The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-22

! seed Now they pay ~. Before the
farmer bales his cotton he hurries off his
seed 10 the oil mill and gets cash for it
/ And this seed is always from the frs
picking, which is the best. 1t is CERTAIN
| that the seed from the second picking OF
cotton is inferior. This thing has beer
going on for years. 1t is going on at this
moment. The cotton has deteriorated. Il
viii continue TO dwindle until the govern
ment steps in or the planters of their OWN
accord save their best cottonseed for
planting.
THE demand for cotton is constantly
increasing. Under the wasteful system OF
planting that has gone on for years our
/ supply fails, and Will for some time con-
tinue to fail to keep up with the increased
demand. The price, therefore, is bound
! to rise"
Sullys combination last spring with
/ Col. William z. Brown of New Orleans
and other capitalists. cleared a profit OF
/ 100000. 1t was then when cotton was
! selling at II cents per pound that he de-
clared that in 1904 it would go to Il cents.
! Brokers laughed. Buyers even laughed
! But as cotton rose they looked on him
/ more seriously.
! But how well he understood the condi-
/ tons is now history. Cotton rose to ire
mendous figures.
But hard work in gathering figures for
the system is needed and network ex-
tending all over the country wherever
cotton is grown, and TO distant fields
throughout was needed. Trained men
were sent out to gather information
-
ports there were two important things to
be remembered-frst, the smaller the
crop the higher the price will be, and sec
ond, the government reports are made up
from the statements planters give as to
their own cotton crops. The reports 1t
viii be seen, cannot be exact statments
Of fact. They are bound to be colored by
the personal equation.
Thus far the cotton king saw the price
of cotto nrlse, not without his assistance
He drew the people of the cotton states
into the highest market since the old war
days, and has aroused a gambling spirit
unknown in the south for more than
generation. Ordinarily it takes only a
margin Of 81 TO secure an option on a 500
pound bale of cotton. Last spring Mr.
boom that the planters who grew the cot
ton were dazzled by the newspaper reports
Of his success.
The group Of spectators at New Or
leans who actually cornered the market
in the summer had TO withhold 100000
bales from the market and carry them in
to the presetn cotton market year. which
began on Sept !. The cotton had to be
SOLD at lower prices. while the new crop
was being picked and shipped. About
four months ago Mr.. Sully began to force
prices upward again.
How the Aladdin-li1e touch of Sully,
the new Napoleon, engendered the gam
bling spirit is an interesting story
The rise in price due to his operations
fired the imagination Of the cotton states
The planters began to buy options Their
friends bought options. Their faith in the
cotton king was. absolute. HE had swept
away all opposition and gathered in mil
lions Of profits only last spring. 1t was
TO the interest of speculative planters to
talk about a short crop. Their specula-
tons made the demand appear greater
than it really was. The gambling spirit
spread in every direction. The cotton
centers in New York and New Orleans
took fire. too.
Prices advanced by leaps and bounds.
Last years American cotton crop of S1O,-
673. 759 bales was produced no more than
a million farms. employing an average of
about five persons each. There are about
100000 inhabitants in the cotton-pro-
ducing states of the country, and it is be
lieved that about one-fourth Of this popu-
lation depends directly or indirectly on
cotton raising. This gives some idea of
the immense multitude to whom Mr..
Sully's speculative cotton boom appealed
not to speak Of the cotton gambling pub
lie in New York, New orleans, and other
large centers.
But in the height Of his career he met
an obstacle that seemed insurmountable
Cotton mills. finding that the high prices
would ruin their prices. refused To buy
Many mills We're closed. though the move
meth never reached the proportions the
bear interests predicted.
Mr.. Sully snt out a circular asking for
a fund Of S25oo00 to be used in subsidiz-
ing newspapers and magazines in cam
paign of education. The mill owners and
the public Were to he converted to Mr..
Sullys idea OF high-pried cotton through /
interviews and statements 10 be brought I.
before the country by means of the $780, !
600 corruption funr All channels of in I
all the agencies Of printed pub +
licity. were 10 be won OVER quietly by /
money
But. unfortunately for him. a copy of his /
circular was published Cotton was Il .
cents pound hut the boom showed
weakness at once. During the past three /
months the great boomer has had TO fight +
harder and harder 70 maintain his posi-
ton. The trip 10 Europe which he had
planned was postponed when this circular
came out. It was severe blow.
Meanwhile. the Cotton King has been
casting an anchor TO windwari His
Christmas cift to his wife was the fine
new house a. s East Sixty-sacond street.
which cost him S275e' There n and
Mrs Sully and their three children make
heir home. instead Of at the Waldorf
Astoria. where they had been staying
One Of the recent indications Of the
coming collapse was the withdrawal Of
Thomas J. Majors Of New Orleans from
he big cotton pool His interest in the
Netf cafes was taken over curing the
irst week in February. when. 81 is de-
lared. he saw danger approaching His
iquidation was considered a factor in the
leavy decline q few weeks aEo. At that
inc il was said that the pool in New
fork commanded $S1eoo. GO II was de-
Jared that Standard OH interests were
oncerncd in il.
PERINTENDENT mELVlLLE's
CRYPTIC GRAFT.
Observation-Disclosures Melville Uh,So dis