The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1899-08-30
EIGHT CENTS FOR COTTON.
That is the Estimate of New York
Firm.-RepOrts From its Core.
spondents Indicate That the Crop
Will be Twenty Per Cent. Smaller
Than Last Year.
Columbia Record.

Inau LHsC L cur
Columbia Record.
The Record has received the followi ng letter
from New York cotton firm:
editor Record: We address you as editor
of newspaper whose In nterests are naturally
and properly with the South and Its most
important product and source OF revenue and
wealth, namely, the cotton crop.
''For the past two years nearly every sec.
ton Of The United States has been enjoying
the most remarkable prosperity. The pro.
ducer Of cotton and the section of which be is
citizen have been almost the only excep.
tions TO this statement. The price OF cotton
for two years has not exceeded the cost OF
production, IT, indeed, 1t has realized that,
ly every other staple commodity have ad.
vanced, notwithstanding an Increased supply
and a probably lowered figure In the cost OF
production.
cotton crop is the one crop Of American pro-
duction OF which probably 70 per cent. is con.
sumed abroad. The great bulk Of It Ia mark
eted within three months, and must be sold
sellers are at the financial mercy OF the buy.
ers and this advantage Is one that is natural
ly used to the utmost. II, when the crop com.
mences to move, the impression can be Great
ed that the supply is likely to exceed the
demand cotton must decline. Recently the
closest observers of the crop development
came to the conclusion that the promises OF
this years production were not brilliant.
price and 1t looked as II, for the first time In
three years, the Southern farmer was going
to realize fair value for bis product.
"This was the situation on the 18th of
August, when Mr.. Henry M. Neill, OF New
Orleans, an Englishman by birth, and the
repres entative In New Orleans of a London
firm, whose business 1t Is TO buy cotton for
foreign spinners, issued a circular in which
was Widely promulgated both by cable and
Telegraph and was calculated to create the
impression that the crop which is about to be
market promised to be as large II not larg-
er than any previous crop. The effect Of this
has been TO lead foreign buyers to believe
that they could, by holding of, secure the
cotton they have to buy at practically their
NeiIl's predictions were justified, and with a
view of arriving at q sounder conclusion we
have, during the past few days been tele-
graphing to every section Of the South, ask
Ing our various friends there to report to US
by telegraph the condition ofth crop In their
locality. The result OF these inquiries we en-
close TO you.
"UnIess the people who have sent us these
kilograms are guilty ofthe grossest misrepre-
taton the cotton crop cannot be large one,
and there Is no reason why the Southern pro-
ducer should be stampeded through misrepre-
sentation into selling at a loss.
1--WE therefore ask you IT, in your opinion,
II is legtimately your function as Journal
list to use the columns Of your paper to
correctly inform your constituency as 10 the
real outlook and keep them from misleading
themselves to their own financial loss? The
price Of manu- factured cotton goods has con-
tinually advanced during the past year.
Spinners can pay, so we are informed eight
cents per pound for cotton, and yet make
profit In the sale Of their product, and we
are convinced that ifSouthern cotton holders
can be broueh face to face with realization
OF the strength of their bossitiOn they can
command at least q share Of the country's
prosperity in which they have not previously
been participants.
| 1--WE wou!d especially request In writing
| this letter that you do not use our name.
The Information that we give you. coming
| from the various parties who have sent us
| the telegrams, you are at liberty to use, to-
gether with their names. but there are those
who may mlscOnceive our purpose In thus
addressing you and think that In so doing we
may be seeking some self advertisement.
Such ia not the case. To n considerable
extent our business and interests are with
| the South, and in a broad way anything that
| favorably effects that section is to our advan-
tage. but we seek no publicity In connection
| with this letter"
The firm issuing that letter is one OF the
| most reliable In this country, though In
Difference to It's wishes It's name is withheld
| What II says Ia so. Other reliable estimates
confirm 1t and discount Nell's attempt to
bear the cotton market. The crop IL short
and II cotton IN not rushed to market prices
| must and will rise. The firm In question has
received replies from 81 Responsible firms and
| individuals throughoY the cotton states.
which Indicate that tRi crop production has
suffered q reduction 81 about 2O per cent.
Their corresponding report reduction or
damage OF fanywhere&rom 10 to SO per cent.