The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1907-10-01

IS seih NhoN ih .NtW III hhV w
sanization movement ameng the far.
mers and the action OF the national
union in fixing the minimum price at
is cents has caused much alarm
among the manipulators and specula.
tors. In fact. some OF the officials of
the union state that heaven and earth
will be turned by the manipulators to
break the backbone OF the union and
thus put the farmers on the run and
cause them not only TO rush to mar.
ket with the present crop but at the
same time create in their minds the
conclusion that 1t is useless to hold
cotton at a fixed price. The officials
state that the speculative influence
pervades everything In New York.
and that New York recognized that
II the present organization movement
succeeds II will mean direct selling
from the farmer to the spinners and
thus take from the speculative in.
terests OF that city one of their big.
gest assets.
Discussing the question along this
line II is openly tsated that the send
ing OF agents to Texas with northern
papers and the offers OF handsome
premiums In the way OF interest, has
resulted in the banks OF this country
taking up this paper. with the re.
suit that they are not in a position to
take care of the farmer who desires
to secure loans on cotton which he
desires to hold for the l5-cent min.
mum. II is charged that 1t was a well
planned and deep laid scheme OF the
spectators.
On top of this, II is said. the ma
nipulators are constantly hammering
down the price OF cotton, by selling
futures. The manipulators have no
cotton, It is said. but they are contin-
ually selling for delivery In ninety
days. hoping to be able to hedge In
the meantime II they do not succeed
in causing the farmers to turn loose.
Even those who deny that there Is
anything in the claim that the taking
of money out of this country on
eastern paper was anything OF a
scheme. admit that the spectators
are continuing to sell for delivery In
ninety days. hoping to make good be
fore that time for delivery. or FOL
some way to hedge. and they admi
that this is the reason the price o.
cotton is gradually declining without
any appreciable amount. save tha
from Georgia and the Carolinas beiiIl
offered for sale at prevailing prices.
Those who deny anything akin t'
a scheme on the part OF the specula
tors to take money out of the cOttor
producing sections, do not attempt Il
deny that much money has gone Il
New York In the past few months
1t was because this money was need
ed and that those who needed
came to the west and south and offer
cd good interest in order to secur,
1t.
When II. n. Tinker. cashier of tn
Union Bank & Trust company O
Houston. was asked concerning cor
ditions, ne stated that there was no
much eastern comercial paper bein
! held by the banks OF Texas at tn
present time, and made the follow
. ing statement:
The Union Bank G. Trust compan
: does not buy commercial paper, bu
prefers to make It's Investments b
making loans to local people VIII
give proper security.
"In my opinion. there is very littl
commercial paper now In the bank
of Texas. As rule the banks emplo,
ing their funds by purchasing TIL
I commercial paper do SO at a time {
the year when they have idle fund
and arrange the maturity OF the note
they buy 80 that they will agai
come into possession OF their funt
in order to assist In the handling I
the crop"
lis the crop harder to move III
year than usual?" was asked.
1T Is conservatively estimated thi
the crop Of Texas will not yield
excess OF two-thirds of last year
crop. The cotton is later BY near
three weeks, than usual. The deposi
In the banks Of Texas as a who
are less at this season Of the ye
than at any other season. and Il
loans are greatest. and 1t is general
expected that the first cotton gather,
will be marketed. This season. no
| ever finds the farmer well fix