frames Brass Goods Sale
Hereafter we shall not handle Jsp
W /"!>• certain lines of brass goods and
J* ** their discontinuance means these gjy
3 Taking his surplus stock of S umbrella stand, $ 12 . 5 0. g
handsome frames that go with ~ :
ao a *o -nt, xu Em P‘ r e umbrella stand, $12.50. X-
$3 and $3.00 bags the maker $] 1 Gilt
used his usual materials, and W Gilt. Flower basket, $7.50. £
lo!-a better bag than you or sio Ant. Brass Jardiniere, $7.50.
r h rn O e Tr\ S ’ een " f Brass Jardiniere, 12-in., $lO.
-to bag at 98c that IS easily worth $ 18 .50 Jardiniere. 14-in„ $12.50. SR
$1.50 to $2. $17.50 Brass Jardiniere, 12-in. size,
Frames are German silver and German silver gold plated, gun *im hr p l2 'i so '
metal and leather covered. Seal and walrus grain leather, moire $”5 Brass Wood Batke/spn’ 9 '
and leather lined, creased and round bottoms. Fitted with coin L. ' s XVood Bask et, S2O.
TH purse. Sizes and styles to please all. Black only, 98c. Tube Brass Gongs, $6.
(Center Aisle—Main Floor) (Brass Goods—Third Floor)
E $1 Union Suits Two Toyland Specials, at 5
a K ‘“"-"“ de uprigl ' 1 d °" a ?
‘’seconds” le t pianos, of rosewood finish; com- M
> hiln have his way; F>lete with ten (10) keys; 7 1-2 > W
there is nothing about them to inches high; 10 inches long. M Jm
hlir ' Trunks—Doll trunks, 13 inches *5
Made of soft Sea Island cotton, long, 8 inches high, with tray iBW*
fine ribbed, ankle length, long inside: of wood, and paper eov- Jr Sr*
* BleeVeS ' 4, 5 and 6.
ta 50c Undershirts, 25c there will be none for late comers. JG
For the same reason. Same style No phone orders on either of these specials.
as above. Sizes 4, 5 and 6. <RC"
(Underwear—Main Floor) (Toyland Annex. Main Floor—Right Aisle)
J When You Give Gloves Chiffon and Auto Veils g
Remember these makes: Fovvnes, Trefousse, In Xmas Boxes: Special J *
Vallier. iroji abroad; Bacmo, Dempster and Just 300 attractive chiffon veils, 2 art xx
2® Place Ireland, Fiske, Clarke & Clagg, from yards long and 27 inches wide. Have [ZQ/, ggrf
deep satin borders. White, black and 3*
at home. all colors; all ready in a pretty Poin-
JW For these are the best of the world's settia Xmas box. 300 should not last out the day '
—, at the price of 59c. I
gloves—time-tested and true. r-u tt -i
They are here in every color, style and Onitton Veils $1.50
size. Priced to *l. and any pair will be pret- bv Y“^' h b 1 E. V : l X W, . , ,7X^ rder '’ : = wU 3?
M tily boxed upon request. Maline Scarfs Are New 5Q i
-W Continuing the sale of Ladies, Misses and ™ u . . . ... , , . , , ■■Z
Children’s 50c. 75c and SI.OO Gloves at 25c. Broken fI, . JUSt i ‘""’m,, 01 ? ““J “J’' 1 t ? re „ fi,llßhort S*
i ruiuicii » uj . Wlth s hirred ends or little bow knots. Easily made
lines and sizes. Maline by the yard In black, white and all colors,
(Gloves. Main Floor—Left) is 25c.
M. RICH & BUDS CO. ■»»s M RICH & BROS. CO
THE ATLANTA GEORGIAN AND NEWS. FRIDAY, DECEMBER 13, 1912.
Clay’s Confession
Halts Woman’s Plea
At the 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 capitol, for the
purpose of convincing him, if possible,
that Clay was insane, and she knew
why.
Mrs. Kennedy came to the capitol
early this morning, and asked to see
the governor. She was there two hours
before the governor iwas 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 the case had been settled —that it
was closed.
Mrs. Kennedy was not at all dem
onstrative. She talked calmly, 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
reaph the governor.
TRAIN HITS WAGON TAKING
SIX MEN TO WORK; 1 DEAD
LEXINGTON, KY., Dec. 13.—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.
HURT TO RENEW
POWER GO. ib
Will Appear Before Council
Committee Today, and Plans
Hard Fight.
Joel Hutt, 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 avenue 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 pun-
Hc 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 are
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.
"Hass bass bass bass Bass bass bass bass Bass BasS BASS'BASS"
1 Another Great Sale of I
Coats and Suits*
C/5 , w
c/5 >
2 Another great bargain sale of Ladies* Coats 8
$ and Suits will begin in our popular second floor to- g
< morrow. Additional lots of the great Ginsberg $
<2 purchase—-and other lines bought at 50 cents on the w
< dollar. %
Cfi CZ)
cj Sale will begin at 8 o’clock Saturday morning. »
< Come early. S
ca _ . &
3 Suits worth up to Coats worth up to S
“ $18.00; d*7 QE $12’50; d'J QE «
< choice . <P < • choice .. %
< Suits worth up to Coats worth up to S>
i&.59.90 5.56.90 i
w 9 co
< Suits worth up to Coats worth up to $
3 $30.00; n. 50 $18.00; C7 QC ?
