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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
Jan 31, 1904
Page
7
A. B. Baxter & Co. assigned all trades and Atlanta offices halted operations after a New York notice. Acting manager Curran warned patrons of potential losses but expected a quick settlement, with the firm’s Atlanta branch awaiting nightly reports and a company statement next week.
New York January 30 Special Daniel J Sully the cotton king cleared 600000 toyey in the specimental rise of July cotton which touched 16 88 He bought 200000 bales yesterday at 16 and sold out today at an advance of from 60 to 80 points The assignment was not used here until 130 pm this afternoon and there was no hint off before the close of trading up the cotton market at noon Baxter & Co the assignee is a large New York stock and cotton firm with many branch offices and 30000 miles of leased wires The seizure will likely stop operations and liability estimates are uncertain The case shows the volatile cotton market and the impact of Sully on prices through margin calls and speculative activity
An outline of cotton futures trading through margins, buckets shops, and brokers. It explains how a typical 100 bale contract works, the meaning of points and margins, and how gains or losses occur for buyers and sellers as prices move.
Judge Newman issued restraining orders against A B Baxter Co and both Lowry National Bank and Fourth National Bank to prevent fund handling while a bankruptcy petition seeks a receiver. Hearing set for 10 o clock Monday and assets moving from Georgia are discussed amid creditor filings by Lumpkin Boykin and Burton Smith for W R Ray J I Smith and Joseph Messina with about 86000 in claims.
Rome, Ga January 30 Special The failure of A B Baxter Co stock firm caused losses estimated between 16000 and 20000 to local speculators. The office here was not opened today.
Huntsville and Madison county speculators suffer heavy losses as Baxter & Co fails. Local agents W H Fletteher & Co posted large business in city, with many planters exposed. Attachments filed in Huntsville for about 10000, garnishments served on local banks. Augusta reports bold backlog with bank accounts tied up and estimated losses near 30000. Columbus traders claim margins around 5000 and profits totaling 260000 to 300000 from Baxter deals this season.
Deputy Clerk Charles Adams releases the 1904 license receipts showing a rise over January last year in general business, wholesale licenses, commissions and insurance returns, and Cyclorama receipts, with declines in hack and retail liquor licenses and public sales.分
A lengthy, opinionated essay warns that cotton price volatility and a surge of speculation are spreading through Southern towns. It argues banks seldom back speculative bets, that many planters borrow to play margins, and that gains may vanish as money flows back to the East. Prominent Atlanta business leaders condemn the trend while noting temporary market gains may mask long term losses and moral hazards.
New York reports a clemency plea by William Strauss and Willam Haas after counterfeiting and selling counterfeit labels. The court sentenced them to 500 dollars fine each and ten days in jail, prompting protests. Haas argued imprisonment would ruin him as he had travel plans to Europe next Thursday. The judge insisted the sentence stands.
Munyon's startling discovery claims to cure dyspepsia indigestion and stomach troubles with a medicine. The ad-style notice promotes quick relief and broad digestive benefits. It presents the remedy as a proven solution from a named product line.
The Atlanta Constitution speaks of a major test to be conducted in Atlanta, outlining significance and civic impact, with emphasis on timing and expected outcomes for the city and its residents.
Editor invited free trial of Munyon Paws Paw nerve stomach remedy advertised to aid digestion nerves liver blood and kidneys. Free samples to be distributed from The Atlanta Constitution office starting Monday February 1 at 9 o clock. aims to prove cure for indigestion nervousness and general weakness through publicity in papers. The letter claims life prolongation and temperance benefits and urges readers to test the remedy through newspaper offices nationwide.
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