The herald and news. [volume] (Newberry S.C.) 1903-1937, 1910-09-06

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New York City, August 81, 1910.
The coming year, in our opinion, Of
fers to cotton producers an opportu-
nifty which IS perhaps not fully appre-
ciated. Hence the following:
Last season We realized the crop to
be a very short ore, and l. cents ap-
peared reasonable figure to US un-
der the circumstances. That price,
we may say, was maintained against
the combined efforts Of the entire
world, and, indeed, the only reason
the price did not rule higher was the
fact that the crop then available fol-
lowed the longest one on record-l4,-
100000 bales. Accordingly, there were
then very large visible and invisible
stocks in spinners' hands, as we'll as
large supply of manufactured goods
on spinners,' jobbers' and retailers
Shelves
It would have been impossible to
maintain last seasons's price if that
price had not been pastifled in every
particular. All interests fought the
advance strongly, so that this season
finds spinners, jobbers and retailers
with the smallest supplies known
since the war. In other words, the
situation in this respect is exactly
opposite from last year, at the same
date, and there is absolutely no re-
serve stock to fall back on to supply
any shortage that may develop.
The world would require supply
Of 13,50O,0G0 bales minimum this
coming season to hold stocks for this
time next year in position no more
strained than they occupy today. A
crop Of 12,500,00O bales would be given
away if sold under 16c. The world
would have to take it all at even high
er prices if it were held for same.
And what crop may we expect? Last
year the States, exclusive Of Texas
and Oklahoma, produced about 7,5OO,-
900 bales, and there is no reason to
expect larger yield from the same
States this season, especially when
the crop is three weeks late. In fact
any increase must be extremely small,
and on the contrary there is strong
probability that instead Of an increase
there will be a decrease. Texas and
Oklahoma certainly do not indicate
over 100000, and these figures also
are more likely to be reduced than rails
ed. Therefore, the total yield indicat-
ed is certainly not more than from H.
100000 to 100000 bales.
Now at the opening this year the
trade is lowering over the market like
vulture, hoping that the producer
will rush to market his crop as he has
in seasons past, even if he can get on"
~ 13 cents for it. In our judgment,
those who follow such policy will
not only be robbing themselves-they
will be throwing away the opportu-
nifty of lifetime; and they will also
be destroying the value of their neigh
bors' property.
Ic is a matter of little concern to
US that our efforts to establish fair
price for cotton, according to the law
Of supply and demand, were neither
realized nor appreciated by those in
terested last season. That is now
past history, but to allow this crop to
rush to market without first warning
the producers of the costly mistakes
they may make and the advantages
they stand to realize with wisdom
would not be just to the cause we
espouse.
Nor do We forget the ultimate con-
sumer. He does not believe it, but it
is true, that the price Of raw cotton af-
fects him but little. Prices remained
virtually unchanged to him last year,
in the face of the advance recorded on
the cotton exchanges, and there is ev-
cry reason to believe that the actual
consumption last year was larger than
the year previous. What We must ad-
just ourselves to is a gradual yearly
increase in price to supply new indus