Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-10-18
The Cotton Situation.

The present wrotched weather and the
low price Of cotton has cast deep gloom
over our city anu its trade, causing q gen
eral dulInesS and inactivity in commercial
circles Many OF our best informed and
experienced citizens had antici pated slight
checz-perhaps slight falling off in price,
but the recent heavy and continued decline
in cotton is as unexpected as 1t IS most
clearly without just cause Ga sound reason.
We expected slight temporary decline
when the glowing accounts of the crop
prospects, which were so lnduStriOusiy Cir
culated here in August, reached Liverpool
and Manchester We were well convinced
at that time that our planting friends were
ver-estimatlng the prodnct Of the crop,
and giving too much prominence to the,
at best, fair prospects which the month Of
August seemed to indicate. These &C
counts, highly colored as they were, have
| been very greatly exaggerated IN the IN
! terest Of 8piuners and spectators, and,
combined with other causes, have produced
such decline in prices as to leave the
price to-day unremunGEatlye to the plan
ter.
Indeed, We do not believe that, under
,c >resent system, the ruling rates of cot
ton to-day are sufficient to pay the cost OF
yIoduction. Tie expense i'll the way OF
taxes, freigIts, commissions, insurance,
storage, &c, viii amount to at least IA OIL
Is cents per pound. This taken from m. the
present price, say II cents for middllng,
) would leave but u or - cents per pound
: In gold this would be but about the old
price before tho Wur-SaY To cents pei
Mound. The present crop has been raised
1T a rate Of expense much higher than any
: ever heretofore made, truthfully remark
the Augusta Chronicle. Provisions have
l been from 60 to 100 per cent. higher thai
7 formerly Large sums have been eXpend
2 ed for Guanos and other fertilizers, while
the cost Of labor has been very great
amounting in some Instances, to one haI
Z the crop. Ten cents i'll gold will not more
3 than pay the cost of production, unless
: very large crop is realized. We have ceas
: ed to hope for even moderately tar crop
e The continued rains of August and Septeul
S her have caused the late fruit to shed, ant
: thousands of acres have been destroyed b.
rust, bol-worm,- rot, and the caterpillar
+ We doubt very seriously whether the Gro
l. will be much larger, If any, than that q
e 1896 In fact, SO great mas been the dc
Q ctruction of cotton from different cause
e during the last two weeks, that we do nc
n believe the crop will be as large as tha
g of last year The weather during the pas
o week has been very unfaYorable to cotton
II picking, while the continued rams an
IS general dampness will materially 1njure III
IS staple All accounts from this sectlon
r, Alabama. and indeed all over the State, al
Is not only unfavorable, but actually ilsa
re trous to the cotton prospects. Where it
n possible, we believe it TO the interest OF IL
n planter to hold his cotton. If he sells no
Of be b cannot get theactual cost of production
y while it is almost certain that when u
le great cotton ports are reliably informed
to 70 the present and prospective: condition !
ID the cotton crop, the price will assured
to advance. Montgomery (Aia.) ha"' Oc'
y ber 9Th.