The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1897-11-17
q BROKER ON LOW COTTON.
I-arsua, =? ,sIttoa OF Deaio- IN Cation
Futures.
Wr John r R1Adev. form .rlV Of

Iarsu = :? ,siitca OF q Dsaio- IN Cation
Futures.
Mr. John T Ro@dey. form Arly OF
South Csrriina. bat now one o. the
bsst known me- or the cotton eX,
change in New York, writes con-
n1unication TO the Journal which will
be read with great interest His posi-
ion IS very unusual one-especla?ly
for g broker on 'chanee-butthe f&rm
eSs will no doubt recognize in him g
fri-Nd, aad his courage IS 10 be ad.
mi-ed " R2dd@y wri.es IS folio rs:
To The Editor u tee Journal:
No 4 5u5t no late civil war cost tbs
sai,a many lives md an ir0meos 81
4morrt Of mcrev, hVtia my opinion
s;ace lno war i south h5s lost at least
five tines the amGunt through ex
cgansss or cotton: IN fact tae amount
OF mcr ev los. by he southern farmer
nd Spectator dcrIDgtHa Ds.st I've Z ty-
tiye lesrs by 1avinZ Tue price m4a
ipuiard hy professional specu'2tors
,qi!; amount 10 many millions OF GHI
lars. / SELF The average tom in
the south % 5 600 peop'e has lost BIZ
suscIls'iun and having the price man
lou ura,e & sca.nst the sr1uer irol $3.50
GOO 70 81 coo G00--and think OF the
num cer Of lows
4 pre- 'essiou2l gambler N gambling
cniv rains the iDGividual with waon
ae is gambling, but 2~efeSSi0na! opera
tors, II urder toac2ompisA their eGds.
rot only RUN th= Individuals out also
rnia msay millions Of Individuals b.
If c,i1g markets 2Gich fleets them
a IN order 10 make their prof
Sappl7 and demand for SPOT colt n
does rots fleet th- price bat su upoly and
demand for futures establishes the
price.
For instance. every spot buyer simo,
" asks how is the future market, and
i the future market is 10 polatS lower,
ne Immediately lowers MS limit eq lal
10 the drop in futures, and every Gar-
ner that markets bis cotton simply
suffers from the drop specula!ors cause
IL ether words, spot buyers and mill
men only have 20 break the future
market ia order to buy their spots at
whatever price they care TO fix, know
ing absolutely that the.average farmer
must sell on account of his poverty at
least portion Of his crop at whatever
price they may tx.
Large American and European spin
ners never give themselves ore mo-
nen;'s uneasiness about getting their
supplies, in fact they simply reason
that they will get together, sell thou
sands OF bales of futures, which will
pat down, ths price, and as long as
tney continue to sell the lower the
price will be, and when they get the
price barely where lhe farmer can
sXist they then buy their spot cotton,
realizing that over million bales per
month will be marketed at absolutely
aoy price they may fix.
The Professional operator nearly al.
ways taxes the Gear said Wny2 fake
for granted mat the balls and bears
.re equally divided, tie outsider IS
general thing attracted by the low
orice aud statistical position takes toe
bull side and the professional operator
lakes the bear sid, nov say IL a crop
of nine mi]lio1 bales one huodreo
thousand bales are marketed during
the DAY, the spot buyer buys ycIr spot
cotton; he has not sold probably ali the
pots tnaE ne aas bought SO oelnm~dI
a,elY sells futures against the spot
purchases Is il not tasrefoc re apparent
that there must be more bulls than
Gears TO prevent a decline2 The pro.
fessiona S anticipate The sales Of these
spot buyers during the spot season, AID
OF course nelp them drive prices 10 ser.
Maay farmers o.e for their s0qplles
aud ter.iiiz-rs aad simply mus. sill,
and 1hs lower the price Toe stronger
tie creditor insists on his money, be-
cause ne iears tnat a. the low pric the
crop will noG De sufficient 10 pay,
whereas II cot.on was st good price
the creditor would know he need not
worry abou! his money, aud would
not insist on having the crop rushed
msrket and forcing a sale.
WneU an operator wita ten taoos
and dollars Can sell the crop OF AZ
entire county p,oba5ly representing
sae interest and effec.iag ten tuousAno
5 l9ls 10 say tae least Ut 1t !. Is placing
;ttte valuation on their iao0r 0oe GJl
tar ger aunQGl.
Il must u1douoLe d.y be very cis
c lufaglng 10 tne r4rm=rs that bsioce
hey oesin plating many woa.tdy
p-7asoSs are wiiliag 10 sell then ' b.
4ey eX9=cE u Hake ii q prica 81 when
.ney can barely exist. There IS 20
5.hrr class Of labor except tue fsrmer
.aat Las IGe p:oGUct Of his labor :radsd
ug3a b. q people tia. DelLncr kao
3r care aDy:alnS about his 7ei!are or
yr3s gsrl!y. Suppose taere would De
.!!owed an aXcnaDge OF the labor O.
cizrzS, ia%yers or mschauleS wlere 4
Gro 1 of ua3atecaSted pso lie could
se. together aad trade n Lne tutcre
i&1or Of tals class Of peopla, one party
would uffrr 10 Set civrk taat IS nc"
receig.u= 81, eco pr Eeer ior S3JO, an
liter VIII ofoc 70 i'll hiS place Tor
$3.50, 4u0;Uar los S750 and SO Ga, eyec
5 Il his labor u i point where 1e cati
barely make e1ds meet, The clerk mus!
zither scctp tae salary the Spectators
TX or aI.oT lis family 10 Starge, &nG
re lower his salary can Be kept TIE
iess cnance NJ has to improve his con
Gi!i2n II any m2nHer.
Now il IS lsl t2lS way with The far
mer, he Is asIJTad price for his lAooT
wien e2ao.cs 4lm 10 o=rcty eXtS..
bnt now IS ii paSsioie for aim ever 10
,n proves IN case Ge should rec7lve
Legitimate price for h:s !aoor for few
years he wuu.d be n position 10
uaye som-thlag TO say as regards his
fu.ure LABOR, and would not alow 8
price to be fixed By people whc Know
nothing and care ieSs for h:s iaoor.
II he farmers OF lac soulc we're Il
an independent condition, outsiders
aoUld no! dare at.- u - 70 ST. 3 P:lcs
on lhei:' ia5-r, ouL as 1t IS iEeE care
do anything ku0Tiag tnai GA account
OF thelr necessity they G,ust SIont
Wvuld any class Of iaDorerS except tne
= = ,rr NJ