The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1905-09-13
AlAsrINe MoNuMENr.

In Ills annual report for the cotton
trade year recently ended. Mr.. Henry
G. Hester. secretary of the New Or.
leans Gotten Exchange. and perhaps
the most eminent commercial author.
lty in The world upon cotton. makes
some very interesting and instructive
observations concerning the handling
ana marketing OF the crop of 1904. He
remarks that while each and every
crop grown has its distinctive features
the story of none is fraught with cir
cums'ances as peculiar and Interesting
as the one just marketed The esti-
mate Of the department OF agricul-
ture last fall pointing to a crop Of
y 100000 bales, lie observes. caused
IA feeling akin to panic, and when the
reports OF the census bureau indicated
43.o0J,c0e tales Il seemed that the sit
u0tion was impossible to be coped
with. and yet, the monster crop OF
la,S90.0Q0 bales. as il proved to be
has been handled. practically all OF
40 marketed. without the crash which
at first seemed Inevitable This
achievement. Nj Hester declares, will
remain as q lasting monument to the
conservatism and cooperative power
Of the Southern people In this great
economic struggle. he says, all ele-
ments Joined in he victory. which is
due to ihe fsiner and merchant the
banker and manufacturer alike.
The Dallas News thinks that Mr.
Hester is right about il. There was
nothing spectacular in thd conduct
Of the Southern people; but they won
through quiet sno logged determine
ton
Nnen bond issues We're offered on
tie New York market the underwrit
ors pui toward only such quantity
as the market will "absorb"-that is
such Qlaa.ily as is really in demand
at the price asked When no more are
asked for ot that price the securi.
1 Is are Withdrawn and are held until
the market is Lungry for them
The farmers OF the South last year
pursued similar tactics Many OF them
losl money ly It. because the time
came when "a were forced to sell.
regardless Of price. or when their
courage Weakened And there prob.
ably always viii be individual losses
growing out of any such movement.
Nevertheless, the crop as whole
brought more money than It would
II IL had been marketed in the usual
way The experience OF the past sea
son has proven that prices decline Ia
the face OF a big crop. not SO much
because OF over production. as because
of over haste to sell Mr.. Hester
figures that she crop of 1904 brought
SG-N195.35a. Marketed in degree OF
moderation the. trade was willing to
pay that price Tor it; had the trade
been asked 10 absorb the entire quan.
tity ~ three or four months, and be.
fore i needed it. ii is likely that the
crop would have brought no more than
s.5o000.0OO or $500. OOO. 600
In this connection Mr. N. II. Thomas
Of Dallas hiss been giving "the talent"
In Wall street line OF talk accord.
ing 10 the Dallas News. These men
are in the market as a business propo-
slt.ou. aud they eschew sentiment But
Mr Thomas Is asking them. II possible.
70 bear in mind our all-American SEN
iiment that is 70 avoid Il possible the
depressing in price OF any commodity
OF which our exports exceed our i'm
ports tie has invited their attent on
to the fact that We are large export
erf OF cotton in fact exporting more
cotton than We consume in this coun.
Try; consequently. the higher the price
Of cotton. the greater the volume OF
money to come 10 America. Mr.. Thorn
as observes that everybody in this
country has an interest In increasing
tie naow OF money, and that Il the
Nall stree, people cant get their share
CT Il, they can blame themselves Il
seems that this reasoning Is sound ey.
orybooy should be willing. in the first