The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-10-14
COTTON GROWERS CONVENTI0N--NElLL
ANSWERED.

which is called to meet in Raleigh, We'd
nesday, Oct. 18th, is one of the most
important gatherings ever held in the
State. The farmers in all the cotton Sec
tions of the South are holding meetings
to discuss what is the best method of
getting the real worth of their cotton In
many Georgia counties they are passing
resolutions declaring that they will not
sell it for less than eight cents. Others
are resolving to store it III warehouses
and to dispose of only one twelfth each
month. In still other sections much
of the cotton is being sold as it is ready
for market.
What ought North Carolina farmers to
do in the face of the recent bear circu-
lar issued by Neil and the organized
attempt of the foreign spinners, aided
in many instances by American mill
owners. to press down the price of cot
ton? In Raleigh, Charlotte and other CEN
tres bankers and business men have
made arrangements to warehouse the
crop and lend the farmers up to nearly
the market price of the cotton. Some
are awaiting themselves of this opportun-
ity to hold their cotton. Others are UNI
decided what course to pursue. In their
dilemma they look for guidance to the
assembled wisdom of the cotton farmers,
and will watch with deep interest the
deliberations of the Cotton Growers
conference which meets in Raleigh next
Wednesday.
Unfortunately for the cotton growers,
the European spinners pin their faith
to Nell. They know he is their friend.
The farmers know it, too, and recall his
utterance made some years ago when
the world bought cotton two cents I'M the
pound less than it was worth because of
Neill's estimate of big crop. When
criticised for his gross error, Mr.. Neill
replied that he had saved the cotton
spinners millions of dollars-and so he
had But by the same token he had
taken those same millions out of the
cotton market where they rightly be-
longed.
NELL has the care of the foreign buy
ers and their confidence. He has, too,
the sympathy of the great mill owners
in this country who naturally wish to
buy cotton as cheap as possible. For
the past few days NELL and his sympa-
thizers have held the call ON the mar
the news of a falling off of one million
bales in the India crop and at least two
million in this country, it is apparent
that the falling off in price has not been
due to natural causes, but it is the result
of the powerful Influence of the bears.
The best and clearest exposition Of the
cotton situation we have seen is con-
tanned in the weekly cotton circular of
Price, Mccormick and Company. of New
York 1t is rather long for our columns,
but in view of the deep interest III the
question we give it in full:
THE market has pursued rather an
erratic course during the week. Prices
are about 20 points lower than on
Thursday last, but the market still con-
tinues to exhibit great inherent stabili-
ty. The real strength of the market is
still to be found i'll the tenacity with
which the south continues to hold her
cotton for full prices 1t is stated that in
the Atlantic States the mills continue to
absorb all the offerings of the quotations
of the outports, and it is assumed that
the manufacturers are induced to pay
these full prices by the knowledge that
the yield is deficient The bears have
endeavored to make considerable capital
out of assertions that stocks of cotton
at interior points were rapidly accunu-
lating and were a menace to the market,
owing to the fact that holders would
throw their cotton III the market in the
event of amy decline in values. We have
thoroughly investigated this point, how
ever, having sent kilograms to the lead
ing bankers and merchants throughout
the entire cotton belt and the replies
received convince us that there as no
abnormal accumulation of cotton in any
section, and that the relatively moderate
movement is due rather to deficiency
of the yield than to any other cause. We
are mailing under separate cover a re-
print of the Geographic replies we have
received to our inquiries and invite the
attention Of our friends thereto. The re-
ports which we are receiving from our
correspondents as will be noted almost
without exception foreshadow very
moderate crop this season. These private
advices received full confirmation in the
report of the Department of Agiicul-
ture ISSUED ON Tuesday last. We quote
the text of this report as follows:
.'fhe October report OF the statisti-
clan Of the Department of Agricul-
ture shows the average condition on
October LIST to have been "a as com
pared with 6S.5 last month, 75.4 in
October LIST, 1898, 70. at the CORE
spending time in 1897, and 1875 the
mean Of the October averages for
the last ten years. The decline dur
ing September affected almost the
entire cotton producing region, be-
| ing points in North Carolina and
| Indian Territory, points in South
| Carolina, 5 in Georgia and Texas 6
i'm Alayama and Louisiana, 8 in Miss
isSiatni and Arkansas 10 in TpnneS-