The Savannah morning news., 1903-05-15
PRICES ARE WRONG.
Cotton Manufacturers Not Satisfied
with the situation.

Charlotte. N, c.. May 14-Four
hundred and seventy-nine mem
bers and visitors are attending the
seventh annual convention of the
Southern Cotton Spinners Association.
The spinners present represent wealth
of one billion dollars, and over 10000
600 spindles.
Thomas c. Guthrie delivered the ad-
dress of welcome to the members Of
the association, and the response was
made by w. c. Heath of Monroe, N. G.
President George B. Hiss, in his an
nual address recommended the general
curtailment of cotton manufacturing.
Mr.. Hiss declared that at the present
high price of cotton and the low price
of the manufactured product it is I'M
possible for the manufacturers to make
a reasonable profit.
Mr.. Hiss gave it as his opin-
ion that cotton market manipu-
lators exercised an unfavorable
influence on the producer and manu-
facturer. Mr.. Hiss said in part:
During the past two years manu-
facturers using American grown cot
ton have failed to secure az proper
margin of profit, and it has been dur
ing these last two years that cotton
manipulators have held their greatest
sway. It is estimated that between
so, 900, 900 and 100000 900 bales of cotton
are bought and sold annually in this
country, while we actually produce an
average of but 10 900, 900 bales annually.
"Is it not probable that these manip-
ulators have an unfavorable bearing
on profits of the manufacturers in this
country using American grown cot
ton. Except in a few special fabrics,
the price the manipulators have fixed
for cotton to-day is out of all proper
ton to the price the manufacturer can
realize for his product. Is there not
a remedy for this situation? If the
cotton manufacturer could manage TO
buy his years supply of raw stock by
making his purchase during the period
covered from Sept. / to Dec l of each
year Gas is largely the case with our
foreign competitors) there would be
but slight opportunity for the manipu-
lator to juggle profit out of the few
hundred thousand bales not taken up
by these purchases"
A great majority of the spinners
agreed with Mr.. Hiss.
1T costs 20 cents to make 20's 2-ply
yarns said r. S. Reinhardt of Lin
colnton. "This yarn sold yesterday at
IS cents; to-day it brings only 20 cents.
Will Mr.. Hiss suggestion be followed?
l think so. l believe that in the near
future most of the Southern mills will
either close down temporarily or will
run on short time, say four days in the
week"
This view was not exceptional among
the spinners. They maintain that they
ought to be making money and great
deal of It, but they are not making
money. There is very little yarn on
the market. In a way, they have mat
ters in their own hands; and the only
sensible solution of the problem Is to
curtail production.
Leonard B. Paulson, the well-known
commission men. and member of the
firm of Buckingham, Paulson & Co. of
New York. takes a different view of
the situation.
"Give the patient time and 1t will
conValescence on it's own account"
was Mr.. Paulson's laconic reference to
the market He added II don't think
the spinners are losing any great
amount of money. If they are losing,
why is it that most of the mills are
adding improvements and building ex-
tensions?"
1t is probable that at to-morrow's
meeting the name of the association
will be changed to the American Cot
ton Manufacturers Association.
Gen. William F. Draper of Hopedale,
Mass, delivered an address on 1.-The
Development of Rapidly Running or
Yield Bearing Spindles," and gave a
history of the inventions and i'm
provements in spindles.