The times., 1899-10-06

The price of cotton has been advancing
in remarkable way during the past
month, and the staple is now selling at a
higher price than at any time this year,
or last. Compared with the early October
prices of year ago, the present range is
3-4 cents or more higher. Or, in other
words the South this year has ''7 cent
cotton instead of ''5 cent cotton" as
many expected. Yesterdays spot cot
ton prices were IA and 71-2 cents a
pound, and year ago the level for the
same grades was 51-2 and 5 "a cents.
Cotton futures ranged yesterday all the
way from cents to 1872.
The rapid advance in price is the cause
of great amount of gossip and comment
among farmers. factors, brokers, and man
ufacturers, both here and in England. 1t
is realized that il the present high price
is to continue it will mean millions of
dollars to the Southern farmers and deal
ers, and through them fine prosperity to
all interests in the South. To manufac-
turers in the South and in the North also
Z cent cotton would mean the difference
between business that has barely Iaid
expenses and an immensely profitable one.
1t Is not overstating the matter according
TO cotton experts to say that good prices
for this years cotton crop would be the
largest single item of the country's pros
porous condition
Opinions differ as to whether the present
prices are likely to prove stable or not,
many believing that they are largely the
result of manipulation. For this reason
there is more interest in the cotton mar
kpt frnp dow to Iav +ha,,
time before in many months.
The influences that have induced the ad-
vance in price are very large demand
from manufacturers in this country and
England and the Continent and the proba-
biiity OF smaller crop. The item of un-
certainty upon which hangs largely the
question as to future price, is the size OF
the crop The general prosperity in Ameri-
ca, and abroad as well, has made the big
demand for cotton goods which insures
corresponding demand for raw cotton The
crop, however, may be 10000, 600 bales, or
II, ,00O,0OO Until its size is more nearly
known there can be no certainty as to
prices except that they are now sure to re-
main fairly high.
The cotton crop is now known to be very
much smaller than was at, first estimated.
Two months ago Neill, the chief cotton es-
innate expert" who is recognized gener-
ally by the trade as An authority, stated
his belief that the crop would probably be
12.00O,000 bales, by far the largest on rec
ord. The Texas food and many weeks of
too dry weather in Texas and other cot
ton States have made such yield now out
OF the question. Conservative estimates
place the probable figures between 10 ,O0O,-
600 and 10,500,000 bales The demand is
so large that an ordinarily tremendous
crop will be all taken at good prices
Mr.. Hibbs, the broker, yesterday re-
ceived the following letter from Hubbard
Bros. & Co.. the cotton firm. of New York:
Our American spinners have been able
to sell their product on the basis of such
handsome profits that each bale OF cotton
they have recently bought represents a
proht of at least So They are realizing
that this seasons crop is not nearly as
large as was expected early in August
In fact, estimates show a tendency to drop
10 ten million bales. Should this figure be
accepted, cotton is not nearly high enough
as American spinners alone need nearly
four million bales, while Manchester is
making contracts for goods away into next
spring and summer without having the
cotton at hand. We believe that consump-
tion this season will reach nearly eleven
million bales Of American cotton and it
must be remembered that a large portion
OF the present visible supply is extremely
poor in grade and staple These are the
reasons for our advancing cotton markets,
and they are not fully appreciated abroad
where everyone is waiting for a reaction
before buying"