The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-01-22

to 1897 indicates crop d a 81 900 bales yield
equal to 1858 indicates Il crop IA, ze5 600 bales
present season conditions growth and harvest
has been nearly perfect than either 1897 1898
The Census practically bales had
gnned December 18Th and candid observer OF investigator
en nned less than 100000
which be added at least 3oocoo
bales of nes and rebales
cd The year consumed only Io,a73ooo bales Of
American cotton and date the statistics Of hners aEngS 40
indicate consumption has mitch increased that
will exceed, if it reaches, COO, ooo bales.
3D. The average price received BY The planter for The 100000
this crop sold up the Ist of anuary
nearly be ascertained cents h. If the price
the 100000 bales yet unnarketed
cents producer will have been paid average
approximately for this seasons entire whcnearly all
authorities agree very considerably of the pro-
ducon first crop 100000 bales III 1878
resulted in a decline 81 for midd1ing cotton
lin New York that season. despite which the acreage
the succeeding year increased ~ per cent. The
second crop bales produced III 1860
carried nidd1ing cotton in New York TO $40 cents,
and resulted i'll reduction in acreage OF only per cent
in the South for two resulted in
reduction acreage Of only per cent hardly
probable that an average pound for this crop will result
greater 1905 therefore unless the
disastrous reasonable expect at least
900 bales total supply for the two years
of 25oooooo baand 26,oooooo probable rather than
otherwise.
4th 1t evident 900 COO 900 is far
world will present prices.
5th This years supply of 100000 bales is in ex
it's parts, it makes difference who holds it. whether
farmers, spectators spinners, the market cannot
advance until it is consumed, there develops pro-
specve scarcity of which there is at present no indication
It money to hold cotton and whether CT lo
the holder of IT, he this cost either directly III
and insurance indirectly through the lost energy
involved the unproductve employment his capital Cotton sold
Yields much cash it will next
the scnts cash obtained can be
Immediately and proftably re-empIoyed.
9TH. The policy of tie producer IS to sell this
years surplus, which gift of God aud costs him
nothing price (not yet reached which will stimulate
consumption and will permit the manufacturing trade to repair the
avages years speculation thereby the ndles the
whirng with rapdty and that will enable them
American production through
the years come prices which show reasonable profit
producer the manufacturer An unreasonable profit to
long economically practicable and IS in the end as
last speculative debauch
to result IL over-stmulatiou and disaster.
acreage would the wisdom Of Dean
Swift experience Of the intervening centuries has only
confirmed
He said That whoever could make two ears Of
corn or two of grass to grow where only one
grew before would deserve better of mankind and do
essential service to his country than the whole
race of politicians put together
s Expansion contraction increase, not reduction
policy destiny government and people Reo
penalties will change TO stimulate consumption
by reasonable prices the of production while
v methods will be found as profitable the for the
manufacturer is my opinion the only solution Of your socaed
problem, which is indeed very simple
Respectfully,
THEODORE H. PRICE.