Pine Bluff daily graphic., 1894-10-30
THE PRICE OF COTTON.
Views of Some Leading Men
 on the Subject.
COST PER POUND OF RAISING IT.

1t Is Estimated tho Decline In the Mar
 ket yalne of ths Simple Below Last
 Years Prices Has Already Taken From
 the Southern States the Enormous Sum
 of s9oooo. .0oO.
 NEW YORK, Oct. 30.-The decline in the price of cotton which has been go- ing on for more than year, but &C., centuated in the last two weeks, has been watched with interest by the deai- CTS in this city. They generally are of the opinion that tho drop in price has al- ready cost tho south. taking the differ ence between values a year ago and what they are today on the estimated crop of 100000 bales, the tidy little sum of $90, ,000, 900 i'll round numbers. If the crop turns out 10000, 900 bales. as many believe, the shrinkage and loss will measure up to $100,000, 900.
 The following are some of the views of the leading merchants of New York City:
 Henry Hentz, one of the most prom inent cotton merchants in the city. said; ''I have letters from Liverpool in which 1t is said that predictions are being re. ceived there from America that cotton can be raised at fl to cents pound. 1 am not prepared to indorse that state- ment. I think those statements are sent to Europe by the 'bears.' When some men are short of cotton It Is sur prising what reports they can set afioat."
 Alfred B. Shepperson, editor of Cot ton Facts, Is regarded as about as we'll posted on cotton culture and manufac- ture as any one in the country. Mir. Shepperson had charge of the govern ment's cotton exhibit in Chicago. Of the prevailing demoralization he said: 1.-The greatest previous depression in re- cent years was In the season of 1s91-92, when the commercial crop exceeded 5000, GOO bales and was the largest ever marketed. This immense crop suc- ceeded one almost as large and under the great supply of cotton and other un- favorable influences the price in March, | 1892 declined to 6 1i-16 cents in New York and 9-16 pence in Liverpool. Middling cotton is quoted in New York now at 1916 cents, being of cent lower than in 1899. With these prices, cotton has ceased to be remuneratiye crop in this country, unless the condi- tions are exceptionally favorable"
 R. T. Wilson. well known Wall street banker: q belive that under con- ditions favorable for growing a large crop and growing it cheaply, the south can grow cotton Ut 5 cents pound and not lose money by it. do not say the planters can do this year in and year out, but it is highly probable that If bad sea- sons shortened the crop the price would go up and the planter would sell his short crop for as much if no more than he did his big crop. After all it is the law of supply that governs. I do not believe that cents 8 pound is to be the
 
 normal price of cotton or that the far mer could get the cost down to that fig ure every time"
 Mir. Hubbard of Hubbard, Price 6 Co: "But one cause can be assigned for tho stagnation, namely, over production. The market will recover from this de- pression as soon as the surplus are ab- sorbed or crops are reduced. Buyers are purchasing heavily and will aeeumu- late at these prices a supply for two years, as you are aware that cotton at these prices can not be grown. There are already indications of general in- clination to reduce the average next sea- son."
 Gustav W. Hopkins of Hopkins, Dwight & Co: Il do not believe that cotton can be grown for cents pound. The price of picking alone is one-fourth cant pound. The bulk of the cotton grown i'll the south Is now raised in small lots by negro farmers. The greater part of the crop is grown by planters who hire labor. do not think the dullness in this country Is due so much to that cause.