The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1907-01-09
ISSUES ADDRESS.
Mr.. E. D, Smith Discusses the
Cotton Situation Fully.
PROPOSES & REMEDY

He Says All Are Fighting the Preducer,
snd That Therefore the Farmers,
Having Monopoly Should
Offer Concerted
Resistance.
To the People OF South Caroiinsi
We have just passed through per
haps the most peculiar yesr in the
growing OF Gotten and are passing
through now an equally strange one
In the marketing Of 1t. East OF tne
Mississippi sn unprecedented season
in the growing OF cotton was expert.
enced,
This section suffered two Of the Sc.
ysrest storms shat ever visited the
cotton belt. A f,osa, earlier By three
or four weeks than aver visited tie
halt and with more disastrous results.
West Of the Mississippi the growing
SESSION was perhaps above the average.
the gathering season fsirly gooo; tce
Weld promising to be in this section
pbsnon,insny large. In the esr!ier
einners' reports these conditions and
their results seemed to be borne out.
In the lstar sInners' report, to the
surprise Of every one interested In the
cotton business. the yield IN the fies
and storm stricken section wss SO:
prisingly large and in like proper
tion the return from the fsvorso sec
::tion was correspondingly small.
In addition to these surprising sne
disturbing facts, the New York eS
changes met and wideneo the dife
,ence In the vslue OF grades 80 nuc;
30 that the better grades Of cotton !!
,plscs Of commanding the ordinary dif
serence OF 1e to Ia per cent. pre-
MUM hsve advanced from l25 to a.
high as ITS points differences. A na1
having spot cotton, under these con
,ditions hsd no practical ioes OF Whas
his cotton was worth.
In addition to this the board price
on the future market, which IN 1orne;
seass iudicsted the value Of cotton de
Naessd in New York snd in New 9
leans basis niddltng, now has no reis
tion Bbatevsr to any such relssl7'
ys]ue. To-day. 10, instance, January
the spot month, is quoted IN NaS
York at e.47 basis middling, Will:
niddliag spot cotton in the sam:
market Is quoted st 1915, and th'
same grade Of spot cotton would read
tly bring 10 Is OF n~1e on our ioca
market. AL this confusion is the re
suls OF the disturbing factor OF tbs
farmers, the producers Of spot cotton
demanding the value Of their product
Heretofore the prics Of cotton VIZ
fixed arbitrarily By the New York e1
change and the value Of riddling coe
toal and other grades was determined
by dsSucting the carrying charges
froaa here 10 New York ton the New
York eaotations. To-day the value
Of spot cotton in the South is deter
mined entirely by the disposition c.
the farmer to sell.
In the last few months I have visit
ed most Of the ccstoD growing States
and 7 found throughout the SouSs
that there Is amcog the masses G.
Growers 8 clesrer knowledge OF th'
gane,s, situation snd mors prsctica
conception Of what Is necessary t;
meat the conditions for the benefit Q
the producer Of cotton, sno s clesre
i6ss OF the common laws OF buslnes
involved In the transaction OF pioduc
tion snd sale, supply and demand
and this La surely working q fevolu6lo!
In the coUson business. 1t Is elini
nstlas to 3 lsrge extent the effect G
gambling in futures or tho value &
spot cottoa and Is rapidly divorc'D
the gambling fscto, from the !esisl
mate trade In the actual stuff.
Another element which Is tendln
to bring shout this result is the fac
that the unprecedented demand &c
cotton goods through the worlo Is e1
ahlins the mills to contract for the'
output on basis where they Can pa
renune,ative price foc cotton an
snill declare . large dividend for the
stockholders. Tee Southern mil
Also having the advantage Of positio
c.n nav more for the cotton st the
doors than mills not 50 favorably 81
mated. The rapid increase In the col
sumption Of raw cotton Il owing
the increase OF spiDdles.
Tbs rspid increase OF spinoles IN 5i
South and the consequent increase
the consumption Of raw cotton
Southern mills have rendered them
,potant factor in making it possible
maintain highe. general average 1
:hhe price OF cotton. Let no one, no
aver. be deceived by these cond1tio
in thinking that these circumssanc
-sione will solve the great problem tn
cnnfronts the Southern people. T.
cnhton exchanges, the cotton broKel
she cotton sptnners must OF necsssi
6epend upon the margin OF oifsren
hatwsen what the cotton is origins
honpht aH and what they ultimate
sell it At for their profit.
Tharefore, to sum up the whole 8
-,.sl on, it resolves itself into this Q
s,,>ion: That the producer OF O
~ ~ ss tho one out OF whom must CO..
oon - - ,,rfts that are n1oe by eve
al s.ssr srg giavaividusl w,o handles bis s, pr
osns1 1re IN ether words, II the ultim'
ocs, s's ~ - his cotton in the fosn Of r
sac sasssrisI, ~ I1 OF the finished 81 proas sa !.
sSass %sSssis', = net profit OF one cant OF + +
s. snoss ,s- = rne bound above shat which
SsaIizsd for 1t, be has go'Ssn av ose ns =
-. fonr cents, as the case nSs oe, ~