The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-12
Fluctuations Confined Within
Marrow Limits.
BAD CROP CONDITIONS
UNHAyORABLE ADVICES FROM
ATLANTIC AND GULF STATES.
REPORT OF COMMISSIONER NESBII

Brings Discouragng News from Trip
Through South Georgia. Estimates Georgia
Crop Is Per Cent Shot--More Con-
hdent Feeling in the Market.
New York, Sept. 1.-THE speculation
in cotton during the week ending this
evening has been quiet and devoid of
special feature. The volume of business
has continued small and chiefly of local
professional character, with limited de-
mand from commission houses. Fluctua-
tons have been confined within narrow
limits, the character Of the trading re-
fecting a general disposition to await
further and more definite information re-
garding the actual crop situation. The
tenor Of the advices recently coming to
hand, especially from the Atlantic and
Gulf States, as well as from Arkansas.
indicates that crop conditions have EVIL
IDENTIFY deteriOrated materially in those
States during the past two weeks. While
these reports have not as yet exerted any
pronounced influence upon the market, it
is evident that the sentiment of the trade
is gradually undergoing a change, and
should the ultimate result be general
disposition to reduce current crop estl-
mates the market will be furnished with
the motive power which is now lacking.
In addition to the crop reports published
in our crop bulletin, we quote the follow
ing which appeared in last Evenings
POST estate Commissioner of Agricul-
ture Nesbit, who has returned from a trip
through South Georgia, brings discourag-
ing reports of the condition of the cotton
crop in that section. He says rain had
been falling there for three days. Before
he left cotton was in bad shape, and
would produce only July crop. Accord
ing to the commissioner the condition of
the crop throughout Georgia is worse
than is generally believed. He estimates
that it is at least % per cent short"
While the trade is slow to accept the
reports of damage which are now COM
ing to hand, there is apparently less dispo-
sition to anticipate any material decline
in values from the present level for the
present at least. and consequently n
rather more confident feeling pervades
the market. No doubt the recent pub
lished reports in many leading newspa-
pers taking a moderately bullsh view re-
garding the cotton situation, based on the
extremely limited available supplies the
world over, and the fact that cotton is at
present selling upon a relatively lower
basis than other staple commodities, has
made some impression on the minds of
the trade. In any event, the market has
during the past two days exhibited de-
cidedly frmer undertone. and slight
tendency towards improvement The pos
sibilities of the market in the event of
any new Developments which would
cause general reduction in current ex-
IRENE crop views, are apparent to all. In
this connection we quote as follows from
the financial article in yesterdays Even
ing Post:
prosperity in the South. and therefore
the outcome of the seasons railway ope-
rations in that section depend so largely
on the cotton situation that the outlook
for the cotton market in September, when
the new supply begins to move, is al
ways matter of concern. This is par
ticularly true in the present year, be-
cause the movement of domestic currency
and Of international exchange always de-
pend so largely on the cotton shipments.
The annual review and forecast of the
crop as published today by the Financial
Chronicle, in many ways the first author
ity. deserves the careful study of In
yestors. The cotton situation now is hard
ly less remarkable than the wheat situa-
ton in the earlier months of 1897. On
July list this year the worlds available
supplies Of wheat were the smallest in
eight years; the worlds available sup
plies Of cotton September l were the
smallest since 1890. The visible supply OF
$780, The visible supply of wheat on
July /, here and abroad, was 80 per cent
below the aggregate twelve months be-
fore. Today's visible home and foreign
stock Of cotton is less by IS per cent than
in September, 1896. AS in wheat, so in
cotton, IT is the American supply in store
houses which has been kept heavily re-
duced. At the opening of July, wheatsir
sight in the United States was only H.,
$4,000 bushels, against 47,l9S,OOO II
July, 1896; cotton left over in this conn
try at the end Of August is only 77,Ols
bales. against 222,67 year before. This
ia a rather curious analogy. 1t does no
proye that cotton will rise as violently al
wheat has risen; the two markets dlffel
radically in that foreign consumers mus
have wheat, and must, on the occurrence
of foreign shortage have it immediate
", to avert the possibility Of famine. For
eign demand for cotton on the other hand
can often wait, IL soinetlHes Happeho 'ha
when supplies of raw cotton are deficient
the stock of unsold manufactured cotton
goods is ample. Our own Fall River mills
have very lately shown the truth of this
supposition; which, perhaps, sufficiently
explains the fact that spot cotton sells
today in the face of the short supply one
cent pound under a year ago. Neverthe
less the situation is extremely interest
ing; not less because of the lateness OF
this seasons crop, and the existing doubt
over its prospects"