Newspapers / Wilmington Morning Star (Wilmington, … / June 3, 1910, edition 1 / Page 1
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-vk' V;," ,"if V . THE WEATHER. -oral showers Friday; Saturday fair; lifiht variable winds. ' MR. MERCHANT Use our Business ' Local columns to advertise your specials in season able goods. One cent a word and they bring results. .Ask the Users. h it-;' ' H EO.U.N.DE VOL. LXXXVINO. 63. WILMESTGTQN, N. C, FRIDAY MOKNTSTG, JUKE 3, 1910. WHOLE NUMBER 13,311. - w il k . BAD SPECULATION CAUSED FAILURE John R. Knight, Head of Bank rupt Cotton Firm, Takes Stand. folk mm THE PRElE ii A Wilmington Welcome To Traveling IsLen NOUS TO SOUTH IIHU RAILROAD BILL E E EFFECT OF BILL micnm AMENDS M RAILROADS RUI UVCM NGY PROPOS INGREAS V-' d ..T ' LOSSES $2,500,000 Declared the Firm Had Been Practi cally Bankrupt Since 1905 Asked About Personal Fi nancial Condition. Birmingham, Ala., June 2. John R. Knight, head of the bankrupt cotton Ann of Knight, Yancey & Co., which recently failed for nearly $6,000,000, took the stand today for the first time since the meetings of creditors began. Mr. Knight said the firm fiad been practically, bankrupt since 1905, ex cept for short periods during 1907 and lftus. He said the firm's failure was duo almost entirely to unfortutaate speculation in cotton, all of which was carried on in the firm's name. Hp said that the firm's losses on cot ton futures during the past season was less than two and a quarter mil lion dollars. . The attorneys seemed to lay consi derable stress on (he firm's connection with Steele. Miller & Co.. of Corinrh, Miss., which was also recently declar ed bankrupt. The witness said there , was nothing more than agreement be tween the two firms to use "unaccept ed"' drafts on each other; He said there was no collateral actually at tached to the drafts. , ' As to his personal financial condi tion, the witness . said he had not drawn any money to amount to any thing from the firm for several months. At the conclusion of his testimony, Urferee Murphy adjourned the hear iDR until the third Saturday In June. Mr. Knight was notified to be present at the next meeting. AUTOIST SENT TO JAIL. Son of Senator Guggenheim Fined and Imprisoned. New York. June 2. For' a wedding present to young Edmund A. Guggen heim, p. son of Senator Simon Guggen heu, of Colorado, thercourt of general esous gave him today a fine of $100 ai' a sentence of one day in jail. Through his counsel young Guggen heim had pleaded guilty to a' third vio lation of the automobile speed law. He had no defense to offer, yet he asked that sentence be suspended and prom ised that, if such should be the judg went of the court, he would never drive an automobile in this State again. It was further urged that he is to be married next Monday and. that he is a Yale graduate and that a pri.son would be an unnecessary hu miliation to his bride to be and his family. The court turned a deaf ear. Tho young millionaire's imprisonment, however, proved nothing unbearable. Sentence was at 3:15 P. M.. Ten minutes later the prisoner had cross ed the bridge of sighs to the Tombs,- M. the legal day ends. His to tal period of incarceration, therefore was just 3. minutes. . ' . By courtesy of the warden, he was allowed to spend the 85 minutes In the counsel's room. FIGHT NO FRAME-UP. Jeffries Would Call It Off and Return to His Ranch. ln Lomond. Cal., June 2. "For t'o pins, J'd pack up and take my family back to the ranch and call the whole thing off." declared James J. J'ffries today when he read a story q'lotins Gov. Gillett as saying the Jef fries and Johnson fight was a frame up, and arranged for the white man to win. He added: 'Those who have seen mo working, must know that my heart i'ii'1 soul are in the coming scrap, and 1 'loesn't stand to reason that I would 1,1 "ak my neck working if everything wrr.. .settled loi'me to win. ' I quit the fight game oiice because ' did not care for those connected with it, or the knockers who were 'ontiniially, rapping it." The camp was in a turmoil' until Jjif- -tory was declared untrue by. the 'loyernor himself. Frank Gotch, wrestling champion, will arrive the latter part of next w''k. He sent the following message t loffries today: "Well, old boy, I saved one' cham pionship and I know you will hold the "her. Will join you right away after '"ii0 7th, when -I must attend the J'nvf primaries." BROKERAGE HOUSE FAILS. Neugass, Morales & Co., of New Or. leans, Closed Doors Yesterday. W Orleans, June 2. Claiming .'hey could not stand the pressure fol "wing the recent slump in the stock ;,r"' c otton markets the local- broker- K" house of Neugass, Morales & Co., '"" has closed its doors. The sua- l"iision .became effective Thursday' "" '.ning. According to F. R. Mead, ?."' manager of the house, the New w" k and St. Louis houses which Neu .Morales & Co., represented are -sponsible for the liquidation of the "'al firm. It was announced by the l,fl raiment that all creditors would Paid in full. Don't Miss It. ""11 hy Charlotte drum corps at J''""ina tonight. Missouri Governor Announ ces Principles for Dem- -ocratic Party. SPOKE AT MISSOURI DINNER