The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-10-14
cut off seriously as result of protracted

cut off seriously as result of protracted
drought.
'In the face of these reports from
public and private sources indicating a
short crop, Mr.. Neill made public on
Wednesday a circular in which ne stated
that he regarded growth of 1000 600
bales this season as assured, and further
more that this growth i'm conjunction with
the old cotton held in the interior means
a large addition to the surplus sllpplies
at the end of the season. This estimate
has provoked almost universal criticism
except from those in whose interests the
circular was apparently issued. The
evident umreasonableness of the esti-
mate, when criticised from the stand
point of all obtainable data from the
cotton growing States has served to de-
feat the object of the estimate Not
withstanding the fact that the report was
published simultaneously with the am
nouncement that war between Great
Britain and the Transvaal had been de-
clared. the effect upon the market was
only nominal. Prices declined, it is true
hut subsequently recovered quickly when
it became apparent that the lower range
Of prices had uncovered a large volume
ders. The bears are making strenuous
efforts to break the market, but with
doubtful success thus far. AS a matter
of fact their attempts have resulted i'll a
gradual increase in the short interest
Reports from abroad indicate THAT Euro
pean consumers as a rule stlfl adhere
to their policy of contracting for the
forward delivery of goods without OBJ
tanning their necessary supplies or other
wise hedging themselves They have
been lulled into Il sense of false secur-
ity by Mr.. Neills expressed views. The
awakening, however, will ne Il painful
one if the predictions of our correspond
ents are borne out by the actual crop
movement during the next few weeks.
InasGnuch as i'm conjunction with the in
dicated shortage in America, the British
Government reports that the Indian crop
promises to be one million bales less
than last year, it is difficult to find any
justification in the existing situation for
Mr.. Neill's statement that the surplus is
likely ito be still further augmented as
a result of this seasons production, es-
pecially in view of the prevailing abnor-
NAL activity in the cotton trade through
out the world, which foreShadows the
largest consumption of cotton on record.
The trade situation in the New England
States is as n matter of fact startling.
1t is reported that the sales of print
cloths at Fall River during the last ten
days were in excess of two million
pieces breaking all previous records. Adj
vances III prices have been made in
many classes of goods, and it is predicted
that prints will be marked 10 Il 8 cent
basis in the near future.
Speculation has calmed down some
what during the past few days, but there
is still a widespread interest IN cotton,
which is resulting in Il gradua! Gstrbu-
ton of the weight of the crop over a
wide area All the essential features N
the situation are distinctly bullish IN
character 1t is possible shat the bears
may for a brief period hold the market
in check, but unless they shall receive
aid through a large increase in the offer
ings from he interior of the South ut de-
Ginning values, their chances for any
marked degree of success appear Tar
from bright. The market has held its
own remarkably we'll in face of the eff
forts made to magnify the Importance
of the adverse Developments of the weeks
The decline which took place resulted IN
the elimination of considerable weakly
held cotton, and the market is conse-
quently in a stronger position. Sentl-
ment generally continues bullish.