THE CHARLOTTE NEWS, FBBOUAHY 20, 1908,
11
,;;,v.-v i pres. W. B. Tcmpson Speaks
Lenses
Continued from page 10
.iocs it mean?
you can get a direct vision at
tWlo you may look through, and
: o lenses can fit nearer the eye
the only practical lense.
to your Occulist and get your
. i Minn men bring it to me.
t n Pnott a (in
W.mufacturing Opticians,
39 North Tryon St.
Mull!
A'HO BUY THEIR
BUILDERS HARD
WARE FROM US
ARE OFTEN ABLE
TO UNDERBID THE
OTHER FELLOW.
actors
., Ask us for PRICES on what
you neea.
i
ALLEN HARDWARE t
COMPANY
v i
4 I I
!322SSE3S5ES
P5
on East 9
fOH RENT
One six-room house
Third Street.
I
9 One six-room houst on the cor
ner of East Stonewall Sta., 1
with all modern improve-'
mtnts. 1
To six-room houses on East!
Vance St., with hot and cold
ater in bath and kitchen; ,
abo Electric lights in each J
0
8
S
FOR SALE.
Six-room house on North Gra
ham St.
q One S-room house on North Col-
lege St., with all modern im
provements.
Two lota en North Davidson.
One lot on North Tryon St., with
$ a r-room house on the rear.
7111 be sold or exchanged for '
e other improved property.
6
3
Main Office
IS West 5th St., Charlotte, N. C.
Branches
11 Church St., Asheville, N. C. '
214 V,Vj?t Market St., Greensboro, N. C
Queen Gity Dyeing
id Cleaning Works
Established 1898.
French Cleaners, Steam Cleaners, and
uyers cf Ladies' and Men's Gar
ments of Every Description.
MRS. J. m. HESTER, Manager.
Mail orders Receive Propt Attention.
'Phone 246.
Ill
it,-
Tn&t Bicycle you are thinking of buy
Wfc bandle Buggy and Carriage
i ires.
' -V:::';! :- a specialty.
Selsy M'fg Co.,
231 Scth Tryon Street.
LS !? ft v.
Biipgi!K8raTi
Schedule in Effect January 12 19QA
Jf a. y Cnarlctte and Roanoke, Va.
7 !:!!;,rltte, So Ry Ar 6:00 pin
' " I- "' u lnst.?n' N & w Ar 2:00 pm
, ''oUr.,. 's ViT' ,N & w Lv- 9:20 am
;illf - : i'oanoke via Shenandoah
Wilts in i.;Lor, Hagerstown and all
''"ii.na.i v,. "nbyl,vania ami New York,
l'n .(. '-'-' per Roanoke to Philadel-
1'-'n'?.':;'li,'."!ll,ntral"s lave Winston-Sa-
'f ' 'ai,ly- except Sunday.
Yo,: v 't r,n ?vlns of taking a trip
r,iiM,:,. '.V1 "'tations, cheapest fares,
tVr" Vnformation' as to
fr"U,i,!r. . S(1;'lules, the most com-
lr,for1niti'(!",t:,keat way- Write and
'vii 3 yours for the ask
HM,.,.,. 0i'e of our complete Map
" It. If......
G(;,n. Pas
RJaaoke, T PaSS- AL
necessity to the modern cotton trade,
has been assailed and preached against
and legislated against because of cer
tain flagrant and spectacular evils
which have attached themselves there
to or have adroitly endeavored to con
fuse their identity with that of a legiti
mate business. But these evils can
and must be destroyed. They do not
belong to the legitimate system, but
are parasites that bring the system in
to disrepute and if not themselves de
stroyed will destroy the system without
the intervention of legislation.
The first and worst of these evils is
the bucket shop. This is an unmixed
evil. It is a gambling joint without
qualification and a crooked joint at
that. Nothing is bought or sold in a
bucket shop. The keeper thereof sim
ply deals a game against his victims.
The sole and only excuse for associa
ting its operations with the idea of fu
ture trading is because it has selected
the fluctuations of the cotton market
as the issues upon which it makes its
bets. In principle it is identical with
the poolroom and the faro layout. Tne
bucket shop is no obscure and unde
termined genus. It is easily defined,
differentiated and located. It is per
fectly feasible and simple to pass a law
that will pluck it up by the roots and
cast it out of any state, or out of the
United States without injuring, involv
ing or touching any legitimate interest
whatever.
