The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-09-20
COTTON Is KING.

Il u oo 49,.
farmers are picking out the staple,
the gambling fraternity is able to de-
press the price Of cotton as the to-
bacco trust presses down the price Of
tobacco when it is first put upon the
market by n poorer But
the greatness Of cotton is seen in that
this year the price keeps UP and most
people believe that the rme Will
get good prices in the fall as the crop
is ginned. 80 mote it be-
The refusal of English banks to
cash cotton bill-of-lading drafts, as
heretofore, need not seriously disturb
the South said Richard II. Edmonds,
editor Of the Manufacturers Record.
In former years, when the South was
hunting buyers for its cotton, this
situation would have produced much
trouble; but at his time the foreign
spinner is hunting cotton. He is the
beggar and. therefore, cannot be the
chOOser. 1t is in the power OF the
South to dictate how it's cotton shall
be sold, and how it shall be paid for.
The fight bf the English bank
against cashing cotton drafts will real
" prove to be a fight between the
English banks and English spinners.
The s%pinners must have cotton. Mil
VIZ =
OF short time in Great Britain and on
the continent, because cotton cannot
be had. The manufacturers are,
therefore, compelled to buy cotton,
and the terms of payment can be
liked by the South. This section no
longer has to beg Europe to accept
its cotton on Europe's terms and "a
for it according to the convenience
Of European bankers.
1t Must Have Cotton.
IT the South simply sits firm in the
saddle, and does not get frightened
by the cry that Europe VIII not cash
it's cotton drafts. unless guaranteed
by bankers, Europe will have to yield.
It must have the cotton, even if to
get it it has to send the money Over
here in advance. Moreover, in these
days the tendency everywhere is for
the buyer Of agricultural products to
| so after the arner The rover of
ms and grape fruit, and apples
and peaches. is no longer compelled
to ship his stuff to an uncertain mar
ket and take his nance on selling
at q profit. The buyer now comes to
him and pays spot cash while the
fruit ls on the trees. or as it is gath
cher.
THE cotton farmer, by virtue of the
shortage in the worlds supply, this
year holds Il strategic position, from
which if he does not get stampeded
by false reports, he cannot be dis
lod ged. He can dictate the price,
within reasonable limits, and he can
decide that instead of croWding his
cotton to the market within the next
three months. he will market it slow
ly during the twelve months, and only
as rapidly as the buyers are willing
to take it at a good price. Never be-
fore has there been a time when the
cotton grower held SO strong a posi-
ton IN this respect as he does. today,
and this is true even if it shou4d de-
veIop that the crop is a fairly full
one.
Never Received Full Profit.
Il fully the disadvantage
under which the cotton mills of the
South and of the whole world have
fabored during the last year, in which
the price of goods has not kept pace
with the advance in raw material.
notwithstanding this, however. I be-
lieve that the southern cotton grower
has never received the full profit to
which he is entitled. and thai as hard
as the situation may be on the cotton
manufacturer, he will have to stand
it until the world adjusts itself to a
higher range Of prices for cotton
goods.
There was a time when pig iron
sold in Birmingham at $500 to $500
per ton, but Of late years ANYTHING
less than $3.50 to SIS a ton IS regard
ed as entirely too low for Birmingham
iron, and except in periods OF severe
depression in the iron trade, con-
sumers do not seem to expect to get it
at much less. Nobody ever thinks Of
the return of the time when the iron
makers of Alabama Very nearly starv-
ed in trying to sell iron at anything
like ST Or So per ton. What has
taken place in the cotton trade. The
consumer must pay q higher price.
Railroads VIII Issue Bills.
80 far as cotton b~ills-of-lading are
concerner, | am satisfied that sooner
or later the railroads will issue a bill
of-lading, the correctness Of which
they will absolutely guarantee. just as
much as a bank guarantees the cor
rectneSs OF its certificate Of deposit.
1t would be very much better for the
railroads TO do this of their own Volt