The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1907-11-27
STAND TO YOUR GUNS
Farmers, and Don't Surrender to a
Lot of Thieves
In New York, Who Are Trying to
Force You to Sell Your Cotton to
Save Them From Loss.

! save 1nom from LOSS.
One Of the most desperate attempt
ever made to rob the cotton planter
Of the South Of their hard earnes
money is now being made in New
York by lot of speculative gambler:
LED on by Thos. H. Price. A dispatch
from New York says great pressure
is being brought to bear on the cottor
farmers of the South to break Ghe
cotton holding movement and force
the cotton on the market in such
large quantities that prices will be
so depressed that the bears can close
out their market gamblers by shifting
their losses upon the farmers of the
South.
As December draws near and the
members of the big bear pool are
confronted with the possibility of
paying prices at present ruling in the
South, or even higher prices, for cot
ton with which to cover their short
December contracts, they are resort
ing to desperate means in the hope
Of extricating themselves from most
uncomfortable position. Stories of
the widest sort have been circulated
freely with the idea of convincing
the banking interests that the cotton
growers, by keeping their crop out
Of the market until better prices
could be obtained, have deranged the
entire normal market for foreign ex-
change and are adding to the money
stringency from which the country is
suffering.
In this their efforts have been en-
tirely unavailing. The banking in
terests, knowing the facts, have re-
fused to take this view of thes situa-
ton. They are satisfied that the
trouble lies with the exchange mar
ket and not with the cotton market;
that it is the inability Of buyers to
finance purchases that is delaying the
bringing Of fresh gold from abroad.
The real trouble responsible for the
threatened squeeze in December op-
tions in New York is not due to
speculative long interest because none
exists; it is due to the tremendou'
short interest. The bear pool, head
ed by Theodore H. Price, is currently
reported to be short more than 3O0,-
900 bales of the December option.
Against this speculative short in
terest are the futures brought by the
spinners and exporters who reed the
cotton for legitimate manufacturing
and exporting. The need of the
hedge longs has inspired the cur
rent premium This also has given
an opportunity to the speculative
shorts to circulate sto-y that
some thousands Of bales were being
shipped back to New York from Liv-
erpool to cover contracts. This re-
port, however, met a speedy death
through the action Of foreign spin
aers in taking every available bale OF
spot cotton in the Liverpool market
on the very day after the reshipment
story was started.
Then the willy Price, who is IN
trap, makes another move IN the
hope of inducing the Southern far
ners to aid him to get cotton to New
York for the purpose of covering the
short contracts of his pool, by widely
advertising to deliver currency to the
South in exchange for cotton. AS
his offer is. good only to 80 per. cent.
Of the selling price of the cotton, and
as he announced that the prevailing
New York premium on currency, now
ranging around four per cent, Will
have to be paid By the cotton snip
pers. such a move is by no means
benevolent on Mr.. Prices part. II
also shows how badly Mr.. Price wants
70 get cotton in New York for Dec
ember delivery.
The entire situation, as REGARDS
December cotton, has resolved ltsei1
into struggle between the Price pool
on the one side and the tremendous
bona fde demand for the actual cot
ton on the other by the mills and eS-
norters. They resisted all the offers
~ Price and the other men in the
bear pool to settle on margins, ana
now satisfied that the cotton on thelr
contracts is required for spinning ana
eynorting. Price and his bear assc-
ciates appear to realize that their on
,v chance to avert tremendous losses
| ~ their transactions lies in COM
n,ete breakdown of the entire holding
movement. thus forcing the farmers
70 sell their crop at ridicu!asly 10"
prices. ,;oo