The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-10-27
MILLS BEAT EXPORTERS.

We know OF a lot OF c0tton-lU0 DaleS
or more-sold during this week to u
local buyer for local mills for "A cent per
pound more than any exporter would pay
for it notwithstanding the fact that the
purchaser was so situated that he had
to haul the cotton in wagons a distance
of twenty-four miles to the local mill.
This is condition of the cotton trade
that has never existed before at this
season of the year.
We are Informed too. that the price
offered for this Same Let of cotton by the
exporter was II to "a of "a cent more
than he would at the present time real
ize by shipping it abroad.
The New England and the foreign
srinners and cotton factors are still wait
ing for our local markets to get on Il
parity with foreign markets. 1t us near
the first day of November, the cotton
las nearly all been gathered, much of it
has been marketed, and yet we lack
nearly half cent being on a parity
so far as sales of spot cotton are con-
celned.
These New England and foreign spin
ners and cotton traders are still relying
on Neil. He saved them several mil
lions of dollars, SO he boasted, by over
estimating a former crop. He is still
their prophet and they are relying on
his foolish estimates, but the Southern
cotton spinners are paying no attention
to Mr.. Neill. They are going right
ahead paying half cent a pound more
for cotton than Liverpool is Offering, run
ming their mills-many of them day and
nfght-and a majority of them with con-
tracts four or five months ahead at good
profits.
The local cotton m II owner and manag-
err knows three times as much about the
crop conditions as Mr.. Neil. They
know that the crop is short. They know
that trade conditions are good, that adj
yaaces in the manufactured product are
going to be maintained. They are wise
men in their day and time.
The Englishman and the New England
els are beginning to get nervous. lit takes
now to keep the market from bounding
upward, and if ollr cotton friends abroad
are not careful they will drop those mill
lions that Neil saved them few years
ago in this years shuttle. 1t is re-
markable-ia strange fact indeed, that on
the Goth day of October cotton sells
in a little interior North Carolina market
for a fourth to half of a cent pound
more than it will bring at the ports. This
tells of the good results of building cotton
mills adjacent to the cotton fields.
Writing somewhat along this line, the
Columbus Sun says:
american cotton consumers are buying
pretty freely. They recognize the
strength of the cotton position, and are
willing to pay ruling prices for their sup
pies, anticipating still further advances.
But European spinners are still holding
off, basimg their hopes of lower prices
ON Neill's estimates and the information
which they have received that the South
is holding cotton, which will later have
to be sold at concession i'm prices.
Their information is not correct. But
little cotton is being held. Practically
all of it so far has been marketed as soon
as Daled The producers might, with
advantage to themselves, hold more of it
probably The best available infolnna-
tion seems to be that the crop will be not
less than 100000 bales below Mr..
Neilrs latest estimates of 100000
nales. And the East Indian crop is
snort. as well as the American. Thus
Europe is more than ever dependent up
ON this country for her supply. Meantime
American mills are talking more COTTON
than usual. The Southern mills have
largely increased their consumption and
are buying freely. Will not Europe have
to make concessions shortly? 1T certain
~ looks as if she would as soon as she
..ds ascertalned that the big crop she had
expected and the cotton the South was
holding back and would have to sell al
reduced prices were principally ON pa
per-