The times. [volume] (Richmond, Va.) 1890-1903, 1900-09-21
LOCAL. BANK Frs
GIVE SENTIMENT.
High Prices for Cotton More Than
Offset Short Crop.
THE CORN CROP is SHORT.
Activity in Railroad Building in the
South Show Changed condi-
tions-Export Demand
for Iron.
THE CORN CROP is SHORT.
Especial Dispatch to The rimcs.)
for Iron


BALTIMORE, Sept 2o.-Bankers in the
country towns OF the South come in close
contact with their local agricultural, in
dustriai and business interests, and are
IN position, therefore, to judge accurately
OF those condit tons and to reflect the sen
Gmeilt oil their respective communities.
Recognizing ulat fact and believing that
just at present conditions are most inter-
esunS IN the South, the Manufacturers
Record recently sent a letter 10 pana
IN every county seat in the South asking
for information as 10 present facts and
as to the outlook for the fall and winter
In reply many letters have been receiver
and are published In this weeks issue.
Inc majority of them, coming from the
cotton-ETowng sectIoas. point out Ihas
Whlle the crop is short, the very hlSh
prices now prevailing Will more than Offset
the small crop and give TO the farmers
greater profits CO, co.-Dn Than for mary
Years. Some of the letters from other par-
tons 81 The South IRE less hopeful by
reason of the small corn crop, due to the
severe drought.
In connection with the cotton situation,
1t seems probable that the crop VIII be
at least 5000 Ca5 baGes, and possibly more,
though some able experts anticipate that
the yield will be considerably less. Even
great shortage in the worlds supply viii
probably maintain prices at net much
below the present level of about 10 cents a
pound. or. roughly speaking, say, $50 a
bale, and If X should fail below this figure
prices ought to correspondinsty advance.
On the basis of 9.sGl6l0 bales, this would
give valuation of 600, which would
be by far the lpest valuable cotton ct,a.
raised In this country. That of 1866.
raised just after the close OF the wal
when cotton was commanding an average
oil nearly $3.50 bale, and when the crop
was 2,aO0c05 bales, yielded si32, 1000, and
the next was the crop Of 1S9o-'91, of 100000
bales. which was worth $3.50, 100000.
The average value of the cotton crop OF
the six years from 1s93-'9i to 1sss-'99 was
Ssro. 1Ge.oaG the lowest in that period being
SIS, 900 GOO, for the crop of 1889, which was
IL sTir53 baieE Last years CT - Of 9.409,Go9
bales yielded 1858 900, 600. or ISL COD more
than the preceding crop. On the basis OF
a possible valuation of s4I5,Hb,0O for this
years crop, the difference to the South as
compared with the crop of lS9S-'99 would
be over slao.coa. COO Taking last years
crop and this crop together the
fetal valuation on the bass. Of an
estimate Of si75G0a.oo0 for this year S
will be sSS,0O0100 for the Two years,
against $500 e00,Go0 for the two pre-
ceding years. showing a difference in favor
Of the cotton planters of the South OIL
1926, 600, 900 for two small crops against the
two preceding crops, each OF Wnlch eA-
ceelad Il, 900 0O0 bales.
1t is, OF course, possible that the yield
will not only fall below 950o.01O bales. but
below 100000, but If this should be true,
the price would probably advance to a
point sufficient to make up the differ
ence But with even 100000 bales at the
present selling pr.ce Of $50 bale, the
value would be s45o, oeo,oeo, which would
still be the most valuable cotton crop which
the South ever produced.
With probable valuation of $780, 600
this year and possibly still higher value.
the South will doubtless be in better finan-
cial shape than for many years.
In 1898 a crop of S,65O,0o0 bales. the
average price per pound of m ddlihS up
lands in New York for the year being 500
cents. brought saa9,0aoGoo. and from this
figure there was a rapid decline to S2Ss,ot9,-
OO9 in 1929.
One of the Indications of changed con-
ditions in the South is activity in railroad
building. While this is general in nearly
AL Southern States, It is particularly mark
ed in Texas and Alabama both OF wiilcn
promise TO make a record during this year
IN Texas the Southern Pacific las lei
several contracts representing more fhaf
100 mileage, and the International & Great
Northern Company. the Gulf, Colorado
Santa Fe. the Missouri, Kansas and Texas
the Cane Belt and the Texas Central raj
roads have extensions and connexions
planned
In Alabama the Louisville & Nashville
the Southern. the Central Of Georgia, ths
Alabama & Tcmbigoee, the Chattahooches
Valley. the Tennessee & Alabama MIN
eral and the Carrollton Short Line foaos
are making extensive improvements
The feature OF the Southern iron marke
at present is the export demand. WIZ
reasonable rates and available ocean rop!i
The Birmingham district would be for ms
present independent of the domestic trace