The daily morning journal and courier., 1903-09-14
THE COTTON BUSINESS.
Some Facts About the Blight That Has
 Fallen Upon It.


 Some Facts About the Blight That Has
 Fallen Upon It.
 The expectations which were enter tained, and which we expressed in our last cotton crop report, of a prosperous course of the cotton goods industry during 19O2-03, have not been realized. The first four or five months of the sea- son, say from September. 1902, to Janu- ary, 1908 Cboth months named included). were fully up to the anticipation, but since then an unt0ward event, which 0 one could have foreseen, has so inter fered with the free working of natural forces that the whole tendency of af- fairs has been reversed, spindles stop ping or going on short time all over the country, until cotton manufacture wears to-day an appearance of indus trial paralysis. Wedo not believe there ever was so radical change in single department within so brief a period. And what makes it the more distin- guished is that the sudden blight has come at a time of general commercial prosperity.
 As already said, the closing four months of the calendar year 1902 and the opening month of the new year. the demand for cotton goods was in quanti- ty and prices distinctly satisfactory; in deed, on the first of January number of staple lines of goods, notably print ing cloths, were reported to be we'll sold ahead. In the meantibe, however, prominent and influential speculative operators in cotton had been able, through an unusual combination of events. to obtain control of the major, portion of the spot supplies of the raw material, until in February, by strenu- ous manipulation of the options mar. kets at New York and New Orleans, prices were. forced up, and from that day to this have been rising, all the time kept at a point interfering with profitable manufacture. The first im- pulse favorlng the speculators' plans came from the erroneous report on the crop issued in October, 1902, by the Az icultural Department, which indicated a decidedly low condition--tlie lowest on record for that date. The report re- ceived little credence in the better ili-s formed circles, the opinion held by the closest observers of the weather, etc, being that the yield would exceed that of 1901-02 Moreover. the estimates of the production issued later by the Cen- sus Bureau, as well as by the Agrieul- tural Department, clearly indicated the incorrectness of the October condition figures.
 I1t nft 1ke {f, s.x these revised official reports indicating a more favorable outcome of tie crop. The unusually inclement weather that prevailed in the late fall and most of the winter at the south interfered with the picking and marketing of cotton, while the congestion of traffic on railroads se- riously restricted the movement of all l freight, and hence of this staple to the ports and to the larger interior towns. as well as overland to northern mill points. This situation of affairs, delay ing the marketing of the crop, was a great assistance to those who were seeking to force cotton to an unnatural level, ignoring the real facts, they per- sistently circulated reports throughout l the south that the years product was beyond doubt far short of consumptive requirements, tlfets consequently prices I must advance materially; and planters were virtually advised to hold their cot 1 ton for a certain named figure-il other words to refrairifron further market- I ing until that price could be obtained. l To sum up the situation, it appears that the extreme advance in regular 64x64 printing cfoths-the barometer Of the goods trade--has only been three- eighth cents for the season, or eight and one-third per cent, and yet the rise in l the raw material has been from eight to thirteen and one-half cents, or about seventy per cent, According to a for muia furnished to us by a valued cor respondent in Fall River, we find on the basis of wages as now ruling that with cotton at ten cents per pound, printing | cloths cost about BOT cents per yard; at eleven cents per pound, the cost is 3.25 cents; at twelve cents, is 3.32 cents at 1 thirteen costs, is 3,59 cents; and at four teen cents, reaches. 3.76 cents. This I