Historical Newspapers of South Carolina

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one In a new package At a price that fi The same unmatch TURKISH. VIRGINIA Guaranteed by WHY THE FARMERS OPPOSE THE GRAIN EXCHANGE He Believes It Is Used to Manipulate Prices at His Expense (By Earl Christmas) Farmers have made frequent pro test against the system through which they must market their wheat. Dif ferent practices of the grain ex changes have stirred them to revolt. But nothing connected with the whole system has aroused such discussion as the excessive speculation that is car ried on in grain "futures." A "future," as the term is general ly used, is a contract or the purchase and sale of grain to be delivered (lur ing some future month. The agree ment specifies the time and the price, but payment, as well as delive- c, is postponed. The nman who sells the future may not have the grain which he agrees to deliver. I1e may never have the ac tual grain. Hie may think that the market is going to fall before the time for delivery and expect to buy another future, or contract for wheat, at a cheaper price, and thus reap a profit in balancing the two transac tions. In other words, he is speculat ing from day to day on the future price of wheat. 'Trading in these fu tures may beghin months before the harvest, often long before the crop is planted even. Settlements are made by the payment of diflerences when the timer for delivery arrives. The futur:' market is used also as a protective measure. Since the price Of cash grain and the price of the future usually rise and fall together, dealers when making cash purchases or sales protect themselves by sinm ul taneous future transactions on the other side of the market. This is calleds "hedging." A country elevator may buy 5,000 bushels of wheat one day at the mar ket price for that day. Before it (anl get. that giain sold on the Mlinnea pol is market, however, the price may be 10 cents lower, or" even more. To guard aga instI that, the elevator man, when he makes his (lay's purchase, wires to his broler in Mlinneapolis to sell i),0t0t hulshils ofut ur 1es. When his aetual grain arrives at. the market some time latter, he also closes out. the fueture tra nsaetionl by buying 5,(100(1 hiushecls l ini other futuretis to .satisfy~ hi~s If i:wittrket his tiseni, thme ('leva-' tir mn htas minl mirwy un his es wvheat, ain I lost iin hiis turei'(s. If the pirice has failh-n, he' has loi.t in it : tn v eni it, thle i's: in itt uin' usuall 1y ist abu:t habuwe,'(s the liss in the theri. The' "hIedge"i' tus ats is a vind f itrnce im deales a jt the t: rm ia andi iltlwI.~ nuler uI t he t s':uniei pln f hItt in thir purofcha 'u. iuet ain 'e in full tit Ili,\i'en siI 4' pecuI at :i n on' th ii rain ex-e tothan' is, :w~ been teI 'ubjec of that I ar t ast n i* t ot( (th' I P u rft a nil Isr with t4 lr iii o f he "ii t."a iTh i dera 5 '4 Tatd e ( 'It iii en, ft~i Ier a i-uy f hersi as t liene iiuohxi of futus , determi' i ie v that. the I t is forea. thUtis ('hiego arofT aoa lit----jstr president of th e illed wi i . 4y-,t tfi ('ra l lo' ini rsu ity, who( iw-s pritudy'i of te whue tiorld put'he niushe a t atls 0,000,000,000 ses in Wth 'illg mrkelis about hor5e giveun wthel a ear.p n o herl s wdswallow taherf bushcel tof fu-e th eal Inid of the mohcv threto Post Office orderntfor the mndherio tr Rn ineana l dihiuns onicaro pitdut hih-bi Do sa lle P.t Oaselain 1133otig e eleven cigarettes -'77ree I~lendly Gentlemen TURKISH VIRGINIA BURLEY fFIFTEEN that fits the pocket ts the pocket-book ed blend of and BURLEY Tobaccos P 1 IFT H AVE. bushels are bought anld sold in the pit. Deliveries are rarely made on the contr-acts. Some traders have esti mated the actual deliveries of wheat at less than one per cent. Minneapolis is a greater cash wheat market than Chicago, but trading in futures is much smaller, amounting to about 1,400,000,000 bushels a year, according to the Federal Trae Coin mission. The great futures market is centered in