Goldsboro weekly argus., 1909-03-11
LATHAM.s COTTON LETTER.
A Wayne County Boy Who Is Men,
ber of New York and Liverpool Cot
ton Exchanges.

ton Exchanges.
Mr.. J. E.. Latham, better known in !
Goldsboro as ED. Latham who is |
native Wayne county boy, born on the
farm, and who spent his boyhOod in
the cotton fields and knows cotton in
every phase of it's commercial rela-
ton as we'll as it's plant growth, and
who is now a member of both the New
York and Liverpool Cotton Exchanges
with correspondents in every cotton
growing state, thus writes of the cot
| ton situation, under date of March 4,
| from his Greensboro office:
Greensboro, N. c., March 4.-The
position of cotton from a standpoint
of supply and demand and the posi-
ton of cotton goods from standpoint
of trade and the position of labor from
an economic standpoint seems to pre-
sent situation so interesting to civil
ization in general and the Southern
cotton planter in particular, that it
seems worth while to try to show the
cotton grower "where he is at"
The visible supply" is the largest
ever recorded and the invisible sup
ply, also, is probably larger than ever
before. The crop is very excellent
quality in which has made it desira-
BILE to hold by spinners, growers and
} merchants. The price has been rela-
lively cheap and money has been
abundant and available so that spin
: ners have had no excuse to go uncov-
cred and farmers have not been forced
to sell, and dealers have had what ap-
peared to be good mercantile parity.
The advance since the middle OF
been brought about almost entirely by
the fear Of something happening to
t the new crop. The market has been
. stimulated by all sorts of talk about
> acreage reduction, impending depre-
i dation by the boil weevil, an INSULT
/ cheney of moisture in West Texas, and
J, predictions of an exodus of labor from
q the weevil infested districts Of Louis
lana and Mississippi. In other words
Speculation has appropriated all the
rumors and made bu1lish every possi-
! BILE prospect trying to get cotton just
:. a little above the cost of production
: In the meantime, food for man anG
beast is selling at the highest prices
: ever known and "the talent out ir
7 Chicago that has had the grain mar
). kets in cornered state most of the
e time for several months, show no dis
;, position to relax, and grain is higher
i than ever known at this season of the
. year. The bull leader says: This
= years wheat is a domestic PROPOSE
G ton which can probably be con
. strued to mean that he and his crowt
:, own about all the grain and that tue!
will continue to advance prices JUS
as high as possible without produc
g ing dread riots
e, Can a cotton planter afford to grow
e cotton at the average price at which
r. this crop has sold and the prospective
r price at which next crop is selling ant
S pay these prices for food? [ will an
& swer yes, but it is likely the Western
r man will own the farm in shor
1t time
It is not new to the farmer tha
small crops Of cotton fetch more mon
ey than big crops, because every per
= son of intelligence knows this, an
also, that when food is dear cotton i
cheap.
y The crop this year is over 13 l.
- million bales, which is a million NOR
. than the world can consumes; there
a fore, to relieve the congestion Of cot
ton the farmer must plant less, and t
relieve Cthis Chicago corner in food
~ must produce more grain.
al Under various organizations durin
r the past few years, the cotton grow
II ers have sent out some "hot stuff il
&. the form of resolutions and recon
\ Imendations; they have abused tn
4 built few storage houses at inter
q walls; these remedies are of doubtful
value, and while they may help tn
symptoms, they do not reach the dis
l. ease. The truth is, Mr.. Farmer, yo
le are raising too little food and to
re much cotton.
ID The question of food prices ough
le to be considered very carefully be
Z cause if present conditions have com
d to stay, then all wages and sa1arie
: and economics must be readjusted
g Food has to be purchased every day
II but the purchase Of cotton goods ca
be done tomorrow or put off indefi
lnitely The high price of food i
:, largely responsible for the low pric
= of cotton. The drought in Texas i
= being used as an argument in favo
! of cotton, but the facts are that nov
:, lis corn planting time in the drough
: tdiStrict and if rain does not com