The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1897-10-05
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.
The Promised Prosperity Wave Has Not
Rolled Over the Cotton Section Nor
Restored Values, Mr. Profit
able Business.
able Business.

Restored Values, Mr. Profit
able Business.
Raleigh received from September LIST
to October LIST, 1896, 8,124 bales of cot
ton.
Raleigh received from September LIST
to October LIST, 1897, 1858 bales of cot
more than so per cent.
These are startling figures, but they
come direct from the books Of the sec
rotary of the Cotton Echange.
The price for cotton on the Raleigh
market on the first day of October, 1896,
was 715 cents. The price for cotton on
the Raleigh market on October LIST,
1897, was 5B cents per pound, a 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-
ceived S,124 bales in September, 1896.
These at ~ cents per pound make a
total sum of $275,O0O. We received
during September, this year, 1858 bales
of cotton, which, at SIS cents per pound,
makes a total Of $4,000 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
49, NJ .1 nl.r,, rnr1r+pr oSlZ-
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 a big crop. Tbs
cotton planters generally, here and else
where, say that the crop is net going
to be Il big one. and the majority of them
all over the cotton belt are saying that
this years crop is not going to exceed
last year. Taking the highest estimates
made by NELL aud other big crop adTo-
Gates. the price seems unreiSonably low
ii there vas any thing like activity IN
general trade conditions. About the
highest estimates that have been yet
urinted. place the crop at 10,o0O.0OO bales
with a surplus left over on September
1st of about 100000 bales, making a
total supply of 10,70o.o00 bales.
Last years crop was in round figures
$4,000 bales with a surplus left over
the year before of 2.250,00o, making a
total supply last year Of over 1l,000,O0o
or o50G0O bales in excess of this years
supply, and yet cotton last year was
from 115c to &c per pound higher than II
i this wear, notwithstanding the prom
ised wave of universal Mckinley pros
perity.
If the estimates Of the big crop advo
Gates are wrong, and the estimates OF The
cotton planters are right, then TN:
wears total supply will not exceed .,
100000 bales and if you split the differ
once between the planters and tn
statisticians this years crop VIII no
exceed 100000 bales which, with til
100000 of surplus, viii make the tota
supply 10000, 900 bales against 1l,Ooo,
900 supply last year, or a shortage TIN
wear of 1.OO0,0 900 bales, and yet the far
mer is getting $3.50 per bale less for III
cotton this year than he did last year
although he is daily told by the Mcl<in
ley advocates and goldbug organ tina
the prosperity wave has already ma
terialized, and the only reason that tn
country is not feeling it is because tn
country is dreaming.
If a newspaper happens to print fact
like these even now, twelve month
after the victory Of the goldbugs, seYe
months after their President was II
augurated and had called his Congress
in session. and three months after the
tariff bill has gone into effect, 1t
called a calamity bowler, and the golc
ties hold up their hands and say, "OE
YOU must not say anything or you WI
scare away the prosperity wave
But a word about the falling oft G
cotton receipts in Raleigh. ms mus
be a result of local causes.
M ~ q T9tta- of the hrm OF lie
& Iatta. cotton buyers, was asked ye'
terday what, in his opinion, was tn
cause Of the short receipts.
The low price is one cause he r
nIied. .'and then there are several otht
causes. At the beginning of the seaso
the local markets are alwa!
more active than they al
later in the season and merchants an
dealers in those markets do all IN the
mower to turn cotton in their dlrectlol
+ Durham for instance" said Mf.L3tt
THE cotton mills were especially anNlol
for cotton early in the season. They ha7
tn Inv il. have it shipped and pay tt
freight on it for they have to pay Il
hest price possible to induce the farm
to haul it to the mills" Mr.. Latta
referring to the rumOr that the cote
huvers in Raleigh had formed a pool
q combination to control the price OF co
ton on the Raleigh market declared WI
emphasis that there was not a word
truth in it:Nobody had a thing TO do Wi
his bidding on cotton and he had abs
Iutely nothing to do with what, whe
or how, any other buyer bid.
Mr.. A. A. Thompson, of the cote
firm Of Johnson and Thompson Wi
seen. He thought the farmers WEI
holding the cotton back because Of Il