The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-05-30
FAILURES OF COTTON BROKERS'.

/
The failure of another firm of New
York cotton brokers was announced in
our dispatches yesterday. The firm was
not so large a one as that of Price, Nc
| Cormick & Co, which failed last week.
! The failures of these firms indicate that
/ New York cotton brokers do a good deal
of speculation on their own account, Or
| else they do business on too small
margin. The probabilities arr, however,
that they speculate. 1t was said that
Price, Mccormick & Co. tried to corner
the market for May. II takes great deal
more money than the average firm of cot
ton brokers controls to corner the cotton
market, even at the tail end of the cot
| ton season.
There have been no published reports
that Southern men were losers by these
failures. 1t is the understanding that a
good deal of next seasons crop has been
sold for future delivery. Assuming that
such is the case, it is not probable that
those who have sold cotton have suffered
financial loss because of the troubles in
New York.
AS a matter of fact. the present cotton
StoSOh has bEtii a a t-NAlaiAS SOON OiN
in the South The farmers have sold their
cotton at prices far above what they ex-
p,cted TO get when planting season be-
gan. and it is the general understanding
! that those who dealt in cotton contracts
made great deal of money and met with
bur few losses.
The South is therefore in a much better
financial condition than she has been in
many years. And the outlook for the
future is extremely enccu- aging. While
the acreage that has been planted is larg-
er than usual, the indications are that a
big crop will be necessary TO supply the
demand. The stock on hand is small
much smaller than usual at this time of
! the year-and consequently at the opening
| of the new season the mand, both for
foreign and home consumptic n, is likely
10 be large. In that case the price is GER
! tain to be remunerative one. 1t may be
as high as it has been at any time dur
ing the present season. though much will
| depend on the crop outlook when the cot
! ton begins to come to market.
There are two things which will have
| decided influence on The market next sea-
son. One is that 50 much reliance will
! not be placed On the crop reports of MIR.
Mel l. Owing to tie fact that his reports
were far out OF the way in the early
| part of this season cotton m n, quite gem
orally, have lost confidence in him. 1t is
now known that he has no superior means
for determining whether the crop will be
| a large or a small che The ether thing
is that the farmers will not rush their
cotton to market as rapidly as heretofore
| in the early part of the season, unless the
| price offered is a tempting one. Most of
the farmers are in a coed financial con-
dition on account of the fire returns they
eceived for their &C ten this season, and,
besides, they will not find it difficult TO
| get financial assistance if they should de-
termine to hold a Fart CT their crop. If
the crop this year should be large, and
the price as satisfac DRY as 1t has been
this year. the South would be about the
most prosperous section CT The country
Thee would not be lacking capital with
which to increase greatly the number OF
co ton mills. If the price of cotton should
keep up it would not be so very many
years before the South would have enough
mi Is to take the biggest part of her cot
ton. In that event the price of cottor
would not be made in Liverpool. 1t would
be made near The cotton fields