The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1879-07-10
A MILLIONAIRE PLANTER.
Who Controls the New Orleans Cotton
Market.

Who Controls the New Orleans Cotton
Market.
Edward Richardson lives in Jackson
Mississippi, but he has property Interests
all over the State. He owns nineteer
plantations in the marvellously rich riyel
country above Vicksburg, including
parts of Washington and Issaquena coun.
ties, and the Yazoo district. He has 49,.
600 acres under cultivation, $4,000 Of
them in cotton. He raises about 10000
bales or As, 100000 pounds of cotton an
nually. He has 5000 acres in corn and
oats for the support of his stock and his
people. And yet he has not land
enough. Whenever planter is hard up
and wants to sell his place for cash, he
applies first 10 old Ned Richardson,
knowing that from him he will get cash
offer, though low one. heard Mr..
Richardson offer the owner of planta-
tiou $4,000 cash for land which the lat
ter valued at $4,000; and though the
offer was at first refused, 1 was under the
impression that it would Ultimately be
accepted. Nor is Mr.. Richardson's dis
tinction derived only or solely from his
plantations. He controls the cotton
market to higher degree than any other
living man. He is the "Old Hutch"
of New Orleans. When he takes snuff
all the other brokers sneeze. As men,
Der of the first firm, in point of the vol
ume of business, he receives and disposes
of more than 100000 bales of cotton an
nually. He is the heaviest exporter.
He has constantly the largest supplies
on hand. For instance, when cotton
sold, soon after the crop was marketed
for eight cents and fraction, he kept
back the bulk of his crop. He has sold
most of it since February. Last week
he at a lot so for II and y cents. He
has still LOO bales back, on which he
expects to realize over 13 cents. eff /
hadn't waited" said Mr.. Richardson, IT
would have quit loser on the year. But.
I'll make a little something on last
years. crop, and, if the indications for
this year don't fail, or this exodus don't
break things, l ought to clear $4,000 to
100000 on this year." Mr.. Richardson
was not boasting. These statements
were pried out of him Dy questions on
other points. His shrewdness asa cotton
dealer is evident, moreover, by the fact
that, while he is selling at the highest
price he bought at the lowest.
As chiefOwner of the cotton and WOODEN
mills at Wesson, Miss, in which he now
runs 10000 spindlcs; and is putting in
5000 more, he has to buy 1890 to 4, 400
bales of cotton annually near the mills,
when he does not plant himself. All
this was put in at S cents and n fraction
per pound. Ifit could be sold now, the
profit on it would be about S35 900.
This would make it worth while to close
the mills, but for the throwing of the op-
eratives out of employment. 1t is not
simple thing here, where new hands
would be hard to obtain, to shut down
work and let the operatives go; and on
this account Mr.. Richardson has not at
tempted to reduce wages during all the
hard times. He says, indeed, that these
cotton mills are profitable. And there is
consequently, no reason why wages
should be reduced. The mills return
about II! per cent. regularly on the cap
ital invested. The cotton they use is all
bought at the door, and costs usually two
and fraction cents less per pound than
that used in Massachusetts. At the or.
dinary price of cotton last year this
would be q difference of 25 per cent. in
favor of the South. The labor here is
also cheaper; and wherever the capital
can be obtained at reasonable rates, such
enterprises, in the opinion of Mr.. Rich
ardson, are always bound to succeed.
Their success would mean more, he be-
lieves also, than the profit of a few for
tunate individuals. If there were as
many cotton mills in Mississippi, in pro-
portion to population, as there are in
Massachusetts the labor problem would
be solved. There would be place to
use labor which cannot now be employed
in the field. Poor whites and members
OF the negro family, who are now bur-
dens on the community, would be
bread-winners. Mr.. Richardson cited a
number of instances of absolute paupers,
who had become selfsustaining in his
mills, and asserted that 435 out of the
$50 employed therein would have done
nothing for their own livelihood if they
had not been offered these situations. /
asked why the mills were put at a dis
tance from the river, apparently at an
out-of.the-way place. The answer was
that they were then in the midst of
a rich wool growing section. The mills
use 1900 to 400 bales of wool, or 600,-
600 to 100000 pounds; and all the wool
as well as all the cotton, is brought to the
door on wagons, from the neighboring
country. Jeans, striped cottOns and
brown goods are the principal products
Of the mills.
Mr.. Richardson OWNS cotton seed oil
mill on the Mississippi, and has many
other small irons in the fire; but these
only do, as Col. Sellers says, "for side
investments" to keep his money EN-
ployed. He is reputed to be worth from
$4,000, 900 to S5,00O,OOO, and though he
and his partner at New Orleans have
81, 400, 900 already advanced on the grow
ing crop, they have still left more money
than they know how to employ. They
are frightened away from government
bonds by the prospect of only per cent,
but they are after Investments that will
yield 10 to 12per ccnt.-Correpondcncc
Chicago Tribune.
A DINNER SUPPLIED By AN EAGLE
A veracious gentleman residing near
Centrevile, Md, says that as his son and