Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1900-02-16
SOUTHERN development.

cts OF an enormous cotton crop VINO purfey
to the necessities Of "cotton farmers OF
Manchester and Liverpool, who SOW not, put
who In years past have managed TO gatner
considerable annual crops. In the face OF pre-
dictlons bulhsh as TO quantity, but bearish In
intent, men who justly stand as authori-
ties In the cotton market are presenting
statistics demonstrating the fallibility OF
imaginings which began FIVE months ago
with prophecies OF IL 100000 bales. so I'M
portantis cotton to American industry ana
commerce that survey OF the fed at this
TIME Is. particularly interesting'' IBIS Is
given in this weeks Manufacturers Record
by Col. Alfred B. Shepperson, OF New YORK,
who. after reviewing the conditions In the
New York market up till Tuesday night,
says:
''Spot" quotations were advanced to 7-l6
for middling uplands, being the highest fig
ure OF the season and the highest price since
September, 1896. Prices in the Southern
market, however, are relatively higher than
In New York, so that cotton can not now De
brought here from the South. The advance
was largely due to the final abandonment oy
many European dealers In cotton OF the Idea
OF an immense crop. to which they nave
tenaciously chung since last August. Inc
efforts OF our European friends and their
allies In this country to depreciate the value
of cotton began in August by the circulation
Of exaggerated estimates Of the size OF the
crop. The plain and palpable facts respect
ing actual conditions were ignored or abso-
lutely misrepresented in order to Undue the
general public with the idea that the crop
would be the largest on record and the re.
sulting supply Of cotton for the season would
be greatly in excess OF requirements. This
phase of the campaign against cotton,
though urged with persistence worthy OF
better cause, has utterly and ANONYMOUSLY
failed. No one now thinks Of 100000
crop even in his dream. No man mentions,
even IN the most confidential whisper, his
belief in II 900, 900 or even 1O,50O,0OO Ii
10, 000, 0G0 is mentioned 1t Is usually apollo
getically.
''All the extravagantly large guesses oflast
summer aud fall, based usually upon moth
ing but the desire to depreciate the value OF
the property OF the holders and growers OF
cotton that the crop guessers' and others
might profit at the expense OF the Soutn.
have gone where the woodbine twineth.
The plan of compaign has been changed,
and figures are now being poured out In pro-
fusion to show that the consumption OF cot
ton Is going to shrink to conform to the
smaller crop, and that after all there will be
an abundant supply for the mills and fairly
good surplus at the end of the season.
al hn cuh h
stance Of which was cabled from Liverpool
on February End, my good friend, Mr..
Thomas Ellison estimates the consumption
by European mills for the three months end
ing December 31st as the same as the pre-
vious year, but thinks their consumption
during the remaining nine months Of the
season will be 800, 900 less than last season
In consequence of the advance In cotton. II
the advance In cotton Is going to seriously
check the consumption by European mills,
would there not have been some evidence OF
1t to December S1st. As highly as l esteem
Mr.. Ellison, can not accept his view that
the European mills will consume less cotton
than last season. firmly believe they will
consume considerably more. They have
greater capacity and ara making money
And the voluntary curtailment OF profit
able c0d active business is something en-
tiraiy out Of the ordinary course OF bus
mess.
Last season ia 900 bales OF cotton were
exported to Japan from this country. Dur
ing this sea on about 2OO, 900 bales have al
ready been shipped, and quite agree with
my japanese friends that $50, 600 moro will
be shipped, making $50, GOO bales for the sea-
son. Last season 439 900 bales were shipped
to Japan from Bombay, but owing to the
serious shortage OF the India crop ESTIMATED
at over million bales) tits thought that the
shipments from Bombay to Japan will be
quite inconsiderable this season, and that
much OF this shortage will be made up by
increased purchases OF American cotton.
My impression is that the European mile
will consume fully 150, 900 bales OF cotton
more than last season, and in view Of the
shortage In the India crop 1t will be chiefly
OF American cotton. In Difference to Mr.
Ellison's views, however, l will leave the
matter OF an Increase OF European consump.
ton out OF consideration, but an unwilling
to admit Of any voluntary increase.
'Some cotton has already been shipped
from here to bombay and more will follow.
Several thousand bales have gone to China. |
Calling the increased consumptlon'c. our
own mills 45O, 900 bales and the increase IN !
to Japan, India and China 200, t0C |
bales, we have in these items alone an add.
ton for this season of CSC, oc0 bales OF Ameri-
can cotton to the worlds consumption last |
season OF 10. 800, 900 bales. wish to be con-
SENTATIVE but 1t looks as II about II 500, 900 |
bales OF American cotton would be needed |
for consumption during the season. In
December estimated the commercial crop |
rs $4,000 bales, and regard that full
estimate. This added to the visible supply |
OF American cotton In the world on Septem-
Der /, q, 963 900 bales) would give supply
for the season OF II, $4,000 bales. 1t looks
as If there might be scramble ere long for
what is left OF our CROP and the certainty
that at the end Of the season the visible sup
ply and the invisible supply Cor stocks at the
nills) will be smaller than for many years
and so inconsiderable as to keep spot cot
.on at good price during the early fall
without much regard to the size of the new
,rop or the course Of the futures market"
MILLIONS MORE FOR WAR.
fl \.