The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-27
CRISIS IN COTTON
EVIDENTLY PASSING
Harmony Of Favorable Develop
ments Point to Return
to Normal.
RESUMPTION OF EXPORTS

Practically every development I'm the
cotton situation yesterday, and there were
several OF great Importance, impaired a
general tone Of optimism. Indeed. Il (.
hardly going too far TO say that the crisis
III cotton appears TO have been passed.
Although the recovery, owing to sur
rounding conditions. may he slow prac-
tically every known factor points to grad.
ual Improvement
The outlook for financing the crop ia
distinctly brighter. and best OF all. there
are Indications Of n rapidly growing mar
Ret that Will take the burden off the
shoulders Of the South.
The official announcement by Sir Cecil
Spring Rice to the State pepartmcn, set
ting forth the position or the British on
the subject OF shipments Of American
cotton to European points, while merely
giving affirmation of Sir Edward Grey's
previous assurances on this question, will
tend TO allay tho doubts OF American ship
pers. Cotton IL not contraband of war, but
the fear OF seizure undoubtedly has re-
strictod shipments to Germany almost TO
the point of prohibition Germany has
been paying as high as Z cents for cotton
out OF the Bremen stock at a time when
the staple could have been landed there
rom the South for about S cents The
high price shows how urgent has bern
the need for raw material in the Kaiser's
realm. Germany should he In need of at
least 100000 bales Notwithstanding the
fact that her export trade in cotton good
Will be entirely cut off unless she wins
the supremacy OF the sea.
II was expected. OF course. that Ger
Antid -,
present crop, and 900. 600 bales may seem
big reduction Recent estimates of con .
sumption for Germany, however. hay,
not made any allowance whatever for
German takings. Under this arrangement
Austria will take some cotton, probably
100000 bales, thus making total OF
1,400. 900 bales that has not entered into
recent calculations.
With the Wade's Sl35. 600 600 svndi-
cate now In stage where approval
by the Federal Reserve Board seems
likely II appears that the cotton grower
wnl he placed in a position where further
undue sacrifice Of his holdings would he
unnecessary The plan Is conceded to be
the best that has been nut forward
Not the Least important Of the recent
developments Is the change in the at
utude of the big cotton goods selling
agents, who have much to do with tho
financing OF purchases of raw material
ny IN" fnliiS whose output they dispose
Of There - growing feeling in these
quarters that the worst has been wit
messed and discounted in the cotton sltua-
ton. II Is taken for granted that the
crop will he about as large. II not larger.
than any previous yield. This much in
fact has already been indicated by the
census ginning reports. Duo considera-
ton also has been given to the effects OF
war and the interruption 20 the worlds
commerce
Cotton In the South is now ranging from
ola To 81. cents in the interior towns
II Is about half the price at which Il
Every development points to a general
clearing up of all the problems that have
been setting the whole cotton trade by the
ears for the last eleven weeks a gradual
return to normal in this industry would
he reflected In other departments Of in
dustry and commerce.
Tho Census report on the amount Of
cotton ginned TO October Is. published
yesterday. created hardly a stir I'm spite Of
The fact that II showed 100000 bales.
against 6.973. 600 last year and 776S. 600
three years ago. when the crop OF 10
GOO. 600 bales was raised II Is taken for
granted that this means a crop OF To-
coo. 600 bales, owing to the assumption
that ginning may have been slower this
wear owing TO the low price Following
"a tho ginning 10y States compared with
l9ll. which will give an idea Of tho pos
sible output in contrast with tho bumper