The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-12-29
COTTON MEN WERE
GIVEN A SHOCK
GINNERS' REPORT FIGURES.
EVEN THE MOST BEARIsHLY IN
CLINED WE'RE SURPRISED.

Some Members of Trade Believe Now
That Crop May Be 13,3OO,OOO Bales.
Can't Talk of Future Course of
Mnrhet-Thfs Crop Being Largest
Ever Produced There Is no Data
ON Which to Make Predictions,
Farmer Must Cut Down Acreage.
The first instalment of the ginners'
report of cotton ginned to Dec. 10 was
made public yesterday shortly before
noon and created sensation in local
cotton circles.
The figures given, 11,S4S113 bales,
are much larger than had been antic-
ipated even by those who were most
pronounced in their estimates of a
very large crop. In the opinion of
one member of the trade these figures
show that the total crop will be IN
the vicinity of 13,300,00 bales.
What the next developments in
trade will be are problematical, said
one member of the Cotton Exchange.
Never in the history of the trade has
such crop been raised as this years
will be, consequently nobody has any
data on which to base opinions as to
what may happeA before the season is
over, or to what level prices may
descend. The ginners' figures, said
broker, are so astounding that it
will take time for the country to di-
gest them. and not until they are di-
gested will it be possible to know
what to expect.
Banks Prepared for Slump.
The slump found the local banks pre-
pared for it, for since the initial break
in the market, in fact in anticipation
of the first bad break, which follow
ed the governments report early in
December, such margins were called
for from time to time as to keep the
banks on the safe side. AS the coun-
try banks are in close touch with the
situation it is supposed here that they,
too, have taken the necessary steps
to be on the safe side.
With the local market in chaotic
condition, the largest crop ever grown
in sight, and prices sagging towards
a bottom that no one is yet able to
predict, much less see, there is little
In the SITUATION that holders OF COTTON
can find to take comfort in, and the
fear is expressed now that many who
have heretofore held will become dis
couraged and throw a great part of
their holdings on the market. This
would send it even lower than it is
now, or is likely to go when the full
significance of the report is realized.
Plant Only Half Crop.
The only thing that can be done to
help the situation now, according to
one factor, is for the planter to plant
but half crop the coming season.
If this is done. he believes that as
soon as the fact becomes known to the
spinners there will be an Improvement
in the market for the present crop, as,
even though it should prove much
larger than can be manufactured this
season, the spinner will probably be
willing to buy UP a reserve stock at
comparatively low prices, in order to
protect himself from the high prices
that must inevitably follow greatly
lessened production.
That the next crop will be materially
smaller no one questions. Leaving
out of the question what the planters
may wish to do it is stated on good
other firms that control the money with
which crops are made will see to II
that there will be no such tremendous
crop planted the coming season, as aft
er their experience this time they will
be careful to prevent a condition that
would make it's repetition possible.