The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-20
COTTON MOVING FREELY.
Receipts Of New Cotton This Month
Ahead Of Last Year.

The Crop of ls92-e3 the Smallest in
Years Only 100000 Bales
Brought Into Market so Far as
Against over 8, 900, 900 ales to the
Same Time the Year Before Prices
Very Low, However, and Likely to
Go Still Lower.
The new crop of cotton is moving
freely.
Already sos bales of new cotton have
been received at Savannah since August
/, as against only SO bales for the same
time last year. The disposition seems
to be to send the cotton to market early
this season.
The total receips last week were 1,646
as against 564 bales for the
same week last year. A
portion of this years crop is said to be
about two weeks ahead of the main crop
and exceptionally fine and the probabili-
ty is that for the next few, weeks the
cotton will come in rapidly. There may
be drop in the receipts however, rs soon
as the early crop is exhausted. Ready
sales were made yesterday at the mar
ket quotations, which had not been the
case for several days previous.
The crop in this section is reported to
be badly spotted" and it is not expect
be that the crop of 1884 will compare
with the large crops Of 1892 and 1890
81
THE CROP OF 1892 VERY SMALL ONE.
The present cotton year 1928 ends
September l. The total amount of cot
ton now in sight for the year is only g.
53l AL bales, and unless the new crop is
marketed unusually fast for the remain
der of the month the probability is that
the total crop for 1929 will not exceed
5,750,000 bales if it reaches that figure.
This is the smallest crop for any year
since lSS6-S7, when the crop was only
$500, 600 bales.
The smallness of the crop can well be
seen when it is known that Savannah
has only received 796, 1913 bales this year
as against ,O24,8l4 bales the year the pre-
vious.
The crop of 1S91-92 however, was the
greatest ever raised, in this country, the
production being 9,035, 900 bales, accord
ing TO the figures of the New Orleans cot
ton exchange
Strange to say the prices paid for the
large crop of 1891, however 1were a great
deal better than for the small crop of
1892, the prices Tor the last
year having ruled low throughout.
THE CAUSE OF Low PRICES.
There were good reasons for this, how
ever3 the small crop of 1892 was preceded
by the two very large crops of 1890 and
1891 which left the market of the world
well stocked with old cotton, which, of
course, contributed to depress the prices
Of the new crop. Another potent reason
was the present financial depression
which was just beginning to make itself
felt year ago.
The conditions are not favorable for
bicrh yasiaHc fOY fba Of
much less cotton has been consumed on
account of the great mill strikes in Eng
land and the general financial depression
in this country, that there is not the
unusual demand for cotton that might be
expected to follow upon a poor crop year.
The difficulty in getting currency with
which to handle the crop will prove a
terrible foe to high prices this year.
THE FINANCIAL OUTLOOK UNAVOIDABLE
A well-known cotton merchant said
yesterday that if the present
state of affairs continues it will
be only the largest houses
that will be able to conduct their business
regularly, while the smaller houses will
have to do business in a sort of catch as
catch cam style.
There will be no high prices as long as
this state of affairs lasts.
The bankers are all agreed that there
will be no carrying Of cotton by the banks
fer the merchants this year as in previ-
Gus seasons. Not even the largest houses
will be able to do this, except at exorbi-
tant rates of interest, and cotton will have
to be passed from hand to hand as rapid
ly as possible.
FARMERS MUST HAVE MONEY.
And the point to be considered is that
the farmers have made this crop with as
little pXDpuSa a c nOSSibla and Ooyr- tbav-
have got to have money Consequently
the crop will come to market rapidly, for
some time at least. Middling cotton was
quoted yesterday at go cents, and the
general verdict was that it would 90 still
lower very soon. In the summer of 1890
middling cotton brought 121S cen is in
Savannah. A great difference, truly.