The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-08-17


X tory condition of the southern
- states. some figures given in a let
ter from Richard H. Edmonds editor OF
The Baltimore Manufacturers Recoru'
will be found very interesting.
The letter. written to John L. Williams
e. Son, of Richmond, follows:
Baltimore. July IS. 19O3.-Gentlemen:
Between 1891 and 1899 the average price
of cotton was lower than ever before, ex-
cept during brief period over sixty
years ago From 1850 to 1890 the average
New York price of cotton had always
been over 10 cents az pound, with the en-
ception of one year; but in 1891 the price
suddenly dropped and continued to de-
cline until the average price in New York
In 1S97-lS9S was only 622 cents and In
lS9S-lSa9 was 6 cents. From these ex-
ceedingly low and Improbable figures,
marking for the farmers of the south just
such a period as the west some years ago
endured when wheat and corn We're at
their lowest point, there was fair ad-
vance until in 1861 and 1892 the average
price in New York was $50 cents for the
former and SIS cents for the latter year.
Under the development of the bull move
ment now prevailing cotton is command
ing higher prices than for many years,
higher than it has averaged for third
of a century; but even without regard to
the bull movement we have the asSur
ance. by virtue of the statistical position
of cotton throughout the world, that the
southern farmers will for the coming crop
get a higher price than for some years,
probably higher than for the last ten
or twelve years. The Importance of this
in adding to the south's prosperity is
aptly illustrated by 4 few figures.
Under the high prices prevailing UP to
1870 the south was receiving for its cot
ton and cotton seed only about $3.50 0oo. coo
10 1913 ,0W,0J0 a year, much less than it
had received during the ten years prior
TO 1891, notwithstanding the very great
Increase in the size of the crop. During
the last three years the soutbs cotton
and cotton seed crops have averaged con-
side; ably over $500 00G.0o0 a year. gain in
three years OF not less than $4,000. 90
compared with the aggregate of the three
preceding years. 1t is safe to estimate
that this years cotton AMI cotton seed
crop will during The coming twelve
mon;hs bring to the farmers of the south
at least $500, 100000. and so great has
been the progress in the development of
diversified farming, including truck grow
ing and fruit raising for northern and
western markets, that other agricultural
products of the south will aggregate not
far from 100000 CO., or Il total of $780,
tuo. 600 : the outcome of the farming OPP
erations of the south this year. In 1900,
according TO the census report. the value
Of the agricultural products of the south
was S1.271 900 against $3.50 900, 900 in 1850.
withstandinG the fact that the cotton
n
the total value of the agricultural prod
ucts of the south. it is the great money
crop OF the south, and its history for a
hundred years shows that whenever it
has sold at high prices there has been
general prosperity throughout the south
ern states. During the ten years
from 1880 to 1900. in which low
prices prevailed, the assessed value
of the property In the south increa sed
from S. e59, 100000 TO s5547, 0oo, COO, or a gain
Of S19S, 000, CO., which was less than one
half of the gain in the assessed value
between 1880 and 1890, a period in which
cotton averaged considerably above 10
cents pound. Between 1900 and 1902,
two years in which fairly prohtahie
prices of cotton have combined with in
dustriaI activity to increase the south $
prosperity. the gain IN the assessed value
OF property has been $460,O00.Ooo an aver
age of $3.50, 000. 900 a year against an aver
age Of s19,000000 d year for the preceding
ten years. In other words. the assessed
value OF southern property in two years
was more than one-haf as much as IN
the ten years from 1890 to 1860 With the
assurance of much better prices Tor cot
ton than even the fairly satisfactory
figures of the last two years, the south is
preparing to enter upon the most pros
porous period in it's history. and the next
ten years is certain, regardless of the ups
or downs of the speculative market in
Wall street to show a greater aggregate
development in the south than the last
twenty years. It needs no argument to
prove this. for increase Of population and
ir,orease of We.rl,-- development
which has already bee. accomplished
make it certainty.
The statistics of pig iron production as
published IN The Manufacturers Record
this week show a total output in the
southern states for the first half of 1903
of 1893. 600 tons against 145S.0o0 tons for
the corresponding period of 1902, gam
of go, 900 tons On this basis, taking into
account several new furnaces lately built
it is safe TO count, even allowing for
contingencies, that the production dur
Ing the second half of the year will eX-
coed these figures, thus assuring to the
south an output for the year of not less
than 1906. 900 tons. nearly one-half OF
which Will be the production of Ala
bama In this connection it is interest
ing TO note that in 1880 the total produc-
ton of pig iron in the south was 3So'0Oo