The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-08-24
RISE IN COTTON JUSTIFIED.
zen, VI. &. EUTLER'S SHARP REPLY
TO SECRET AIRY WILSON.
Mon Who'vc Made the Hull Market Not
Gamblers Planters Eenentcd--A
Famine In Cotton Goods Threatens
p- Gents n Fair Price for the staple.

and a Major General during the Spanish
oar by appointment of President Mckinley,
Ia ot the Waldorf Asst oria and will he in the
c;tv for several days. He goes from here
N Newport on the invitation Of his cousin,
Perry Belmont
Gen Butler has been engaged in cotton
,Iantinr ever since he came of age and has
owned his plantations for thirty years.
Since his retirement from the United States
Senate he has devoted parti cuar attention
"a the subject of cotton growing and is
rooarded as one of the most progressive
,rd hest informed men in the South re-
garding cotton
, reporter asked Gen. Butler yesterday
Il he had seen statement from Secretary
Wilson of the Agricultural Department
concerning the advance in the price of
cotton and containing some severe strict
urcs upon tho men who lately have been
orcraring in the cotton market. The
Secretary of Agriculture did not hest
tate to characterize them as gamblers, and
n severely Criticise them as such
yes, | have seen what was said to have
been the expression of opinion of Secretary
wilson" said Gen. Butler, "and | must
think that he spoke without correct infor-
NATION Indeed | am bound to say that
he seemed not to know what he was talking
about The gentlemen to whom he refers
AZ gamblers, Messrs Brown and Hayne,
are not only among the most reputable
business men in the country, but are
gentlemen of the highest character
One of them, Mr.. Hayne, is from my own
STATE and think he will stand fair com
parson, rs will Mr. Brown, from Mis-
sissippi, with Secretary Wilson or any
body in official or business life, | must say
was surprised at what appeared to me
to be very reckless charge. one which
was not justified by the facts.
The fact is that Messrs. Brown and
Havne have done more for the producers
of cotton, the farmers, in a few months,
than the Department OF Agriculture has
done in ten years. | was somewhat sur
prised at Secretary Wilson, for he did not
appear to get into a frenzy Of indignation
when certain other gentlemen in the West
were making a corner on wheat and corn,
which enhanced the value of these two
commodities. and from which the farmers
got the benefit.
THE Secretary seems to he particularly
concerned about the operators and the
cotton mills that the cotton mills have
had to shut down and put out of employ
ment a large number OF employees, and
that therefore it's great wrong upon the
cotton mills. Now in regard to that,
Messrs Brown and Hayne simply bought
cotton from the bears in the cotton market
and required them to deliver the cotton,
and. of course, the price went up.
As a rule the managers Of the cotton
mills all over the country are bears and
svmpathize with the bear operators. Very
naturally, their interest is to lower the
price of the raw material and they needed
the representations made by the bear oper-
ators, exaggerated the last crop of cotton
and failed to provide themselves with the
raw material to keep their mills going.
That is all there is in that"
Can you say anything with reference
to the profits in manufacturing cotton cloth
from the raw cotton?
We'll, only in a very general way. A
friend OF mine who IL largely interested in
the manufacture of cotton in the Sout h
gave me some statistics at one time ofthe
profits from say a pound OF raw cotton
am told that in many instances that profit
has been anywhere from 10 per cent. TO
10 per cent, which Of course Is very graft
flying to me, for didn't want TO see the cot
ton mills of the North, OF, the South either,
crippled in any way. But they have not
paid a fair price for cotton in the last ten
years, and if the law of supply and demand
is to cut any figure now raw cotton ought
to be worth Is cents pound.
And if, as | understand the mills state
they cannot manufacture cotton at the
present price and make any money out OF
It, the simple remedy for that il 10 buy
the cotton at the ruling price and put up
the price Of the manufactured goods, for
| think we may safely expect that we will
in a very few months find famine of cotton
manufactured geo Is in this country"
What is tho visible supply Of raw cotton
in the market, and about how long would
it last?"
MY information, and think it is pretty
accurate, is that the visible supply Of cotton
to-day is about $4,000 bales, which would
be about three weeks supply for the cotton
mills. That is my information"
And how long before the new crop
will begin to come into the market?"
We'll, they arc picking cotton now in
the extreme Solth, but as q rule cotton
yember, and then Of course the mills can
buy what cotton they want. And think !
ought to make another statement, which
believe TO he oIrect that we are now having
the greatest cotton famine in this country
since the civil war l want to repeat that
cotton should be selling to-day for Is cents
a pound, If the rule of supply and demand
is to cut any figure"
What is your information as TO the num-
her Of bales of cotton in the last crop?
Well. | understand the bears sent circu-
lars all over this country and Europe repre-
senting that the crop would be II 500 900
bales or thereabouts, whereas, if | am
correctly informed, il was only about
10 $50 900 bales, and if the cotton factories
We're better informed they would have
laid in a supply to keep their factories
In operation
mother words, Messrs Brown and Hayne
had better information as to the actual
crop than the manufacturers OF cotton?
Inquestionahly
And they took advantage Of this2"
They simply took advantage OF ii and
acted upon il, and they required the bears
to deliver the cotton that they bought,
and that is all there is in it,"
Secretary Wilson takes an alarmist view
OF the foreign competition in the growing
of cotton referring to the possible increase
oi the cotton area in Egypt after the COM
pIet lon Of the Nile Dam -
The German, the English, the French
and the Russian Governments have for
years been trying to find locality suitable
Tor the production of cotton, and so far
they do not seem to have made much
progress Ten or twelve years ago-per-
maps longer than that-the Russian Gov
eminent employed a very intelligent young
cotton planter inmy State and sent him into
central Asia with a view to developing
IN" cotton growing in that country, but
my information is that it was failure, and
! am inclined to think that Mr.. John G.
calhoun was right when he said that cotton,
20 De successfully grown in any country,
must have frost"
Tor cotton, do you think that We in this
country have any cause to fear foreign
comp"ttion?'
Not the SliphtnCt On rho contrary I