University of South Carolina Libraries
flfi ?gggggs 0WDTHERN PUHTU8 BOBBED. Continued from Page 1.) profit* on contract* 'a* quickly as ?oastble. The future exchange, as w* sac, Is the gainblig side of the cotton' bust* as* and therefore the rotten bide. It Is mora of a sham than an essential W cotton market, a clearing house for Mk gambling in fictitious- cotton. ' A trader may either buy or sell, play the market either way, whether . , or not he owns a bale of cotton. This form of speculative Belling is certainly abusive to the interests of the cotton grower. The trader may "short sell" any amount of cotton he so' desires, provided he has sufficient funds to margin the sale. For inatanna Via A enniiaala a Kmlrnv fn ? o inuv c, ?UI* A I U?9?D wt W?VWI vw sell 1,000 bales (or December delivery at 20 1-2 cents a pound. The broker makes the sale on the exchange and then gives Mr. A a statement, reading: "We have this day sold (or your account 1,000 bales, December delivery, 20 1-2 cents. On the back of the statement, the following condition is printed: "AH orders (or the purchase or sale of any article are received and executed with the distinct understanding that sactual delivery is contemplated . T. " Thus the transaction is given the flavor of a legitimate trade and is made within the law. Short selling, although conducted on paper, has as much weight in depressing prices as though actual cotton were being sold. Mr. A exercises as much weight upon the price level when he "sells short"-4,000 bales as a farmer does when he sells 1,000 bales that he has produced by the sweat of his brow, on 5,000 acres at a cost of some $76,000. Mr. A is allowed to "short sell" 1,000 bales on a capital of $^7,500,'which is the usual margin required by brokers, and which is exactly one-tenth the amount the planter has to pay to produoe and sell 1,000 bales. No wonder the planter is discouraged ?when the whole world can sell * cotton, speculatively, at one-tenth the cost of production. The small proportion ot real to tlctiiAuU* cottou uealt in on the New . lor* una i\e?v Orleans Cotton excuauges may ue known when we conbiuei mat the total sules on tnese txciiuw^es#per annum aggregates 10 minion Dales, future excuauges cannot luuction as essential maraets so long as speculation Is allowed to crowu out legitimate trading. lne ueeus 01 the situation call tor teuerai laws to strike uirectty at speculation, especially short selling, compelling the seller to furnish a receipt snowing tl^at he owua spuuiuDie cotton or holds an option op tue aiuouut he wishes to hedge. Free speculation, as it now exists, causes prices to be radical, uncertain, 11 leg u. mate, up 100 points one day anu uowu lUU the next day, and torever nerve-racking to the trade, ^iu recent years prices nave covered a wide range and speculation nas grown to such proportions that the exchanges have had to pass rule* torbiuuing 'prices to fluctuate more tham 200 points from the close of one sessiou ot trading to the close of the following session. Speculation has cost the farmer, who Is the backbone of American commercial and social progress, more than 10 billion dollars in the past 30 years. Short selling costs him from 25 to 40 per cent of the profit on his product. It is the grim reape-.