rHE:CHARLOTTE NEWS, FEBRUARY 20, 1908.
10
"Is my son getting well grounded in Pres. W. B. TompSOIl Speaks
Continued from page 7!
t'.ic classics?" asked the anxious mil
lionaire. "I would put it even stronger j
than that," replied the private tutor. 1
'"I mav say that he is actually strand- ,,,,. ,
ed on "them." Chicago Record-Herald, through this plan, you have done your-
selves and your friends. On me con-
Bcware the geese when the fox ! trary, the judicious holding of cotton
preaches Italian. J ig an ecSential factor and probably the
1 11 ; mnsi important factor in the proper
Hackney Bros, Company
Is the place to get prompt service for
anything in the line of Plumbing and
Heating.
We carry a full line of Supplies.
'Phone 312.
6 West Fifth Street.
WE ARE A BLUE RIBBON WINNER
when it comes to supplying every
thing your horse wears. You certainly
ought to see how thoroughly we are
equipped to supply your horse with
NEW HARNESS FOR THE NEW
YEAR.
Everything for his toilet, too. Curry
jnibs, brushes, harness dressing,
blankets. When you come to examine
you'll probably be surprised at the
uniform good quality of everything we
handle. You'll be still more surprised
at the extreme moderation of our
prices.
ARNOLD M. SHAW
No. 32 East Trade St.
Professional Cards,
Dr. A.M. BerryhiH
DENTIST
Office No. 4 South Tryon St,
Office 'Phone 326.
Residence 'Phone 284-6.
S R. N. Hunter
S. L. Vaughan
HUNTER & VAUGHAN
DESIGNERS AND BUILDERS
Charlotte, N. C.
I 'Puone 840. 312 East Fifth St
C
-9-
4
Dr. H. C. Henderson.
Dr. L. I. Gidney.
DENTISTS,
owe Hunt Bldg., 203 hi
Tryon St.
Phone 816. Residence
'Phone 499.
N.
marketing of the crop. What I wish
to emphasize is the truth that holding
cotton, in itself and alone, will not
cvr:il to bring about the result desired,
and further, that there may be condi
tions under which it will be impossi
ble to hold effectively.
Farmer's Power.
The farmer's power lies in his abil
ity to hold. He should, therefore, en
trench his position as strongly as pos
sible by adopting such rules of living
as would emerge his independence.
He should, first of all, and immediately,
abandon the ruinous practice of buying
for cash the provisions that he could
make at home. ' The combined profits
of the original producer of such pro
visions, the profits of three or four mid
dlemen and the freight charges of
several transportation companies are
all paid by the cotton farmer. By
living at home the saving is hardly
to be calculated, and not only would
he save in expense, but he would of
necessity plant less cotton, which
would, as a general proposition, pay
him as much or more than a larger
crop made under the present faulty
principles. Thereby he would place
himself in the most favorable posi
tion for holding his cotton, mt ne
would still need some assistance.. To
carry on the great volume of general
business, much money is necessary,
and in the fall of the year the great
bulk of the money comes from the
sale of the cotton crop. If the supply
of money is cut short by a tardy sell
ing of the crop, other interests would
suffer, business would be crippled and
these unfavorable conditions would re
act upon the price of cotton and upon
the farmer himself. Thus, even if the
farmer could hold his cotton without
distress to himself, he could not alone
solve the problem. It is necessary tVt
there should be sufficient money avail
able to cover the deficiency by with
holding cotton from sal?.
Co-operation cf Capital.
The co-operation of capital is, there
fore, necessarv to a proper and ad
vantageous distribution of supply. In
this crusade all the bankers of the
south should earnestly join. Their own
profits and prosperity are largely de
pendent upon the outturn cf the cotton
crop. Not only should tney accumu
!ate reserves against the time of the
movement of the crop, but they should
encourage the assistance of foreign
capital. Tt is short-sighted policy for
our banking interests to endeavor to
keep out competing capital. The more
money there is in a contry of rich but
undeveloped resources, the more busi
ness there is and the more need for
money. Foreign capital regards cotton
securitv as the best security and is
waiting for an opportunity to come to j cf
us when it can do business without
being taxed to the point cf loss.
