The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1903-09-09
The COTTON CROP OF TO-DAY.
Facts About the Staple as Well
as the Industry.

The Review of Reviews for Septem.
ber has a timely article on The Cote
tom Crop of today by Richard H.
Edmunds, editor of the Manufacturers
Record, of Baltimore. Mr.. Edmonds
treats his subject very comprehensive
", the article abounding with interest
ing comparisons, facts and figures in
relation to the cotton industry, extend
ing pretty much over the whole OF the
18th century. What the raising Of cot
ton means to this country he shows
very clearly in his opening paragraph
when he says that since 1880 the South
has raised ls0, 600, 600 bales of cotton,
worth at the price paid to the growers
81, 800, 600, 900.
From, June 80, 1881, to June 80, 1903,
the value of the exports of cotton was
S5, 393, 500, 600, Of cotton goods 1888,
800, 600, and of cotton seed products
about S150, 600, 600 a total Of S., 800, 600,
900 or 2e per cent of the country's to-
tai export trade. The Importance OF
cotton in our foreign trade relations
is strikingly illustrated by the fact
that the aggregate value of the exports
of wheat, -four and corn in the same
time were but 81, 1870, 900, 600, as COM
pared with the S5, 900, 600, 900 of exports
of cotton and cotton goods. II our
cotton crop were cut in half, Mr.. Ed
monds says, it would shake the bust
ness world and bring about in this
country as we'll as in Europe repeti-
ton Of the conditions in Lancashire
forty years ago caused by the cotton
famine of 1S6l-65 During 1863-6 the
price Of cotton in New York averaged
81 pound.
The value of the cotton crop, Mr..
Edmords says, is worth half billion
dollars a year to American growers.
The worlds total average annual pro-
duction during the last six years has
been 13, 40, 600 bales of 500 pounds
each, of which the South has produced
an average of 10, 500. 600 bales a year.
The largest crop the South ever raised
was II, 274, $40 bales. in 1928, but its
value was the smallest since 1878, be-
cause of the low prices then prevail
ing. The writer discusses al some
length the question of the relative
value of low and high prices of cotton
TO the growers, the desire Of the manu-
facturers TO buy the staple as cheaply
as possible, the relative effects Of low
and high prices on foreign production,
and says that "cotton planters, like
wheat growers are moved simply by
the question Of whether they can sell
at profit the cotton they raise each
year; they are looking, net to what
may come about ten or twenty years
hence, but to the actual results which
they can secure today
In view of the recent diatribes
against the present boom in cotton
prices the statement of the range of
prices for cotton during the nineteenth
century is most interesting. Early
in 1900 cotton sold at a. cents a
pound, and ii was not until 1889
Chat it declined below Is cents a
pound, as the average price in New
York for full year. In 1S40-4l it
dropped to 911a cents, and then declined
until 1894, when it reached 5.63, as
the lowest average price ever recorded.
Then it rallied until finally it reached
1924 in 1880. Between 1850 and
1850 the average price in New York
ranged from 90 cents in 1S51-52 to
13. 81 in 1S56-57. For some years after
the war the price ductuat5d between
40 cents and 13 cents, but between
1852 and 1890 there was only one year
in which the New York price fell be-
low 10 cents, and that was in 1885,
when the average was 9.44 cents. Be-
ginning with 1890 the price steadily
declined from 9.03 in that year to 6
cents in 1898, but between 1891 and
1902 the average New York price never
got back to as much as 8 cents a
pound. In the last 100 years there
have been only two periods in which
the average price of cotton was not
above 10 cents a pound.
On the question of price naturally
the prospect of the new crop is OF
paramount Importance On this subject
Mr.. Edmonds says that owing to the
rainy weather which prevailed through
out the cotton region last spring plant
ing was much delayed, and the crop is
estimated to be at least three weeks
late. On this point there is substan-
tial agreement among all the authori-
ties, Government experts, traders, etc.
The condition of the plant is, however,
according to Mr.. Edmonds, favorable,
and rapid Improvement is reported
from nearly every part of the South,
giving promise of good yield, but there
are still many dangers to be met, not
the least of which is early frost, and
that danger is all the greater by rea-
son of the lateness of the crop.
Since the article was written the
somewhat bearish Government report
on the new crop has been issued, and
to a great extent it corroborates his
forecast on those points and especially
his remarks on the destructiveness OF
the boil weevil in Texas, which he says
is g the greatest menace cotton growers
have ever had to face
Among other branches Of the sub
ject discussed by Mr.. Edmonds {but tc
which lack of space will only permit
reference in this article, is the
quantity of cotton the world ear use
the effect of the development of other
industries in the South on cotton rails
ing there; the labor question and the
change conditions resulting from more
diversified farming the relative value