The Savannah morning news., 1902-04-28

various attacks upon Mr.. Theodore
Price, whose documentary reports
upon the crop very evidently defeated
the projecrs Of many large spectators
when the most absurd allegations,
calumnies and defamations were being
daily showered upon him-I remem-
bered the words of Goethe:
9. Elm Mann den allie Menschen hassen,
Der muss was sein.''
"a man who is hated of all, you may
be assured is somebody
II have closely studied Mr.. Prices
circulars, and soon came to the con-
clusion that his figures-although they
must be taken cum grano salis-were
in the main correct. / have felt it my
duty herewith to thank Mr.. Price for
his various communications, and to
render him my congratulations upon
his great capacity for work. upon his
courage and upon his perseverance!
THE cotton situation in the United
States grows daily more disquieting:
United States stocks on March 81:
Ports .......... $50, 900 against $4,000
Interior ....... 100000 against $4,000
Total ........ ], 095,00O against 1881, 900
Rm'dr of crop. 975,OOO against 1909. 900
Total ....... 2.O7O,OOO against 2,S4O, 900
'Will these 10000 bales be suffi-
cient at the actual prices until the
beginning of new campaign. 1 en-
phasize the words at the actual
prices because since there are no 9TH
ers they are bound to suffice.
Il hold that the American spinning,
which is very prosperous this year and
better insured than the European in
dusty, in view of the exhaustion of cot
ton stock in the United States, will
make extensive and timely revision
against the September receipts, without
much regard to the higher prices. Last
year the provision for American spin
ming from April l to Aug 81 amounted
to $4,000 bales; in estimating it for this
year at 1,050,000 bales l doubtless put
it at too high a figure. Let us suppose
that Japan, etc, take no more than
$4,000 bales The expectation to Europe
last year at this time until the end of
August: For England, 100000 bales;
for France, 10000 bales; for the con-
tinent, ISL, 900. Total 1901, 900 bales.
Il presume that each of these coun-
tries will take a smaller quantity than
this, although stocks upon the conti-
nent this year are most exhausted
than ever / therefore estimate the
expectations from now till the end of
August, 1902: For England, 300, 900
bales; France, 100000 bales the CONT
nent, 100000 bales. Total, LOO, 600
bales. That is to say at 100000 bales
less than the year before
En- resume, the following is what
the United States should still yield:
For American spinning, April-August,
1850, 900 bales; expectation to Japan,
etc, $4,000 bales; to England. 100000
bales: to France, 1000 bales; to the
Continent, 700, 900 bales. Total 2,225,-
900 bales.
THE United States very evidently
cannot do this, for they possess only
2,O7O,000 bales, and that only on con-
dition that the crop reaches 10,250 900
bales, which l scarcely believe to be
probable. These figures, then, show
a deficit of 1856, 600 bales. to which must
be added 100000 bales as representing
the stock which must inevitably be re-
tanned within the United States for
their own consumption ,etc.
II own that 1 have never witnessed
such a situation. / have reduced the
expectation to something well below its
normal figure; l have estimated the
American consumption at below the
figures universally accepted. l take as
my basis a crop of 10,250,O00 bales,
which will not be attained, and the
result is that the stocks of the United
States fall from $4,000 bales to below
zero.
1T is rumored that a very powerful
group of merchants in New York has
bought 900 or 100000 bales of May
and July, and is is asserted that there
is danger of this fact operating to
lower the actual prices.
Il see the danger-it is great-but in
my Judgment it consists only in
great and unprecedented squeeze Of
sellers on contract, and sellers of spot
cotton.
1.-THE following are the closing prices:
April-July, 81; August. 56B; Septem-
Der, 56%; October, 545s; November,
527s; December, 52h; January, 52A;
February. SIN. e. Degener- Boning.