Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1864-01-14
AN INSIDE VIEW OF THE COTTON TRADE.
How it is Carried on.
The Various "Rings gs"-Cincinnati, Colum-
bus, st. Louis and Illinois
Represented
THE PLANTERS WAKING UP.
[From the Memphis Correspondent of the st. Louis
Republican,
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u The precise number of Adventures In the
cotton line, who make Memphis their head.
quarters and make their forays from here
cannot perhaps be told; but they number
hundreds. Some of them are ''small-fry, u
with limited means, whose prospects are not
OF the most fiattering kind. They are not
likely to get access to much cotton, for with
in the range of such operations as they can
engage In, there is not, am told, much cot
ton to be got. IS Isr "'..H
Ilearn, however, that there are five or six
"rings" of gentlemen controlling large
| capital here, who are on the 'inside track,n
and in fact, control the cotton business
Their means are large, they enjoy special
facilities, have liberal permits, stand in close
relation with certain Government officials,
have systematized matters thoroughly, and
command the field. Of these ''rings" three
or four are called Ohio and one is a st. Louis
and Illinois ring. r
Cincinnati and Hamilton county, and the
Government clique at Columbus are most
happy in their relations. The Grand Chief
of the Treasury at Cincinnati, Mr.. Mellen,
has two brother-in-laws, one Mr.. Lincoln,
a well known lawyer of Cincinnati, and the
other Mr.. Moore, both of whom, l under
stand, are leading partners in these cotton
rings" and are making good thing out of
it. Whether Mr.. Mellen has any share in
their immense profits do not know.
The st. Louis and Illinois ring goes under
the style Of II. E. Bridge & Co. Connected
with it is the house of Henning & Woodruff,
represented here by Mr.. Pearce. The late
Treasurer of Illinois, Mr.. Butler, who is here,
is connected with this ring.
According to information given me by
ho a lytN0x ,loIe
of what is transpiring here, these ''rings''
are making very nice thing indeed, out of
their privileges. a-.
The st. Louis ring is reported to have been
the most fortunate, their operations being
extensive and embracing large field
They have already, l learn, got out more
than 100000 bales. The amount will un-
doubtedly much exceed that.
Any one acquainted with prices knowing
that most of the cotton bought is paid for
in supplies at enormous prices charged for
the supplies, and the high prices of cotton
here in Memphis, may form his own esti-
mate of the probable results of a few
months operations in getting out three
thousand bales or more. One hundred bales
of cotton are worth thirty thousand dollars.
Three thousand bales, nine hundred thou
sand dollars. "s''- ....
The advantages of large capital in these
transactions are realized not merely by
those who control unlimited. funds and
broad permits, and through these secure
the cotton of many districts, but also by
those who have come here to engage in the
same business, only to find that their disad-
vantages are proportionate to the advan-
tages of their rivals, because of the destitu-
tion of large credit of means, and of the
favoritism which smiles upon others.
From what learn here, concerning this
matter, it may be doubted whether any par
ties, save those in combination, can get out
cotton enough to pay for the trouble.
/ | am infOrmed--by gentlemen from the
|neighborhood of Pine Bluff, Arkansas, that
there is much cotton baled there, and ready
for sale and delivery as soon as the river
shall permit the approach of boats. But /
am also told that much of this cotton has al
ready been purchased by citizens of Arkan-
sas in that neighborhood, and is held for
the market at forty cents per pound, or will
be shipped to sell on their own account at
Memphis. Itmust be remembered by many
who have been dazzled with the prospect OF
buying cotton at fifteen cents per pound
and selling at sixty, that the chances for
such speculations are over. Holders OF
cotton, producers, and interior buyers know
It's value as well as others now.
The best recipe for success is, put money
In yourpurse; not simply enough to buy cot
ton but to buy a permit or bear the sundry
shares customary, or become the friend OF
the President or the brother-in-law of a
Treasury Agent, or amember of favored
ring, and the thing is done. y