The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1902-11-25
COTTON is WORTH EIGHT CENTS.

This paper has long learned to pin its
faith in cotton estimates to Ashley Horne
& Son, of Clayton. They do a large cot
ton business and there is no firm in the
State that studies cotton more thor
oughly. The senior OF the firm has been
raising, buying and selling cotton since
the war, and in recent years has begun
manufacturing it. The firm studies cot
ton from every standpoint-that Of the
grower, the buyer, the seller, the manu-
facturer-and they are careful and pru-
dent in all their transactions and esti-
mates.
Below we print the estimate of this
firm sent to his paper last night:
HORNE & SONS ESTIMATE.
Last year our estimate on the crop
was 10,250, 900 bales. The actual crop
grown was 10,552,000, hence we were
wrong in our figures some 10000 bales.
On The goth Of the past September we
made an estimate on the present crop Of
II, 250, 900 bales, which Was published IL
The Journal of Commerce and Commer-
cial Bulletin Of New York Of that date.
At that time hardly a bear could be
found, bat on the other hand, every
body from New York to New Orleans
was bullish. Even Messrs. Buston, Eli
son and NeiIl had not ventured their
estimates which have lately appeared
with such depressing effects upon the
market. knowing so we'll that our
figures were bcarish, We would not pub
lish them here, fearing the holders and
producers of cotton would understand
US as being against the good prices then
ruling. But to those who sought our
advices when spots were 81 to ST. we
suggested selling, and as fast as pos
sible, believing and stating that We
thought the market would certainly go
as low as S cents and probably to IA.
The recent decline has put the market
down to a lower level than even we an
~ticipatad and the prices now ruling.
IA to 7A, in our opinion, very we'll dis
count everything beariSh in the sltua-
ton. Our estimate on the consumption
this season is Il loo, 600 bales and should
we carry over next September as many
as 500. goo bales it cannot be considered
a burden. Looking at the general situa-
ton in an unbiased way we fail to see
WHY spot cotton should very much longer
sell for less thar s cents. If the farm
ers and holders will only keep their
cotton away from the markets they
would have no trouble in requiring this
figure. But if they rush it on the mar
ket as though there remains but a few
DAYS more in which to get rid of their
balance, We can but expect this present
depression to continue. The South IS
in good shape financially and we'll able to
market TIE balance of the crop in a
moderate way. The mills are doing a
good business and the mill owners who
are liberal and conservative people will
not mind paying s cents for their future
needs.
eve hardly think they would consider
So very hig next summer We think
the crop CT North Carolina will be 600,-
600 bales this year.
ASHLEY HORNE & SON"
The recent decline in the price of cot
ton was caused by speculation. 1t is
the opinion of Horne & Son AMI other
prudent cotton firms that to avoid low
prices the farmers must not be in so
big a hurry to sell. There is no good
season why the balance of the crop
should sell for less than eight cents.