' Bucket Shops.
The bucket shop is responsible for
the most pernicious and by far the most
fartreaching phase of the gambling
disease that has obessed the south.
The destruction of it wrould eliminate
the most conspicuous and serious
charge that has been made, but unjust
ly made against future trading and legi
timate exchanges.
But it is not to be denied that even
in the exchanges there are many con
tracts bought and sold for a purely
speculative purpose. Before passing a
sweeping condemnation upon this class
of trading it would be well to give a
little thought to the principle of spec
ulation, and some consideration to the
question of whether or not there may
be two kinds of speculation that
which is permissible and may be bene
ficial, and that which should not be
countenanced and is wholly bad. It
is hot easy to draw the line clearly be
tween a speculative and a non-speculative
contract; between a speculative
and a non-speculative business. The
element of chance enters so largely
into human affairs that almost all of
our actions and undertakings have a
speculative significance. It may be
announced as a truism and witLout the
possibility of successful contradiction
that speculation isN wholy bad for the
young, the incautious, the weak, and
those who have not the means to af
ford to take any chance whatever. But
we are now dealing with a proposition-of
business and not of paternal
coercion, and in this' view of the mat
ter I think we may safely say that
speculation may be either legitimate or
illegitimate.
If a man buys a thing because he
thinks it is cheap and holds it until
its value increases his speculation is(
legitimate. It makes no difference in
the legal or moral quality of the act
whether or not he has possession of
the thing. His promise or contract
stands for performance. The quality
of the action is essentially different if
he merely wagers that a certain event
or tendency may or may not occur, or
of having bought or sold some commo
dity or contract, he enters into a con
spiracy with others, or employs some
accidental power of his own to depress
or advance the price of this commodi
ty beyond its legitimate value to the
hurt of the bona fide owners of or tra
ders in such commodity. This is il-i
legitimate speculation. j
Speculation Beneficial.
Legitimate speculation is beneficial1
to the market and when practiced by
those who can afford to do so. it is
not necessarily hurtful to the individ
ual. It often supplies a demand for
a commodity or for its representative,
which is the enforceable contract for
the commodity, when the demand for
the commodity is absent or in abey
ance. It often happens that by reason
of a sudden excess of supply over de
mand, or because of some accidental
happening that disturbs business and
engenders a pessimistic feeling, that
demand is withdrawn and prices de
cline in consequence. A decline thus
started will continue until arrested by
some buying power. It often happens
that this buying power is supplied by
the speculator. He thinks that the
price is low and buys because he thinks
he can make money by holding and sell
ing later. It often occurs that by rea
son of a crop injury, or some other hap
pening that makes the speculator be
lieve that the price, although compara
tively high, is yet too low. In this
case he also buys with the expectation
of holding and selling at a profit. It
matters not whether he eventually
takes the cotton or sells out his con
tract to some one else who will take
the cotton. The good effect is ac
complished. The contract that was sold
to him, no matter how many hands it
may pass, must eventually be liquidat
ed by some holder thereof having to
buy from some spot holder the actual
cotton for which the contract calls.
Therefore, speculation in itself is not
necessarily bad for ' the market and
may-'be of great benefit. Butr even ad
mitting this distinction in speculation,
it cannot be denied that there1 still re
mains a great deal of speculation in
cotton that is bad for the market and
for the individual. Such speculation
can, and should be eliminated. It is
somewhat more difficult to reach this
evil than the bucket shop evil, out it
can be reached, and if not entirely elim
inated, it can be minimized by certain
restrictions as to who shall or shall
not trade, what contracts shall or shall
not be lawful and under what condi
tions trading shall be permitted.
Unfairness.
a ,rii.r Tip rnnsidered is the
one that is found in the unfairness otj
the contract itself, and the injurious
effect upon the market and upon the
price of cotton caused by the deliv
ery of cotton or the tender of delivery
on such contract. A contract that per
mits the delivery of low and unmer
chantable grades which the receiver is
forced to take at a price far above its
value on the actual market is tainted
and its value depreciated. It is not a
true contract, but a counterfeit, and it
may be used for the purpose of tem
porarily depressing the market by those
interested in so doing. . Such a contract
and such a practice can and should be
reformed. A' law providing for a na
tional standard of classification of the
merchantable grades of cotton, upon
which standard all arbitrations on con
tract deliveries shall be made, and fur
ther making unlawful any contract un
der which unmerchantable and useless
stuff could be delivered, and providing
that all cotton delivered on contract
should be paid for by thereceiver on
the basis of the actual spot value of
the several grades delivered on the
market and at the time of delivery,
would effectually eradicate this evil
influence.
