The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1894-11-07

the crop turns out 100000 bales, as
many believe, the shrinksge and loss
will measure up to S1000O00OO.
The views OF some leading cotton
merchants of this city are given below
Oa the serious situation that contronts
the South in this enormous loss Of buy
ing power. AS the South manutac-
lures but little as yetand her merchants
draw their supplies aim ost entirely from
the North. their deprivation and power
ty will be felt severely above the Ohio
aud Potomac as we'll, especially In this
city, which sells annually goods worth
many millions Of dollars to the South.
Alfred B. Shepperson, editor of Cot.
ton Facts and secretary of ths sub COM
mittee on cotton OF the United States,
is regarded as about as we'll posted on
cotton culture and manufacture as any
body In the country. Mr.. Snepperson
had charge of the Governments cotton
exhibit in Chicago. OF the prevailing
dem oraliz stton OF cotton hs said:
There are very few men in the COT
ton trade who have seen cotton as low
as it Is today, for IN this country 1t has
not touched prices as low as at present
since 1848, when mildling upland cot
ton sold IN New Y ork for cents a
pound, while such low prices as now
rule in Liverpool have never been
known in that market. 10 October,
1913, under the influence Of political
disturbances on the continent and Il.
nancial panic in England, the price OF
middling upland cotton 10 LlVerpool
was forced to 34 pence. That was the
lowest quotation in the LlYecpo ool
market until now, when the prleo Is
down to 7-32 pence.
The greatest previous depression Ia
recent years was IN ths season OF 1881
92, when the comm erclal crop excse1-
ed 5000 900 bales, and was the largest
ever marketed. This immenss crop
succeeded one almost a3 large, and 1n-
der the great supply Of cotton and 9TH
er unfaYorable Influences the price In
March, 1892, declined TO 6 II l6 cents In
New York and 3 9.16 pence 10 Liver
pool. Middlinr cotton is quoted 10 Nav
York now at 13 16 cents, being 3 Of a
cent lower than 10 1892. and 2$s cents
lower than this ttme last yeac. At
these prices cotton cultucs noT o1ly
CEASES GO be remuneratiVo industry In
this country, but except under the most
extraordinary and exceptionally faVora.
BILE coadiJioas, che cotton planter could
aot possibly get back the actual cost OF
nls crop.
From soma recs1t investigation for
committee of the United States San-
lte it Was made evident 20 On that ua-
der the most favore0le circdm stances
onlg very smill poctloa OF co. crop
G )uid Do produced for as little as 3 c6nC5
per pound delivered a. the nearos.
shipping poiat to the plantaAon'
Woere the soil is poor aud fertillz 9rs
nave TO be Lsed, che cost Of production
seems to range from 8 TOT ceaJs d
pou I'd, wn5u proper facilities are em'
ployed, woile the cjs5 60 farmers not
possessing such advantages Is higher
and sometimes very mucn aighsr.
"Ou account OF the very 10 " prices In
1892 che acreage which was planted II
cotton in the spring Of 1892 was ess
mated by the dspar5m aas OF asrlcul-
ture as fully 161a per cent less thaa the
previous year. It was tina greatest
curtailment Of acreage OF winch we
hays aay official record. AS at the
present prices the average coStoo
grower cannot get back new ooilat
for an old one expended in cotton cultl-
yatlon. it seems to ma inevitable tnat
the acreage Of the next cotton crop VIII
be reduced in even a greater proporClo0
than in 1892, unless very material ao-
vance in prices should occur before the
lime to prepare for planting. IT the
price of cotton does not promise fall
remuneration for their efforts the COT
ton planters will most assuredly giVt
more attention to other products anc
|cultTYate less cotton.
"The low prices nov ruling are no
ldue to an excessive present supply O
lcotton. for the stock in both Europt
land American markets is someWha
LESS than a year ago, and over half
million bales less than 10 tnsse com
bined markets two years ago. Tne co!e
depressing influence at present Is tn'
general expectation that the crop nov
being marketed will be very large, AM
that that the weight of receipts during
| the next two months will, on aceoun
of the dulness of trade and notaol
lack of outside speculation carry price
still lower. lido not suppose that any
thinking man can wish that cotton
should 20 lower, and men VINO tall
jfIippsntly of mtddling cotton declining
to 3 cents in New York do not realiz
what an immense loss this would oe &
the South, and how it would, Dy us re
i6sx action, injure about every mercan
| tile and manufacturing iadustry OF to-
North. and what a serions derange
Imenti it would cause In our foreign ex
changes.
"T6e average price in New York las
season was ~ cents, while for tn
previous season Il was 81 cents. Wne'
preparations we're made for the pres
enr crop middling cotton was worth
cents In New York, and the farmer
doubtless expected to get ABOUT ina
price. and the expectation was not un
reasonable, because the average pric
had not been as low as that for owe
forty years. Few people estimate tn
crop at less than 100000 bales. LIVER.
| cent pound reduction in the price O
| a crop Of that size means a curtallmen
Iof the resources of the country
| (for the South Is happily
part of it now to the extent of S4o,OOI
900. An average price for the crop o.
the basis of 6 cents In New York woul'
therefore, amount to loss Of $4,000,
loco from the anticipated resources
while IS cent cotton ia New YORK
which some people so glibly talk abou
would mean a curtailment of tn
country's resources to the eaormou
extent of Sl35, 100000.
"As 10 per cent of the last cottol
crop was exported great reduction II
| the value of exports Of cotton woui;
require large shipments Of gold iron
this country to fill the gap caused b.
the shrlnkage in the value of exchang
based upon the exports Of cotton. 5;