The Other Side.
jtiut even wun. me larmer rea-suun- m
blv independent, and with ample cap
ital to finance the crop there is yet ! other rnd draw a clear line of demar
another necessary factor that must be Nation between the two
DUCTI0N
L
R.
they were willing to ruy and sell for '" "
delivery at such time as the cotton . Q (3gIH2 O C
lUIU V CJ tr
ties cf advantage to producer and con-,
sumer and merchant in this system
was apparent. It would provide an in-'
crease for enterprise. J
Business Expansion.
If the spinner could buy ahead for
delivery at a fixed time and at a price
stated and knew that he could enforce
the contract, he could with confidence
press his business and urge contracts
upon the weaver, who, in turn, and on
the surety of his contract with the spin
ner, could safely solicit future orders
from the cloth merchant. By this pro
tective method consumption would be
stimulated and the volume cf demand
-would be enormously increased. In an
swer to this sane, legal and honest
demand the future contract was pro
vided and future trading permitted and
encouiaged. Upon this sane, legal and
honest contract as a basis, the vast
and complex superstructure of the mod
ern cotton trade has been built.
Under this protective principle,
through a long course of years, the
cotton goods trade has grown and de
veloped; the spindles of the world have
multiplied until they cannot be count
ed; consumption has steadily and rap
idly increased and a market has been
made for your twelve million bales a
year. Legitimate future trading is no
mere gambling device, as some would
have you believe; it is an absolute eco
nomic necessity. When you strike at
it, you strike at growth, at evolution,
at progress. If you destroy it you m
augurate a trade revolution; you disor
ganize a system of long and deliberate
growth; you relegate your market and
your market alone back to the first
principles of forty years ago, where,
in its primitive isolation, it would have
to begin the long struggle anew; an
anachronism of trade and the target of
attack from progressive and aggressive
advertisers.
Future Trading.
I speak thus of legitimate future
trading. You may ask me "what of ille
gitimate and wrongful trading?" I
answer that I yield to no man in the
measure of my condemnation of the
evils that have become attached to
and associated with future trading. I,
and the organization of which I have
the honor of being head, will join
hands with you and go as far as you
will go in destroying these evils, but
we will destroy nothing more than the
evils. I will join in an effort to cure
a good man of a vice that he has
had the misfortune to contract, but I
will oppose a proposition to kill the
man to cure him. But some may ask
if the vice that has become associated
with the system of future trading can
be eliminated without destroying the
system itself. I answer unhesitatingly
that it can be done. The vice is in
cidental, not inherent. Legitimate trad
ing is no more responsible for gamb
ling than is the horse responsible for
the wagers that are made upon its
speed and endurance. Must we kill
the horse in order to destroy the vice
race track betting?
The Contract.
Let us, for the moment, look at the
cod that is in legitimate future trad-
and then at the evil, in order that
mav distinguish the one from the
DO
Y. M. C. A.
BUILDING
Subscriptions
Are Now Due
Send Checks to
A. G. BRENIZER, Treas.
I SAY"1
DOCTOR !
Take home with
you
ARTIST IN CHARLOTTE
A word to Picture Agents and Pho
tographers: You can save time and
money by letting J. H. Bishop en
large your pictures instead of sending
them to Chicago. Have them enlarged
in the Old North State and get better
work for less money.
'Phone 1646.
Studio 705 S. Mint St.
actsca! Fever
Nursing
by
: Dr. E. C: Regisi-r.
Published by Saunders and x,j,,
to be the most -un-ro-daio
-. and authoratativt'' book
on this' important
subject.
Price $2.50.
Sfone & Bamnger G
Booksellers.
