The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-03-26
THE COURSE OF THE STAPLE.
Cotton Planters and Cotton Specula
tors.

Cotton Planters and Cotton Specula-
tors.
IF. ON the New York Bul eiin.l
Throughout the South there seems to be
feeling that at New York combinations oil
speculators are using all their power 10 de-
press the value of The great Southern staple.
We draw this inference from the fact that
meetirg, Of buyers and planters are being
held throughout the cotton States, at which
resolutions are adopted asking that buyers OF
"Iulures" will ln all cases demand the cotton
on their contracts, and advising producers TO
keep back their crops and prevent these com.
binatloDs from holding cotton enough to meet
their contracts, and 80 thwart their designs.
The friends Of this movement seem 10 ig-
more the fact that, on all these contracts there
are two sides, the "bulls" TO advance the
price, as we'll as the "bears" to depress 1t
and that 10 the long run the side which has
the me st correct view Of the actual situation
of the cotton trade must come out victorious.
They also overlook the consideration that q
single one hundred bales will (and we hpve
seen cases where 1t did) settle contracts for
but time, TO the amount OF contracts II might
settle. There is no doubt that the system OF
contracts In vogue here Is gradually reducing
the volume of business In actual cotton. A
comparison Of the number Of bales sold here
since and before the adoption OF this system
would at once settle that point.
The outourst Of feeling among Southern
shippers seems to us without warrant. Be-
fore this "futuren business we had the same
al nF and
'sbears'' as now; and the change recently
adopted u the mode of conducting the busl-
! ness places the Southern Interest at no more
disadvantage than formerly; Indeed, as the
actual holders of the cotton sold by The
| .sbearsn for future delivery, the South has
now very important advantage.
1t Is evident there Ia and has been Tor some
time something keeping back The good cot
tons; Tor the actual receipts, both here and at
other seaporls, show that the cotton received
is fully Is per cent. lower In grade than last
or former years. 1t may be mat this can be
accounted for by the tact that, with such 8
large crop as is generally estimated, the
planters have not been able 10 give II The care
that is necessary to produce good crop.
But, whatever may have been the cause OF
this deterioration in the grade OF the cotton
coming to hand 1t is clear that this fact iself,
and not the mere action OF speculaiora, (who
can influence any market but temporarily, Is
| 10 be accepted as very important cause con-
triuuiing 10 the decline In cotton. 1t is also
TO be Kept In mind that-wilh the large crop
In this country Jour receipts now pointing to
an Important increase over last year, aud an
evidently abundant crop In nearly all the
other cotton producing countries, heavy stocks
| In Europe, (out not, however, quite as large
as last year at this time.) very unsatisfactory
| trade in Manchester, and the fact that The
expense per loom In building new factories
In England is largely In excess of what 1t
| was five years ago, (slnce which lime there
have been very few new works put up)-
all facts seem TO Indicate plenty OF raw ma.
terIal and scarcity of looms TO spin It. 1t
| is true there have been some few factories
put up in the South, but they can only supply
| a home demand. and are but as bloom In q
one thousapd.acre field; their effect on the
great cotton trade can hardly be telt beyond
their own nelghborhood.
Whether the ''bulls" or "bears" will pre-
vail remaIns to be seen; but 1t does seem that
the "shorts" (bears) have much IN tnelr ia.
yor. They, of course, have agreed to deliver
what they have not; and II the "bulls" can
control all the cotton, they can make their
strepgth felt at the end of each month; but
can t6ey, with the large crops. hold enough
| TO do this Have tEey the requisite moneyed
strength ? II they have, they will certainly
Temporarily put up the price; but, If not, is moi
The natural tendency from these causes TO
ward lower prices ? Time Will tell.