the Chicago pit. We have the statement of Senator Arthur Capper's paper that "it is be coming more and more evident that the grain pit of the Chicago Board of Trade is the most colossal gamb Iing hell the world has ever known." Senator Capper says the 1920 corn crop was sold 14 times over before it was marketed, that farmers lost millions and the "lambs" who played the game lost other millions. Commissions on cash sales do not pay the admitted expenses of the big commission houses. One -Chicago house, reported by the Federal 'T'rade Commission, received $37,000 in com missions on cash grain sales in 191.G and $1,330,00 Oin commissions on fu ture transactions. Even on the con servative figures of Professor Boyle, conlissions on these future trades n the Chicago pit amount to $12,500, 000 a year, while no accurate estimate of the winnings of the speculators have been possible, though vast sums must be involved when 20,000,000,000 bushels of grain are bought and sold in a year. Over private wires, the Chicago house:; send out, their "gossip" to the branch houses :aII over the country. Says the 'e1deraI ''r ale C minission's report: "Al uch that. is sent over the wires is of the nature of rumor, some is doubtless sheer invention, and of ten dishonest invention to influence prices to one's advantage." Some times there is advice as to the time to buy. Vast fortunes have been mame aid lost in grain speculation. The private wire system have put more than 200 cities in direct, (aily contact with the pit, and increasing numbers are being induced to play the market. Twen ty billions of bushels of wheat-even the (oimissionls on this phantom gran amiounit to more than $12,1000,00(1 a year at the most c(onser-vative ti'ures! Ilow, who pays the toll? Why is this slmceulation tolerated ? 'I'haiit question has hroiight. out, ac ((rding to many observers, the" fact. thit even the ill; of speculation Ire itot unmi'ixed wvit It g.ood. W',hether thet th-'!wnt up im oln wh leht side of1 te fence yout4I happn to b. 'lT' thleory of the gr'ain exchange is that futurme tadine' takes up the risk in ha:nil i ng- irain , :1ri urv'es to( haw. ''r thle iomr4trint 1,. lw t n the pr4'lihwer'b and1 liin- milk-r. Tis also is tw (V'ww 4of many1\ econois444ts. Thet specu'iii:tor stepsI' in whnt thleret is 1 a 4 l'sene' I' 4 ('iis it. Ini44 4 o ther i wors, hei t :tk[4s up if I IU- 14ui4 r''. 'e\';.tti'r cou;t i i In br " it 4urch:<e~4, th ii' ra:4in '. : w 44b l'it 4 hhnsel facedii w4iih the'li b Itoreiie '' ub l I ' ge41't his' purch14 i i 4ar"' t Hei . 44''4 lls utur44 It 4,4 li' he: is t' 44ed. br1 lther wort (4 , theiis a 4 a lin r4 k in hand 4'S 4441lig l:ri 4, mitt Ih' specut'4:V 444r 44''''4 sim l a 4Su 4. Ih 44f4 th4 144 44 ry t lv t r a ill'44..'i 5 4' n4 ot~ :lit tis i li anc'tt'I, i 14 hoi5, have\' to4 take1 in whh-r marge in' protvt iof uj.r. trolinnSowob f thner Ii 411 ('t (4 111n merchat.g in wohig th ll. It11 he to-ophave ewier~t4sC mr hw or mue co of he coli.em fals rl ring Tne hcuaors d oty av th ifts.o Whn-is the cinettofches cisae up the erwetrSn ic ae! h llay the posatage to you. y.Abu erorduer wo h clc ti URPHY, COLUMBIA,.S. C. Common Sense About Eczema and Eruptions! Here's Something AboutS. S.S. That You'll Be Glad to Hear. You might just as well know it right now--the cause of skin eruptions, Dimpleof blackheads, boils and so on, is right in the blood. There is no got ting away from it. Science has proved It. We prove it. You can prove it. When the cause of skin troubles and eruptions is in the blood, it isn't com Let S. S. S. Givo You An Angelie Skint mon sense to sinply treat the skin. A bottle of S. S. S. will provo to you what is happening in your blood. S.S.S. is a scientific blootd cleanser.