The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-06-11
BEAR GAMBLERS
DEPRESS MARKET
Mr.: J. S. Wannamaker Issues
Statement on Cotton
Situation
SAYS FARMERS SHOULD
HOLD SPOT COTTON
Crop Conditions Worse Than
When Manipulators Broke the
Market.

Columbia, June S.-SkOtfOWe Wan
namaker, president Of the American
Cotton Association, issued the follow
ing statement this afternoon:
The same bear SPECTATORS who
manipulated the cotton market in
1873 so fiagrantly that, as result of the
as compared with the manufactured
product, cotton mills showed earn
ings unheard Of in many cases, the
earnings far exceeding the capital IN
vested by the mills, are today again
depressing the exchange market, and
Of course, in like manner, depressing
the price of spot cotton. They are
disregarding the law Of imitation which
is. u2alterable. The basis Of the in
hation of 191 A when the gold reserve
was 5000, 100000 as compared with
today when it is $500, 100000 shows
a ratio of three to one, which would
make cotton VIZ 'th 80 cents per pound
as compared with 13 cents per pound
in 1914
In addition to this the United States
census reports that American mills
held on April 80, $4,000 bales
against 1,80S,000 for the same time
last year, a deficiency of 100000 bales
To make up this deficiency and supply
the wants, leading mill men state.
will require the 1st of April and the
31st of July, 100000 bales. At the
outbreak of the European war foreign
mills held Of American cotton 2,70O.-
600; today they only hold 100000.
making a deficiency OF l,500,000
Therefore, the American mills anc
Europe will require 100000 from
the present supply within this period
in addition to this in order to fill the
extra demand on them, they will be
forced to run extra time, which viii
require a large amount OF additiona
cotton.
The spinners who are today hedg-
ing spot cotton in New York bought
in the Sorth will face an unpleasant
position with the bear sneculator when
they attempt to close these short
sales The demand for the actual cot
ton will far exceed general eXpecta-
tons and will force the buyers to de-
liiand spot cotton. In the government,
report California, a very small cotton
producing State, is included at 10 per
cent This, Of course, has bearing
on the general average and should be
taken into consideration.
Crop conditions are much poorer to-
day than before the manipulators
abandonment of acreage on account Of
grass, boil weevil damage and acute
labor conditions all make an extreme
" small crop inevitable. God seems
to be assisting the farmer in his effort
to reduce the size OF the 1919 crop
The amount of cotton sold to be de-
l:vered in July and October is record
breaking. Gotten is being shipped to
Europe today on consignment. Eu-
ropean demands will be limited only
to the carrying power and will ex-
ceed anything ever recorded. Wher
the shorts attempt to cover in July
and October surprising condition
will be brought about and much high
err prices are inevitable. The law OF
supply and demand, imitation in the
currency and crop conditions canno'
be permanently ignored.
Spot cotton will sell at the highest
price since the War Between the
States before this time next year. The
man who holds his cotton will reap g
bountiful reward. Do not sacrifice
spot cotton to the bears and the nla2-
ip,lators but hold it and receive th'
benefit Of higher prices. We are Ge
lighted to see the spinners make enor
nous profits and do not blame then
for the action of the bear manipula
tors who brought about this condition
but at the same time we do most
strenuously object to the producer be-
ing forced to always play the part Of
the goat and we feel that he should
share in a part of the prosperity.