Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1914-08-26
AS TO THE COTTON SITUATION.
Interesting Facts-Suggested Meas
ure to Prevent Stagnation.

'''S' iNiSS iSldllNS W lllc tOlloh
ton as viewed in the light of Euro
pean war Influences.
e. j. Gleny, president of the New
| Orleans cotton exchange, says:
What are the conditions as we
now see them from the viewpoint of
supply and demand? The normal
crop for the coming year, based on
| government figures, promises in the
neighborhood of 100000 bales.
With England and Europe entirely
cut off from receiving any supply
| from America we should be face to
face with maximum consumption
in the United States and Canada-of
about 100000 bales. This would
mean that the United States might
have to carry 100000 bales until
normal or nearly normal trade con-
| ditions could be resumed. But have
we the right to conclude that such
condition is possible? England, the
| largest foreign consumer Of Ameri-
can cotton, is also, statistically at
least, the greatest power on the sea,
and should she in the near future
| demonstrate her ability to control the
sea, English French, and neutral bot
toms would be able to carry cotton to
Liverpool and Manchester and neu-
| trail ports without fear of capture,
and instead of English mills running
on short time, they would in all prob
| ability run under forced draft and
, materially increase their consump-
ton.
Under such conditions the exports
to Great Britain and neutral powers
could easily reach 100000 bales,
and we should have a consumption Of
about 100000 bales for the COM
ing year, thereby leaving only 2.00O.-
, 600 bales to be added to the visible
supply, which should not be a very
depressing influence after the decline
which has already taken place. Last
year the total consumption of Ameri-
| can cotton in Germany, Austria,
France and Belgium, the powers
other than Great Britain now at war,
amounted to 100000 bales, which
would be largely Offset by the in
crease in the takings of American,
| Canadian, English and other neutral
mills
| ITO meet the financial require
menis Of fmrTars. and merchants in
order thay lhey might carry he sur
plls Unti,iti Is wanted, which il su re-
lly must be finally, the United states
governments coulj distribute such
Suns aa may he rcce IRON tine
to time among the banks Of the
South, thereby enabling them to ad-
vance say $40 per bale for a period
Of six months CT more. Thus the
regular course of business need not
| be disturbed, and confidence in cot
ton circles would be restored, which
would be reflected in all branches of
business"
Lacy Is Hopeful.
The dominant note in the state
ment of c. A. Lacy, president Of the
Memphis cotton exchange, was ra-
| ther hopeful. He said in substance
that he believed this years crop
would bring at least 12 cents a pound
If the farmers did not become alarm
ed and force the crop on the market
and the government could be in
duced to render aid in financing the
holding of the crop until conditions
| cleared and improved. He thinks
| that while Germany and Austria usu-
ally take about 100000 bales, the
| domestic (American) mills will con-
sumo 25 per cent more than usual
and that therefore, with financial ar
| rangements to hold the cotton until
| English and other foreign mills can
| handle it, would take care of the sit
uation.
Immediate Obligations.
Richard H. Edmonds, editor Of the
Manufacturer Record:
"The cotton situation is in the
hands primarily Of growers and
bankers, and their ability to keep
two-thirds of the coming crop from
the market until ocean transporta-
| ton is available will determine the
| outcome. Short hositlities will in
| duce slightly diminished demand
| for raw cotton, even after peace. Pro-
longed war will check materially Eu-
| ropean buying of the staple, but re-
| suit in better markets, perhaps per-