The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-09-28

| yesterday it was broadly intin1ated =,
merchants of long experience thar noSs
tain large milling interests of W.
England are encouraging the cot+o.
yarn pool, if, indeed, they have nnt
been cooperating with the Pat+nn
Brown crowd from the inception -
the big deal in the market r. K
Maclea. one Of the best informed ana
most extensive cotton goods mnr-
chants in New York, told an Amer
can reporter yesterday an interestinc
story of recen observations in tbo
New England milling district which
seems to be strong c~orroborative evil
dence of a pact between heavy mann
facturers in that district and the PAT
ten-BroWn pool.
What you tell me Of the report in
Wall Street about the pool said Nr
Maclea, who is chairman of tho
Wholesale Dry Goods committee of
e York. which strove earnestly at
the special session Of Congress to pre-
vent an increase in the cotton sched-
ules, fits in Well with what I saw
and heard a few days ago while T
was travelling through the New Bed
ford and Rhode Island districts.
ct was surprised to learn that the
biggest mills up there, such as those
controlled by Henry +. Lippett and
J. r. McColl, are refusing to make
contracts beyond January 1. Lippett
and McColl are the men who made
the new cotton schedule for Con-
gross. Lippett, you know, is Senator
Aldrich's political manager in Rhode
Island. His mills are at Providence
and PaWtucket. I suppose the big
manufacturers are helping the pool.
because they see an opportunity to
make more money on the New York
Cotton Exchange between now and
tho fret of thu Naor tho, {11,- I =.
taking orders for goods to be deliv-
cred after January 1.
"It is also evident to me- Mr..
Maclea went on, that for the first
time in many years Wall Street now
has complete mastery OF the cotton
situation in the United States. That
is a bad sign.
Under the operations of the new
tariff, which a small coterie of New
England millers forced upon Congress
through Senator Aldrich, the prices Of
all grades of cotton goods are going
up. In spite Of all denials by Senator
Aldrich and others, I know that the
tariff rates on cotton goods have been
increased from 10 to 127 per cent.
This means that inferior grades will
take the places all along the line Of
the grades Immediately above them
In other words, the grade of fin
ished product, which the
had to pay nineteen cents for under
the Dtng1ey rates, will now sell for
twenty-five cents. If there is q COM
bine between the Patten-Brown pool
and New England manufacturers on
yarns, and If they also are WORKING
together to sustain the bull market
and send the price Of the staple to
record-breaking figures, then the cot
ton consumer will be hard hit indeed
next year. [ would not undertake to
predict how high the prices will go,
THE New England manufacture
ers, Of course, will lay the high prices
of next year to the small cotton crop.
l don't eeliete' however, that they can
longer fool h people with that SORT
Of argument. Prices Of the finished
product started up as soon as the new
tar1f bill was passed. I wouldn't be
at all surprised if there should be
general strike of mill operatives fr
the New England district as soon a:
the pool now manipulating the cottor
market accomplishes its purpose. I
the big mill up there didnj
have some notion OF forcing a strike
they certainly would not refuse te
make contracts for delivery after jan
uary.'"
These men are all SPECTATORS
They see money in gambling that cot.
ton Will be high. If they can make
money cornering yarns and putting
up cotton this year, they will prob
see more money next year gaInb
ling on low cotton and helping t.
Deal it.
Is there a germ in his pool for 2
cotton mill trust, with "the tobacco
interests behind it? It will require
the Standard Oil, Steel. Tobacco and
Morgan's trusts to organize a cotton
mill trust. The first step IS to contro
the water powers, n the water pow
er trust has made great progress ii
that direction. Let the trust nov cor,