The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1911-08-09

Ills HuSC CIOo Is VI llllille1Se
Importance not only to the Uni
ted States, but to all the world.
It means that the cotton splnners
here and abroad will be retarded
no longer by the stringency that
has prevailed so long. Itmeans
that the financial equilibrium of
the country Will be restored. Cot
ton sells for gold. Our exports
of cotton are what maintain our
supremacy and a favorable bal
ance of trade with Europe. Cot
ton difuses more actual money
than, perhaps. any other product
Of the earth. This unprecedent-
ed crop means a great deal to the
railroads, the merchant, and the
manufacturer, south and north.
1t means the larger buying of
commodities. Its ultimate effect
means the free interchange of
many billions of dollars in all the
markets of the world.
Among the most picturesque of
the figures that have dominated
the cotton market for so long, but
are now in eclipse is Eugene G..
Scales. He came from north
Texas. He made and lost two
fortunes before he piled up his
present one. Twice before he has
been a millionaire, and twice be-
fore he has been fiat broke. In
1908 he was practically penniless,
with the exception of heavy
mortgaged ranch near San An
tonic, Tex, and a diamond stud
worth about $500. He pawned
this stud in Dallas for. $3.50 in
1908. After paying a few bills
and his railroad fare to Shreve-
port, La, he had cash capital
of 5000. With this sum he start
ed in to play the wheat market
in the Office of his cousin, S. g..
Harmon. Scales was a friend of
Patten. the one time wheat king,
who was running a deal in May
wheat then, and the latter helped
him to run his 5000 into about 20
times that much in a few days.
Then cotton broke to 81 cents,
and Scales turned his attention to
that commodity. He bought and
bought and bought. The market
advanced almost uninterruptedly
during the winter of 1908-9, and
Scales went to New Orleans and
began operating from there on an
extensive scale. Later he came to
New York with a line of about
$4,000 bales. He kept'on buying
as the market advanced. The first
of this year he was credited with
having anassed more than S6,-
100000 in paper profits and in
contracts that he had cashed in.
He was nipped in the big break
in January. which halted his
progress momentarily. The re-
cent decline is said to have caught
him for between S1,500,000 and
100000.
Scales has been in the position
at various times where the big
spinners Of the east have gone to
him and made arrangements by
which they might be permitted to
get cotton at a price that would
enable them to keep from shut
ting down their mills. His domi-
nation of the market was so ab-
soiute that he could put the
screws on them and make them
beg for mercy. He has had his
headquarters at the Waldrof-As
toria since coming to New York,
Another big speculator who
has 1ost heavily of late is Colonel
r. M. Thompson: sometimes
known as the ''Nickel King" be-
cause he practically controls the
nickel market Of the world. Al
though known as ;'colonel," he
is a graduate of Annapolis.
Thompson is one of the most Sc
cretive and mysterious beings on
earth. He is one of the richest
men in the world, and one Of the
biggest of spectators. His in
come is reckoned at S6,000,000 a
year. Yet very few persons know
anything at all about him. He is
a Wall-street plunger Of the real
plunger type, and the most pic
turesque of all. He has manipu-
lated or participated in the man
ipulation of the cotton market
from his yatcht in the Indian
ocean and in the southern seas,
from hotel in Egypt, from
watering place in Germany, from
a chalet in the Alps, from shoot
ing lodge in the Black Forest,
and from various places in Asia,
and Australia. He spends mis- life
in travel, yet he keeps in active
touch with the worlds affairs
The government has pretty fair
idea ofCol. Thompson's activities,
for he was one of the men indict-
ed for the cotton corner Of a few
years ago.
Thompson gave water party
a few years ago that was uniqne.
He chartered the ocean steamer
Manitoba and transformed her
into floating hotel. Then he in
vited 4 party Of friends number.
ing about 100 and took them for
a trip around the world. Thomp-
sons has been caught for s.. 000,
H.Nn