The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-10-11

on the basis of Is cents cotton, and
they are realizing good profits and
dividends on their mills. The spin
ners will not give more than cents
for cotton if they can purchase at
that price.
Il started South With one of my
objects being to urge the farmers with
my own voice to hold their cotton,
but | find this already realized on the
Raleigh market, for yesterday there
We're but 3 bales marketed, and this
morning only g. This to me is suf-
ficient proof that the farmers Will
stand constant and true to the decla-
ration, until a fair price be secured
The spinners would gladly pay II
cents per pound, l assure you, if they
could not get it for less.
"a week agao we had the Washing
ton Bureau report of 71.2 flashed
throughout the cotton world, and it
broke cotton prices 125 points, which
means $500 per bale, and on the per
cent. crop it means that if the cot
ton were sold for prevailing prices
there would be a loss of $54,0O0,0OO
to the growers. What is 71.2? 1t was
followed by the weather report which
Indicated that so to 20 per cent of the
crop was picked, and 71.2 therefore
means the condition of the present
plant. AS soon as the world realizes
that there are not 100000 bales of
cotton it will be avaricious in giving
you 13 cents, for the world Is con-
Stunning 12,500.000 bales. If this crop
is what | believe it is, the world this
year will not see 10,225.000 bales OF
cotton. If not, and you hold your cot
ton until the true condition is realized,
you will obtain 10, II, IL, and ID
cents for cotton. The world must get
it, and is already selling goods on that
basis.
las far as interest goes, there was
never a time when SO much in favor
of high prices for cotton. Wall Street
is not against you, but it is opposed
to low prices, because the entire coun-
try is prosperous, and high prices Tor
cotton wilf bring more money and
gold back into this country from
Europe There is not a bear of any
consequence who would be unwilling
to give II cents, and except for the
712 report they themselves would
have even given II cents. These men
are scared of the condition, and are,
willing TO get back, and will give you,
the masters of the entire situation, II,
cents for cotton, IL the month. after,
and j 3 the. month after that, when
they know the true situation, }Ihe:
only interest opposed to you are Nthe'
determined to put the price Of cotton
down not only hurts the farmer, but
/ guarantee that If the price of cot
ton is below 8 cents in November You
will never see cotton above 10 cents
again unless there occurs q big crop
disaster
There is another remarkable TACT
that should receive a great amount
of thought from the farmers of the
IF n oil |
the spinning industry increasing more
rapidly than in the Southern States.
But the spinner of the South has ar
rayed against him the same forces
that are opposed to the Southern
farm. BY depressing cotton early III
the market the European spinnerS
purchased cotton cheaper than the
Southern spinners bought it, and as
their labor was cheaper they manu-
featured and sold cotton goods cheap
er. setting up a formidable competl-
ton to the American manufactured
goods. They obtain freight rates ,
cents cheaper the hundred than do
the New England spinners, and by
their subsidized ships they obtain
freight on the water cheaper, ana
they sell effectively in competition
with American goods.
1.-THE South produces so per cent. of
the worlds cotton supply. Ine EURO
pean spinners are alarmed lest the
time soon come when instead of using
4 per cent of this supply of American
cotton the American mills VIII manu-
facture the full 80 per cent, and de-
clare this time to be not far distant.
Within 20 years Is per cent. of the
American supply will be consumed by
American spinners, and 80 per cent. LII
the South, and it is thus clearly seen
to be to the interest of the spinners
of the South to uphold the price OF
cotton.
Il am gratified to hear that the
bankers of the South are for and with
the Southern farmers, and VIII give
all the facilities necessary to carry
cotton at the prices the farmers want
AS soon as it is known that big
crop will not be marketed the price
YOU demand is yours. (Applause.)
II am absolutely sure that it does
not mae any difference what the
bears do for the more and harder
they ram the higher the prices will
go. if the farmers will but hold their
cotton two or three weeks. If a
bear sells a boil today. there is no
surplus for him, he must buy bale
from YOU to place 1t.