CHAPTER XXVII. 



THE UNCEASING CONTEST BETWEEN BULLS AND 



BEARS 



Long years ago, before the coming of the tele- 

 graph and the cable, and when the greater part of 

 the cotton crop was produced in America and sold 

 abroad, it was the custom of European spin- 

 ners, either to send their agents to this country, or 

 to depend upon those already here, to buy and ship 

 cotton for their use. As trade increased in volume, 

 and competition increased in intensity, however, 

 better methods were required methods that 

 should be more certain and more constant in their 

 results. Hence, these old ways of doing this were 

 not in keeping with the progress and advancement 

 of other lines of industry. The old methods no 

 longer worked with satisfaction, and so gradually 

 became obsolete in practice. 



With the increase in the business of selling and 

 exporting cotton by reason of the large proportions 

 which the foreign trade attained, a class of wealthy 

 merchants entered the field and began purchasing 

 cotton whenever they thought prices safe, contin- 

 uing their operations n f rom the beginning of the 

 picking season until after its close. This purchased 

 cotton they held with the expectation of consider- 

 able reward for their labors and for the necessary 

 risks incidental to the transaction. 



(234) 



