The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1906-12-26
pROHTsFOR COTTON STATES

IIHUa I I d u Uss w Oaa - A'S
new YORK COTTON GAMBLERS
MUST BE ELIMINATED AS
FACTORS.
They are the Enemies of the South and
Do More to Keep Cotton Market
Unsettled Than All Other Infzu-
~ ences.
S. New sleans, Dec. 2o.-The cotton
markets OF the world are now 50 far
out of gear with each other that a.
working basis is hopeless.y out Of the
question. New York, with its large
stock of undesirable cotton and it's.
hxed grade differences which favor
this class of tenders, has persistentiy
haa mered that market, while New
ORLEANS, with its natural grade diff
ferences, has persistently beiriended
the best interests of the staple. This
sort ef thing has been going on for
three years, and the disparity in quo
.ons that has resulted has stirred
% not only the newspapers Of the
Southern States, but the yress of El-.
rope as well; the spinner requires. le-
gitinaate hedges, not gambling con-
tracts, fer his spindles need con-
stant supply of actual cotton
ieas several very big problems
row confront the cotton trade the
world over.
Tne .saseulator cannon be drivea, E ),
OUT seeauss ne IS an sssenriat facso:
IN the cotton market.
IS. New York having ceased to be val
uable as a hedging market, the ques-
ton therefore arises, why support
it any longer?''
Beyond the shadow of doubt the
i New York Cotton Exchange in the
I5worst enemy the cotton producer has
Mo contend against. How far this is
ssSsle is. evidenced IN many ways, one
ss#sw which is the fact that even the
stern Union Telegraph company,
::sss ch has. the exclusive right to
ssnit quotations to the various
@!ssS anges throughout the country,
;sss orr full report from New
and only partial report from
ssrleans, which is the largest
sssss actual cotton market sn
s Z
sss sSoes New York's advantages:
sssb there. In those Southern States
: sss'he.e .ant-f9ture trading laws have
been enacted in an honest effort to
counteract New YorK's evil power,
but which in some ways heve thet ef-
feet of Gripping New Orleans efforts
in behalf of the staple, the Western
Union, which under contract holds
the exclusive right to furnish quota
tons to the various exchanges, has
refused 70 permit interior local cot
ton exchanges which have been Or
gained for the sole purjose OF sup
plying cotton growers and merchants
with cotton market information, and
with no idea whatever of trading in
futures, from contracting with the
private wire houses in New Orleans
for the inexpensive but valuable news
service and quotations that have been
gofng from New Orleans, the produc-
ers' market, to all sections Of the cot
3on belt where private wire Offices
were maintained. The abandonment
of these Offices IN such States as Geor-
gia leaves the interior without direct
information from New Orleans. The
Western Union service, which carries
no market comment, favors New
York, and at the same time costs more
than a small exchange can afford to
pay.
Meanwhile, the men who have
been boosting the value of cotton at
New Orleans during the past several
years. have started movement
against New York along rather
uaique lines. A successful bull cam
paign in New York being all but I'M
possible because of the favoritism
shown the bear by it's contract, the
plan involved provides for the rails
ing of fund sufficient to purchase
every bale of New York stock, which
will then be sold to the consumer at
lis spot value. The New York future
market being so much lower than
southern spot markets many day
will elapse before another protective
stock of "dogtail'' and trash can be
accumulated there.
Within the very recent past the