The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-10-29

our private advices from Liverpool indi-
cate that the cotton trade on that side
is becoming very nervous in conse-
quence of the continued light crop move
ment, and that spinners are likely to
enter the market at any moment az
free buyers, unless the crop movement
materially increases. As we are rapidly
nearing the time when the statistical
figures of the amount in sight may he
regarded as a fair index to the seasons
production, it does not seem likely that
spinners can long hold out upon the
lines of their present policy unless some
developments should arise which would
Justify the belief in a larger crop than
the movement thus far indicates In
this connection we quote the weekly
statement of the cotton crop movement
as made up by the New Orleans Cotton
Exchange on the Goth instant:
1899 1898 1887 1896
date...... 152s,67O I76s,ss5 1,eS9, 1853 s5s 1893
Overland :. 19I,76l 1921 I50'702 1920
Interior silks 3l7,5s3 349,s91 62,4S4 81 ,459
10. consump-
ton 2ls,S42 1899 loo,9Uo lo4 QUO
In sig't to DIT 2256956 $50 $40 2,286,s5l 25.6 1903
In st for w k 40j,409 553,24 482,039 4d2,l54
In sight first
20 days in
October 1,l44,244 1,479,26o 1,t6s,4l2 1924 ,675
These figures show not only the small
est October movement in many years,
but effectively contradict the theory that
there has been any accumulation of cot
ton at interior towns. Furthermore,
these figures not only justify the small
est crop estimate current, but are sup
ported on all sides by the very best Opln-
ions.
Strenuous efforts have been made lat
terly to depress the market but with
out success MessrS. NELL Bros, of
London yesterday issued a circular in
Liverpool reiterating Mr.. Henry NJ
NcilIs crop estimate of 100000 bales.
and at the same time stating that there
were good prospects for Il top crop owing
to the favorable weather, and that the
fact that the plant is mostly dry makes
it improbable that froSts will now do
much harm. The bears have endeavored
to influence sentiment by insisting that
the favorable weather conditions will
result in substantial addition to the
indicated crop of a few weeks since. In
addition they have sold cotton freely.
but they have not succeeded in precipi-
tating the liquidating movement which
they had hoped to do. AS matter of
fact the cotton trade in this country
in particular is not disposed to believe
that conditions justify the development
of any considerable top growth. With
Il view of ascertaining how far these as
sertions of the bears were entitled to
credence we sent several hundred teie-
graphic inquiries to trustworthy CORE
spondents in all sections of the cotton
belt, and the replies thereto almost
without exception positively assure us
that the top growth this autumn will
be practically nit. In any event a gene
raj killing frost would put an end to
all further controversy over this point.
The Signal Service today predicts
frosts during the next twenty-four hours
over the greater portion of Texas, Ar
kansas and Indian Territory, and at the
same time reports indicate that the
weather is rapidly becoming cooler in
the Mississippi States.
In conclusion we quote the following
interesting summary of the situation
from the New Orleans Times-Demo-
crat of the 22nd instant.
THE little farmer is now the mystery
man of the cotton market If operators
up their own in very short order. The
statistics show clearly enough that no
unusual accumulation has taken place
at the outpOrts or the counted towns,
but the trade persistently refuses to be-
lieye that the movement is normal. In
deed such a belief would produce conse-
quences of the most far-reaching kind
The wavering bears are steadied by the
recent utterance. Meanwhile the figures
of the visible are sensationally bulliSh,
even after all allowances for the fierce
ness of the farmer are made. Cotton
goods still show an upward tendency;
food is cheap. and the prospective sup.
plies of cotton from the rival countries
are much more moderate than they have
been for many years"