The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-10-05


| when the receipts are proving surpris-
ingly small, that same reason of the
| financial crisis In America is made use
OF by the same people to explain awav
now the smallneSS of the receipts: but
produce like cotton is money, resources
and 1t Is safer to accept facts than to
explain them away, however ingeni-
ously. We may take 1T for granted
that If there were already heavy quan-
titles of cotton behind, they would
push forward proportionately heavy
receipts. If the receipts are surpris-
lngly small, it is because the crop is
small and somewhat late, and this IS Il
surprise TO some pc )ple.
| The visl BILE supply of the world is
2,l69,OOO bales,against 2 .5G6, 6,OOOhaIes last
year, or at the rate Of 1900 bales
weekly consumption of the world for
eleven weeks consumption, against 13
weeks last year. This Is not 80 over
Whelmlng supply.
Last season this supply did not pre-
vent an important movement of sales
aud prices, as soon as 1T appeared that
the American crop was small. That
the present American crop cannot be
otherwise but small again, think TO
have proved by the above, and as soon
as this will become app trent again on
the markets, a more important and
safer move than last years will begin
IN them, for the position of the invlsi-
bic supply is totally different now froul
last years. In my last circular have
cleared up this question with 50 much
Care that may not be allO we'd to re-
| peat the same sta ementS; suffice 1t TO
pOlut out again that the urt it of the
deliveries ta the world OF 9GO, 1000 DaleS
against last seasons, must couS; itute Il
| hole OF 50 many bales somewhere in
cotton supplies at the mills. or in yarns
and cloth all over the world. That 1t
Is mostly in cloth, the unQuenchable
demand Tor cloth in East India, etc,
show even now yet, after an enormous
business done already, is sufficient
proof Presently whenever the Sc lers
Will recognlz tnat the American crop
being small there is no hope to gee COZ
ton at 10" prices, they Will cover in
| yarhS and cotton. But besides this
hole arising from The snort deliveries
or co ton IN the past, there is now
another one aud a Bigger QUE in the
1uJure Oy the enormous contracts for
| cloth all over the world tor 1T least six
months to come. These may have been
covered somehow, but prob ,Oly only to
a small extent. by contrac IS OF futures,
shipments, etc, yet somebody must be
SlolC lOr JUST JntSe contracts, us long
as the actual stuff has not been
sold by the South, and this is not yet
the case at all.
Does it not strike you, then, that cir
cumstances have been procuring to the
Southern planter a commanding posi-
zion? Advances having been mostly
refused 10 him (wlth prices at 41 in
LlverpooD, he could only plant a linn
tied area III cotton for his own resour-
ces, with small or at best, only mod
crate production to dispose of, being
tree OF debt, he cannot be pressed 60
sell, he may choose his own time for it,
and perhaps dictate his own price to
European sellers of cloth contracts for
six months ahead. and to the Northern
mills with no cotton left in them.
Yours, IL. PASCu.
l.. S.-The yearly consumption,
amounting to about 100000 bales,
the American mills having no cotton
left, and the existing European clio h
contracts for at least half a year, make
up the huge but real short interest Of
o,OOO,OOO bales! Against this ranks in
part our visible supply, but we have to
keep at least half of It.-NeW York
Exchanges.