The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1894-11-07

GQ0 NOIlu, GuolI ucpIlN6IlOu ouu pONCA-
ty will be felt severely above the Ohio
and 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 Got.
ton Facts and secretary Of the 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.. Shepperson
had charge Of the Governments cotton
exhibit In Chicago. OF the prevailing
Generalization of cotton he said:
"There are very few men In the cot
ton trade who have seen. cotton as low
as 1t is today, for in this country 1t has
not touched prices ss low as at present
since 1848, when middling upland cot
ton sold In New Y ork for 5 cents q
pound, while such low prices as now
rule in Liverpool have never been
known In that market. In October,
lS48, under the influence of political
disturbances on the continent and q.
nancial panic In England, the price of
middling upland cotton in Liverpool
was forced to 34 pence. That was the
lowest quotation In the Liverpool
market until now, when the price is
down to 8 7.32 pence.
sThe greatest previous depression 10
recent years was in the season of 1891.
81, when the commercial crop exceed
ed 100000 bales, and was the largest
ever marketed. This immense crop
succeeded one almost as large. and un-
der the great supply of cotton and 9th.
er unfavorable Influences the price In
March, 1892, declined to 6 II .16 cents In
New York and 3 9-16 pence in Liver.
pool Middling cotton Is quoted In New
York now at 5 1915 cents, being q of 8
cent lower than In 1892. and 2% cents
lower than this time last year. At
these prices cotton culture not only
ceases to be remuneratiye industry IN
this country, but except under the most
extraordinary and exceptionally favora-
BILE conditions, the cotton planter could
not possibly get back the actual cost of
his crop.
"From some recent investigation for
q committee Of the United States Sen.
1t was made evident to me that uu-
der the most favorsble circumstances
only 9 very small portion Of the crop
could be produced for as little as 8 cents
per pound delivered at the nearest
shipping point. to the plantation.
Where the soil Is poor and fertilizers
have to be used, the cost Of production
seems to range from to7 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.
"On account of the very low prices In
1892 the acreage which was planted In
cotton In the spring Of 1892 was esi-
mated by the department OF agricul.
ture as fully 16h per cent less than the
previous year. It was the greatest
curtailment Of acreage Of which We
have any official record. As at the
present prices the average cotton
grower cannot get back new dollar
for an old one expended In cotton Guilt
vation, 1t seems to me inevitable that
the acreage of the next cotton crop will
be reduced In even greater proportion
than In 1892. unless q very material ad-
vance in prices should occur before the
time to prepare for planting. If the
price Of cotton does not promise fair
remuneration for their efforts the cot
ton planters will most assuredly give
more attention to other products and
cultivate less cotton.
"The low prices now ruling are not
due to an excessive present supply of
cotton, for the stock In both Europe
and American markets Is somewhat
less than q year ago, and over half
million bales less than In these COM
bined markets two years ago. The chief
depressing influence at present is the
general expectation that the crop now
being marketed will be- very large, and
that that the weight Of receipts during
the next two months will, on account
of the dulness of trade and notabls
lack of outside speculation carry prices
still lower. lido not suppose that any
thinking man can wish that cotton
should 60 lower, and men who talk
flippRntly Of middling cotton declining
to cents in New York do not realizs
what an immense loss this would be TO
the South, and how 1t would, by its re-
flex action, injure about evsry mercan-
tile and manufacturing Industry of the
North, and what serions derange-
ment 1t would cause In our foreign ex-
changes.
"The average price in New York last
season was TX cents, while for the
previous season 1t was 814 cents. When
Preparations were made for the pres
ent crop middliug cotton was worth
cents In New York, and the farmers
doubtless expected to get ABOUT that
price. and the expectation was not un-
reasonable, because the average price
had not been as low as that for over
forty years. Few people estimate the
crop at less than 100000 bales. Every
cent q pound reduction In the price Of
q crop Of that size means curtailment
of the resources :of the country,
{for the South is happily
part Of 1t now) to the extent of $45, 900,
900. An average price for the crop on
the basis of 6 cents In New York would
therefore, amount to loss of S99, ,OOO.-
600 from the anticipated resources,
while 3 cent cotton In New York.
which some people 80 glibly talk about
would mean a curtailment Of the
eountry's resources to the enormous
extent of $135 ,0O0, 600.
"As 10 Der cent of the last cotton
crop was exported q great reduction In
the value Of exports of cotton would
require large shipments Of gold from
this country to ELL the gap caused by
the shrinkage In the value of exchange
based upon the exports Of cotton. So
great q drain upon our slender supply