New-York tribune., 1894-10-29

DIE TO TIE DECLINE IN THE PRICE or
Hrr CHEF pRoDUCT-KING COTToNs
CRIsrs-ENGLrsU sPINNERs Lay
ING Up STOCKS FOR FUTURE
usE-THE SIZE or THE
PRESENT CROP.
The decline In the price of cotton. sonS on now
for more than year. bu; sharply accentuaed WIN
In the last six weeks. has been watched with c'r'
ous interest by many people in rnis ana iofe'sh
lands and with deep anxiety by more Despite al
verse conditions and the persistent effort" 10 oe-
throne him. including four years OF ruinous ana
bloody war King Cotton still rules absolutely in nine
great States Of this Union.
The question that confronts these nine great agrf-
cultural States Just now is. How long can cotton
be grown at cents pound the price il sells Tor
fr the Southern interior towns to-day. The drop
in the price OF has already cost the Sou'h'
taking the difference between values a year ago
and what they to-day. on the estimated crop
Of 100000 bales. the tidy little sum of so""o'o IN
round numbers. II the crop turns out l""""o
bales. many believe, the shrlhkaSe anu iVH' VIII
measure up slooo0o.00o
The views of leading cotton merchants oi
this city are given below on the serious situation
that confronts the South in this enormous loss OF
buying power. AS the South manufactures nut
little as yet and her merchants draw their supplies
almost entirely from the North. their deprivation
and poverty will be felt severely above the ONO
and Potomac as well especially in this city. which
sells annually goods worth many millions oil dol-
lars to the South.
HENRY HENTz on TIE SITUATION.
II have before me-" said Henry flentz. who is
one Of the most prominent cotton merchants IN
This civ and former president of the w-fork
Cotton Exchange. letters from Liverpool in whIch
II Is said that predictions are being received there
from America that cotton can be raised at fl2 10
cents a pound I not prepared TO indorse
ante son
10 Europe by the bears When some men are
short of cotton it is surprising what reports they
set afoat.
DO you think that cotton has yet reached the
minimum of cost in producton?'
"I think K has 1t is more expensive 10 grow
cotton in the Atlantic States. where fertilizers are
needed than in the rich auvial bottoms of the
Mississippi and the fertile lands Of Texas Tne
cost depends upon where il is grown. II might
be raised at 5 cents the best places, and cost
nearly cents OF, the uplands. depending upon
the product per acre being large or small; in the
latter case the cost would he increased People.
however. don't relish raising cotton to soil at cost
The productive capacity Of Texas is little short OF
marvellous. They are talking of crop in the
Lone Star State this year Of 10000 to 100000
bales or about Cne-third Of the whole. American
crop In Texas cotton is largely grown 10y Ger
man families. who produce enough corn sorghum
hogs and other things they need and their cotton
IS practically surplus crop This accounts Tor
the chedpnesS or MAKING tnc great crop o' ''H"''
II Is more costly to grow cotton In the Atlantic
States as the land is less productive and needs to
be fertilized heavily. The big plantations continue
10 be let out to small farmers. who plant twenty to
fifty acres and give it the highest attention Tie
old system where the planter buys everything
and makes the crop by the aid Of his factor is
runous. and must pass away
do you think the negro labor Of the South VIII
ever be brought down some contend. to the
level Of the coolie labor Of India. in order that
America can stand the competition of India and
Egypt"
COMPETITION OF EGYPT AND INDIA.
'I do not think So | would not like to think
so No doubt with their large families to hoe
cotton pick it, etc. the cost of cotton growing ny
negro labor he made pretty low The negroes
and many white men. too for that matter down
South live very close. The negroes live mainly on
cornmeal and pork They have their gardens Tor
vegetables But then ! do not think this country
will ever be in danger Of any serious competition
from other countries in growing cotton. the crop
of India is. roughly speaking about 2NN"p bales
OF 400 pounds each, and is being consumed more
and more every year at home. The cotton manu-
factures of Bombay are steadily increasing. OF
the Indian crop in 1893 less than 10000 bales were
imported into England. but 1t is consumed on the
Continent. Tho extremely low prices In America
this year may rcGuce the takngs Of Indian cotton
materially this season. As for Egypt. the product
there is long staple. which is not used for making
\ cloths and the ccarscr fabrics but for making
VI threads etc and competcs only with our Sea Island
cotton and extra staple couons which, however is
not important. The Egyptian crop is nearly 10000
bales Of about 80 pounds each. The world VIII
require of American cotton this year about S,25o,-
OOD bales of 500 pounds each. and probably 100000
10 100000 bales more Will be taken by the mills.
but not used. IL the price keeps low
What effect do YOU think the low price will
have upon the South production next year,
II think that If the price is stn low in the COM
ing spring the to be planted next year VIII
be very materially reduced but II by speculation the
price happens to he advanced materially about
planting time. the planter WILL where able 10 do So
put in a full acreage. But after all the acreage
does not always make the crop. II the weathey Is
bad there may be very short crop on very large
acreage. 1t is the that makes It. and this
year the weather has been the finest since lss2
BULL SPECTATORS THE LOSERS.
1.-THE planter disposed OF nearly all Of the last
wears crop at good figures and got a high price for
his cotton seed The bull spectators were heavy
losers One year ago miding upands In New-York
sold for about 81. cents per pound On October %
1Ss3 IL sold for S7l6 cents November q, 1893. II
brought s cents; December o. 1898, 1t was I l5-lt
cents; January 22 1894 It Ia cents; February o.
1894 il was IA cents March %. II was s-l6 cents
Aprl g. II was IA cents May %, it 3-l6 cents
and on June % II was 5-l6 cents. Before March
the cotton nearly ali out OF planters hands
the large stocks at Liverpool and New-fork and
elsewhere were mainly owned by spectators who
had bought future delivery contracts ana mad $1,000
the loss consequent the fall in prices The pres
ent low price in the South, under cents at the in
terror towns. Is dcmoraizing the planter as II Is
below the Of production II the speculator hao
not the opportunity OF buying on small margin
the big stock would have had to he carried by tho
planter. factor and merchant until It was wanted
nv the mills 1t is generally believed here that cot
TRADE MARK
Este .CRTAk< 1907