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THE ATLANTA GEORGIAN. (Co mmunlcaUd) A LETTER AND A REPLY HARVIE JORDAN, President, Atlanta, Ga. RICHARD CHEATHAM, Secretary, Atlanta, Ga. J. H. LATHAM Treasurer, Dublin, Texas. PRESIDENT’S OFFICE, SOUTHERN COTTON ASSOCIATION, 920-21-21 EMPIRE BUILDING. Atl»nl», Ga., July 11, 1901. • Wi-nra. Charles D. Freeman * Co, II S. William St, New York, N. Y. Gentlemen: I am today In receipt of your favor of the 27th Instant making a defense of the methods employed In the han dling of cotton through the New York Cotton Exchange. The rules governing the delivery of cotton on contracts made through the New York Cotton Exchange are very unsatisfactory, both to the cotton grow ers and the cotton manufacturers. The Cotton Manufacturers’ Association of Charlotte, N. C., recently passed .very strong resolutions calling upon the members of the New York Cotton Ex change to revise their rules relative to the grades of cotton tendered on contracts through your exchange. This matter seems to be a very serious one to those who are legitimately engaged In handling spot cotton, I would be glad If you would explain to me why It Is that July contracts are quoted on your exchange at 10 cents, and middling spot cotton, the basis of auch contracts. Is quoted at 10.90c on the same day. In the same city; and why It Is that future contracts In New York for the same day are from seven ty-llve to one hundred points lower than the same grade of spot cotton can be purchased In the Routh. These are matters which the people of the South, particularly those en gaged In the production of cotton, would like very much to have cleared up. I have been Informed personalty by high officials of the New York Ex change that your market Is purely speculative one, and has long ceased to be regarded by people who operate there as a spot market. There Is no doubt but that some members of your exchange have.with In the past twelve months made serious efforts to secure-the revision of your present rules with reference to the de. livery of cotton on contracts, and have heard members of your exchange very seriously reflect upon that part of your exchange. I would be very much obliged to you If you would write me fully and con cisely with reference to the above ques tlons, and why It Is that under your rules a man who buys middling cotton can have tendered to him any one of twenty-one different grades. With best wishes. Yours truly, HARVIE JORDAN. v ••• \ (Communicated.) the following letter is offered In reply to the foregoing: CHARLES D. FREEMAN 4 CO, 21 Wllllsm Street, New York. New Orlesns Correepondentsi Messrs. Gibert 4 Clsy. New York New Orlesns Ssvsnnsh Liverpool August (, 1909. Harris Jordan, Esq., , President of the Southern Cotton As sociation and Editor of The Cotton Journal, Atlanta, Ga. Dear Sir: Inasmuch as you do not dispute the propositions contained In my letter ad dressed to you on July 27, I assume that you now concede that a cotton contract Is a legitimate medium for the transaction of cotton business for the producer, for the merchant and for the consumer. I assume, further, that your allegation that If the cotton exchanges - of this country, trade lit 600,008,09$ bales of cotton during the year, that you now acknowledge that these trans actions are legitimate, and that they are but the transfer of contracts for th* final delivery of actual cotton. This brings me to the consideration . of three propositions contained In your . letter to me, dated July Si: First. “The rules governing the de livery of cotton on contracts made - through the New. York Cotton Ex change are very unsatisfactory, both to the cotton growers and to the man ufacturers." Second. You ask me to explain to you, “why It Is thst July contracts are 'quoted In your (our) Exchange at 10 cents and middling spot cotton, the basis of spot contracts, Is quoted at 10.90 on the same day,” and "with ref- erence to the above quotations, why It Is that under your (our) rules a man ' who buys middling cotton can have , tendered to him any one of twenty-ono different grades,” and Third. You “have been Informed per sonally by high officials of the New York Cotton’Exchange that your (our) market la purely a speculative one, and has long ceased to be regarded by peo ple who operate there as a spot mar ket.’ Any effort to explain these proposl- , tlons categorically requires an analysis of the conditions surrounding the New York cotton market. It Is a fair question for you, or any ■ one to aWk: Why Is New York a cotton market at all? Why, located so far from the fields of production, should It have dally transactions of 160,000 bales, and why 700,000 bales of actual cotton should annually pass through, or re main temporarily at Its port. Realis ing In some essentials that the market Is an artificial one, the merchants of this city have adopted rules for the handling of merchantable cotton, and have established a trading boats, which protects the buyer and seller of cotton contracts, assuming primarily that the buyer and seller have a legitimate transaction to consummate, either with the producer or the consumer. This brings us squarely to the question at Issue, as to why the -New York con tract Is, as you and others allege, a debauched contract? (This term ‘‘de bauched’* 1s a convenient expression used by people In the cotton business who do not understand, nor who have ' \ taken the trouble to analyse the true ■ conditions which exist In New York.) Realising further that It 1s Impos sible, by reason of the trade conditions which prevail throughout the world, for New York to command even run ning grades of cotton In quantity, rules have been formed which make this market one for ANY MERCHANTA BLE GRADE OF COTTON, and have provided for the tender on contract of thirty different grades. The basis of this tender Is always middling cotton, and with equitable and commercial al lowances made for grades below and above middling, which allowances arc fixed twice In a season by a committee of seventeen merchants. It “Is assumed that both the seller and buyer of a New York contract know all the con ditions surrounding the terms of the contract when they execute It. You and others refer to “dog-tail’’ cotton that Is tendered In New York, think It Is your duty to stop and con sider the resources to the Southern producer, of a market for grades of cotton for which he might not be able to find a market In Ills own territory. Falling to find the profitable market at home, he majr ship his cotton to New York, and during all the years that these rules havo been In operation, all grades of cotton that have come to New York have in the end been shipped henco to spinners, or exported on a profitable basts. The rules ars not designed to make this primarily a consumer's market,\ They are designed to'mdke It n producer’s market, and by reason of Its location geographically It could not exist solely as a spinners' market. The spinners of the country well know this, and they make their specific contracts elsewhere, or througH the merchants of the New York Cotton Exchange who are able to procure the specified grades. . The New York market responds to the same laws and forces to which all where buyers and sellers meet to buy and sell commodities nr things, and In the final analysis actual value prevails and every one Is supposed to know the rules affecting the trading. This analysis makes possible an ex plentatlon of your second proposition— why July contracts ars quoted at 10 cents and middling spot cottten Is quoted at 10.90 on the same day. The reason Is, that 10.00 Is the price of middling cotton It It be obtainable, but the bulk of the stock of cotton In the warehouses of New York at that tlms being composed of grades below middling, the contract price represents the actual value of the grades which are available for tender on contracts. We will assume, as the basis of argu ment, that you have a large atock farm on which you raise horses. Some are better than others. Horses suit able for the work on your plantation, for hauling, plowing and cultivating, are worth <160 each. Your finer stock, suitable for fast driving and superior In other qualities, are worth I960 each. Now, I ask you, ns an economic prop osition, If, unable to sell your plow horses at home, you are obliged to send them to another market, should icreln you sell them because, perchance, they do not bring as high a price as do