The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-01-21
COTTON ACREAGE MUST BE REDUCED.

are almost always accurate.
The following is the full text of this
weeks letter:
1T seems to us that the most vitality
important lesson for the South TO learn
is that over-production Of cotton is seri-
ously harmful TO the material prosperity
of that section.
1--WE have repeatedly written on this
subject and feel that we have exhausted
the argument; nevertheless, with the re-
suit of the current crop. we are con
strained to write again, even at the risk
of reiterating what we have said before.
Whatever share the merchants and
planters of the South are to have in the
revival of business and general pros
perity of the country, now apparently
we'll started, will depend upon the profit
that is made in the production of cotton,
a crop worth $300,000.000.
'Thc total crop of 1896 was 7,157,-
346 bales, and it was sold at the aver
age price of 500 cents per pound or
$40.S2 per bale, according to the record
of exports and the official figures of
the Bureau of Statistics at Washington.
The planters that year made large food
crops, and when the planting season the
next year began, they were fortified
with every requisite to produce cotton
cheaply.
Last year the total crop was $751;
964 bales, and the average price was
7.42 cents per pound, or $37. 40 per bale,
the crop yielding, perhaps, a larger net
profit chap for MANY years, because
planters had few supplies to buy.
The success resulting from the con-
seryative policy which was pursued these
two years did not induce planters 10 adj
here to that iine of action; on the con-
trary, they increased their purchases OF
fertilizers this year, and many of them
drifted back almost to the al-cottOn
principle, and planted the largest cotton
acreage ever known, hoping that the
world would pay remunerative prices for
the staple, no matter how large the sup
ply.
THE disastrous result of over-planting
this year is already clearly shown by
comparison with last year, when the
acreage devoted to cotton was decidedly
less.
last year the amount of cotton mar
keted to January LIST was 6,39S, 1872 bales
the average price realized was { 53 cents
per pound, S37.97 per bale, or $242, $3.50,
$50.
This year 7,260033 bales were mar
keted to january LIST. the average price
realized was 600 cents per pound, $t0.49
per bale, or S221 ,35S, 406.
''The planters shipped to market $751;
81 bales of cotton more by January 1st
this year ti.nn last. and received for
them sd .5S0.944 less money. In other
words, owing to the lower price, induced
by oyer-pr0ducti0n, the people Of the
South have lost on cotton shipped to
market by January LIST this year, the
total value of SOL, 81 bales, namely, $50,
724, 102, and S21 .5S0.944 besides, making
grand total loss of $54.305,0 46.
TO further illustrate the ruinous ef
feet of overwhelming, We make the fol
lowing summary of crops and prices:
'1S93-'94 crop, 1913. ST. bales; aver.
age price 100; proceeds. $500, 932:S99.
''1S94'95 crop, 9,901.2J1 bales; aver
age price. SO; proceeds, $2SS.91S,504.
'1S95-'9G crop, 7.151.346 bales: aver
age price. 500; proceeds. 5000, 2 334 ,437.
''1S96'97 crop 1851, 964 bales: aver
age price. 7.42; proceeds, 1927 .547. S54.
1T will be seen that in 1S93-'94 a crop
of 7,549.G17 bales sold for $4.014.391
more than the Targe crop of 9,901, 25I
bales the next year: I'm 1896 eros
933 more than the 1901 .251 crop, and
that the crop of S.757, 9G4 bales last year
brought SIS. $50 more than was re-
ceived for 9901 ,2J1 bales marketed IN
iS94-'95.
"Such incontestable facts show what
enormous losses the South has sustained
by oyer-production, and are sufficient to
cause a radical change in planting opera
tions.
1T is conceded on every hand that the
price thus far received for this years
crop has yielded no profit to the planter,
and even though more than two thirds
of the crop have been sold to this date.
prices are even yet below The cos5 Of
production.
"On account of the large crop and l0w
prices resulting therefr0m, it is of vita,
Importance, rot only to the South, but
the whole country, that the cotton acIe-
age for next year he materially reduced,
in order 20 advance fine price of the
greatest staple product of the United
States TO paying basis.
IF the planters of the South suffer
loss, the people of the whole county
must share in it.
''The South cannot stand mother cot
ton crop OF same dimensions as this
years, without bringing about disaster
and bankruptcy to planters and handlers
of cotton, and relative harm to the gen
eral mercantile interest of that section.
1.-The price of cotton is more readily
influenced by the inexorat1e law of sup
ply and demand than any other arlicie
of commerce, fer no commodity is so
sensitive to fluctuations, and when Il
slpperabundance is hanging over the
market. cotton trade in all its branches
is adversely affected.
Cotton raising in this country is vir-
tually monopoly-two-thirds If the on
tire production each year is readily taken
by buyers in foreign countries, and the
planters in the South are justly entitled
to a fair remuneration for their lab IL
An over-supply rs the only reason why
they have to sell 100000 10 100000
bales of cotton to foreign spinner: with
out profit.
"1'he cotton crop can and should be
made the most profitable in this country
II is wholly the planters fault that such
is not the case, as the figures in this
letter clearly show.
1.-The cotton interest Of every kind.
everywhere, would prefer an advancing