New-York tribune., 1900-11-30
THE cotton SITUATION.

Last years crop of cotton paid planters 1858,
7S4 500 an increase of $S1 oil 1913 the pre-
vious yield. The present season opened with un-
usual conditions, and the situation is extremely
complicated The fact that growers have ample
funds on hand makes IT possible for them to
hold back much Of their crop in the endeavor to
secure still higher prices, and it is becoming
question whether they will not defeat their own
ends High prices have natural tendency to
restrict consumption and stimulate production
Egyptian and Indian plantations are being ex-
tended China grows much for its own consump-
ton, and a German colony of American negroes
has begun experimenting in Africa Meanwhile
Southern growers preparing an enormous
acreage for the next crop. The net result VIII
be a heavy increase in the worlds output here
after. barring unusual disasters from weather
and insects
October exports were valued $50 391 101,
nearly double those of the CORES spOnding month
last year hut this mainly due to an increase
of 6 cents pound 40 per cent in price
Great Britain alone Of our foreign customers
took a larger quantity, and while shipments for
the current month are also heavy in that direc-
ton il cannot be expected that the rate of in
crease will be sustained British mills had al
lowed stocks TO run low and doubtless had
heavy contracts to fill Higher prices asked for
goods injured the export trade of England 10
the extent of 1S per cent in cotton cloths and 3S
per cent in cotton goods, as compared with the
preceding October and will undoubtedly con-
tinue to affect sales. The mills. therefore will
not need so much material If their goods
are in lighter demand
Domestic spnners have curtailed their opera
tions. which resulted in smaller takfngs by
Northern mills by over 100000 bales thus far
this season. Southern consumption has not
o,1t jr
that department also. Efforts to secure prices
for goods commensurate with the higher cost of
the raw material have proved unaVailing Even
when middiing upands quoted II cents
| 30 to so per cent higher than year previous
| the advance in the manufactured product was
| insignificant. At the highest point of the last
season the average of the ten leading grades of
| cotton goods not : per cent above the fig
| ures of a year previous, and reaction was prompt
with slight decline in the raw cotton The
| recent recovery to 1014 cents in cotton did not
| meet with any response in the goods market
| while brown sheetings and drills weakened
Jobbers refuse to pay better prices and business
| Is usually transacted at old rates. which can
hardly be very profitable Employees resist ef-
| forts TO economize in operating expenses and the
mills run on close margns. Exports Of cotton
| goods are not reaching the desired amount as
| foreign purchasers are less able to pay the mod
crate advance than our own more prosperous
people; but even in this country the effect on
| consumption of higher quotations is perceptibI4
| Mr.. Neill estimates the current yield at
| 9,15O0O0 bales. and Mr.. Ellison states that the
worlds requirements of American cotton will he
| lO,3S0,OO0 bales, while the stocks on hand ar
the beginning Of the year were acknowledged n
| be low. These statistics are chiefly responsible
for the advance in price. which was accelerated
| by slow sales from plantations. Statements Of
great increase in spindles are not SYNONYMOUS
| with increased consumption. for many wheels
will undoubtedly be idle while the price Of the
raw material is held above 10 cents Planters
may secure unusual profits from the currar+
crop, but In the long run the highest nricas e.
ten years will probably bring two undesirable
results excessive production and decreased con-
| - '''i