Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-09-01
ment 10 hold meetings at Durham during
Oefoher
The Costop-Raggins Trust


stuff business in ST. Louis, as a member
Of the firm Of Warren. Jones 4 Gratz,
The business included the making o.
cotton-ties for binding cotton. The WIT
ness was also a member OF two corpora
tons engaged in the same business, one
located in Yunice, Ind. and the other at
( Champaign, III. Cotton-bagging, he
said. was manufactured out Of jute stalk.
A number Of firms in the country en-
gagged in the business at present is eight
as against fifteen at the same time last
year. The entire production of cotton.
baeging in 1887 was about four hundred
and fifty million yards. Warren. Grab
( a. Co, OF st. Louis, were agents IN that
city of the Southern Mills Bagging
Company and the Standard Mills
Company OF the same city. 1t had no
interest in these firms beyond acting as
agents. The variation in tho prices OF
two pound bagging from 1877 to 1887
has been from l0'c. per yard IN 1877 70
llIc. in 1880 and 7. in 1887. The price
OF jute butts has been lower this August
than any August for the last ten years
The price OF cotton-bagging during Au-
gust has varied from l TO l2lc. per yard.
The witness estimated that the cotton
crop Of this year would require about
As, 500, 900 yards OF cotton bagging, and
it was expected that the total output OF
all the mills now running up to the time
when they stop in November next would
be over $1,000, 900 yards. Mr..
Gratz said that the productive ca
pacity OF tho bagging mills
in the West was % per cent. greater
than the mills in the East. The EN-
ployees in the West were mostly OF Bo-
hemian parentage and were paid slightly
more than those III the East The Wit
ness said there were considerable guam
titles OF cotton bagging coming to this
country, but he did not think the foreign
mills would be able TO bring sufficient
cotton bagging TO this country this year
TO prevent the sale of that held here.
The contractors abroad had their hands
full. There were "a jute-mills IN In
diana, having 1887 looms on January J.,
1887, which could produce ten or fifteen
times the amount of cotton-bsgglDg
needed for the cotton crop OF the United
States. The number OF contracts be-
tween the firm Of Warren, Jones x
Graft, as agents of other firms, and
other cotton bagging firms in the United
States we're produced with the view to
showing the steps taken 10y several cot
ton-bagging manufacturing firms 70 CON
troll their productions and to provide for
its sale at stipulated prices
The object of the agreement was to
enable the parties to 1t TO obtain and
maintain control of the cotton-bagging
produced in the country for the present
season. The trust has secured control
of about two thirds of the cotton-bagging
in the country, the remaining third,
about 1900, 900 yards, being produced
by persons who are not in any way con-
nected with the trust. The contract
shows that the agreement is between the
firm of l.. Waterbury d Co., of New
York, party of the first part; and the
Charleston Bagging Manufacturing Com
pany. Nevins q Co. of Boston. the New
York Bagging Company, the Eagle Mills,
the Southern Mills Begging Company,
the Standard Mills Bagsing Company,
the Munice BagRing Manufacturing Com
pany, and the Empire Begging Company,
parties of the second part. The parties
Of the second part agreed to sell and de-
liver to l.. Waterbury e. Co. all their
tagging then on hand, as well IS such
as might thereafter be acquired or man
ufactured ny them respectively during
the remainder OF the year 1888. The
firm of L. Waterbury 4 Co. acts as the
centre Of correspondence through which
the proposed increase and reduction in
price is brought about. 1t is agreed that
the profits and losses of the parties OF
the several parts shall be shared in pro-
portion. The sale and prices of cotton
bagging is determined 10y majority Of
members Of the second part. The agree
ment went into effect on the 10th OF
April last. Since then two mills sign
ing the agreement have failed to
start. and probably a dozen or
more outside OF the trust closed down
previous to and since the agreement
was contaminated. The first set price of
cotton bagging was made in New York
by the trust about the middle of July ut
the proposition of the witness Nine
and half cents was then fixed as the
price from January lst last. The pro
ductiye capacity OF Warren, Jones d
Gratz, in conjunction with several firms
which they represented, was two thirds
of all the productive capacity OF the
South, but they actually produced seven
eighths of all that was produced IN the
South. Since the price fixed in July the
members of the trust had advanced the
price OF cotton-bagging three cents per
yard. The present price III this country
is three cents higher than that at which
the foreign manufactured product can be
here. inclusive of freight charges. This,
he said, was due TO the fact that the pro-
duction of the material in this country
was confined TO few firms Probably
60 per cent of this years cotton
bagging product was in the hands
OF retail dealers and the other 40
per cent in the hands Of manufacturers.
If the duty on cotton-bagging and Iute
were not changed the witness WIGS
satisfied that the trust would so out of
existence, and if those articles were adj
mitted free the firms would doubtless
run corner every other year. The
needs of the planter were absolute and
imperative and hemust have bsgging, no
matter what the cost was TO him. During
the last three or four years there was
little cotton-bagging imported, the
domestic supply being equal to the de-
mand.
Charles A. Pearce, Of st. Louis,
secretary of the Board of Directors
of the Standard Mills Bagging Com
pany, one of the concerns embraced
in the trust, subscribed generally to the
testimony given by Gratz, and the com
mittee adjourned until tomorrow.
A GREAT FRUIT Trust