The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-10-07
COTTON CROP ESTIMATED AT $500, 900
BALES.

| ed circular SO phrased as to leave the
| impression that the fall crop of cotton
would reach twelve million bales. That
prediction prevented the farmers who
sold early getting the true value of their
cotton.
When Mr.. Neill's first statement was
sent out Price, Mccormick & Co, sent
kilograms to all the cotton sections of the
South in order to get the truth. They
published their answers nearly all of
much short of the production of the
previous two years.
In a recent circular letter, Price, Nc
Cormick & Co., give replies from farm
ers, cotton buyers, mill owners and
others in every Southern State, and
say:
1T is our earnest conviction that a
strenuous and improper effort has been
this season made by a clique of bear
operators in New Orleans, to mislead
the world in regard to the cotton crop
and thus put the Southern cotton pro-
ducer at a disadvantage. The facts,
however, are beginning to assert them
selves. The information we submit
comes from a class Of men who are
presumably better informed and more
worthy of confidence than any single
individual may be, however great his
prescience, to say nothing of his specu-
lative interest in lower prices, and we
believe that the interests of your consti
tuency, especially of the cotton trade at
large will be well served by giving all
possible publicity to this information
They also say:
There is an unquestioned reduction
in acreage, variously estimated at from
) per cent. to 10 per cent. There is, ac-
cording to the Government report, a re-
duction in condition on the first of Sep
TENDER, as compared with last year, of
IL per cent. These, taken together,
would indicate a probable curtailment
of the yield of at least 20 per cent. As
Stunning that last years production was
II 100000, the indicated reduction this
year would be 100000, pointing to a
crop of 100000 bales!
''At the moment and until the situa-
ton becomes a little clearer, we do not
care to commit ourselves to an exact
estimate, but with the present enormous
rate of consumption, we feel justified in
predicting very marked diminution in
the supply available at the end of the
current cotton year, and probably much
higher prices for the article"
Among the replies received we give
a few from North Carolina:
Lexington, n. C.-Not over sixty per
cent of crop. w. G.. HENRY.
Washington, n. C.-Our idea ten and
one-half millions maximum; our local
condition no criterion.
VIM. BRAGAW & co.
Charlotte, n. C.-Seventy-fiv per
cent of average crop possible.
JOHN w. MILLER & co.
Charlotte, \. C.-Cotton crop through |
out this section extremely light. Scarce
" any top crop which usually have.
Damage not oyerestimated.
B. d. HEATH.
Charlotte, n. C.-Think North Caro- |
lima crop average 10 per cent. short of
last year.
FIRST NATIONAL BANK.
Charlotte, n Crop conservative es-
Inmates 60 to 66 per cent. last year.
Damaged by droughts.
COMMERCIAL NATIONAL BANK.
Raleigh, n. Crop not over two
thirds. Slight frost 9th. Farmers dis
posed to hold for s cents.
Commercial and Farmers Bank.
Raleigh y. C.-Ten million maximum. |
BARBEE & co.
From the weekly cotton letter of |
Price, Mccormick q Co., we make the
following extracts:
1.-THE most significant feature in the
situation is the continued strength of
the spot markets throughout the South |
In nearly every section prices are well
up to the New Orleans and New York |
quotations, and exporters are complain
ing ST their inability to secure cotton |
for shipment abroad, except at prices |
above a Liverpool parity. Our advices
Indicate that the feeling throughout the
entire South is very bullish, and thar |
considerably higher prices for cotton are
generally looked for. Apropos of this
we quote the following from the editor
ial page of Il recent issue of the Macon
Telegraph:
There is every reason to believe
that the upward movement will con-
tinue; most conservative cotton men
predict s cents before many days,
and the more optimistic talk even
higher prices before Christmas.
These bullish views, Which, hg the |
way, are finding daily in steady influx
of buying orders from the South, are
evidently based upon an actual knowl- |
edge of existing crop conditions, and
confidence i'll a short yield this season. |
All our advices continue to indicate a |
short yield. In this connection we viii |
call attention to the fact that the last
monthly crop report of the New Orleans
Times-D Democrat, published ON the first
instant, states that their advices indi-
cate an average shortage of % per cent,
as compared with last year. Editorially
the following reference is made to this
report: If our correspondents have cor
rectly stated the situation, the crop will
be little less than 9,400,000' Should
the accuracy of these figures be demon
strated a further advance would be Justl-
fed.
'Thus far Europe has been disposed to
discredit to q great extent the correct
ness of the crop damage reports. Con-
seauently there is believed still to be