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A TRUE VALVATION OF COTTON
The folio .vim; is an extract from a
letter sent out by 8. H. P. Pell & Co.,
cotton Dien of New York:
It Is a condition and not a theory
that confronts us In the cotton trade.
Cotton conum nearer being a medium
of exchange between countries than
any other commodity. In time of peace
or war; in time of panic or pros pel It)
the value of cotton is known and un
derstood In every Country where
clothes are worn, and statements that
its price should follow the price of
other commodities or the market ten
dencies of Htocks or bonds are incor
rect, it fs one of Hu* prime neces
tiaries of life, and a drop Id the prices
of all other commodities however nec
tssary leaves more money In the pock
f-in of consumers and then-fore pro
duces among the poor a greater ability
to buy cotton Clothing,
Moreover, the price of cotton Is not
regulated mly by the demand within
the United Stales. Tho market is the
world, and world conditions demand
always more cotton. Thi? demand Is
i-n steady In its growth end bo persist
tent and eager under all circumstances
largely because the price of raw cot-]
t .n may rlyo without raising the prlco
?f coiton 'abrlis in anything approach
ing the same proportion.
The only competitors Cotton lias are
V/ooIi Silk, flax, Hemp and Jute, and
one of these would supplant it were
cotton double Its prescht price, it
is essentially the Clothing material
of the |K)or. but were present prices
doubled in value for th" raw material,
the change In prlco of the finished gar
ment would hardly be appreciable.
A cotton dress weighs about two
pounds, and a cotton shirt less than j
one half a pound; to add five cents
; i r pound to tho price or a cotton crop
would add ton cents to the price of
' OCh dress and two end Oliehalf cents
to the price of each shirt; but it would
and two hundred million dollars to!
the wealth of this country because or
the enhanced value of our exports.
It should not b<- forgotten that in I
cotton we are a producing rather than ?
a consuming country. Last year we
produced r,:t per cent of the world's
cotton crop and consumed only 2C per
Cotton constitutes more than half of
our entire exports, and the era of
high prices which have obtained dur
ing the past two years has compelled
Burope to send uk more than one bil
lion dollars in gold or its equivalent
in that short period of time. (Had the1
seven to eight cent prices of seven
years ago been current during thej
past two years, European remittances j
would have been four hundred and!
fifty million dollars less.)
There Is no mystery a? to the triie|
reason for the present prices of rot-!
ton. It is that consumption is pro
gressing more rapidly than produc
tion, and neither the present price of!
cotton, nor in fact any price under
thirty ( f iits per pound will in any way
affect the consumption by the ultimate j
consumer, who. even at such a price.!
could not find a satisfactory substitute
The narrow horizon of Worth street
conditions Is a poor viewpoint of the
world's needs of cloth made of cotton.
The quantity of cotton which mills,
"take." or the quantity which they spin
Into cloth Is not consumption. Wheth
er a mill ran make a profit, by selling!
goods predicated upon market views'
and afterwards buying the raw ma
terial is of not nearly so vital Import
ance as many seem to think.
It Is unfair to attribute the present
range of values to speculation or
manipulation, since present contract
prices are very much cheaper than thej
spot article and if such accusations
had any foundation whatever it would
be that prices were manipulated down- i
ward and not upward.
The reason cotton Is now .so cheap
ins in reality it is*, is that a number
Of people who know but little and care
less about actual conditions have been j
willing to contract for the delivery of!
an article they do not possess and can
not obtain, and because intermediaries,
wholesale and retail, have ignored
from month to month, and year to
year, the ' on staut shrinkage of the
stocks of manufactured goods in the
broad markets of the world. and
watched t'.io narrow horizon of the
consumption of our own country. How
ever, even in this country, the specu
lator and the spinner are both today
in serious need of cotton to fill their
commitments and the wholesale and
retail merchants have listened so long
to tie promise that a new crop pros
pect would fill their shelves with chpap
goods that the first period of uncer
tainty In regard to the new crop will
leave them in a serious situation.
Flftj Years of Achlei < incut.
Fifty years ago this week the south
was on the eve of a great war. Wrought
Up to a state of tension by the pros
poet of a conflict with the North,
which however It ended, it was rec
ognized, would involve the expendi
ture of millions of treasure and the
sacrifice of thousands of lives, busi
ness was at a standstill. The pall of
Commercial stagnation bad spread its
panopy over both sides of the Poto
mac and men without employment
roamed the streets, hungry and anx
ious. For four year; the hands on
the clock of industry stopped moving.
