The Montgomery advertiser., 1905-08-19
COTTON SINNERS MET
WILL FIGHT RISE IN STAPLES
 PRICE.
Declare That Gamblers Control Mar ket and Say They Win Not Buy
 American Cotton For Three Months.
Advertiser Bureau, yUo . |, fn rfnn A1IO 1l

Advertiser Bureau, Washington, Aug. IS.
 Of more than passing interest to the octton trade is the following from the Daily Bulletin of the Department of Commerce and Labor issued today:
 An emergency meeting of the 1n- ternational Federation of Master Cot ton Sprinners and Manufacturers As sociation was recently held in London in which 1t was decided to urge every cotton spinner in Europe and America to refrain from buying any cotton dur ing the months of August. September and October. except what may be want ed for immediate use. This Is very important on the part of the represen- tatives of the cotton industry and Is intended to prevent any artificial in- flation of prices.
 A brief news despatch published inn mediately following the meeting was published In the London papers with w. c. Macara, who presided over the gathering will be of special interest to those engaged in the cotton industry in this country.
 MT. Macara said: 'T am particular ly anxious that 1t should be understood in America that this is in no sense a movement hostile to the American cot ton growing industry. The decision we have reached has been forced upon us by the necessity of taking some step to counteract the pernicious effect on the trade brought about by the recent enormous enhancement of the price of the raw material due to the action of speculative rings. We are united and we are in deadly earnest. Although the meeting was summoned l by telegraph 1t was attended by repre- | sentatives of the Association from over | Europe. The Master Cotton Spinners Association in England of which I am the president alone stand for 32.000. 900 l sprindles. We deliberated over the matter for over six hours before we | formulated our agreement. We hold l that there is nothing more important for great worldwide cotton industry l than to rid 1t of the course of gambling in It's raw material Every penny per pound that Is added to the cost of the raw material by this process represents l an advance of many millions of pounds sterling in the cost of the worlds sup l ply. Last year the cotton crop was | raised by this means-I speak of aver l age prices-from pence a pound. which would have been a fair price ot pence a pound. Tn American money that means rise In price from cents to 14 a pound. have calculated that | 1t resulted In taking out of the industry 1 100. .000, ,000 pounds roughly speaking l $500. 900 in your money. In the main the gamblers alone have profited by it l and manufacturers, operatives and con- sumers have suffered by 1t.
 | The repetition of this sort of thing will demoralize the whole industry. in flict incalculable loss and suffering and involve thousands in ruin. Now that | we perceive the same speculative gangs at work again and have already suc- ceeded In greatly increasing the price of raw material we. are determined to air every means in our power to put a stop to their methods
 we confidently anticipate that public sentiment in America will support us. the same interest in getting the raw material at a fair price that we have and so have the consumers. Of course the question is more vital one in England than to any other nation engaged in the industry, because 1t is a vast bigger one here. While they manufacture chiefly for their own popu- lations we send our goods to millions in China and India, the poorest people In the world.
 When prices go up they can no longer afford to buy. But the con |tinental manufacturers are in hearty ac- cord with us. The bond of self-inter- est unites us. While American cotton roughly speaking. represents three l . ficial enhancement of It's price is fol- lowed by a similar increase in the ma terial from other sources. The price at which American cotton is held con trols the market price of the rest of the world. It is for that reason that we have decided not to purchase Ameri- can cotton for the next three months. Asked if manufacturers would be able to manage. without purchasing cotton for three months Mir. Macara said: We are in excellent shape to make the fight | Last years crop was exceptionally good and 1t has been estimated that there will be at least 100000 bales available surplus to add to the new crop. The reports made by members as to the , conditions prevailing in the countries represented showed that the European cotton industries have on hand ample supplies to cover their engagements for the next three or four months.
 With possibly a few exceptions, cot ton spinners do not need to enter the cotton market before the new cotton crop arrives at the end of October What we propose to do. therefore, is simply to keep out of 1t and let the cotton spectators deal as best they can with the situation they have created If some of them come to grief we shall shed no tears. It Is not going to be our funeral this time.
 | Misleading figures as to the extent of the new crop have been circulated in the interest of the speculators We have accurate figures come in, we shall consider the situation and take what ever steps may be necessary to meet 1t should the supply prove less than the demand We are determined that speculators shall not control the mar ket. As for the American cotton growers we have not but the best feel l VIZ fair price for their raw material and are willing to pay It. Even If the most sanguine expectations of these en- gagged in the movement for supplying British splindles with cDttNl grown within the British empire are realized | 1t must be long years before we are independent of the American supply.
 Watkins