your thoroughbreds? I must take Issuo with you that, “You hnv* been personally Informed by high officials of the New York Cot ton Exchange that the New York mar ket Is purely a speculative one, and has long censed to be a spot market." I know personally every official con nected with the New York Cotton Ex change. end not ono of them has ever. In my opinion, made such a statement. Some of the members of the exchange, In an effort t» explain their own bus iness Incapacity, attribute their medi ocre success to the so-called “de bauched” contract. There Is nn honest difference of opinion among the mer- the value of grades below middling and the grades above middling. Trade con ditions, the quantity and quality of the various grades, and the demand therefor, are the factors considered, but with all this difference of opinion there Is the determination to leglalate and to establish the New York contract on the commercial basis that shall open to planters of cotton a market for every grade that their plantations produce, and to attract to the port of New York such cotton as shall keep the contract market In equilibrium, and thus nfford nn opportunity for your friends and mine to conduct their business on a safe basis, by hedge eales and hedge purchases. I take this opportunity to again urge upon you the wisdom of informing the Southern people of the truth affecting cotton contracts. As you are xealoua In destroying “bucket shops and local exchanges," you should be equally seal- ous in advising the producers of cotton to respect the contracts that are made In New York and New Orleans, and consider them a commercial expedient for the distribution of their crops, real ising that In the future, as the yield becomes larger, the necessity for the cotton contract will be greater. Very truly yours, CHARLES D. FREEMAN. THE LATEST II PARIS Victim Is Set Up and Stab bed By Two Fair Rogues, By RAOUL DE 8T. RENE. Specie! to The Oeergtsn. Paris, Aug, 1L—French historians apd others who are Interested In sou venire of bygone times In France are rejoicing over Monsieur Clemenceau’i decision to permit the restoration upon the tombstone* of the members of the Commune of the statements setting forth the connection of the deceased with that famous Institution. Up to the present It has been against the law to Inscribe upon the tombstones of the former Communards anything recalling tha part which they played In 1871. Among the few surviving Commun arda Is M. Henri RockefoerL the belllg erent Journalist, and one of the most picturesque figures of modern Franca M. Rockefoert Is really a marquis, but he refuses his title. Hla wife Is American and was a Miss O'Key. Everybody who has been to Parle must know the amiable elderly gen tleman who feeds the sparrows with crumbs of bread In the Tulleries Gar, dene. This parson now has a rival In the affections of th* little beings, But the new-comer Is specially drawn to swal lows and his benefaction takes the form particularly of supplying them with shelter. 61. Jacques, such Is his name, who enjoys a modest Income, has noticed that the awallows In the city have a somewhat precarloua ex istence and that their nests are terri bly at the mercy of the little human gutter-snipe. He has determined to remedy thle •late Of affairs, and for this purpose has hired some fifty garrete In varioue parld of the city. He leaves the win dows of all these rooms open and with him. The build their nesta In the empty rooms. that his little proteges are getting along all right. In the autumn, when the swallows go away, he will shut up hie garrets and go to the south France to. await their return spring. next Combinations, of government em- ployeee In France are not allowed, and a month or two ago a large number of postofflee employees were cashiered for daring to form themselves Into a syn dicate. Some consternation ha a been caused In official circles by the know! edge that the Paris police are going to form themeelves Into a syndicate. M Leplne, chief of police, took the mat ter to the minister of the Interior, and steps have been taken to prevent such a syndicate being formed until parlia ment has discussed the new association law. tonabte little veude ex-husband of the famous