The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-05
COTTON WORTH TWELVE CENTS.

Last year, just about the time the
farmers were picking cotton, this pa
per urged the farmers not to rush it
to market but if necessary to borrow
money and hold their crop for the
rise in price that was certain to fol-
loW the short crop. We proved that
cotton was worth ten cents pound.
Those farmers who held their cotton
obtained ten cents a pound for it, and
if there had been thorough concert
of action among the producers, not a
pound of last years crop would have
sold for less than ten cents.
This year the conditions for large
price are even better than twelve
months ago. Then the mills had a
fair supply on hand from the crop
of the previous year. Now they have
very little cotton stored and must
buy shortly of the new crop or shut
down their mills. The crop of this
season will be under ten million bales.
The.estimate-o of the Commissioners of
Agriculture of all the cotton States is
9,564,,5AOi bales. ''This estimate, how
ever" said the Commissioners, sis
subject to the weather conditions for
the month of September, and also
killing frosts later on" The Govern
ment estimate is a little ahead of this
estimate, Last year the estimates of
the Commissioners were within 100,-
600 bales of the cotton crop. They
join this year in urging the farmers
to hold their crop so as not to de-
press-the market by rushing the
staple to market as soon as the pick
ing is over.
soon to say positively. 1t is certain
that. it is worth ten cents. Not bale
ought to be sold for less. The banks
and money lenders will let farmers
have enough money to hold their
crop. 1t is as plain as a pikestaff that
cotton will go above ten cents unless
the farmers themselves press the
price down by rushing it to market.
If they hold it and sell discreetly,
they. will get fair price. If they
hurry it to town, the price will be
low.
The price of cotton this season may
go to twelve cents. If the crop con-
ditions for September are bad, the
total crop will not exceed 100000
bales. In that event, re price ought
to go to twelve cents. Mr.. Harris
Jordan, president of the Cotton Grow
ers' Protective Association, has writ
ten an article relative to the price of
cotton that ought to be read and care
fully considered by every grower of
the staple Mr.. Jordan writes
Every imaginable argument is now
being advanced by the export buy
ers and spinners to induce the pro-
ducers to hurry their cotton on the
market at present low prices, pre-
dieting that if the crop is held back
prices will go still lower. l contend
that present prices, while unusually
high as compared with the fall mar
kets during the. past few years, are
yet far below the true value of the
stape, considering the short crop
the enormous demand for cotton
goods and the high prices of the
finished fabric. When, go days ago,
conditions pointed to an average yield
i felt that the demand for our staple
in all parts of the world during the
next II months, <in the absence of
any surplus from the last crop, war
ranted price of not less than 10 cents
per pound at all local markets. Since
that time unfavorable weather condi-
tons have largely cut off the crop,
and the general consensus of opinion
throughout the cotton belt is that the
crop this season will be no larger
than the short crop harvested last
season. This being true, with no evil
dence at hand showing any check in
consumption of cotton goods during
the next year, as compared with that
of the past II months, and shortage
of at least 100000 bales of American
and Indian cotton, the price for our
staple should be in the neighborhood
of II cents per pound. The great
trouble now in the way of obtaining
high prices is to convert every farmer
to full appreciation of the situation
get him to realize the true value of
the staple and then market the crop
slowly, so as to force the mills to pay
fair prices this season. The farmers