The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1904-09-02
Mr.. Morse Thinks Southern Farmers
Can Fix the Price
WHAT THE CROP WILL REACH.
He Believes That Eleven and a Quar-.
ter Million Bales is a Maxi
mum Estimate For this
Years Crop.

u
Sully & 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, 600
bales this year will command univer.
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 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 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 OF preceding periods and esti-
mating the increased necessities Of
the world. From careful study Of
statistics and e conservative estimate
of expansion in consumption, it is my
opinion that 10 cents ner pound Is the
minimum price the south should
make up its 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 a comprehensive 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 ac-
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 to
be harvested. 1T is too early" he
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 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 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 to
be expected. How far this maximum
may be reduced by unreasonable
weather, early frosts and the increas-
Ing depredationS Of the boil weevil
and other insect enemies, it Is as vet
impossible to foretell.
POSSIBLE MAXIMUM
But, for the sake Of argument, let
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 a con-
stant expansion in the worlds re-
quirements and the fact that there Is
no substitute for cotton, and In view
or the encroachment on manufactured
reserves due to recent short crops and
the exhaustion Of reserve raw ma
terial, 1t would take every one Of
these eleven and one.quarter million
bales II. e. the maximum CROP for at
least three seasons to restore normal
parity in the relation between raw
material and manufactured. In sup
port OF this contention l may quote
from the first Of a series of articles on
the cotton requirements of Great
Britain now being published stimuli
taneously in the New York Times
and in the London Times the follow
Ing, paragraph:
LIST. Stated In single sentence,
the present position amounts to this:
The worlds supply OF cotton is no
longer equal to the worlds demand.
Ind. The estimated yearly in
crease In the demand Is put at from
400, 900 to 500, 900 bales. and moi, onIy
is the present production inadequate,
but in another ten years an additional
100000 bales may be required.
LancaShire's shortage for the last
year or two may be put at 200, 600
bales
":For the foregoing reasons, coupled
with the fact that the south is in a
position OF greater independence than
heretofore for the exercise of sound
discretion In marketing the coming
crop, with means at hand for holding
whatever cotton 1t may be considered
desirable to keep Off the market, nv
deliberate conclusion Is that the south
is abundantly able and ought to fix
as the minimum price for the first
movement of this seasons cotton 10
cents pound. by doing this our
planters, merchants and bankers will
be in position to get the benefit Of
any rise due to climatic or other con-
ditions which may be developed while
the crop is being picked.
Will Investigate.
a dispatch from Atlanta, Ga, says
IL