Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1911-04-25


is a we'll established fact that there
have always been ups and downs in the
affairs of all men, and 1t stands to
reason that there will never be any
change in this fact. The rule applies
to every phase of life, industry and
! endeavor. and there is no good reason
| to think that there has been or will be
any exception in favor of cotton pro-
duction. But, somehow we are not dis
posed, as is the case with so many. to
look to probable overproduction as
the only source of danger.
| 1t used to be urged some years back
| that the sole cause of the low price or
cotton was overproduction. The peo-
pie who gave that as their belief were
honest in their conviction, and from
surface view their reasoning seemed
sound enough. There were those VINO
held then that Overproduction was
not the great trouble, and in view of
! the broader view that is now possible
in the light Of events of the past few
years. it seems that they were more
nearly correct in their doctrine than
were those who held to the opposite
idea.
| OF course, under conditions where a
given amount of cotton had to be sold
to a limited number of buyers already
more or less we'll provided with tenn
porary supplies. it is easy to see how
| l., 6x, tha h,,tyn
and it is easy to see also how there
would be more or less foundation for
the supply and demand argument;
but that is because many other con-
ditions and influences were not so
readily discernible to the average seller.
AS a matter Of fact, the price Of cot
ton was merely a plaything for gamb-
lers who were not only able to con-
troll the basic figures according to
their whims, but were able to man
ipulate all fluctuations thereof.
| 1t is not to be denied that the price
of cotton is still as much a plaything
for gamblers now as it was a few
years back: hut there has been one
very important change in the situation
now as compared with then. Now the
market manipulators have to concern
themselves principally with fuctua-
tions, the basic price having happily
| passed beyond their control. To he
more specific, the time was when
masterful bear, having gotten the up
per hand of the situation could put
prices down to any level that he might
care to fix, regardless of production,
cost of production or any other con-
sideration; but now that is not true
any more than it Is true that a DOM
inant bull can put prices higher than
the limit at which the public can no
longer afford to buy.
This great and important change
has been brought about through the
operation of a number of different
factors more or less closely related.
In the first place, after cotton had
been forced below the cost Of produc-
ton, and people who were unable to
understand the significance of the fact
had been forced into bankruptcy, there
came a tremendous contraction of the
supply. This condition continued for
several years before it was realized by
any of the spectators. Finally, those
who realized it first were able to
treat the bear element among the
spectators very much as this bear
element had previously treated the
producers, and there came a shakeup
that was more swift; but neverthe-
less as effective, as that which had
been experienced by the producers.
AS the result of the ruinous prices
to which they had been accustomed
during several years past, producers
had found ways and means Of produc-
ing more cheaply; but more important
than that, deprived of the ability to
procure on a commercial basis sup
plies necessary to raise a crop, they
had learned to produce those supplies
lands.
When therefore, the pendulum took
it's swing upward, producers were not
only in position to get larger and
more satisfactory profits; but they
were generally in a position to hold
their stuff off the market until at least
the former low level of prices was
reached. This condition helped to
conserve the lesson that had been
learned, and silently but surely new
economic condition with reference to
the cotton trade was established.
There are those who hold that it
would require 6O,OO0,O0O bales of
southern cotton to supply the demands
of the world, and there are others who
fear that 100000 bales would again
send prices to their former low level
AS to the first proposition, we do not
know, but we hope not to see any
thing of the kind for many years to
come. AS to the second, we are not
so sure; but we do not believe that
the south is going to raise fifteen mil
lion bales this year, next year or any
other year in the near future.
The greatest lesson connected with
the whole problem, that Of producing
supplies at home, has been learned as
thoroughly as any other phase Of the
matter, and now where formerly fail
ure to produce supplies at home was
not seriously regarded, now such fail
ure is looked upon as threatening more
disaster even than low prices, and so
long as this feeling continues, cotton
production in the south is likely to re-
main prosperous.
The Boy Corn Growers.-There will
be an army of 5000 young men of the
rural districts of South Carolina to