davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-06-02

=! 'he lurtner TACT that about 2640,-
ooo new spindles were put into opera
ton during the year. And yet. because
of the scarcity of ocean tonnage. our
exports for nine months ended Anril
"o are 1,155,000 less than the CORE
spending nine months of last year. and
unless there is great improvement in
shipping facilities the exports at the
close of the season will scarcely exceed
100000 bales.
Why Consumption
In u. S. Declined
The consumption of cotton in the
United States in 1916-'17 not including
linters, was 6,7SS,505 bales, which was
the largest on record, being 39O,S92
bales greater than in 1915-'16, the next
largest. The consumption up to May
! this year has reached 4,945, 900 bales,
or 10000 less than was consumed up
to May 1, 1917. This decrease is due
to several causes. First, to the short
age in the supply of fuel. Albert F.
kemis, president of the National Asso-
citation of Cotton Manufacturers, in an
address delivered to the association in
New York City May /, made the state
ment that for several months many
mills had been continuously on the
point of shutting down for lack of coal,
and some had shut down for that rea-
owl oNc%
has been the lack of transportation,
and the prolonged delay of delivery
even after the cotton was intransit.
Finally, though there has been some
shortage in mill hands, it has never
become acute enough to cause en-
barrassment, except in few localities.
II transportation was normal, the con-
sumption in the United States this
season would exceed that of last year
by several hundred thousand bales.
This is not unreasonable when we
consider the enormous advance in the
price of cotton goods, and the enor-
nous profits realized on those goods,
and that 1888, 900 more active spindles
we're in operation in 1917 than in 1916
and that the mills not only have gov
ernment orders running many months
ahead, but also face an unprecedented
demand for civilian goods that cannot
be supplied There is demand enough
from these two sources to keep all of
our spindles running full time, and for
a long time, if only transportation can
keep the mills supplied with raw cot
ton. But there is so little upon which
to ground any hope of improvement in
the near future that at the closo of the
season, July 81, we are likely to find
that our domestic consumption has not
exceeded 6,67o,Ooo bales, exclusive of
linters, or about 1880 bales less than
last year.
An appreciation of the relative
meaning Of the present figures of pro-
duction and consumption can best be
had by a comparison with the period
before the war. The worlds produc-
tion of cotton just prior to the great
war, so far as is shown by the COM
mercial movement, averaged annually
about 21,717,00o bales of 500 pounds
net weight. The two seasons since the
beginning of the war for which we
have complete official statistics, 1916
'16 and 1916-'17, the production was
17,795,0O0 bales for the former and
1S,365,00 bales for the latter, the av-
eragc being 18,O8o,ooo bales, de-
crease of 1857, 900 bales, or II per
New-York tribune., 1918-06-02
EEW persons pause to consider
what makes gold good. For the

EEW persons pause to consider
what makes gold good. For the
majority gold is an economic
first principle, beyond which no at
tempt at analysis is made. The origin
Of the gold lure, the basic reason for
its availability as the standard OF all
values, and the physical facts about
the precious metal have long been
overlooked even by many persons who
have very definite preference for the
single standard as opposed to BIZ
metallism.
In recent issue of "The Engineer
ing and Mining Journal" Hennen Jen-
nings, consulting engineer OF the
United States Bureau of Mines, pene-
trates into all sides of the gold ques-
ton. Mr.. Jennings believes that the
facts about gold which most persons
slur over have farreaching, practical
significance. "The right conception"
h writes, "of what gold, and in fact
money in any form, has the power OF
Aoing seems to me of most vital con-
ssfh at present. A better understand
nt Of this problem, I believe, would
sead to knit together governments,
labor and capital and make for eff
Cheney, harmony and happiness"
Mr.. Jennings gives an answer to the
fascinating question. Why did gold
arst attract people7 "Gold," he said
attracted the attention Of primitive
structibiliy. The earliest mining and
netallurgical operations Of which
traces remain were those in Egypt
5 mat dealt with ores of gold. From pic
torial rock carvings in upper Egypt, as
Also from Egyptian hieroglyphics, it is
iornd that the search, desire and use
q gold extended back some 5000 OF
400 years before the Christian era
starting with use as an ornoment, gold
ssocn became the trading counter, and
cas been an emblem Of value to the
Astman race as far back as history ex.
Mnes: Appreciation Of the value OF
svlo has been maintained through the
& ssnsuries by the difficulties connected
.aea obtaining the metal.
Gold the Measure
of Possession
.ath early primitive methods only the
& & .vio .v most abundant and easily worked
n@ ~ visible was first sought, and this
ns.;. found principally in alluvial de,
ss;a,nss; but as knowledge, mechanical
Ss sxssias ana tools and appliances were de-
s. 1870 ~ ny the human raco gold min.
36 yss extended to more difficult a.
vein and lode deposits.
New-York tribune., 1918-06-02
Producing Cotton Cost
11.28 Cents in 1917

