The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1900-09-25
so The PRICE TUMBLES
Now Going Down Eighth of a Cent
Each Day.
THE MIL SITUATION BECOMING SERIOUS
Ths Farmers Have the Cotton Stuatiosi in Their
Hands and Can Dictate Prices il
They Viii Hold Tfeir
Product.

Cotton continued is downward
course Yesterday The local market
tumbcd off another eighth FER AL
grades, and stopped at 9... ~, and
10 cents.
The New York speculative market
was pretty steady, the opening and
closing quotations for the earlier
months showing little change and the
more remote months dropping OF
only ) points.
The receipts III Raleigh Yesterday
were 80 bales The receipts since tho
opening Of the cotton season (Scptrm
Der u this Year have been 3.u59 bales,
against 1852 UP to this TIME last year.
In other words, Notwithstanding inc
fact that tie present cotton crop Is
short. nearly twice as many bale,
have been sold here this year as laSt
And this is the principal reason for
the recent steady decline IN prico 81
the staple. The other cause j. tho
closing down Of cotton mills.
over the second cause the farmer has
no cobtrol but for the first lie is entirely
| responsible.
Without the first cause the sccord
would amount 10 little. hence the planter
is absolutely master Of tho si.ration.
Is cotton on the market today bringing
as much as he THINKS il ought II it is.
| nobody has a right to complain If i is
not the farmer has only himself - fault.
! Vow as never before the statistical sit
uaton OF the staple IS in favor of the
| producer.
Let's take a look at the figures; thoy
| will Il on in s,-n no
rent OF prices must run;
The worlds consumption Of American
cotton is from eleven II clcvcn ana a
half million bales annually.
The crop last year was not quite nine
and half million bales. but there were
over two million bales surplus Loft over
| from the 1S97'98 crop to supply tho def
cic2cy.
Last years crop and the surplus from
the wear before has been used ~.
The crop this year IS estimated d from
nine and n quarter to nine and 4 half
million bales. The lower estimate IS ba-
lieyed to be the mere nearly correct Ana
CT this crop The mills Of tho world must
| depend for their cotton supply.
RECEIPTS REDUCE PRICES.
This IS the situation and it takes no
expert at figures to work ort tho solution
| TO the problem. The world needs eleven
million belcs Of American cotton. There
| is only nine million bales with which to
supply this need. IN fact the Commits
sioncrs Of Agriculture in the Southern
| states solved the problem Tor the farmer,
| when in S1nvention in Raleigh a month
ago they passed the following resolution:
Resolved, That We urge upon n cot
ton growers the Importance or d.stribu
| TIM the sale cf cotton over tho crtire
year IS nearly as may be in order that
the market may not be depressed ~
| dumping the entire crop on the market at
or soon after picking season, as has been
done in some previous Years.
This advice has not been followed Iu~et
~ 1919 cents, the farmers have rushed
| their cotton on the market as rapidly as
they could get it out Of the field and into
| the gin. The result has been unprecc-
dcntcd receipts for this time Of the year.
and az a natural sequence prices have
tumbled rapidly.
4 week ago the New York Journal
recording the violent rise in cotton said:
| The total stock here is ONLY IS 215
bales against 1GG 29l bales a year ago.
| Cf this total only 13 so bales are now
| certifcated ard ready for delivery. More
| over. the stock IN the United States Is
only 123i7t bales. against 4Gf,620 a yaer
| ago and tho worlds visible supply only
| 582, go bales. AGAINST 2,171,i15. Of this
! Liverpool holds II warehouse only 20J 900
| bales against $4,000 a year ago and 75e.-
| 900 bales at this time in 1893. Shorts in
| New York. New Orleans and Liverpool
| have been practically cornered and not
| for years have they been 50 roughly
| handled IS thcy have been within the
last ten DAYS, during which time the al :
vance has becn fully $50 bale h he
past month tho conditions IN the various
| states have run down from 10 20 per
cent. and unless tie South gets a late
fall there IS believed to be 40 chance of
ANYTHING like full CROP
Yesterday the same paper recorded the
f; steady decline Of the staple ana said it
was due to tho unexpectedly heavy re-
ccipts from Southern ports and interior
towns TO this the New York Com
nercial adds.
ut was cotton. too much Gotten, that is.
Continued Oh Page TwoJ