The Savannah morning news., 1903-05-19
COTTON MARKET STILL EXCITED.

MARINE
Mr.. w. P. Brown of New Orleans
who, 1t is understood, is to be the new
bull leader Of the New York cotton
future market must have arrived in
that city on time. The market was in
a very excited condition yesterday, the
price of July contracts advancing 55
points. 1t is reported that Mr.. Sully,
who has been the leader of the bulls
for the past few months, has made all
the money he wants and s now pre-
pairing to go to Europe Rumor cred
it's him with having netted 900
during the last eighty days. 1t is u
safe statement that he has made no
such amount. AS a rule fortunes
made in speculation are overesti-
mated There is no doubt of course
that he has made a great deal of
money, but there is no probability that
he will tell the public just how much.
Mr.. Brown, who is to succeed Mr..
Suly, is confident that the price of
cotton is going a great deal higher.
He predicts that July cotton will sell
as high as fourteen cents. 1t is to his
interest of course to talk that way, but
there seems to he foundation for it,
There is actually. a scarcity of cotton
If what the cotton experts are saying
is true.
OF American cotton, the worlds WIS.,
IDLE supply is placed at 1,733,OOO bales,
against 2.265,O0O bales at this time
last year. 1t is claimed that the
Liverpool stock, af1oat and ashore, is
only $4,000 bales as against 100000
this country are placed at 100000 as
against $4,000 last year and it is
claimed that there are only 100000
bales in interior towns while at this
time last year there were 204O00 bales.
1t is an easy matter for an expert to
so handle the figures as to make
good showing for the side he favors,
but it must be admitted that there
seems to be some reason for the ad-
vance in the price of cotton which is
taking place Besides being a scarcity
of cotton the outlook in some parts of
the cotton belt for the new crop is not
very encouraging. The weather in the
sections referred to has not been ia
vorable to the cotton plant. 1t may
change for the better very soon, If it
has not already done so, but the ques-
ton is, has not the damage been done
already?
But these indications that seem to
favor further rise in the price of cot
ton should not influence the Southern
people to join the bull movement. The
wiser plan for them to pursue Is to
keep out of the market. With such
violent fluctuations as have been wit
messed during the past few days only
those who have ample means can af-
ford to take the risk involved in buy
ing futures. Southerners, interested
in cotton in one way and another,
have since the Civil War wasted
hundreds of millions of dollars
trying to get rich quickly by
dealing in cotton futures. 1t
seems to be their misfortune to buy
when the market is at about the high
est. Consequently when they are
ready to sell they have loss to set
tie. If they had kept the money
actual cotton has brought them, and
invested it at home, the South would
be far richer than she is.
This speculation in cotton is making
times hard for the spinners. The price
of cotton has advanced greatly while
the prices of cotton goods are lower
than they were year ago. Under the
circumstances there is only one thing
for the mills to do in order to prevent
a loss, and that is shut down for
awhile or run on half time.
The cotton situation is certainly one
that is worthy of careful study. There
may be fortunes in cotton for those
who can forsee, with a considerable
degree of accuracy, conditions which
will exist a few months hence. AS
those who can do that are few in
number the thing for the average
citizen to do is to let cotton futures
alone.