New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-13
GLOOM OF COTTON GROWERS
THE BEAR CONSPIRACY TO FORCE
DOWN TIE PRICE.
PERNICrous ACTIVITY or THAT ELEMENT IN
SPECULATION GRIENOUS SlTUA-


SPECULATION - GRIEyOUs slTUA-
TON N THE SOUTH.
The bear element in speculative exchanges is
one Of the most vicious obstacles the industries
Of the country have had to contend against The
depressing influence the bears Of speculation
have had for the last year upon legitimate TRAD
ing has been one Of the unfortunate features OF
the hard times and recuperaton under their
savage attacks has been slow Natural cohul-
lions NAV. of necessity compel prices to drop.
INT then the bears force them still lower, never
taking any thought CT who is to be the loser
The hear element In speculation has caused more
distress bankruptcy and ruin thah any au'e'So
condition of the times. 1t is an element that
stons M nothing 10 make profits for itself and II
revels in its success.
Unfortunately for the people or the SCUM
their staple product cotton. has Tor 'he IaS'
wear been the football Of the operators OF oe-
cline In the trading on the cotton exchanges
here and abroad. There has been no le'-uP III
the steady warfare they have carried on asalhS'
It, and every possible trick ana de''ce ""S
been used TO hammer down the price. Bear
pools have been formed time and again III All
speculative exchanges for the purpose OF running
ono man. they have been formed for the pui-
nose If wrecking corporations. and they nave
succeeded whether or not Intentionally III
throwing thousands Of people into bankruptcy
II seems a most useless and most cei'"
thankless job to call the attention OF inc oe"'
SPECTATORS to the disaster for which 'neS "'e
resnoneihe The men who call themselves
bears seem to be without hearts, "" w. have
tsfv the small amount of consclehVt NV s,,,,1s
with liberal donations TO the missionary lunua,
rThe damage which bear Speculation III =, s,,
has done to the southern cotton pi"n''' - ''
pendous. ,.eo conditions of the
cotton market. the prospect lor 'hs Cnttnn
neonIe is ANYTHING bu' bright. III NY my, ~, on
Peop'e t 10 90 81 many depend for a livelihood on
cotton culture there will he great uls.,eSc s "'
II is Impossible 70 estimate tne a"'o'"' -
ferinp that will be experienced o, . d;s
Ths low nrice 80 cotton has had such uiS
.rassina effect upon the Southerneis ,i!l tiie!
are ready to take fIign, a, ar ley are
se,earlv in a most unfortunate plight. ne oui
ing power Of the people who pIoo tiog nnver
preailv diminished. In fact their %? i's Po"N'
e. reduced To the bare necessities Oh ny 1,,,, g.
iobn / Dunn OF the firm of John !. Dunn q
CO., of this city. who for many go on lands
,rsstea i'm the loaning of moneys on Ian"
throughout the West and South ana Is now U,i IL
trustee for holders of mortgages III ei e, 600 GOO
representing loans aggrega'hs pe'"0''
and 50 900 900. said yesterday: ,,,,s 1, tho
TN situation in the South is grievous III Wv
oxtrame and there is not single otlsh, ~ 70
nec, To illustrate the ruin wrought ~ IN, tne t,ro
r,oa ~ cotton 70 the planter ! VIII cite wv
rases. \ plantation near Nicksourg .. va a., pi
chased In 1889 for $4,000; loan oi So go ,oar
rod IL.
thoro was only one bid for the property ana ina
was for a nominal amount. made III the iilto' ~
~ tho lender Another place, purcnaseu a. o e
same time for $500. was recently soiu III i,
All cotton plantations. except in occasioiai M, ~,
stances have deprecated in the same ia,,O.
,alie If CITY realty has been fairy wen ' ,
toIned and the failures in JoDbing c4iC,c' no
NOT heen as numerous as might nav - - ~,
racted This is explained by the iacI 'la' Wv
decline in cotton while enormous IA crodite
violent giving merchants time 10 cur 'a i i,
va ,;cujdata Indebtedness The preNalllnS ii
,ression that cotton growers are Tree oI M -
ajress as compared with Western Farmers IL
roneous The obiectiona BILE system OF creIL's ".
tu,aan factor and grower Is now running 'io "a t
.ar The cotton factor makes an advance IN "a
shane of a ledger credit 10 the gtOweI, ~ na ~
amount equal Ia SIC or s2o lot eau ar,ys.e &c
,,a.ts I, he able to ship; chattei nortsSse -
,.ken on the crop before ii exists me "a. 49, 80
charges against this account the suPp.Ics on a. .
nished for making the crop, AT pIlcee =; -
"a ner cent profit to himself Tnus II Is 'i,se III .
season Ike the present when cotton l. Seiii'I7 9"
cost Of production the majority OF groves a. az
,nnnlless and the result brings distress ~ '
entire Cotton Belt population 49, south
II l., nov being argued by friends OF 'he SUI .
.r6 h, eli ,eope who want 10 see one part "l
tho country a. prosperous as another 1Iii' q '
con,hern.rs' interests should ne NOR HiNe'S'"e
I'm ,ne Cotton Bolt whore iaI IN me pm VI
n,tnn TX. the present comes II mat STAPLE t'ei
g. no other industry 70! the people 10 id'' 20 20, y
,non and 50 the disaster IS more apPdiI,'l -
hard times from which the people o. 'ie 80" -
Az suffering may have a beneilcldi eiieCt -. -,
ra v,v-tbejr ewes may b. opened TO the gIea'
,,o.ssitv ~ extending their Industries 50 as 10
eublace something moro than cotton 'u'.u -
r. Inv ~ simply and demand would not then
DO worked sn satisfactorily by the bears