Savannah morning news. [volume] (Savannah) 1868-1887, 1882-04-06
The Cotton Situation and Prospect.

n
The New York Post, in a well consid-
cred article recently published, regards
the cotton situation as very unsatisfac-
tory. 1t takes the ground that specula-
ton alone is holding up prices here above
those of Liverpool, and while we have
a shortage this year of say 1850, 900
bales, East Indian and Egyptian cottons
are coming in to supply the demand. To
such an extent is this the case that it
thinks these cottons bid fair to make up
what is lacking in our own stocks, and
so. after all, the world may have as much
cotton this as in previous seasons. 1t
may, argues that paper, be the middle Of
May before the probable reignlng price
in Europe can be ascertained, since the
weather prospect and the loss of acreage
from recent floods will have to
be taken into account. 1t estimates the
total stock, including all in the United
States, England, and the continent, to
gether with all afoat to Europe from
the United States, Brazil, Egypt
and India, March 18th, at 2.9SS,
1872 sbales, against 3,OSO,S5S at the
corresponding date in 1891, and 1853,
794 in 1880. The difference of nearly
100. 900 bales less in the stock now than
a year ago. Is caused by the fact that the
amount of American cotton af1Oat for
Europe is only half as great as last year,
by reason of the shortage of our crop.
The continental stocks, however, are
larger than then, and the amount Of H.
dian cotton afloat for Europe is nearly
double what it was last year. This
shows that while we have a visible sup
ply in the United States yet equal to last
year, the cheaper Indian cotton is going
to market in Europe in preference to the
American This last fact is one that
should be reflected upon, for, without
care, the American market may be so
managed as to play exactly into the
hands of the East India dealers-men by
no means wanting in shrewdness.
A correspondent of the New York
Chronicle from Nashville, Tennessee,
in a recent letter summed up concisely
and plausibly the future prospect of the
South's great staple, and the present dis
tressed condition of the Southern cotton
grower, especially in the Mississippi
valley. He says that during the grea!
food of 1883 planting was carried on by
men of large means and unlimited credit,
and possessed of perfectly organized
labor. Now each laborer has to arrange fol
himself, and the recent overflow has tire
mendously increased the difficulties; they
have lost their stock and the fences are
gone, and they have no credit This and
other things viii bear heavily against the
next crop. The preparations for the
last crop were made with good credit
literally accepted, and the future looked
bright Stores and fertilizers and i'm
plements were bought, and the growers
went deeply into debt Disaster came
the creditors got hold of the cotton AM
put it on the market as quickly as posi-
bic. The whole did not pay the debts
and now the farmer starts with only
limited credit available, and back deb
to start with These things, in connec
ton with the food. will materially limit
this seasons acreage; it will be weeks
before crop can be got in at all il
the Mississippi valley. He considers
that the South has not for years
been in worse condition fnan
cially than now; it has had u bounded
credit the last three years. merchants
believing that every years crop would
be larger than that of the yeal
before, but a reaction has come
and advances are hard to get, ever
by farmers in favorable circum
stances. The cotton grower is in extreme
embarrassment; there is diminished cred
it, diminished acreage, less to start tn,
season on, wants more than usual, and
prices of feed and all necessaries unusu
ally high. The exigencies to which
the farmer is reduced viii cause him tC
put in more grain than ever before
which will further reduce the cottor
acreage. All these influences work ont
way, and that is to limit the amount Of
ground that viii be put into cotton dur
ing the season now opening.
In view of all these quite generally
conceded facts, it seems likely that prieei
for cotton must yet advance materially
Nevertheless the advance will come too
late to benefit the farmer. His cotton hal
nearly all passed from his hands into
those of his creditors and spectators
and whatever benefit is to be obtained
from high prices they will derive. Th'
Southern farmer may at once make NJ
his mind that he can never hope to enjoy
fully the proceeds of his labor until hi
fortifies himself against debt and disas
ter, and renders himself independent o
the world by diversity Of crops and tht
production of his home supplies.