The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-10-14
OPPOSING VIEWS ON THE
COTTON MARKET PROSPECTS.
w. II. Brown Argues for High Price
New England EDects q
Decline
(From the New York Journal o.
Commerce.

(From the New York Journal OF
Commerce.
There have recently been reports
current that w. p. Brown, the cotton
market leader of two years ago, is or
CaniZing another campaign in cotton.
Mr.. Brown is now in this city bat
refused last evening to discuss any
plans he might have concerning the
market. There seems no doubt, how
ever. regarding his views on the mar
ket, as will be seen by the following
interview With a representative of this
journal. In brief, it may be said he
believes "cOttoT is scra ping bottom. >
The growing crop. he predicts. viii
prove % be less than the worlds re-
quirements. con september !. at the
beginning of this season." he said, Il
believe the supply of raw cotton. Wis
ible and invisible. and the supply of
cotton goods and cotton yarns were
the smallest in proportion to require
ments in the history of statistics.
II hear it frequently stated that.
inasmUCh as we only raised 10 000,-
600 bales last year. and vet the world
got along with it, that consequently
100000 to 11,500,000 bales this
year would be quite sufficient. But
the fact that the world only took
about 10000, 900 bales last year is the
very reason why they Will have to take
a great deal more this year. It would
have been a physical imposSibilitV for
the consumption of cotton last year
to have been more than it was. for
the supplies did not exist: mills all
over the world were compelled to shut
down. and at the same time COnsump-
ton was going on just the same. and
the mills and jobbers and the retailers
were reducing their stocks daily.
II believe this country is on the eve
of the greatest prosperity ever known.
The South is rich and is growing
richer every day The East has inst
been through a depression lasting two
years. but all of the imitation that
formerly existed has been wiped out
The output of gold in this country is
simply fabulous, which always means
high-priced commodities. The pur~
chasing power all over the world is
as great to-day or greater, than ever
was known. Hence the consumer OF
cotton goods is fully able to pay pres
ent prices for his needs.
"a great deal OF talk IS hadfd aDOu'
the South holding cotton. There is
no doubt that they have refused re-
Gently TO accept current prices. The
planter nroper has disposed of 4,0O0,-
600 bales. or say 35a40 per cent. OF
the crop. and at good prices; ana as
the South is rich they are now abe
to dictate prices to a certain extent
for the balance of the season. a lew
years ago the fact that the South was
holding its cotton would nave peeh
learish argument because lneS "ele
poor. and were forced to accept any
price the spinner saw fit to pay. Bul
as above stated. to-day it is dill
ferent proposition.
s"The labor problem is a serious
one. Five years ago When COTTON wa
selling around SAT cents per pouno
the average farm hand nad TO accep'
from SO to SIS per montn on tlts
plantation. and it was either raise cot
ton or starve But to-day the same
class of labor can get from $l:oo lC
81 ner dav or say $35 to $40 pei
month working on railroad bridges OF
around small towns where great I'M
provements are going on all the Tune
Cotton must go to a price Wnefe Id
Dor can get as favorable returns lol
raising cotton as for working on rail-
road bridges, etc 44
manufactured at present in the city
gave representative of this lourna
last evening a statement OF what ne
termed '"Things to Remember Apou1
Cotton . This statement takes a less
ontiristic view of cotton prices thar
that presented in an interview witt
Mr.. w. P. Brown Whlch u aS loi'
| lows:
Remember that the consum o,
IF not+on is governed absolutely bN
the consumer of the manufactures
product bro The consumer therefore be.
comes tbe final arbiter of the price
! of cotton.
Remember that deferred trade !!
n lost trade. If spindles are Stoppee
for anv considerable time the cottof
had j. run is just 50 much less c9 9 Or
| the trade
Remember that 50 per cent. Oh =,
the spindles in TINS c,,''Ilely W. ~
during y long period this summer. anc
Remember that the cotton held baGl
on the plantation must eVeh,nallV pt
thrown unon the market breaklnf
| down artificial prices. 1000
| of q 600