Savannah morning news. [volume] (Savannah) 1868-1887, 1881-10-15
COTTON.
How Ir looks from a BulIish Point
of View.


SAVANNAH, October 14.-Editor Morning
Meas: beg to make few observations on
cotton-more, however, from the price than
from the ousntitiye standpoint. The pub
lie sources of information are singularly
unanimous in their conclusions-perhaps
never before in the history of the trade have
estimates come so near together-an point
ing to greatly diminished crop. assume
them to be near the truth. The past win
ter, unlike the previous, lasted long and
was exceptionally severe; the spring was
late aud farmers began the years work with
empty corn cribs, with but little money
left from the old crop of cotton-prices
pointipg low for the one being pitched
TINS forming a combination of circum-
stances that made loans and supplies hard
to obtain, or even the promise OF them.
With this discoursging outlook for them,
then, we can hardly believe the careful at
tentiou was given to the crop necessary to
great results Later came the severe
drought which seems to have done great
damage beyond q question, and au-
thorities say the crop cannot mean
over five to FIVE and one half millions.
Now as to price. What other product of
the soil is nearly so chespi Speculation is
rife in the land, and all values have been
forced from forty to one hundred and fifty
per cent. higher than two wears ago, on
almost all articles but cotton. It's time is
vet to come. Since the time this crop wa
cultivated all provisions have advanced
enormously, and promise to range from
TWENTY-FIVE to fifty per cent higher than In
the past, and beside the coru crop of the
Southern States is two hundred mil
lions of bushels short of last
years, which, at present value, would cost
nearly as many hundred millions OF dollars
to import And when the advance IN -four,
bacon aud corn is considered they will show
an increased cost to the production of an
other crop of cotton as great as the entire
value of the present one at present prices.
II manufacturer was producing an article
where the labor was fifty per cent. of its
cost, and that labor would advance two hun
dred per cent, would he not advance his
product one hundred As l look
at 1t, this is about the position of cotton,
for the producing it is nearer to the manu-
featuring line than the agricultural.
America has produced in the past two
years some 2, SOC, 600 bales more than In the
two previous and there are in visible stock
only 700,0OO more than at that time, show
ing an increased consumption of
100000 bales in two years, or
5000 monthly, and as we are
now running seventy-fve thousand bales
less monthly In our receipts-an encroach-
ment of one hundred and fifty thousand
bales monthly is shown on the supply as it
stands to the demand We have had In this
country large crops, the last two of grain
furnishing 8 supply for export of some
eight hundred millions of dollars, and cot
ton half as much more, besides CIV
ing our own people cheap meat and bread.
The harvests of Europe are fairly good
this season, that of Russia good custom
er of American cotton-very large. The
agricultural classes are free from American
competition, and enjoy good prices for
their produce. Trade, then, must be good,
both In Europe and in America. The South
is to day In possession of some FIVE million
bales Of cotton which the world must have,
and have speedily, too. Does she propose to
give it to them at half the cost of production!
The Western farmers found they were
short of wheat. The world disbelieved their
story, and they combined and held back
shipments. The world is converted, values
have advanced so per cent, and they hun
ger for the grain at the advance.
1t is pity some such wisdom could not
be shown by our people, for we have in our
possession an article more precious than
wheat, since that can be brought
from every cline and from every
quarter of the globe; but where will they
find the cotton to keep their spindles run
ming or cloth to cover their nakedness. It
may be the dream of a visionary, but 1882
viii show the mountain values are to
ascend, and around its summit will be seen
20 cents cotton. TAURUS.