The herald and news. (Newberry S.C.) 1903-1937, December 01, 1905, Page 3, Image 3
TOAQTT
orrespondent
artially Agree
-Sustains As
ci
-the Editor of Th
-have read with ve e
res.t your editorials com
ations from vario arties, and
I am rather disposed to believe
e nearly right in your conclu
I cannot quite agree with your
s of the action of the officers
planters' association in trying
dge holders of cotton to con
to hold for 15 cents. I doubt if
i will reach-t'hat price and I doubt if
it -will benefit the producer of cotion
in the long run if it does, but still I
fully sympathize with the motive
which induces the effort.
I fully agree with you that the ideal
to be desired is your plan of an un
derstanding between the spinner and
the grower as to a price and the effort
to hold it at that, Ibut how is an agree
1nent to be come to when the spinner,
as a rule, always on a declining mar
1cet, waits for a further dAecline; and
their scant numbers and their knowl
-edge of the utter lack of organization
among the farmers makes it compara
tively easy for them to wait on a de
cline and catch the discouraged farm
er at 'his moment of weakness and
drive hard bargains with him. This,
-added to -the effect it has always here
tofore had, induces them to believe
-that a drop of a cent means a drop
-of another cent and that all they have
to do is to wait 'to buy cotton (which
at ruling prices will pay them a hand
some profit) at a price which will
-show an exorbitant profit. This has
been their . rule so invariably that I
defy proof of mills ever having bought
heavily on a rapidly declining market.
Mr. Theodore Price -has, I suppose,
spoken the mill sentiments with great
regularity; -whether as leader or as a
follower makes no difference, but they
generally have moved together and on
the recent 'decline, which is fresh in
the memory of everycre, the mills
bought only from hand to -mouth, and
are no better supplied now tha~t Price
has met his Waterloo than they were
when he was daily knocking the p'rice
down heavily by ingenious misstate
ments and no less disingenious deduc
tions.
-Going back to Igo4, we read when
-in November the proof of~a mammq'th
crop -first became indisputable, Price
came durc in a public statement show
I- ing, apparently indisputably, that the
price would inevitabfyKgo lower than
3 cents and urge~d the farmer to sell
at theimurrent price of less than 7
cen.ts. The farmer practically -an
swered, "I can't disputce your reason
ing, but I have the cotton and won't
sell at your figure and won't take your
advice; whoever wants my cotton
must pay io cents or I will hold it."
The result has been .that it all sold
around the -farmers' figure and in the
end Price was enthusiastic on the -bull
side. But on February 15, 1905, 'he
was on the bear side and writes:
"iThe more thought and investiga
!tion I give to the subject The more.
r We have k
know.the bes
and have pi<
them. THE CI
versible Disc
am convinced of the follow
ositions:
. That the cotton market is
ower (it was then below 8c).
cond. That the decline, if de
d, will ultimacely be much great
n account of the delay.
Third. That .the prevailing ideas
greatly exaggerated the cost of pro
d'uction, which this year does not ex
ceed 5 cents per pound.
"Fourth. That 9,ooo,ooo bales of
this crop 'has been sold at an average
of 9 3-4 cenEs per pou)id and if the
balance can be sold for 5 cents the
average will be over S cents per
pound.
"Fifth. At 8 cents there will be a
profit of at least 6o per cent, on cost
of cotton. N. B.-This allows less
than 5 cents as cost of production as
6o per cent of 8 cents is 4.80, which
leaves only 3.20 -for planting, picking,
ginning and pressing, rather a scanty
margin."
About this time the farmers' refusal
to follow Price's advice began to have
its effect, and having, with his usual
adroitness, changed to -the other side,
on June 28th he writes advocating
higher prices. Tihese facts foreshadow
extraordinary advances in the price of
cotton. Having given his estimate of
the crop at nine and a half million
bales he goes on to say, with a view
to getting at the views of the trade,
the following questions have been sub
mitted to the members of the three
leading exchanges of the world, and
the replies of 50 from each exchange
gives as follows, on a crop of nbt over
io,ooo,ooo bales: New York exchange,
15.12 cents; New Orleans, 15 cents;
Liverpool, 15-.52 cents.
Not very long after this he changed
again and all are familiar with his re
lentless campaign which yesterday
culminated in his defeat; but mil
lions have been lost by his accompli
ces or dupes.