We bought our Spring Stock of Rugs. The manufacturers were
up with orders so they shipped ours at once. "We have put the en
tire lot in our February Sale. We have the famous S. Sanford &
Sons Oriental patterns Axminsters. They look and wear almost
as well as a real Oriental Rug and cost less than one-fourth as
much as the lowest priced Oriental.
0'-
Teeth Extracted Without Pain.
Saf Method No Bad Af
ter Effects.
DR
ZICKLER
DENTIST,
17 South Tryon Strett.
Dr. Chas. L. Alexander
OENTIST.
MS South Tryon Street, Char
lotte, N. C. Office 'phone 169.
Residence 'phone 234.
9
1
1
1
I. W. JAMIESON
DENTIST.
( No. I B. Tryon Street. Char
lotte, N. C.
Office 'Phone 326.
Residence 'Phone 961
II & U C D A V
Osteopath - - Registered.
Office, Hunt Building.
Hours, 9 to 12; 2 to 5.
Phone, Office 830; Residence 871.
uonBUltatlon at Office, gratis.
9
J. M. McMICHAEL
ARCHITECT
Rooms 505-506 Trust Building.
CHARLOTTE, N. a
Hugh W.Harris
attorney;
Law Building, -Charlotte, N. C
FOR SALE
Handsome Five-Room Cottage with
Reception Hall, on lot 50x150.
Rents for $3.00 a week
PRICE $1,600
Half through 13. & L.
James A Smith
employed in order that the highest le
gitimate price for cotton may be ob
tained. Hitherto, I have dealt with
but one side of the proposition. I have
shown how supply should and could
be regulated, but supply is only one
half of the problem; demand is the
other half. No matter how perfect the
system for distributing the supply
might be, it would be futile if a con
suming demand was not there. We
would, therefore, do but half our duty
and accomplish little of our purpose if
we neglected giving as much attention
to the stimulation of demand as we do
to the distribution of supply. Hence
the necessity for a legitimate ex-
) Ft notion cf th !"-', -snge.
The function of a legitimate cotton
exchange is to improve the market for
cotton; to devise ways for minimizing
the cost of marketing the crop, and to
provide means to both producer and
consumer for protection against demor
alizing interruptions to the natural
course of trade.
Let it be understood first of all,
and distinctly that a cotton exchange
does not fix the price of cotton. The
price of any commodity is fixed by the
laws of supply and demand. The fig
ures posted in an exchange only rep
resent the opinions of traders in the
commodity as to its present and pros
pective value. The exchange fixes no
price. The trades actually made fix
the quotations posted from day to day.
The law of supply and 'demand fixes
value. From the fact that there are
posted in the exchange quotations of
cotton in future months, arises the
mistake that the exchange fixes prices
in advance, and to this mistake is due
to a great extent the antagonism to
the exchanges and the radical and vin
dictive legislation against them. In
the light of the understanding of this
truth the conscientious reformer can
see the way more clearly and be better
able to discriminate the good from the
evil, to the end that he may preserve
the one and destroy the other and es
cape the fata and unnecessary mistake
of shelling the woods and destroying
both.
The Advantages.
