The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-08-03

, labor, should advance, while one or two
should fall to join in the upward move
ment unless 1t Is drug upon the market:
then restrict the supply, plant less, and If
| you 10 nor get more for 1t, you will have
! been at less expense to make 1t. If farm
| credit was done away with and chattel
| mortgages upon stock and crops were
abollshed the south over, uSurious rates
| farmers would not prevail, the farmers
would In time become Independent, and
| could control the supply and price OF
cotton, and other things they raise. and
would not be forced to rush their cotton
! to market. and would reap handsome
profits. and mill men would have their
! hired agents riding around over the coun-
try to the farmers gin house, and to your
homes to buy your cotton.
| Az the old cotton has been exhausted,
SO to speak. The crop of this year Is
| late and small, and more liable to injury
from frost than usual. August, the most
| critical month for cotton, may bring
about drought on the one hand or ex-
cessive rains on the other. Even under
| the most favorable conditions from now
on until the crop is made. without any
| increase IN acreage, scarcity Of labor
and its inferfOrty, It Is hardly probable
we will produce yield much beyond that
of last year, which the government and
export statistician will hardly figure over
eleven millions, and the world will more
| than need that amount, and prices would
hardly decline. and, if at all, only tenn
porari1y. Upon the other hand with a
drought or excessive rains for next thirty
days bollweeyil, hot sun with tempera-
ture Of q hundred for a few days, and the
many other Ills that cotton is heir to.
the manufacturers Will not be slow to
read the future. but would rush into the
marker and make their contracts for
future delivery of cotton in October, No
Vember and late months at much higher
prices than now prevail. Even now many
who few months ago thought cotton
high at s cents 10 not think it so high
at 10 cents, for the outlook and condi-
tons are not the same. Many mills
bought cotton at and 0 cents, intend
ing to manufacture 1t into goods, but at
the advanced prices later sold the spot
cotton, realizing handsome profits, and at
the first sign OF disaster or set back (and
they have their ears now alert and eyeS
well sidnt'D they VIII again rush into
the market, knowing they can repeat the
performance. 1t is just like farmer
who buys a bull yearling for 50, and keeps
him a few months and sells him for $40.
The result Is. he is not going to stop
there, but IS going to take another plunge
in the bull yearIng' market.
In 1901 the United States supplied 106S0,-
coo bales of tho worlds cotton crop, the
crop OF 1902 Will not be definitely known
until September ! next. but the govern
ment and Secretary Hester. OF the New
Orleans cotton exchange. Will hardly
place it above 100000 and under ad-
rnirably favorable circumstances the crop
OF this year win not exceed by much the
crop OF 1902,
The worlds consumption, striking an
average OF the various estimated figures
tn
lions of bales. To make the finer goods IL
is necessary for the greater portion OF the
cotton made by the balance of the world.
outside the United States. to be mixed
with American cotton, and notWitnStand-
Ing the experiments Of England and other
countries throughout their colonies TO
raise cotton, we have no fear. for years
to come at least Of any over supply oc~
casioned thereby or material as good,
even should same prove success.
ROBERT n. HARDEMAN-
The foregoing is n highly interesting ar
ticle ond Is worth careful perusal. 1t
shows tho writer has made a careful
study Of the cotton situation, but is too
easily satisfied a. TO price. While the fan
months are selling around 10 cents at
present there are few who believe that
this represents the figures that will be OBJ
tanned for the crop that is growing unless
1t turns out to be . bumper crop. An IN
crease in acreage Is unnecessary for the
fact that the picking OF the acreage we
have already been planting is next TO int
possible We have never picked l2,O00Vn
bales Of cotton In one season, but we
have had cotton. more especially in Texas,
to turn under in order to plant new
crop. Commercial Editor)