The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1903-09-02


know what he was talking about. The
gentlemen to whom he refers as gam
blers, MesSrs. Brown and Hayne, are
not only among the most reputable
business men 10 the country, but are
gentlemen of the highest character.
One of them. Mr.. Hayne, is from my
own State. and L think be will stand
fair comparison, as will Mr.. Brown
from Mississippi, with Secretary Will
son or anybody in official or business
life. | must say I was surprised at
what appeared to me to be a very
reckless charge, one which was not
justified by the facts.
The fact is that MeSSrS. Brown
and Hayne have done more for the
producers of cotton, the farmers, in d
few months than the department OF
agriculture has done in 10 years. II
was somewhat surprised at Secretary
Wilson, for he did not appear to get
into a frenzy Of indignation when GER
tain other gentlemenin 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 be partlcu-
larly concerned about the operators
and the cotton mills: that the cotton
mills have had to shut down and put
out Of employment 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 re-
ouired them to deliver the cotton,
and. of course, the: prices went up.
''As rule the managers OF the cot
ton mills a.: over the country are
bears and sympathize with the bear
operators. Very naturally, their in
terest is to lower the price of the raw
material, and they needed the repre-
sentations made by the bear opera
tors, exaggerated the last crop Of cot
ton 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 refer
ence to the profits in manufacturing
cotton cloth from the raw cotton?"
well, only in very general way.
a friend Of mine who is largely utter
ested in the manufacture Of cotton in
the south gave me some statistics at
one time Of the profits from say
a pound Of raw cotton converted into
the finished product, and am told
that in many instances that profit has
been anywhere from 10 per cent. to 20
per cent, which Of course is very
gratifying to me, for I didn't want to
see the cotton mills Of the north, or
the south either, crippled in any way.
But ohey have not paid fair price
for cotton in the last 10 years, and if
the law Of supply and demand is to
cut any figure now raw cotton ought
to be worth Is cents a pound.
AND if, asI understand, the mills
state they cannot manufacture cot
ton at the present prices and make
any money out Of it, the simple
remedy for that is to buy the cotton
at the ruling price and put up the
price of the manufactured goods, for
I think we may safely expect that we
will in a very few months find a
famine of cotton manufactured goods
in this country"
What is the visible supply of raw
cotton on the market, and about how
long would it last?''
MY information, and think it is
pretty accurate, is that the visible
supply of cotton today is about $780,
900 bales, which would give about
three weeks supply for the cotton
mills. This is my information
''And how long before the new crop
will begin to come into the market?:"
We'll, they are picking cotton now
in the extreme south, but as a rule
cotton ought to be rushed in in October
or November, and then Of course the
mills can buy what cotton they want.
And / think | ought to make another
statement, which believe to be cor
rect, that we are now having the
greatest cotton famine in this country
since the Cival war. / want to repeat
that cotton should b. selling today for
Is cents a pound, if the rule Of supply
and demand is to cut any figure"
What is your information as to the
number Of bales of cotton in the last
crop?"
well, I understand the bears sent
circulars all over this country and Eu-
rope representing that the crop would
be $500, 900 bales or thcreabouts,
whereas, if am correctly informed it,
was only about l1,250, 900 bales, and
if the cotton factories were better in
formed they would have laid in a sup
ply to keep their factories in opera
tion.''
In other words, Messrs. Brown
and Hayne had better information as
to the actual crop than the manufac-
lures of cotton?'
''UnQuestionably."
And they took advantage OF this?"
They simply took advantage of it
and acted upon it, and they required
the bears to deliver the Gotten that
they bought, and that is all 5here is
in it."
Secretary Wilson takes an alarmist
view Of the foreign competition in the
growing Of cotton, referring to the
possible increase Of the cotton area in
Egypt after the completion Of the
Nile dam.
The German, the English, the
French and the Russian governments
have for years been trying to find a
locality suitable for the production of
cotton, and so far they do not seem to
have made much progress. Ten or
u years ago--perhaps logger than