The furction of an exchange in its
simplest form is to provide a conveni
ent place There buyers and sellers may
be brought together and trading con
ducted at less expense, with more facil-
! ity and in greater volume than could
be done if the traders were separated;
I to establish communication with other
markets, both foreign and domestic and
to collect and disseminate information
and statistics for the benefit and en
lightenment of the trade; to frame fair
and equitable rules for the govern
ment of its members and the trading
between them, and to establish tribu
nals before which dispute might be set
tled and punishment inflicted upon of
fenders against honorable conduct in
business. In the course of the growth
of the business of the exchange, a
want developed for a broader market
than was afforded by the buying and
selling of cotton actually in hand. It
was found that after buyers and sou-
Future trading is a beneficial and
sustaining and broadening factor in
marketing the cotton crop, because it
is in effect the actual cotton and the
manufactured product. Without the
i future contract the spinner could not
make contracts to sell his goods ahead,
for the reason that if he could not
contract ahead for the raw material,
he could not contract ahead to sell the
manufactured product. Or if he did so
contract ahead to sell the manufactur
ed product without having protected
himself by a future contract of pur
chase of the raw material, he would be
obliged to ask a price for his product
high enough tt- protect him against
the loss he might make, due to an
advance in the price of the raw ma
terial. In other words, he would com
pel the purchaser of his goods to put
up for him a margin to protect him
against a loss that he might make on
his speculative contract with the pur
chaser. This increase in price would
operate to restrict orders for his goods
and this in turn would lessen the de
mand for the raw material. By rea
son of the protection afforded by a
future contract a merchant may buy
specific grades of cotton and hold it
until such time as the spinner needs
it, or he may contract ahead with the
spinner to supply the latter with cer
tain grades and wait for the cotton to
come to the market, thus creating a
forward demand which is a strong sus
taining power to the market. But if
he is deprived of the protection of the
future contract he can neither buy the
actual cotton and hold it until he can
sell to the spinner, nor can he con
tract to supply the spinner unless he
has the cotton actually in hand. Or if
he should buy the spots he would offer
a price low enough to protect himself
against a decline, or if he sold to the
spinner actual grades which he must
subsequently buy, he would add to his
price enough to protect himself against
an advance in the market. The future
contract, therefore, affords protection
both to the cotton merchant and the
spinner, which enables both to pay a
better price to the producer for his
cotton. The denial of this protection
by prohibiting the future contract op
erates directly against the producer of
cotton, the weaver of cotton goods,
and the cotton merchant, by making
the price lower to the producer, higher
to the consumer and by making the
merchant's business speculative and
unstable.
A Vital Function.
The legitimate future market has
another great and vital function.
Where there is a future market for
anv commodity, trust, control is impos
sible. An open market into which all
who have the commodity for sale may
come and sell to the highest bidder, and
into which all who want to buy eith
er for use or speculation may come and
bid the price they are willing to pas', is
a force stronger than any combination
of men who would dictate to the pro
ducer the price at which he shall sell
and to the consumer the price at which
he shall buy.
The system that comers uiese un
$50.00 12x15 Axminster Rugs, now $40.00
$75.00 10-6xl3-G Wilton Rugs, now 60.00
$60.00 9x13-6 WTilton Rugs, now 50.CO
$10.00 9x12 Smyrna Rugs, now 30.00
$30.00 9x12 Smyrna Rugs, now 24.00
$30.00 and $35.00 9x12 Axminster Rugs, now 27.00
$30.00 ,v 9x12 Axminster Rugs, now 25.00
$30.00 9x12 Velvet Rugs, now 23.00
320.00 9x12 Brussels Rugs, now 16.5(
$18.50 9x12 Brussels Rugs, now 15.00
$16.50 9x12 Brussels Rugs, now 13.50
$12.00 and $14.00 9x12 Pro-Brussels Rugs, now 10.0?
$10.00 9x12 Ingrain Rugs, now 7.5
$28.00 8-3x10-6 Axminster Rugs, now 20.00
$20.00 6x9 Axminster Rugs, now 17.00
$14.00 6x9 Smyrna Rugs, now 11.50
$12.00 6x9 Brussels Rugs, now 9.50
$ 4.50 36-inch Smyrna Rugs, now 3.50
$ 5.00 36-inch Axminster Rugs, now 4.00
$ 3.00 27-inch Axminster Rugs, now 2.50
Remnant Brussels Velvet Axminster Rugs, 1 yd
to 113 yds long 75 cts to 150
Write us and we will ship anything you want on approval.
I
. .
Hotel
ar lotte
Refitted from top to bottom. Electric light. Hot and Cold Bath.
Excellent Table. Rates $1. to $1.25 a day. Rooms 50c.
