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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
Jun 05, 1921
Page
3
New York June 4 stock market opened the week with further declines as many issues hit year lows while speculative rails moved to new lows. Bears covered later on strong demand and favorable news, with bankers reporting tight loan funds and a firmer money market.
A historical investment primer begins the eight part series by S B Blodgett, vice president of Robinson Humphrey Co. The article outlines choosing between speculation and conservative investments, distinguishing investment bankers from brokers, and emphasizes consulting a trusted banker to avoid costly mistakes. It explains bankers underwrite and monitor bonds, provide ongoing guidance, and keep in touch with issuers to ensure timely payments.
Washington reports a special census of low grade cotton is under way by the commerce department. Secretary Hoover instructed cotton enumerators to determine off grade cotton in public warehouses and other storage, aiming to reveal true supply and secure warehouse cooperation. Senator Smith of South Carolina had argued current statistics misstate the low price cotton stock and shortage. The goal is to have results within a few days for discussion.
New York June 4 prominent Wall Street figures were asked to compare Secretary Mellon and E H Gary on the near term and second half of 1921. Most expect more price readjustment yet an eventual stabilization leading to a modest late year recovery as supply and demand rebalance. Some see continued declines in certain commodities while others foresee broader stabilization and easier liquidation.
Empire Cotton Oil company officials announced a short term debenture issue totaling 500000 dollars to boost working capital for the coming season. The issue is underwritten by board members and offered to stockholders with any unsubscribed portions going to the public. President Henry E. Watkins said reorganization rumors are unfounded and expressed optimism that deflation has peaked and prosperity will resume.
A Superior Court suit filed by the Citizens and Southern Bank seeks $128,628.60 from Union Warehouse and Compress Co. alleging fraud over 1,916 bales of cotton stored for Garrett and Calhoun. The bank says receipts overstated value, bales misrepresented as middling or better, with the warehouse knowingly aiding a defraud plan after a 1920 loan.
New York June 4 The actual condition of clearing house banks and trust companies shows a reserve excess of 25 004 500 over legal requirements an increase of 18 203 000 over last week The statement notes changes in loans discounts cash in vaults federal reserve bank deposits and total deposits with various banks and trust companies in Greater New York plus state banks and other depositories and confirms overall deposits decreased 864 800 with a net rise in excess tenure and circulation adjustments.
In Charlotte on June 4 two men were arrested as police dispersed about 200 strikers and sympathizers gathered around the Savona mill. Nine thousand workers have walked out since the strike began Wednesday in Charlotte Concord Kannapolis and Rock Hill. Frank Caldwell, 2 striker, was arrested for dis orderly conduct after an encounter with police. Joe Boyd was arrested on a warrant charging assault with a stick.
Tokyo announces withdrawal of naval garrisons from the South Pacific including Yap. The navy orders protection to shift to civil administration police, with destroyers remaining as guard ships near the islands and the Yap wireless installation left under police guard.
Reports from Vladivostok say General Semenoff, anti Bolshevik leader, was proclaimed supreme ruler and commander in chief by officers after their forces toppled the local soviet. A new government formed with Paul Ysanoff as premier.
Berlin June 4 The reichstag voted confidence in Chancellor Wirth's government. The tally was 213 to 77 with 48 not voting. The vote covered approval of the government's recent declaration on fulfilling allied ultimatums and a second section on the Upper Silesian question passed by a large majority.
President Harding motors from Washington to Valley Forge Pa for a Sunday visit at Senator Philander C Knox's country estate. He lunched en route and, at Knox's home, greeted hundreds of school children and promised a public address tomorrow at the Washington Memorial Chapel.
Art is in readiness for the big instruction meeting of the Boy Scouts and leaders registered to attend Camp Friendly, the council camp opening near Gainesville Georgia. ATTendees will gather June 8 at the chamber of commerce building for final instructions before departure June 18 by train with about 75 scouts.
Cleveland June 4 Leaders of the American Zionist organization guided by Judge Julian W. Mack prepare proposals at the twenty fourth annual Zionist convention to reverse prior stances toward Dr Chaim Weizmann World Zionist leader They would recognize the world body as supreme in Palestine fund disbursement seek greater say for contributors in Keren Hayesod and demand representation on the international budget committee The plan also calls for unifying the Palestine medical unit under world Zionist jurisdiction contingent on transferring authority to the joint distribution committee Delegates are split on the measures and no final action is known yet
Memphis June 4 J L gram offices manager of Florence Table and Lumber company was held up on the way from a bank to the South Memphis plant and robbed of a sack of money about $600 by two youths who commandeered gram's automobile and escaped.
Nashville readers hear that about 17 million of 33 million sought for Christian Education Fund has been raised leaving several sections still to hear from. Regions list large pledges and Tennessee conference shows 805,780 pledged as of latest report.
Chattanooga Tenn June 4 It was officially announced today that W oJ Edwards formerly superintendent of the Alabama Great Southern division with headquarters at Birmingham has been appointed general superintendent the southwestern district of the Southern railway to succeed F Peeler who resigned to take general managership of the Norfolk and Southern railroad Mr Edwards will have headquarters in Chattanooga He will be succeeded at Birmingham by M Madden formerly of the Georgia Southern and Florida railroad at Macon Ga
J. Reynolds Tobacco announces about a 20 percent wage reduction for operatives in its variety plants in Winston-Salem North Carolina. Office staff are not affected. Plants will run five days a week instead of four.
Congress adjourned today with both chambers out until Monday. The Senate approved the deficiency bill totaling 186 million dollars, up 66 million from the measure sent to the House. The bill includes 75 million for the Shipping Board, increasing board funding by 50 million over the House amount.
An aged health advertorial warns women of iron starvation, urging increased iron intake through foods and Nuxated Iron supplements. It claims many women suffer malnutrition not from food lack but from insufficient iron absorption, promises quick vigor, and advertises local availability with brand and distributor notes.
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