S choice.. " choice.. • $
C/5 05
< Suits worth up to Coats worth up to a
8 $40.00; 1 4.50 $25.00; d?Q Qn 5
S choice choice.. W 8
C/5 DO
CD >
“ Bargain Sale of Dresses “
’.r> .co
? Extra special sale of new dresses—-satin &
messalines, all-wool serges, etc.—all new
models and worth up to $15.00. Ctyl QC ft
“ Take choice for only ipTr. tzO
C/5 00
cn 1 >
“ Other Bargains in 2nd Floor “
C/5 00
C/5 200 Children’s Coats; samples Big lot of Eadies’ Waists in new Ladies’ All-Wool Sweaters:
worth up to $12.50; ©ZL QE styles; $2.00 QQr* worth up to $4.00; Cl QBS C/5
qq choice values «OG choice</>
Satin Messaline Petticoats, worth Ladies’ Vests and Pants; heavy- Ladies' Outing Gowns, lull ::ut
up to $5.00; this QE ribbed; 50c values; OEa and well made; m
$ sale Oll ly fcWV s].oo values i"
Fur Neckpieces, woth up to Ladies’ Union Suits; heavy rib- Ladies’ Ready-to-Wear Hats; ,
$15.00; on sale ® QfiO bed and fleece-lined; fiQn values up to $5.00; in QQ..
CQ tomorrow at ... SI.OO values . this sale, only -A
Handsome Fur Sets, worth up to Children’s Vests and Pants, rib- Ladies' Trimmed Dress Hats. .
$20.00; choice, &Q QO bed and fleece-lined; worth up to $15.00; QE
C/5 tomorrow MJw.WV per garment I v choice
< (7)
“ Specials in Blankets and Comforts «
C/5 1 >
Here 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
c/5 offerings. CO
C/5 >
Babies’ Crib Blankets, soft, and Extra large and heavy Blankets, i Good size Cotton Comforts, silk- c/5
rd warm; this sale, OOa worth $2.25; at C 1 /I Q oline-covered; Aft- r/5
perpair pair. I only UOC
C/5 Special lot of three-quarter size 1 Full size Cotton Comforts, with Q 3
C/j Cotton Blankets; SI.OO AQ/» Large, fine Wool-Mixed Blankets, 1 splendid silkoline C 1 >lO
<5- values, per pair $4.00 value; per : covers l c/j
fC Single bed size Cotton Blankets. pair Extra size silkoline-covered Cot- C/5
on sale tomorrow, CQf* ton Comforts; 4 QQ
C/5 at, pair OS/G Extra large and very fine Cali- $3.00 values I CXS
Full 11-4 size heavy Cotton Blan- fornia Wool Blankets; the kind Very fine sateen-covered Cotton
kets; In this sale, QOr* 801,1 I’Y Other stores QO Down Comforts; CO
CQ pair vOv at $5 and $6; pair ... OiUU this sale
CO oo
< Table of Novelties, Notions and Furnishings %
c/) Big table of Ladies' Belts, Ladies’ and Men's Hose V* CO
Supporters, wide Sash Ribbons, Ladies’ and Men’s ft >
Neckwear, Jewelry Novelties, etc. AU at 25c for
co co
| These Extra Specials On Sale Saturday Only I
Girls’and Boys* Knit Wool Gloves Men’s $2.00 Kid Gloves on sale New Silver Mesh Hags, in va-
® on sale tomorrow tomorrow only, QCtrx rious styles; $3.98, QO«,
at fcWO at, pair $2.98. $1.98 ami . . XfOC
C/5 Ladles’ Wool Gloves: verv spe- Ladies' $1.50 grade 2;4dasi> Kid Ladies’ ami Men’s Knit Mufflers; CO
C/5 clal values at 50c 250 Gloves in this sale 79C black, white and 25C
m Ladles' Jersey Gloves, chamois Ladies’ Silk Automobile Scarfs; Special sale of Ladies’ Hand- C/5
lined; black and col- 9® remarkable bargains kerchiefs tomorrow at g-„
ors; pair WWV at, only anc j wQ
>
<
“ Special sale of Smith’s seamless «
co ,>
“ all-wool Brussels Art Squares at the
CO
< following bargain prices: S
6 by9footer Q 9by 12 foot(£Q QA >
S size,only s j ze> only
CO
< We Give A M 18 West g
° re ™ Mk ’ Mitchell,
Trading E Near >
x Stamps AS W Whitehall
BASS BASS BASS BASS BASS BASS BASS BASS BASS BASS BASS BASS
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