davidaulloa/AmericanStories huggingface dataset:
The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1922-11-15


close Of trading, if possible. The time
was then one minute before the close
lie had direct private wire to New
York, but none to Chicago. SO he had
to send the order via New York. [.
reached the floor Of the Chicago Board
of Trade and was executed before the
close of trading, while l, 800 miles
from Chicago, was holding the tcie-
phone receiver.
A trader may either buy or sell
play the market either way, whether
or not he owns bale of cotton. This
form of speculative selling is certain
ly abusive to the interests of the cot
ton grower. The trader may "short
sell" any amount of cotton he so de-
slrcs, provided he has sufficient funds
to margin the sale. For instance, Mr.
A requests broker to sell 1000
bales for December delivery at 20 10
cents pound. The broker makes the
sale on the Exchange, and then gives
Mr.. A a statement, reading: owe have
this day sold for your account 1000
bales, December delivery, 20 1-2c.'
On the back Of the statement, the fol-
lowing condition is printed: "All or
dcrs for the purchase or sale of anv
article are received and executed with
the distinct understanding that Actual
delivery is contemplated - -" Thus
the transaction is given the flavor of
legitimate trade and is made within
the law.
Although Mr. A has made tenta-
tive pledge to deliver 1000 bales in
December, he has no intention whatso-
ever Of doing so. as he probably never
owned bale in his life. Any moment
during trading hours, before the
month of December arrives, he can
close his trade, take his profit or loss,
and be rclievcr of the obligation to
denver in December, simply by buying
back as many bales as he sold.
Short selling although cnndnrt "d
on paper, has as much weight in de-
ton were being sold. Mr.. A exercises
as much weight upon the price level
when he "Short sells" 1000 bales as
a farmer does when he sells ,O0C
bales that he has produced by the
sweat Of his brow, on 5000 acres at a
cost of some $75 900. Mr.. A is allow
ed to "short sell" 1000 bales on a
capital Of $1,000, which is the usual
margin required by brokers, and
which is exactly one-tcnth of the
amount the planter has to pay tC
produce and sell 1000 bales. Nc
wonder the planter is discouraged
when the whole world can sell cot
ton, Speculatively, at ne-tcnth the
cost of production
That is the serious reason why
short selling distorts the basis OF
supply and demand. The cotton worlt
looks to future exchanges to register
prices that truly reflect supply and dc
mand, but when ninc-tcnths Of the
turnover on these exchanges are pap.
cr sales, fictitious cotton, supply and
demand become mockery, since &
spurious price prevails that falsifies
true values.
If a crop Of 100000 bales is rails.
ed, how may planters receive a legi-
innate price for it, when SPECTATORS
are allowed to "short sell" 25,000,00C
bales, and paralyzc the price and de.
mand?
Selling of this nature spreads dis.
content throughout the economic
world. Farmers become depressed
The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1922-11-15
Wall Street Control Of Cotton Prices
Continued from page Threc)