From the foregoing estimate of the
worlds supply of cotton for the season
191s-19 (Which is, of course, tenta-
tive), and which is placed at 27,15o,ooo
bales, it is clear that unless the con-
sumption the coming season exceeds
that of last year (19,00o,0OO bales) the
supply will exceed the worlds mill re-
quirements by more than 100000
bales. This is not an unprecedented
surplus, as great as it may appear, for
New-York tribune., 1918-06-02
But Scant transportation May Lead Shortage Some Places and
Oversuppy in Others Despite Prospect That Production and
Hold-over Will Exceed 27 100000 Commercial Bales

curing the coming season, which, added
to 9.425,000 bales, the estimated pro-
duction of all other countries, and
$4,000 bales of European stocks car
ried over, would give total worlds
supply of about 27,15o,ooo bales.
But such supply. at least from the
United States, is by no means assured.
We can count with absolute certainty
only upon the surplus carried over. The
area planted is still problematical, and
the crop that will be saved is far more
uncertain A general scarcity of labor.
intensified by the extraordinarily high
wages paid by the government for pub
lie work and by the military draft. will
prove troublesome. Then, too, the boil
weevils now infestng all of the cotton
growing states except the Carolinas
may be counted upon with absolute cer-
tainty to destroy goodly part of the
crop. Moreover, other adversities NAV
oefall the crop before the final harvest.
The crop now planted did not start
off under very favorable conditions
The extremely cold. wet weather dur
ing the second week in April not only
lnterfered with planting, but also ne
cessitated much replanting. This set
back, however, may be overcome by
favorable conditions henceforth. But
whatever may happen to the crop, the
conclusion seems inescapable that the
world as a whole will produce much
sumo during the season, unless peace
should be declared before the planting
of another crop.
Production VS..
Consumption
The worlds consumption of cotton
in 1917-'1S is estimated at 19,000,0 900
commercial bales, which is about
100000, or S3 per cent, less than last
year. The world production in 1917-'1s
is estimated at 2o,e56,ooo bales. On
the basis of this consumption estimate
the continent of Europe will have con-
sumed 1,OO5,0O0 bales less than in
1851, Great Britain 326,000, India
$4,000, Japan 100000, the United
States 11s,oo0 and other countries
lesser quantities.
On May 25 the worlds port stocks
were reduced to minimum, those of
Great Britain amounting to only 369,-
to only 161, 900 bales, or less than a
months supply. On the other hand,
the stocks at United States ports were
402,0 900 bales greater than last year at
this date and the stocks at forty-one
interior towns $4,000 greater, the
total excess over last year being $685.
900 bales. At the same time the mill
stocks in this country are about 226,000
bales less than last year.
This present condition Of the cot
ton industry has been brought about
almost wholly by the lack Of transpor-
tation The United States has gone
into the war to win, and everything
must subserve this end. Therefore
way cars or steam ships so long as sol
diers and army supplies are needed in
Europe. If transportation had not
been inadequate the exports from the
United States at the close of the pres
ent season would equal, if not exceed
the exports of 1851. This is clear
ly indicated by the fact that all Of the
principal consumers of American cot
ton, except Italy, have shown de-
cided tendency toward an increase and
New-York tribune., 1918-06-02
Attainment of Gold
Should Be Difficult

"The electric storage battery of cells
can be rendered useless or burnt up
by excessive charges of current; they
can also dry out and stop working,
or be feebly active should there be
an insufficient number of cells on the
circuit to do the work demanded
Translating these conditions to the
New-York tribune., 1918-06-02
By James l.. Watkins

