The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-03-21
THE COTTON SITUATION.
Manufacturers Record.)

clined partly through sympathy with
futures" and partly because many spin
ncrs have been Indifferent about buy
ing. as their stocks were ample for inn
mediate wants and they hoped that bet
ter weather at the south would induce
much larger receipts and lower prices.
The bear element in this market has
not been aggressive of late. and the sell
ing has rather been by people who have
been liquidating their purchases in order
to secure their profits or to reduce their
holdings of cotton for the purpose of
Withdrawing their margins and using
the money in other interests. Many
of the recent sellers are still friendly to
cotton, and will doubtless reinvest on
any decline of sufficient moment to
attract them. On the other hand, the
bears have taken advantage of the
decnnes caused by these liquidation sales
to cover many of their contracts
For the past few days receipts have
been more liberal This is due to bet
ter weather and better roads in the
South, and to the fact that considerable
cotton is now being shipped from Texas
interior points, which had been held
back in order to avail of IL reduction in
cents per bale which went into effect
on the 10th inst Texas correspondents
say that 30, 700 to 10000 bales have been
held back on this latter account. and
the shipment of this cotton will prob
ably he accomplished by Goth inst, after
which time it is thought the movement
from these interior towns of Texas will
be very light.
Since September | there have come
into sight of the American crop about
100000 bales less than to the CORE
spending time last year. For some time
the weekly movement has been less than
last season, but should the better roads
and lower freight cause the receipts
from now to the end of March to equal
those of last year, then there will have
come into sight ON April | about TO-
100000 bales of cotton. 1t will more
likely be less than over this quantity.
but in the desire to be liberal we will
assume 100000 to he the quantity
brought into sight by April /.
During last season there came into
sight after April /. 937.0 900 bales. It's
was nearly 100000 bales more than was
brought into sight during the CORE
spending months of the great crop Of
1S94-9J. The quantity brought into
sight after April / from 1892 TO
1860 has ranged from 625.000 to
100000 bales, the average being go, 200
bales. III the excessive movement of
last season is included, it would make
the average 10000 bales My advices
induce the belief that there is less cot
ton with the farmers and in unenume-
rated towns than there was year ago
and therefore that the receipts hereafter
will be less than last season. Consid-
ering the rapidity with which this crop
was marketed earlier in the season
from reasons not necessary to be dis
cussed now, / think it would be per-
fectly fair to assume that the movement
after April / will not exceed the aver
age of the seven seasons, 1912 to
1S91-9S. This would indicate crop of
about 10.I0O,000 bales, whereas, should
the receipts after April l prove to be
equal to last year, the crop would be
nearly 10.950,000 bales.
At all events, il seems perfectly evil
dent to me. and | have not a dollars
interest in the market to warp my judg-
ment. that all ideas of a crop of H.
100000 to 100000 bales had better
be abandoned, and specially by manu-
facturers who have not sufficient cot
ton TO cover their contracts for the flu
ture delivery of yarns or goods.
Cotton which has been picked i'll the
last few weeks, and that still remain
ing in the fields, cannot be counted upon
as being of much use to spinnerS. Some
of the stuff has been sold for two cents,
and even as low as one cent per pound
ia, n,I, Il ,pl
eral samples of this ''storm-beaten"
cotton. The staple had no strength what
ever. even when the cotton was of so
decent color that a fair strength of
staple would be expected. Whatever the
crop may turn out TO be, there will GER
tainly be thousands of bales in it which
spinners will not want because of its
inferiority. While it will swell the
stocks of various markets. some of it
will be of no more use to spinners than
SO many bales of hay.
The visible supply of cotton of all
kinds is only about 100000 bales more
than a year ago, while it is 100000
bales less than at corresponding date
in 1895. My friend, Mr.. Thomas Ell
lison, of Liverpool, cabled yesterday
that the European spinners held 49,
600 bales more of cotton at the end
of February than at same time last
year, and he estimated their consump-
ton in February as 1000 bales per
week more than in February. 1893. This
increase in European consumption Is at
rate of 100000 bales per year There
has been no check in the activity Of
our own mills. North and Sourh they
are running full time. Wages have
been restored. Goods arc steady at
higher prices, and holders arc firm. II
stead of Il congestion OF goods awaiting
buyers. as was The case las year, there
is now veritablc congestion of orders
waiting for goods tn fill them. The
cotton-goods trade IF the country has
not been in SO good a condition fer
wears, and there are DO Indications OF
an early abate rnent of activity. HE
mills of Europe are consuming more
cotton than over 5efGre. The Il -idtncy
is now 10 reduce formc. estimate; OF
the Egyptian crop and estimates Of err
own crop are being generally reduced.
COMPARED with Il few months a@t.. We
find among the best Informed men
contraction of their estimates of tie eX-
pected supply Of cotton frcm the worlds
crops coincident VITA an expansion of
their former views of the worlds con