New-York tribune., 1894-10-29

q ~
! - ,be rresent depression will serve 20 teach ~
anew the wisdom OF following me aattention 10
food crops ana TO make Of cotton a s"'P'"' "
10 not care to go the question OF hii
rroha bic SIC Of the present "ro2 hut ! rtrr, ~
Iertitr,i.S s,,ing that after careful investiSa-
ion since February Of the question o. co'.I. .I
acrea~. Of the cron of ls939i was ls.33VD acres;
n June the Department estimated the acreage & M 0I
iho crop Of lSeie5 NOW coming ial as THE
Of per cen, more than the previous crop on ~ rs
would maxi hf & "GTGsss 1o % Ghronices estimates
90 .b,l .rone acreage 20l01rsi acres, ana some
esiima,csM M are sng Of AgrcnIture wrote
Eurona tha; was -atisne1 that IN ~ ~.
:. ,il ~, e.on therefore. that the result of the
Investigation by The department has PceH -
/ iefi ian's views before its completion, and the
nep4r,mttn ,'t ~, o acres less than most estimates:
Tbo vrId per ac~c Of ls9S-9i the Department
s,9td was i G bS OF thu n" yied will be greater this
season Assuming it TO be four-tentns oi nnle
Nasga Nond eaual "9Ga 10000 bales
WHAT r T. WILSON THINKS OF 1T.
r T. Wilson. the wel-known banker of NO. 90
Va'l-st is native Of Georgia. and has important
/ railway and cotton interests IN the S"u'h' MI "
son Speaking Of the great drop in the value oi the
cou,t.. caier money crop said: II believe that un-
dor conditions 50 favorable for growing large
crop and growing it chedpy as were fouhd 'n's
wear tho South can grow cotton at cents Il
pound and not lose money by IT, do not say IN.
high!y probable that If bad seasons shortened me
crop the price would go up and he p!anter W3uLI H
sell his short crop for much, II no more 'nih
he did his big crop After all il is the law ot sup
pnpd InG - o ne the normal price Of cotton that
the farmer could get the cost down to that hsuEe
Il think the diyersincation Of Industries Is going
on all the time in the South. and that cottGh Is % n
I coming more and more "A surplus crop. 1hey ar"
r9s,ne more grain. more frnt more sweet potatoes.
more sorghum and more hogs Ihe'r Sfan ,IoP hn b,,
year j. greater than ever before ana otLnss = IN pc
ter price AMI they have their market rght Al nom
cr the West and Northwest. with wheat al ~
| cents hushel in Chicago the condition oi IN
r0Gnd is decide iIy better think. Ny aivces from
Georsa arc that the cotton nils are pIo,p ronsi an
the merchants say that payments are suIpri-iHeE
eood. In fact. ther~ is hardly any class OF mann
iactures beLtVe nat IS IN a IN m'tt h, y, re- coi
tSnd6R9 tom ms OF or the mS' oain 5"To''' situated ' '
''po YOU think the coost Of production Of cotton
"Wbo can tell tnata Tho negro Iaborer who lives
on sweet ro;atocs bacon. meal and moasscs the
oan Wv nearly I've on fwc"t potatoes alonc'. pays
% house rents and wears scarcely any cloth"- an
al cos, that IS surphsinr, low. almost nothing
bat his time and rent Tho same miShi be saii o. %,
Southern negroes are drifting more and more 70 ~"
towns ev'ry year. and a. lahorins aFIlrnii,ntI''
The fact is" said Mr. Wilson everything Is
being So low with the increased kno"IrIsG i Oh
and rs" Of machinery. with The Afsentne dcNci"r
/
India II Is hardly To he wondered at that wheat
ng . war in the East. which may result In the
splitting open aud civilizlng OF emma; "Iacious
when 'hc Chinese millions can produce hy civilized
methods.
OvERrRODV cTION. SAYS s T. HTRBARD.
s T. Hubbard. Of the wcr-knoNn firm Of Huh
bard. Price q 60 gave the following as his Vows
upon the present condition of the cotton trade.
ssTl,.. Is
depression IN the cotton market. namely. ovcrpr'-
ductlon. Ir.er tho influence of lars" crop csti-
males force. have steadily declined until y" ar"
now at he lowest prs 81 in.. nd Wh@
the demand for cotton for consumption VI" 'N.''
hat n any year on r,rord. 'h" estimates winch
w,ro scf afoat in July and August that the cotton
crop of America would IN season r,A'h I'
o',r,b,,,s from In" markci ana left the market
INK of tho crop entirely hctw""n the prodncci ara
the consumer Speculation ~ ihr IIrsen,' - oS.t' t
ton u affairs Is Dormant ana the m'rS",7 o., Inc
world have therefore acted a. they d,d npfins m ing
, the years heiof. cotton 'S' H"''''- '
istonte namely. that when the producer Wa iAaik.
nrlrrs vero touched ana after he had parted with
hs cotton the remainder OF the ctop ndNhh.sI
secion SO fGn' OF he ou,h w6ch rroiuccs the surplus
| crop canot afford 10 raise another crop oi COZ,
acreage next season WIN be the result ~ The 10
preston tha year but At me rtrh' ,,," ~
S'ufhern PRODUCERS upon the consumer. ana ~"
latter realizing that ne is Offered TWO or three
/
h,iy,r and awaits further developments f"HitilnS
| Inc MAGNITUDE of the crop.
the market viii r"covr" from TINS depression
as soon tho surplus - "hs'iiti q" ,l"I -.
world are buying heavily and VIII accumulate al
rres.ui pri, - supplies for two years as ih"N az"
! vel aw ar. that cotton cannot ~ ines" prl',, n'
| rro0tahlv grown. There ar" already in1'aUohS
| Of a general movement - reduce the average next
| season.
/ Mr. HOPKINS THINKS COTTON Too 'HEAF
| Gnstav,s - Hopkins of HOPKINS. Dwight Il 60.
said: 4 DO not hciiev" that cotton can Do grown
! for : cents q pound Thc cost % picking alone -
r.. cents d pound The bulk OF the cotton grown ~
t,aot H. hoe ii ana pick i Themselves. all the laho-
being done by the family. The greater part oi ~"
crop IS grown by tie b.g planters on hired labor
/ The present low price Of cotton 49, thlnh ph' -
mo peucral Gulurys 30 business In this country and
/ ~, ION - This an enormous h.g crop. Then ih'T"
f. another essential element In the stuat!pn lhcI"
/ IS .ack OF the speculation which usually holds
| prices VI when they are sinking below thcT rear
| value When the h.g crop or lS'l- ~ was grown.
something over 100000 bales. and the price sank -
S2s cents speculation was active am spe'uhtofs
b5ueht and carried very large amount OF cotton.
| estimated 4 a million or NOR" bales. There va "A
larger vlsiD.c supply then than now. but the erect
Was not 80 disastrous. In fact. where cotton sold
FOR G2s in March IL rDse ~ 10 cents IN the following
! fall We have in present condition presented -
NJ the situation for which the Farmers Alliance
people and Populsts have been crying for years ami
| which they have sought TO bring about by their
| ant.-opt!Ons legsiation-an elimination OF spccu.a-
ton from tho markets. Nothing with the sperulo or
ont stands between the producer and consumer, and
the former, forced to sell. takes what the latter
! chooses TO give him"