is an ignorant delusion.
The Liverpool Cotton Association
wa sthe mighty leader Of prices until
the outbreak of the World War. This
leadership resulted from the fact that
three fourts of the cotton raised in
America was exported to Europe,
chiefly to England, and also because
London was the money and trade ac-
ccptancc market Of the world. Liver
pool was more or less the dictator
Of prices. If prices at Liverpool de-
clincd. but American markets failed
70 follow, London fnanciers, who were
the source of most of the loans on cot
ton stocks, would often get busy by
calling the loans. forcing up rates on
money, and in this way compelling
American holders to dump cotton and
break the American market The
financial powers of England employed
every means to wrcst cotton from
American growers as choaply as hu-
man ingenuity could get it. Southern
planters received 20 cents pound, as
an average, for their products for 80
years after the organization of this
association. Thus, kept in poverty,
they were forced to sell the greater
portion of their crop in the autumn,
at or below the cost of production.
Naturally, they wore slaves of Dcrcn-
nia debt.
The war changed this monopoly and
shifted the balance Of power from
!.ondon to New York, the present
money market Of the world. Amcri-
can consumption Of cotton has in
creased so per cent i'm five years.
American mills now consume as much
of she southern crop as foreign mills
,onhinrd
r. r.a,,;., :...,.. damn.
.,i' ~ n.'t l'In e ,ll'ttes.S ntIen'pI con
op np''i,.S i :" T aptvG "oMl ptlcta, IneE can
nb; nb "ns'a ~ VIItt;co,nr's ;'s t'nb'oE inc ma
r",aJnS rnnJaS' ha a,in l.ne','""' "nn me a." OF
'>',.t ',o,,t'on Dn,'Nr,@ ,L ~ u" INC Cllch> o1C
;ntn'ont. ,tn. nt.unu Irr nupp1i. VI ne" @ orh
York Co,fnn ," Twchanmn I,,Ia"' h 'nb Mem
The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1922-11-15

chant from whom he must necessarily
buy less. The retail merchant in
turn cuts down his purchase from the
wholesale merchant, who then can
cells his orders to the mill. Stagna-
tion in trade comes. All of this be-
cause group of operators in Wall
Street seized the opportunity to break
the cotton market.
.Cotton-future exchanges, on the
other hand, can be useful as insurance
markets. Growers owing ton can
protect its price by hedge s. s on the
exchanges, that is, by selling contracts
The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1922-11-15

change is a secretive organization
giving out no information whatever Of
the total sales. Even brokers' of the
Exchange do not know the approx
mate amount. Some light was shed
on the volume, when an auditor of the
clearing house of the Exchange tcsti-
fed at recent trial of smaller cot
ton exchange in the Criminal Court Of
New York that the sales on the New
York Cotton Exchange approximated
4o,O0O,O0O bales year. Therefore,
for both the New York and New Or
leans Exchanges, the estimate Of 75,-
100000 baels is probably correct. OF
this colossal amount hardly a half
million bales* represents real cotton.
which goes to show the onormity Of
speculation involved, or 90 per cent
of the trades based on "paper cotton"
as against only one per cent on real
cotton for the legitimate needs of
trade. And these exchanges act as
barometers of the state of demand for
cotton!
Future exchanges cannot function
as essential markets so long as specu-
lation is allowed to crowd out legiti-
mate trading. The needs of the sit
uation call for Federal laws to strike
directly at speculation especially
selling, by compelling the seller to
furnish a receipt showing thnt he
owns splnnable cotton or holds an op-
tion on the amotint that he wishes to
hedge.
Free speculation, as now exists,
causes prices to be radical, uncertain,
illegitimate, up 100 points one day
and down 100 the next day, and for
ever nerve-racking to the trade. In
recent years, prices have covered a
wide range and speculation has grown
to such proportions that the Ex-
changes have had to pass rules for
bidding prices to huctuate more than
200 points from the close of one ses-
sion.
Speculation has cost the farmer,
who is the backbone of American
commercial and social progress, more
than fifteen billion dollars in the past
50 years. Short selling costs him
from rs to 40 per cent of the profit
on his product. 1t is the grim reaper
of the profits that he should have.
There are many reasons exchanges
should be rigidly controlled or else
abolished. Prices are no more or less
than a commercial structure built on
confidence. Trade activity expands
and prices rise as confidence swells in
the business outlook. Prices may be
compared also to fabric in which
there are interviewer the movements
of prices in general.
Operators on such leading ex-
changes as the New York Cotton
Exchange can form pool to break
the market. They begin by heavy
selling in such volume that the trade
cannot absorb it. Prices break. What
is the next result? Prices in the
southern spot markets drop. Trade
buying in the dry goods market hest
tates. The New York Cotton Ex-
change is looked upon as the barome-
ter. of the cotton and commercial out
look: If the hammerng of prices
continues, buying in the spot and dry
goods markets shrivcls up, and buy
ing disappears in allied trades. Prices
in those markets sympathetically fall.
Business can be and is wrecked in this
way. ',
The farmer the first sufferer. His
suffering extends to the retail mer-
The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1922-11-15

