Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1903-07-08
BROWN ON COTTON.
The New Orleans Bull Tells Why the
Prjee Is Not Too Hioh.

The New Orleans Bull Tells why the
Price Is Not Too High.
The Manufacturers Record of last
week publishes a disptach from its
correspondent at New Orleans, con-
tanning an interview with w. P.
Brown, the leader Of the great bull
movement in cotton, in which Mr.
Brown talks as follows about cotton
prospects:
"This is not a matter Of speculation
We are merchants Of cotton and have
been for good many years. have
been a bull on cotton ever since 1t was
selling at a cents. Cotton has simply
gone up in common with other values
When cotton sold. at a cents other
things were low. Iron has gone from
period, and iron is not subject to
drought or to boil weevil. All you
have to do is to dig the ore from the
ground and turn it into pig iron. Cot
ton Is selling at its present price be-
cause it Is statistically worth it. Last
fall I predicted that this crop would
be about 10,750,0O0 bales and 1t Is be-
ing demonstrated that my prediction
was about right. The requirements Of
trade are very much more than that.
Conditions entirely warrant present
prices, for cotton has never failed to
sell around present prices with the
statistical condition anything like as
strong as the present one. There Is
not only famine in cotton, but there
Is famine in dry goods now. II the
mills shut down. of course. that will
add very much to the present scarcity
Of dry goods supplies. Although man
ufacturers and jobbers Of dry goods
complain that they can't sell goods on
the present basis Of raw material this
will eventually regulate itself. Con-
sumers must pay the prices or go
without the goods, and we know they
won't do that. Trade all over the
world was scarcely ever better and the
consuming world is in condition to pay
high prices. 1t Is mistaken idea that
cotton has been forced to present
prices. A legitimate demand and the
Strong statistical position have put
prices where they are. If this were
not the case wouldt be bulling cot
ton at present prices: in other words,
II prices had been forced up. and the
actual stuff could not be sold at pres
ent prices, I would say that cotton
was dangerously high.
"As to the new crop, it Is exceed
ingly late. This adds very much to an
already strong situation, as we cannot
expect much new cotton now until late
in September. AS to the size Of the
new crop, it Is entirely too early to say
much, though we know late crop Is
subject to a great many more necessi-
ties than an early one. For instance,
there are three things that could make
this crop a failure-a great deal Of
rain during the next few weeks or a
severe drought during July and Au-
gust, or an early frost. On the other
hand, If none Of these things happen
and we have perfect conditions all the
way through and a very late fall, we
might make an average crop. But 1t Is
easily to be seen that the odds are
against this years crop turning out an
average one, and the world needs big
crop, very big crop. Eleven and a
half million to twelve million bales
would not be any too much. In fact,
with crop Of not over 11,500,000 bales,
I think prices will range high all dur
ing next season. The whole truth Of
the matter Is consumption has over
taken production, and there Is not
much of either raw material or manu-
factured goods on hand"