The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1904-09-02
TEN CENTS GC9TT90N COTTON.
Mr.. Morse Thinks Southern Farmers
Can Fix the Price
WHAT THE CROP WILL REACH

ter Million Bales is a Maxi.
mum Estimate For this
Years Crop.
In view of the worldwide interest
In the probable yield of cotton this
year and Of the remarkably close ap-
Proclamation Of last years yield made
far in advance of the governments
estimate, by Mr.. S. f. B. Morse, then
member Of the firm of Daniel J.
Sully 4 Co., Mr.. Morse's estimate OF
the crop this year Is Of unusual inter
est. Identified as Mr.. Morse had
been for many years with the fight
for fair prices for cotton, his estimate
Of a yield not exceeding 1880, ,OoO
bales this year will command unlver.
sal attention. Data gathered by him
last year were the foundation for the
bull campaign making possible the
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 and appalling fluctuations are
not the best means for the attain.
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 product which
Is essentially a natural monopoly. In
his interview commenting upon the
discussion by d. A. Tompkins, 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,
MIR. Morse says:
NO MORE STARVATION PRICES
The business brains of the south
have now within reach every neces-
sary facility for the prevention Of any
recurrence OF starvation prices for
the south's great staple without hav-
ing to invoke the aid OF speculative
forces Of any sort or kind. 1t is q
purely business proposition to deter
mine cotton values by averaging the
prices or preceding periods anu esti-
mating the Increased necessities Of
the world. From a careful study Of
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 IFS mind to take for it's cot
ton year in and year out so long as 1t
holds a virtual monopoly in cotton
production. That this can be done
by comprehensive warehouse system
and an abatement Of existing evils in
handling is admitted by all business
men and bankers who have given tC
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, he was asked to give
his views as to the crop now about tt
be harvested. 1t is too early" ht
replied, for any one to form def
mite opinion. Any estimate made
now must necessarily be based on i'm
pressions rather than upon opinions
though there are several condition!
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 degeneracy
of seed virility and the increasing ex
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, a 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
Ing depredations Of the boil weevl
and other insect enemies, it Is as YET
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 the
next two or three years. 1t Is my
contention that, by virtue OF con
stant expansion in the worlds re.
quirements and the fact that there is
no substitute for cotton, and In view
OF the encroachment on manufactured
reserves due to recent short crops and
the exhaustion OF reserve raw ma.
terial, it would take every one OF
| thpSa alavaD and ono ann -, uI;o.,