246 COTTON 



uct, unless there is a spinner to use it ; hence, both 

 are factors in this trade and both are entitled to 

 information as complete as statistics are able to 

 give first to the producer, that he may know what 

 supply and demand may do to help him with his 

 sale : second, to the spinner that he also may know 

 these facts and so protect himself in his purchasing 

 Then, too, publicity will assist the otherwise 

 ignorant players with the ticker that they may keep 

 away from ruin, and by having reliable information 

 thrust before their very eyes, not fly into the face 

 of things as they are. 



Over-trading: Over-trading in the cotton mar- 

 ket, as is the case with exaggeration of any other 

 kind, means that the trade inevitably gets on 

 false ground. It provides the opportunity for the 

 "knowing ones/' the strong, the mighty, not only 

 to wrest cotton investments from the weak and 

 immature, but it puts into the hands of the mighty, 

 the power necessary to rob the weak of all their 

 possessions, and to bring ruin to them and their 

 dependents. 



When this abuse is checked, the day of such ex- 

 treme fluctuations as we have known heretofore 

 will have passed and much of the evil of trading 

 in contracts will have ended. 



Monthly Deliveries: Here is one of the unrea- 

 sonable features of the Cotton Exchange machinery. 

 Only the law of supply and demand has a right to 

 determine real value to him who wants a com- 

 modity. Yet at three o'clock on the last day of 

 any month as the contract now operates, cotton 

 may sell one two, and even three and four cents 

 higher than j. minute after that time of the same 

 day, or at ten i'clock the day following. 



This is nothing but a trick, a fictitious condition 



