New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1903-02-28
TEN CENT COTTON

% what the farmer has been dreamin,
ABOUT for lol these MANY wears
y Year after year that price has beer
u pfealcted, but never reached
y and be has had only the memory o
the so-called "good old davsu +,
+, remind him that cotton ever wa.
worth encents per pound. Yester.
day, however, cotton for future de
livery in July, and even as early as
May, was worth ten cents, aud even
spot cotton sold freely at 9 "a cents
for mlddllng. with Representatives.
that a good proportion Of the cotton
sold brought ten cents and better
Cotton has sometimes made r~
cords on thetop of a speculation
out the present high price does not
appear to be based entirely on that
sort of a stimulating influence
Actual cotton Is in brisk demand at
present prices, and there exist, no
sign that the demand which has
prevailed for some timeis .ati,f.d
While, therefore, ten cents anound
locks high by comparison with
prices prevailing but few years
ago, there il no reason to beIiev.
that 1t is a higher price than cotton
Is enthusiastically worth, nor would it
DO safe TO say that it represents the
crest OF tho advance.
The trush OF the matter is that
the consumption of cotton has been
Increasing in recent years at a more
rapid rate than has production
The first evidence of this fact has )
been lhe gradual reduction of 81, NJ
olnS stocks, process which
' 's going on for several ", mad
his year there is no exce.~~ defen,
" draw upon, and an their ac'"", l.
zee" taking ,s FIJI they see the fall * emo. Dna
yerv ,ndica ionl that there will not o o
q enough cotton to 60 around. A =
ealjzation Of this probability is re- q
for the larger demand :
ow existing for cotton, notwlth' :.
landing the material advance IN
rice. |,
That the consumption Of cotton
las out-stripped the production IS !
understood by British spinning
interests, aud they are now doing !
everything possible to encourage
The production of cotton in all tho
British colonies. They claim, and
very Justly, that with the steady
and even rapid increase in the
worlds spindles the American sup
nlv will no longer suffice, and other
sources of production must be
sought il Lancashire mill owners
are TO be assured of future sup
nlv Of raw material at reasonable
prices.
The rate at which spindles are
increasing in this country is itself
enough to alarm Lancashire. our
British friends see that the amount
Of cotton available for export IN
the raw state must steadily decrease
from year to year, and British
.n,nners must become active com
netitors with American splnners
flor supplies, with all the advant-
ace. on the side Of the latter
i With these facts in vlew' leu
cent cotton does not seem so very
.xtrsordipary after all. 1t cannot
he claimed that a msre speculation
has created a false valus for the
VI stanle when it is clear to everybody
> that foreign and domestic splnnef'
, are vieing with each other to secure
}. the balance OF the crop at curft"
! nr,ces It i. hardly probable ina
n spinuers have been mistaken !.
e ,h.;r id.a. a. to their requirement
T. during the spring aud summer
e henc. it mus, be assumed that the
: are paying ia ,he neishborhood @
= a.. cents for cotton because IL
u worth that to them.-P,cay""e.