North Carolina Newspapers

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 Z . J..J 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