The suburban citizen., 1900-02-24
SOUTHERN Development.
Cotton Situation Reviewed by Col. Alfred
B. shepperson-Activlty Continues Ia
the Organization of Corporations.

the Organization of Corporations.
Rising prices and othor manifestations Of
strength In the cotton market continue to
occupy much OF the attention Of the South.
The activity Is reflected in the movements at
New York, where in three days futures
gained n little more than quarter OF a cent.
Ia the Manufacturers Record OF this week
Col. Alfred b. shepperson the cotton ex-
pert OF New York, reviews the situation at
length. He says:
'My lottor of the 9th inst. stated that the
recent advance and activity in cotton were
chiefly due to large purchases Of spot cot
ton and futures for European account One
Of the reasons given for the liberal buying
was the general reduction in European esti-
mates Of the American crop. should have
mentioned, also, the general realization by
our European friends Of the fact that In
their expectation OF large crop and lower
prices they had failed to secure their share
OF our crop. The diminishing stocks in
Europe (now 1.l1l.0(0 bales less In Liver
pool and coo bales less in Continental
ports than year ago) emphasize the neces-l
slty for buying. The exports OF American
cotton since September 1st are / 800, 900 bales
less to Great Britain than for corresponding
time last season and coo, 900 bales less to the
Continent. The size OF the American and
Indian crops are stil matters OF conjecture,
though admitted to be very much less than
last season. But the small and diminishing
stocks in European markets are concrete
and significant facts compelling prompt and
liberal buying by the spinners and dealers
who have need for cotton now or in the
early future.
"While English and Continental spinners
and operators seem to have realized that the
supply Of cotton for the seRson will be far
les than their earlier expectations, they
have not yet fully graspod the extent Of the
increased consumption OF cotton due to the
great wave OF prosperity now pervading
nearly every civilized country. American
mills are enjoying a hood-tide OF activity
and prosperity, aud European mills are do
ing larger and more prosperous business
than OF recent years. Goods and yarns have
advanced correspondingly with cotton In
deed, they advance sharply long before
cotton"
Col. Shepperson quotes from n recent cir
cular OF Mr., Thomas Ellison, the Liverpool
expert, who estimates that at the end OF the
season (September SOth) there will be
GSG000 bales Of cotton In European
ports and that European mills will have a
surplus stock Of 2S6, 600 bales Col. Shep-
person adds: "These port stocks and mill re-
serves will furnish the 800, 900 bales needed
to make European consumption as much
as last season. II the European mills
do not spin as much or more cotton than last
season, it will be, l think, only because OF
the inability to get it. The effort to obtain
the needed supply may carry the price Of
cotton even considerably beyond present
prices, and this is very strong feature OF
the outlook for cotton. As price is regulated
by supply and demand, values can be at
tackled as effectively by Understanding the
demand as by oyerestlmating the supply.
The campaign against cotton, based on too
narrow view Of the legitimate demand for
It, is likely to come to grief sooner than the
unfortunate campaign based upon the ex-
cessive overestimate OF the supply. re-
action from to-day's advance may occur at
any time and be "A sharp one, for 1t must be
remembered that many operators in futures
have large profits and the attempt to realize
them on a largo scale would likely cause
some decline. The Reaction. however, would
probably bo only temporary, because the ad-
vance in cotton rests upon the solid founda-
tion OF limited and diminishing supply CO.
incident with Il large and increasing de-
mand."
The movement OF timber and lumber In the
South, which at this period Is usually quiet,
shows no retrograde features In any purtlc-
ular section. On the other hand the demand
is quite as decided as ut any time during the
past year, In tho North Carolina pine belt
at all milling sections orders are quite as
A nI, -
lands and heavy shipments are going for
ward, with the usual enterprise and volume
At Savannah and Brunswick shipments OF
Georgia pine are larger than last month and
the market at coastwlse ports and Interior
towns Is decidedly firm with values tending
upward shipments Of lumber from East
Ooast Florida ports are increasing very ma
terialy, and tho extensive development IN
Florida timber lands, with railroad facilities
Offering. are adding largely TO the growth Of
her ports on the east coast. Pensacola.
which Is forging her way to the first among
the Gulf ports is 80 far for the new year
showing an unusual degree OF enterprise ia
both timber and lumber. Her foreign
trade Is rapidly iucreasing, and the
number Of vessels now under charter and to
arrive will give the trade OF Pensacola a
very material volume OF business for the
next thirty and sixty days In all wood pro-
ducts. At Mobile the Cuban business in
lumber Is returning to that port and OF
nearly 1000 600 feet OF lumber shipped last
week about 9, 900, 900 feet wentto Havana and
othor Cuban ports. The lumber business OF
New Orleans has opened up handsomely for
the spring trade, and Ia the cypress and yell
low pine districts OF Louisiana mills are all
actively engaged, while tho list OF values
rules firm for the several grades and dlvis.
Ions In Southeastern Texas the situation