Evening star., 1923-05-25
EXPERT ON COTTON
!. SEES HIGH PRICES
(. S. Butler Says Planters
Will Get Big ReturnS-0ther
Business News.
BY j. c. ROYLE.
Special Dispatch to The Star.


NEW YORK. May 25.-"There is no
cause for the government or any one
else to adopt r policy OF defiation,"
Edward s. Butler. president of the
cotton firm of Weatherford Crump &
Co. and OF the New Orleans Cotton
Exchange, said today. Business Is in
u healthy condition all over the coun-
try, and the present slowing down of
wholesale and retail trade, reported in
some scattered sections, is but tempo
rary.
Arrangements have been made al
ready to finance this years crop move
ment, banks everywhere are full of
money, there is no sign OF overexpan-
sion anywhere and labor is fully en-
ployed'
Mr.. Butler attributed the curtaiI-
nent OF the production at some of the
New England textile mills to lack of
supplies of raw cotton rather than to
railing off in business.
Sees High Cotton Prices.
This outlook for the cotton crop.
however, is very dubious owing TO un-
favorable weather conditions" he
continued, but there is every indica-
ton that the southern planters will
receive high prices for their crops"
Just what southern planters con-
slider fair price for their cotton is
causing considerable speculation to-
day among textile manufacturers in
other sections of the country, who are
discussing the proposed plan of ]. s.
"annamaker, president of the Ameri-
can Cotton Association to induce in
dividuals. firms and corporations to
buy a bale of cotton each This cot
ton, according TO the plan which
Wannamaker says will be pushed by
1ne association, Will be stored in
warehouses and the certificates de-
posted in banks under receipts pro-
vldirg the cotton was not to be sold
Tor one, two or three years unless
cotton advanced to so cents a pound
eeIore the expiration of the period
named. This, Wannamaker said, would
assure a fair price TO the farmer fo,,
his cotton.
Cotton Famine Predicted
The world is facing an acute cot
ION lamine. Wahnamaker added. 1T
Is conceded American mills will have
20 go on short time because of this
foreign mills by October /. II the laws of
supply and demadd had been permitted
20 function. rliddling cotton would
oe selling at so cents today" He as
ser,ed tnat cotton was being raised
Under higher wages than ever before
ana that the 50-cent level was neces-
Sary TO hold negro labor In the fields
ThE cotton farmers of the south
west have learned their lesson" John
i. OrT. president of the Texas farm
bTeau. declared today. They are
@eginntng to save. Orderly market
ing Is making them prosperous"
Fear Effect ON Labor Costs.
southern textile interests exhibited
little enthusiasm today over reports.
apparently we'll authenticated, that
~ tV@NA Il
FACTORY In the southeast which will
supply all requirements for his auto
mobile factories. Textile engineers
pointed out that as Ford uses more
than half the cotton drill manufac-
tured in America such "a plant would
cost $25, ,000. 600, and require installa-
tion Of about 100000 spindles The
south is actively seeking to attract
new cotton manufacturing plants, and
oner1ng unusual inducements in the
way OF power rates and tax eXemp-
tons. but business men there fear
Ford's minimum wage policy would
demoralize labor situation now
well stabilized. Textile experts say
II The scale of wages paid by the
Detroit manufa cturer were adopted
IN his proposed textile plant costs
would far exceed what he now pays
for fabric used in tops and cushion
manufacture drills would have to be
allied and adapted to other purposes 8
ifFord ceased buying from southern
mills.
Hotels Prepare for Big Season.
Summer resort hotels are in a fer
ment OF activity and are preparing for
A tremendous season in spite of the cold
weather which has kept vacationers in
the cities and close to steam radiators
50 far Advance bookings in the sea-
shore and mountain resorts have been
very heavy. Proprietors declared today
that the labor problem was becoming
acute and that they expected to call on
school teachers and college men and
women to a greater extent than ever
before to I'LL their staffs of employees.
30 Closed Banks Absorbed.
JEFFERSON CITY, Mo-. May 25-
State officials today declared that 1,49S
state banks and trust companies now
have combined resources of more than
a billion dollars. Fifty-one banks in
Missouri have failed in the last two
years. but thirty We're reopened or alb
sorbed by other banks, so that de-
positors were protected.
Garage Shortage Acute.
y ST PAUL. May 25.-There is today
and acute shortage of garages in this
city and permits for the erection of 725
buildings for garage purposes have been
issued IN the last four months The
buildings range in value usually from
5000, 70 $1,000.
- Copyright, 1921