The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-03-25
new IORK COTTON EXCHANGE
WILL ADOPT G0VERMEkl'S
COTTON CLASSIFICATION
Senator Smith Calls 1t "Sisna1 Vic.
tory' for the South-Win Push
His Bill Towards the Achievement
OF Complete Reform Of Cotton
Classification in Exchanges.

"This is the most signal victory
won by advocates of fair dealing for
the cotton farmers Of the South yet
achieved" said Senator Smith OF
South Carolina Wednesday when
shown the statement from New York
that the cotton exchange Of that
metropolis had adopted resolutions
making the government standard
type OF cotton the basis for trading
after April, 1915. But Senator
Smith declared that the adoption OF
this resolution will not in any way
affect him in rushing through con-
gress his bill which would force the
New York brokers to begin this new
method Of dealing at much ea:.lcI
date.
mp to the present, New York has
had 27 or more grades" said Mr.
Smith. "All Of thess represent an
arbitrary and fictitious difference In
values, which, OF course. was detri-
mental to the farmers. The adop-
ton of these grades as being the only
ones deliverable upon contract will
60 far towards making the quotations
from the New York exchange in line
with the real value Of spot cotton, il
they strictly adhere t. the real values
Of the grades.
"This means that il the nine
grades are adopted, and these alone
are tenderable upon contracts for the
future delivery Of cotton. and the hx-
ed difference between the grades is
eliminated and the real spinning
values Of the grade IS found by the
department of agriculture under the
provisions Of my amendment to tile
last agricultural appropriation BILL
that the farmers vii: 5e guaranteed
a fair and just price sor cotton.
'I feel that this is an achievement
brought about by the fact that the
New York exchange saw the ineVi-
table and bowed to it. I am
perfectly confident that my bill
now pending will pass and
am glad that the New York
exchange has made 1t easier for it to
pass in that they have at least recog-
nized one feature Of the bill, viz:
That the government Standardization
shall be recognized by the exchanges
OF this country. Now the othe:
pronosition that the exchanges shall!
not have fixed difference or a de-
ceptive commercial difference, but
shall have a difference based entirely
upon the real ascertained spinning
values of the different grades is car
ed for also in the bill which have
pending.
81 am certain that the finding o'
the department of agriculture as tc
the spinning values Of the govern
ment standard grades has been large
ly II not entirely responsible for the
action of the New York exchange. be-
cause. in the light Of the startling
facts which that test proves as to the
small difference in the values OF the
different grades, no exchange could
hope to exist which had the absure
difference now obtaining.
"The New York exchange make:
this new grade delivery effective
April /, 1915. This shall not dete'
me from forcing with all Of the visol
at my command the passage Of m,
bill at the earliest possible momen
and the putting Of it into effect i'm
mediately upon its passage. I wan
to save to the farmers the balance o
this crop at better price. and guar
antee to them, if it be possible, bet
ter price for the crop soon to b.
planted.
"There is no reason why the New
York cotton exchange should recon
mend the adoption Of the nine gov
ernment standards a year hence: un
less it be that they have already com
mitted themselves to the delivery o
such a quantity of cotton at sucl
prices that they may never hope t
escape without a tremendous loss un
less they keep in vogue the presen
old robbery system to enable them t
escape. shall call up my bill at tn
earliest possible moment. now that
is upon the calendar, and press it t
a finish
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