.-HE size of the worlds cotton cror
for the forthcoming season Of
i l9ls-I9 is an issue of surpass.
inc interest to men engaged in the in
dustrv. An estimate of the worlds
new supply must include the stocks
carried over from the previous sea-
con. and the accuracy Of a forecast is
limited by the uncertainties of agri-
.ulture. However. it seems likely that
the total supply for this period will be
approximately 27,15o,000 bales
Unless the conditions of transporta-
ton become more favorable the bounti-
fitness of the new crop may lead to
an oversupply. An improvement in
sh;pping. however. will very likely lead
10 repetition Of the prosperity which
The industry has had during the cur
rent season. If the war should end
Z auring the season l91S-'l9, as hardly
,.ems probable at this time, the value
At the new planting would. of course,
he greatly augmented.
For convenience we may divide the
sources Of cotton into two main head
;ngs-the United States and all other
cotton producing countries. We may
take it for granted in estimating the
size of the crop which is still in the
Ground that a full average supply,
which is in excess of 100000 bales,
NAV be expected from all foreign coun-
tries, because the inducements for pro-
ducing full crops are just as potent in
other cotton countries as they are in
the United States. Indeed, more so,
for. though prices are high the world
aver. no other country is so handi-
capped as our Southern states by a
scarcity of labor and the evil of the
boll weevils, nor are any of them SO
dependent on fertilizer. The cotton
from the next two largest cotton-pro-
ducing places, India and Egypt, does
mot come into competition with the
American staple, on whose supply, how
ever. the prices of ali markets are ad-
justed.
Farmers Planted
Up to the Hit
According to the Department Of Ag-
riculture the area planted in cotton
last year was 34,6oO,00O acres. This
area will be increased by 8 per cent,
bringing it up TO $3.50, 900 acres, re-
liable authorities who have canvassed
. he cotton states indicate. And since
last years crop averaged the planter
aA cents a pound and his cottonseed
81 a bushel, this increase in planting
does not seem unreasonable. The crop
was so unprecedentedly remuneratlve
that the planter was tempted to SOW
every acre that could be cultivated with
the labor available. The observation
in many parts Of the South that the
farmers have "overcropped" and that
for lack of labor they will never be
able to save all that will be made seems
to prove that the planters have done
their Job up to the hilt. So, allowing
for Weld per acre of 1872 pounds, the
35,65O,OOO acres planted ought easily
to yield at least 13,575,oo0 bales.
To this crop of 1856 900 bales, mil
stocks, the stocks at congresses, pub
lie warehouses and on plantations car
ried over from the season Of 1917-'ls
and amounting to 100000 bale:
should be added. If the foregoing estl'
mates are accurate, then the Unitec
States may be expected to contribute
shout 17,l75,OOO bales Exclusive OF
linters) to the worlds cotton suppl!
New-York tribune., 1918-06-02

previous year. No wonder the farmers,
demoralized. determined to plant less
cotton as the only means of avoiding
disaster, and that the propaganda
plant less cotton and more foodstuffs"
resulted in a reduction of $4,000
acres in 1915, or 14.2 per cent, as COM
pared with the 1914 average. This was
a tremendous cut, but it was the proper
thing to do, as subsequent events
abundantly proved. But in addition to
this the yield per acre in 1916 was
much below the average, and only
11,O68,O00 bales were turned out by the
gins. Although the acreage in 1915
was increased by something like IL
per cent the yield-due to adverse
weather and boil weevil depredations-
was very disappointing, the final GIN
ming being only 11,364,O0O bales. The
yield per acre in 1917, for similar rea-
sons, and with an acreage per cent
less, was even smaller than that of
1916, in fact, was one Of the smallest
on record, the wind up of the season
showing no more than 1921 900 bales
glnned. 1t should be noted that the
greatly reduced use of fertilizers, it's
poor quality and lack Of potash, con-
tributed in no small degree to the three
SUCCESSFULLY poor crops.
New-York tribune., 1918-06-02