When they resumed, half a million
brave fellows bad been laid away be
neath the sod and ten billion dollar.,
had been consumed in powder and
No fifty years in the world s history
have seen greater changes anywhere
than have been wrought since then in
the south, which rising from the
smouldering embers of industrial pros
tration has taken her place among the
most progressive, and most enterpris
ing sections of the uutlon. Unaided
by the rest of the country it has solv
ed the tremendous problems thrust
up it at the close of the war with an
intelligence, initiative and courage
in keeping with its best traditions.
Beset with discouragements on every
side, hadlcapped by lack of capital,
and en-compassed by difficulties that
called for the execlse of extrordlnary
firmness, tact, industry and judgment,
it has optomlstlcally kept Its face to
the rising sun and succeeded where
pessimism suggested failure. It has
stimulated agriculture and Riven a
new impetus to manufacture, it has
enc iraged the extension of the rail
roads through undeveloped communi
ties, promoted irrigation for the arid
wastes und fostered drainage for the
lowlands. It has infused new life. In
to the cotton industry. now worth
$800.000,000 a year to it and vies with
the West in its nmbitlon to wrest from
England, through the help of the Ox
'onl processes, which do here in two
days which requires thirty weeks to
accomplish abroad, that country's cen
turies old control of the world's linen
Comparatively a new coiner in the
! textile field, its mills already challenge
those of New England and 8.000,000 of:
j the 24,000.000 spindles in the United ]
j States hum their song of industry j
within its horder?. Its factories boast
I of 838,717 horse power, employ a cap-;
' itnl of $1.287, 921, 081 and annually!
'produce goods of a value of $1.500,-]
J 000,000. Barely explored yet, with
! only their surface deposits touched. Its
coal mines, richer and more extended
than those of Pennsylvania, yield 83,
?VJ6.302 tonB u year and apace with its
development In other directions its
railroads provide transportation over:
?'.0.::87.860 miles *f Its territory, with j
-n aggregate wealth of $7.331.1*29.808 j
and yearly accretions of many mil-1
lions. It Is stronger and commerc ially I
mure formidable than at any tint ! in
whole history. Looking back
through the half century of Its un
ceasing constructive effort, the South 1
pausing to review its accomplishments
in the various Heids of human servlc ?
to which it has applied its energies,
can feel proud of its superb record.
For in the fifty years that have toiled
by have been year.s of distinguished
achievement ami steady progression,
they have been years worth the while.
GLORIOUS IIA IK.
Vny Woman (an Have it in a Ver\
.Many thousands of women, refined
nd educated, have learned that It Is
not bard to have, and to keep an
abundance of lustrous hair, if Parisian
Sage the hair grower is \tsed daily.
Since its Intioduction into \morlca.
Parisian Sage has become a prime fa
vorlte with women who desire luxu
riant and radiant hair that will not
fail out or turn gray. I'sed daily as
a dressing it will keep the scalp im
maculately clean: will stop Itching
and falling bab and remove every
particle of dandruff. Laurens Drug
Co. think so much of Parisian Sage
that they guarantee it to do as adver
tised. Large bottle 50 ceuts.
Hooks of Subscription.
State of South Carolina.
County of Laurons
Pursuant to a Commission issued
to the undersigned by It. M. McCown.
Secretary of State on the 5th day of
Notice Is hereby given that books
of subscription to the capital stock
of "Kay s'" of Lauren.-,. S. (". in Hie of
t ' pf Enterprise Hank, at Laurens.
S. C. on Thursday, the nth dav of
April at 10 o'clock \. M.
The said proposed "Ray's" a cor
poration will nave a capital s-tock of
Fifteen Hundred Dollars, divided into
i fifteen shares of the par value ol On.
Hundred Dollars "ach.
K. Brooks Children .
C K. Ray.
Oe 'Cruz Vine
(from painting by H. >lclv.llo
lm>. hub mmm
tun l itk!
N %> ni/ tip
Easter Sunday, April 16th
SCHLOSS BROS. & CO.
Fine Clothe* Maker*' \
Baltimore and New York,
Dress up more for Spring than any other time.
Are You an Exception?
You will not remain so for long if you see the handsome new
1911 Spring Models of
SCHLOSS BALTIMORE CLOTHES
The latest weaves, the newest coloring, the most fashionable models, so
richly blended and so handsomely tailored that they are truly classed as
of the Clothes World. Models for every form and figure, so moderately
priced that they are within reach of every one that wants to be dressed
as a gentleman should be dressed.
ON SALB AT
Lau re ns9 S. C.