San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1894-10-29
DECLINE In COTTON.
THE GREAT LOSS TO THE SOUTH,
ESTIMATED WILL REACH THE SUM
OF SlOO,OOO,OOO.
Prices Governed by the Supply and
Demand-Low Prices Will
Prevail

in the price Of cotton going on now
for more than year, but accentu-
ated in the last two weeks, h as
been watched with interest by the
dealers in this city. They gener-
ally are of the opinion that the
drop in prices has already cost the
south, taking the difference between
value a year ago and what they
are today on the estimated crop Of
100000 bales, the tidy little sum
of $9O,0O0,000 in round numbers. If
the crop turns out 100000 bales as
many believe, the shrinkage and
the loss will measure up to $780,
600.
The views of some leading mer-
chants follow: Henry Hentz, one
of the most prominent cotton mer-
chants in the city, said: 81 have
letters from Liverpool in which it
is said that predictions are being
received there from America that
cotton can be raised at four and
one half to five cents a pound. |
am not prepared to endorse that
statement. l think those state
ments are sent to Europe by the
Bear When some men are short
of cotton it is surprising what re.
ports they cab set atloat."
Alfred B. Stephenson, editor OF
Cotton Facts, is regarded as about
as well posted on cotton culture
and manufacture as any body in
the country. Mr.. Stephenson had
charge of the government cotton
exhibit in Chicago. OF the prevail
ing decentralization he said: "The
greatest previous depression in re-
cent years was in the season OF
1891. 90, when the commercial crop
exceeded nine million bales and
was the largest ever marketed
This immense crop succeeded one
almost as large, and under the
gre supply of cotton and other
unfavorable influence the price in
March, 1892, declined TO 6 ll-16
cents, in New York and GIG
pence in Liverpool. Middling cot
ton Is quoted in New York now
at ) 1916 cents, being rs of cent
lower than in 1892. With these
prices cotton has ceased to be re-
munerator on this account, unless
the conditions are exceptionally
favorable"
r. II. Wilson, we'll known Wall
street banker said: 81 believe that
under conditions favorable for
growing large crop and grow
ing it cheaply the south can grow
cotton at cents pound and not
lose money by 1T. | do not say the
planters can do this year in and
year out, but it is highly probable
that if bad seasons shorten the
crop the price would go up and
the planter would sell his short
crop for as much, if II OF more than
he did his big crop. After all it is
the law of supply, and that gov
ems. do not believe that 3 cents a
pound is to be the normal price Of
cotton or that the farmer could get
the cost down to that figure every
time.
Mr.. Hubbard, OF Hubbard, Price
and company, said: "but one cause
can be assigned for the stagnation,
namely: over production. The
market will recover from this de-
preston as soon as the surplus is
absorbed or crops reduced.
Buyers are purchasing heavily
and will accumulate as at these pri-
ces cotton cannot be grown. There
are already indications OF a general
inclination to reduce the average
next season"
Gustave Hopkins Dwight and
co mpany said: 81 do not believe
that cotton can be grown for D
cents a pound. The price Of pick
ing alone is quarter of a cent a
pound. The bulk of the cotton
grown in the south is now grown
in small lots by negro farmers.
The greater part of the crop is
grown on the plantations to hired
laborers. do not think the dull
ness in this country is due so
much to the cause"