The news & observer., 1897-09-10

The price of cotton is now 1.SS cents
cheaper than last year, 81 cents cheap
er than in 1895. and .04 cents cheaper
than in 1894, for January contracts.
The cotton year began on September
1st in the midst of the most exciting
presidential campaign and universal
trade depression ever known throughout
the United States; but, on account of
reported serious damage to the crop and
depleted stocks, the price of cotton was
highly satisfactory to the planter, mid
ding uplands selling at Sl2 cents N
New York and 23-32d in Liverpool
these were about the highest prices Of
the year.
During September and October the
price declined to Z 1916 cents, but the
market reacted to Sh cents, about the
time of the election--November 3d-un-
der the belief in the South that better
prices might rule should free silver ideas
prevail.
After the election the course Of the
market was downward, influenced by
large receipts, increased crop estimates,
stringent money and less favorable ad-
vices from Europe.
In December and January, although
speculation at times was active, the
uously downward.
On February Sth, mddling uplands
in New York touched 71s cents, and
this was the lowest price of the year.
From this time until the close of the
sea SON, with the exception Of a short
period, when a marked advance occurred
in August contracts, slight fluctuations
occurred and the cotton year closed with
middhng uplands in New York at SH
cents.
Such a long period of inactivity and
absence Of outside interest ard specula
ton in cotton have hardly ever been ex-
perienced as that prevailing from JAN
uary to July this year, in face of de-
pleted stocks and scarcity Of cotton.
While the consumption of cotton has
been large throughout the world, trade
has not been altogether profitable.
The plague and famine In India rem
dered uncertain the operations Of Eng
lsh mills, and the long delay in passing
the new tariff bill, coupled with the gen.
eral depression in trade, caused the busi-
ness of American spinners to be unsatis-
factory.
The future propects of the cotton trade
now seem to us most promising. The
visible supply Of cotton throughout the
world is 3S4, ,624 bales smaller than last
year, when the supply was exceptionally
short. 1t is 1,306,7SS bales smaller than
in 1895. and the stock of cotton in the
hands of American spinners and the
quantity of old cotton ON plantations is
less than for many years. TEe price
of contracts for future delivery. except
the near months, is 2 cents pound low
or than at this time last year.
The phenomenally rapid restoration of
confidence, revival Of business and great
enhancement in values of all kinds, es-
pecially wheat and other farm products,
putting i'm the hands of the people large
sums of money to spend, will doubtless
cause during the year large demand
for cotton goods and greatly benefit the
cotton spinning industry. Then too, it
is not unreasonable to believe that
speculative demand will spring up in
an article so current and universally
in request as cotton. With wheat at
nearly a dollar bushel and other COM
modities higher, it is not probable that
cotton in moderate supply will continue
to sell as low as cents for mlddling III
New York.
1t is too early now to closely approx
innate what the total incoming crop will
be and any estimate is OF little value.
Planting was from three to four weeks
late throughout the South, and vast
area Of land in four States Of the Miss
issippi Valley was overfown and plant