The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-01-04
DO NOT FEAR WAR
COTTON MEN NOT DISTURBED BY
EASTERN COMPLICATIONS.
HIGH PRICES HERE TO STAY.
HosTILITyES WOULD ONLY CAUSE
TEMPORARY DEPRESSION.

Mr.. j. p. williams Says Tint Pres
ent Quotations Are Due Large
ly to Increase in Home COnsump-
tiOn-Sea Islands VIII Not be At
fected by Squabble Between Mika-
do and the Cznr-Naval Stores
Factors Optimistic Regarding
Future of the Market, NOtwith-
standing GrOwI of the Russian
Bear.
In the opinion of leading brokers
and factors the elimination of the
| threatened hostilities between Russia
| and Japan in a declaration of war will
have only temporary effect upon the
present prices of cotton. While it is
admitted that quotations would go off
a few points; and the market might
suffer what is known as "a break
/ yet there would be a reaction that
would in the end be more beneficial than
injurious to the cotton trade.
THE bark of the dogs of war is al
ways worse than their bite is the way
one prominent broker put the present
situati n t Mo ng News reporter. In
other words, the present unsettled con-
dition of affairs in the Mikado's and
Cars dominions is having it's effect
upon the markets. Many people who
are holding cotton have become nerv-
Gus and are throwing their product
upon the market, which is causing
heavy liquidation and a consequent
drop in prices. Had the element of
war been eliminated, it is the prevail
! ing opinion that cotton by this time
would have reached and perhaps gone
over Is cents.
Brokers Are Hopeful.
The more optimistic brokers on the
| local cotton market are inclined to
think that war will be averted, not
withstanding the present gloomy out
| look.
War or no war;" said Mr.. ]. P. Will
liams, we will have no more low
! prices in cotton. The consumption has
| been increasing each year and that
| consumption has been the cause of cot
| ton entering into the manufacture of
! goods where formerly silk was en-
! poyed. 1t is the growing need of cot
| ton as a substitute for other materials
| that has increased the demand, and
]
sified uses 1t is not the gambling in
| cotton that has caused the advance in
! prices, but they are the result of sup
ply and demand for the article.
| English Cousins Criticized.
Touching upon the recent threat of
| the English consumers to curtail the
consumption of Southern cotton and
| to seek international adjustment, Mr..
| Williams said: 1T is little out of
| order for our English cousins to seek
| international legislation for the pur-
| pose of breaking up what they term
| gambling in cotton. l deprecate gam
bling in any form, but speculation
| is bound to go on in any product or
stock, and it will be very hard to
stop the buying and selling of cotton
on a margin. The gambling, or so-called
| gambling, has had little or nothing to do
| with the spot demand.
Furthermore, the wrongs suffered
| by unjust treatment at the hands of
| foreign consumers for a number of
years and during that time there was
no voice lifted UP in behalf of the
| cotton farmer of the South. His prod
uct was sold on non-consumptive
| basis and shipments of cotton were
| inspected eX parte at the points of
consumption, and as result shippers
| in many instances, in my opinion, did
| not receive justice. Reclaimations
were made in many instances where
| they ought not to have been made for
! shortage, inferiority in quality and
| damaged condition. 1t is true that the
Southern planter was in a measure
responsible for this condition, for he
ought to have exacted a contract
whereby his cotton would have been
| inspected f. o. b. on the Ves-
sells before shipment to foreign ports,
and that inspection should have been
| final.
Prices Due to Consumption.
again repeat the present prices are
due to great home consumption to
short crop and the diversified uses to
which cotton is now employed.
Then too" said Mr.. Williams, "this is
a day, when the cotton is picked and
ginned by white labor. Time was
when the negro was exclusively en-
| ployed in the cotton fields, but that
day is past. Colored labor is becom-
ing more and more unreliable each
year. and the white farmer has had
to look after his crop himself.
1T do not fear" he said, 'the threats
| made by England to produce cotton on
| foreign soil. The Southland is the
logical cotton growing country, we have
the climate. and all other conditions
necessary for it's cultivation, and here
it will continue to grow, and the
| LdTIIieT NOW udS the COtlSuiil-
er where he wants him, and can de-
mand a just price for his cotton"
In the opinion of those interested in
sea islands, the war will have but
little or no effect. as all grades are
bought UP almost as soon as they are
offered on the open market.
Naval stores Secure.
Touching on the question of naval
stores, those interested in resins and
turpentines do not fear decline of
prices, even If hostilities are declared
Naval stores as a generic term, have
lost their former meaning. In the time
of wooden hulls war would undoubt-
eddy have increased the demand, but
in this age resins enter largely into
the manufacture of soaps and axle
grease, and turpentines are used eX-
tensively in the preparation of patent
medicines such as linaments and other
lotions 1t is not thought, therefore,
that even If hostilities are begun be-
tween Russia and japan. that there
will be any change in the prices of
spirits and resins, and IL a change is
made it will be of a sentimental nature.
All together the feeling among cotton
! man naval stores factors iS o,1a