The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-03
PROSPECTS
FOR COTTON.
Interview With Mr.. Brown.
the Great Bull Leader.
FAMINE IN THE PRODUCT
NJ Only that But Famine in Dry
goods also-Consumers Must Pay
the Prce-New Crop Very
Late-OilMills.
special to The Times Dispatch,

(special to The Times Dlspatch.)
BALTIMORE. July 2.-The Manufac-
turers' Record publishes this week a dis
patch from It's correspondent at New
Orleans containing an interview with w.
r. Brown, the leader of the great bull
movement in cotton, in which Mr.. Brown,
talks as follows about. cotton prospects:
This is not matter of speculation.
We are merchants OF cotton, and have
been for a. good many years. / have
been bull on cotton ever since 1t was
selling at Az cents Cotton has simply
gene UP In common with other values.
When cotton sold at Az cents otherNhlngs
were low. Iron has gone from 50 a ton
to as much IS f2B In this period, and iron
is not subject to drought or to boil
weevil. All you have to do is 10 dig the
ore from tho ground ard turn 1t into pig
iron.
Cotton is selling at It's present price
because 1t is statistIcally worth It. Last
fall predicted that this crop would be
about 100000 bales. and 1t s being dem
onstrated that my prediction was about
right Tho requirements of trade are
very much more than that. Conditions
entirely warrant present prices. for cot
ton has never failed to sell around pres
ent prices with tho statistical condition
anything like as strong as the present
one. There is not only famine in cot
ton, but there Is 4 famine In dry goods
now. 1f'thc mills shu, down. Of course
that will add very much to the present
scar:ity OF dry goods supplies.
CONSUMERS MUST PAY.
Although manufacturers and jobbers
of dry goods complain that they can't
sell goods on the present basis OF raw
material this will eventually regulate
Itself. Consumers must pay the prices
or 30 without the goods, and we know
thet won't do that. Trade all over the
wold was scarcely ever better and the
hig, prices.
III Is mistaken idea that cotton has
beet forced to present prices. legiti-
mas demand and the strong statistical
position have put prices where they arc.
II his were not the case / wouldn't be
bullng cotton at present prices; In other
y woods. II prices had been forced up. and
the actual Elu1L. CDulu Iol Dt sDiu az
present prices. would say that cotton
was dangerously high.
NEW CROP LATE.
..As to the new crop. 1t is exceedingly
late.i This adds very much to an already
strolg situation, as we cannot eXpec.
muci new cotton now until late In Sep
tcm'er. AS TO the size OF the new crop
It II entirely too early to say much.
tho,sh we know a late crop Is subject
To d great many more necessities than
an 4arly one. For instance, there arc
thres things that could make this crop
ftiure. great deal of rain during
the aext few weeks. or severe drought
duriig July and August, or an early
frost On the other hand, II none Of
these things happen and we have perfect
conditions all the way through and a
verytlate fall. we might make an average
cropl But It Is easily to be seen that
the odds are aEains. this years crop
turning out an average one. and th'
world needs a big one, very big crop.
Eleven and n half million to twelve
million bales would not be any too much.
In fact, with crop ofnot over 1l,5o0000
bales! ! think prices Will range high all
during next season. The whole truth
of the matter Is. consumption has over
taken production and there is not much
of either raw material tr manufactured
goods on hand"
STEADY INVESTMENT.
In spite of the temporary effects Of high
priced cotton, Southern capital and capital
from other parts OF the country are find
ing steady investment In Southern tex
tile enterprises. the additions to estnb-
lished mills, as for some tine past. ex-
ceeding the investment in new, mills, Re-
viewing the second quarter of the year.
the Manufacturers Record says that
while there were no especially large in
dividual enterprises announced. several
$500,O00 companies We're orgalized, with
nil the required capital secut1d. During
the three months eighteen new mill COM
pnnies were organized. with |, total of
1850 spindles and 2,s4O looms to be in
stalled, Indicating an expenditure Of
about $2,390,00O, and nineteen Established
mills announced their intention to add
l7c554 spindles and 1853 looms. hdicating
an expenditure OF about s3450,ON The
total Of additions is 2e2.O54 sp!ntles and
b199 looms, requiring an expenditure OF
about s5.s4O000, OF the additions, Geor-
gia is to have s51l2 spindles, South Caro-
lima 5000. North Carolina 1922, Albania
$4,000 and Virginia 5000.
COTTON OIL MILLS.
During the first half of the year here
was notable activity In organizingfom-
panies for the erection of oil mills Ac-
1 cOrdlue 10 the MatuldCtuiels Heeo'u the
new capital invested in this industry Glr-
Ing the past six months Is greater tlan
the whole capital represented In coffin
oil mills in 1880. In that year the Souh
had forty oil mills, with a capital 1T
t3,5OO,0o0 During the past six months
nirety-four new companies were organ,
lied to build mills at an estimated cos
of SO, $500 In this movement the greatest
activity was in Arkansas. where severn
teen new companies We're formed, with d
total capitalization of sl,17o,0O0. Missls-
sippi was second, with fifteen companies.
capitalized at se65,ooo. South Carolina,
Tennessee. Georgia, Louisiana. Texas,
Alabama, North Carolina, Indian Terri
tory and Oklahoma following In the or
der named as to the amount of capital
Invested,
Given Shower Baths.
The man at tho var,ous ,,,I;t, -, ,,orte