The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-24
COTTON ONE YEAR AGO AND NOW.

SStoSton, too ie going 30 be great
yiead. and as the prices are consider
ably in advance of those OF 1896 at
this time, the South is going to have
a stroke of the Republican luck
This - going to be q memorably
good rear for all sections OF the coun-
try. Prosperity has hit the West
and ne South, and 10 caromins over
to the East. The men are FORUM
ate who are eandidat ties for any
thing On Q Republican ticket an any
State these days"
Tase above, which appeared in the edi-
CORRAL columns Of the st. Louis Globe
Demo&pst il q sample of the statements
that are going the rounds Of the Repub-
Ecan rrsss in all parts of the country.
The editorial para graph was shown by
a st. Louis Republic reporter to Mr..
ID. p. Hsrner, president of the st. Louis
Cotton Exchange He is one of the best
posted cotton men in the country, and
we quote his views because, aside from
completely answering the incorrect
statement. it contains facts of interest
to all who are interested in cotton. Mr..
Horner said:
This appeared in the editorial col
umns of the Globe Democrat last Satur-
day. and is so far from the truth as to
appear ridiculous. The fact is that cot
ton he's been declining in price ever
since NcKinley's election. 1t has not
been as high since as it was before the
election, and to-day it is l ZIG cents
lower than it was just before election
day last November.
ut 10 far from true that the cotton
planter is enjoying the wonderful pros
perity we read about. A drop of / cent
In the market means a loss of So Der
bale to the planters, and taking this
years yield as a basis, infficts a loss
upon them of $50,000,000. But as com
pared with this time a year ago, the
price il more than 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 considerably
in advance OF those of 1885, the fact is
that middling cotton was quoted on Sep
TENDER Is, 1896 in this city at z 1916
cents, while on the same day of this year
it sold at 11-16 cents, decline of III
cents. Cotton for future delivery, Jan
uary contracts in New York, on Sep
tember IS, 1896, were S.23 cents, while
last Saturday they were 6.61 cents, or
162 points lower which is decline of
$50 per bale
"And not only is this true, but there
has been a still further decline in the
market since Saturday. To-day's quo
tation was 65s cents 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 years crop, taking Saturdays
quotations as basis. it would mount
up somewhere near $S0,000,000, it being
dmpossible to make an exact calculation,
owing to the uncertainty of what the
yield will be.
II don't know what the planters in the
South think of the prosperity they are
gettinS, but if it can truly be called Nc
Kinley prosperity, and the Republican
press ia right in putting that label on il,
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 l handed you is not
true, but it does ms no good to say that
ty, when, as a matter Of fact, the plant
ers are millions of dollars worse off
than they were before Mckinley was
elected.
'oThe cause of the low prices that have
ruled for some time past was, primarily,
the prospects of tremendous yield, the
indications up to a few weeks ago being
that we would have the largest crop in
the history of the country. Other fac
tors have entered into the situation, such
as the buyers holding off on account Of
the large crop prospects, and there being
more sellers than buyers, and now comes
the yellow fever.
"I'he prospects Of the large yield pre-
aicted up to about a month ago will not
be realized on account of the dry. hot
weather damaging the crop from 20 to
30 per cent in many sections, and yet the
market continues to decline. 1t is hard to
say JUST what is the cause of the bear
ish tendency of the market, in the face
of the continued reports Of crop damage,
but there is no disputing the fact that
1T is going down, and that the planters
arp the losers