against their stocks. Should a break
occur in the market, they are protect
ed, as their cotton has been sold on
contract at higher prices. :.
Future exchanges belong with race
Jrack eeGtlng', political trusts, the
GIays OF Tweed, houses of vice and
liquor selling. The new conscience
must not permit vicious speculation
to wreck the fortunes of agriculture
and endanger American prosperity.
Future exchanges should function
only as markets of insurance--The
Dearborn Independent.
The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1922-11-15

refuse to raise bumper crops, and
| emergency organizations spring up
and spread propaganda urging farm
crs to hold down acreage and auto
matically force up prices.
| The evils of short selling should not
be tolerated by the Federal govern
mcnt. In fact, in 1918, the United
States Department of Agriculture
| temporarily stopped short selling,
after English spinners and spectators
had "short sold" 100000 bales on
| the New York Cotton Exchange, and
had broken the price 10 cents pound,
or a loss of a half-billion dollars to
the South
Short selling represents the "short
side" of the market, which is usually
the side on which professional trad
crs operate, as quicker profits can be
made on this side. Prices fall faster
than they rise. Therefore, it is the
shortest way to profit. The other
side of the market is called the "long"
or buying side.
Short selling should be permitted
| only as protective measure to en-
able growers to hedge and insure the
| price of their crops, 1t then makes
the cotton future exchange what it
should bean insurance market and
not gambling hell. But as a weap-
on in the hands of the speculator it
too frequently means stab in the
the back to the cotton grower.
If speculation could be eliminated
from exchanges, the great spot mar
kets of the South would then De,o,nc
the rightful leaders in quoting prices
Attempts have been made to rcgu-
late gambling on exchanges. Statutes
q "A ut 70 fnx h.
of dealing on exchanges" and later
in 1916, "The United States cotton
futures Act" were passed at Wash
ington.
Legislators who drew these acts
realized that speculation was so i'm
prcgnably intrenched in future ex-
| changes that the time was not oppor-
| tune to try to lislodge it altogether.
Their object was to narrow the scope
OF future exchanges, and in turn re-
duce gambling and minimize the harm
in short selling.
The United States cotton futures
! act forbids some of the lower grades
from passing through the exchanges,
| such as cotton below the grade of
Good Ordinary, or less than seven
eighths of an inch in length Of staple.
Spectators are thus prevented from
buying up cheap, unspinnablc cotton
and dumping it on exchanges to break
prices. The act undoubtedly has bene
flcial features, such as requiring the
Secretary of the United States De-
partment Of Agriculture to set up Of
ilclal cotton standards, and giving to
him some authority over future ex-
changes. The act does not reduce the
volume. of speculation, which is the
crux of the whole situation.
Only a small amount of actual cot
ton is handled by future exchanges.
| The exchanges never did and prob
| ably never will function as markets
for the sale Of real cotton. The small
| proportion of real to fictitious cotton
dealt in on the New York and New
| Orleans Cotton Exchanges may be
known, when we consider that tho TO-
tai sales on these exchanges per an
mum aggregates 75,000,000 balos.
| There is no way to secure accurate
figures on this subject, as tho clear
ing house Of the New York Cotton Ex-
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05

