The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1920-01-14

.,ffhat the New York Cotton }sx-
chance could perform an important
service 20 the industry, and AZ The
same time tend to correct the ve1y
generally .lccepted opinion that the
exc,,an"c is operated solely for spec
ulative purposes. bJ revising It's con
Yract to allow delivery on 1t OF ccrtl-
led cotton at bonded warehouses IN
\.,,.;tj,;., concentration centcrs ihrou;.'-
or, tic country. has b,:' !! s.''s;'sSs, :>.ca
IL ,I;;s,. columns at various tunes. Inc
sa mo Man has also been advocated
..,,- cotton growers associations, 3ul
! the officials Of the exchange nave
never given evidence that the susSes-
tions warranted their serious conslo-
tra,ios, Now that The Natiohai oouii-
ell cf American Cotton 'Aanulactarers
nas appointed a committee 10 conlef
with the officials of local exchahec
on this subject it is possible ana prop-
able that the latter will at least give
il serious thought.
.,:'Ger;. IS :: certain ultra-conserva-
ike cd io%y clement of the cAchatse
ma. MI contin;ly. 10 ;isht against IN
,1ovatiors aEii .i1,tt is perfectly sans
lied w:;h cid business; conditions; Out
! ii constantly increasing number Oh Us
n,rn, Der; is alive 10 the modern iGea
&C GIVING maximum service, TO thelf
clicr;1el.. 20 tic ;nlp"rtaEc, Of u
hr6at,e. conigac7. and 10 tho desirt-
7.::!i;,. ni' lli.tsinG. CONCESSIONS to CRIT
:..s among growers uild manufacturers
that. may tend TO check further re-
strictive legislation. Not all Of them
NAV be able to visualize the lmpof-
,ance 20 H.. Industry OF a real SPOT
rf;arkej or 81: facilitating tiafsactlons
, in ac;lIa! cotton, bat they do peileye
IN rfle principle OF giving maximum
possiola service TO their customers
and there IS excellent reason Tor pc
liering that. IT the proposition OF the
national council were put 10 q test
vote it would receive the support {. Oh
{. majority Of the exchange naen1pers:9y
With the contracts calling for the
delivery. or carrying the privilege OF
,ilnlivery from the great warehouses IN
Nev ORLEANS or at certain warehouses
i,i the. various cotton producing States
or from certain warehouses Of certifl-
cation. the. price nf cotton would ba
regulated by the law. OF supply anG
demand. Each ccntrfc, would mean
,ltct the cotton specified therein could
ne secured: How is it possible tor the
,zu- 'oI supply aa:a fe'lsrd 20 operate
loslay-.youu3.y and March hundreds
.. POINTS above :Eusy- ana May? IT a
,tlannf factur..r attempts 20 hedge his
cotton by selling Ju.y lie. will be
caught between the upper and the
lower taillstone and ground to pulp.
'Tha> law Of supply and demand IS an
n;llsrowh quantity on a market when
soss not carry the guarantee OF de-
Iice.y OF tlls property. This great law
iis.:,9!oIig since been dynamited and
has ceased TO function. The price OF
.sos-c..- Is subject TO the whinls OF the
ms rsj3n,ate"S: tle producer pays the
A,...!i:f:tv. IL. manufacturer and con-
.ssii?.les If ..osts,a goods. Of course, also
safer.
TIE :.stahisshsaes.; ~ a spot ex-
-hanc1. tv-it.. warehouses as outlined
above, is just as necessary to the
proper handling and economic reform
in the cotton industry as air and Wa
fer arc to human life. This reform
f.e.s n, endorsement Of the manu-
ia aci,rer and in fact, practically every
legitimate line OF the cotton industry
ana viii 1nce, wi,h r!1e:r cooperation
TIE .cottoa producer certainly feels
tia;, {. New Orleans; is the logical point
10 institute this greet reform and cam
rot agree with the statement made in
Chicago that the cotton producing
sections of the South are tributary TO
Chicago. =. : +. - -:
This change Will mean that fDr the
s.fss.s+ time cotton. with Only one. COM
tandi,v s..pcrinr 70 %citt-will take
-. proper place. i'fic !;ew Of supply and
,!,.r!a..d will mean active competition
from thu, various lines ,af:Ethe eoi!oa
Industry irnin The lr%ii irante SpIc,,
l1tos :tnl Investor J, means that no
longer. Will cottpli he the football OF
the gambler. This change will remove
.,1e manipulation and parasite. as his
opportunity to operate Will be re-
moved.
The. producer. Of course, had nj,
voice in the establishment of the ex-
change in New York in SO; the South
was the,, bankrupt. Conditions today
arc far different. They recognize the
necessity of these economic reforms;
they are ready to cooperate and as
sist in the sali1e. .That will New
Orleans do What :wiil the various
cities Of the South do where tl1ere are
cxc7la,res III operation? ahat will
i+44.e chambers Of commerce DO? What
Wnl the business mon Of the south. do
Don't forget that not only the pro-
d,icor ana manufacturer, but: in fact,
, every logitir tie line Of the cotton in
d,,stry wf1! be greatly benefited by
this change.
3: s. Wannamaker.
President, American Cotton Assn.
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/! ,,;:-11 ;:II11H,G