In 1898-99 cotton was selling at and around 4¾ cents in New Orleans, and at still lower figures at interior points—a price showing on its face the staple was selling below the cost of production. The condition was abnormal. Mr. Brown saw it, and realized it could not long endure. Looking backward, he had the wisdom to perceive that for several years preceding the production of cotton had not kept pace with the consumption; that consumption was limited, not by the acreage, which, under favorable circumstances, could be planted, but by the labor that could be commanded to till the fields and gather the crop. He saw that the prosperity of the country, the world over, was drawing laborers from the cotton fields to furnish them more remunerative employment in industrial pursuits and enterprises, where the profits on manufactured products, and in their transportation and distribution, enabled capital to pay bigger wages than could be earned on the farm. As “the stars in their courses fought against Sisera” of old, so the sun and the seasons, and the prosperity of the country, producing a scarcity of labor for farm work, fought the bears, causing cotton production to lag while speeding its consumption. The inevitable followed. The demand exceeded the supply, and the natural tendency of prices was upward. Seeing the unusually strong statistical position of cotton, and anticipating the inescapable results that would follow such conditions, if the markets were intelligently watched and artful manipulation to lower prices prevented, Mr. Brown set himself to work legitimately to aid the staple to “corner itself.” The management of the campaign for months was all that could have been expected. The plan was happily conceived, and executed with great courage and skill. Prices advanced until, in January, 1904, it looked as though they would soar to the skies. The effort to punish the Southern operators leading the fight—the men who were reared on cotton plantations and sympathized with the producers, because brought up among them, and who also knew the long suffering entailed by low prices—proved unavailing, until Sully went by the board. The combinations of Wall Street and wealthy Wall Street bears to lower prices and break down the bull leaders so far succeeded, that, about February 1, 1904, Sully was driven to the wall and prices sank so rapidly that plethoric purses in a few seconds were reduced to aching voids. Excitement on the Cotton Exchanges of New York and New Orleans ran to tidal wave proportions. Seeing their fortunes melt like mist before the morning’s sun, men lost their heads and the panic became appalling. It was like Bedlam broken loose. Pandemonium reigned, and there is no telling where the decline would have stopped had it not been for the iron nerve and reckless indifference to the assaults of the enemy on the part of the Napoleonic bull leader. It was seemingly a Waterloo, there is no doubt about that. But the daring and intrepid leader rallied enough of the Old Guard to escape Helena. By many, it was thought, and apparently with reason, the day of his destiny was over with Captain Brown, but it proved not so. He has gone right along bulling the market off and on from that day to this, as though the dire day on which Sully’s sun went down was a mere incident in his career.
The old-time speculators, as well as spinners, have been made since then unwillingly to pay something like the prices which trade conditions undisturbed justified. No trick or scheme or effort known to the smooth manipulators to bring about the downfall of Brown, by a decline in cotton, have been spared. So far, he has weathered every storm and bids fair to continue to ride the gale.
Mr. Winston claims, with Patrick Henry, descent from the old Quaker family of Winston, among the earliest settlers of Virginia. His grandfather, Pleasant Winston, having married a Miss Clark, of Lynchburg, and thus coming into possession of a number of slaves which his religion forbade him to hold and the laws of his state forbade him to free, sent them to Liberia to join the new colony founded there. His oldest son, Bowling Henry Winston, on his graduation from the University of Virginia, removed to Indiana and married there, becoming a farmer. John Clark Winston was born here in 1856. He was educated in Virginia and at Haverford College in Pennsylvania, graduating in 1881. It was his intention to study law, but he accepted a tempting offer to take charge of the Western branch of a Philadelphia publishing house, and the fascination of this business so grew upon him that in 1884 he entered it on his own account. His first venture was made in a small building in Philadelphia, just opposite the imposing structure which now bears his name. While devoting himself to business Mr. Winston has always maintained an interest in religious, educational and civic affairs.
JOHN CLARK WINSTON
As chairman of the Committee of Seventy, he has taken a prominent part in the reform movement in Philadelphia which resulted in the overthrow of the corrupt Republican organization. Although a Republican in National affairs, he has steadily fought for non-partisanship in municipal matters. The City Party was organized by the Committee of Seventy on the platform that city officers should be chosen without regard to political party, and solely in the interest of honesty and efficiency.
Mr. Winston was made Chairman of the Committee of Seventy at the very beginning of the reform movement, and may be regarded as one of the originators of the movement. His name was prominently mentioned in connection with the nomination for governor, and again for that of mayor, but he has steadily avowed his disinclination for holding office.
Mr. Winston was president of the Haverford Alumni Association for two years and has also taken an active interest in the work of the Historical Association and in several athletic clubs.