"Gold, when it became the counter of
trade and a measure of possession, was
the most eagerly sought of all posses
sons, and thus it became the pioneer
and stimulant in mining, metallurgy
and chemistry. The search for this
precious metal became so intense that
alcnemists sought its transmutation
from other metals, which, though they
failed to accomplish, won them other
knowledge and gave birth to chemistry.
"The trading value of gold has been
stabilized by history in that no super
abundance was ever ohtainable, and it
has always been necessary to expend
labor and intelligence to an extent
largely commensurate to the bartering
value of the gold obtained.
One Ship Could
Garry Worlds Gold
accurate records do not exist of
the actual outputs of gold in early
times, but certainly they must have
been small from a modern standpoint.
Great outputs Of gold, as of all other
1t has been officially estimated that
the world production Of gold since the
discovery Of America in 1892 to the
end of 1916, q period of 424 years, was
approximately S1s,6o1 ,641,319 The out
| put since 1894, a period of twenty-three
years, was approximately $500, 100000
or slightly more than so per cent Of the
total amount mined in 424 years. The
average yearly production up to 1894
was S19,107 ,644, while since 1894 to date
it has averaged $369,565,2l7 year. ii,
"The available gold on hand as gold
reserve in 1894 has been estimated at
| So. .o6b 100000 The loss of gold and
| it's absorption in the arts and manu-
facture of jewelry account for the dlf.
ference between the amount produced
and the amont on hand. The amount
| of gold used in the arts has increased
since 1894, and Of late years it has
been between $50,000,000 and $780,
00O,O 900 year. Estimating the con-
sumption and loss of gold since 1894
at 00O,000,000, the amount OF gold
| at present on hand as gold reserve
may be roughly estimated at $105O0,>
100000.
"Thc concentration and portability
| of this wealth can be appreciated by
converting it into tons weight, for the
total weight of the entire gold re.
serve Of the world does not amount
| to more than $4,000 tons, and it could
| be easily transported around the world
In one Of the largest steamships.
GOLD and silver have advantages as
money counters owing to large value
in small volume. ease of Transports
ton, divisibility without loss, beauty.
brilliant lustrc, great durability, ease
with which they can be guarded and
difficulty of counterfeiting. Tte prov
ince Of the various mints Of the world
| Is to give guarantee of the weights
] and fneness Of the gold they coin
New-York tribune., 1918-06-02
The Perennial Issue
Of Defining Money

Our government securities and Lib
erty bonds, pledged on a gold basis,
take the place of gold coins only as
long as the people in this aad foreign
countries have faith that the govern
ment can make good its promises;
when this is seriously doubted by the
many gold Will go to premium. The
great gold reserves of the past would
not be so necessary if the recognition
OF the fundamental necessity of meas
urlng gold values in units of labor nee
essary to win were better recognized
and insisted upon by governments
that pledge their credit on gold basis.
Safely to lessen gold reserves while
uphoding the legal gold standard is
the great financial problem of the day
Tor this and other countries
ITO attempt to adjust the value Of
gold coin by changing its weight in
fine gold by government fiat would be
TO take away all intrinsic merit from
the gold standard and result in confu-
sion and utter lack of financial faith
and confidence. The temptation to en-
large obligations and thus reduce gold
reserves to an adequate amount, and to
meet the difficulty by refusing to pay
gold coin for gola pledges, also has
great financial dangers. The conception
and definition Of money has been one
OF the fruitful subjects of disagree
ment, arguments and books known 60
man. 1t would seem, however, that the
main functions of money are, first, fa-
cilitating exchange; second. means Of
estimating comparative values of COM
modities"
After showing that the production Of
gold is being interfered with by the
high cost Of labor and supplies. the
writer takes up the question Of excess
war profits tax as it affects the metal.
"Unfortunately," he says. "but little
help can be directly extended to the
gold industry, but encouragement
should be given, and the excess war
profits tax placed about this industry
should be reconsidered, for while the
war may have proved profitable to every
other class of industry in the matter Of
earnings certainly it has been seriously
injurious to the gold industry. Indi-
rectly, the gold industry. as well as the
new issue Of Liberty bonds, can be
greatly helped by the reduction in
prices Of all necessary commodities, and
this certainly should be seriously. judi-
ciousiy and fairly taken in hand by the
government"
New-York tribune., 1918-06-02