I fully agree with the State in think
ing that a close alliance between the
farmer and the .mills is the great de
sideratum, but how can it be secured?
The farmer -will probably be willing,
under existing conditions, 'to enter
into an agreement to sell 'his future
crops at io cents, but have you the
remotest idea that any considerable
per cent of mills will agree. We have
seen that in the past that no mill has
ever bought more than from hand to*
mouth on a falling market.
The practically universal ru.le of
the mills has been to only meet their
most pressing demands on a falling
market, no matter 'how great their
profits may be.
Our papers have undertaken to say
what is a remunerative price; gener
ally fixing albout 1o cents, and they
have, as a rule, criticised severely any
holding for prices above tbhat, no mat
ter 'what price the farmer was comn
pelled to accept in years past, and are
too apt to call out the moment 11
cents or more is demanded .that you
are destroying the profits of, the mills.
I think the work the association has
already 'done has done incalcuable
good to the .farmer and I feel the
greatest sympathy for the officials,
even when I do not agree with their
views. Whether cotton can be put up
een in th.e Il
t. We have
ked the Cha
IATTANDOGA REVEE
Plow built
to 15 cents is, I think, very doubtful,
but I have no doubt that the effort will
put it much higher than it will go if
nothing is done and the mills are al
[owed 'to 'have it at what they think
the farmer should 'ake.
What cotton is worth is hard to say,
but at even 15 cents, clothing from it
costs less than that made from any
ther material. During the war cot
ton was bought eagerly at $i a pound
and for years after the war averaged
above 20 cents, but it was all taken
and used. N't coun.try on earth can
successfully compete with the sout'h
In cotton. I.t has been repeatedly tried
and always has failed. I am in fa
vor of letting cotton planters, like oth
:rs. get all they can for what they
make and while I sometimes think
-he officials of the association make
istakes, I believe in dwelling more
>n the facts they have .demonstrated
than on their comparatively few er
rors. "Cotton."
Dress
4'.
There is one th
always count oni
nished by us, and
Our Furniture is the
Our Styles A
Nowr Pric
Nowis your time to
new stock.
We have moved our e
to the double granite fr
liams, on upper Main
opening the most corn
ever opened in Newber
the celebrated H amiltol
She Icli
O U
VPLEMENT
handled all
ttanooga aft
ISIBLE DISC PLOW
*1Ha
IMPORTANT NOTICE-If my cus
tomers want to get the balance of
rheir winter shoes at old prices they
had better come as early as possible
as I am having to pay from ten to fif
teen per cent advance on all I buy
now and I have marked nothing up
that I bought at old prices.
A. C. Jones.
NOTICE OF FINAL SETTLE
MENT AND DISCHARGE.
NKtice is hereby given that the un
dersigned will make a final settlement
as Executor on the estate of Minta
Titus, deceased, in the Probate
Court for Newberry county on the
29th day of December, 1905, at Ii
o'clock a. m. All persons .holding
claims against the said estate will
present the same .duly attested by
said date and all persons indebted to
tihie said estate will make payment.
Jno. B. Morgan,
Executor.
ing. that you can
n*the homes fur
that is "Comfort."
NAWARs
re the Best,
is Are the Lowest.
buy. Inspect our big,
ntire stock of furniture
ont store of R. C. Wil
street, where we are
plete line of Furniture
ry. We are agents for
ni Pianos and Organs.
$ummor
business lon
standard ma
er the farmer
is the only si
*YOU DOI 'T BUYO
*A "Pig in the Bag'+
?when you select your Piano or ran9
Sfrom the old reliable Malone's=Msc
WHouse.+
WE WILL
*ship from here, or from the factory.
. iano or Organ to your nearest Depot4
andallow YOU tO test it a reasonable
+tim beoreyou pay a dollar.
Coe m PREPAY
*freigh red i
Write us at once for catzlogues, prices
W.d terms. Address
*MALONE MUSIC HOUSE,*'
is 1428 Main Street,
* Columbia, S. C.
HAVE YOUR WATCH
Repaired Right.
W. D. Rikard
Jeweler
W B. RIKARD
'isnowin The Herald and
News Office where he will do
your work promptly and under
GUARANTEEG
Give him, a trial.
Prccesful Re
Ta'dCli