The Birmingham age-herald., 1910-10-09
MAY CHANGE COTTON
 BILLS OF LAD|NG.
The Most Interesting Feature
 of Commercial Situation
COFFEE IS ADVANCING
Scarcity of the Berry Is Said to Be Cause of Stif Advance in the Price-Coton Seed Brings
 Good Prices
By PRESTON c. ADAMS

New York. October S.-(Special.)- )-one of the most interesting features of the com mercial situation today Is the contro- versy over the endorsement of cotton bills of lading and there are those who are of the opinion that before 1t is over there will be some changes which will have far reaching effect
 The foreign banker has played pretty prominent part in the handling of the cotton crop heretofore and has made a very pretty profit out of 1t. In order to avoid losses for which he himself has tried to make the American banker as- sume all the risk of loss
 Nobody has ever accused the New York banking fraternity of being "come-ons when the chase of the nimble dollar Is concerned, so they have been quietly get ting things in shape to finance the cot ton crop without the aid of the foreign CTS, assuming the risk all right, but in- cidentally securing the profits as well.
 The foreigner must have American cot ton. So large a percentage of English workmen depend directly and indirectly upon the product of our southern fields that-although cotton Is not a food-Eng land would starve if Its supply of Ameri- can cotton were cut off. The continent of Europe takes more American cotton than does Great Britain.
 That the United States is able to finance its own cotton crop there Is no doubt New York banks have in the past been represented as being antagonistic to cot ton. Such a claim can no longer be ta ill New York very much interested in 7 cotton today. few years ago they were very little interested. These banks are stronger than all the banks of Liverpool and have probably resources as great as all the foreign banks that have for years been interested In cotton. There will be no trouble in financing all the cotton raised in the south without the aid of foreign money. The man with the bale on the street will find the money in the local bank to buy 1t. The question of the financing of cotton merchants is an- other matter. If foreign banks wish to withdraw from cotton 1t will effect in dividuals and interests, but 1t will not hurt the farmer The person injured most will be the foreign consumer.
 The American money that will go to finance the crop, If the foreigner Is through with the business, may not be as cheap as foreign money-certanly its sympathy will not be with the bear side of the market to the extent that that of ; foreign money is-and all this will tend to increase the price of cotton.
 People who have been complaining of the high cost of living as reflected in wheat, corn, beef pork and cotton prices will soon find new cause for complaint Shopkeepers have begun to issue warn ings that coffee prices are destined to rise aA. 5 44
 The advances in price which are likely to take place soon will not be brought about by any trust, nor will they be con- fined solely to the United States
 They will be the result entirely of con- ditions in the worlds coffee market which in the last few months have de- veloped in a decidedly interesting man ner Through combination of circum- stances, raw coffee prices are now high CT than at any time In many years; here in New York the coffee exchange "spot" price Is Il cents pound for Rio coffee, unroasted, as contrasted with cents a month ago, cents three months ago, I cents year ago. and ga cents IS months ago. The abrupt advance in the last month has not yet led to a corresponding rise in the prices of roasted coffee by re- tailers, and, for the most part roasters have not yet advanced their prices to correspond With the higher cost to them of the raw berry But it is clear that the roasters have had their profits cut down sharply because of the high price level which coffee has attained, and some of those who did not lay in sufficient sup ply when prices were lower have begun Ito protest that the coffee market is "cornered''
 That the New York warehouses contain large supplies of unroasted berries is ad- mitted Altogether there are some 2300,00O bags stored here, but some of these 1,400,000 bags are hypothecated under the Brazilian "valorization loan" of two years ago, and cannot under any cir cumstances be sold now. This leaves an