The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1897-10-13
THE PRICE OF COTTON.
Mr. A. 3. SHEPP6E5ON SUBMITS AN
EXPLANATION

Why ihe Great Staple Does Not Keep &C In-
pany With The Sharp Advance In Wheat,
Corr. Provisions and Other Commo-
dit:es.
Mr. Alfred B. Shepperson writes as
follows. concerning the prices OF cot
ton, in the Textile American
In view OF the fact that the supply
OF cotton in the markets and mills Of
the world has for several months been
smaller than for several years, many
persons have been surprised that the
great staple has not kept company
with the sharp advance which has &C.
Cured in wheat, corn, provisions,
ETC., or responded to the better feeling
| and moderate advance in this country
in cotton goods. Not only has cotton
failed to advance, but since the first
week in September it has actually de.
clined in New York II cents a pound.
The situation admits of ready expla
nation. From July 1 to September l,
middliug cotton has been selling at
about cents in New York, rarely fall.
ing more than of cent below this
| price, and going several times to
Is cents above it. In the meantime
cotton goods were generally extremely
dull and the prices about as low as
ever recorded. Print cloths sold for
weeks at 3 16c. per yard, with cotton
! at Sc. per pound, and they sold at the
same price and not any lower in
March, 1895 when middIing cotton
sold in New York for l6 cents per
pound, being the lowest prics for near
iy fiji ty years. Between July and
September l, and for some time pre-
vious. the price Of cotton was consld
erably above the parity OF yarns and
goods. Those mills which were under
contract for goods or ysros and uo-
provided with the cotton from winch
to manufacture them were compelled
to buy cotton at the relatively high
prices, but they did not buy beyond
actusl requirements. Many OF our
mills ran on short time and some OF
them actually suspended operations
because they cound not be kept run.
ming at profit. TIE cotton crop OF
1895 96 was small one, being only
about 7.l5O, 900 bales, and the crop OF
1895 81 was only a moderate one and
hence without large consumption any
where, the stocks of cotton II the
markets and mills mad become by July
comparatively nall, and it was evil
dent that the supplies would grow
smaller each week until our new crop
began to be marketed. In the mean
time, the indications pointed to a con-
siderably larger cotton crop than the
previous SEASON and some eXtravagant'
" large estimates of its s:zs were quite
extensively published. Weather conol'
tions in Texas during August and IN
other sections IN September have
caused cotton to mature and open zap
idly and hence the receipts have been
very liberal and on scale which has
convinced many persons that the crop
will be a very large one. AS matter
of fact. the Septemb Der receipts cannot
be safely taken as criterion by which
to estimate the extent OF crop, as the
Septem bsr receipts of someof the larg-
est crops have bsen very moGerate.
Large receip:s in September indicate
early maturing OF crop and only this.
The favorable crop accounts previous
to September and the liberal rec elpts
since then have caused American and
European spinners to buy as sparlng-
ly as possible in the hope OF low prices
when stocks increased. The course OF
the market has justified their exoec:a-
tons. 10 fact, this was the only out
come OF the situation unless some serl-
Gus disaster to the crop should occur
previous to September 10, and none
has happened. Cotton was too high
for goods, and SIS goods could not be
forced up to the parity OF cotton, the
price of the raw material h ad to decline.
The market for spot cotton here during
the week ending September3 was pure
IL artificial. ca august 80 the price
was advanced ! 16 Of 4 cent, while the
sales for the day were only D bales.
The mex! day there was decline OF
1 &c. on sales of 81 bales, and by Sep
sember the price had declined 3S;
additional, making a decline from
Tuesday to Friday Of S.. per pound.
Since then prices nave steadily declin-
ed, losing 7-S,. more up to this date
] (Septemb Der 23), whea m!ddling cotton
closed at 3 4c., against 8 1.4c. on
August 80.
While it is true that the visible and
invisible supply of cotton was less at
the beginning of the new season on the
1st inst, than for the past seven years,
It is to be noted that the spinners in
Europe ara not more prosperous than
they have been in this country. Lat
est advices from Manchester ara that
reduction in wages of mill operat-
ives or resor. to short hours are be.
ing seriously considered in view of the
dallness and unproftaoleness o. busi,
ness. Oar mills are fairly we'll at
work now, but there have been no re-
cent advances in goods, and prices are
! barely maintained. Print clo!hs are
weaker; stocks accumulating. There
seems no disposition at tbs South to
hold cotton fer higher pr.ce5, but, on
the contrary, the weakness Of the
market here and in Europe is ia no
small measure due to free otf-riogs OF
cotton by Soataera dealers at constant
ly lower prices.
Probably the prevalence Of yellow
fever at Nav Orleans and No ooils, and
the possible contingency OF tae prac-
tical closing OF these places as cotton
markets in the near future, may have
been one reason for the fre9 offerings
Of cotton by Southern dealers, TO
which I have referred.
At this particular time there seems
to exist an earnest desire on the part
Of the South TO part with its cotton
quickly, and witnout regard to de-
| Ching prices. coincideGt with al in.
disposition on the part OF American
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