-it drives out the impurities which cause eczema, tetter, rash, pimples, boils, blackheads, blotches and other skin eruptions. When these impurities are driven out, you can't stop several very nice things from happening. Your lips turn nat urally rosy. Your eyes sparkle, yotur complexion clears. It becomes beau tiful. Your face looks like that of a prosperous, ruddy, well-fed, refined gentleman, or if you are a woman, your complexion becomes the real kind that the wholo world so admires. S.S.S. Is also a powerful body-builder, be cause it builds new and more blood cells. That's why it fills out sunken cheeks, bony necks, thin limbs, helps regain lost flesh. It costs little to have this happen to you. S. S. S. is sold at all drug stores, In two- sizes. The larger size Is the more econonm L HOW TO FERTILIZE SWEET POTATOES Clemson Cr e, April 17.-The following suggestions for fertilizing sweet potatoes are recommended to South Carolina farmers by the con mi ttee recently appointed by Director Long to formulate a policy for de veloping the sweet potato inustry in this state. The policy, published as Extension Circular 34, may be had upon application from the Exten sion Service, Clemson College, S. C. Kind-As a rule 8-3-3 is recom mended, for clayey soils and 8-3-6 for the lighter and poorer soils. Ilowever, the growers should be governed to a large extent by local c((nditions. Tine use of stable ma nure is cautiously recontnended, since if improperly applied it re sults in disease. Nitrate of soda and sulphate of ammonia, if used, should he used with caution. A mount-Four hundred to six hundred pounds per acre of the pro per formula should be used on soils which produce a b,.le of cotton per acre Six hundred to twelve hun dred pounds per acre should be used on the lighter and poorer 'soils. I low A pplied--- Fertilizer should be applied in the drill and mixed well with the soil. If barnyard ma nure is used, it should he applied broadcast and preferably given to the preceding crop. I If ESII EGGS T. I'IIE YEAlt C lemison College, A pil 17.-1)uri ng A pil I: and Alaty, wh'len t'ggs are pleniti-. f'ul, ofi hiigher quality, and thle mar (ot. price is ver'y low, is the best time to pieserve eggs, accordinug to N. JZ. Alchrhof', Extension Poultry Sp teia list, whot suggests that only sI rictl y fr'esh egg,; should he preserv ed, t hat dirity eggs or eggs that have h< en waoshedo shoul not be used, that washed eggs will not keep beeatuse t he protetivye con:1t ing has been re mo~ved b ythe washing, and dirt~y ecgs will becomen tninted in flavor', and t hat inafertile eggs air' bettei' t hoan fert ile eggs for preI~'cseirving. Thei water p lass mtethod is one of t he mos110t salis5fatery m v ethtode t~o use. Their comnmericial watteri glass, which ~oan he booght at anyo drug store, is us''d ini the following proport ion: I oquarit ,of water glass to 10 (juarts Water that. has been botiled and thlen (0ooled is pit fer uable. The mix Itire shoub be1It st irred uint il the in grt'dIiet'i s are thooghly mixed. A ('lean stone jari is the most suit abule coatainer. TIhe eggs should be phr~eedl in t' water glass so that those at the top are covered by at least two imnches of t he liquid. The ja r had best he ('overedl in order to XPECT MOTHER For Three Generation. Have Mad. Chld-Blrth Watapos DOOKLhT om MOTHERHOODAnointS BASY. vast safeguard at present. On the other hand, a very large number of farm era are against all future selling, and point out that hedging is needed only as a protection from the manipula tions of the speculators. Orderly movement of the farmers' crops to market Is the only stabilizer needed, they say.' Manipulation-that is the week point in the case of proponents of fu ture selling. Farmers in increasing numbers feel that the machinery of the grain exchange is used by the speculators to force down the price of wheat while the farmer has it to sell, and then to raise it after he sells. Professor Boyle and the economists are apt to say that supply and demand determine the price of wheat. But the farmers are not convinced. J. M. Anderson, president of the Equity Co-operative Exchange, and Mr. Drake, its attorney, say that within certain limits imposed by the law of supply &tnd demand, the speculators can raise or lower the