Law Enforcement Will be Hia Slogan. Democrats of All Factions Pres ent Thievery and Graft in the Country. St. Louis, Mp.,, June 2. Missouri Democrats of all factions at a dinner tonight heard former Governor Joseph Folk announce the principles on which it is said, he will seek the Presidential nomination in 1912. Thesdinner was in charge df men who have been pro moting the boom of the former Gov ernor. ' " - "The doctrine of equal rights should be made a living, vital and controlling force in the government," said Mr. Folk, after he had listened to Demo crats from all parts of the State tell the guests that the former Governor should be indorsed for the Presidency. "The' Democratic party", continued Mr. Folk, "should insist upon the stamping out of graft and corruption from every department of govern ment; the eradication of all special favors, including bounties, subsidies and a tariff for many other purposes than revenue. "We need the honest, sincere en forcement of the laws wo already have and the regulation of the rates of pub lic utility corporations upon a reason able basis that justice may be done the people and a fair return of the amount actually invested be afforded." On "the subject of issues before the people, the former Governor said: "The great issue before the people of this country is. shall there be gov ernment by privilege for a class, or government by the people for all? This is a question within parties as well as between parties. The Repub lican party Is dominated by special interests, and operates with them up on a profit sharing basis. We should not be oblivious to the fact, however, that we have Aldriches and Cannons in our own party and It is the duty of Democrats to lessen their influence as much as possible. We cannot prevent some of them being in the party, but we should keep them from running tne party. "A crisis has been reached in the affairs of the nation. Pick up a news paper any day and you will find ac counts of thievery and graft What does it mean? Is corruption becoming a national disease? Is there some thing in our system of government that encourages men to violate the commandment, 'Thou shalt not steal'? "Is not the government itself in a large sense to blame for this seeming general disposition? Has not the ex ample which the government sets in enriching a few by taking from all by means of the protective tariff been an Influence for corruption? "With the example of the National government giving privileges to a few, there Is encouragement afforded all fonr.8 of graft, for all graft is based upon privilege. Officials are not brib ed to give equal rights to all, but to confer upon the few some privilege denied the many. The elimination of privilege Is the fight confronting De mocracy." AFFRAY ON EXCURSION. Morehead City Man Slashed on Train. That Newbern Clock. (Special Star Telegram.) Newbern, N. C, June 2. Just after the excursion train which was run from Morehead City, to Washington, N. C, yesterday had crossed over Neuse river bridge on Its return trip, Mr. Thos. Styron, of Morehead City, was seriously cut on the throat with a knife in the hands of Ed Buck, a resident of the same county. Just how the trouble started could not be learned, as none of the excursionists could give any particulars, but it is suDDOsed that Buck, who was under the influence of intoxicants, became offended at Mr. Styron's endeavors to quiet him, and unexpectedly attacked him with a large barlow knife. Friends of the injured man dressed his wounds as well as possible with the facilities at hand and upon the arrival ol the trajn ,in this city medical attentki was rendered him. buck was arresxea and placed under a bond of $100 for his appearance at a hearing next Mon day afternoon. . The work of erecting the large elec tric clock that is being placed in the tower of the Federal building is rapid ly progressing and the contractors hopfe to have everything in worKing order by the first of July. When com pleted this immense piece of machine ry will he 'One of the largest of its kind in the State. AUGUST BELMONT INJURED. Thrown From Horse While Playing Polo Badly Hurt. New York, June 2. August Belmont was thrown from his horse this' after noon while playing polo at the Mead ow Brcok Hunt Club. For a time there were many rumors that he had been seriously injured, but at his house it was said tonight that he had only been badly shaken up and that he would be about hisi business as usual In a day ob so. At the Meadow Brook Club it was said that he had broken a wrist Amendment Dealing With In junctions Adopted in Sen nate Yesterday. DEMOCRATS DELAY THE VOTE Vote Postponed to Permit Democratic Conference on the Measure To day Provision Regulating Wire Companies. Washington, June 2. But for the fact that Senator Overman, of North Carolina, succeeded in having the Sen ate incorporate in the railroad bill a provision regulating injunction pro ceedings effecting State laws, the Sen ate probably would have voted on the railroad bill before adjournment to day. The acceptance of that provision had the effect of inclining some Demo cratic Senators more favorably to the bill and of causing