The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1897-11-10
i'G'ml'r Coarse Of Prices.

interest /" our friends. We quote the
following from the circular "a! Nlr>,r>.
\. J il Landaucr X Co.. Of Liver
pool. issued under date Of 1ith of
October. These authorities estimate
the current crop at 10000. 600 bales.
The problem which we presented IN
our la, circular letter We recommend
again for Your dclibcration. adding
thcrcunto that the decline since then
has been ID. for winter positions. and
j-lGd on spot quotations: to-day :
values being I'D. for .]an.-I'cb. dcliv-
cry. We stated at the time that the
anticipated large movement would con
tinuc to have Il depressing effect on
the market. and until we reached Il
point where we could approximately
estimate the supply. the price Of cot,
ton was but question Of '>cntl,
mcnt. Let us now argue the posi-
ton from very conservative stand
point, and ask the question, DO pres.
cnt prices discount lU,OO0.OO0
crop? tby which we mean i CONNER
cial crop. First we have todcal with
the smallest visible and invisible sup
ply for years past which existed on
the first Of September. indeed so much
50. that cycn in America many mill,
had t. stop working for want Of SUP
plies Il circumstance which ha> not
happcncd since the American war. II
Europe. both in ENGLAND and on the
Continent. many >pinncr~ were ham
pcrcd fox want OF cotton: in other
words. the total visible and invisible
supply was probably 30 900 less
than on the l>t Of September. l>!Al.
We take that season a> Il criterion. for
it was during the early part Of the
Spring Of lSlI that We experienced
very low prices. Next We must take
the requirements which we gave in
our last circular letter, viz. 9.;'OO,
0O0 as minimum for the present
season. and in order that stock ut the
mills and in the various markets
should come up to those Of ordinary
seasons (cvcn leaving lSo5 out Of play)
we must set aside out Of the present
crop at least iUD. GOO bales for that
purpose. Is matter Of cnur>c this
IG.GJpI&io. will he nec!"d should
Yrcr- .n;uiin Tor soma time O. come
"t1S, lAo pr,>cH, 3asl>. '5e Only
..,..,...y.. a.. y;aio!.@o }l3G aa Il var.
;....a ..i..I y1;l iar.sjzc c lie :!o>
an. yr.r. ."1, ".1$ hold tiu. ii" jjula.
o.! The go,c:st crop vii. u.tIu!to!"
il,;l o;. :.Ga .OoJ ~ $40. .D3n h3,o~ mo"c
tia; We th:Hl, its On lIa~ point it
wouIl, br Gseic>s for IL to ar@uc. for
the reason thai lhc world has been
di>countin. crop OF 10 millions and
even more for months past: it ha>
operated on that basis. and it be
comes very difficult for us or anybody
else, at the present stage Of the
season to convince it otherwise. We
have laid great stress in our last two
circular letters on the date Of the frost
and We have, a. you will no doubt
have observed, made due allowance
for the same, but We repeat to you
that whilst on the other hand a fine
open fall such as We experienced In
lSHl-9J may add Il great deal to the
crop. it needs favorable season pre-
viously to make a fine plant. We
state cmphatically that the yield per
acre in lS9l9J was phenomenal one,
from the fact that from the early start
to the finish there was ample rain and
sunshine: in fact Il magnificent grow
iur season created fine plant followed
by an extraordinary fine and open fall
and unusually late killing frost. On
the other hand we experienced this
season Il bad and late start. and bat
tied with drought off and on, from
one section to another. 1t Is quite
true that We arc dealing with larger
acreage this season, but even with this
| it requires az exceptionally fine season
to give US yield of even 10000, 900.
Having said this much on the Qucs-
tion Of supply and demand, it re-
mains for you now to look at the gen
cral conditions of trade in 81 TAR aS
they affect the price.
The Manchester trade during the
season Of lS9l - until February
showed 9rcat depression. On the
Continent rood deal Of short time
vas .oin@ on and IN America financial
troubles from tine to time We're pre-
loiiHun, This >c:snn. in the two
former countries. trade is by 10 means
brilliant. yet it is superior to that Of