Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
H.. Robert Aniory.

Years position in its relation to the
manufacture and distribution OF cot
ton goods in this country and the
possibilities ~ 1928 ii is necessary 10
look back. as we'll as around and
ahead The armiSticc OF November
u, 1918. stopped the war machine in
run career. The stop was so abrupt
ihat tho machine stalled and II was
some months before the motor could
b" started again and it's force di-
r"cicG towards rcplcnishing the
raNaEcs ~ war. once started. how
ever. fovcrish activity developed.
Ordinary business sense. atrophicd
and doform'd by the madness OF the
war price ftN!ue. cost plus contracts
aud all their attendant evils. was
i"rGottcn. Manufacturer. johhcr ana
retailer had only one thought-that
of ullinc the vast tiers OF shelves
which they reasoned must have been
cnlpticd by tho five years cataclysm.
Not Enough Money to rny Debts.
they forgot, however, that not only
had tho shelves been ompticd. but
pockethooks were in reality nearly
empty through the depreciation OF
the currencics OF the world and tho
practical abandonment of the gold
standard. Prices increased in every
direction. Paper profits were pyra-
niidcd untl in the spring of 1920
some people found out that there
was not enough money To llquidate
outstanding debts, and a reaction
started. Cotton in the raw was SELL
ing al ~ IA cents: thirty-c!ght and
cnc-half ncf sixiy-rpur-SIXty 5.35
Nard print cloths had reached &c
cents. hiSh marks for both since the
War Between the states. The down
ward movement. once started. eS-
Ia.
m"nt, and in twelve Inonths-that is.
bE tho spring of I92l-Spot cotton
MAS selling n around II B.; cents
afterwards going to ~. ana print
cloths a; 6l-S cents
business Wen Caught Mapping.
Vow, 10 the careful students Of
economies who ar" for the large
iFt Withdrawn from the turmoil OF
active business and SO can NOR. c,s
lily maintain an objective viewpoiut
ms violent action and reaction was
entirely normal. such movements
nave followed every disturbance OF
world magnitude. But the ordinary
nSlneSS man caught and spent tho
latter part Of 1920 trying to save
what he could from the wreck
Nineteen hundred and twcnty-onc
was year of hoping aEains; hope. of
tn" wish for good business being
enough n. after period of backing and
ming in the summer tho cotton mar
k'' suddenly spurtod from u cents
IN AuSust--a rise from II cents I'm
Lpn"-to II Is cents by the end OF
september only to sag slowly To 10
cents by the end Of tho year priu,
cloths had followed the cotton mar.
"tt up I" ol-i cents per yard In the
't'r-futilc attempt to get rcpl,r.
mont values.
II should be noted here tina, this
sFArt was unwar!auted. for IL had no
E'a- place IN III. general ecouo,ufr
iieu@ i vas caused by The FAC.
iaf~ although the 1872 cotton c-on
Tas small. the soysrument -s,i,n.,s
af September was 50 low as - .caro
'''F noGy. and there vas 4 rush 10
IH~ NcEs1bs7 estimate ANA the
anal crop figures proven tho Sep
,"'r5sr estimate too low and tic
s.'-eti'H "as !e-t'Aed. cotton slip.
F.TS ~ae. 70 price Justified by The
crop a"d the general situation.
improvement In Ia:..
20 Industry entered !.2s IN . li,,le
Nst,f' tratnr ~ mind than IN l.2-
h@ worst had probably n.ro,ro5
A- the spark of hope Aln,!l.d by IN.
al. SUMMER and early fan spur, had
''' bee" entirely. cNtjuEuishcG by the
f''"- !"'"'" FcH'isnn.
was Sr:1er'Hly conceded that
cotton and wages We're too hirh
Goods wcr" not moving ana until
,oSts We're reduced the ever clusly.
f'piac"m"ut price was beyond cv.a
shooting distance. Wages had been
I'""''d once, IN January. 1927. They
We're sun doubt. Tho prc-war Drur.
cotton and its manufactures y.rn
- 'rih. more than 80 per cen,
above tho prc-war basis al
St'ad.!y working lower. !, nu,nne-
al New England manufacturers On,
MdE'S ana immediately the OPERATORS.
S'.nr" This WAS February u.s.
I"" questions wcr" Involved In
.N.s '.'!"o-ho hours aud wages. The
Stniaiv"s OF tn" strikers pro-
,'S''a ihat the attempt 10 extend IN.
X,HIS "' work from foriy-cisht 10
"l'N-'""r ~ those states vh.r. i,
N"S h"' forbidden hy statute Mass
|,huseits being tho only jndustri,l
'"'" :" have PASSED such lcsisla
.ou' was r"aot'"Ea!y measure ana
mus ~. brought out
f"'r' az textile strike.
was 70 DO expected that rb
nc would ariv" the cotton marie,
rs Il matter OF 'ac,, !t moved
up from that time. with nc
i'ecsSioHs du, 90 adjust
14H'.E4tN OF inc technical t,.,..t..