the Democratic side of the chamber to request an op portunity for consultation before reaching the voting stage on the final passage. Accordingly the vote 'was proposed to permit a Democratic "con ference which will be held at 11 o'clock tomorrow. After this agreement was reached. Senators Elkins and Hale endeavored to get the Senate to agree definitely to vote on the bill before adjournment tomorrow, but without success. Sen ators Bacon and Bailey made- objec tion to a proposition cutting off de bate in advance of the final vote, and when it appeared as if they might be conciliated. Senator Clapp entered positive objection to any arrangement whatever. The bill was before the Senate dur ing the entire day and a large num. ber of amendment were presented and disposed of. Just before the adjourn ment for the day. Senator Elkins gave notice that at the proper time he would ask the Senate to substitute the Senate bill for the House bill. vHe succeeded in having adopted an amendment postponing for 60 days af ter its passage the time when the pro posed law shall go into effect. The Overman provision covers a subject broader than transportation. It provides that no interlocutory in junction suspending or restraining the execution of any statute of a State by restraining the action of any officer of such State in the enforcement of such statute shall be issued by any Federal judge upon the ground of un constitutionality, unless the applica tion shall be presented to a justice of the Supreme Court or to a Circuit judge and . shall be heard by three judges. The only objection expressed to the amendment was that its operation would not be limited to railroads, but there was a considerable vote against it, the ballot resulting 33 ayes to 28 noes. The provision heretofore adopted placing interstate telegraph and tele phone lines under the supervision and control .of the Interstate Commerce Commission was enlarged in compli ance with a suggestion by Senator La Follette, who presented the original amendment. As it now stands, it pro vides that telegraph and telephone charges shall be just and reasonable and it authorizes the commission to determine when they are not so. Spe cial night rates and special rates on press dispatches are authorized. Tel egraph passes are prohibited to all persons. VLe penalty for disobeying this provisicn is fixed ?t frcm 5100 to $2,000 The provision of Senator Hughes, of Colorado, giving tq the shipper the ngni 10 cnoose a line competing wun a part of the through route by which his shipment was billed, was accepted. It exempts the original carrier from all responsibility for damage sustain ed on other than Its own line, however. Mr. Simmons . sought, though inef fectually to have his physical valua tion provision inserted. It was voted down 30 to 32. Senator LaFollette failed in an effort to obtain for ship pers the right to bring suit in the proposed court of commerce when there ,1s a prospect that irreparable damage may be done by increased rates, pendingihe delay necessary to an investigation by the Interstate Commerce Commission. CAPT. A. B. STRONACH DEAD. Well Known Veteran and Merchant Died at Raleigh Yesterday. (Special Star Telegram.) Raleigh, N. C., June 2. Capt. A. B. Stronach, for many years a prominent merchant of Raleigh, died here to night, aged 63 years. He had been in failing health a number of years, and retired from business two years ago, and spent one year in Scotland, his "Fatherland". Capt Stronach was a hrave Confederate Veteran and serv ed in Starr's Battery. He was for nine years Commander o'f LO'B Branch- Camp Confederate Veterans and was active in the welfare of the North Carolina Division and United Confederate Veterans of 4he South. Funeral arrangements are not yet made. Drum Corps Drill ' at Lumlna tonight Don't miss It Dancing. ; Within the portals of Wilmington are numerous commercial tourists from North and Scuth Carolina, here to attend the fourth annual conven tion of the "Grand Council of the Carolina?, United Commercial Travelers of America, which meets here today and tomorrow. The Knights of the Grip are here representing many cities in two of the South's most progres sive States, and fcr them Wilmington opens wide its welcoming arms. The freedom and hospitality of the Cape Fear City are theirs, and the welcome on the part of Wilmington is given with all the hearf'ness of a warm hearted people who are exceedingly glad to greet their visitors and make them feel at home. The Star heartfty joins in the welcome to the jolly drum mers, and bespea'.