Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-08-24
ROUGH ON WATSON
10 Two Enthusiastic Articles in New
York Evening Mail.

Col. E. J. Watson Of Columbia, S.
c., may we'll pray to be delivered from
his would-be friend, the Evening Mail
of New York, who, in the issue Of Au-
gust Is published q letter by a spe-
cial correspondent in which he tells
more wonderful things about what
Col. Watson succeeded in doing last
Year than ever entered into the dreams
of Watson or any other human being
with Il modicum Of brains, says the
! Manufacturers Record. In this Won
derful letter, Col. Watson is credited
with having sold to English cotton
spinners 5000, 900 bales Of cotton, and
with stating hat this 5000, 000-bale
supply, over and above the usual needs
of English spinners, Is now stored in
England.
Merely to illustrate what kind of
stuff the readers Of the Evening Mail
are fed upon, we give the following ex-
tract from this letter:
The best way to set forth Col. Wat
sons views is to let him tell his own
story, BIT before doing so it may be we'll
to say something about his achieve
ments last year, which he Is too mod
est to speak about himself.
In a recent talk I had with Robert
F. Rose, late trade adviser of the state
department, he told me that a young
CIV York cotton broker had saved the
situation last year and had raised the
price Of cotton at least three cents by
shipping twenty thousand bales to
Germany. A few days later l was told
by Senator Hoke Smith that a firm Of
young men in Georgia, who are engag-
ed in the cotton exporting business,
saved the situation by sending $1,000
bales 10 Bremen.
Undoubtedly these exports helped to
allay the fear widespread among the
planters Of the south and the financial
institutions which handle cotton loans,
but such exports were puerile compar-
ed with Col. Watson's achievement.
He induced the cotton spinners Of
England to buy a years reserve sup
| ply, amounting to five million bales.
That cotton IS now stored in England.
It is the British spinners' insurance
against a short crop or any other ca
tastrophe which would interfere with
their getting supplies Of American cot
ton to meet their normal demands.
The publisher remembers the visit Of
ISir George Paish to the United States
last winter. Ostensibly he came to
/ consult with the Federal Reserve
board and private New York bankers
with regard to financing Great Brit
aims war purchases in this country
and to arrange with them for the con-
%servation of American gold reserves
being drained through exports of gold
to Canada. That was part of what he
accomplished, but the main object of
his visit was to purchase five million
bales of American cotton. and thai sale
was brought about by a cable corre-
spondence between Colonel Watson
and Sir Charles McCarran, head of the
British Spinners' association.
A few years ago Sir Charles had told
| Colonel Watson that it was the ambi-
ton Of his life to obtain a years re-
serve Of cotton in England. He said
he hoped some time to take advantage
Of a favorable market to do this.
Last winter was certainly a favor
able time so far as the American mer-
ket was concerned. Cotton was selling
here as low as 6 cents and the banks
| did not have another dollar to lend OH
it. Col. Watson, who was in New York,
cabled to Sir Charles that now was the
time to get his reserve. After a cor
re%spondence lasting a week, the deal
was closed and Sir George Paish came
over to buy the cotton and to arrange
the financial end. England got Its
supply cheap, but Col. Watson says 1t
saved the United States from an an
barrassing situation.
And now as England took only 81
771,646 bales for the twelve months
| ended July 81, or only 100000 bales
more than for the preceding year,
where is hat extra purchase of $780,
| 900 bales which the Mai says was
bought and shipped to England?