The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1897-11-03
Cotton and Its Price.

cotton and LIS PrlCe.
Tie course Of the cotton market
during the past few weeks has been
decidedly I'M favor of buyers, and the
price Of the staple has fall
en- steadily in face of an
American new crop movement, small
er by 100000 bales than last year at
this date, with a visible supply Of
100000 bales smaller than last year,
nearly 1000, 900 bales smaller than
in 1895 and 100000 bales smaller
than in 1894, in which years the
price of midlding uplands reached
the lowest point on record
Very large estimates of the total
yield this year in the United States
have figured prominently in the list
of reasons for this decline, but when
depleted stocks of cotton are consid-
cred, and the fact is recalled that q
large portion of this years expected
surplus can be esily taken care of if
the stocks are to be restored to the
normal, some of the reasons for the
contained decline in price and weak
ness of tone must be sought else.
where.
In the latest circular from ELLISON,
that giving bis annual review. light
is thrown on the failure of the foreign
spinners to take advantage of the
recent decline in price. The fact
appears to be that the worlds spin
ners have been anticipating the future
TO a greater or lesser degree, with
the result that productive capacity
has voersaken and passed demand
Stocks of goods have begun to ac-
cumulate, and a waiting period seems
to. be Decessary as result of too
hasty and heavy purchases. At
tention. too, has been concentrated
on the English cotton situation to the
exclusion of that on the continent,
where the condition Of affairs is not
altogether satisfactory.
The growth of the cotton manu-
featuring business on the continent
of Europe has been very large of late
years and contraststs sharply with
the retrograde movement in the
United Kingdom during the same
period. Fewer spindIes are being
worked, and the consumption Of raw
cotton is smaller in the latter country
than in any year since 1891. while Oh
the continent the number of spindles
in operation and the consumption of
cotton have been growing rapidly.
The following figures show the con-
sumption in bales of 500 pounds in
the four leading cotton-manufactur-
ing centers of the world
90-91-Great Britain 1884, 900,
Continent 3,630.000. United States
2, ,4O6, 900. East Indies 923,000 to-
tal 10, ,S43.0O
1894-95-Great Britain $3.50 900,
Continent 1890, 900. United States
2,743,000. East Indies l,l00, 600 to.
tai II. 123, ,OGO.
1895-96-Great Bsltain 3,276,000.
Continent, 100000, United States
2,572,00 East Indies 1,148,000 TO-
tai II. .156, 600
96-97-Great Britain 1924, 600.
Continent 4.368.0oo, United States
2,738 900, East Indies 1,004, 900 TO-.
tai / /, ,334 900.
Great Britain's consumption is
seen to show steady shinkage since
lS90--91 /; that of the United States
and the East Indies has moderately
increased, while that Of the continent
Of Europe has advanced. literally, by
leaps s,nd bounds. In 1901 the Unit.
ed Kingdom consumed practically
one-half of all the cotton ; in 1880 81
the proportion was nearly 40 per
cent while in 1890.9l it was fully
33 per cent. The decreasing impor-
tance of Great Britain in the worlds
cotton. manufacturing business was
even then becoming increasingly
manifest In the season just closed,
however, the proportion of cotton
consumed by Great Britain fell to %
per cent On the other hand, the
proportion consumed by the con-
tinent in ! 36 81 was 38 per cent.
that of the United States "a per cent,
and the balance, about 81 per cent.
was taken by Indian mills. each
showing enlarged percentages at the
expense, apparently, ofGreat Britain.
These totals of consumption naturally
point to a great expansion of spindle
capacity in the sections reporting
gains, and the following table of spin
1Iao IN diHorent confrc uoll i1luetrafes