New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-09
c0TT0y YIELD AND cOySUuPTIOy.

According 10 the annual statement Of Mr..
Hester secretary Of the New-orl"ans cotton
Exchange the actual production Of cotton iaS'
year was very much larger than even the I'M
precedcntcd yield represented by figures or me
commercial crop. He makes the actual growth
1l4SJ.O0O bales and states that 35O.OOO bal'S
were grown but not marketed during the year
lust closed This appears to mean cotton IN the
hands Of actual producers or their factors, ana
not owned by mills. But the old difficulty Win
all these returns now presents itself IN acGra-
waited form: II Is not possible that Southern cot
ron mills close the cotton year with absolutely
no stock. or with exactly the same quantity
each year, nor Is anything ever allowed for cot
ION which they may have contracted 10 take. but
for tho time LEFT In the hands Of growers or
factors until II is wanted. Presumably part of
the 100000 bnes may have been marketed IN
that sense though not rs yet shipped. MI Hos
fer also makes Southern consumption. SAID 10
be actual figures reported 10y the mills no
lcss than 1.23l 81 bales n great increase
Mr. Hester makes The increase In Southern con
sumption $4,000 bales since lN'H- %, or ~ per
cent in three years. while he states mat "t INK
ings by Northern spinncrs 4l2W' rcihaih"d IN
mill stocks. against 5000 year ago. when
would make Northern mill consumption l.S'f-
7io bales. against 100000 in 1919, 4 de-
crease OF To-. 2G0 bales, or per cent. IN hve
wears II this Is true. the total consumption last
wear was 3. ISL bales of which Gp3i per cent
was Northern against 2.s93,352 in 1894 %. of
which 70.5l per cent WINS Northern.
II Is not altogether Incredible that ms much rs
n seventh OF the Northern production has been
transferred 10 Southern mills for a single year,
or more strictly n tenth Of tho entire produc-
ton In spite OF much Stoppacc OF works ana
einba rrassment during tho last year, the North
crn mills appear 10 have marketed one-twclith
less cotton worked into goods than they did in
the year OF greatest production in the past. ana
As they are constantly working toward the Out
nut of lighter and finer goods. in which the
Southern mills do not yet compete. 1t Is not I'M
possiblc that the smaller quantity OF cotton used
M the North may represent larger output III
wards and In value. though that does not yet ap-
noor The circular Of Mr.. Hester also gives the
information obtained from Mr. Ellison by cable,
that European mill stocks on September | were
-70o 600 balcs against 3.lS.0oo n year ago. The
mill stocks on both sides would then he. on Mr..
IIcster's returns 11S2000 bales. against 413,0oo
q wear ago and the commercial stocks 1.ll3.oOo.
oroinst SO1 900 a year ago. These. deducted
from the crop reported by Mr.. Hester, IL. lJ9,Wf
halcs would leave Cor the years consumption
o s5;ooO bales. European stocks Of other than
American cotton being very small and presume
bly not apprcciably changed since year ago.
The world has never yet consumed anything
Ike so great quantity 81 American cotton. but
If If has during the last scar there is much more
WARRANT than has hitherto appeared for the
rapid increase in production.
Yet further surprising increase in conSump-
ton must bc realized this year. if another crop
nearly as large as that Of 1891 Is TO be mar
kctcl on satisfactory terms. Mr. Hester ii Will
he noticed makes the actual growth last year
H. $4,000 bales. or l.630,0W more than his fix
urcs leave for consumption. But there is al
ready on hand in mill and commercial stocks
2Go5. 900 bales, besides the 100000 reported as
grown but not marketed" with 2.055.O0O
bales on hand. another crop of 110OOOOO bales
would make the supply exceed even last years
reported consumption by 4,10O,00O bales which
is more than Is commercially carried when 0rdi
nary prices exist