actress, Be Jane, brought an action against M Gemler, an actor, claiming $2,000 dam' ages because the latter refused to per form In a minor part for which he WAII COAL The court hold that M. Gemler wae Justified, as his engagement had been for “star" roles only, and 61. Porel tost his cose. Your money or your life.” Such wae the terror-striking remark that greeted a gentleman named Naptler, In the Boulevard de Crenelle as he was weeing a dark alley the other night. Re looked and his astonishment ’ was not less than his fright on finding that Ms assailants were two dashing fe males. “We are the Amaxonee of the Grenelle,” they yelled at him, leaving no doubt In his mind that they might after all only be having a playful little Joke. He drew back and was about to remonstrate, when the charming things rushed at him with daggers and stabbed him In several places. He fell seneelees to the ground, and the two Indy footpads helped themselves to his watch and the contents of his pockets and decamped. The victim la now lying In a hospital In a serious condition. 9I999990M9 I AT THE THEATERS amp. At the Casino. Vaudeville will continue Its bid for popularity with the theatergoers, and Inasmuch as there are many people re turning home, the strength of the blit that will start entertaining on Monday at the Casino will probably establish the attendance record tor the pummer theater. The new bill Is a perfect collection of vaudeville, well balanced and with out a doubt one of the strongest com edy combinations of the entire season. There are features that have been tried and found to be gilt-edged, and there are others that are well known to the followers of the pace In this branch of things theatrical. The headliner act of the program will be the contribution of the Elenora Sisters, who were at the head of one of the strongest musical comedy at tractions that drew the capacity of the Bijou last season. These comedienne* have been featured In tbe best vaude ville theaters In the land, and present an act that la original In quaint ec centric comedy and Is all for fun. As a special feature for the ladles and Children Jacob’s Marvelous Acro batic Dogs will be Introduced. These dogs are finely trained, and will surely prove to be one of the pleasing Ten ures of the vaudeville season. The dogs will perform a routine of tricks that have kept the act prominent In vaudeville and that will make a strong bid tor a real hit here. Mile. Latino, In a physical culture stunt, promises a novelty, and Cart- mell and Reed will offer a comedy singing and dancing number that la said to be very good. Morris and Morris, who come to At lanta almost direct from the Palace In London, and vtho are known am “come dy eocentriques," will offer an act that has been a great comedy success Is America. 6fovlng pictures have been most successful and the pictures to be ex hibited thle week are declared to be the beet yet offered. ■ The bill Is one of exceptional strength, with comedy as Its principal quality. The aots are all hlgh-claaa, and It Is believed that the bill will fol low the pace that has been so swift for the past three weeks. COTTON BUYERS who don’t feel like loafing all summer, are utilizing their spare time in a pleas ant and profitable way, as agents of the old Mutual Benefit Life, of Newark, N. J. Its excellent reputation, low premiums and large animal dividend* make its policies popular and easy to sell. We don’t pay the high est commissions, but we sell the best goods, and there is really money in handling them. Angier&Foreman, State Agents, Atlanta. SNOBS GIVEN REBUKE BY AN ENGLISH DUKE Plebeian Legislator, Ignored at Function, Entertained By Norfolk. By RICHARD ABERCORN. Special to The Georgian. London. Aug. 11.