The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-10-25
FARMERS MUST HAVE MONEY.
Cotton Association Must Provide Ware
houses i'm Order to Control.
(Scottish Chief.)

A Scottish Chief reporter asked
Captain Everett VINO has made the
cotton business a study all his life to
| give us his views on the cotton sit
uation at the present time. He very
kindly consented to do so, and here
it is:
IF the farmers, collectively, will
hold what is left of their crop. at
home under shelter, or store 1t in
! warehouses at their home town there
| is no reason why cotton should not
sell for 10 cents in the near future,
but I will strongly advise against
| shipping il to the pOrts-such as Nor
| folk. Wilmington or Charleston to be
| held. If shipped to these ports it will
be counted as receipts land will be a
weight on the market as so much
available stock in sight. while, if held
at home it will be out of sight, and
! not counted.
II think the Southern Cotton ASSo-
citation is a great move in the right
direction OF course it is gigantic
work and they are confronted by con-
ditions which are insurmountable just
now For instance, most of the cotton
planters must have advances from the
merchantand to get these advances the
crop must be mortgaged and sold as it
is gathered. The association cannot
make a price at which it must be sold
Iuntil the warehouse plan is established
in which their cotton can be stored
and warehouse receipts and insurance
policies issued against it, in shape to
make the receipt negotiable, and capt.
taliStS will loan money on them. In
this way enabling the grower to pay
his obligations and hold his cotton and
market it gradually as the mills of
the world will pay good values for it,.
Tho idea of making minimum
price at which cotton shall be sold,
and then make no provision by which
money can be had on cotton is plac-
ing the members in an awkward posi-
ton. They go into meeting them and
sell for what they can get. If the or
ganization will work together, build
warehouses, and control acreage and
cause more acreage to be planted in
home supplies it will accomplish a
great work for our Section of country
AT present prices of yarns and cloth
mills can pay II cents for cotton. and
make a profit. but of course they will
not pay this price as long as they
can help it. The great trouble with
controlling the price of cotton is the
bulk of the crop is sold in three
months. Five hundred million dollars
worth of our commodity thrown on
break the market of the world. The
idea of the association should be to
extend the time Of sale to eight or
nine months.
"As to the price For cotton IN the
future it depends on how the farmers
hold the remainder of this crop. There
is no scarcity of cotton now. The total
visible supply Of American cotton on
October 18th, 2,5S9,5f2 bales, against
/ ,917.291 bales last season same date:
in this is counted the surplus carried
over from last crop. This years sup
ply in foreign countries is about the
same as last ear. Judging from con-
ditions i'm North and South Carolina
the crop is more nearly gathered and
sold than that of last year.
southern mills haee taken 10000
bales more this year than OF same.
date last year. which shows they are
satisfied with the price. The cotton
mills have sold ahead and must have
the cotton to enable them to fill these
contracts and an advance of half
a cent will cause them to buy more
freely than they will at present prices.
Could an advance be secured now We
would hardly sec the remainder of the
crop sell for less than ten cents.