The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-08-29

rttory or lfe enfmif&f some navN rA14
that II II for commercisl reasonss
that the government Il actuatsd ~ q
desire to depress the value Of cotton
In order that British spfnners may OBJ
tain their stocks at a low cost This
theory does not stand In the cold light
OF reason. Modern science within re-
cent years has caused cotton 10 be-
come the basis of the explosives
which are absolutely necessary In
modern warfare.
Cotton tn used In the manufacture
OF smokeiess powder and in the pro-
duction OF the high explosives used
By heavy field artillery and by the
great guns on the mammoth battle
ships Of the nRvfes of the present day.
TIL. statement has been made that
every time a battleship of the class OF
the Queen Elizabeth goes into action
that twelve bales OF cotton are con-
suped. II is impossible to form an
estimate OF the amount OF cotton that
IL used in the manufacture of ex~
plosives Belligerent nations guard
this secret closely. but our own gov
eminent. through the Census Bureau,
is making careful Investigations, ana
/ understs nd that as soon as possible
an estimate will be made public CIV
ing the amount of cotton consumed
for war purposes. including not only
plosives, hut the amount requirer for
other purposes of war. such as wear
ing apparel for troops, for tents and
for hospital and Red Cross uses
Many unofficial estimates have been
made OF the amount of cotton used
for these purposes, but they are prac-
tically of no value, as the estimates
for explosives alone vary from $780,
900 to 1900, 900 bales year. The
figures that have been available SO far
relate 10 the ordinary commercial con-
sumption of cotton and are somewhat
misleading. The amount of raw cot
ton in sight when considered as a
factor In the determination of prices,
must be supplemented by a knowi-
edge of the stocks OF manufactured
goods on hand and by some idea of
the amount of clothing, made entire
ly or partly of cotton, on the backs
and in the wardrobes of the ultimate
consumers My information is that
at the present time manufactured
stocks in the hands of merchants are
small, and. in view of the severe
economies that have been practlced
throughout the world during the past
fourteen months, it is reasonable to
assume that supplies Of clothing in
the hands OF the wearers are not
large. The very uses TO which cot
ton is now being put, which have re-
suited In its being declared contra
band, indicate consumption of cot
ton which is of great Importance In
estimating the worlds requirements.
While the cotton used for clothing and
other commercial purposes In not
finally consumed until the goods wear
out, involving a period sometimes of
two or three years, the cotton that is
used in explosives goes up in smoke
forever the very instant a gun is fired.
There is reason to believe that both
the Germans and the Allies are watch
ing keenly the present cotton situa-
ton; that Germany Is as anxious to
have cotton as the Allies are to pre-
vent her from obtaining IL, and II is
not inconceivabie that there may be
evidences before very long Of inter-
national competition for the posses
sion of the South's great staple. 1t
is at least a possibility that cotton will
be purchased In large quantities for
foreign account and stored In the
warehouses of the South. to be ship
ped out as needed and as opportuni-
ties for shipments arise. No one has
ever accused the Germans of being
lacking in -sightedness. Their
ability to look into the future and to
provide for every contingency Is
marvellous. They are already looking
forward to what will happen when
peace In restored and that they will
make a supreme effort to recover
their lost trade with other nations
cannot be doubted. Is 1t reasonable
to believe that they would look with
complacency upon the absolute cor
troll Of the cotton market by the mills
of England and America, permitting
them to secure their supplies of cotton
at very low prices and defer thel.' Jwn
purchases until after peace is made
and take the chances of securing then
(. their own stocks at much higher
| prfces7 Is IL not reasonable to believe
/ that they will arrange to buy cotton
! as the spinners OF other nations buy
| it, and can they not easily make ar
ranRements to have their purchases
| of cotton stored In this country for
| their account until they can transport
I 1T to their own shores? | have not
viewed this cotton situation in an
/ optimistic light. I have tried TO keep
before me the cold. hard facts, but the
more study the subject. and the
more information that | receive bear
| ing upon II, the more ] am convinced
! that the present situation, while call
/ Ing for intelligent leadership and close
! cooperation, In by no means a des-
/ pernte one. On the contrary. the i'm
| mediate future has many elements to
inspire hope and confidence. The
| making of a market is by no means a
one-sided proposition, The buyers of
| cotton have natural advantage in
| their greater powers of analysis. In
| their concentrated financial resources,
| in their ability to take their own time.
| but now. as always. the movements OF
/ Southern producers are closely watch
| ed, and evidences of staying power IN
their part are effective In market
| quotations.
| Men OF the South. your cotton crop
| In your greatest asset The welfare
| OF the South depends upon this crop
| being marketed at fairly renumera-
/ tive prices. The prosperity or the re-
/ verse OF the Southern farmer means
1 strength or weakness to the mer-
| chants and bankers OF the South and
J vitality affects trade and industry
I throughout this entire country. 1t Is
within your power. regardless OF any
untoward conditions that may exist,
| to protect your greatest asset II YOU
| will only make intelligent and cour-
ageous use of your opportunity. Let
| Southern bankers. wherever possible.
make liberal concessions In their
usual rates on commodity loans High
/ interest rates mean forced sales. Pres
ent conditions fully justify low rates,
and Southern bankers should ne will
/ ing to forego Temporary profits for
the sake of security and soIiditv in