The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1901-05-24
A WHEEL WITHIN A WHEEL.
Inc Cotton Manufacturers Commission
company and the Manuta cturerb' Com.
merclal Company Connection with
tho Southern Cotton Spinners'
Association Denied,

| tho southern Cotton SpinnerB'
| Association Denied.
Charlotte, N. g., May 21.-Dr.
Jos H. MoAden, President of the
Cotton Manufacturers Commission
Company, of this city, recently Or
| ganized, tells the Observer that the
contracts for the financing of his
company have been drawn up and
signed. "Within ten days." he says
"our company will be ready to do a
selling agency business"
Speaking Of the details of the
scheme, he says:
"The Manufacturers Commercial
Company will cash all sales that
come through our company. Our
New York company is backed by two
New York trust companies and a
capital amounting to $10,000,000.
TO illustrate our operation: "a mill
man here will sell his yarns to a
| party in New York or Philadelphia.
He will send ono bill of goods to the
purchaser and duplicate bill of
lading will be given to us. We en-
dorse it; send to the Manufacturers
Commercial Company and it will
cash the sale on the day the invoice
is received In other words, we will
do spot cash business, and the
money resulting from the sale will
be placed 10 the credit Of the seller
either in New York or in any local
bank. Under our system he will
have the advantage of knowing to
whom he sells and the price actually
received for his goods. All specu-
lation will be necessarily eliminated.
Under the present system as we sell
to Northern comm ission men, we
never know to whom our production
goes or what price we sell for. We
do know that there Is much specula-
tion and that we arc hurt by it.
eve will make SUCCESS of our
business" continued DR.. McAden.
The commission men charge 2 5-23
per cent for commission. We will
never charge over 5 per cent"
The business was adjusted today
by George D. Mumford, Of New
York, attorney for the Manufac-
turers' Commercial Company, and
Burwell, Walker & Canister for the
home company.
Said General Manager George B.
Hiss
"Our company has just made two
contracts today. One is with the
Manufacturers Commercial Com
pany, by which they will finance
our company. The agreement is
that we handle cotton business for
the Commercial Company south of
the Potomac and east Of the Missis-
sippi River. In this territory we
will handle yarns, cloths, hosiery
and every other kind of cotton man.
ufactured good, and the CONNER
cial Company will do the selling and
guaranteeing.
"The other contract is with the
commission house Of James Free
man-Brown Company, of New York
city. They will act as our exclusive
selling agency and have general
agencies in Boston, Philadelphia,
Albany and in other places. We
sell through one house to prevent a
duplication of ordersto sell. Ourgen
eral plan in organizing is original,
though the plan for selling direct to
customers is not now. It is done
successfully by the wool manufac-
turers are now selling direct.
"Neither the Commercial Com
pany nor tho Freeman. Brown Com
pany owns stock in our company,
which is independent, and is owned
entirely by Southern people. We
offer no stock for sale.
ave wish it understood that our
company has no connection what
evor with tho Southern Cotton Spin.
ners' Association"