Charlotte, N. C, Near Citv Hn
-.HI)
N-a-3k M5
THE SICK ROOM
cries Ioudly
that can be
for a cool, steath
turned on instant U-
emergency without the noise or sme 1
of a match a light that doesn't eat
up all the oxygen in ir and 0 mh
nit? ijaLiuiiu jMeturic light
an tnese requirements.
answers
33 WC'll slin
you if you call or write here.
R. G. Auten Co,
Office 202 S. Tryon St.
Phone -.307 or 1308.
BP
Parker -Gardner
Compamy
rrl1 t- A .
mat win juur wum yrcmpt ana careiui attention Is the shop that U
will pay you to patronize. It is our aim to give our customers the very
best service and we will be candid Mlth you at all times. Give us a trial
. G. Jarrell Machine Co.
REPAIRERS OF ALL KINDS OF MACHINERY.
CHARLOTTE, N. C.
Ova W Fourth 8t. 'Phone No. MI
Have Your Diamonds Reset
V
We carry a complete line of Ring, Stud and Brooches Mount
ings, and can remount your. Diamonds in our work shop on short
noticei Will be glad to examine your-jewelry at any time to see if
the stones are secure, making no charge for same.
Garibaldi, Brims & Dixon
Leading Jewelers.
T Mos. 8284 and 7044 winning our first and third prize have not been
V called for.
lllMUUKPORATEu?
A School with a Reputation for doing high-grade work. One of the best
equipped schools in the South. THE LARGEST, THE BEST. The strong
est faculty. More graduates In positions than all other schools In the
State. Bookkeeping, Shorthand, Telegraphy and English. Write for hand
some Catalogue. Address,
KING'S
Charlotte, N. C.
BUSI NESS
or
COLLEGE
Raleigh,
N. C.
r3
www wwwwwwwVwWwWw'wwtf
The Coal That is
CO
" Standard
PHONE
NO. 19
All I
c
0
p
0
Do Vou Remember What We Said
last Week About
Stoves
and Ranges?"
eis had satisfied their present needs . ,ra,,,tp., "honefits and has become a
and disposed of their present stocks,! Continued on page 11
Well, we could not say too much as they have no superior as to
quality and scarcely an equal.
When you buy a "Charter Oak" you buy the BEST.
Besides the best stove on earth we carry the most complete
retail stock of general Hardware in, the South.
Look at these specialties: Corbin Locks and Builders' Hard
ware, Charter Oak Stoves and Ranges, Altas and Revere Paints
Community Silver Ware, Gillette Razors. '
Draper and Maynard's Base and Foot Ball Supplies, Miller and
Freebrand Pocket Knives. The world cannot beat this line of Spe
cialties. All the BEST of their kind.
Wei
Idington Hardware Co.
(INCORPORATED)
Phone 65.
29 East Trade St.
and let us send you a load and learn the luxury
using perfect fuel, free from dust and slate.
Standard
ICS
&
9
01 Q
0
Go.
rasas seaeeaeeaeeaeasesaesc'
Rj UNDER NEW MANAGEMENT
S The Selwyn
jfSJ EUROPEAN AND AMERICAN.
fS European $1.50 per day and up.
American $3.00 per day and up.
M CAFE OPEN DAY AND NIGHT.
Hi Prices Reasonable.
m The Most Modern and Luxuriant Hotel in the Carolinas.
150 ELEGANT ROOMS. 75 PRIVATE BATHS.
Located in the heart of Charlotte, convenient to railroad station,
JQ street cars and the business and shopping centre. Caters to high
j class commercial and tourist trade.
J Table de note dinners 6:00 to 8:30. Music every evening 6:30
fOQ to 8:30.
ftt EDGAR B. MOORE, . ;. . Proprietor.
IB
(8
The Presbyterian College For Women
CHARLOTTE, N. C.
SECOND TERM BEG INS JANUARY 9, 190a
Special Rates to New Pupils.
J. R. BRIDGES, D. D., President.
3C