| Nldeu.Clo,er Wedding

Invitations are out for the wedding
N Miss Gladys Gouverneur Glover.
laughter Of Mrs Glover and the late
henry Wurburton Bibber Glover, of
Rgamond Va, and granddaughter of
De hle Medical Director James C.
Chlorine IT, s.. A., to Lieutenant John
TAYLOR Selden t. S. NJ. c.. which will
ake place Wednesday afternoon, DC
a5rr 10 az Mrs Glover's residence.
IS Maryland avenue, and will be fol
based W a small reception.
The Wedding is of great interest i'm
Virginia social circles. as well as
nyal as both the bride and groom
W from Richmond. Lieut.. Selden is
be SON of Mrs Charles Selden. of
Richmond and the brother of Mrs.
fnehn Marsteller and Mrs. William
N Hahlston, also Of that city. He
VII arrive in Annapolis tonight, hav-
y, reached this country yesterday on
BE transport henderson. The bride
fa sister of Lieut., r. o. Glover. a
nnhcr 90 last years class at the Post
Caduafe School.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
TRANSFERS
OF CITY AND COUNTY
RECORDED IN COURT

From Lillian ID. Fairman and hus~
band to James +. King and wife,
property on jefferson street, in this
city.
From julius Herman Stohm to Wal
ter +. Stohm, two lots of ground at
Lennox Park, this county.
From Rose F. Walk to William f.
Farrell, property at Murray Hill. in
this city.
From Louis Serle Dederick and
wife to Paul E. Hemke and wife,
tract Of land at Spa View Heights,
Sixth district
From The Brooklyn Curtis Bay
Land Company to William G. Lehr.
six lots of ground at Brooklyn, Fifth
district.
From The Curtis Creek Mining.
Furnace and Manufacturing Company
to Haskell Parish, two lots of ground
in the Third district, containing two
acres.
From Thomas, Booze and wife to
Hezekiah Adams and wife, lot of
ground in the Third district, contain
ing two acres.
From Thomas ]. Fuffe and wife to
Alexander E. Muse and wife, tract
of land in the Third district, contain
ing so 40-10O acres.
From Thomas Owens to Wilson
Owens, tract of land at Drurys in the
Eighth district, containing one acre.
From J. Bruce Lyons to trustees
OF The Chesapeake Circuit of the
Methodist Episcopal Church, two
tracts of land at Friendship in the
Eighth district, containing / rood and
16 square perches of land.
From Rodney Milliner and wife to
Lucy w. Pack and others, lot of
ground at Camp Parole, Second dis
trict.
From Earl Smith and wife to
George ". Riley and wife. lot of
ground at Eastport. Second district.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
WORK STARTED ON
NEW TRUNK LINE


Plans OF the State Commission call
fer construction of eight miles Of the
proposed road each year. approximate
ly S25000O being expended thus each
year AS the road Will be only So
miles in length it is expected that it
will be completed BY the end Of 1925.
Road Has Another Name
The proposed trunk line viii also
go under the name of the Robert
Grain Highway, because OF tho fact
that Mr.. Grain led the lght for the
road, The movement for the road
started on February 6. 1922. in the
State Legislature. Sl.000,000 being
asked for the construction of IT, AZ
ter long fight carried on by Mr.
Grain, aided by the Highway Depart
mont. the Southern Maryland Society
and the Merchants and Manufac.
turers' Association of Baltimore. the
Legislature appropriated the money
on April 10.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
COMMERCIAL MISSION FROM
CUBA GOING TO EUROPE

HAVANA. CUBA. Oct. with the
approval of the department of com
merce and the president, a committee
representing the leading commercial
and industrial organizations of Cuba
is raising funds to finance the send
ing OF a commercial mission to the
countries of western Europe next
spring TO extol the merits of the is
lands products and the culture of her
citizens
Conferences will be held i'm Spain.
Portugal, France, England. Belgium,
Holland. Sweden and Italy. If the
first mission brings results. similar
missions will be organized and sent,
first to Central and South America.
and next TO the Far East.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05

