The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1909-09-29
SMALL COTTON CROP
GIVES THE FARMER A CHANCE
FOR GOOD PROFITS.
". 3. Thompson, Pres. OF the New
Orleans Cotton Exchange. Dis
cu>s..s the Outlook Interestingly.

cu>s..s the Outlook Interestingly.
Mr W B. Thompson. president
OF the New Orleans Cotton Exchange.
has sent out mos; interesting let
Ter on the cotton outlook. He says |
tn. record Of ,he 1909 crop ~!ll con-
stitut" an important chapter IN COT |
ION history. 4 moderate crop Ger
;ainl:;. a dangerously short crop prob !
ably. and wholly inadequate crop
possibly. is coming 10 meet demand
which could De satisfied only by the
greatest crop that vas eve: grown.
This conjunction OF an overwhelming
need with insufficient supplies is
traught With tremendous poss.bil!-
lies for profit or loss Of profit to
the producer and OF menace to the
cotton industry.
Whether the issue from this crisis
shall! be fortunate or unfortunate.
whether the producer shall! realize
his rightfu! profit. OF shall fail to
use or misuse his present advan-
| taGe. and whether the spinning in
| dustry shall so through this year OF
shortage with the minimum OF in
| convenience or the maximum CT
Decentralization. will depend upon one
impo:tan; particular. namely: the
distribution Of the crop. With :h.
producer and those who help him
abides the power 10 regulate the dis
tribution and 10 shape the result.
Il IS large advantage thus pos
sessed and grave responsibility
thus en;ailed. II the power IS en-
| ployed unwisely. or wasted IN spas
modic efforts to squeeze" the buy
ers up TO predetermined frice. lot
only will the producer tai! to realize
.he maximum Of the present benefit.
bnt he will help to cripple the man
ufacturing industry and curta!l its
capacity 70. future consumption.
! II the powe: Is left unused. and
the producer. dazzled BY the present
unexpectedly high prices. .ushes his
cotton to market. he vii! iaaugu.ate
\ movement which subsequent pro-
ince can not arrest. and will re-
1eat the t!me-old mistakes OF SELL
ing :he bulk OF MS crop at the time
when the price Is at the lowest OF
he year. II the power Is employed
wisely. the producer will distribute
ne supply Of cotton as evenly as
possible over the year. and thus rea-
!ize for his entire crop the highest
orice that an eager demand can pay.
and at the same time keep the de-
mand presently active and keen for
future supplies.
IN other and more fruitful years
when the Yield has been great and
the demand relatively small. the
farmer has been compelled 10 accept
for his crop whatever he could get.
even though the return was less
than the cost Of production. When
he complained al his lot. be has
been reminded by opulent philoso-
piers. that price Is regulated by the
Law Of supply and demand. and that
II he made more cotton than was
aeeded. he must bear the burden.
In this suggestion there Is truth.
But a good rule must work both
| ways.
The la* Of supply and demand
must be permitted to work for the
farmer as we'll as against him. II
ne has 70 accept low Price when
be makes TOO much. ne should re-
caive a correspondingly high price
when be makes too little. II the
consumer profits by over-production
the farmer should profit by over
demand There is NO divine right In
the consumer to always make the
profit. nor is there any justice !a the
apparently generally entertained ex-
pectation that the producer must al
ways sustain the loss.
II i, should so fail out that the
spinner has to pay fer the raw
| material price so high that his
| season will be unprofitable. II is TO
| be regretted. but the misfortune Is
no greater than that OF the farue.
! who has 20 SELL for the cost OF pro-
duction. II such loss is TO be, sus-
tanned this year Il should not fail
upon the farmer: nor will it so fall
il he will but exercise the same p.u-
1leace in selling his crop that he uses
in buying his clothes. He buys bis
clothes when he needs them and has
the price: ne should sell his cotton
when ;he other man needs Il. and
has the price.
Efforts have been made TO ad-
vance prices by covenants 70 With
hold cotton from the market until
An agreed figure should be reached.
These efforts have not beer success
ful. although they have bad the eff
feet at time Of restricting offerings
and TO some extent relieving the
pressure. But there are In this plan
Two fundamental defects The first
!s. that !, can not be fully accom-
pl!shed. and the second Is. that II
II could be fully accomplished. Il
would automatically defea. its own !
purpose.
The farmer can not hold all his |
cotton from the start: but II be |
could and prices were forced TO the
stipulated figure. at that ins,an;
there would be such an avalanche
Of cotton for sale. that the reaction
would be "a swif, as the advance was
tedious Blu; there is q way By
whici. the desired result may be &C
complishe6. There IS a system OF
marketing the crop which IS not
only feasible. but which would ac-
complish is equitable purpose un-
er-ing!y and without fail.
By this system OF marketing. the
law OF supply and demand would.