The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1899-09-01
EIGHT CENTS FOR COTTON.
That IL tho Estimate OF u Reliable New
York Firm.

thc lollo"lllS lctler from TCllaDl0
New York cotton firm to the Column
bia Record, and which was published
in that paper last Monday:
"For the past two years nearly
ovory section Of tho Unitod States
has bcen enjoying tho most remark
able prosperity. Tho producer of
cotton anu tho section of which he is
citizen havo almost tho only OK
ceptions to this statement. T!!o
prico Of cotton for two years has not
exceeded the cost of production, if,
indeed, it has realized that, while
iron, copper, wheat, wool, dry goods
and nearly every othcr staple com
modify have advanced, notwithstand-
ing an Increased supply and Il prob
ably lower figure in tho cost Of pro.
ducton.
"The reason for this is .ot far to
sock. Tho cotton crop is tho ono
crop of American production Of
which probably - pcr cont. is con
sumcd abroad. The groat bulk of it
is marketed within threc months,
and must be sold for cash. TO GER
tain extent, therefore, tho sellers
arc the financial mercy Of tho buyers,
and this advantage is ono that is
naturally used to the utmost If.
when the crop commences to movo
tho impression can be created that
tho supple is likely to exceed tho do
mand cotton must decline. Recent
ly tho closest observers of tho crop
development camo to tho conclusion
that the promises Of this years pro
duction were not brilliant. Cotton
commenced to advance sharply in
prico and it looked as if, for tho first
time in three years, the Southern
farmer was going to realize fair
valuo for his product.
"This was tho situation on tho
18th of August, when Mr.. Henry NJ.
Neill, Of Now Orleans, an English
man by birth, aud tho representative
in New Orleans Of London firm
whose business it is to buy cot
ton for foreign spnners, issued n
circular in which was widely pro-
mulgatcd both by cable and tclo-
graph and was calculated to create
the impression that the crop which
is about to be marketed promised to
bo as larger if not larger than any
previous crop. Tho effect Of this
has boon to lead foreign buyers to
believe that they could, by holding
off, secure the cotton they have to
buy at practically their own price.
"Wo havo not believed that Mr..
NoilPs predictions were justified, and
with Wow Of arriving at soundcr
conclusion wo have, during tho past
fow days been tolcgraphing to every
section Of tho South, asking our
various friends thcro to report to rs
by telegraph the condition Of tho
crop in their locality. The result of
those inquiries wo enclose to you.
Unless the people who have sent us
these kilograms are guilty Of the
grOssost misrepresentation the colt on
crop cannot DO Il large one, and
there is no reason why tho tho South
ern producer should be stampcdod
through mlsrcprcsenta ion into sell
ing at loss.
ave therefore ask you if, in your
opinion, it is lcgitmately your func-
tion rs Il journalist to use tho col
umns Of your paper TO correctly in
form your constituency rs to the real
outlook and keep them Nfrom mis-
leading themselves to their own
financial loss? The price Of manu-
factured cotton goods has continually
advanced during tho past year.
Splnnors can pay, so we are informed,
eight cents per pound for cotton, and
yet make Il profit in tho sale Of their
product, and wo are convinced that
if Southern cotton holders can be
brought face to fare with a rcnliza-
ton Of the dtrongth Of their position
they can command at least Il share
of the country's prosperity in which
they have not previously been par
ticipants.
"Wo would especially request in
writing you this lcttcr that you do
not uSo our nalnc. The information