The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1908-05-13

The announcement Of the failure
OF Inman & Co., a cotton firm doing
business in the South extensively and
for some years past having practi-
cally controlled the exporting Of cot
ton from this port, was received with
surprise in Charleston yesterday. Mr..
John F. Maybank, the local repre-
sentative of the Arm, had not up to
late hour received official notice of
the suspension, and had only rumors
Monday night and the press reports
OF yesterday morning to guide him,
and seemed to be greatly surprised
at the conditions stated. He express
ed himself as being confident that the
firm would be reorganized and busi-
| ness resumed.
Discussing the situation, Mr.. May
bank said that change was about to
be made in the conduct of the cotton
business at this port, and that after
Co. would be actively in the field, Sc
| curing cotton at interior points and
delivering it at foreign points at the
| least possible cost. The company
mentioned. with the intention of in
creasihg the business Of the port to
the greatest possible limit, had, in
conjunction with the Charleston Com
press and Warehouse Company and
the Charleston Transatlantic Steam
ship Company. planned to handle ev-
cry bale Of cotton that can possibly
be brought this way.
"The cotton interests of Charles
ton," said Mr.. Maybank yesterday,
"will not be in the least disturbed and
am confident that not dollar is lost
here by the failure Of the firm of In.
man & Co. Even II the men concern
ed should decide not to reorganize
Charleston will not be the loser. The
Charleston Warehouse and Compress
Company Is already obligated to han
die cotton up to its greatest capacity
and with the Transatlantic Steam
ship Company we expect to have fire.
quent selling with full cargoes. The
Arm Of IMaybank & Co. is organized
for the purposes Of buying and ex-
porting cotton, and we are prepared
to work hard for the betterment of
the port and general conditions
While have. personally. been the
salaried representative OF Inman &
Co. here. conditions will change any
way on September 1. and the busi-
ness Of that Arm will be taken care
OF the same as that Of any other large
firm desiring our assistance in secur-
ing cargoes. We will work independ-
emily, but would not. Of course, re,
fuse to do business with Inman &
Co." -~
In an interview Mr.. John F. May
bank. manager~of Inman, & Co.'s
agency here. said that, in his opin-
ion. the suspension Of the Arm would
not entail a loss to any individuals or
firms in this section. "Inman &
Co.," said Mr.. Maybank, "has trans
acted but little business here since
the death OF Mr.. w. p. Inman during
the month Of November last. Mr..
James F. MCGOWAN. formerly of this
State. who has complete manage
ment Of the Arm Of Inman & Co., is
one Of the ablest men in the cotton
trade, and there Is no question but
what this business will be reorgoniz-
ed in short time on a firm basis.
"Inman & Co. have been conduct
ing one of the largest exporting busi-
nesses in America. with Offices at va
rious European ports. and would at
this writing be one of the foremost
cotton firms of the world were it not
for a combination of circumstances
over which Mr.. MCGOWAN had no con-
troll"
Mr.. Maybank said that several
large firms have been organized here
recently to conduct an export ship
ping business on a large scale. These
firms have recently contracted with
salaried representatives throughout
North Carolina. South Carolina and
Georgia. who will represent their
principals interest in the shipping of
cotton to this port.
The Charleston Compress and Wharf
Company has contracted to handle
volume Of business through their
press and warehouses exceeding any
amount that has been handled by
them heretofore.-News and Cou-
rier.