Historical Newspapers of South Carolina

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HE R 41 AndRED And all other I BOOTH ORTUNITY FOR SPOT MARKET EXCHANGE FOR COTION IN SOUTH President Wannamaker Declares Time Is Now Ripe to Abolish Antiquat ed Conditions Established in New Yor kin 1869. St. Matthews, January 3.-Follow ing is an article given out by President J. Skottowe Wannamaker of the American Cotton Association: There is in the world today only one commodity superior to cotton gold. No stocks or bonds or any form of securities have such a world-wide market as cotton. Nothing can be so readily sold in so many markets kat a vry small concession from the market price. Nothing can be imme diately sold for near or distance fu ture delivery on so many exchanges in so many countries as cotton. Two guarantees are necessary and cotton will tboon take its rightful place as FERTH For over a quarter o: Harby and company (an and Company, Incorpor ing Fertilizers to the P1 The brands of goods we standard, but most of t and manufactured espec All lands do not reuic They differ as well as in you with any analysis, 01 we stand squarely beh guarantee. In other w< facturer's guarantee, as Harby and Co., Inc., on e from us. You get service, qualit buy from us. All we asi you place your order. shipments. HARBY a No. 9 West SUMTI IMPORT'ERS, D)EALERS AND) ANALYSES. HI. J .Jlarby, P'resliet J. J. fireninan, Asst. Mlgr. lIertilize.r Decpt. - Boyce Street The 9 ti COLUMBIA SIX Touring .. .$1,850 Speedster . $2,000. Good Gulf Gas3oline 0OF OF CEDAR SHIIT Iaterial Needed in [& McLE( .Sumter, S. C. the best collateral in existence. The i lender wants to be sure, first, that the bales are where the warehouse re ceipt says they are; second, that they t are of the grade stated in the cer tificate. Then he will lend the money gladly. Cotton should be warehoused imme diately after ginning, either in a ware t house under Federal supervision or i State supervision; it should be graded by a government grader. This ren- I ders it absolutely bankable-as se- I cure as gold. It is liquid; can be con verted into cash at any time. Not Natural Depot. New York is not a natural cotton t depot. It is only naturally a link in the chain of domestic and foreign 1 transportation, largely the latter. New York is not near any spinning center and is far from the cotton planta tions. It is only as a result of conditions existing in '6 that the New York Exchange was established. It has been proven often this year, if indeed( such proof was needed, that New York is not a natural storage place for cot ton. Cotton has never been offered to New York except as the result of I 22222222222122222222222t2tt2222t2tittt22it2ititt + JIZERS ! E a century the firm of d their Successors) Harby ited, have been distribut anters of South Carolina. distribute are not only ie formulas are our own, tally for our trade. ire the same materials. dividuals. We can supply any formula wanted, and ind the Manufacturer's >rds, you have the Manu well as the guarantee of very ton of goods you buy v and fair prices when you is that you see us before Our specialty is carload a CO., Inc., .liberty Street, BR, s. C. IsTRIBUT'IORs, OF A LL FER OMP'LETE F'ERTIIZ'IERIS, ANY A. C. Phlelps, V. P'res. & Mgr. et y. & TIreasi. W. P. Rivers, Asst. Mgr. Cotton D~ept. Thomas VELI] 00 D~elivered Roadster .. -- 00 Declivered Touring . WATCH LOC We hav< Buggies, W AGES !V GLES your Building )ncInc. nflated prices and the greatest neces ity to have it delivered on contracts. otton in the South today is bringing t far higher price than cotton in New cork. As a result of conditions that exist oday and that have existed for years, otton is absolutely the football of he gamblers; the bear gambler kick n gthe ball ninety-nine times to one aick by the bull. As a result the )roducer pays the penalty and the nanipulator and gambler reap the iarvest. Futures Are I)eveloped. About six years after the War Be .ween the States when the poverty in( bankruptcy of the Southern States ude them entirely dependent upon he financial accommodations New ork could furnish to the merchants )f the cotton producing States so as 0 enable them to extend credit in the vay of goods to the producer, trad ng on the exchange cotton futures vas developed. At that time but little otton was grown in Texas none at il in Oklahoma; then the Indian ter 'itory, the largest