Fort Mill times. (Fort Mill, S.C.) 1892-current, November 09, 1922, Image 3
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
"
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? <a.o.)Att
.
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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
%
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WM . f THE SAVINGS I
"* ju
~"n
. t 'V.
Offers free clearance of
drafts. and the %Serrice an
ifould naturally expect of
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READ THE TIMES JOB I
# ?" Af BVSKY
tEU . m m
AT THE Ti:
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FOB HOME NEWSIFORI MIL!
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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*. - / - /. '. * ' *