Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1897-12-15
MIR. RoDrY's PLAN.
What the New York Newspapers
Say About 1t.

{. .
Here is what the New York
World says;
"Members of the Cotton Ex-
change here and in other cities
are somewhat excited over the
proposition to form a gigantic
trust of all the cotton raisers of
the South which is being advocated
by John T. Roddy, a prominent
broker Of this city. The exchanges
are opposed to the scheme. If
such a trust is formed the brokers
say their business will be ruined,
so far as exercising any control of
the market is concerned The trust
will be able to practically dictate
the price of cotton in the open
market"
The Mercantile and Financial
Times, New York, says this:
"It has long been a notorious
fact that the original producers
of cotton in this country get a far
smaller share than anybody else
of the profits which it yields
before it reaches the mill.
Spectators, brokers, spinners and
capitalists manage to secure a bulk
of the rich returns which the
magnificent cotton fields of the
South render possible. The
trouble is that the cotton grower
as a rule has not capital enough
TO enable him to handle his product
as he would like to. To large
extent he has gone in debt for it
before it was raised; and when it
is picked he has no chance, in the
majority of cases, but to sell it for
what ever he can get. The cotton
producers of the South ought to be
rich men by rights. That they
are not is only too we'll known.
"Mr. John T. Roddey, native
of South Carolina, now doing bus
mess in New York as member
of the cotton brokerage firm of
John T. Roddey & Co., has
suggested a plan whereby the
cotton growers shall form gigantic
ombination or company"
AS may be supposed, Mr.. Rod
dey's suggestion has caused a ire
mendous sensation. The specula-
tors in New York and elsewhere are
alarmed beyond measure and the
Southern planters are delighted.
There is no doubt but the thing
-caa be done if those concerned
will but "put their shoulders to
the wheel"
If FIVE cent cotton will not stim-
ulate the planters to make an effort
to help themselves, we do not know
what will. 1t is quite certain,
also, that unless they do something,
and that right speedily, they will
get deeper in the mud than they
are now iu the mire.
From the New York Tribune,
Nov. 13.
"The bear element in speculative
exchanges is one of the most vi
.t6e Recount country 11 have 5hl5d> 6l5ad to contend
against. The depressing influence
the bears of speculation have for
the past year upon legitimate
trading has been one of the
unfortunate features of the hard
times and recuperation under
their savage attacks has been slow.
Natural conditions may, of
necessity, compel prices to drop,
but then the bears force them still
lower, never taking any thought
of who is to be the loser. The bear
element in speculation has caused
more distress, bankruptcy and ruin
than any adverse condition Of the
times. It is an element that stops
at nothing to make profits for
itself, and revels in it's success.
Unfortunately for the people
of the South their staple product,
cotton, has for the last year heen
the foot ball of the operators of
decline in the trading on the cotton
exchanges here and abroad. There
has been no let up in the steady
warfare they have carried on
against it, and every possible trick
and device has been used to
hammer down the price"