The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1910-04-27
DODGING CONTRACTS
President Parker, Of the American

President Parker, Of the American
Cotton Manufacturers Association.
Sets Forth Situation in Detail from
the Manufacturers Standpoint and
Criticizes Attorney General.
II think that It is most uDfortun-
ate that the government: should in
intervene in the effort to protect
hose who have sold beyond their
possession Enthusiastically said
Mr. Lewis W. Parker. Wednesday ct
G.eenyille, w.heo asked concerning
The action Of the government in or
IeriaS an investigation OF the al
,eged pool to keep the price OF cot
tor up.
The Southern mills do not wish
10. see a decline in the price OF cot
ton," he continued. and the stand
OF the government is unfair. Ap-
parently, /, originated in Wall Street
cn the par. Of the bears. who have
l.en selling Z, keep the price OF
cotton down. an,3 who. by this In
yestigation. wish to force Messrs.
Hayne, Brown and others to show
their hands. 10 find out their meth
DDS, md theft supply Of cation On
hand and the like. That part OF
the press dispatches which alluded
20 contract OF 26th OF february
.eterred 10 an agreement by the
Southern mills 10 take care Of the
CT tton rendered in New York.
learned OF the action OF Attorney
General Wickersham on Wednesday
Eight and sent TIE following tele-
gram to Senate. E. D. Smith at
Washington:
Have just learned OF action OF
grand jury in New York uhder ad-
wee OF Attorney General Wicker
sham in reference 10 New York eS-
change. The effect OF this is to
assist the bears out Of dilemma
~ selling the market The effort o.
Southern mills has been TO sustain
prices and 10 this end they have
agreed to take up cotton rendered IN
New York. There is nothing IN
fair or illegal in their agreement
with Hayne ana Brown. and / urge
vou to protest against the use OF the
governments power in forcing at this
time a disclosure Of their plans IN
the effort 10 make bear raid. See
Adamsoa OF Georgia. who under
stands matters.
The situation is this: as IS
known throughout the season the
mills have had l difficult Job 10 ge:
an adjustment OF cotton goods 10 a
parity with the prices Of cotto". With
the scarcity prevailing in cotton dur
ing the present season it is difficult TO
sav what is fair price for the COM
modify: but from November on |
think i, has been recognized thas
probably IS cents 60 the producer
represented that fair price. In Nov
embe- and again ia January. those
who were adverse TO the prevailing
nrices OF the commodity made coz
ce7ted efforts to break the market oE
selling in large quantity. hoping and
expectiag TO be able to repurchase
the cotton a: lower prices. Those thus
calling the market have oversoc
themselves. and purchases have been
riade BY Mcss-s Eayne. Brown and
others who are simply asking those
no have sold TO deliver thai which
lhav speculat;vely sold withou; hav-
ing cotton 70 sell.
The Southern mills do not wish
tu see :, decline in the price OF
Gotten for two reasons. In she
first place 20 considerable extent
they have purchased cotton in the
belief tina, the high prices prevail
ing during the fall and winter were
more or less justified oy the crop
ou:-;yrn. In the secoad place 11eS
regard it exceedingly problematicai
' hat will be the size OF the crop
his wear. and what should be leg
!:ina,e price for cotton next iaii.
"On the exchange the prevailing
prices for fall cotton are now APP
c~
- - cents: and so
far as We can see these prices Saoulo
prsvail in the fail II through the
selling movement on the part OF tae
Gears tho prices for ia!! deliveries
are materially reduced. buyers OF
yooSs vii! Gx ;hei. estimate OF the
,alue Of goods on tha h:Sis OF these
-educed prices OF futures: whereas
hero IS eye-v reason 20 believe thai
N abaorma! demand fcr cotton IN !
he fail will keep prices sustained
or tn. spot cotton at. IN all prcoa-
u,itv. above - II cents. even
hough the crop b. very large. In
Ier these circumstances in2smucn as
lie effect OF constant -c!''!'S VI 'Ie
arket hv Bears would have a con-
,ant ,caasacy ro reduce the price
Il cotton ;Ae Southern Mills have
greed 20 take up the cotton in New
-ork hoping 20 aave thereby
,reng:hen:nS tendency on 'he cotton
market. The bears who have been
elliaS what they did not have are
ow seize! with :, panic and are
hovins TIE white feather and have
ought the assistance OF the gov
rnm.nt in this condition OF az
airs
Il think that i; is ns2st unto.,un-
t4 that ,ae ScveTamen; should IN
ervene in :he eGo-; 20 protect :hose
-ho have sold hevoud their posses