The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1905-01-04
FARMERS VARIED
Against Proposal that Will Keep
Price OF Cotton Down.

Against a Proposal that Will heep
Price OF Cotton Down.
To the Editor of The State:
l have NOTED the proposition OF
certain cotton merchants in which
they solicit shipments Of cotton from
the farmers, offering free storage With
the privilege Of using the cotton in
their business and agreeing to settle
for it at any time desired by the ship
pers at the current price at time OF
settlement.
have no criticism to make Of the
cotton men making this proposition,
but wish to warn farmers against
accepting it Il they hope to realize
any benz fit from holding their cotton.
I am informed that number OF mills
In this country and also in Europe
have been pursuing hand to mouth
policy, buying only cotton for present
needs and having only small supply
on band. II this is the case and the
cotton now in farmers hands is abso-
lutely withheld from the market a
demand will soon be created, 81" cks
will be depleted and spinners will be
forced to buy cotton OF close their
mills. Now i: the cotton is consigned
to exporters under the proposition re,
terred to above, these exporters can
go right on supplying the mills as
they need it from week to week and
month TO month, there will therefore
be no withholding Of the cotton, no
pressure on the spinner, in fact moth.
ing to create an actual demand or
cause any advance in the price, tie
farmer will simply be spiking bis own
gun. If any pressure is brought to
bear Oh the market the cotton must
be kept at home Or stored in the neal
est warehouse.
To illustrate, suppose the price Of
cotton seed was down at fgue tc-
tally unremunerative and unsatisfac.
tory to the farmer and the oil mills
were to send out circulars agreeing to
take all the seed and promising to
settle at current prices at time re-
CURED during the season. and the seed
was delivered to them under these
conditions, is it not manifest that
with the seed in tt cir posses sion,
their mills running on full time, there
would be No incentive to force an I'D
vance in price, but, suppose the seed
were hauled away from the gins, car-
ried back to the farm and deter.
mination shown to pat them in the
ground as fertilizer rather than &C
capt unsatisfactory prices, the effect
would be almost instantaneous, mills
would be obliged to pay remuneratiVe
prices OF shut down. and the chances
are that they would pay.
The same principle applies to cot
ton; it is true that it cannot be put
back in the ground as fertilizer as the
seed but it will keep, and it is cheap
er t. keep it than to raise it at pres.
ept rices.
T. e crop last year was a little over
fear; 1g a cotton famine, went wild.
This years crop is estimated at 20 PEI
cent over last years crop aod they &c
equally wild in the other direction.
There was little reason for last years
extreme advance and less tor this
years decline. The bears in the mar
ket, basipg their opinions on the GIN
ners' report, esJima'e that the crop
will be over $4,000, 900 bales and they
act as II they thought that every bale
Of this cotton would be thrust on the
market, that there would be more
than enough to 60 around, and conse-
quently there is nc necessity for them
80 pay even cost Of production for IT.
They forget that it is about as
cheap to buy cotton at present prices
as to raise it where commercial fer5i-
lizers are used, and while the crop
may equal or exceed the government
estimate, it won't be sold at current
never. and probably will never be
counted in the crop Of l904-l9o5 un'ess
there is a material advance in the
price, because rather than accept cur
rent prcas it will pay better to store
the cotton and borrow money On IT,.
A 500 pound bale Of cotton at present
price, at initial point, is 6 3 4 cents,
equals S33-75. To carry this one year
at s per cent. would be less than l.
for the cotton, while such action, II
at all unanimous, would advance TIE
price probably two or three cents per
pound.
My advice is to plant the lands in
tobacco, corr, oats, reas, sugar cane,
raise hogs curtail cotton acreage and
wait till the world wants cotton at
remuneratiVe prices B.
Marion, Dec. %, 1904.