From The Workman's Cooperative
Realty Company. Inc. to Adam Lang.
four lots OF ground in the Third dis
triet.
From The Workmarss COOPERATIVE
Realty Company. Inc. TO Adam Lang.
two lots of ground in the Third dis
trict.
From Davitt d. Chichester and wife
to New Annex Land and Improve
ment Company, lot of ground at
Arundel Gardens, Fifth district.
S----------
Autumn
tH. b. r.. i'm New York oSun.)
And now comes Autumnl
As one lettering TO old age
Decks herself with crimson and
gold
TO hide her decrepitude:
So the year, now past her prime.
Tries a boastful interlude-
Paints herself for one sublime
Tryst with Fate-then shudders
with cold,
As Time, scribbling on his page.
Writes: ''Autumn-Winter-
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
Randall.Carter
Wedding Party

The attendants have been chosen
for the wedding of Alexander Randall.
son of Mr.. and Mrs. Blanchard Ran
dali, of Baltimore. and Miss Aurora
f. Carter. daughter of Mr. and Mrs.
Julian Stuart Carter, which will take
place on Thursday afternoon. October
II. in st. Paul's Church, Baltimore. at
4 o'clock.
A sister of the groom. Miss Evelyn
b. Randall. viii be maid of honor
The flower girls will be the Misses
Isabel G. Carter and Louisa B. Carter.
the small twin sisters of the bride.
and the bridesmaids will be the
Misses Margaret Starr, Margaret G.
Paris, Margaret Chisolm and Eliza
beth Chisolm. all of New York; Miss
Virginia Carter. of Philadelphia. a
cousin of the bride: Miss Emily Ran.
dali, sister of the bridegroom: Miss
Alice Whitridge and Miss Ida Lee
Spence
Blanchard Randall. Jr., will be his
brothers best man. The ushers will
be Dr. Edward Hanrahan. DIR. Stuart
w Egerton, Richard H. Randall. John
II. Bumstead. of New Haven; Thomas
Ewing, Jr.. of New York; John G
Watson. Benjamin S. Tongue anc
David X. Este Bruce. A reception
will follow the ceremony at the home
of the brides uncle and aunt. Mr.. and
Mrs. Shirley Carter. at s East Biddle
street. which will include the two
families and few intimate friends.
after which Mr.. Randall and his bride
Will leave for wedding journey.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
jnlml And Mrs.
nil.nn. HrcepliOn

e- Henry 3 Wilson. wife Of the
..rateaHeut Of The Naval Academy
IN ..- Hr. "at home of the sea
..,atp.l4g afternoon. The several
s.ireH guests were presented TO the
s.. bis tic Superintendont's aide,
f,rsut Nahlcn Tisdale Mrs. Will
u ua8 o9d TOO the small rose re
..5n room. wore white lace
paa
4. tue weather was warm an or
lar from the Naval Academy Band
Stationed In the garden and many
Ho guest strolled about out doors
.Fne flc music In the drawing
,oa W. q S.mas orchestra from the
Nur Academy Band played for dane
as
+ tbs dining room Mrs. Alexander
rr. ST. poured tea; Mrs. Robert
N Kennedy served ices, and Mrs.
Wilson'S sister. Mrs Borden. OF Phila-
saba. presided at the punch bowl.
others assisting were Mrs. |. c. Kidd.
Nn Harry r. Shoemaker and the lat
r. gest Mrs J. c. LeBourgeois.
\ Ncw Orleans
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
Mrs. D0yen Returns
To Wardour

MRS. Charles \. Doyen. widow Of
General Doyen, who returned from
me West Coast on the transport Hen
derson. is visiting her sister. Mrs. ]
W. Valiant, Of Wardour. with whom
she VIII remain for three weeks. Mrs
Doyen has been staying with her son
ln-law and daughter, Ensign and Mrs
Felix Johnson, for the past six
months at Coronado and will return
20 California at the conclusion of her
visit here.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
Donations Asked
Fer Pantry Sale

Contributions are being asked for
the pantry sale. TO be held tomorrow
afternoon and evening in ST. Anne's
Parish House. for the benefit OF the
Cemetery Association. Anyone desir.
ing to donate cakes. jellies, preserves,
canned fruits and candy TO the sale
may send them to the Parish House
any time tomorrow morning between
10 a. m. and ! p. m.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
Back From Visit
To Washington

