The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1901-11-06
THE COTTON SITUATION.
From Atlanta Journal.

!
The present statistical position of
cotton is today stronger than it has
] been in several years, yet the price be-
ing paid to the producer is SIS per
bale less than for the same period last
year. For three weeks the market
/ has been successfully hammered down
by the bear element, solely upon the
deluge of cotton put upon the market
by the producers. Each days quota
tion of the spot market shows a
gradual depression in price based
entirely and alone upon heavy
receipts. The farmres have deliberate
ly placed in the hands of the bear ele-
ment every weapon needful to force
prices down, and have actively cooper
ated with that element by putting the
staple on the market and accepting
whatever price has been offered. This
is the whole situation in nutshell
and will continue to repeat itself so
long as the farmers follow the pres
ent system of selling. It is true,
each and every man has the right to
dispose of his products as he pleases,
and if be is satisfied with price offer
ed him whether it be fair or other
wise, there is no power which can con-
troll his action in the matter. On the
other hand, however, there are impera-
tive duties which every man owes to
his family and his country. It should
therefore be the obvious duty of every
cotton producer to recognize the first
fundamental law of nature, sef-pre-
servation, to study every phase Of the
situation surrounding the supply, de-
mand and price of his money crop, and
then adopt such intelligent and busi-
ness like system of disposing of that
crop so as 10 make it command in the
open markets of the country fair
and legitimate price. There. are
thousands cf farmers in the south who
earnestly desire to do this, but they
are powerless to accomplish the ends
sought when the large majority sell
their staple at the bidding of others.
One year ago the cotton market was
absolutely controlled and dictated by
the farmers under conditions which
were much harder to control than
those which confront us this season.
The entire situation was controlled by
holding back the cotton from the mar
ket, which forced the buyers to offer
the highest price paid in years, and
the market was held strong and un-
broken until the Texas farmers began
to deluge the ports and interior towns
west of the Mississippi with heavy
receipts made possible by enormous
sales during short period of time.
The result of holding cotton last sea-
son and selling slowly forced the pay
ment of the largest amount Of money
for that crop ever received for any pre-
vious crop in the history of the south.
The crop of last year, though it was a
million bales less than the big crop
made in 1895, nevertheless brought to
the producers rs per cent IN value
more or nearly twice as much money.
In other words the bumper crop Of
1898 which was sold at the dictation
of the buyers brought S211. ZOO, 600
less than the crop Of last season, al
though we made million more bales
in 1898, than we did in 1900. In the
first instance the spinners made the
price which was below the cost of pro-
duction to the farmer, and the farm
ers sold it regardless of the price Of
fered, while in 1900 the farmers took
a strong and positive stand for higher
prices and secured a profit on the crop.
These are facts which cannot be
denied. 1t presents fair Illustration
of the plain business proposition, that
if we quietly accept the spinners'
price there will be no profit left to the
producer. The spinners will in every
instance look solely to their own in
terests. II the spinners can buy our
cotton at present or lower prices, it
would be an absurdity to presume that
they would voluntarily advance prices
no matter what the true value of the
staple might be.
THE PRESENT CROP.
It has been notoriously advertised
all over the south for the past three
months that the present crop could
not be as large as the one gathered last
season. From September l, 1900, to
February Is, 1901, the average price
for middling cotton in New York was
1Oc per poound. This season, owing to
the heavy rush of the staple on the
market since the crop began to move,
We find the New York market quoted
at Sas cents on this date, October 26.
Although the crop opened up nearly
three weeks late over the belt this
season the receipts have been so heavy
as to about catch up with the receipts
Of last year up to the present time.
Note that last week the receipts were
enormous and ran up to 425, 600 bales.
Another week or two of selling like
the past and our receipts will outstrip
those of last year and prices will
continue to sag down. The crop is
short, but it seems as if the farmers
are anxious to get it out and market
it all at once.
There have already come out num-
Der of estimates on the probable yield
of the crop this season. Nearly all
the statisticians in this country figure
the maximum yield all the way from
6, 500, 600 to 10, 200, 600. 1t is only from
Europe chat we have estimates placing
the probable yield at 100000 and
oyar Mr. Rrcton who fipuraS for Ehe