The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1920-01-07

opportunity? Common sense tells us
put one answer, and the answer she
dictates is eyes"
i The Textile World Journal in an
editorial entitled "a Better Contract
says;
"That the New York Cotton Ex-
change could perform an important
service to the industry, and at the
same time tend to correct the very
generally accepted opinion that the
exchange is operated solely for spec
| uiatlve purposes, by revising it's con-
tract to allow delivery on it of certi.
fled cotton at bonded warehouses in
| various concentration centers through
out the country, has been suggested
IN these columns at various times. The
same plan has also been advocated
by cotton growers associations, but
the officials Of the exchange have
never given evidence that the sugycs-
tlons warranted their serious consid-
GRAFTON. Now that the National Coun-
ell of American Cotton Manufacturers
mas appointed a committee to confer
with the officials of a focal exchange
on this subject it is possible and prob
able that the latter will at least give
it serious thought.
|
There is q certain ultra -conserva-
tive, old fogy element of the exchange
that will continue to fight against in
noVatlons and that is perfectly salts
hcd with old business conditions, but
constantly increasing number Of its
members is alive to the modern idea
OF giving maximum service to their
clientele, to the Importance Of a
broader contract, and to the desira-
blllty of making concessions to crit
CHS among growers and manufacturers
that may tend to check further re-
strictive legislation. Not all of them
may be able to visualize the impor-
tance to the industry Of real spot
market or of facilitating transactions
IN actual cotton, but they do believe
in the principle Of giving maximum
possible service to their customers,
and there is excellent reason for be-
lleving that, if the proposition of the
, national council were put to test
vote it would receive the support Of
a majority of the exchange members"
With the contracts calling for the
delivery, or carrying the privilege Of
delivery from the great warehouses in
New Orleans or Mt certain warehouses
, in the various cotton producing States
,, or from certain warehouses Of certiti-
cation, the price of cotton would be
! regulated by the law of supply and
! demand. Each contract would mean
that the cotton specified thcrin could
, be secured. How is it possible for the
, law of supply and demand to operate
today-January and March hundreds
of points above July, May? If n man
nfacturer attempts to hedge his cot
ton by selling July he will be caught
=, between the upper and the lower mill
stone and ground to n pulp. The law
= : OF supply and demand is an unknown
quantity on market which does not
carry the guarantee Of delivery Of the
property The great law has long
since been dynamitcd and has ceased
to function. The price of cotton is
J subject to the whims of the manipu-
4 lators; the producer pays the penalty;
the manufacturer and consumer Of cot
I ton goods, of course, also suffer.
!: Establish Spot Exchange
The establishment Of n spot cX-
I change. with warehouses Of certfica-
i ton and warehouses as outlined above
IS Just as neccssar yto the proper
handling and economic reform in the
cotton industry as air and water are
to human life. This reform abs the
, endorsement of the manufacturer and
in fact, practically every legitimate
I, line of the cotton industry and will
meet with their cooperation.
Chicago Has Already Taken Action.
Delay is Dangerous.
The cotton producer certainly feels
b. that New Orleans is the logical point
I to institute this great reform and can
not agree with the statement made in
Chicago that the cotton production sec
flons of the South are tributary to
Chicago.
This change will mean that for the
!, first time cotton, with only one COM
l modify to it--gold will take its
proper place. The law of supply and
demand will mean active competition
from the various lines of the cotton
industry from the legitimate spccu-
lator and investor. II means that no
5 longer will cotton be the football Of
! the gambler. This change will remove
I the manipulation and parasite. as his
opportunity to operate will be re-
? moved.
The producer, Of course, had no
voice IN the establishment Of the cx-
, change in New York in 80; the South
was then bankrupt. Conditions today
are far different. They rccogiznc the
, necessity Of these cnocomic reforms:
| thcy arc ready to cooperate and as
SlSt in the same. What will New Or
: leans do? What will the various cities
o. Of the South do where there arc cx-
changes in operation? What viii the