portion of the cot .on crop being produced in the At antic States from Virginia south, vhere it was shipped to Europe via he ports of Norfolk, Savannah and Zharleston. In those (lays the South was help ess, it had no voice in the framing of ?ther its commercial or political life. the government of the South was in .he hands of 4,000,000 slaves under he leadership of the carpet-bagger .he South was bankrupt. To exist it nrust produce cotton, it was only their .o do or die. In those (lays there were >ut few cotton mills in the South; the mtire southern consumption of cotton n 1871 was about 91,000 bales it was lot therefore difficult for New York to tttract a reasonably large stock of !otton from a comparatively nearby erritory and she naturally became an mportant and legitimate cotton mar cet. Cotton At New York. On February, 20, 1880, when New York was about at its zenith as a -eal cotton market, the cotton held in :he warehouse there was 294,449 bales )r about 5.1 per cent of the crop of hat season which was 5,752,000 bales .)n the 1st of November, 1919, the varehouses of Newv York contained mnly 47,033 bales, or 43,100 of 1 per1 ent of thlis year's plrobable comnmer sial crop of 11,000,000 b~ales. The rea on for th is redluction itn tile stock car -ied is that the cotton mills that have >eenl built since 1880 in the territory hat was formerly tributary to New "ork consume nearly al Ithe cottonl hait is raised thlere and can afl'ordi to >ay far more~ for it than it would re .urn'i if dielivered 01) the future con racts that are bought and sold in meh~ enormous volume of the New fork Cotton E xchlange. In its raw forml, inceluding the~ seed, he1 wvorbl's plresent cotton cr'op is no0w vorth at le'ast $200 per bale, 0r about hlree and a half billion dollars. In ts manuitifactutred formti its valute is talI inivestedi ini the prIodne('tioni and1 nanu111factutre of ('otton iand tilt ctonl nated at a pprox imll'tely tir ty-seven Live Sto MANNING, S. C. orace M. Thomas, Manager - .$1,685.00 Tlouirinig .$,685.00 lloadster RACINE TIRES li1 Sizes Cords andI F~abrics ALS EACH WEEK FOR U! on hand at all times a big st MULES and HORSES agons, Harness anid Farm Ii About 60 t 070 per cent of the world's cotton production is grown in America and this year's crop of abont 11,000,000 bales will be worth about $2,200,000,000. Of this 11,00,000 bales about 3,500,000 bales or 30 per cent, will be consumed by mills licated in the Southern States chiefly in the Carolinas and Georgia, and the remain der of 7,500,000 bales, worth $1,500, 000,000, will be shipped to the New England mills or exported. Building Warehouses. .The American Cotton Association, with the mills, farmers, merchants, bankers, professional and business men as its foundation stone, is push ing the building of warehouses; a warehouse or warehouses for each county, owned and controlled by the people of the county, operated under the State or federal warehouse act, sufficient to hold the cotton of said county. That is the program they are pushing throughout the length and fireadth of the cotton belt, so that the entire South will be dotted with warehouses and the marketing of cot ton stretched over a period of twelve months instead of being rushed on the market in the harvesting period of three months, 70 per cent being the average amount of cotton sold in these three month, heretofore. The next link will be concentration warehouses. The American Cotton As sociation is forming a bank, export andand discount corporation for pur pose of effecting direct sales of cot on both at home and abroad, their plans are well lai land it is the con sensus of Opinion of men who have given lives of study to this great question that the opportune time has arrived to absolutely change condi tions which have heretofore existed in the handling of the cotton indus try. Antiquated methods must be relegated to the scrap heap; a South ern spot exchange should be estab lished; New Orleans has a golden op portunity. Complaints Being Made. Great complaint is being raised against methods which now exist on the New York exchange. Manufactu rers cannot use it for hedging pur poses; time and time again its com mittees have recommended that it es tablish warehouses of certification in the South from which cotton could be delivered for contracts bought on the New York exchange. Recommenda tions of this committee were endorsed by leaders