The county record. [volume] (Kingstree, S.C.) 1885-1975, July 04, 1907, Image 2
% '
THE PROPCSED SCHEME
OF COTTON BANKS.
A CLOSE AND LRiTlCAL ANALYSIS OF
THE SIBJECT AND THE SEVERAL
SIDES TOIL
The fol'.veditorial ui
Charleston .\hw.* A. Chniir is s :
timelv am: n :?> |.... that wc reproduce
it t\*.' t ,ir ri.tul ('t OUT *
readers. mcs: cf *>n. are rested 1
hi thesunvet discussed:
Merchants who buy c >tton and s f
store it ate a positive ami Consider- *
able factor ia fixing the prices of,'
the staple, Thus. when the farmers!1
h.Ve sold a larjr pr ^portion of the |*
crop to cotto:. merchants and it is in ;:
*r.e:: hands, their holding or selling !
affects the price w hich the spinners, j t
the ultimate bavers of raw cotton, (
i
pa* for it. When two million bales I
of CCtton are in the hands of iner-1 i
chants. thev may be able, within jv
I
limitations, to dictate the prices I
which rale in the market. j
The scheme of the Southern Cot- r
* ton association, which was outlined c
in oar Columbia corresj?ondenoe 1
yesterday, contemplates organizing c
rVm nrni)np?i'4 into Sllinll 0
? IV VVfcWV*.
corporations whose business will be I ^
that of cotton merchants, dealing je
exclusively in "spots." The farm- ^
ors of a neighborhood are to sub- *
scribe enough money to build a f
"standard warehouse." That done, j
they wiil deposit, which is to say j d
lend, cotton to the company to be j I
used as its mercantile capita'. T he ^
company will proceed to hypothecate' P
the cotton it borrows for the money 11
of t:ic bunks and will then buy more 11
cotton, taking the cotton of the:r
negrc farmer and the poorer farmers.,1
Heretofore, it has proved difficult s
for the well-to-do farmers through j 0
their associations to control the crop!
raised bv the tenant and one-horse! t
\
farmer. Therr cotton, because they e
cannot afford to hold, has passed i
promptly into the hands of tli?-il
spuiner or merchant, i his object; *of
the new scheme is most excellent. a
Presumably the farmers, organ iz-j11
ir.g the concerns projK?sed by Mr E i ^
D Smith, will always strive to sell I ^
their cotton for the highest possible ^
. prices. Thus they will constitute a ?
body of "bulls. " The cotton mer-M
chants that we now have may be! a
bulls or bears. Having no special j
motive to prop the prices of cotton. >
cl call. I
GUI*}" IHU} UISO UCiM ili liuuira, ecu- i
ing or buving Hi judgment dictates,1 v
and so their aggregate influence !e
may be either to elevate or depress a
prices. i
We are not prepared to approve {
nor yet entirely to condemn the new
plan of th*.* Southern Cotton associa- r
lion. Is it a reasonably safe busi- j
rcsa, that of farmers or others forming
companies to deal in spot cotton? r
Ask yourself?do you want stock'in
a company which can hope to earn dividends
only by buying cotton and
selling it at an advance? The man
who deposits cotton with the com- '
pany becomes, virtually, a stock-1
holder to the extent of its value.1 (
When the cotton is pledged at the!
bank, it will be subject tJ sale for i:
the debt .of the company. If!
prices slump, the company must'1
put up more margin or it will be
sold, just as would shares of a lailroau
or cotton mill company, pledged
as security for a loan. Exemp-j j
tion from storage fees and insurance;
is, of course,only nominal remunera-1 (
tion tor capital contributed in the']
form of cotton. (
In short, the farmers who go into1
these proposed cotton companies will
partake of ail the speculative dangeis .,
which other cotton merchants invite,!
ualess the companies all over the
South are so numerous ami strong;
a''bull" element, which can be re-j j
lied upon to throw their strength as (
one man at al! times, that they will i
control and not be dependent wholly I1
on the voluntary whim of a number j
of independent organizations, which j
is to say, corner the market at will. | ]
Is that practicable? Otherwise, it is1 i
merely co-operative speculation. ,
No one w ill dispute that if the J
cotton producers can organize them- ]
selves into cotton merchants by j
forming corporations everywhere, i
constituting a solid, powerful and j
jiuinerous body of bull merchants, <
\ ^
6 al jl ft. JLXX A A Jl*
f Cs I to;; \\>> ild soar, but who
: . -! t\? ho utv also'
v- > a... lard o:," i> the best'
- : a tflM m ,
v of lr. the
4?t.S ather Cotton ass*eia-'
..v.- r..-.-:vly a*:\iso:\
1: 1: is accompli-!
