The herald and news. [volume] (Newberry S.C.) 1903-1937, 1904-01-29
THE COTTON SITUATION.
Will The Present High Price React
Sooner or Later, On The Cotton In
duStry 0fThc SOuthr

Is the South killing ''thc goose
that lays the golden cggs?" In
other words, will not the present
high price of cotton react, sooner
or later, on the cotton industry of
the South?
This is pertinent question, and
one that will interest, not only every
cotton planter, but every business
man of the South.
The New York world Of Sunday
presents the ''bull side' and the
"bear side" of the great cotton con-
troversy, Mr.. Daniel J. Sully claim
ing that even the government esti.
mate of 1862 900 bales Of cotton is
too high to represent the crop OF
1903, while Mr.. Theodore II. Price,
pointing out that the amount of
cotton ''in sight" is greater than
last year, predicts full supply.
Sully & Co., say, in part:
AT the opening of the season we
were persistent and insistent in set
ting forth the belief that the crop of
American cotton for the season Of
1908 OF was not sufficient to meet
the demands of consumption.
''The estimate of 0,962 900 bales
made by the Bureau of Statistics is
too high by many thousand bales.
"High as cotton is, cotton is still
too low. 1t is useless to predict
what you will have to pay if you
wait, What does IS, IS, 2oor even
rs cents a pound mean when you
cannot get the cotton. Since that
time adviceS from the South have
more than confirmed us in our posi-
ton. The season has proved the
shortest growing, picking, ginning
and marketing season OH record.
For this reason the receipts until
recently, and even now to some
extent, are deceptive in that they
indicate not that the crop is large
one, but that every man with bale
Of cotton to sell is rushing it to
market.
*.*
"In spite Of the excess Of exports
over last year our advices from both
Great Britain and the Continent lead
us to believe that European spin,
ncrS have not covered their engage
ments by securing the actual cotton
This IS a factor that will force cot.
ton still higher as the season grows
older. 1t will not be long until
practically all interior supplies are
assembled at the great concontrat-
ing points. When this happens
the smallness of the crop will dawn
upon the reluctant spinners, and
there will be a scramble for sup
plies that will send cotton to un-
heard Of figures" ="
Speaking for the "bear'' side
Theodore H. Price says
1.-The amount of cotton in sight
up to the 10th Of January IS in ex-
cess Of last year, when the crop
turned out Io,727,oo bales, and
still further i'll excess Of the figures
Of two ears ago, when the total
crop was 10, 10000
''The worlds visible supply of
American cotton is likewise iu ex-
cess Of last year. There is no pres
ent scarcity of cotton. Receipts for
the past week or two, it is true,
have fallen behind those of last
year, but, accepting the bulls ex-
planation Of the heavy receipts
early in the season as due to an ex-
ceptionally active demand for cot
ton, the present light receipts are
in my opinion explicable On the
same theory, namely: They are
due to the slack demand. AS far
as I can ascertain there is compar-
atively little inquiry for cotton from
bona-fide consumers. That this is
the case iS attecte1 NV tho foct tl,ot