Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1919-01-31
TANNER ON COTTON.

MT. y. q. 1auueT, pTeSl0cul VI lhC
cotton mills at Caroleen and Henrietta,
N. c., has given. out the following
worth while interview on the cotton
market situation:
I'm reference to the great depression
In business, especially in cotton and
cotton manufacturing In the south and
New England, I would say that 1t
participated by the spectators on the
cotton exchanges, who took advantage
Of the fact that embargoes were In ef-
feet, which prevented the shipping of
cotton and cotton goods from this
country, which were expected to open
up by January 1, at which time the
trade of the country was paying, and
no doubt expected to continue paying,
a fair price, based on 30-cent cotton,
at least, until another large crop could
be assured either this year or later, as
it has been evident since the close of
the war that all Of this crop would be
needed, and all Of the goods we could
make, If they could be placed on the
markets Of the world before another
crop could be made.
"The SPECTATORS were able to de-
press the price easily on account of
this disappointment to the trade, as
the laws permit them to tender infe-
rior grades Of cotton entirely at the
sellers option, which the mills cannot
use. and of which, there is now an
oversupply. Instead Of being required
to deliver specific grades or even
grades without giving the buyer any
option whatever, but requiring him to
take the lowest grade entirely, II to the
interest of the seller
1.-THE speculator can force quota
tions down to ridiculous prices, which
do not represent the price Of actual
cotton that can be used by the mills
generally, and in this way few thou
sand bales Of undesirable cotton de-
moralized the price Of millions of bales
of good cotton in the hands Of planters
and manufacturers. Besides holding up
the cotton manufacturing business
throughout the entire country, and
thereby throwing thousands of people
out Of employment.
For example, the farmer would
parity with low grades, as he claims
the present prices are below the cost
of production, but holds 1t for 80 cents,
while the price for contracts in New
York was quoted at % 1-2 cents for
delivery in January or February. But
IL you ask them for delivery Of cotton
which the mills can use you are in
formed that this grade will cost $50
points or six and one-half cents a
pound more.
1.-THE buyer Of goods, seeing the New
York quotation of 23 1-2 cents and not
knowing the real situation, refuses to
buy goods in the face Of such a dras-
tic decline in cotton, when In reality
the mill still pays 80 cents for cotton
and would Lose considerably on goods
based on the New York quotation of
23 IL cents.
England, Japan and other manu-
featuring countries pay considerably
more than 80 cents for cotton, and as
they have large merchant marines,
they are enabled, we are told, to ex-
port all Of their output profitably,
while this country Is curtailing pro-
duction, reducing wages, and even
shutting down in order to avoid heavy
losses.
"I. think The members of the house
and senate acted wisely In cabling the
president to life embargoes and to
furnish ships for all available points for
shipping cotton and cotton goods at
once, and to other points as soon as
possible in order to give an outlet at
once ana dNOlu
1T seems that America is expected
by foreign countries to continue to be
magnanimous and humane, even after
the war has ended and to use all Of its
shipping for carrying food to Allies
and former enemies. while other coun-
tries use their shipping facilities for
furnishing them clothing and manu-
factured goods, while they seem to OBJ
ject to our doing this, and our indus
tries and laborers are suffering from
stagnation and losses both in opera
tion and reduction in wages, and the
bear spectators take advantage of
this, as they have always been given
credit for thriving upon the adversi-
ties and distress Of the country, which
they strive to promote.
Another object in forcing lower
quotations is to induce the banks to
call for more security on cotton and
forcing sales for this purpose, and
thereby causing still lower prices, to
the further detriment Of the prosper
ity of the. country. However, the
planters claim that they have borrow
ed very little on their cotton this sea-
son and the speculator may finally lose
on this point"