The Caucasian. (Shreveport, La.) 1900-192?, 1905-01-03
S0UTHNOT STAGGERED
There Is No Reason For a Panicky
State of Affairs.
SECTION PROSPEROUS
BY Marketing Cotton on principles
Of Business and Not Plant Toe
Much Fleecy Staple Will
Command Fair Prices.

Baltimore. Jan. "a special dispatch
from New ork to the MANUFACTURERS
Record says: ITO judge by the Will
disnatches about the souths burning
cotton and the equally wild reports
that would create the impression that
the break in cotton is going cause
a wreck Of matter and h crush OF
worlds in the south. one would be leo
to imagine that the whole south Is
staggered by the cotton slump. the de-
cline is deplorable. and. Of course,
means a heavy loss to many. but II
should not be forgotten that about
6,000, 600 bales were sold at an average
of probably 9h cents and that If 7.00o,-
600 bales were sold at an average OF
only sevxen cents. the total value OF
the crop, including seed, would be over
s5"0. 900 900. which has never been ex-
eeeded but few times In the south's
history. Moreover, the great increase
in the production of grain and other
diversified crops last year added gain
of over s1o0,ooo,ooo to the value of the
soutr's diversified agricultural pro-
ducts as compared with 1902, and this
years diversified crops will be equally
as great, reaching in aggregate value
about $1,000, 000, 900, or double the value
of the cotton crop.
But there is no reason for the south
to become panicky over the cotton sit
ton, It has many time faced far
worse conditions and out of apparey
defeat -cn victory. Even 100000
bales. should the crop prove that large.
and many good authorities still doubt
such a yield, are not as unduiy heavy.
all things considered, as were 100000
bales in 1898. Then the world was car
rying great surplus stock accumuiat-
ed through several successive years OF
large production, and the south was
poorer, with comparatively little money
in it's banks and with many of its farm
ers burdened with debts. Now the
world has but little stock of cotton out
side of this crop, the increase In de-
mand has gone on for six years, and
the south Is rich. with ample capital to
finance large part Of its cotton, while
the formers are less In debt than since
the war. The present price Is almost
as unduly low as 16 and cents were
IN duly high, and as the Manufaetu rers
Record warned the world against such
speculative prices. SO 1t would warn the
south today against undue fright. On
a declining market people are always
more disposed to sell than on advanc-s
ing prices, and in this Is the danger
that, frightened by the decline, farmers
will crowd their cotton to market and
cause further break.
nCotton ID intrinsiGally worth more
than It Is selling for, and that there
will be reaction in price is just as In
evitable as 1T was that 17-cent cotton
would decline. A staple that does not
deteriorate in quality, that. like pig
iron, is as good twenty years hence as
now when below the cost Of production.
as II Is today, needs only to- be held
long enough to make certain of higher
figures. Just how soon the TIDE will
turn no man can say, nor can anyone
say that 1t will not go lower Temporal
riIy But the south's policy today
should unquestionably be, not to burn
cotton, not to crowd 1t to market but
to store II and hold for the inevitable
swing of the pendulum, and In the
meantime to plant less acreage In cot
ton and more in diversified crops. The
situation is in this way absolutely in
control OF the south itself, and will
have no one. but the south to blame
IL Il does not hold back permanently
million or more bales and then re-
duce its acreage about 10 per cent CON-
pared with last year. The south holds
the dominating position. II it will
only use Its opportunity and market
It's cotton en- business principles, then
1t will secure fair price. d
Outside of few spectators nobody
wants such low prices. The spinner is
no more pleased at this terrific break
than the farmer. Now let the south
pull itself together, show that It can
and will protect Its own interests, and
It will receive the worlds applause"