—While tbe flnan- clal magnates who have control the savings banks of America, through their Influence at Washlngtpn, pre vent the establishment of an American postofflee savings bank, here In Eng' land the postofflee savings bank Is popular feature. The establishment of the postofflee savings bank has been an enormous Inducement to the cultivation of thrift among the workingmen of England. During the past fiscal year they de posited $211,000,000. They also drew from the government, in the form of Interest on undisturbed deposits, the large sum of $2,300,000. With their eav Inge a portion of the depositor* were enabled to buy over $10,000,000 of gov. ernment bonds. There is now In the bank, excluding withdrawals during the year, the enormous sum of $780,0000,000. Flnan dal experts declare that were It not for the facility postofflee savings banks offer to the tbrltt, the people's savings would not be one-half this sum. As every postofflee In the land ac cepts deposits, It Is easy to deposit a shilling or two a week. Also with drawals are easy, for under the new regulations It Is possible for a deposit or to withdraw any sum up to $6 at any postofflee without delay. For sums over 86, two or three days' delay la necessary to enable the bookkeepers at the general postofflee to balance and check the account. Ry fraternising with a labor member of parliament at a swell function, the duke of Norfolk administered a tell ing reproof to a snobbish crowd who Ignored tlw plebeian legislator. It won at a reception given by a fash lonabte art society, at which Will Crooks, member of parllarment for Woolwich, turned up in his house of commons suit. Instead of the regula tion evening dress. Getting post the doorkeeper with dlt- Acuity, Mr. Crooks was received with haughty etarea by the crowd of "emart’’ people. Although Mr. Crooks must have been known to many, he' was unani mously cut dead. Hla appearance with out the customary “boiled shirt" was resented. While the labor leader was wandering loneeomely about, looking at the pic tures and braving It out, the, duke of Norfolk arrived. Hla grace soon ’spotted" Sir. Crooke, and saw how ha was being treated. Coming up to where the lonely mem ber for Woolwich was standing, the duke greeted him heartily and said: “Mr. Crooks, have you found your way to the supper room? Come and let us have a cup of coffee together.” So the premier duke of Great Brit ain and the ex-cooper, who was born In a work house, spent th* rest of the evening together. 6lr. Crooks told the story the other night on thO terrace of the house of commons. The countess of Tnnkervllle. who was Miss Van 61arter, of Now York, ha* been eharply criticised by a Judge in a London court for her treatment of her late French maid, Marie Pathter. The maid eued ber mistress for 860 salary In lieu of notice. It appeared ervllle said that If she could pot do her duties she must leave. She went at once, but Lady Tankervllle only offered her her salary to date, which she refused. In giving Judgment against the countess for the amount or salary up to the time of the mold's leaving, the judge said he thought Marie Pathler tad been very badly treated, and he was sorry he could not find In her fa vor for the amount of the month’s sal' ary. BAD MEAT IN CANADA. By Private leased Wire. Wlnnepeg, Manitoba, August 11.—A horrifying stats of affairs has been broughtto light through an Investiga tion by health Inspectors In this city. tricts have been disposing ol shops and peddling around the city meat entirely unfit for use. especially what la-known as slink veaL ’ Foreign butchers and peddlers were discovered hanging around, abattoirs carrying away offal which Is afterward offered tor sals. D0WMAN-DOZIER MFG. CO. Manufacturers of Fire-Proof Windows, Doors, Cornices, Skylights, Crestings, Finials, Dixie Ventilators. Contractors for All Kinds of Sheet Metal Work. 20-22 Trinity Ave. Both Phones 525. B. L.WILLINGHAM, H. H. TIFT, President. Vlce-Pree. W. B. WILLINGHAM, 8ec’y and Treas. WILLINGHAM-TIFT LUMBER COMPANY Rough and Dressed Lumber. 8ash, Doors. Blinds, Bonders' Hnrilwnrc. 200 Murphy Avenue. Tako Hast Point or College Park Car an<! get off at McCall's Crossing oc Lee Street. Bell phone 85 west; Atlanta Phono 71L C. A. GOUGE. 83 N. Pryor St. Tin and Sheet Metal Worker. ■ If it’s made of metal, see me. BELL PHONE 1443. W. R. JONES. Practical Slate Roofer* And Dealer in All Kinds of Roofing Material. 