The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1853-11-02

cotton Factors and Commission
Merchants.

A correspondent down South" is Civ
ing the readers of New York paper
pictures Of Southern life. The writer
gossips pleasantly, without any mixture
of malice or carping illnaturc. We copy
his description of the Cotton Factors, &c:
Would you like a description of the
classes engaged in the Cotton trade be
tween the planter and the English spec
ulator or manufacturer?
The cotton is hauled to warehouse
on the nearest river bank, and here
awaits shipment. The warehouseman
charges small fee, say % cents bale,
for shipping. In addition he receives
about the same amount for every barrel
of freight landed from the city. The boat
comes down to the city with from I,5OO
to $500 bales II trip. Here manifest is
hung up at the clerks office when the
boat lands, so that every merchant may
instantly learn his consignment. The
first town man through whose hands the
staple passes is callso factor or commits
sion merchant. In his Office are desks
for the principal partners, book-keeper,
receiving, outdoor clerks-in some cases
two or three of each. The outdoor clerk
boards the steamer on her arrival, to see
what we shave" makes a minute and
reports to the head, by presenting the
bills of lading. The sampler is informed
whose business it is; one being connected
with each house; to pierce each bale with
"borer" and ascertain the condition and
quality. This he notes and repor,s,
besides bringing the samples for inspcc-
tion to the sales-room. The weigher then
commences operations with two portable
scales and bands, of negroes. The weight
has already been marked upon each bale
by the planter, and this is simply test
OF MS scales and fair dealing. The weights
are taken down and laid upon the receiv-
ing clerks desk to be compared with the
bill of lading, and entered in his books
accordingly. The draymen then begin
hauling to the warehouse for storage.-
Each mans pile is put by itself, awaiting
sale; meanwhile the number of bales is
inserted in the merchants open policy Of
insurance. If any Of them are damaged
they are sent to the "Piccory," where they
are ripped, carefully picked out, the
injured packed by itself, to be disposed of
as it best may, and the sound, with its
diminished weight, sent TO the remainder.
The article itself thus safely stored, its
samples are exposed for the inspection OF
the brokers. These are the go-betweens
ofbuyer and factor who make the pur.
chases. A broker is connected with the
office Of each buyer; and sometimes one
manages to obtain the business of two.
three or four large concerns. When
such is the case that mans fortune is
made.
lie ascertains quality, amount, and
price Of cotton to be sold, and reports to
the buyer. If these suit, he concludes
the bargain, by giving the buyers draft
for the amount, negotiable in the city
banks. This is at sight, or so many
days upon house in New-York, Boston,
or Europe.
The cotton having changed hands is
now ordered to the press, where by steam
machinery it is reduced to IA or 1-s its
former sixe, for shipment, after which il is
hauled again, slowed away in the vessel
by steyedores, and then the matches are
down, the sails shaken out, and away for
merry England, or somewhere else.
The steamer charges dollar bale.
The sampler, weigber, draymen, picory,
warehouse and pressmen and brokers, all
have a snug per cent. The factor has on
an average dollar bale for selling, and
the buyer 2 l-2 per cent, for purchasing,
and all that comes out Of your pocket and
mine, and all but the great unshirted.
In Mobile 700 bales is the largest
sale Of factor; but in New Orleans some
sun up to 100000, and even more. With
o dollar apiece commission, that makes a
nice annual income. Do you wonder
that Southerners can travel2
Then the factor makes purchases for
the planter, OF provisions, bagging and
rope and other necsssaries, on which he
receives 1-2 per cent.
Besides, he lends the planter money, on
which he gets interest you may be sure;
sometimes what the law "allows," and
ometimes "wbat money will bring"
The thing is managed In this wise
The planter comes ia 70 say he wants
o much money; and promises the
merchant, bis next crop. II is the busi-
less Of the merchant, Of course, to know
that every man makes, how much he
wcs---in word ali about him. If he
kes the customer, he tells him to make
note, which he discounts or "accepss.' y
writing his name on the face Of Il. =
bis latter case it Is sent 10 a Bank or |