The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-10-06
HOLD COTTON
FOR 10 CENTS
IS ADVICE TO FARMERS
GIVEN BY PROMINENT MEMBER OF
SAVANNAH COTTON TRADE.

Governments Estimate of Acreage
and Condition of Crop Relieved
by Mr.. Gardner e. Dickinson to
BE Overestimated-He Thinks
Spinners Run Less Risk in Buying
mt Present Prices Than in Waiting
in the Hope of Getting Lower
Fisures-BeIief in Record Break
ing Crop Current at This Time
Last Season Just as at Present.
Mr.. Gardner E. Dickinson, one of
the prominent members of the local
cotton trade believes that the govern
ment has overestimated both the
acreage and condition of the crop. He
thinks that the staple is worth 10 cents
a pound for all that is raised and fur
thermore he believes that the farmers
are in a position to get that price, and
that they will insist upon having it.
Discussing the present outlook of the
trade he said yesterday:
"Theo. H. Price advertises the fact
that Mr.. Sully is again buying, adding
that he supposes it is simply from
force of habit as he can see moth
ing in the situation on which to bull
cotton. 1t occurs to me that Mr..
Price has recently been hammering
the market and advising others to
follow his example, alleging that from
force of habit the market usually de-
clines during the first half of Octo-
Der. The movement of cotton to the
counted interior towns and to the ports
has been heavy compared to last year,
when the crop was late and the move
ment light, but it is a we'll known
fact that less than per cent. of this
cotton is for sale, the remaining 80 per
cent. rejecting the enormous demand
from foreign and domestic spinners
and their agents. Everybody seems to
think a record breaking crop has been
made They had this same belief at
this time last year even as late as
November, when the average estimate
of the members of the Savannah Cot
ton Exchange was Il, 0160 900 bales, and
as everybody knows, the final outturn
was not within 100000 bales of that
figure.
Last Years Advance.
"On Oct. last year March futures
in New York were driven down to
9.15c, but in spite of the belief in an
enormous yield, an advance started
which had no important setback until
February, when that option crossed II
cents. What happened then may hap
zen again, especially as money is plen-
tiful, and the farmer is in better finan-
cial condition than ever before, there
fore, better able to hold back his cot
ton when prices are low.
1T is my belief that the govern
ment has overestimated both the
acreage and condition of this crop:
that the trade has been misled by these
reports; that there will be a gradual
lowering of estimates by individual
crop prognosticators and that the De-
cember government estimate will be
hard to reconcile with the early fore
casts.
Change in Comparison.
THUS far receipts have compared
with a very light movement last year.
Next month We have to compare with
one of the largest movements on rec
ord. The movement this week is light
er than last week and unless all signs
fall will be lighter still next week
The farmer shows little disposition to
follow the decline in futures, and it Is
my belief that he can, and will, in
sist upon full prices for what he has
to market hereafter. There is no good
reason why he should not get 10 cents
and over for every pound he has to
market hereafter. There is no sense
in allowing spectators to fix a low
price for the whole crop on the theory
that the production is in excess of the
worlds requirements, when it may de-
velop that there is no surplus.
"To any farmer that might ask my
advice, l would say sell not a pound
under 10 cents and to the spinner I
would say that the hazard of buying
around present prices is not to be COM
pared to the risk of delaying in the
hope of getting his supplies at lower
figures"