of the manufacturers all to no purpose, and as a result New York has lost he ropportunity; she has killed the goose that laid the golden egg. New Orleans, by establishing ware houses of certification at concentra tion points throughout the cotton belt, 1 by making certain radical changes in th- rules and regulations so that a contract will assure the delivery of spot Cotton from these certified ware houses, can become a great spot ex change, absolutely controlling the situation. With warehouses in every county and parish throughout the length and breadth o fthe cotton melt, operating under the State or federal warehouse act, with concentration warehouses. with government graders for all of these warehouses, we are facing the most complete change In the cotton industry that has ever, occurred since the first slave was sold for the pur pose of producing cotton and which resulted in the South swapping her hirthright, for at bitter mess of pot tage. The handwritting has appeared on the wall; special committees have been appointed by the New England spinners to confer with the New York exchange; special committees have been appointed by the New York ex change; great dissatisfaction exists. not only throughout the entire cotton 'ndustry, but among the members of the New York exchange. Chicago Is Bidding Chicago is making a bid for this business. In a recent addiress before the ChIlicago Board oif Trade. Theodlore B. Price unhesitatingly recommiendedl that Chicago take steps to establish at spot exchlange for the ent ire cotton b~elt, which was tributary to Chicago andl not to Now York. The New Orleans exchange, the Chatmber of Commtere. of New Orleatns and the Chambers of Commerce from the vatiious cities of the .SouthI should immaediately take steps to cooperate in the establishment of this exchange aindl effect this great changze in the cotton indutstry. OpportuIn it y is kniock ig. She offers a gohlen noo tau - leg,. of chaan'ing these atntiqotatl mlethtods whiichl were (establ ished ini the h-a'dl int' of celt n in ablouat IM so,9 that by this ihuange thte !rineei~ir ian I thie manuitfetuirer inl uver', lit' of thu fot.n Shedstry will receia y1reat han' fit. heoffais a gole n por1tu- t 'ity toa lie South to attenda to, her ck Comp 0ORT C( - $l,090.00 1Tn 2 Ton - -$1,090.00 SED) CARS ock of UpCnnlem tn oppotrunity ? Common sen'ie tells us but one answer, and the answer she dictates is "Yes." The, Textile World Journal in an editorial entitled "A Better Contract,' says: "That the New York Cotton Ex change could perform an important service to the industry, and at the same time tend to correct the very, generally accepted opinion that the exchange is operated solely for spec ulative purposes, by revising its con tract to allow delivery on it of certi fied, cotton at bonded warehouses in various concentration centers through ut the country, has been suggested in these columns at various times. The lame plan has also been alvocated by cotton growers' associations, but Lhe oflicials of the exchange have never given evidence that the sug:ges lions warranted their serious consid Lration. Now that the National Coun il of American Cotton Manufatcturers has appointed a committee to confer with the oflicials of a focal exchane- e on this subject it is possible and prob able that the latter will at least give it serious thought. I'll ra-Conservatives. "There is a certain tilt ra-conserva t.ive, old fogy element of the exchane;e that will continue to fight against in novations ani that is perfectly satis lied with ol btlsiress condition>;, but a constantly increasing number of its members is alive to the modern idea of giving max imium service to their clientele, to the importance of a broader contract, and to the desira bility of making concessions to crit cis among growers and man'mfact.urers that may tend to check further re strictive legislation. Not all of them may he able to visualize the impor tance to the industry of a real spot market, or of facilitating transactions im actual cotton, but they do believe in the principle of t-ivin g maximum possible service to their customers, and there is excellent reason for be lieving that, if the proposition of the, national council were put to a test vote it would receive the support of a majority of the exchange members." With the contracts cailing for the delivery, or carrying the privilege of delivery from the