The Birmingham age-herald., 1905-06-04
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BY ALMA RITTENeERRY.

the hulls of the seed are used as fuel for the engines of the oil mills. and the Ire fuse' of the whole Is made into fine soap. Cottonseed oil figures largely in our eX- port trade, many million gallons being exported every year, and our home con sumption of "Cottolene" for culinary uSe Is something enormous.
 So the tiny seed which was despised and thrown away Is the basis of a large and important industry. Many millions of dollars have been invested In mills and machinery.
 The different uses of cotton seed offer one of the great object lessons in modern political economy. After the cotton has been ginned and separated from the seed it is taken to the press and packed into bales. First course, heavy bagging is placed around the loose cotton, and then when the mass has been reduced to proper size, the cover is drawn tight and six narrow bands of iron are fastened over all to keep the bulky mass in shape. The average weight of a bale is 300 pounds, and for many years of an oblong square shape, but of late years the round bale has been much in favor as it is more easily handled The round bales weigh 250 pounds each. In this form the cotton is shipped to market and is ready for the manufacturer.
 There Is no crop in which the element of speculation enter so largely as in cot ton growing. The commission merchants handle nine-tenths of the crop. They ad- vance money to the planters, and as the latter are always "short," the bulk of the cotton Is practically pledged before 1t reaches the market. The country mer- chant is also an element in the specula- ton. They take the cotton at the lowest market price and charge the highest price for goods; if prices are low the planter finds himself deeply in debt
 The cotton crop IS stored under large sheds or warehouses owned or leased by the commission merchants. It is with them the sales are made. The buyer se- lects the sample in the merchants office, then compare 1t with the cotton in the bale. The price agreed on, the sales are made. If you look at the market reports. under the heading of cotton you will find certain technical terms used. These refer to the different grades of cotton, which are ordinary" good ordinary" Tow middlng,n "middling,' good middling" and "middling fair" The word strict is used to distinguish grades shade above the grade quoted.
 In 17s4 eight bags of cotton were sent from this country to England. The product of 1894 was five million times that of 17S4
 In 1S9O-91. 20, O,3S9641 acres were planted, Wnlcn yielded crop or ob0Z, DJf DaleS. Tn 1S91-92 the acreage was slightly reduced, but the crop amounted to 9,055379 bales; in 1S93-94 it was something less than S.000,- 900. The depression in all lines of busi- ness during and after the panic of 1893, with enormous increase of cotton produc- ton, resulted in gluttng the markets of the world, and in bringing cotton down to the lowest point, 5 cents a pound.
 The average yield of cotton is about one-third of a bale per acre. and this at cents per pound will yield $S per acre net When the cost of labor, material and fer tllizers is deducted there is little left for the planter to buy food and clothing with
 There has been a great deal of talk about reducing the acreage, but so far the results do not show any marked re- baes 1901-1902, 10,674 600; 1902-1903, 1O0O2,- 000 The crop of 1902-08 fell off 100000 bales, and raised q cry among the spec ulators of a shortage in the cotton sup ply of the worlds consumption. It was the cause of the biggest bull campaign in cotton known in the history of the New York cotton exchange. The campaign was inaugurated by Daniel J. Sully in the fall and winter of 1902-03, prices ad- vancing from cents cotton in the fall and winter months to F cents per pound in July, 1903, under his manpulation but, like most "Napoleons" of finance he met his "Waterloo" bear raid" overlook him.
 But the rise in the Sully price of cot ton through manipulation brought over