The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-11-03
VALUE OF THE COTTON CROP
Senator George Can't Tell Which Way
Prices Will Go.

A Short Crop Should Send Them UP,
But he Thinks Money viii be
Scarce, Owing to the Gold Standard.
Consumers VIII Therefore be Conn
PEELED to Curtail Their Purchases of
the Manufactured Products and
Prices Would Then Decline-No Tip
for Spectators to be Found in the
Senator's Advice.
Washington, Nov. 2.-Senator George,
the chairman Of the committee on agri-
culture, which has had under investiga-
tion the causes of the low price of cotton,
stated to-day in answer to a question as
to the probable price of the present crop,
that he had given some attention to the
matter, but that owing to the conflicting
element entering into the problem. he
hesitated to express any positive opin-
ion. He stated that there were several
factors in the present situation which
naturally pointed to higher prices for the
present crop, which from the best in-
formation obtainable promised to be
short one
THE ESTIMATES on THE CROP.
A. b. Shepperson, one of the best au-
thorities in the United States, estimated
the present crop at about $500, 600 bales.
Mr., Neill, Of New Orleans, another high
authority, estimated it at about 7,75O0OO
Senator George stated that he re-
garded this estimate as too high, but If il
were correct, still there would be large
shortage.
Thomas Ellison, of England, one of tho
highest authorities on the cotton ques-
tion, estimates that the worlds require-
ments TO be supplied out Of the present
crop would be Sl4,000 bales. These
facts, in the natural order Of things,
pointed to higher prices.
ELEMENTS AGAINST HIGH PRICES.
On the other hand, there are strong
elements against high prices One OF
these Is the largely decreased purchasing
power OF our agricultural population,
coming from the low prices of agricultural
products prevailing in the last few years.
This tends strongly to lessen the demand
for manufactured cotton goods and as a
consequence, means low prices. An
other serious factor tending to low
er prices, is the ANTICIPATED con-
traction of the currency since
the repeal Of the purchasing clause of the
Sherman law. This repeal puts the
United States on a gold basis-so as to
iudhb Illt plltt ol tObbOu utDtuu on JH0
supply or scarcity of gold-the demand
for gold will be great, The United States
must enter into what Mr.. Sherman calls
the scramble for gold now going on In
Europe.
EUROPE TO LOSE MUCH GOLD.
This demand will probably cause ships
ments of gold TO the United States, and TO
that extent lessen the supply in Europe,
where the regular price for cotton is liked
for the whole world. This lessening OF
the supply of gold in Europe will decrease
all prices there, including cotton Be-
sides this increased demand for gold will
still further increase it's purchasing
power throughout the world, which is
but another name for lower prices.
How much this fact will counter
act the strong influences have
mentioned for higher prices it is impossi-
hle TO predict. The crop situation, the
demand and supply favor higher prices,
which / would confidently expect, but for
these adverse influences Another ad-
verse influence is the great power of those
engaged in gambling in futures. These
speculations have already fixed, as far as
human agency at this time can fix the
future price of cotton for all the coming
months up TO July at rate very little in
advance of the present market rates.