* .5, :: :i:.:trly n:o:i' that: it u:,5
.4 r \t\! r>> i!v\ bv i:.f. rm:::2 the
r? iucers and by intiucia^ thein t
io! 1 cotton at the rialu time, and at
*ttimes to re*!tuv acreage. but it
:.is never had any ,-uv.ar l-> ?. fVr.v
!s decrees. I'.ftav i: w;?> ucvei a
: ust, having no actual control am;
iejunucrt wholely on tile voluntary
;upport of its membership. If, how
i _ . .. i \ ,
ver. uv ;uiv ue?ice i'K- .Ticii.ai.ii.
ihonM olain actual control of so!
iiUl'! cotton as that it might dictate!
rices, it would become a trust ai.d
he accusations of its enemies would j
ake on substance. If the:. th- pro-j
osed hanking scheme should prove
racticable, how can it exist without
Solatium the anti-trust laws?
Standard warehouses should be!
milt everywhere in the cotton
egion, so that at the lowest possible
ost the farmer could store his co*0:1
and obtain a receipt good as
ollateral at his bank. Then he)
ould do his own speculating andj
he farmers will i.ever be independ-;
!>?:> O V? 'AV1.1 i 1
Ill l( 11111 I1113 l^CUiC 13 ucu?wuu.
,\?tton in the farm gin house or in
lie weather i< not a good security i
or monev, but in the warehouse, it:
?. The cotton associations snould!
evote themselves to the woik of
>romoting the building of the ware- j
louses, and when they have been '
ilace.l convenient to all producers J
hroughout the cotton belt, the ,
producers will be in position to disribute
the selling of the crop1
hroughout the veur a:iu avoid
urreiidering the whole crop to mc-rhants
and spmu-.rs during t tie I
;arvesting months, which had been |
he great evil from which the farm-'
rs have suffered.
However, we have no objection to'
he agitation in favor of the proposed j
otton banks. The farmer who feels |
ble to enter a concern to speculate '
u snut cotton has a DeifeCt right to!
o so and, we opine, there is little j
anger that the companies *ill
ecorne either sufficiently numerous,
r sufficiently unified in theii cornet
as to'nieuace the world with
uother great trust.
Sunday-School.
There was a Sunday-school teacher
rho has three bovs in the class. To
ach of tlieui he gave a paper bank
,nd told him to return the followng
Sunday with all the pennies
ie could procure.
The following Sundav little
rommy Jones had two cents in his
>ank.
"How did you earn the two cents,
rommy?'' asked the teacher.
"3y selling papers," answered
rommy.
The next one, Johnny, hau 6 cents.
How did you earn your 6 cents,
Johnny?"
' By doing chores," replied
Johnny.
The third one, Willie Smith, had J
lb cents m his bank.
Ami how did you get tin tents, I
u'-ii- -i>'? .1?1 I
Millie, aaaei. uic mii (iiisuu icaiuci.
"By skidooing," promptly replied
Millie.
"What do vou mean by skidooing?asked
the teacher.
"Well, you see liiv father's aj
traveling salesman and only comes i
home about everv two weeks. He
ctnie home laat night and ran up
stairs ami kissed me and then he
kissed Ma and turning round lie gave,
me a (juarter and said: 'Now, Willie,'
vou skidoo.' "
Let me mail \ou free, to prove merit, 1
samples of my Dr Shoop's restorative. |
and my Hook on either Dyspepsia. The,
Heart, or The Kidneys. Address me,
Dr Shoop, Racine, Wis. Troubles of
the St<>mac!i, Heart or Kidneys, are
merely symtoms of a deeper ailment.
I >on't make the common error of treating
symtoms only. Symtom treat men;
is treating the result of vour ailment, J
and not the cause. Weak stomach j
nerves?the inside nerves? means
stomach weakness, always. And the I
Heart, and kidneys as well, have their i
controlling or inside nerves. Weaken J
these nerves, and you inevitab|v have
have weak vital organs. Here is where ,
Dr. Shoop's Restorative has made its,
fame. No other remedy even claims !
to treat the "inside nerves." Also for
bloating, biliousness, bad breath on
complexion, use Dr. Shoop's Restorative.
Write for my free book now. Dr.
Shoop's Restorative sold by D C Scott?
}. /
7WWVVVVVVV
^ Rickets.
tjs Simply the visible si
r:\ are not forming rapidlj
?3? Lack of nourishmen
?3? Scoffs Emxils
? entire system. Stimuli
T Exactly what baby
jQ, ALL DRUGGISTS: 50
^T) ' c^~
J Ssasonable yi
v
Farm Seech
?Cow Peas, Sorghums,c
Millets, Teosinte,
late Seed Potatoes,
Buckwheat, Vetches,
Crimson Clover, etc.
Wood'* Crop Special, giving
prices and timely information about
rveds that can he planted to
advantage and profit at different
seasons of the year, mailed free on
\ request. Write for It. i
T. W. WOOD & SONS, /
\ 'SEEDSMEN', /
^^RICHM?ND,
MAGAZINE _
|~| READERS
I
SUNSET MAGAZINE
beautifully illustrated, good stone* #? ? _
and article* about California and ^ Ow
all the Far WaL 3rt*r
CAMERA CRAFT
devoted each month to the ar- _
! tistic reproduction of the be*t $1.00
work of amateur and professional t yeAI
photographers.