15 Waverly Place. Atlanta Phono 883. Bell Phono 3277 L. P. O. Box 316. Bell Phono 3565 J, Atlanta Phone 1966. FRIDDELL BROS. Painters, Decorators and Interior Fin ishers. Interior Wall Tinting and Painting a Specialty. Out of town work given careful atten tion. 69 Ivy Street. MONORIEF FURNACE CO. 103 S. Forsyth St. Heating Plans and Estimates Free. The place to get your furnace. They install the best for any kind of fuel in residences, schools and churches. Both Phones. All Kinds of Building Material. Prices From Get ALEXANDER LUMBER AND MANUFAC TURING COMPANY. Factory and Yards, corner South Pryor and South ern Railway. Phone 2164. City office, 6 North For- ayth, Austell Building. Atlanta phone 400. Bell 393. ATLANTA STRUCTURAL STEEL CO 1020 Fourth National Bank Bldg. Atlanta, Ga. *' Estimates furnished on all kinds of structural steel shapes. Prompt shipments from stock. Phones, Bell and 6!aln 4418. WE SELL MANTELS, TILES AND GRATES Cheaper Than Any other Concern, t J. E. HUNNICUTT & CO. 56 Peachtree St. HUNNICUTT & TURNER. PLUMBING & HEATING. Estimates on Short Notice. 105 N. Pryor St. Phones 1066. Bell Phono 3565 J. ’ Atlanta Phone 1988. , GW. HAYNES, Interior and Exterior HOUSE PAINTER Wall Tinting and Graining. Office and Shop 69 1-2 Ivy Street. ATLANTA. GA. WM. WILSON. • 1 Paint and Decorative Contractor. Large Contracts a Specialty. Contracts executed anywhere.. Surety bond. 59 8. Forsyth SL Atlanta, Ga. Both Phone.. HAHR-DAVIS LUMBER CO. PLANING MILLS, OFFICE AND YARDS: 333 TO 339 DECATUR STREET. Rough and Dressed Lumber, Shingles, Laths, Sash, Doors, minds and Builders’ Hardware. Our saw mill Interests In Tift County, Ga., af ford us facilities to give prompt service and at the lowest prices. Dimension timbers a specialty. Both Phones 3725. LIME, CEMENT. Plaster, Sewer Pipe and other Build ers ’ Supplies Low prices and quick de liveries. ’ SCIPLE SONS. 33 N. Broad St Atlanta. TOMLINSON & DIDSOHUNEIT, Contracting Paihters. Out of. Town Work a Specialty. Bell Phone 1451L. 79 N. Pryor Street. Atlanta, Georgia. WOODWARD LUMBER CO. Hardwood Interior Finish Sc Mantels, Doors, Sash & Blinds Send Your Plans for Estimates. Atlanta, . Georgia. WOOD FIBER WALL PLASTER. The original product, and the only plaster manufactured in Atlanta. Can be put on at as low cost as the lower grade substitutes that have come into the market. We can readily show this, so do not be misled. GEORGIA WOOD FIBER ' * PLASTER COMPANY. Whitehall St. & Cent. R. R. Phone 1152. Dixie r Tile and Cement Works YES. WE ARE UNDER BOND TO THE CITY TO DO STREET BIDEWALKS. LET UB BID ON YOUR WORK. WE GUARANTEE SATISFACTION. PHONE W-445. GEORGIANS IN ATLANTA. AT THE MARION. R. P. Smith. Auxnstn; P. M. Smith, Con cord: I). 8. Man,-nil, Cambridge; C. It, Dan iel*. Dawaon; Mr* C. C. Foster, It.*.well; F. F. Corduroy. lllnkcly; Mr* ltnlu-rt C. McCall. Mia* Kettle McCall, Ml.. Joilte Mc Call, Quitman; II. I- Dczjer, It. s. CrTtten- >n, Hillman; Jaraea It. Brown, Canton; 11. i. Johnaton. Macon: IV, J. Sima, Kcwaan; . B. Hraawell,.Gainesville. AT THE ARAGON. J. V. Ashler, Dablonwa; A. R. Rama- dell, Macon; Juhu It. KIH., jlacou: It. p. g™**. Foray,th; 1. J. Smith. ReldavlUe: J. R Jaldeata; W, j. situs, Newnau; C. N. Uladoiu, \\. p. John ton, Columtiua. AT THE PIEDMONT. K. Wilcox. Valdosta: E. D. Graham, Mcltae: C. J. Mill*. Athena; R. If. Stovall. Vienna; 1. E. land. Cordate; Mrx l*aillltto rllle; lira. P. A. Storajl, Mia*. <!. Stovall. Savannah: lira. A. tt. Stovall. Savannah; lira. A. P. Wooteu. lluena,\tata;. Mlaa Kina Wooten. Buena Mata: A. P. Vaaop. Albany; II. T. Key. nolila Rome; A. ft. Snlltvan. Mrs. E. p. Graci, Home; W. T. Hopkins, Savannah. AT THE KIMBALL. C. r. Howe. Mllledxelvllle; If. Bou.tlW Carrollton; T. H. Hall. F. Gerney, Varan, I.. V. Hatcher, Auxutta: H. M. MrJA Marietta; B. H. Walker, Monroe; L. *** nedy, Kltagerald; J. C. elements, tlarora, A. V. Dead weather and wife. Athena. TRY A WANT AD IN THE GEORGIAN Round Trip — Chattanooga and Lookont Mountain $4.10, via Western & Atlantic R.R. Battlefield Route. Shorteat Line and Quickeat Time. Ticket* cn eale tvery Saturday; good till Tueaday following. An opportunity to Vlalt Chlckamau- ga Park during the encampment of the Georgia State Guard. For tickets, schedules and further Information, call on A. THOMAS, City Paa*. 4 Tkt/Agt 'Phones 169 M. Bell; 153 Atlanta. B. Walker, Depot Ticket Agt. ’Phone 213 Main. C, E. Harman, G. P. A- F. E. PURSE THE P RINTER PRINTINf: OF ALL DESCRIPTIONS ^ 16 1-2 E. MITCHELL ST. ATLANTA, GA. ■HfiiilMK u&HH