great warehouses in New Orleans or at certain warehouses in the various cotton producing States or from certain warehouses of certifi cation, the price of cotton would be regulated by the law of supply and demand. Each contract. would mean that the cotton specifled therin could he secured. low is it Iossible for the law of supply and demnem-,d to operate today-January and March hundreds of points nbove .July, May? If a man ifact urer attempts to hedge his cot ton by selling July he will he caught btetween the upper and the lower mill stone and ground to it pulp. The law of supply and demand is an unknown oua at ity on a market which does not carry the guarantee of 'telivery of the property. The great law has long since been dynamited and has censed to function. The price of cotton is subject to the whims of the manipu lators; the producer nays the penalty; the maniufacturer and consumer of cot ton goods, of course, also stiffer. Establish Spot Exchange. The establishment of a spot ex change. with warehouses of certifica tion and warehouses as oultined above is .iust as necessar yto the proper hv'ndling and economic reform in the cot ton industry as air and water are to human life. This reform ahs the endorsement of the manufacturer and in fact, practically every elgiti mate line of the cotton industry and will meet with their coopera(tion. Chicago Has Already Taken Action. Delay is Dangerous. The cotton prodceer certainly feels that New Orleans is the logical point to institute this great reform and can not agree with the statement mae in ('ica go that. the coitton prmoduict ion see tios o the South are tributar y to Chricago. T he is chage will mean that for the first t ime cotton, with only one com-. mtodity to it -- gold will t-ake its ptropter place. The lawv of souppl1y and dem andi will mean active cammpetition ft om the va rious lines of the cottoti indlustr-y fronm the legitimate specu lator and investor. It mteans~ that no longer will cottoe' he the football of oddmber. Tfhis change will remove the ma~nipulator and parasite, as his oppor)OtuniityV to opherat e wilt he re moved. The- produ ctr, of courwse. had no voiceO in the es'abitihnment tf the ex chiange it New Yiork ii '9: it Sotibl wasI then bankriupt. ('onditionts to-hiy 'ire f-ti ditfferent.I Tey r-tiztne thle nit i thf I lit. iht wo~il Nwfr lean d t Wh t w\l t v-iri s > citie elhanges in op mrt ton ? Wht will the Phone No. 20 )RBI'TTI TRtUC'KS Gulf L~ubriennult. the business men of the South do? Don't forget that not only the pro ducer and manufacturer, but, in fact, every legitimate line of the cotton in dustry will be greatly benefited by this change. J. S. Wannamaker, 'resident, A merican Cotton Ass'ni. Keep Your Liver Active, Your System Purified and Free From. Colds by Taking Calotabs, the Nausealess Calomel Tablets, that are De lightful, Safe and Sure. Pllysiciains and Druggists are advia in~ their friciuls to keep their systems puril 'd1n(d their organs in perfect workcingt ordecr asl a protection against the return of influenza. They kaow that a cloged up systim and a lazy liver favor colds, influenza and serious comnplientions. To cut short a cold overnight and te prevent serious eciiplications tako one Calotab it hiedti no with a swallow of W. t*r- -that's all. No salts, no nausea, no 1griplingI , no sihenin g after effects. Next ornuing your ceol has vanished, your liver is active, your system is puri flied al refreshed and you are feeling fine w ith a heairty alipe!tito for break fast. ],a:t whiiat yout p;leare---no dangler. C'alotabs arue will onlyv in originatl scealed plu 1:,;s, p: rce th:rty-f ivae centa. Every dru ,ist is authorized to refund your mioney' if you are no' perfectly delighted with Calotabs.----(Aiv.) Professional Cards JNO. G. DINKINS Attorney-at-Law MANNING, S. C. DuRANT & E-LLERBE Attorneys at Law MANNING. S. C. R. O. Purdy. S. Oliver O'Bryan 'URDY & O'BRYAN Attorneys and Counselors at Law. MANNING. S. C. FR ED LESESNE Attorney at Law Office T'hree )oors Below Post Office MANNING. S. C. DR. J. A. COLE, Dentist, MANNING, S. C. Upstairs Over Weinberg's Corner .310Nl'EY TO, LOA N On Real E'state - Smtall andi ILarge .J. W. WIDEMIA N M ANNIN G, S. C. Al Iorne'y-at-La4w MANr~iNG, S. C. //'Pays You ToS/ri M. SABEL & SONS '& n.s. s Iou sville, Ky. The Sonth's luiest ud otdest fur. hide ,d wel hor..s CYPRESS SASIP DOORS BLINDS MOULDINGS AND - MILL WOR K