The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1897-05-28
FUTURES.
SETTING THE GENERAL IDEA
RIGHT ON THE SUBJECT.
Messrs. Fl. T. Woods &. Co.. and Their
Facilities for Cotton ana
Grain Marketing

Much OF the antagontsm to the fu-
ture delivery system arises from =
misconception both as to its origin
and Its uses. The business as IL -
now conducted In the organized ex-
changes is merely the systemization
OF methods previously existing and
the embodiment Of what was here
tofore individual usage into a harmo-
NOUS whole. Improved facilities OF
transportation. improved methods OF
handling. the diversity of interests IN
the farms product. the interior cot
ton buyer, all have contributed to
generate new system. and that sys-
TEN. future contracts. Is the combined
wisdom and experience OF individu-
ais the outgrowth OF necessity, the
common law OF trade.
The commercial traveller sells goods
months ahead of their production. the
cost to manufacture which Is pre-
viously guaranteed by the purchase
OF cotton contract. The farmer Is
likewise a beneficiary. being enabled
to sell his own cotton. thereby avoid
ing all expense. loss on weight. in
terest and insurance and the party
to whom he sells can protect himseh
against loss by the sale OF a future
contract.
If you destroy the interior buyer.
ability to protect himself. you nc
only destroy him but relegate youi
self back 70 the consignment systeI
With Its attendant uncertainties ant
risks. You will observe that ethel
of the above transactions Is the In
telligent use of contracts as a means
Of protection; the spinner to tx the
cost. of manufacture by the previouf
purchase of cotton for forward dc
livery and the interior buyer TO pre-
tact himself against loss on his spoa
purchases by the sale OF q contract.
Eliminate the means OF protection,
and you revolutionize trade and Ina
pair values.
To the grower OF cotton. the fu-
ture system affords a guarantee OF
price; to the interior merchant whose
ability TO collect Is predIcated on the
price realized. ii likewise offers pro-
lection: In these instances II can Be
accomplished by sales for forward de-
livery. Instead of this We most fire.
quently see the cotton growing seq
ton buyers on high and excited mar
kets when they should be sellera
These sentimental experiments gem
orally result in loss. and the system
Is held responsible when as a mat
ter OF fact IL is its misuse and not
It's use that has occasioned the loss.
When 8 staple article Of universal
consumption reaches a price at or
below the cost OF production, its pur-
chase may be regarded the lntelit-
gent use Of opportunity. but when
prices shall have protested to q point
sucn as TO check consumption and
stimulate an increased growth, then
1t Is wise to sell and anticipate the
inevitable decline which IL sure to
follow. The present seems 20 be one
of those opportunities when the pur-
chase Of cotton would be attended
with but little risk. It Is OF lnsuffi-
cient supply to meet the worlds re-
quirements without reducing spin
ner holdings 70 a dangerous mini
mum. while its prices are abnormaily
low. even ignoring Its statistical
strength. Western produce Il also
selling at prices which would per-
NIT OF a sharp advance under any
stimulating development. Aside from
the inherent strength Of the articles
in question. is to be considered OUT
side contributing factors. Stocks al
ready commence to snow material i'm
provement and trade In general b.
better. From appearances the time
Is opportune for investment. the
tendency Of values Is TO a nigheP
level and the first turn IN that a.
rection VIII be the signal for gene
raj buying. To keep their friends a.
vised, not only OF the state OF ne
market, but conditions which are
likely TO affect il. H. T. Woods A co
are Issuing a daily granddaughter also
book of information and statfsfirs
which they win be pleased 10 fur
nish all who may write. REQUEST
ing them. Their facilities for hand
ling cotton In this market and IN
New York are equal TO the best az
are also their facilities for the our-
shase and sale Of grain and provisions
10 Chicago.
Messrs. H. T. Wood & Co. maks
an especial feature OF business eror,
the interior and to that end thew viii
post their friends by mail ana Usr~
on all points likely TO AFFECT the mar
ket. As matter Of mutual infer-
est they would be very glad TO hear
from their friends throughout ths
country from time to time as 10 shs
crop outlook IN their section Messrs
Woods & Co. solicit corresponden-e
replies.
The office OF Messrs. II. T. WooA
q Co. Is located In the Hennen buIld-
ing, where they are in direct commu-
nicatlon oy wire with all the prin-
clpai markets OF the world ana thu.
keep thoroughly posted on al fiue-
tuauons. Their system Is perfect ana
~ tnetr experienced hands gives =
sults.