Thus it seems plain that the legiti
mate future contract is in itself entire
ly legal and honest, and in the evolu
tion of the cotton trade has become a
necessary, if not indispensible factor
in the proper marketing and distribu
tion of the crop and the manufactured
product. It also seems plain that the
evils complained of are not inherent in
the system of legitimate contract trad
ing, and can be eliminated therefrom
with no hurt to the system itself but
with benefit thereto. The conclusion,
therefore, follows that it is our duty
to attack and destroy the evil, but to
sustain and encourage the good.
New Orleans Cotton Fvchannp
The Niw Orleans Cotton Exchange I
is a legitimate exchange. The contract
for future delivery prescribed by the
rules of the exchange, is an honest
contract. This contract calls for the
actual delivery of the cotton, and
either party thereto can enforce its
provisions under the rules of the ex
change or in the courts of law. Under
this contract no cotton lower in grade
than good ordinary and of fair color
can be tendered. No unmerchantable
cotton can be tendered on this con
tract. Cotton delivered on our con
tract is paid for by the buyer on the
basis of its value on the spot market
at the time delivered, and not on the
basis of arbitrary differences fixed at
some other time. If good ordinary or
good middling is delivered on our con
tract, the receiver pays therefor the ac
tual value of good ordinary or good
middling, and is not compelled to settle
on the basis of an inflexible and arbi
trary valuation. Cotton received on
our contract is paid for on the basis of
our spot quotation, and our spot quo
tations are based upon actual sales.
Our contract offers no inducement to
the speculative seller, for it gives him
no unfair advantage. It is a fair con
tract and an honest and legal contract
and through it the exchange performs
on of the most important functions
of an exchange.
A Friend.
The New Orleans Cotton Exchange is
tm'bnly friend' the producer has among
alf the great exchanges of the world.
Its membership is made up largely oL
men born in the south, and men wno
are in sympathy with the producer,
and whose interests are directly or
indirectly interwoven with the produc
er's interest. If proof is needed of this
assertion, it is to be found in the fact
that the New Orleans exchange has al
ways led in all the great upward move
ments of cotton. Even now, when its
business is crippled, and its influence
and power diminished by the acts
of those who should be its friends, it
still shows it loyalty and character by
maintaining both its spot' and con
tract markets actually higher than any
market in the world. You may ask me
why our contracts are " quoted below
spots. I will tell you that contracts for
the current months have been going
out on an equality with spots, which
proves the honesty and value of the
contract. Contracts for the later
months are lower than spot because
there is little demand for them. Why
is the demand so small? Because the
greater part of the south and practi
cally all the friends of cotton are pro
hibited by law from buying cheap con
tracts and doing4 the very thing that
would help the producer in his fight. I
believe, and my belief is founded not
only upon the logic of reasoning, but
upon deductions from existing facts,
that if the several states, had passed
anti-bucket shop laws, and ' laws pro
hibiting, the evils of gambling only, and
had refrained from outlawing the legiti
mate future contract," none of you
would be now holding your cotton for
15 cents, because you would have got
ten 15 cents for it long ago.
Serious Problems.
It is a serious problem that con
fronts us and a most momentous issue.
We of the South have a fault of dis
position which is a hindrance to suc
cess. We are not vigilant enough and
too violent. We pursue our own way
industrial composu e, while alien
influences tighten their coils about our
rights and porperty, and then sudden
ly we. awake into a spasm of ill-directed
extravagant energy. We permit a
part of our possessions to be taken
from us and we break into a fierce re
volt that imperials what is left.
It is not alone in the matter under
discussion that we have been unfortu
nate and at fault. There is a broader,
deeper and more insidious menace to
our prosperity than the issue of wheth
er a man may speculate or not. There
are forces at work which are taking
away from the south and transferring
to alien interests and to other coun
tries,, not only the control of the price
of our. great commodity, but the han
dling of the crop itself and the attend
ant advantages, emoluments and profits
to which by every right we are entitled.
