Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-17
THE RISE IN COTTON GOODS.
CIanin Company Credited with Cor
nerfnE the MARKET.
(New York Journal)

(NeW YORK Journal
Several grades OF cotton-goods made a
jump in price yesterday OF half "a cent a
yard. Tho market for the manufactured
product OF tho looms is soaring.
Experts assert that the price viii con-
| tinuo 10 rise. perhaps To- unprecedented
figures. Tho H. h. ClaAin Company is
said TO have practically cornered the pro-
ducts of the mills but many well inform
! ed men declare that The story OF q corner
! is ridiculous. Nevertheless, tho mills have
sold their products far ahead, and are
thought TO be I'm sore straits for the raw
material.
Tho poorer classes are the greatest
buyers " cJtton-gooda. Everything theF
wear is either wholly OF cotton or is
merely mixed with wool Since wool is
RISING in value almost as rapidly as cot
ton. there viii be less wool than ever be-
fore in the poor mans clothing. IL VIII
Do an cotton. it is pointed out that the
harG-workinc classes must now pay from
40 20 80 per cent. more for what they
wear. and that the hardship enforced Is
obvious.
Ii is the prosperity Of the country That
has caused this big rise I'm cotton
Tho crop last year was lO.JJjO0J bales.
In its recent report tho Agricultural De-
partment predicted that the crop TINS
year would be only 100000 bales. La
ibam. Alexander & Co. OF Wall street
collected statistics on their own account
They say tho crop will be only S1H.fO
bales. If hey be correct, and their hs-
ures ara generally accepted, TINS year
crou viii ba short 7903lO bales. as COM
pared with last year
ENGLAND DRAWS HEAVILY.
There is a big demand for cotton goods
I'm England and the English spihhel D.
those of Manchester especially, nave re-
Centlv drawn heavily upon the American
,,,srlot for raw cotton For some time
they had not been able 70 Duy duNdh-
tageously. and they may De said 10 nav
sold the goods short depthulns upoil tiC
future FOR better prices. Instead OF loWtI
prices. they are paying more ana th.y
must have the raw cotton, as lheE are
sold far ahead. e.t.. ,,,.r
lean mills All the New England mus arc
running full time. some OF mem over liiIc'
MIR Tweedv. Of Lee. TWeedy x CO., told q
Tournal reporter yesterday that while on
a recent trip through the manuldclu lllS
section he saw mills THAT had been closed
down for FIVE years running win an tis ,
hands they could secure. inquiry III w w, ~
street shows that many or the great MUS
that have not paid dividends for years are
row paying their stockholders hdnuSoIhe-
Il. ,,. cs,u. hos
The opening up Of trade with China mas
had an accelerating effect upon tIaue'
for China has been buying tremendously.
TaDan has also been and is now a DIG
brver I'm this market a foreign house
said Yesterday that within three Gays 10
had sold bills Of exchange on shipments
of ray cotton to Kobe alone amounting
10 the value OF 900 bales
CI.AFLIN'S PROFITABLE FORESIGHT
John CIahin, of the II. b. Claim Com
many is reported TO have made me
business coup by prophetcallN NleMlns
the situation as 1t now preValls. II is
known in Wall street that the Clailihs
have not only secured large sums Oh
money through ordinary means. but have
realized loans on securities held ordinarily
Cor ernereencies and have been hedNy
contractors for cotton goods.
They are credited with sweeping the
market Of all the goods IN sight ana or
all that can be produced by the big mills
Tor some time 10 come. They have ale
ready made actual payments OF more
fh9n 81 10000. according 10 those who say
they know. and are still on the hunt Tor
The report that through their large con-
tracts they had placed other firms al 2
disadvantage Is denied Mr.. Iweedy de-
clores that there could be no such thlnS
,.s ~ corner i'm the cOtton-gOods market.
charles H. Webb. white-goods expert
for lanes H. Durham q Co, said his
am, WIS buying heavily. and found no
Iimcnitv I'm meeting the situation. lie
Iouebed at the suggestion that the ca
films had a corner ,.,...
"Of course. they have been buylhg
t,,oyiilv" he said $50 have We and So
,ea "a trade generally. The situation is
80 eaev. but / believe all the big houses
49, teifen care Of themselves