-s fcr them a delightful sojourn at Carolina's chief seaport and a successful meeting of their Grand Council. TAFT ON HIGHER EDUCATION Delivered Commencement Address at Bryn Mawr College Advanta ges of Education to Women. Leaves for West. Philadelphia, June 2. President Taft delivered the annual commence ment day oration today at Bryn Mawr College, where his daughter, Helen, is a student. ' Taking r- his subject "Higher Education for'Women", the President declared that he favored the higher education of women and said that, he utterly dissented from the sug gestion that higher education rather unfits them for the duties of a wife and mother. The President further told them that he was ready v to concede that marriage and motherhood are a nor mal status for women, and other things being equal, she is happier in that condition than in any other. But Mr. Taft added, life is not a failure because a woman has not married. One of the greatest advantages of the higher education for a woman, he said, is the independence that it gives her in the choice of kind of life which she is to lead. President Taft reached here shortly before 11 o'clock from Washington. After his arrival his suit case contain ing his cap and gown were mislaid and he was obliged to deliver his ad dress c.othed in his traveling suit. He left here at 5 o'clock this. after noon fcr Ada, Ohio, where tomorrow forenoon he will address the graduat ing class of tbo Ohio Northern Univer sity. The missing suit case was discover ed shortly before the President's de parture, but before the train left he found that he had forgotten his over coat. Secret service men made a hur ried search for the missing garment, but vere unable to recover it before the departure of the train for the West At the commencement exercises Miss M. Carey Thomas, president of the college, announced that the fund of $380,000 required to be raised bjt today in order to secure the 1250,000 promised by the general education board, had been secured OUTLINES. In the Senate yesterday an amend ment of Senator Overman, of North Carolina, to the railroad bill, was adopted. The Democrats caused a delay in the vote on the measure when they were granted time for a conference today Tariffs embody ing an increase in rates on eastern and middle west railroads were filed with the Interstate Commerce Com mission yesterday. The action of these systems following that of western lines came as a surprise to the gov ernment Capt. Rolls, an English aviator, yesterday crossed the English channel twice without stopping. This was the greatest feat of the kind on record president Taft yesterday delivered the commencement address at Bryn Mawr College, taking as hl subject, "Higher Education for Wo menA. Piatt Andrews, an assist ant to the National Monetary Com mission, was yesterday appointed to succeed Chas. D. orton, Taft's new secretary New York markets: Spot coton closed quiet 5 points de cline, middling uplands 14.50, mid dling gulf 14.75; flour quiet and un settled: wheat No. 2, 104 nominal, No-1 Northern 109 7-8 nominal f. o. b.: corn spot firm No. 2, 6G 1-2 nominal elevator, domestic basis; oats, spot iquiet, mixed nominal; rosin quiet, turpentine easy; money on call steady 2 1-2 to 3 per cent, ruling rate 3, closing bid 2 3-4, offered. at 2 7-8. CONNERS OUT IN NEW YORK Retires From Office of Chairman of j Democratic State Committee Succeeded by John A. Dix ! Resolutions Passed. New York, June 2. To the accom paniment of bows, smiles and mutual felicitations William J. Conners, re tired from office as chairman of the Democratic State Commitee today and John A. Dix, of Greenwich, " Washing ton county, was elected in his place. Arthur A. McLean, of Newburgh, was re elected treasurer and John A. Mason, of New York, who has served as clerk for several years, was made secretary. Everybody laughed when Conners stood up to turn over his office to the newly elected chairman. "It's a good job you've got,' he, said with a grin; "I hope you'll like it." As soon as the meeting was opened the chairman asked the clerk to read a statement he had prepared. Mr. Conners declared that any diff erences he had had with others dur ing his incumbency of the office, had left no ranklings or resentment with him and that he would heartily co operate in every way to promote the success of the State Democracy. He said that an exceptional chance for achieving success was presented to the Democratic party in this State this year, and he urged all present to do everything they could towards winning a victory. After the statement had beenread, Mr. Dix was unanimously chosen chairman. In taking the chair Mr. Dix told the committee that he pro posed to be chairman of the whole party and not of any faction or sec tion. He asked the co-operation of all his colleagues in insuring the success of his work as the committee's head. After Mr. Dix had finished. Conners shook hands warmly with his succes sor while the whole committee ap plauded. The committee in resolutions unan imously adopted arraigning the Re publican party for the enactment of the "outrageously unfair tariff act" which was declared to be responsible for the present "excessive" and al most prohibitive cost of the necessa ries of life" criticised Gov. Hughes for his opposition to the income tax amendment to the constitution and al luded to the defeat of the income tax proposition as "a striking example of the hypocrisy of the Republican par. ty." The retirement of Mr. Conners fol lows! a meeting of the committee held in Albany last February to consider the question of his ejection. Conners denied that it was possible. Friends of Murphy said he had the votes to do it. Whether he had or not . he did not use them. Conners made a public retraction