The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-02
WHAT'S THE
MATTER WITH
- : COTTON I:'1 2
Why is the Price of the Staple
so Much Lower Than
Last Year.
THE RALEIGH MARKET
A SHORTAGE OF MORE THAN Is
PER CENT IN RECEIPTS.
SOME FACTS AND FIGURES
The Mckinley Prosperity Wave Has Not
Rolled Over the Cotton Section Nor
THE RALEIGH MARKET
A SHORTAGE OF MORE THAN Is
PER CENT IN RECEIPTS.
SOME FACTS AND FIGURES
The Mckinley Prosperity Wave Has Not
Rolled Over the Cotton Section Nor
Restored Values, Nor Profit

Rolled Over the Cotton Section Nor
Restored Values, Nor Profit
able Business.
Raleigh received from September list
to October LIST, 1896, S,124 bales of cot
ton.
Raleigh received from September LIST
10 October LIST, 1897, 1858 bales of cot
ton, loss in receipts of Ali bales, or
more than so per cent.
These are startling figures, but they
come direct from the books of the Sec
rotary OF the Cotton Echange.
And there are other figures in connec-
ton with cotton that are more start
ling, especially in view of the wave Of
prosperity that was to roll over the
country when Mckinley was elected.
the gold standard sustained and Nc
Kinley tariff adopted.
The price for cotton on the Raleigh
market on the first day of October, 1896,
was ~ cents. The price for cotton on
the Raleigh market on October LIST,
1897, was SIS cents per pound, differ
ence of about $3.50 per bale, so the cot
ton farmers who sold the 1858 bales of
cotton in Raleigh during September,
1897, got $4,000 in round figures, less
than they received for a like amount
in 1896.
So far as Raleigh is concerned, it re-
eeived S,124 bales in September, 1896.
These at ~ cents per pound make a
total sum of $275,000. We received
during September, this year, 1858 bales
of cotton, which, at 57s cents per pound,
makes a total of S105,000, making a
difference in the amount paid for cot
ton in Raleigh in September, 1896, and
September, 1897, $4,000. Is the far
mer the only loser? This question don't
require any answer.
But what is the cause or causes for
these things? And are the causes local
or are they general? These are inter-
esting questions. They are questions
that a News and Observer reporter ask
ed a dozen gentlemen yesterday and re-
ceived a dozen different replies. The
cotton men generally, here and else
where, say that the low prices are caus-
ed by the prospects of big crop. The
cotton planters generally, here and else
where, say that the crop is not going
to be big one, and the majority Of them
this years crop is not going to exceed
last year. Taking the highest estimates
made by Neill and other big crop advo-
Gates, the price seems unreasonably low
if there was any thing like activity in
general trade conditions. About the
highest estimates that have been yet
printed, place the crop at 100000 bales
with a surplus left over on September
LIST of about 100000 bales, making a
total supply of 100000 bales.
Last years crop was in round figures
S,8OO,OO0 bales with surplus left over
the year before Of 2,250,O00, making a
total supply last year Of over IL, 000 900
or 100000 bales in excess of this years
supply, and yet cotton last year was
from 112c to &c per pound higher than it
is this year, notwithstanding the prom
Used wave of universal Mckinley pros
perity. o4 ae
Ii the estimates Of the big crop advo-
Gates are wrong, and the estimates of the
cotton planters are right, then this
years total supply will not exceed g.
100000 bales and if you split the differ
ence between the planters and the
statisticians this years crop will not
exceed $500, 600 bales which, with the
100000 of surplus, will make the total
supply 100000 bales against IL ,000,-
600 supply last year, or shortage this
year Of 100000 bales, and yet the far
mer is getting $3.50 per bale less for his
cotton this year than he did last year,
although he is daily told by the McKin-
ley advocates and goldbug organs that
the prosperity wave has already ma
terialized, and the only reason that the
country is not feeling it is because the
country is dreaming.
II newspaper happens to print facts
like these even now, twelve months
after the victory Of the goldbugs, seven
months after their President was in
augurated and had called his Congress
in session, and three months after their
tariff bill has gone into effect, it is
called a calamity bowler, and the gold
ties hold up their hands and say, ooh
you must not say anything or you will
scare away the prosperity wave"
But figures don't lie, and in view of
these figures if there should happen to
be a Mckinley advocate who can offer
q reasonable explanation for the pres
emit low prices Of cotton we should like
to have his picture.
But word about the falling off OF
cotton receipts in Raleigh. This must
De II result VI SduStSs
Mr.. G. G.. Latta, Of the firm Of Lee
e Latta, cotton buyers, was asked yes
terday what, in his opinion, was tn,
cause of the short receipts.
"The low price is one cause" he re
pIied, "and then there are several othe
causes. At the beginning Of the season
the local markets are Away
more active than they ar
later in the season and merchants an'
dealers in those markets do all in thei
power to turn cotton in their direction
Durham for instance" said Mr.Latta
"the cotton mills were especially anxious
for cotton early in the season. They hav'
to buy it, have it shipped and pay tn
freight on it for they have to pay tn
best price possible to induce the farme
to haul it to the mills" Mr.. Latta il