The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-11-10
FARMERS HOLD
YOUR COTTON.
(Atlanta Journal.)
(By Harvie Jordan.)


The present statistical position of cot
ton IS today stronger than 1t has been in
several years, yet the price being paid
10 the producer is SIS per bale less than
Tor 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
quotation OF the spot market shows a
gradual depression in price based entirely
and alone upon heavy receipts. The farm
ers have deliberately placed in the hands
OF the bear element every weapon needful
to force prices down, and have actively
co-operated with that element by putting
the staple on the market and accepting
whatever price has been offered. This is
the whole situation in a nutshell and
will continue to repeat itself so long as
the farmers follow the present system of
selling. 1t is true, each and every man
has the right to dispose of his products as
he pleases, and If he is satisfied with a
price offered him whether it be fair or
otherwise, there is no power which can
control 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. 1t should there
fore be the obvious uty Of every cotton
proucer to recognize the first fundamen-
tai law of nature, self-preservation. to
study every phase of the situation sur
rounding the supply, demand and price of
his money crop, and then adopt such in
teligent and business like system Of dis
posing OF that crop as to make it COM
mand in the open markets of the country
fair and legitimate price. There are
d. Is 80
earnestly desire to do this, but they are
powerless to accomplish the ends sought
when the large majority sell their staple
ut 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 Sit
uation was controlled by holding back
the cotton from the market, which forced
the buyers to offer the highest price paid
in years, and the market was held strong
and unbroken 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
or holding cotton last season and SELL
ing slowly forced the payment of the
largest amount of money for that crop
ever received for any previous crop in the
history Of the South. The crop Of last
year. though it was q million bales less
than the big crop made in 1885, nevertfe-
less 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 $211, 900, 900 less than the
crop of last season, although we made
million more bales in 1898, than we did
in 1860. In the first instance the spinners
made the price which was below the
cost of production to the farmer, and the.
farmers 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.
II presents a 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 spin
ners will in every instance look solely to
their own interests. If 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.
1t has been VIGOROUSLY 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 10 cents per pound. This
season, owir avv rush Of the
staple on the market since the crop began
to move, we find the New York market
quoted at 8ss cents on this date, Octo-
Der 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, 900 bales Another week or
two of selling like the past and our re-
ceipts will outstrip those of last year and
prices will continue to sag down. The
crop is short. but it seems as If the farm
ers are anxious to get it out and market
il all at once.
There have already come out a number
of estimates on the probable yield of the
crop this season. Nearly all the statisti
clans in this country figure the maximum
Yield all the way from 100000 to 10, 200,
600. 1t is only from Europe that we have
estimates placing the probable yield at
1900, 900 and over Mr. Buston, who fig
ures for the European spinners. antici-
pates large YIELD and it has been ru-
mored recently that Mr.. Neil would issue
bearish circular. All the reports from
Texas, Indian Territory and Oklahoma in
dictate loss Of million bales on the
crop this season for that section as COM
pared with last season. Arkansas is said
TO be short 100000 bales. and Tennessee
$4,000 bales. This would indicate a short
age of 100000 bales, and the other States
east OF the Mississippi must make UP
that shortage in order to have this crop
equal to that of last year. 1t is general
ly understood that aside from Mississippi
none of the old States will produce much
more than they did last year, some OF
them not as much. Hence the question
naturally arises, where is big crop to
come from? We all realize that there is
but little or no top crop in any of the
States, and that in nearly all sections the
crop is fully matured and opened. Many.
fields have already been picked clean and