The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-04-13
CROP REPORTS CRITICISED.
The st. Louis Cotton Exchange Oh
jects to Government Estimates.

The st. Louis Cotton Exchange OBJ
jscts to Government Estimates.
ST.. LOUIS, Mo-, April 12.-The cotton
exchange of this city unanimously adopted
the following to-day:
WHEREAS The department of agriculture
of the United States did issue on March II, 1892,
its report on the distribution and consump-
ton of corn, wheat and cotton" and
WHEREAS, Said report has been the cause, in
our opinion of great financial loss to the people
of the United States; based not upon facts but
mere guess work, causing an immense decline
in the values Of the two greatest American eX-
port articles-to-w wit, wheat aud cotton-by the
use of the following, which is in the interest OF
foreign nations and against American pro
ducers: #@r
"Wheat-The March reports make the stock
of wheat in the growers hands III 900 900 bush
els or 2S per cent. of the crop; 63,OOlO00 bush
els of spring wheat aud 03,0O0, 900 bushels Of
winter wheat much Of the latter IN states
which have practically no commercial distTi6u
ton, but entering into local consumption for
bread and seed This is the largest reserve
| ever reported, that from the largest previous
crop lof 1sS4) being I69OO0,O0o bushels"
And as to cotton; "these facts show clearly
what is the matte with cotton growing; IL is
suffering from overproduction. In the last two
years this country has produced more than
100000 bales above the requirements Of con-
sumption"
Believing, as we do, that said report is not the
result of facts or information to be relied upon,
therefore, be it
Resolued That this exchange enters it's
Urgent protest against the issuing and publica-
tion of said report as unwisa, indiscreet and
uncalled for, and beyond the powers delegated
TO the said department OF the people, and that,
our representatives In congress be requested to
give producers protection against all such re-
ports on the part OF the government; that said
department shall conf1ne Its reports to facts
and actual production of crops, and not to
guess work as to what the department believe
is in the hands Of producers unmarketed.
DoDGE's REPLY.
WASHINGTON, April Ia. r. Dodge.
the statistician of the department of agri-
culture, furnishes for publication the fol-
10 wing statement in reply to the resolutions
adopted by the st. Louis Cotton Exchange:
"The resolutions passed by the st. Louis
Cotton Exchange are unworthy OF the in
telligenoe of an American commercial
association. That band of specula-
tors, suffering from their own rash-
! ness and bad Judgment, should so
stultify themselves as to deny the
open facts of production and distribution
which are published daily by the CONNER
cial press of the two continents, passes COM
prehension. The statements complained Of
| in the March report are those of the National
Cotton Exchange andof Mr.. Ellison of Liv-
| erpool, an authority no cotton broker will
gainsay. The movement of the crop of
! 1890 exceeded S.500,000 bales. but Mr..
Hester, the highest authority of the New
Orleans exchange, SAYS the crop was actually
$500, 900 bales, which is nearly as much as
the average annual consumption of the fac
tories of Europe and America for five years
past, according to Mr.. Ellison; and India,
Egypt and Brazil added more than 8. .000, 900,
making a total of II, 100000, while the con-
sumption of Europe. America and India has
never reached II, 100000. The visible stocks
Of january were about 500, COO larger than
iu January of 1890, and the Liverpool price
of middling fell from 6 1-l6 pence to a
pence as a result Of overproduction, aided
possibly by the sale Of futures at the st.
Louis exchange, but not one iota by the
March report of the department of agrioult-
ure.
THE FIGURES ON WHEAT.
"The reference to the March report of
wheat distribution Is puerile. The report
gives exports, visible supply, stocks in
farmers hands and consumption, which do
not make a bIshel more than was reported
in December, and scarcely more than was
indicated in the report Of last October. No
intelligent American will claim a smaller
! product Or the III, 600, 900 bushels of in
visible stocks, 24,O00,000 are in thirty >two
states and territories that cannot spare a
bushel to commerce and III the other fifteen
not less than 65, 200, 900 bushels are required
for bread and seed, leaving only 49,
900, 900 available, or which scarcely
50,OO0,000 can be forced into
commercial distribution by the present
prices Far the larger part Of the avail
able supply is now visible in the commercial
elevators. Monday afforded an object lesson
In refutstion Of these charges, when our re"
port showed a loss Of over per cent. in the
condition of growing wheat, and yet future
! dealer got in his European canards and beat
down the price 5 cents per bushel in the face
A.. 80 S01n h,Ie
the wolves of speculation charge an inno-
cent report with muddying the stream of
price"