The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1908-03-04

ginning was lo.ss7.00O, which WAS
approximately 1.siO.000 bales less than
last year and $4,000 bales more
than In lses. Up to Feb. 22d the to-
tai crop movement (chronicle f,sures)
was s.ss4.t45. which was approxi-
mately 1.760.o00 bales less than last
year. and 100000 more than in 1900.
We may argue as we please about the
fa'sity Of the ginners returns and thu
holding back Of cotton, but the con-
cetenation Of the cesus figures and
the movement at this late date in the
season Is to me convincing beyond the
power OF argument As a matter OF
fact. however. the figures of the move.
ment AZ made up this season. by what.
ever authority. probably exagserate
It. !
From tho Chronicles figures It is
noticed that the amount In sight tn
February ssd II arrived at uron the
assamption that Southern spinre,s
have taken and consumed ur to that
date 1.iss.ooo bales, or $4,000 more
than last year. whiie Northern spin
ners havetaken $4,000 bales Or
about 20 per cent iesn OF course. no
one believes that any such industrial
paradox has existed in America. as 1t is
aitogcther probable that the talsinss
cf southern spinners have been de-
creased In the same ratio % those of
their Northern competitors. II this
Is the case there is 10 he deducted
fr.m the crop movement. 10 date 40
per cent. of the estimated Southern
sptnners taisinss up to this time last
year. or say 10000 bales. which
would give us a total In sight t. Feb.
s.d Of about s.4dc.ooo bales and total
tak'nes Of American mills up to date
as fellows:
Southern takinss( estimated). 1907
0s. 71s.oOo; 1sos-o7. l.17s.ooo; North
ers takinn Sactual). lso7-cs. 1.125,.
Lsst; 1sos-o7, i.s%a,sss. Total. lscS-
|os. l.ssasls: lsos-o7. s.oe2sss
Now. no one. however pessihiistic.
believes that our American Gotten lin
dustry Is in such q PROSTATE ccndi-
tcn that for the balance OF. this sea-
son spinpers win continue. to take ~
pei. cent. less cotton than they did
lasa year ! When the depression was
most acute I estimated the decreased
consumption !n America at Is per
cent. which !. would indicate total
American takinFs OF about 5000. 600
bales. and the acquisition by Ameri-
can spinners Of about s.aoopoo bales
more.
Where ars they - get Il II the
American CROP should be only H.,
Soo,oco bales or nndsr7 81
Even n the crop should be 12.oOo.-
900 bales there would be no cotton in
America sept. 1st: ana II It IL only,
ll.soo.eoo bales there promises to be
D scramble for II such as we have not
seen since the summer Of 1909.
Viewing the whole situation. Il may
be summarized as follws;
There is shortage in the American
crop as compared with last year of
possibly 10000 and certainly 1900.
900: the East India crop Is short g.
eoo.ooo: total shortage. $500. 900.
The worlds visibie OF all sorts In
Europe and American on August 81.
1907. was 1.ss4.coo.
" cohsun,tion n same a. last year,
va. 1:.o0s.slo buIes. there would be
an actual deficiency of 1906 900.
which would con.pel cuItailn,ent Of
about IL per cent. In the worlds
consumption. and a cuitailmcnt VI Is
per cent would leave rs visible sup.
ply no larger than in 1903 and 1s04,
In which seasons cotton sold at Is
cents and IL cents respectively as a
consequence Of the enforced adjust
ment Of the worlds trade to the re-
duccd supply.
In the past ten. years the worlds
cotton consumption has increased
about 's per cent. or IA Fer cent an
nuslly. In no year since 1870 has 1t
ever shown a decrease Of more than
1-2 per cent. This includes, II will
20 seen. the ranicfNof 1877: and assa.
Although I was at first disposed to
believe the panic Of 1907 would be
moro acute in It's phenomena OF dis
tress and more serious IN its conse-
quences than any Kind that had pre-.
ceded II. 1t IS now evident that,
thanks to the solidarity Of the worlds
financial organization and the patriot
Il iaur NJ D~rrDnr< Noroo,. - =,