The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1906-12-26
PROFITS FOR c0TT0 STATES

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NEW FORK COTTON GAMBLERS
MUST BE ELININATEI AS
Factors.
They are the Enemies os the South and
no 1ore to Keep Cotton Market
Unsettled Than An Other Inf1n-
ences.
New srleans, Dec. 2o-The cotton
markets OF the world are now SO. far;
out Of gear with each other that a
working basis is hopeless1y cut Of the.
question. New York, with its large
stock Of undesirable cotton and its
hxed grade differences which favor
this class of tenders, has persistently
hammered that market, while New:
orleans with its natural grade DIFF
ferences, has persisteatly befriended
the best interests Of the staple This
SORT Of thing has been going on Tor
three years, and the disparity in quo
tauons tnat has. resulted has stirred
40 rot only the newspapers Of the.
Southern States, but the yTess OF Ea-
rope as wen the spinner requires. le-
gitiIlaase hedges, not gambling con-
tracts, for his spindles need a con-.
stan supply Saf actual cotton
5sa1ss several very big problems
now confssont the cotton trade the
world oyer.
sneculator cannot os drisez'3, Try e
out secausg be IS an nessenriaa faesos
ID me cotton market
New Yerg having ceased to be VAL.
liable as ahedging market, the ques-s
ton therefore arises, Why support
atany longer
q Beyond the shadow Of a doubt the
Sc New york Cotton Exchange in the
sssWorst enemy the cotton producer has
contend against. How far this IS
SIS ues is evidenced in many ways, one
ssss which is the fact that even the
sstern Union Telegraph company
has the exclusive right to
ss1Ylit quotations to the various
snges throughout the country,
S5s out a fun report from New
saad only partial report from
orleans, which is the largest
rest actual cotton market sn
New York's advantages
ssss there. In those Southern States
sshese sanel-fsture trading laws have
been enacted in an honest effort to
counte4act 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 TO 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
z futures, from contracting with the
private wire houses in New Orleans
for the inexpensive but valuable news
service and quotations tnat have been
going from New Orleans, the produc-
ers' market, to all sections Of the cot
soa belt where private wire Offices
were maintained. The abandonment
of these Offices in such States as Geor-
gia leaves the interior without direct
reformation from New Orleans. The
3 Western Union service, which carries
no market comment, favors New
york. and at the same time costs more
than q 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 a movement
against New York along rather
unique lines. A successful bull cam
paign in New York being all but i'm
possible because of the favoritism
shown the bear by its contract, the
plan involved provides for the rais-
ing of fund sufficient to purchase
every bale Of New York stock, which
Will then be sold to the consumer at
its spot value The New York future
market being SO much lower than
southern spot markets many a day
VIII elapse before another protective
stock of "dogtaiI'' and trash can be
accumulated there