When I think upon the fact that here
in these few states we produce the ma
terial that practically clothes the world
when I think upon the fact that we
have by right a practical monopoly of
one of the greatest necessaries of life;
when I think upon the fact that the
enormous profit and advantage grow
ing out of the control and handling
nnri distribution of this great crop, and
when I see that from all the wealth;
The Kind You Have Always Bought, and which has been
in use for over 30 years, has borne the signature of
trm m and has been made under his per-
7-gg-r sonal supervision since its infancy.
wC- AlloW no one to deceive you in this.
All Counterfeits, Imitations and " Just-as-good" are but
Experiments that trifle with and endanger the health of '
Infants and Children Experience against Experiment.
What is CASTORIA
Castoria is a harmless substitute for Castor Oil, Pare
goric', Drops and Sootliing Syrups. It is Pleasant. It
contains neither Opium, Morphine nor other Karcotic
substance. Its age is its guarantee. It destroys Worms
and allays Feverishness. It cures Diarrhoea and "Wind
Colic. It relieves Teething Troubles, cures Constipation
and Flatulency. It assimilates the Food, regulates the
Stomach and Bowels, giving healthy and natural sleep.
The Children's Panacea The Mother's Friend.
GENUINE CASTORIA ALWAYS
Bears the Signature of
! me
J i4
1 I? 1! JL.
1 LlgOX
is a wonderful thing. The newest book often gives us 'light look
ed for.
OUR STOCK and OUR PRICES, furnishes you the. light you
want, when you go to purchase
FURNITURE, RUGS AND MATTING.
We can help you very materially in all purchases of this kind as
we are thoroughly posted ourselves, and you share the benefit of
our knowledge and light when you buy from us. ,
.The light and knowledge of our
QUALITY AND PRICE
is a wonderful convincing power, and a saving to your pocket. Just
try it and seo for yourself. ...
The Kind You toe Always Bon
In ..Use For Over 30 Years.
THE CENTAUR COMPANY, 7T MURRAY STREET. NEW YORK CITY.
fit and the laborer the minimum of
employment. I am amazed and griev
ed at the injustice of it all. We are
permitted to make the cotton and bale
it. We are permitted to do the work
without interference and then the as
sault begins. The effort is made to
force us to sell at ence
all this and we will achieve it. It is a
big thing that I propose, but we of
America like to deal in big things.
Co-operation Required.
But my friends you cannot accom
plish this great thins: alone. We cannot.
When sold, r.mi;1, ;f , .
E!0.Wfed hJ- OUt" the accompli it ato There
jiviu vupnai chili v nu uu inicicot in ua
except for the freight we give them,
rush the cotton through our ports and
dump it into ships owned by foreign
companies interested, in foreign ports.
rne cotton is stored in toreign ware-; tboge whoge dut inclination and in.
houses in foreign markets, handled by terest it is to hep him He and all
Advance S h owing - J
A
OF t
X
SPRING
CLOTHING
FOR
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t 1 J iViP'
If?
is no hope of success unless we all
unite, and we can succeed if we do
unite. Our commercial adversaries are
united. The spinner is not assailing
his exchanges. He it not crirjnlin
? TSe S "?
I1L
Young Men, , Boys
and Children
by foreign arbitrators under the rules '
. . ? 4-,..,,.; . ..1, . . i 1 , . i
U 4.1, 1 i? 4.T -c 1 jit-'
tuaust's ciL iiicti: -ami iruui mese iui
are watching with no alarm the trou-
the farmer is giving his friends.
All tVloco xirrmlfl will i n-trl r rjnn Vo "friw
eign centers of accumulation equipped 0rleans exchange crippled by the
Willi t'Vt'I V IcHJllll 1U1 11U1U111A,
stocks are distributed gradually ander-.would have no one to help him
as neeuea, to tne rest 01 Europe ana hiTn with
the east.
1 ransfer Stations.
Why, the great Texas port of Galves
ton has been mad "traly ii transfer sta
tion. Its wharves and shipping facili
ties are magnificent, but it is a finished
city. The cotton that goes through
Galveston, if stored and handled there,
instead of on : th other side, would
make a city of many times its present
size. Our port of New Orleans is grad
ually being reduced to a similar condi-
nun in so ihi us int; uulluii uusiuess ii
concerned, and the same is true of all !
our southern ports. The combination
between the American railroad compa
nies for their own greater profit with
the ocean transportation companies
for their own greater profit, and for
the advantage of their native ports, ex
presses itself in rate inducements and
increased facilities in favor of the
through trade and in discrimination and
burdensome exactions against the
locally handled trade. Our own inac
tion and ignorance of our power has
hitherto prevented us from taking our
just proportion of this golden stream
that has its source in our land and
flows through our land and empties it
self upon the lands across the seas.