of his criticisms of Murphy which rose, he said, from infirmaties of temper, and agreed to retire this Spring. The new chairman is a grand son of the war governor of New York, John Adams Dix, for whom he was named. He is a Harvard man and $ paper manufacturer. He fought Heart's nomination for governor at Buffalo in 1906 and' bolted the head of, the State ticket. He was the Dem ocratic candidate of r lieutenant gov ernor in 1908 but was; defeated with the rest of the ticket. Are You Going? to see the drum corps drill at Lumina tonight Dancing at Lumina Tonight and fine drill by Charlotte drum corps. Don't miss it Tariffs Embodying Higher Rates Filed With Com merce Commission. EAST AND MIDDLE WEST LINES Undaunted by Government's Action Against Western Trunk Lines. Shippers Will Fight In crease Atty. General. Washjngton, June 2. Undaunted by the government's proceedings un der the Sherman anti-trust act, by which a part of the proposed increase of freight rates in the territory west of the Mississippi river was suspend ed by injunction, railroads in the East and in the Middle West today filed with the Interstate Commerce Com mission tariffs embodying increased rates. Attorney General Wickersham de clines to indicate what course he will pursue in behalf of the government and the Senate just on the verge to day of passing the administration rate bill. Hesitated, and finally postponed action until another day. Tonight practically every railroad, system in the North from the Atlan tic to the Pacific had filed with the In terstate Commerce Commission the legal notification of proposed, increas es in commodity rates. The increases filed today range from three to 31 per cent The day started off by the filing of schedules of increases by the New York . Central, the West Shore, and the Delaware, Lackawanna & West ern. Then the official proposal of the roads, traversing the territory from Chicago and Milwaukee to Indianapo lis and Ohio river points, 23 in all, was brought in to the commission. During the afternoon increased tariffs from the Atlantic seaboard to Chicago, St Paul and intermediate points were filed. The latter tariffs included those from the Pennsylvania, the Baltimore & Ohio, the New York, New Haven & Hartfordt - the . .Boston 8c . Maine, - the Erierthe 'Delaware & Hudson, the.lLe: high Valley, the New Jersey Central, and the Philadelphia & Reading. The Baltimore & Ohio also filed with the commission a revised tariff of commodity from Chicago to the eastern seaboard. The increases proposed by the roaycis in the Middle West range from six to 31 per cent. Those from the seaboard, to the West varied from 3 to 20 per cent The Baltimore & Ohio's in crease on rates from Chicago to the, seaboard about 10 per cent. These increases were figured approximately The time set for the increases to go into effect on the Eastern roads was generally July 5th. On the roads in the Middle West, July 1st, was the date fixed. Before the revised tariffs began to pour into the offices of the commis sion, Attorney General Wickersham was receiving telegrams from West ern shippers, asking him to take ac tion to have the injunction, Issued by the Federal court of Missouri, extend ed to other commodities, especially wool. Replies were made that it was now too late. It was explained that the government included in the bill such rates as had been called to its atten tion and that the failure of other rates to be included must he laid at the door of the shippers. As to the course of the government in regard to the railroads in the East and Middle West, the Attorney Cfen eral was not ready to talk. Immediate action is not necessary inasmuch as the rates are not to go into effect for about a month. It is believed the railroads will lose no time in filing any other tariffs, on account of the probability of the ex pected early passage of the adminis tration railroad rate bill. The bill in its present form gives the Interstate Commerce Commission power to investigate the reasonable ness of proposed increases in" rates and to suspend their going into opera tion as long as ten months. SUCCESSOR TO NORTON. A. Piatt Andrews Assistant Secretary of the Treasury. Washington, June 2. A. Piatt An drews, the present director of the mint, has been selected as Assistant Secretary of the Treasury to succeed Charles D. Norton, who has been made secretary to the President. President Taft will make the appointment which has been approved by Senators from Massachusetts, of which State Mr. Andrews is a resident. Prof. Andrews assisted the National Monetary Commission in its work and with Senator Aldrich, the chairman of the commission, visited various im portant financial centers of Europe to collect information about foreign banking systems. He was charged with editing the commission's publica tions, which will comprise nearly two score volumes. The new Assistant Secretary has been a prominent writer on financial topics. Mr. Andrew was appointed director of the mint last August. He is 37 years of age and a native of Indiana. Educated at Princeton and Harvard Universities, he also studied abroad. Wilmington Chamberof Com merce so Declares