The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-05-17
CONE OF THE BEST FARMERS

The Holt organ says THE PROGRESS
sIvE FARMER lis trying to defeat the
nomination Of one of the best farmers
in the State"
OF course Governor Holt farms the
farmers" He couldn't farm then fast
enough in the good old way SO he
Joined the plaid trust. If the ChrOn-
icle will show that Governor Holt has
plowed a day in ten years we will give
the editor a fat 'possum and a bushel
of elegant yams next fall. Here is the
Chronicles editorial about cotton:
AS usual our contemporary is out Of
the way, and the implication in the
above is in full keeping with it's effort
to defeat the nomination of n OF the
best farmers in the State. Any cotton
buyer in this city could have informed
THE PROGRESSIVE FARMER hat cotton
was selling at Z ard y cents, not at 5
and 6 cents. and that were it not for
the North Carolina cotton mills cotton
would not sell here for more than 81
and IS. AS to the price of yarns u
contemporary is again in error. The
highest price of yarn is 134 net at
thirty days time, and not 168 as stated
by The PROGRESSIVE FARMER We give
our contemporary another point IN this
subject: In the manufacture OF raw
cotton it is estimated that the 1CGSte IS
about Is per cent. and the 1Cdge8 paid
laborers about Is per cent. This leaves
only 10 per cent. profit, after the raw
cotton has passed through the muls
and comes out cloth. From this 10 per
cent. should be deducted interest on
investment, taxes, insurance, and wear
and tear of machinery. So, from any
standpoint, the per cent. of profit In
the manufacturing business is not as
represented by the third party organ"
So far as we are concerned there is
but one side to the cotton question.
We said it was bringing 5 and 6 cents.
We knew what we were talking about.
Nine-tenths of the cotton that has
been sold in the South during the past
eight months has only brought from 5
to 6 cents, as every farmer will testify.
We don't care anything about what
the buyers tell. Futures" for July
delivery are bringing 7 cents, so we
hear. The buyers may tell that fair
middling, fancy middling, "stylish,"
dandy" and other brands" of cot
ton are worth Z cents. But lone of
that kind ever gets on the market.
When the farmer sells it brings from
1 to 6 cents. Perhaps a few bales, at
intervals have brought 81 to 7 cents,
but the bulk of the crop of 1891 has
sold for less than 81 cents.
The Chronicle says that the highest
price for yarn is 134 per pound. That
may be so in some cases, but the bulk
of it is sold at more than that. But
even at that the mill gets twice as
much for spinning as the farmer gets
for raising. The Chronicle says we
must take off Is per cent. for waste,
rs per cent, for labor, leaving only 10
per cent. profit; from that interest on
investment, taxes, insurance, wear and
tear of machinery must be deducted.
According to that every cotton mill is
running at a loss of 10 or Is per cent.
If that be so, why are go many build
ing? Why is the stock in mills so
eagerly sought by capitalists Why
is it that mill owners IT getting very
rich? The mills are declaring from 8
to - per cent. dividends. We have
heard that some mills are paying from
20 to 80 per cent. So there is no need
of the Chronicle throwing any such
arguments in the faces of people who
know better.