The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-03-15
REVIEW OF COT
TON CAMPAIGN
Chairman Wannamaker Makes
Detailed Statement of As
sociation Work.
JNo. Z. M'LAURIN
WRITES LETTER
He States His Views on The
Situation and Outlines Ideas
as to Solution.

ST Matthews, March III S. Wan
namal5er, State chairman Of the South
Carolina Cotton Association today is
sued detailed statement Of what the
association is doing. A large batch OF
telegrams, letters and petitions,
great many of which it is impossible
to answer, is keeping a busy Office
force, worked to exhaustion, strCg-
Cling with the correspondence and
making every effort to keep the peo-
pie advised Of the chairman's efforts
to put his plans squarely before the
people. Mr.. Wannamaker has fur
nished the following detailed state
ment:
The South Carolina Association IS
in receipt of the following letter from
the Hon. John L. McLaurin of Ben
netttsville, S. G.
IF Senator Smith can prevent de-
livery Of the low grades on old con-
tracts they will become very valuable
and spots will go above 80 cents be-
| fore May j. If the double contract
system is put over by Brands aid, it
4 will destroy the effect OF the amend
iment and our low grades be still fur
| ther sacrificed. It would have been
! better not to have had the. amend
4 ment. Obligation OF a contract cannot
| be impaired by legislation nor depart
mental ruling. Mr.. Brand should have
his inspectors see that the law is COM
piled with as enacted by congress IN
stated Of rules passed by the board Of
governors of the New York exchange.
There was 2. large short interest in
( the r7arl1et This whole thing Of the
Idouble contract is a scheme to permit
them to escape without buying in the
| open market While they mold the
new contracts down they balance
trade between the bears and bulls. It
! is short interest that puts the mar
ket up when they take fright. I
think this is the most rotten deal the
exchange ever pulled off. When this
short interest escapes, there vii! be no
buying power OF a speculative nature
left in the market. The technical po-
sition viii be against an advance ex-
l,cept by the slow process OF a spot de-
mand.
an the press reports which saw
tho amendment was credited 70 the
Hon. Hoke Smith instead of to Hon.
Ed. Smith This caused the error in
ny first reference to the amendment
/ am glad to know that Senator Ed.
Smith IS the author of this amend
meat. # action is not taken. however
to curb Brand, the South Will lose tho
benefit
"Here is what think is !,eirs
done. Brokers are wiring and writ
ing all over the country systenatical-
ly urging bulls to close their old con-
tracts The country has been flooded
with telegrams to this affect. AS they
close the old contracts they sell new
contracts and hold the marked down.
t'I saw a letter today from II fr,a
in New York through whom a vast
amount of cotton is handled. They
quote Brands ruling and urge parties
who purchased cotton on old contract
| either to close contracts or transfer
| 20 the now unders+and that every
one practically who has made pur-
cEases on the New York exchange on
/! Cd contracts has been flooded with
kilograms from their brokers cCotin"
! Brands ruling and urring that thcv
pron:ptl!- c'ose the;r old contracts. OF
course II is realized in MANY cases
who're neonl., follow this advice tf;"l'
VIII not repurchase.
ga vast amount Of cotton has been
bought bv people throughout the oct
who found it a, good business PROPOSE
t;on to huv cotton instead OF planting
it, as they.could buy it cheaper. As the
matter now stands III. many cases
where they are Induced and persuaded
and frightened into closing the Old
| contracts which they hold they will
probably not rebuy AZ all. The situa-
ton now, however, is practically un-
der stood throughout the belt and
people are refusing to close old con
tracts as they realize and have infor-
nation from we'll posted men that