The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-11-07


the crop turns out 100000 bales, as
many believe, the shrinksge and loss
Will measure up to S100000,000.
The views Of some leading cotton
merchants of this city are given below
90 the serious situation that controcts
the South in this enormous loss Of buy
ing power. AS the South manufac-
lures but listle as yetand her merchants
draw their supplies almost entirely from
the North, tb' II deprivation and power
ty will be FELT severely above the Ohio
aud Potomac as well, especially In this
city, which sells annually goods worth
mary millions of dollars to the South.
alfred B. Shepperson, editor Of Cot.
ION Facts aud secretary OF the sub b-com-
mittee on cotton OF the United States,
is regarded az about as we'll posted on
cotton culture and anufactur5 as any
body in The country. Mr.. Shepper5on
had charge Of the Governments cotton
exhibit in Chicago. OF the prevailing
decentralization Of cotton he said:
"There are very few men in the cot
ton trade who have seen cotton as loT
as 1t Is today, for In this country it has
not touched prices as low as at present
since 1913, when mIddling upland cot
ton sold in New 7 York for 5 cents a
pound, while such low prices as now
rule In Liverpool have never been
known in that market. Ia October,
1848, under the influence Of political
disturbances on the continent and L.
nancial panic in England, the price Of
middling upland cotttn in Liverpool
was forced to 33s pence. That was the
lowest quotation IN she Liverpool
market until now, when the price is
down to 1872 pence.
the greatest previous depression 10
recent years was In the season of 1891
80, when the commercial crop exceed
ed 100000 bales, and was the largest
ever marketed. This immense ccoo
succeeded one almost as large, aud uo-
der the great supply Of cotton and 9th
er unfavorable Influences ths prics n
March, 1892, declined to Is Cents II
New York and 8 39.16 pence 10 Liver
pool. Mlddling cotton is quoted il New
York nov at 5 1915 cents, being Z Of a
cent 10 Wer than II 1892. and 2$$s cents
lower than this tina las5 ysac. at
these prices cotton culture no5 oaly
ceases TO bs q remuneratiVe industry ID
this country, but except under the most
extraordinary and exceptionally faYofa.
bic conditions, the cotton planter could
not possibly get back the actual cost OF
his crop.
From sons recent investigation for
a committee Of the United States Ssu-
ate it was made evident to ma that uu.
der the most favorable circum stances
only very small portion Of toe crop
could be produced for as little as csots
per pound delivered at the nearest
shipping point to the plantation.
Where the soil is poor aud fertilizers
have to ba used, the cost OF production
seems to range from s TOT cents a
pound, when proper facilities are en-
ployed, while the COST to farmers not
possessing such advantages Is higher
and sometimes very much higher.
"Oa account OF the very low prices In
1892 che acreage which was planted IN
cotton in ths spring of 1892 Was eS;l,
mated by the department. OF asciclt-
5ure as fully 16H per cent less tnao Jne
previous year. It was ths greatest
cur5ailment Of acreage OF which We
have any official record. AS az che
present prices the average coSjoo
grower cannot get back a new dollar
for an old one expended in cotton culIl-
Yaslon, it seems 60 me inevitable tnaI
the acreage of the next cotton crop vii
be reduced ia even greater Droporslo Q
than IN 1892, unless very material ad-
vance IN prices should occur Dsfoce the
Uime to prepare for planting. II the
price of cotton does not promise fail
remuneration for their efforts the cot
ton planters will most a5suredly glVS
more attention to other products aad
cultivate less cotton.
"The low prices now ruling are no.
due to an excessive present supply OF
cotton, for the stock in both E1rop:
and American markets is somewhat
less than q year ago, and over half q
million bales less than 10 these COM
bined markets two years ago. The CHE
depressing influence at present Is the
general expectation that the crop nov
being marketed will be very large, anc
that that the weight Of receipts during
the next two months Will, on accoun
of the dulness of trade and nota5l;
| lack Of outside speculation carry prices
still lower. lido not suppose that any
thinking man can Wish that cottor
should 20 lower, and men who tall
flippantly of middling cotton declining
to 5 cents in New York do not reallz
what an immense loss this would be tt
the South, and how it would, by its re-
fax action, iniure about ev7ry mercan-
tile and manufacturing Industry OF tht
| North, and what ser1ons derange-
ment it would cause In our foreign ex-
changes.
"T6e average price In New York las
season was 74 cents, while for tht
previous season it was 81 cents. Whet
preparations were made for the pres
ent crop middling cotton was worth
cents in New York, and the farmer
doubtless expected to get about tha
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 5000 900 bales. Every
cent pound reduction IN the price OF
a crop of that size means q curtal!men
of the resources of the country
(for the South IS happily
part of it now to the extent of SID 600
COO. An average price for tie crop OF
the basis Of 8 cents in New YORK WoQio
therefore, amount to loss of S99,0O0,-
| 600 from the anticipated resources
while 5 cent cotton IN New 4orh,
which some people so gllbly taik aDou'
would 2ean a curtallment o. 1ns
country's resources to the enocmou:
extent of S135, 100000.
"As 70 per cent of the last cotton
crop was exported great reduction II
the value of exports of cotton WoulC
require large shipments of gold from
this country to fill the s.p caused By
the snrinkage in the value Of exchange
based upon the exports of cotton. So
oraat q drain 11non onr slender SuODly