New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-08
"FELLAH" IN FINANCE.
Eguptiap Cotton Planter HOdrds
Gold Like Phmaohs of old.

The Egyptian situation is a term whcn mas
appeared for the first time in cable ulspa'Cne'
within the last few weeks NO one KNOWS eA~o''s
who or what Pharaoh except that one OF
them had something to do with various plaques
brought about by his refusal to follow the ADVICE
of the Jewish Moses. A "fellah is not reFiSeu
smelling for the fellow who lives by agricultural
pursuits on land fertilized by the Nile. Pharaoh
NAV be taken, however, the equivalent OF tle
master of the situation. while the feliah Is 'e
cotton pIanter who is becoming increasingiy-and
unplea santly-an important power In the 0h'ilciai
world If not as great the American hlhg Not-
ton he holds the next highest rank
when Wall Street shivers because Holland tdheS
s5Oo COO in double eagles Berlin obtains sl""""
in gold bars, while 100000 is passing thr0ueI,
Vienna It's way to Cairo. PAID 1or Dy coi I 80
a record low price and the Continental banks tdh1
fve-sxths of the weekly output OF the f'dilu
mines. and all this happens in a week; II Is go 90
dent that Egyptian cotton and its planter aIiu
owner are financial factors of great mi'snlLuue
The foremost security of the world the hii'.1 ~,
consol. has been offered for sae' AT cois.I i
lowering prices, in millions, from source various
Iy described as the Caisse Egyptian Sun-Ire s
urv) the Egyptian government and the EsyP'idi
banks which were never hitherto suspected Vi nov
inc a surplus to invest at per cent There u.s.
therefore feeling that, in the case OF tle E"i
ing failure. the sales of these consolS siio" 30, nc.
ono (or more) of the old conservative pahhlhs
houses in London is carrying Egyptians at the eH-
pense of its English investments.
The "felah' is rapidly becoming a hlnd or Manui
or Raisu He is raiding the banks all around t,e
world and carrying their reserves to his hoards-
The important question now is. what VIII ne uo
with his next crop? This Is interesting o'-
h,rg and Yokohama as we'll Boston and Man
chester. 49,,
II is an indsputable fact that for more tnan a
thousand wears from A. D. 200 to A. D. $780, more
gold and silver went into Egypt than ever came
out The cotton crops of 1S6-'16 were SOFA lol
$3.50 COO and there was no gold worth ineht,oins
retained during that period in the United states.
But In 1876 MI Goschen. NJ. de Bllsnleres. MaJol
Barring r A, and Rivers Wilson visited Egypt III
the interests Of the European capitalists.
ardc NJ bOt
began to be depleted Gold by the ton ana
silver quantity well as value at IN 10 l. lo"eu
out TO all points of the compass north OF uie
equator. - oro
In 1892 there were no more boards and no more
princes The 'fellahah." or peasant girl wore
hrass bangle instead a silver one The cotton
crop after 1876 taken to pay interest on debts
fabricated to meet the demand. and so far as eA-
change was concerned ii cost Europe nothins.
Rut about ten years ago the tide showed signs OF
changing and Pactolus is now running verltaoie
colorado River into the Egyptian Salton Sea
The gold arrives at Alexandria and disappears
According to the chairman Of the Egyptian Estates
limited s125GD00 vanished last year Inc Felldh
is apparently willing to repeat the operation i'll Wv
,o,Ia, and has no more stomach for interest
bearing securities than for champagne or pptlitu
beer So there is nothing doing on the tot''H
Excbnnpa of Alexandria, and. the manufactur-
ers of the world have been accustomed 70 receive
their raw material weekly throughout the year.
there IS not a months visible supply OF TINS year ;
crop afloat and in Liverpool ~,
There are also other demands TO be met Inc
r
builders of "Sa!oy Chambers and government OF
ncisls who have taken up land in Egypt borrowed
money IN Europe, and the local creditors are now
pressing for payment. Even the Swiss nave IN
vested largely I'm land which was 10 nave oe'h
perenniay fertllized by the Assouan reservoir put
is not more productive now than the Rhone glaclet
The men higher up are to be found at the very
summit of social and financial eminence
Egypt Is therefore creditor nation entlreiy
apart from the cotton crop. which. IT Is expected
will equal in weight and value half the copper
output of the world and about double the value
Of the exports of the Standard Oil There Is no
corner I'm cotton be broken by Its own weight
through interest. storage carrying over charges
The staple is fairly firm At from % to - cents a
mound but Il sold 20 cents I'm 1868. and It's pres
ent price is altogether normal.
The forty thousand holders OF Egyptian cotton
will be perfectly willing TO sell. but they want a
commodity I'm exchange. and that commodity Is
gold coin. Now. II American bankers send so0"po
10 Egypt to keep the crop moving II would be
good business 1t be remembered that we
have an advantage (as well danger) In our
gold certificates. The Continental banks Of issue
when they pay gold paying at least two for one
but our gold secured currency is q warehouse re-
c.tpt for mintei metal