The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1902-12-16
Hold for. Higher Prices.

lBy Haryle Jordan

=.
have written a series Of articles re-
Gently bearing largely upon the strained
relations between the members II The
New York Cotton Exchange ani the
United States Department OF Agriculture
and upon the value OF the department
report to the cotton producers or the
South The recent conservative report
of the estimated YIELD or cotton for tnc
year 1902, issued by the department on
December 3rd voices the general senti-
ment of trade. and is fairly satisfactory
TO dealers. except those OF the extre ae
bear" element who continue to main
tain that the crop will 90 to II 900 900
bales. The small receipts OF cotton
which are now coming TO the ports.
counted interior points, are very alarm
ing TO the bears who are using every
means at their command TO convince the
cotton consuming world that the II 600 900
and over estimates are correct They
also want to convince the public. ana
especially those cotton growers who have
yet some spot cotton held back for high
er prices. that all news OF a 'builish
tendency is unreliable and not to be
credited by the trade. Every effort Will
continue to be made by that class OF
| spectators to throw discredt upon the
| government report by asserting that the
| bureau report was LOCO 900 bales short
| last year and will be about the same this
year We have, however, shown in the
| last article this subject, that from
| facts and figures resulting from a thor
| oughly exhaustive investigation of the
| situation. that the bureau estimate o.
| last year did not really miss the actual
| crop grown by more than 1876, coo bales.
| In other words the estimate of the gov
ernment bureau was only 10000 bales
short of the actual crop grown and gath
| cred last year.
| A BULLISH REPORT
While the bureau report of the 3rd
instant estimated a yield OF To- 400, 900
bales for the present crop. and went be-
yond my maximum estimate 150,0 900 bales
| it is nevertheless 'bullish" report in
that the spinners OF the world viii re-
| Quirc much more cotton tnan that
! amount to meet the demands of con
! sumption within the next ten months
! The dealers in the exchanges realized
| that the bureau report would be OF q
"bullish' tendency and therefore dis
counted it in advance. hence the market
was not visibly affected either one way
or the other when the report was made
| known to the public. To shcw that the
movement of the crop is now beginnine
TO slacken up, the following market let
| ter is interesting:
| New Orleans amount brought into
sight for week Just ended, November -
| is 397 ,294 against 427, $50 last year and
| 405, 1873 the year before. The above
amount is regarded bullish by the trade
The Liverpool stock of cotton is much
smaller than at this time last year. IN
| terror stocks in excess Of September 1st
48O. .103, against 436,431 last year TT,
last named items would indicate thai
the consumers of the world are Of the
opinion that we will have cotton enough
to go round Brought into sight sincc
September 1st 4.999. .5O7, against 4.7O1 81:
last year This would indicate that tne
present crop is somewhat larger thar
last wear"
The movement of the crop since sep
tember 1st has been Unprecedented. z:
all farmers know, and could not be right
ly used as a comparative basis of th'
average movement of crops in past years
1t must be potent to all producers the
more than half of the crop grown thi,
year has been marketed. Up to Deccm
Der 1st the amount brought into sign
and marketed amounted to but little ove'
5000, eco bales. Even if only half OF thc
crop had been marketed up to that tir.'
it would Indicate a crop Of but little ovc
0.0000 900 bales.
Farmers generally have not held hacl
their cotton as they did two years ago
hence the proposition now being advance
that cotton is largely being held on plan
tations is simply a scheme and a device
on the part of the specuIa ors to GeDres
prices.
The spinncrs will soon wake up 70 tn
true situation and realize that tncra i
rot the amount of cotton in the couut.-
to draw on later which they haze bee.
lead to believe. What little cotton sher
is still in the hands of the planters,
would earnestly advise them to ho1 o:
to. just as long as possible Lessen tn
continued heavy receipts and thcreb,
break the strong weapon in the hands 0
the spectators to hold down the market
The government report Will be general.
accepted q correct. and IL the spinner
cannot from now on get cotton at thfi
planters much higher prices than thos
at present prevailing. For the prescn
shall close discussion Of this luos
tion, trusting that all these who hav
cotton on hand will be convinced tha
the best thing to do IS to continue L
hold for better prices.
HARy1E JORDAN.
Afraid Of Too Much Tobacco.