The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-08-03
THE COTTON SITUATION.
New York Times Gives Some Inter-
esting Statements I'm Regard to the
Relations OF Cotton and Southern
Mills.

cotton, says the New York Times,
which they cannot AFFORD to spin, and
our kilograms yesterday told of the
rushing to this market by freight
express OF staple not wanted by the
Southern mills. Cotton Is approxi-
mating the pricess which were
thought ridiculous when Sully ma
nipulated them. and half the spindles
OF the country are idle. Surely IL Is
singular that under these conditions
standard cloths are offered. and not
wanted at cents yard below the
prices readily realized when the sta
pie from which the goods were woven
was also bringing less by several
cents a pound. Who Is to blame.
The governments idea is that the
bulls are to blame and Il Is prosecut-
Ing them by indictment. But these
are factors In the situation beyond
the power Of man TO produce. The
mills would not stop spinning II they
could sell their goods at prices readily
paid when there was more cotton.
Tweive-cent goods were recently SELL
Ing below . cents. Is dear cotton
the cause Of cheap cloth7 The crop
was short some three million bales
were the bulls responsible for thatY
There is the prospect Of a much
larger yield for the next crop, which
is expected to approach $4,000, 5000
bales. VIII the larger yield be cred
tied TO the stimulus created by the
Vaccinations Of the bulls? or will
II be debated to them on the doc
trine. demonstrated by recent expert
ence mentioned above. that large
Yields and high prices of goods were
associated In recent experience? And
IL the bulls on the exchange are the
responsible williams. what will be done
TO the bulls In the back counties who
held their cotton for prices now be-
Ing realized and who are unregen-
crate In proportion to the size of their
bank accounts?
The answer to these conundrums
must be sought In conditions Of which
they are ripened fruit The men
now most generally held blame
worthy are those who most nearly
forsaw present conditions, and who
laid In stock OF cotton when II was
being sacrificed by those who took
different views, and are now paying
she penalty. IL Is the men who sold
what they did not own who now are
scrahns the uttermost markets Of
the earth TO gather what nobody
wants at the price. IL only they
would stop buying-the buyers of
cotton goods stopped buying--the
price of the staple would fall as the
price Of the manufactured goods has
fallen. When cotton is not wanted to
spin II is wanted only by spectators.
and by spectators who were mistak-
en- In their position. II is their singA
ularly ili-timed purchases which are
holding up a market otherwise doom
cd TO collapse by the near approach
OF fresh supplies from the new crop.
On the other hand those who were
right In their views about the mar
ket own all the real cotton. They
cannot weave Il. and they are not
spinners. They are necessitous sell
ers. Whatever their paper profits,
their losses Will be real unless they
sell what nobody wants except the
bears who thus far have suffered de-
feat II the bulls are to be punished
because they won't sell except at
their own price, ought not the bears
TO be punished because they insisted
upon selling more than they owned
at prices below what was fair? Is
II wicked to be right on the market
and praiseworthy to be wrong, and
must a man have the verdict OF a
grand jury before ne assumes a spec
ulative postion2 Sully was wrong as
p bull and took his punishment In
the market The present market has
the appearance OF a Waterloo for the
bears, and they are taking their pun
ishment apparently.
The end is not vet, but economic
remedies are being applied whore
they will do must good. and before
the government can apply its doub.-
fui remedies. IL is an interesting
study In speculation. but for the init.
lions Il has only academic interest,".
IL Is true that the people who will
rot buy cotton cloth are the ultimate
srbiters between the bulls and the
bears BY virtue of being ultimate con-
sumcrs. But tha quantity OF cloth