Mrs Emma Abbott Gage and her
mother, Mrs. William NJ. Abbott, re.
turned Tuesday from Washington af.
ter spending the weekend with Mrs.
Abbott's son-in-law and daughter, Mr..
and Mrs. J. b. McManus.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
vending Autumn In
IlNnrh lNnnlN

dr and Mrs w Baden Lowndes
a close Glenelg. their country
Bee In Howard county. early in Nov
1ler and With their children will
Norn GO their home on Roland ave
e Baltimore. opposite the Gilman
maiy School Their son, w. Bladen
"aades Jr will so to the Hill
NAoo' 90 Pottstown. Pennsylvania.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
Here For Niece's
Wedding

Mr. and Mrs. f. A. McReynolds, OF
Chicago, ILL.,, are visiting the latters
sister, Mrs. IL. W. b. Glover. of Sc
Maryland avenue, having come on for
the wedding of their niece, Miss
Gladys Glover, to Lieut.. Taylor Sci
den, U. S. NJ. c.. which will take place
next Wednesday,.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
Bishop OF Maryland
Home Again

The Right Rev. John Gardner Muir
ray, Bishop of Maryland, and Mrs.
Murray returned yesterday to their
home in Baltimore twenty-four hours
before they were expected. They came
by way of the Canadian Rockies. stop
ping for brief visits at Banff and Lake
Louise.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05

The bills had come in for building
the young couples home. George"
said the bride Of a few months, they
are twice what we expected" Don't
worry said the young husband II
expected they would be But.
George" she replied. they're twice
as much As that Argonaut.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
Enters National
Cathedral School

Mrs. Albert Rockwell of Warren.
Pa. who is visiting her alnt. Mrs.
Joseph Valiant, of Wardour. went 10
Washington yesterday to put her
daughter, Layalette Cole, in the Ca
thedral School.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05

s'a.aa Rice Warren White. of
.esV'.e Va who has been
"t '#e past two months with
.'Mmauder and Mrs. A. NJ. r.
e. Tuesday to visit his sister,
ta"gy DAVIS. 81 Lewisburg.
W. Captain Whites resignation
r., ~rmy will be accepted in
-Ncuacr
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
TO Live On
nnke Oi Gloucester 81.

Lieut. John s. +. Farnsworth. a
member of the postgraduate school,
has taken the Stone house at the cor
ner of Duke of Gloucester and Com
promise streets for the winter.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
Luncheon For
M'fshipmen.Offeers

The Superintendent Of the Naval
Academy and Mrs. Wilson will an,a,.
tam at luncheon on Sunday next for
the Midshipman- Commander and his
staff
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
'ao>l> lt Luncheon
h NaNhingtnn

NIs J. Dorsey Gassaway. Mrs. John
CHOW ANA Mrs. Frank Munroe went
Washington todey to attend
...eH party ot Rauschcr's given
Mrs Gassaway's sister-in-law.
us K Earle Fisher.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05

Majolica pitcher brings $685. in
SALE" read Mrs Fan. "Huh!" sneared
Mr. Fan. He can't be much OF q
player. ~ Boston Transcript.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1922-10-05
CUT THIS QUIT is WORTH
MONEY

Cut out this slip, enlcose with sc
and mail it to Foley & Co., 2S35 Shelf
field Ave, Chicago, H., writing your
name and address clearly. You will
receive in return a trial package con-
tanning Foley's Honey and Tar Com
pound for coughs, colds and croups
rheumatism, backache, kidney d
bladder ailments; and Foley Cathar-
tic Tablets. wholesome and thor
oughly cleansing cathartic for consti-
patton. bliousness, headaches, and
sluggish bowels.-(Adv.)
r Advertising In The Evening