The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1900-10-03
Heavy Receipts Depresses Price
q tbs Stapi8.
SOME FACTS FoS FARMERS.
Staple.

cotton season tie attention Of c0tton
trad,rs ccnters upon the movement OF
the new crop aaG the probable cap>:1-
uarce Of the first rush cf heavy &c
cciI..s. Backs here arc receiving ur-
gert reqoe,ss from ;hcir correspond
erts al over tie cot:on oels for cur
rency OF sal Genoulir atoms, suitable
for crop n,ovios 21y:a Is, and it may
be stated as a fact ti;. he banks arc
no. giving these requests Inc attention
that they u:erit The rGqaests are al.
most entirely for 50 Di.:s, of which
there is particular scaraity. FraaS
Tande1lip, assistant secretary Ct ;he
treasury, had oecn here this week,
taking the matter over w;th bank Of.
fcers and striving 10 induce item 20
par, with considerable amount O.
their treasury notes Which are, it wi!l
be reuem bcrei, exchap4ra5le under
the new currency law iDto silver Ger
ti6cates. Nir Van3erlip, in fact,
placed a premium on these treasury
notes By Offering facilities in the form
of transportation Of currency 10 the ag.
ricultural sections IN favor Of the bank
making the exchange of Treasury notes.
1t is quite probsb!e, therefore, that
with this premium, the New York
banks will pass over considerable
amount Of these treasury notes, aud the
transfer of money 70 the South to move
the cycp will De promptly increased.
1t will be recalled that under the new
currency law silver certificates may be
issued against the retiremcn. ct treas
ury notes, not only at the rate Of dol
lar for dollar, but that the practical re-
suit Of the law is that silver certificates
may be issued at the rate of about one
and one third for every treasury note
cancelled. This is accomplished SIS o
result of the silver certificates heing
issued not only against the silver dollar
as actually coined, but against the
profit to the government OF coming at
one dollar coin containing less than
one dollars worth Of silver 1t will
therefore be observed that every dollar
in treasury notes that the New York
banks part with means $l.33 increase in
the currency suitable for the agricaltu-
raj sections. This is factor which
will undoubtedly exercise an apprecl-
sble Influence on the cetton crop move
ment of the near future.
The heavy movement OF cotton TO
market mas had the effect of checking,
perhaps temporarily, the operations Of
some Of the bull leaders. In ether
words, the big receipts are just low
soaring bulls. This is only natural,
and the trade has been prepared both
for the big receipts and the scare arising
from them. Without big receipts some
time there would be DO probability Of a
crop of even 100000 bales, to say
nothing Of 10000, 600 or more, as now
looked for By many. AS is also usual
at this season, the exporting element
see in the rush Of cotton Dcw progress
ing crop of no less than 1900, 600
bales, just as they last season pretended
to believe as late as March. The esti
mate Of a crop of around 5000, 600
bales divided equally between the sec
tions east and west Of the Mississippi,
as promulgated by one Southern firm,
may prove near the mark IN the event
Of early irost or collapse in receipts
around November 10th.
''Ioasnuch as there has been great
complaint of scarcity Of pickers IN
many sections it would be we'll to bear
in mind that in such districts receipts
certainly would have been heavier than
reported. had the cotton been gathered
with usual promptness. This is point
on which big crop people here are lay
ing much stress. Indeed there seems
considerable logical foundation for this
because the movement from many
small plantations has been at "a COM
plete standstill on account OF the labor
question; aud the retardatioD Of re-
ceipts from this cause over wide area
must, in the aggregate, be considerable,
We hear Of some instances where the
yield will be so small and planters are
SO comfortably situated that the high
price will be a great inducement TO hold
for still higher prices, regardless OF
what may be done by the fortunate
planters who have raised good crop
and are anxious to sell now.
"a prominent exporter-a man
whose opinion is we'll respected here
in discussing the crop situation said to
your correspondent: Everything de-
pends upon Texas The abnorma! sit
ustion there arising from the recent
hurricaac has left some Of our expert
statisticians completely st sea in regard
to the probable yield. Before great
while Galveston will receive her usual
quota Of cottou 3sily, the heavy ar
| rivals at New Orleans Of lala being il
q large measure credited 10 diversions
from the former port With few ex
ccptioGs accounts from Texas agree in
predicting remarkably free movement
during October, ard are aimost uoani-
nous in the statement that present
prices are proving strong temptation
TO free selling by farmers. i few sec
tions are claiming a better crop than
last year, but from what we can gatler
from people who are frequently on the
right side Texas does not promise to
make crop Of sufficient size to throw
the bear clique INTO ecstac:es, wE!ie
here and there some planters are such
firm believers IN small crop for the
state that they express an intention Of
holding their cotton for very fancy
prices, 8 decision the wisdom of which
is very questionable before the settle
ment of the question of early frost.
Commission firms who have been
interviewed on the cotton outlook ap-
naar to ruite generally aaree ;hs: Al