But now that the farmer has shown
that he can do his great part and has
lighted the way, the possibilities of a
great and earnest coalition of intehests
is clear. We can and must control our
crop and the distribution thereof. It
is within our power to hold at. home
and to so adjust supply to demand and
stimulate consumption, that we will
realize the full value of our product.
It is within our. power to handle our
crop ourselves so as to retain all col
lateral advantages and profits at
home. -
Looking.' Ahead.
When those days shall come there shall
be some great southern port where long
lines of warehouses operated and fin
anced by the farmer and his friends, at
the minimum Of cost and with the
maximum of security shall hold the
surplus of the crop. When those clays
shall come Liverpool -and the other
foreign markets, instead cf buying our
cotton when it is cheap, and carrying
the great surplus stock to be sold and
distributed at a propituous time, shall
come to our market for necessary sup
plies and we shall demand the tribute
that is ours by right.
When those days shall come a great
southern cotton exchange shall fix a
standard of classification for the world
and shall arbitrate the differences be
tween the seller and the buyer before
the cotton' leaves' these shores.
When these days shall come the mer
chant who sells cotton to the other side
will not have to wait three months for
returns, then to find that he has been
penalized and assessed in reclamations
by the arbitration of a foreign ex
change, while in the meantime the man
from whom he bought may be either
bankrupt, or gone, or dead.
When those davs shall come 'such
sales will be made on the classifica
tion and arbitration ot our own ex
change, the cotton will go from the in
terior point or the point where sold di
those modern
weapons without which no commercial
battle can be won today. We stand for
the same essentials you stand for. Vour
complaint against. us is based upon a
misunderstanding. Our complaint
against you is that you are injuring
yourselves and us and punishing us for
the wrongs that others have done.
Our cause is really one.
We are divided by misunderstanding,
but united still united in a joint en
deavor to maintain our right to reap
what we have sown, and joined togetn
er by the tics of a common interest, a
common heritage and a common hope.
Just received from New1 York's best
Clothing Makers, representing the
most advanced styles and highest qual
ities. NOW READY
$
i
t
I
t
:c
T
v
rert tn nnr market, there to be arbi
that flows from the cotton field, the trated and certificated and shipped by
farmer save only a Dare living, men wno Wni sianu uji me sencx a
merchant a proportionately small prp-ightWe
MARKED FOR DEATH.
"Three years ago I was marked for
death. A grave-yard cough was tear
ing my lungs to pieces. Doctors failed
to help me, and hope had fled, when
husband got Dr. King's JNew uis-
coverv," says Mrs. C. A. Williams, ot
Bac, Ky. "The first dose helped me
and' Improvement kept on until I had
gained 58 rounds in weight and my
health was fully restored." This medi
cine holds the world's healing record
for coughs and colds and lung and
throat diseases. It prevents pneumo
nia. Sold under guarantee at Wood
all & Sheppard's drug store. 50c and
$1.00. Trial bottle free.
ae'aaaa'8'aaeaaaBsaaaB&8aaeaii.
1 WW A 8'..
1908 n
SPRING
We are ready to show you all the j
New Shapes and Colors in
Mflfi fit slyii m
. jks)p kj -a q ft 19 m v 3 va Ayr
$10.00 Deposit, Balance " Of
.it Mail Orders Receive Pompt Attention
Monthly- j . q,
THE GAS CO
of
Jlosette Irons, price 50 cents;
by mail 70 cents.
Rosette Tatty Irons, price F.O
cent3; by mail 75 cents.
Heart Shaped Waffle Irons.
J.N.McCausiaiHi&Cg
Stove Dealers and Roofing
Contractors.
221 S. Tryon St
store would amount to an important item in a year and jit the, some .time
you would have the satisfaction of wearing, the ne west best things . ia
the market. Try its for .
snircs, Ufioerwear, nosiery
Handkerchiefs, Coilars, Cuffs
ieckvvear, Hals, etc.
One purchase will make you a steady customer.
SSftiSL "n'rl
Company
CORNER TRADE AND COLLEGE STREETS