The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1873-07-30

j ERNERS THE vICTlMS-AN INS1Dl
II VIEW OF HOW THINGS ARE MANAGE,
| IN THE NEW YORK COTTON Et
| CHANGE.
| rs an observer Of events occurring
on the floors Of the Now York Cotton
\ Exchange, propose to vcntilatc Ger
tain grievances which aro boruo b,
the Southern merchant and planter
not generally known to either. And
/ it is tho method commonly adopted
| by which they become heavy losers
whilst unwittingly ahetting spccrla
tion always rampant here. We will
make II statement suppostitious Of q
case III point, say:
Thomas Jones 4 Co., Of Charleston
South Carolina, having no interest IN
futures or in the plans Of the "Bull
Ring" or clique, and having couple
Of hundred bales Of actual Gotten on
hand, ship tho same to Williams &
Co., Of Now York, and advise that it
be disposed of in the mannor maxi
ing !hc largest returns 10 them. 1t
80 happens unknowingly to Jones e.
& Co., that Williams q Co., arc no.
tor;ous and active mcmbers of tho
bull organization, ard it is their in
tent that NIL cotton of the grades of
good ordinary and above, known rs
contract cotton: bo not sold to any one
who would deliver it on contract,
and thus satisfy and wi pc out Que hun.
drcd or two hundred bales Of the short
interest. =,
Williams !, Co. would not deliver
the consignor cotton on contract
even were they instructed to do so,
and would find an excuse, such as
"tno poor for delivery" or the thous-
and other subterfugcs employed
would be always ready ;tho real rcas-
on, be it.known, why thoy would not
deliver on a contract as ordered is,
that after the usual transfers, il would
be finally received by q bull to pro.
won't it getting into the hands of
bear, and that would tend in small
way certainly to woaken tho ring,
and would also be opposed to all tho
principles upon" whioh thc'Buccess of
tho ring arc based and controlled,
being in fact simply transfer of res,
possibility from one of the ring to
another Of the same stripe, neither to
no offered by tho ono nor acccptcd by
tho. others :. !, -
!. A Southern merchant who has cot
ton held here in the hands Of q bull
cannot sell it. And why : Because
tho exporters see two cents, pound
loss in any they buy 70 ship abroad,
and will have none of it. The spin.
nrrs have lately become disgnstcd
with these artificial prices, and hav.
ing dull market for their manufac-
turcd goods, prefer to await develop
mcnts and lower prices.
For the reasons heretofore stated
the consignce who happens to be
bull will not place it on contract for
n July or August delivery, for by so
doing he would be Numerically op-
posing his own interests and that of
his ring, and the result ia tho
cotton is allowed to remain in storo-
house until the ring aocomplishes its
purpose, which Of course is to force
the bears into settlement at high
prices. Then what follows ! The
severe strain under which tho mar
kct has laborcd is suddenly slackcn-
eped, and then comes tho collapse,
and prices decline thrco per cent be.
low the prices that crolI hare obtain
cd for tho cotton on ils first arrival in
New York, if it had been placed on
contract and sold in tho interest of
the coHsigncr' - :,
The moral Of thia story is apparent.
Before cotton is shipped to New
York, first find out the rroclivitics of
tie rcooiver, and if it be one Of those
ucll-knowN to be Of the earth earthly.
make another selection, and send tho
consignment to n house Of conscrva"
tito action, who would hIacc tho cot.
ton to best advantage, for all rings
and cliquos arc at least dcmorulizirg,
and nine times out of ten those who
form parts Of them arc INSCRIPTIONS.
fhis advice followed would leave
the Southern merchant free Of tho
,ncnbus of carrying cotton Of this
years growth into the now crop, now
so near at hand.-N. \. Cor. Char.
.WctUs.