The Birmingham age-herald., 1913-09-21
1893 BALES GINNED
IN MARENGO COUNTY
Bethel Baptist Association Holds
Convention at Octagon
Next Week

Linden, September -(Special)
The government cotton enumerator for
this county states there were 1893 bales
of cotton ginned in Marengo up to Sep
tember 1. as compared to 183 to the cor
responding date last year. This marked
difference is accounted for by reason
of the facts that the farmers generally
planted an early variety of seed. they
cultivated rapidly and intensively, and
the long and protracted dry weather
enabled them to gather their cotton
early and get 1t to the gins.
L. d. MatlSin, a prominent hardware
and furniture merchant of Linden. was
taken TO sanitarium in Selma few
days ago for treatment.
The annual convention of the Bethel
Baptist association will be held at Oc-
tagon, beginning on Friday morning of
next week, and continuing 6or three
days. Messrs. John e. Hecnzer and
Lamar Matkin. both of Liwen, are
moderator and secretary-treasurer. re-
spectively. On Thursday, the day be-
fore the association meets, the Baptist
women of the association will hold
their annual "all-day" missionary
meeting with the Octagon chun ch Mrs.
L. Q. G. Kelly of Thomaston Is the as
sociation superintendent. An interest
ing three days programme has also
been prepared for the associational
workers
The new Methodist church here is
about completed and almost ready for
occupancy
establishment of the New York Cotton
Exchange in 1871, and the Liverpool Cot
ton association the year previous.
Tn Mr. Doxy a
of the newly laid Atlantic cable, it wes
possible for a cotton merchant in Liver
pool TO ascertain with unbelievable quick
ness tho price of cotton in the southern
states. He saw that If the Liverpool quo
tations on cotton to arrive were high
enough to enable him to buy in the south
at lower figure. he could sell cotton TO
arrive at an assured profit. When this
cotton reached Liverpool. he could either
deliver it to the parties to whom he had
sold contracts. or sell to some spinner al
| a relatively higher price and settle with
the holder of his contract in cash.
This plan of escaping the speculative
| risks while importing cotton into Eng
land was Immediately appreciated by
profit on every importation and yet
work on a narrower margin of profit be-
cause 1t was sure.
! Mr. Rew's immediate success attracted
attention in both Liverpool and New
York. and was soon adopted generally by
cotton merchants. This method of deal
| ing in cotton ito arrive or for future
| delivery became established. Owing to
the uncertainty of ocean travel contracts
were made for delivery during coupled
months as January-February, or May
June. This plan was retained until 1903.
| In defending the functions of the New
York Cotton exchange before congress
sional committee. George w. Marsh, one
| of the c1everest members of the exchange,
| contended that not one-fourth of its
transactions would be termed speculative.
The new use of the cotton future con-
| tract he said, rs a simple means of
employing the resources and the credit OF
| the producers. the manufacturers and the
consumers of cotton from one end of the
world to the other, to distribute the Inn
mense total risk involved in this geratest
of all present human industries.
| Did you ever stop to think of the vast
! ness OF the risk involved in getting each
years crop of cotton from the farmer s
| fields to the wearer's backs? OF the fear
full losses that might be incurred all
along the line, If there were no means Of
distributing the risk practically over the
whole human race? We are now dealing
every year with practically 20,00000 bales
Of cotton, the worlds production, valued
at more than N,00o, 100000 This means a
constant strain on the liquid financial
resources OF the world of $1,000. 600 900, TO
say nothing of the capital invested in the
farms that produce the cotton and the
mills that manufacture 1t. Obviously hero
is tremendous load, involving In the ag-
eregate tremendous possibilities of loss"
The most important means of distribut-
Ing this risk are the great cotton ex-
changes, he continued. The time will
come, he said, when the merchant or
manufacturer who did not avail himself
OF the facilities Of the exchange would
be Justly regarded as an out-and-out
gambler. without credit from the banks,
or stockholders, or the commercial pub
lic." N