The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-08-22
COTTON CROP AND PRICES.
II. r. Dancy "a Co.'s Letter Showing
the Absurdity of Mr.. NeiII's Esti-

II. r. Dancy az Co.'s Letter Showing
the Absurdity of Mr.. NeiITs Esti-
mate.
Houston, Tex, Aug. LIT was general
ly conceded that the loss in the flooded
districts of Texas would reach 900 bales
of cotton. Just at that time and later
it looked as though the Improvement in
the uplands would offset that loss. Then
came reports of drought and deterioration
in condition, and when the trade realized
actual facts-that the loss by the flood
was fully 100000 bales and excessive heat
causing rust, shedding and worms to the
extent OF 70 per cent. decline in condition
in Texas, with reports only fairly good all
over the cotton belt-the market made A
quick advance of nearly one-half cent in
contracts. Was this advance warranted
by actual conditions? l say yes Then
came reports of showers in Texas and
also in the Atlantic states, and decline
started. Immediately, and well timed
for its purpose, the great cotton statisti-
clan of the world comes out giving his
views of an enormous crop saying con-
dltion was equal to- if not in excess of
any previous year in the yield outlook
prefacing it with the boast of how close
his estimates of previous crops had been
l mere state, without fear of contradic-
ton or criticism, il is surprising that an
old man almost in his dotage, who has
voluntarily and deliberately loaded the
market for several years with 100000 or
more bales of cotton greater than actual
out-turn of crops and whose figures will
not stand comparison for correctness with
any other named authority, who covers
up his erroneous estimates by saving T.
600 would have been realized the past
season but for the extreme weather condi-
tons of December, January and February
last-that his views now should cause a
stampede in the market to the detriment
of good business, and that the advance
made on actual warranted conditions
should be lost in three days
Win these showers in Texas, will the
aforesaid authority, by his estimates, enor-
nous and erroneous, put single shielded
boil back on the plant? Most emphatlcally
not But there is a method and reason
in ths-it is exactly what Europe wants
the buyer, Spectator and spinner to de-
press prices in America and buy the best
product made in the world of cotton at
the lowest possible prices, without any
regard for the producer, who swallows his
pills, and, though hard to take and digest
is inevitable against such an authority
You are told that but for the New York
and New Orleans Cotton Exchanges prices
would be lower still. Take spot cotton al
3-16c middlng and August contracts at
A
and know that these exchanges help TO de-
press and lower prices; that their COLI
tracts have no validity as based on actual
cotton, and only an additional power vest
ed in the large Spectator to drive the sta
pie product of the South to lower figures:
and this whole cultivated land and people
quietly submit and allow the New York
Cotton Exchange to formulate the value
of their product.
MIR. \. S. Johnson of Meridian Miss.
whom / consider the best authority in the
middle cotton belt, says: From the out
start the pitching of this crop, w mich was
late, and developments since then. do MOI
warrant the impression thar this crop will
equal the last but much 10 Wer figures
must be considered" ! call your attention
10 these main facts and you can draw your
own conclusions: J. IL is admitted the
acreage is less han last year; .. 1t is ad-
mittcd The actual loss in Ii e flooded dis
trict in Texas viii be over 10000 bates: g.
That in ali the cotton states excepting
louisiana condition is lower than one
year ago and complaint 8 daily of rust
shedding and premature opening from
drought and excessive heat. This forced
cotton viii increase receipts and move
menl wiz probably affect prices tempo
raIiy and be certain to mislead many in
their views of the crop. l see nothing 10
Justify the extreme figures Of 100000
bales and from Drese Mt on look and infor-
nation would consider 100000 TOO ex-
irene to feel any c. nfidence in. For good
grade lions the consuming world must
depend on the new crop of American COT
ION fer their vents, as here is less in The
visible supply Of high grade cotton than
for several years past, and trade in Eu-
rope and Amer.C is better than in years.
SDinnors are un der contract away a fun
prices and vii n raw cotton al present
values it meaus' } IL profits, a regular har-