ROAD OF A THOUSAND WONDERS
a book of 75 pages, containing
120 colored photographs of
[>0.75
picturesque spots in California
and Oregon. _____
Total . . . $3.25
All for . . . . $1.50
Address all orders to
SUIT SET MAGAZINE
Flood Building San Francisco
I PROCURED AND DrrCNDtDfc?*?0^!
drawing or photo, for expert search and free report.
Free adrioe, how"to obtain patents, trade marks,!
copyright* etc, in ALL COUNTRIES. I
I Business direct vith Washington sal es time,
money and often the pat-nt. I
Patent and tnfrinfemwt Practice Exclusively. I
Write or come to uj at I
tt liBtk Btrwt, on Halted State* Patent OflraJ
WASHINGTON, O. C. |
FOR SALE.
Brick in any quantity to suit purehu
rr. The B?-s"t Dry Press Mac'nfr.e-mad
ABEICE.!'
special shapes made to order. Com
pondeiir** solicited bet<>re nliuiiijr vov
orders. w. R. FUNK,"
THE NEW YORK WORLI
THRICE-A-WEEK EDITION
Keutl \\ herever the Kiiclish
l.anuuaxe is Spoken
The Thrice-a-Week World expect
to be a better paper in 1907 tha
ever before. In the course of th
year the issues for the next grey
Presidential campaign will be fort
shadowed, and everybody will wis
to keep informed. The Thrice-i
Week World, coming to you ever
other day, serves all the purposes u
u daily, and is far cheaper.
The news service of this paper i
constantly being increased, and i
reports fully, accurately and prompt
ly every event of importance any
where in the world. Moreover, it
political news is impartial, givin
you facts, not opinions and wishes
It has full markets, splendid car
toons and interesting fiction b
standard authors.
The Thrice-a-Week World's rt
gular subscription price is onl
$1.00 per year, and this pays for 15
papers. We offer this unequallei
newspaper and The County Rec
ord together for one year for $1.75
The regular subscription price o
the two papers is $2.00.
\
/
)
i
ign that baby's tiny bones ^
r enough. jfy
it is the cause.
ion nourishes baby's 4*
ites and makes bone, ?ujfi
n;eds. flMi'f
c. AND $1.00 Ml I f
<'?????????
-! 1
"| FIP.5, II: E, ACCIi
| DENT, HEALTH
) \*anA '
Burglary
B maul culii^ i
I
for Banks or private
residences.
I SURETY
BONDS
)
given for Administra*
tors, Receivers, Trustees,
Cashiers of
Banks. Treasurers of
I
Corporations, State
and County officers.
I ?
TUe Williamsburg
i Insurance & Bonding
Agency,
Kingstree, - S. C.
i
i
:?89essaessse9
8
Ckam
"THEI
1
J (A
i v)
i Iff
I
' Its guaranteed f
uig best reasons wh
e SM
it I jl
-I if ?
hf)
l\Wl
'(A
l |T Guaranteed Uri
|
s ^
<y J l
S [i
;|8 THE I.TF
I 8 BOOKLET "FAffl
j g SE
%
I
^ mmmmmmmmmmmmmmmmwid
I ITCH (IS ALWAYS 1 j
?} FOR ANVTIiIX(; IX'J HE WATCH LINK. WE CARRY 3
I Watches of Ail Kinds, All Grades
g HANDLED BY FIRST-CLASS JEWELLERS." 3
g Be in at YVatch inspectors for the Southern, George-*
?r town and Western Railroads, also consolidated
g Street Railway, we are obliged to keep a variety of 3
Watches. We will be glad to have you call and see 5s
them at any time or to till y:ur Mail prders. 3
^ Watches and Jewelry Repaired, ^5
il S- THOMAS A BRO. 1
g 257 KING STREET, CHARLESTON, S. C. 3 (
7i iuuiiuiuaiiuiuiuuuuiuiuiiiiuaiiuiiatauauuiu mmf?
@ fin thn n*>w I
| Daylight Store.J |
b ? - " Jr \
@ FOR YOUR SPRING GOODS. WE HAVE A ? >
@ NICE LINE OF ? >
I Embroidories Laces, All Overs White Goods, Rib- |
J bons, Silks, Millinery and Dress Goods. ?
<?j WE CARRY THE BEST LINE OF LADIES j?j - I
| @ AND GENTS' SHOES IN TOWN. PRICES
I ? AS CHEAP AS ELSEWHERE. NO TROUBLE ? ?
? TO SHOW GOODS. CO/TE AROUND. ^ 11
| Stackley's Cash Store. ?j j
? KINGSTREE. S. C. @ '3
:?:?:?:?:?:?:?:?@:@.? :?@;?.'.'?;?.'?:?.?;@? i
[orpiUCM
:"whi5ketl|
Everywhere, j j
)urity and sterling quality are the ? I
y you buy it. ? 1
ider the National Pure Food Law, jR J
Serial No. 137. if j
?AGER CO., Proprietors. jjj 1
)FFICES - - - CINCINNATI, 0. jT?
w)
LOUS PAINTINGS AND FUNNY STORIES" (A.
;NT FREE UPON REQUEST. f}f I
* '