The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1904-08-31
TEN CENTS COTTON.
MT Morse Thinks Southern Farmer:
Can Fix the Price
WHAT TIE CROP WILL REACH
Ee Believes That Eleven anu quar-
Ter Million Bales is Maxi
mum Estimate For this
Years Crop

Years Crop.
In view of the worldwide interest
in the probable yield Of cotton this
year and OF the remarkably close ap-
proximation Of last years yield made
far in advance Of the governments
estimate, by Mr.. S. +. B. Morse, then
member OF the firm OF Daniel j.
Sui,y g. Co., Mr.. Morse'S estimate Of
the crop this gear is of unusual inter
est. Identified as Mr.. Morse had
been for many years with the tight
for fair prices for cotton, his estimate
OF a yield not exceeding ll,2oo, ooo
bales this year will command univer'
sal attention. Data gathered by MN
last wear were the foundation 1or the
bull campaign making pcsSlole tne
vast additions to the income OF south
ern farmers. For the data proved
the great shortage OF the crop. In an
interview published in this weeks
Manufacturers Record Mr.. Morse
takes the position that excited specula-
tion ana appalling fluctuations are
not the best means for the attalp-
ment OF fair prices to the grower. His
contention now is that the south is
able and ought, through the use OF
legitimate business methods, to secure
permanently fair prices from the
worlds spinners for a product which
is essentially a natural MONOPOLY. In
his interview commenting upon the
discussion by D. a. Tonpkins, pub
lished last week, Of the question
''how to maintain Of fair average
price for cotton" taken in connection
with a recent interview as to cotton
conditions from British standpoint,
Mr.. Morse says:
NO MORE STARVATION PRICES.
1.-The business brains Of the south
have now within reach every neces-
sary facility for the prevention OF any
recurrence o: starvation prices for
the south's great staple without haV-
ing to invoke the aid of speculative
forces OF any sort or kind. It is a
purely business proposition to deter
mine cotton values by averaging the
prices of preceding periods and estl.
mating the increased necessities Of
the world. From a careful study CT
statistics and a conservative estimate
of expansion in consumption, it is my
opinion that 10 cents per pound is the
minimum price the south should
make up it's mind to take for its cot
ton year in and year out so long as it
holds virtual monopoly in cotton
production. That this can be cone
| by a com prehensiye warehouse system
and an abatement Of existing evils IN
handling is admitted by all business
men and bankers who have given to
this subject their honest, earnest
thought
In view of the almost absolute &C.
curacy Of Col. Morses estimates OF last
years crop and of those Of the three
preceding years, be was asked to give
his views as to the crop now about ts
be harvested. sit is too early" he
replied, ''for any one to form a def
mite opinion. Any estimate made
now must necessarily be based on in'
pressions rather than upon opinions
though there are several conditions
surrounding the growing crop which
have already become clearly apparent
to all careful observers. Notable
among these is the gradual deterior'
alton in soil, the apparent degeneracJ
Of seed virility and the increasing ey'
haustion Of efficient farm labor
Making the most moderate allowance
for the consequences Of these three
elements Of contraction, and leaving
other drawbacks out Of the calcu
lation, crop Of eleven and one quar-
ter million bales is the maximum tt
be expected. How far this maximum
may be reduced by unreasonable
weather, early frosts and the increas
inc depredations of the boil weevi
and other insect enemies, it IS as ye1
impossible to foretell.
POSSIBLE MAXIMUM.
But, for the sake OF argument, lei
US figure on the possible maximum
not only for this season but for ths
next two or three years. It is m!
contention that, by virtue Of con
slant expansion in the worlds re
ouirements and the fact that there l:
no substitute for cotton, and in view
Of the encroachment on manufactures
reserves due to recent short crops anc
the exhaustion Of reserve -aW ma