The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-09-16
The Cotton Planter Now
Holds the Whip.
HEAR WHAT THEY SAY
When the Warehouse System Has
Been Thoroughly Established
Throughout The South the Farm
- er's Power to Control Prices
Will Be Absolute.
Especial to News and Observer.


Baltimore, Nd, Sept. 15.-In this
weeks issue of the Manufacturers
Record are published the views of
two widely separated authorities, Mr..
F.. S. Peters, president of the Texas
Cotton Growers Association, and Col.
s. Il. Morse, of New York, as to the
outlook of the cotton crop. Neither
of these authorities know that the
others opinion would thus be pub
lished. Colonel Morse takes the po-
sition that beyond peradventure the
South now holds it's future prosperity
in its own hands. and he says:
THE planter is in better shape
financially to hold his cotton. and
thus avoid customary market glut,
which for many years past has in
variably been present during the
harvesting season. If. therefore, he
Will meet his Immediate necessities
sparingly as the season advances, and
by raising his price from the mini
mum of ten cents he will realize the
full value of the product. which he
largely lost in 1902-1903, when the
lions share went to the middlemen
and spectators. as it likewise did,
but to a considerably less extent dur
ing the last season. This. therefore,
is my advice to the farmers of the
South. Let those who are not in q
position to hold for fair prices for
all their cotton sell only enough to
meet their most urgent needs. hold
ing the rest until the demand shall
put the price, say, to $40 bale
above the present Offering.
THE worlds necessities are in
cre2sing, not diminishing, and the de-
mand for the staple must increase
prOportionately This must inevita-
bly, raise the price of cotton to
higher level. so as to correspond with
the increase in the cost of al other
necessities. In other words, the sin
gle exception should not be made in
the case of so universal a necessity
as the main material for the clothing
of the world.
Mr.. Peters, who has been urging
that II cents should be the minimum
price, says:
81 consider II cents per pound
minimum price for this years crop,
ms this is the fifth year of short crops,
with the prospect of 10,0OO,0O0 bales
or under. and the fact that the Euro
pean spinnerS have contracts ahead
for the sale of their product on a
basis of 2 cents on the farm. and
that their warehouses are bare of
cotton to fill their contracts. with the
prospect of the speedy settlement of
the Observation-Disclosures war and the
Opening up of that section for the
mills This is probably the last year
when n crop will be made amounting
to as much as 100000 bales. as
with the increase of territory COW
cred by the boll-weevil and the fact
that in a short time 100000 bales
will be a maximum American crop
and 30 cents per pound minimum
price. 7 see no reason why cotton
1 should not go to 1 5 cents this year.
\ Commenting upon these opinions
without accepting in full the predic-
tons of President Peters. but COM
mending as conservative the views OF
Colonel Morse, the Manufacturers
Record says:
''The South this year, to an even
greater extent than last year has the
call on the money of the world. For
the crop of 1903-1904, including seed
it received. according to government
figures. over $3.50, 200, 000-an unpre-
cedented amount-of which probably
$250,000,000 was clear profit. This
year it will receive from 1000. 600
to 100000, 900. with a good prospect
of the latter figure being reached, if
not exceeded. should the farmers be
able to hold back their cotton and
market it gradually. When the
warehouse system on a broad scale
has been established throughout the
South the farmers power to hold his
cotton, and thus steady the market,
avoiding wild fluctuations. will be alb