New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-27
CORNER SMASHING.

This has not been altogether a year of de-
light to the contrivers of corners trusts and
other combinations to put up prices. The
efforts of British manufacturers and operatives
to smash the cotton ring threaten to defeat
almost the only important combination that has
thus far succeeded. The wheat ring, under
the leadership Of Minneapolis milers, involved
some milionaireS in ruin. The collapse in
copper and the ruin Of great French banks and
opel ators have not yet disclosed their full con-
sequences in this country. The coal cOmbina-
ton has been fighting all the year against an
overloaded market and decreasing cOnsump-
ton. The failure of the Magdeburg syndicate
and the heavy fall in the price of sugar have
rendered the haSty unloading of Sugar Trust
stocks not unnatural. But the cotton corner
at Liverpool aided to a slight extent by spec
ulators in this county, has kept the price much
above that of last year to the serious injury Of
manufacturers.
The circular of the United Cotton Spinners'
Association, issued in England, September o.,
showed that " the whole of the available supply
Of tenderable cotton will be in the hands Of
one speculative firm at the end Of September"
and urged all spinnerS to abstain from pur-
chasing. 1t set forth that the coming crop is
large and not late. and recommends the closing
of mills entirely for the first half Of October,
besides working half time from September D.
In support of these strong measures the AsSo-
citation of Cotton Operatives has also taken
action. and dispatches yesterday stated that the
Bolton and District Operatives Association
resolved unanimously on Tuesday to support
the spnneTs in bringing out all their men for
a fortnight in October to defeat the corner, and
to pay men the usual out -ofwork pay" The
association is said to represent II 600 workers.
Meanwhile, the movement OF new cotton III
this country is much accelerated by the arti-
fetal price. Port receipts in September thus
far have exceeded last years to date by about
l42, 900 bales, and exports also now begin to
exceed last years. Whether the crop is a little
larger or smaller at all events ii is large enough
to make continuance Of present prices impos-
sible. The rapid movement from Southern
farms is the more noticeable because the
Georgia Farmers Alliance and some other sim
liar bodies solemnly resolved not to sell any
cotton in September in order to support the
price. But in fact the increase in receipts
from plantations in Georgia has been as great
as in any other State.
Harm has been done to the manufacturing
industry on both sides Of the ocean by this
combination. But the stoppage OF British
mills has reason not mentioned, in the large
accumulation Of unsold goods in India, which
cannot now be sold according to reports. even
for enough to cover original cost, the British
producers having greatly overloaded that mar
ket. British exports Of cotton goods to India
in eight months Of this year have been
500, 900, 900 yards, against S5l 100000 last
year. while all other British exports were
65l, 600, DOB, against 657 900, 900 last year.
Thus while Continental spinners are increasing
production the British market shrinlHs. In this
country the unnatural price is felt as an injury
tn the exnnrt trade. which woud .lsa sraw