The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-05-31
HAVEN < SHOUTS COTTON LET
TER.

New York. May 2S.-(Special.)-Ihe
week has been one of advancing prices,
both in the spot and contract market TOR
cotton. The summer months nave SHOWN
the greatest strength, and the August
option. which two weeks ago WAS selling
at the same price rs October. IS now
nineteen points over that month and the
friends of the August option are CORE
spondingly encouraged. 1t Is worthy of
remark that, in Il year when the crop Is
estimated 1T eleven million bales, as
early rs the end of May the August op-
ton is selling nearly one dollar per bate
ever october. 1t is to be noted i'll this
connection. that the Liverpool cables con
tinue to show practically no response to
the recent Improvement III prices here,
and, as {: consequence, the parity of
prices between the two markets has wild
med considerably. If this continues, It
will tend to restrict foreign purchases
and to keep cotton III his country. If,
however. there exists the large short in
tcreSt in the Liverpool market which Is
claimed by the bull interest. prices may
he forced mp here to 4 point which would
cause the Liverpool shorts so much anXi-
ETY.. that an attempt to cover would give
us a rapid rise. This. however. does not
seem likely 1T the moment The total
stock i'll this city is 143.6SO bales. against
1oO.T22 last year. Total stock at all
United States ports o5S.22S bales
against 3lS.909 last year. and 33o.27f
in 1896. Total stock at the counted in
terror towns is 237.39S bales against
IL. 49, last year and 163.O11 in 1896
1ncre is no reliable estimate of tn,
amount left in the u~ncounted interior
towns. and in farmers hands. With
this SIIpply uDlpr pracpDt coD1itioDc 81
trade. it would require Il vast amount OF
capital and IN extraordinary amount Of
missionary work and great facilities 70.
dlSpOSing of the cotton before the ar
rival Of the new crop in Septemher. te
run Il successful deal in the August Oh.
ton. 1t remains to be said. however
that out of the many who believe tina
the recent advance in the summer
months IS unWarranted. there are few
who have the courage to commit them
selves to any extent on the short side il
anticipation of II decline. Thoman':
June crop report, issued today. places
the reduction III acreage from last ycal
1T Is per cent. and the condition of 4
crop TO date at SD per cent as against
- per cen at the same time in 1897
rs the matter stands today. there i
nothing to Indicate that the crop of 1895
will fall short of the crop of 1897 an,
II there IS to be any decided reduction
1t must come from future unfavorablt
climatic conditions. But the prospec
Tor another large crop does not. in on,
opinion. form an altogether good arc1
nnent for Il prospective decline in cotto,
values. The low price for the American
staple which has existed since last f,,,
has stimulated consumption 10 a remark
'ne extent, and one of the notable re
suits has been the decreasing use of tb.
inferior India staple. 1t would appea,
mat our superior American product is
aeS'lned !" drive out the inferior ~articl,
ana give our Southern planters 4 marke1
capable of absorbing even = laroor oro,
than any heretofore raised