* ot the proms mat ne snouiu ntv?. Cotton future exchanges, on the ether hand, can be useful as insurance markets. Growers owning cotton can protect its price by hedge sales on the exchanges?that is, by adlling contracts against their stocks. Should a break.occur in the market, they ere protected, as their cotton haa been sold on contract at higher prlpes. ' ? Had to Pass Up Football. * A boy in a South Carolina college Joined the football squad, says the Dillon Herald. His weekly letters to his mother spoke of nothing but "punts,? "end runs," "forward passes." "touch dQwns," etc. The monthly reports did not show up rery well. -The mother soon wearied of such stuff. Then she took her peb and in hand and wrote as follows: "If you are going to college to study, I'll pay the bill; if you ire going there to play football, you'll pay the bill " The boy decided to study. Thous^ and of parents are facing the same problem. Football was started to build up the college spirit and now it is killing it. It la the topic of the hour outside yt the class rooms. The crdke has reached the high schools and football has * become an obsession with students of ail grades. Recently the football' squad of a leading Southern college . #ent on a three weeks' tour of the North. A professor accompanied the wvjrw u?' Bwr out one con im?Clne how much studying they did Sforta and fan are neeeaaary In hit* aehools and colleger, bat the football ante has reached proportions poet* ^Ddhryltdi In aow and do >oar . *W*. - a.T'* ' ' Ik ', * " 7* Ml FOE* mil , ' " ' ^ || WHICH ARE THE MOST IMPORTANT OF ALL THE ROOMS IN YOUR HOME? Without much hesitation you will no doubt name the following three: BED ROOM, DINING ROOM, KITCHEN. In buying the vast stock we have for your inspection, we paid special at- j tention to the three rooms you have in mind. Bed Room Suites in old ivory, walnut and mahogany, and of course, oak. Suites complete or in part. We can supply any piece from the most stylish . Vanity to the smallest chair. Dining Room Suites in mahogany and oak. We call your attention to our 10 peice suites in mahogany. Best value for the momey on todays market. For your Kitchen'we can supply you with cabinets, ranges, oil cook stoves, enamel and procalin top tables. Chairs, stools and water heaters. Indeed we can make your kitchen a place of joy and beauty. And of course for the Living Rpom we have a complete stock. Don't. neglect your hall. It is not necessary when, for a few dollars, you can get a beautiful Console Table with - mirror to match. Also we have many Hall Racks and Trees from which to select.. Rugs and Floor Coverings for every part of the house YOUNG & WOLFE WE FRAME PICTURES 1 ? TWO LOAVES ROCK HILL BREAD * A FIFTEEN CENTS AT FORT MILL GROCERIES 4 <? . x |f*' % ^ * f | Young, Wolfe & Parks % Funeral Directors and f Embalmers ii MOTOR EQUIPMENT i i < Day Phones 144 and 34; Night Phone 34 : FORT MILL. . SOUTH CAROLINA M " ' ' * '%- ' " . -*v** f ? <a.o.)Att . ?mmmmmmmm? ' JW?^ a The package suggests it. . Your taste confirms it. *f The sales prove it. Over 'J billion sold yearly ^ . J J : J , lincrrr 8c Myers Tobacco Co. A BUSY G1 There are few idle morr Grocery Store. " i '1 ? ii 1%a/?a*?aa ma mm X 1119 IS 9U 11ICX1 learned where to find the bes found in this section and alws We make a specialty of Butter and Eggs, and Meat. ... . Port Mill Coope EL S. PARKS, M % * ????' WM . f THE SAVINGS I "* ju ~"n . t 'V. Offers free clearance of drafts. and the %Serrice an ifould naturally expect of , , \ V \ READ THE TIMES JOB I # ?" Af BVSKY tEU . m m AT THE Ti: ^ i j FOB HOME NEWSIFORI MIL! HHMP1-\ 'IWJU. 1* "TH tV. ^ v<" r " '^3K5IB - . ?: . ? ' i iTIu ' - -yp.X'S. - V < * < * -* )> ? ' . % r. " ^ '' . * -OJ** ' r ' ' V' V * ' |?* ,JTi jS* !9BaB99SBaBBBBBB====BSeBBBBB=aaea . % ^ V * ? . .. r % llil IGARETTES U ,Q4fb<*? 1 EtOCERY lents for the help at this ly Fort Mill people have ( am#] 1-Mr> n h #\ n ! C#va#1 (#v I ailU llCSllCdl A UUU AAA UC lys at reasonable prices. Country Produce, Fruit, * -r rative Store , / [anager. # ? 9 BANK OF FORT MILL iO-OPERATING WITH HANTS I FARMERS BANK NEVILLE, N. C. ' each others checks and d Accommodation you your om home flank. PRINTING MES OFFICE - - PHONE 112 [i ' - - South Carolina ; V r*. - / - /. '. * ' *