as to Scott Measure. FUTURE CONTRACT TRADING Producer Wbuld be at Mercy of Spot Dealer Resolutions at Special Meeting Yesterday Afternoon Railway Service. Basing its action believed to be the first of similar import by any commer cial organization in the South upon the statement that "since the time of Adam Smith the value of future con tract trading for the marketing of an nual crops and products has been an accepted theory and an established fact" and that despite possible abuses of administration, it cannot be doubt ed that the theory and practice have proved beneficial factors in the world's commercial development; declaring moreover that since the principle of future contract trading is price equa tion based on prospective supply as related to prospective demand for a protracted period, whereby a move ment of the commodity is not the sole determining factor in price mak ing and that without this system of marketing a commodity like cotton, the producer would be entirely at the mercy of the spot dealer and that fluctuations, if not so erratic, would during the year, measure wider va riations with greater resultant loss to the grower, the Wilmington Cham ber of Commerce yesterday adopted unanimously resolutions characterizj ing the Scott anti-option bill now pend ing in Congress a pernicious interfer ence with commercial freedom and economic law and calling upon Sena tors and Representatives in Congress to examine carefully into the subject of future contract; dealings and, It consistent with, their, conclusions, to oppose the enactment of the measure or any measure of similar import The action of the Chamber was unanimows -"and , lifter "r favorable dis-, cussion by several of the members, who recognized in the measure dau-. gerous possibilities, requiring theclos est study. The meeting was called to order at 4 o'clock and was ohe of the most representative of the business Interests held in some time. Presi dent J. A. Taylor, in calling the meet ing to order, stated that it was for the purpose of considering the Scott bill now pending in Congress dealing with trading in cotton futures. He stated that he had lately given the( bill much consideration and had pre pared the following, which, after be ing read by Secretary J. A. McGeachy,' was laid before the Chamber for its consideration: Since the time of Adam Smith the value of future contract trading for the marketing of annual crops and products has been an accepted theory and established fact; and, on the whole, despite the abuses of adminis tration, it canpot be doubted that the theory and practice have proved bene ficial factors in the world's commercial development. It Is no unknown thing to experience a revolt against a sound economic principle because of abuses incident to administration, and the present outcry against the cotton ex changes cf this country is no doubt attributable to this fact. The principle of future contract trading is price equation based on prospective supply as related to pros pective demand for a protracted per iod, whereby movement of the commo dity is not the sole determining factor in price-making for the time being. Without this system of marketing a commodity like cotton the producer would be entirely at the mercy of the spot dealer; and fluctuations, if not so erratic, would, during the crop year, measure wider variations with greater resultant loss to the grower. Spot dealers could combine to depress the spot market, and in the absence of speculative quotations for future de livery, based on prospective supply and demand, force producers to sell at ruinously low prices because of their inability to negotiate loans on their holdings. The result would be to put the market entirely at the mercy of spot dealers, whose large resources would enable them to buy up the cot ton crop at their own prices and spec ulate on their holdings'. Thus, at one blow, would the pro ducers be forced out of their holdings at unremunerative prices and the weaker spinners penalized by being forced to pay higher prices for their future supplies. Such a situation; would be infinitely worse than any ex change abuses now complained of, and result in not only ruin to the .pro ducing class, but to the serious detri ment of general commercial interest. Nor would a majority of the cotton mills escape the injurious effect of such a condition, because comparative ly few of them are in position to fi nance their yearly supply of spot cot ton, and being unable to protect their wants through future contracts, and being forced to rely upon the monopo lized stocks in spot dealers hands for their future supplies. It Is proverbial that mankind learns only through ex perience, but if the producers of cot ton must learn the value of exchange through the experience of its virtual . abolition, the knowledge would be (Continued on Page Eight), iv. Mr Mi- '. : ivit'l IT F l l 1 k; MM ' 3 i ? x 1 ; A i : p r i i f if . ', :''!! !;- , i. 1 t I r " V, vr ," . ) : -- .- k. -1 "
Wilmington Morning Star (Wilmington, N.C.)
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June 3, 1910, edition 1
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