price of wheat at will. On the morning of January 21, 1921, all the market news was optimistic. It was reported that the Armour in terests began sellire, large holdings of March wheat. In three hours, the price of March wheat dropped more than six cents in Chicago, and 13 cents in Minneapolis. And, the gov ernment report adds, cash prices de clined more than futures! Dissatisfaction of the farmers over this kind of thing forced a future trading acting through Congress last year. It placed grain exchanges un der the supervision of the Secretary of Agriculture, and abolished privil eges, one form of future selling. A privilege amounts to an option to buy or sell at future. Trading in fu tures proper will continue, however. The act also provided that co-opera tive marketing organizations must be admitted to the grain exchanges. Ac tion brought in the courts by the grain interests in an effort to defeat this law is pending now. Distrust of the grain exchange has led to plans of the farmers to do their own selling in the market places. The United States Grain Growers, Incorporate(d, latest venture along this line, already has 35,000 members and a crop of 90,000,000 bushels pledged to a farmer-market ing agency. In fact, the growth of the whole co-operative movement in the grain industry bears witness to the dissatisfaltion of the farmers over the grain marketing marhinery. The farmers' elevator movement be gan soon after 1900. The appearance of the co-operative elevator raised the price of grain several cents a bushel in its locality. But the co operative elevators encountered open warfare on the part of the grain dealers, particularly in the Chicago territory. Commission houses which hand led grain) from the farmers' ele vator. were boycotted yy regular, shippers. But the farmers' elevators, growinig to more than 5,000 in num rer and handling a greater propor tion of the crop, soon became so pouterful that. this practice had to be ;'handoned. But the grain exchange still remains virtually a closed cor poration as far as th. co-operative elevator is conmerned. Another stage in the battle is now at hand. The co operative movement is knocking at the door of the grain exchange. The co-operative organizations haven't been received with open arms at the grain exchanges. Evidence presented at a hearing conducted by the Minnesota legislatore showed how the Minnesota Farmers' Exchange, a co-operative orga nizatio n, came to grief when it tried to sell on the Minneapolis Cham ber of Commerce. It houtdt a membthership for $.1,200, butt the board of directors refused to approve of its membership. 'The compitany then had to sell through a commtission house. Onte (lay when('t it had 12 ears1 oft wheat belong ingL~ to thtese farmentrs, this house fail i'd, andIP anlothIer' comm1isisiion house, a i'rediitor oft thefist, 12ot the 12 (car. of whteat. The1 lnmers lost their graitn, valuied att 81 2,1000. 'They appleiifd to thle (Chambelr of' ('ommerce, bus~ fcould not obtaini sat isfact in, andit thn ('om Tlhen, ther"e is the Equityt Co'I-operal in St. l'auli ant a line o count ry ('lf IDakLot a, und ini :oldit ion hamdlefs grin and livesticki for' memberll'i' aol pat 'Inn ont a conunllisjion bab is. It has a .\l. A pderson, its presitdent. Tlh' iia:I.e, wrvl~in' thlese thouidsmnii oft f'arm~es, can't sell a bushel oft wheat oni tihe ('hiahero' of C'~omercef of .\lini ests, the Equnity has e'stabllishled in St. P autl a rival gra:ini exchanitge, inc'ident lly I the (inly\ open (exchan tge in the anud Ithe' ((-operativle ('omlpa ny have TIhe E'quity aIppea'iledf toi he' I'-''eera 'Traduie ('onnnissiont, and1( the connolis .