The Van Buren press., 1897-09-25
HAVE LOST MILLIONS.
"Prosperity" on the Wrong Side of the
Ledger for Producers In the
South,
From the ST. Louis Republic.

South.
From the ST. Louis Republic.
Cotton, too. is going to be great
yield, and as the prices are considerably
+ in advance of those of 1895 at this time,
the South is going to have a stroke of
the Republican luck This is going
to be memorably good year for all
sections of the country. Prosperity has
hit the West and the South, and is
caroming over to the East. The men
are fortunate who are candidates for
anything on Republican ticket in any
state these days.
This appeared in the editorial
columns of the Globe Democrat last
Saturday, and is so far from the truth
as to appear ridiculous, said Mr.. b.
P. Homer, one of the best posted
members of the cotton exchange, to
reporter of The Republic yesterday,
handing over the above clipping. The
fact is that cotton has been declining in
price ever since McKinley's election.
1t has not been as high since as it was
before the election, and today it IS
7-16c lower than it was just before
election day last November.
LIT is far from true that the cotton
planter is enjoying the wonderful
prosperity we read about. A drop OF
1 cent in the market means loss of So
per bale to the planters, and taking this
year yield as basis, inficts loss
upon them of $50 900, 900. But as
compared with this time year ago
the price is more than a cent lower, so
that the aggregate loss to the planters
is correspondingly increased. That
may be prosperity, but if it is the
cotton men would prefer to do without
it.
Instead of prices being consider
ably in advance of those of 1896, the
fact is that middling cotton was quoted
on September 1s, 1896. in this city at
1916 cents, while ON the same day of
this year it sold at 1116 cents, a
decline of ~ cents. Cotton for future
delivery, January contracts in New
York, on September 1s, 1896, were
8. 23c, while last Saturday they were
g. Gle, or 1872 points lower, which is
decline of S.. 10 per bale.
"And not only is this true, but there
has been still further decline in the
market since Saturday. To-day s
quotation was 6ac, a drop of 1-16 of a
cent over Sunday. The market is now
lower than at any time last year. If
we were to figure the loss to the planters
on this year crop, taking Saturday 5
quotations as basis, it would mount
up somewhere near $50 ZOO, 900, 1t
being impossible to make an exact
calculation, owing to the uncertainty
of what the yield will be.
II don know what the planters in
the South think of the prosperity they
are getting, but if it can truly be called
Mckinley prosperity, and the Repub-
lican press is right in putting that
label on it,, the planters will know
better what to do next time. We want
prosperity as badly as anybody, and
our lament has been that the editorial
handed you is not true, but it does us
no good to say that we are experiencing
such great prosperity, when, as 4
matter of fact, the planters are millions
: of dollars worse Off than they were
before Mckinley was elected.
THE cause of the low prices tha
have ruled for some time past was
primarily, the prospects of tremend-
, GUS yield, the indications up to a few
weeks ago being that we would have
the largest crop in the history of the
country Other factors have entered
into the situation, such as the buyer:
> holding off ON account of the large crol
} prospects, and there being more sellers
l than buyers, and now comes the yellow
fever.
1.-The prospects of the large yielt
Y predicted up to about month ago will
: not be realized on account of the dry
hot weather damaging the crop from o
to 80 per cent in many sections, and ye
the market continues to decline. 1t i
D hard to say just what is the cause o
0 the bearish tendency of the market, il
d the face of the continued reports of crol
0 damage. but there is no disputing tn
e fact that it is going down. and that tn
planters are the losers.
When it is known that Mr.. Horner i
president of the cotton exchange, tn
force of his remarks is increased. H
did not speak in his official capacity
: and requested that he be quoted simpl
; as an individual member of the ex
,, change.
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