Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-02-16
INDUSTRIAL ACTIVITY
Attention Attracted BY Activity in
the Cotton Market.
sltuntion Reviewed by Cotton Expert
ofNow yorh-Movsmcnt ofsou,h.
orn Timber md Lumber : Now
ToxttIc ma Oihor Mnnufnctorics.
Especial to virglnlan- Pilot.)

6dltiIilore, peD. lo.-ltlSinS prices ana
other manifestations of strength In the
cotton market continues to occupy
much of the attention of the South. The
activity is reflected in the movement
at New York. where in three days. flu
lures gained u little more than q quar-
ter OF cent. In the Manufacturers
Record of this week Colonel Alfred Ii.
Sheppcrson. the cotton expert of New
York, reviews the situation at length.
He says:
My letter of the 9th instant stated
that the recent advance and activity
in cotton were chiefly due to large pur-
ChaseS OF spot cotton and futures for
European account. One of the reasons
given for the liberal buying was the
general reduction in European eSt-
mates of the American crop. i should
have mentioned. also, the general real
1Zation by our European friends of the
fact that in their expectation of Il large
crop and lower prices they had failed
10 secure their share Of our crop. The
diminishing stocks In Europe now L.
$4,000 bales less in Liverpool and 1885,
GOO bales less In Continental ports than
year ago., emphasize the he essily for
buying. The exports of American cot
ton since September LIST are 10000 900
bales less TO Great Britain than for COR
responding time last season, and 600. 600
bales less to the Continent. The size
OF The American and India crops are
Still matters of conjecture though ad-
united to be very mucn less than last
season. But the small and diminishing
stocks in European markets are con-
crete and significant facts. compelling
prompt and liberal buying by the spin
ners and dealers who have need for
cotton now or in the early future.
"Wi1iIp 10 m rIic Oh, a t,l
spinners and operators seem TO have
realized that the supply of cotton for
the season Will be far less than their
earlier expectations they have not yet
fully grasped the extent of the in
creased consumption of cotton due to
the great wave Of prosperity now per-
Vadng yearly every civilized country
American mills are enjoying n flood
tide OF activity and prosperity, and
European mills are doing Il larger and
more prosperous business than OF re-
cent years. Goods and years have ad-
vanced correspondingIy with cotton
Indeed, they advance sharply long be-
fore cotton"
Colonel Shepperson quoted from re-
cent circular of Mr.. Thomas ELLISON,
the Liverpool expert, who estimates
that at the end of the season, Septem-
Der 10th. there Will be 6S6,OO0 bales of
cotton In European ports. and that
n
stock of $4,000 bales. Col Shnpperson
adds: These port stocks and mill re-
serves Will furnish the 100000 bales
needed to make European consumption
as much as last season. If the Eu-
ropean mills do not spin rs much or
moro cotton than last season 1t will be,
think, only because of the inability
to get 1t. The effort to obtain the
needed supply may carry the price Of
cotton even considerably beyond the
present prices. and this is n very strong
feature Of the outlook for cotton.
AS price is regulated by supply and
demand values can be attacked MS eff
fectively by Understanding the de-
mand as by over-estimating the sun
My. The campaign against cotton
based on too narrow view of the
legitimate demand for it is likely TO
come to grief sooner than the unfortu-
nate campaign based upon the cxces-
sivc over-estimates OF the supply. A
reaction from to-day's advance may
occur at any time and be 4 sharp one
Tor IL must be remembered that many
operators i'm futures have large profits
and the attempt to realize Ihnn nn=a
large scale would likely cause Some
decline. The reaction. however. would
probably only be temporary because
the advance in cotton rests upon the
solid foundation of limited and di-
large and increasing demand"
TIMBER AND LUMBER.
The movement of timber and lumber
In the South, which ut this period is
usually quiet, shows no retrograde
features in any particular section. On
the other hand, the demand is quite as
decided as at any time during the past
year. In the North Carolina pine belt
Mt all milling sections orders are quite
rs numerous, and the development of
timber lands and heavy shipments are
going forward with the usual enterprise
and volume. At Savannah and Bruns-
wick shipments of Georgia pine are
larger than last month, and the mar
ket at coastwise ports and interior
towns is decidedly firmer, with values
tending upward. Shipments of lumber
from East Coast Florida ports are in
creasing very materially, and the ex-
tensive 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 so far for
me new year showing an unusual de-
gree OIL enterprise in both timber and
lumber. Her foreign trade Is rnpidly
increasing. and the number of vessels
now under charter and to arrive will
give the trade of Pensacola n very ma
terial 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,
shipped last week about 5000. 900 feet
went TO Havana and other Cuban ports.
The lumber business of New Orleans
mas opened up handsomely for the
spring trade. and in the cypress and
yellow-pine districts of Louisiana mills
are All actively engaged, while the list
of values rules firm for the snvn-oI
grades and Divisions In co.,IiAssI.