\linapoliIis C ha imer' of iCommerce with usinig unfatit'r ( mehods ande tt tteml~hing top destroty the Equnity Co the Egatilty Co(-operlative* Eixchanige waP'ls madelf to the F'edera~I l''Tade Com.. missiotn in A pril, 191 7. Tlhe comn ;laint o f'the 'omimission), made after an0 (xtensive investigatifo, was is stied thriee' atnd a halIf yearis later'. Since that time other dlalys have in tf'rposedI, andi hearing fli the comn plaint is yet to be held. TIhe nominal reason of the grain exchange for wishing to excludle co operative marketing organizations lies in the 0old rule against rebates. Tfhe exchnnge contends that when a co-operative turns back its earnings as a patronage dividlendh, that is re bating. The exchanges have a uni form commission rule. The more ob vious objection, however, is that the co-operative agency, by selling at cost, wIll get a large share of the business, andl drive off the market many of the men who make their liv ing trading in grain.-The Dearborn Indendnent. prevent evaporation, and stored in a cool place. NOTICE OF DISCHARGE I will a pply to the Judge of Pro bate for Clarendon County on the 1st day of May 1922, at 11 o'clock A. M. for Letters of Discharge as Adminis trator of the Estate of Clara Eadon, deceased. Isaac Y. Eadon, pd. Administrator. Summerton, S. C., March 31, 1922. NOTICE OF DISCHARGE I will apply to the Judge of Pro bate for Clarendon County on the 1st day of May, 1922, at eleven o'clock A. M. for Letters of Discharge as ad ministrator of the estate of Joseph E. Graham, deceased. Horace D. Graham, pd. Administrator. Foreston, S. C., March 31, 1922. CITATION NOTICE The State of South Carolina, County of Clarendon. By J. M. Windham, Probate Judge: Whereas Mary A. Gamble made suit to me to grant her Letters of Ad ministration of the Estate and effects of Joseph W. Gamble. These are therefore, to cite and ad EAGLE "MIKADO" For Sale at your Dealer ASK FOR THE YELLOW PE EAGLE I EAGLE PENCIL COI Three cows and a De Lava make more money than fou cows with other method , Thousands upon thousands of co ers have already proved this statemer If you are selling cream or maki ter, and have no separator or else an machine, we know if we could pul Laval on your place we would be do a personal favor. A De Laval costs only a little me the cheapest separator, and will sa twice as much and last five to ten t long cs others. L ARENDON COUNTY DISTRIBUTOI See Us For De /mprc - install checla Systen serViCi To cc OY frauds our this s tear oi & G Z desire< theret of ch shouk dishor OUR E Chec ervke all our THE BANK JOS EPIE SRROITT PrestdAnt JAMES SPROTC monish all and ingular the Kindte1*. and Creditors of the said Joseph W. Gamble deceased, that they be and a p ear before me, in the Court of Prod bate, to be held at Manning on the 24th day of April next, after publican tion hereof, at 11 o'clock in the fore noon, to show cause, if any they haves why the said Administration should not be granted. Given under my hand this 8th day of April Anne Domini, 1922. J. M. Windham pd. Judge of Probate. NOTICE OF DISCHARGE I will apply to the Judge of Pro bate for Clarendon County on the 10th day of May, 1922, at 11 o'clock A. M. for Letters of Discharge as Ad ministrator of the Estate of S. M. Hlaynesworth, deceased. J. R. Haynesworth, pd. Administrator. Manning, S. C., April 10, 1922. NOTICE OF DISCHARGE, I will apply to the Judge of Pro bate for Clarendon County on the 1st (lay of May, 1922 at 11 o'clock A. M. for Letters of Discharge as Executor of the Estate of John H. Hudnall, deceased. M. B. Hudnall, pd. Executor Alcolu, S. C., April 1, 1922. Pencil No.174 Made in five grades NCIL WITH THE RED BAND MIKADO 4PANY, NEW YORK 62% of the separators in lt iMinnesota are Dc Lavals. I r . v own it. rig but inferior a De ing you re than ve you imes as MOTOR CO. S. Manning, S. C. sirable Terms. our depositors with cking accounts, we have d this new system of known as the Protectu i, as an added improved mbat the numerous caused by raising checks, ystem enables you to f your check at amount I [like a money order), 'y insuring the amount eck from being raised I it get lost, or fall into Lest hands. PROTECT U :k System , are considering opening a g account, by all means come ce this additional improved that we are r~ivng free to CU8t01Der8. BS AND A ROLL OF MANNING T. M. MOUZON, Cashier r, Assistant Cashier