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 from 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) 
