Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-12-23
reach an approximate estimate Of the
! crop Of 1919:
Total crop.
A NEW ELEArENT
hss this year entered into the speeuIati.

has this year entered into the speculation
10 c0tton-naaely, reports monthly from
committees on Statistics OF the several
cotton exchanges Of the south, upon the
condition and prospects Of the growing
crop. These have been lugubrious to the
last degree. Even the Galveston cotton
exchange had the audacity to put forth
IN October Sn estimate OF the diminished
| yield OF cotton in that State. 1t was with
/ reference to these reports that a Liver
| pool paper remarked that i'if the cotton
crop di1 prove to be full one, the sea-
son had developed an unusual amount
/ OF mendacity.' There has, however,
been No unusual amount Of croaking
/ from the south, but it has been organ
lied, concerted, and consequently it has
appeared to be greater. There is a nat
ural explanation OF al this. The south
ern planter, when his cotton begins 90
mature, and the time approaches when
ne must take it to market, begins to
shout "ShOrt crop" and the rivalry be-
tween the cities Of the south, TO attract
cotton to themselves, induces their COM
mission merchants to take up, echo and
re-echO this cry. For example, If Sa-
vannah were to say that the crop was a
large one, and Charleston were TO de-
clare the contrary to be true, Charleston
would get the cotton az the expense of
SavRnnah-or, at least, the Savannah
peOole think this effect would be pro-
duced, which causes substantially the
same result.
THE CROP or 1874,
Probably that section of the United
States north Of the thirty-third parallel
never raised better or a larger crop Of
cotton than in 1874. Much Of the land
was enriched by overflows, and that
section escaped the severe drought
which undoubtedly did cause much
damage in the northern belt Of the cot
ton district. In that section, now so IA
vored, the cotton crop was last year
more or less a failure. And yet it has
been impossible = get southern 2uthori-
ties TO admit that even there the yield
has increased. The southerner ia natur-
ally bull in cotton; he easily deceives
himself in respect TO the extent of the
crop; and this propensity has cost him
dear. A southern newspaper recently
explained that one cause Of the impOv-
erished condition Of the south was the
fact that her small capitalists had ex-
hausted their resources IL builiug cotton
on the New York cotton exchange.
SPECULATION NOW TURNS
upon the quantity Of cotton to be re-
ceived at the potts in six weeks from
Novem Der 30th. they were for the cor
re ponding period last year as follows:
1873. Bales. 1874. Bales
December 6...-...-l7O0sl January 3--... l76,2l5
December lS.......l72 9 Q January l0-.... 1929
D=cenl Der &........1S5 sos
Decem Der y -. f.TZG Total ! al OAR
Notwithstanding these enormous re-
ceipts the total from the first Of Septem-
Der was only 2,053, ,2l3 bales, or SO 600
bales less than one half the crop. Cir
cumstauces do not favor during these
six weeks so large a vOIume Of receipts
as that above indicated. In fact, q
slight falling off is already indicated.
A dry autumn was followed by
cold weather, which frOzs the
head waters of the southern rivers
and prevented such 3 rise as is
necessary TO their free navigation by
steamboats,. The southern planters have
N msrketed portion Of their crops sUffiei-
ent to provide means to meet their more
pressing needs, and, believing in q short
crop, as most Of them do, they viii
naturally hold back the remainder Of
their product as long as possible, in the
hope Of realizing the expected advan-
tag6 Besides, the appliances of the
south for ginning cotton will not admit
Of the crop being prepared for market
much in excess Of recent reeeipts. To !
the receipts at the ports for six
weeks at $50, CSC bales will give on the
tenth Of January total from Sept. Ist of
2, ,227, 800 bales, which (being doubled, as
ha- bean the QUztnunl indicates total l
crop Of 4, ,454 600 bales-a close approx |
nation, it viii be observed, 70 the total
reached above By another process.