Japan. Great Britain prospers in spite
of the fact that since the midsummer
of 1917 the price Of cotton has ranged
from 3S to 44 cents pound, and that
the market in Turkey (the third best
customer of the Lancashire industry
was closed, and slso that there wao an
embargo on certain neutral countries
that have formerly taken large guam
titles of British goods: the spinning
mills have paid good dividends, some Of
the profits being as high as As per cent
per annum. Indeed, it is estimated by
leading authorities in the Lancashire
trade that never before in the history
of tho industry have the spinners made
more money. And yet the industry is
under government supervision, and on
account of the shortage in ocean ton
mage it has been found necessary to
adopt drastic measures to regulate the
output Of the mills. The Cotton Con-
troll Board has just announced that, be-
ginning June 10, no spindles or looms
shall be run without license from the
board, and that in mills spinning Amer
lean and other like growths there will
be a reduction of so per cent of the to-
tai spindle week of ffty-fve and one
half hours. Just what effect this will
have upon the consumption Of Ameri
can cotton is unccrtain-little, it is to
be hoped. for there had already been a
sharp cut from 54,645 bales in October
last to 1900 a week after February l..
Multiplying Spindles
In the F ar East
The European War has given Japan
an excellent opportunity to increase
her cotton trade in the Orient, and this
she has done to the extent of practi-
cally dominating the cotton goods mar
ket in this part of the world. We may
get some idea of the expansion Of the
industry by stressing that the num-
Der of spindles increased from 1857 900
in 1915 to 3,1S2,000 in 1917, or nearly
20 per cent in two years, and that in
1916 the value of cotton goods in
creased 40 per cent as compared with
the previous year. But, on account of
the scarcity of ocean tonnage and the
difficulties connected with the ocean
transportation of cotton, the leading
spinning companies of Japan last fall
entered into an agreement to curtai!
their operations by 10 per cent the
first six months of 1918. It is said
that this action was not due to fall
ing off of profits, for these had been
abnormally large, but rather to the
shortage Of raw cotton, and the appre-
hension that shipments from India anG
the United States might not be rapid
enough to keep the mills supplied.
But the prosperity of the cotton in
dustry is not confined to any particu-
lar country. 1t extends to all coun-
tries where cotton is either produced
or manufactured. And yet the war has
SO greatly disturbed normal conditions
OF trade and made transportation-
where it was available-so hazardous
and expensive that, notwithstanding
this prosperity, we find nearly all Of
| the largest cotton manufacturing coun
tries have been compelled to curtai
their operations.
New-York tribune., 1918-06-02
World Conflict
Revolutionized Markets

The average consumption of cotton
in the United States before the war
was about. 5,592,ooo bales. and the
average the first two years of the war
6,371 ,OOO-an increase of $4,000 bales,
or ID per cent. The cotton mill in
dustry was making fine progress be-
fore 1914; we were supplying the needs
OF our rapidly growing population, and
we had sizable trade with foreign
countries. But the war has given a
tremendous impetus to the industry,
and we are now supplying cotton goods
to countries whose markets were for
merly monopolized by Germany and
other countries. To what extent We
have invaded these markets is illus
trated by the increase in value of this
trade, which was S53,744000 in 1928,
compared with $136,299, ,842 in 1851,
an increase in value of $82,556,000, or
nearly 154 per cent. In addition to
this, ever since we entered the war in
April, 1917, the government has placed
enormous orders with the mills, and it
is safe to say that fully 80 per cent
of the spindles are now employed in
this work, and will be employed on it
for many months. A further illustra-
tion of the growth Of this industry is
the increase in the number of spindles
operated, the average number prior to
the war being 31,049,0O0, compared
with an average of 33.342,000 since the
beginning Of the war-an increase of
1928, 900, or IA per cent.
We do not know to what extent the
cotton mills of other countries have
prospered, but information reaches US
from time to time showing that they
are in highly prosperous condition,
and this is particularly true of the
New-York tribune., 1918-06-02

human electromotive coin cell, the
value OF gold can be destroyed by it's
TOO great abundance and its too great
ease of obtainment. History is almost
uncanny in showing how visions of
s'perabundance, as seen or painted by
owners and miners. have been doomed
TO lsappointment, and how. consider
ing time and averages, nature has de-
manded full toll in labor for her gold.