The Forrest City times., 1892-12-02
NUMBER 8.


FutdTe DediinG IN SOttOn.
8. W. Hampton, of Hampton. Read
& Co. cotton factors of Memphis. has
written the following letter TO Con-
gressman b. A. Enloc, Of Tennessee:
DEAR SIg--In connection with the
Hatch anti-option bill. now pending in
the house of representatives, / beg
your attention to the following facts:
Prices on actual cotton, in actual
sales in Memphis. the largest interior
cotton market in the world declined
between October l. 1891. and April /,
1892. from % cents to 81 cents per
pound.
think no well-informed cotton fac
tor here believes that over one-third of
this decline. if so much. was due to the
laws of supply and demand.
Fully two-thirds, or two cents per
pound, OF this decline. Is considered
forced depression, resulting from ''fu-
ture gambling" M
The total cotton crop which has come
into sight this season up to this time, is
only five per cent greater than last wear.
The decline in price is over thirty per
cent.
According to the New York Finan-
cial Chronicle Of last week. cotton print
cloths are now selling at l 16 cents,
against 8 cents one year ago. and the
stocks on hand have been reduced to
one-seventeenth (from $50 900 to "a 900
packages,) AS compared with one year
ago.
Ellison & Co., the highest English
authority, and always conservative, say
the world will consume S.665, 900 bales
OF American cotton this year, which,
from present indications. is very near
the full extent of this years American
crop.
Hubbard, Price & Co., a leading fu.
ture dealing finn Of New York, have
just estimated that our next cotton
crop will not exceed 6.750 900 bales
nearly 1000, 900 bales less than the cur
rent rate of consumption.
With this slight increase in the cur
rent rate of production. this heavy and
regular increase In the rate of consump-
tion, and the steady maintenance Of
prices of cotton goods, why has cotton
suffered such an enormous decline Of
over thirty per cent in six months2
In option dealing aud future gam
| ling" alone can be found Il cause sum-
cient to work such Wide aud violent
changes in values of the great staple of
the South under such circumstances.
The great West suffers from the same
cause in her grain and meat products.
Some of the results are:
1. Loss to the South of not less than
$50 ,000. 900 on future contracts.
2. Loss to the South of not less than
S5 per bale, average-by enforced de-
cline in price of actual cotton crop, say
8. SOC, 900 bales--making $43 900 900. 1t
is really more, but these figures are
purposely made conservative.
3. A bale OF middling cotton, which
for many years has been taken as gilt
edged collateral in any bank for $50, is
now regarded with suspicion AS collate-
raj for even $25.
4. Reduction in rental value Of cot
ton lands of So and % per acre.
5. Reduction in selling value Of cot
ton lands 80 and so per cent.
8. Destruction OF commercial stabil-
ity and credit in the South.
7. Poverty and financial distress
throughout the cotton growing sections
scarcely exceeded since the war.
Tie magnitude of the evil surely has
not been realized by our representa-
tives.
Is there any subject or question now
confronting congress and demanding
its attention, of such commanding and
vital Importance to the whole country
as that involved in the passage OF the
anti-optioa billY
1t is to be hoped that the frantic ef-
forts the rings" are making to defeat
the measure will not succeed, but on
the contrary give 1t strength.
S. w. HAMPTON.
The Hatch anti-option bill is certain
ly matter Of great Importance to the
South sand should be considered in that
light by members from the South.