The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-01-29
KEEP COOL, DIXIE
Ye Who Would Go Cot
on-mad, Beware.
A Combination That Next Year Might
Send the Staple Down the
Hill at Break Neck
Speed.
fsnecial to News and Observer


Baltimore, Nd, Jan. 28.-Reviewing the
general cotton situation and its possible
effect upon grain production in the South
ii speculation becomes too rampant. the
Manufacturers Record of this week says:
AS recently pointed out in the Manu-
facturers Record, the production of grain
in the South last year was 713,0UV, 900
bushels, against 6Ol ,000, 600 bushels in
1302, a gam OF Ito, 0U0 900 bushels OF this
increase 13S, 100000 bushels was corn. The
increase in the value OF the three cereals,
corn, wheat and oats, in 1903 was nearly
$95,G00,000 over the preceding year. 1t is
important to emphasize these facts just
az present in view of the danger that the
high price of cotton will so concentrate
the attention OF the farmers upon cotton
growing as to cause them to give less at
tentlon to the importance OF providing
their foodstut1s first and making cotton
their surplus or money crop. The pres
ent price OF cotton would IN the long run
prove a. great INJURY, rather than bless
ing, to the farmers # it should result IN
their giving less attention to the diver
sihed agricultural development which for
several years has been one of the most
ing OF the South.
Last, year the South had about 2S,.
000,000 acres in cotton, an ample area IN
der ordinary conditions Tor the present
Had the weather been propitious and the
yield per acre equal to the average Oh
the two preceding years, the crop would
have been about II 100000 bales Had the
yield per acre been equal to the average
for the three years nom 1o36-59 to 1900
'0i the crop would have been ABOUT H.
506, 900 bales, and had IL been equal to
the average OF the three years IRON 1876
so to 1S97'9S it would have been IL, 00G
600 bales. The shortage in last year.
crop was due not to lack of acreage, but
to the remarkable weather conditions, BE-
ginning in the spring when continued cold,
wet weather delayed planting throughout
the South for over q month With 2S,000,
900 acres in cotton this year it is possiblo
with good weather conditions TO produce
certainly as high as 1900 600 to 12500,
coo bales, though there may be some ques-
tion whether that amount of cotton can
be picked with the present labor suppl.
We believe that the shortage OF cotton
throughout the world and the Increased
consumption make 1t exceed ngly dasira-
bic frome every point of view that the
coming crop should be IL SOC, 900 to 2,000,-
900 bales, and that even at that figure it
should command somewhere in the neigh
borhood of 10 cents a pound, if not more;
but if the season should open with q
large increase. IN acreage without regard
to whether it could be perfectly culti-
waited and fully picked there might be
such a combination of forces as to beat
prices down below a fair level.
1.-The Manufacturers Record trusts that
the South may never again have to face
such low prices for cotton as those which
prevailed during the period OF extreme
depression from 1891 to 1885, We believe
that We have entered upon a period to
run for several years OF a much higher
range OF prices, but to make sure OF this
it is essentially important that the South
should raise it's own food-stuffs, that iu-
stead Of lessening its attention to diyersi-
fed agriculture it shouldygive still great
er attention TO corn and wheat ana oats
and other food-stuffs, and that then and
then only, should it make a gradual in
crease in cotton acreage sufficient to
meet from year to year the rapidly.in-
ereasing consumptive wants of the world
Every man interested in the Soutl. S
prosperity, its bankers, its merchants, its
manufacturers and its leading farmers,
should press the Importance oil this sub
ice upon the attention of the entire agri-
cultural community. Instead OF uens,
carried away by the speculation which Is
now sweeping over the cotton. world, ex-
ceeding conservatism is demanded
throughout the South. When prices reach
the present level the bulls and bears may
well be left to fight out as to whether
prices will go higher or lower. They may
go higher but they may go lower, and il
they ever commence to drop it will iikeiy
be very rapid. The people at large can
not afford to become involved in a specu-
iative craze. No greater misfortune could
befalI this section than wild speculation
in cotton, with the inevitable collapse
which would certainly follow sooner OF
later. The injury would not simply be
the financial losses which might como &c
many thousands, but such a speculative
craze. whether profitable or unprotitab!e
would disorganize business apd make fol
lack of stability, turning the attention
OF everybody to "get-rich-q quick means
rather than TO the legitimate business in