The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1900-05-01

bales. The situation is strong beyond
precedent and cannot fail to result in
extreme prices for cotton. Ten cents
and even II and u cents a pound for
August delivery cotton seems quite
within the range Of possibility. The
bears IN Liverpool and New York have
all the season been selling paper cot
ton in the vague hope that it would
supply the demand for the real arti-
Gle. 1t is probable hat they Will this
season realize that phantom cotton
is an Elusive reliance against short
sales. AS regards the news crop reports
reaching us from the South they are
uniformly poor. Seen is said to be
$50 per ton. We should be glad if
those reading this circular will write
us giving the crop situation as it is
apparent to them at the moment.
Should there be indications of a new
crop failure the situation would be
without precedent since the war.
PRICE. MCCORMICK 4 CO.
Especial to News and Observer
New York. April 27.-Price, Mccormick
& Company in their circular published
today say: According to Mr.. Hester's
statement the worlds visible supply
shows a decrease for the week Of 254. 600
bdltS- 1t lldheS Tie amount III Skill
for the week s.. 900 bales, showing 9 total
absorption Of cotton in one week OF about
300. 0G0 bales. The total absorption for
the past five weeks has been about 100
geo bales. Should this rate Of absorption
continue the world would be absolutely
denuded OF supplies within about twelve
weeks, or by the middle of July.
This IS of course, impossible. An ad-
vance in the price that will check the
absorption is the only issue TO the situa-
ton which is the strongest practically
since the war. southern holders of spot
cotton can practically name their own
prices for the balance of the season. The
market has been very steady throughout
the day and closes at top prices. The
caterice of bearish operators in New York
is coming to some appreciation of the
situation.
PRICE. MCCORMICK & co.
New York. April 25.-Price, Mccormick
& Co. today published the following cir
cular: We have received from Mr.. Eli
son, the we'll known English statistician,
by cable the following summary of his
circular published today: ON the basis
of an American crop of $500, 900, plus i'm
ports Of S66 900 Egyptian; 300, 600 Indian,
and 1000 other groWths, the estima-
ted European port and mil
stock at the end Of the season. will be
$50, 900 bales. against 2.4S9, 900 bales las
year: 1000. 600 bales in 1898, and S7O,0 coo
in 1897. The apparent consumption O
American cotton is short II, 900, 900 bales
The position of the old crop appears tt
be very strong, but dependent to some
extent upon new crop developments
The stock in Liverpool at the end of Sep
TENDER is estimated by Mr.. Ellison a
Oh Nnn a. ,rI;oh ;c Tho c,,o11nSt n
record, SO far as we can discover, since
1880. In 1889 the stock at the end of Sep
= TENDER in Liverpool was 500, 900 bales
and cotton sold at 1113 cents.
These figures in view Of the fact tina
Mr.. Ellison presumably presents tn
English and the consumers side of tn
question, $500. 900, which, in our opinion
cannot possibly be reached, would seen
to be almost impregnable in strength
Good and conservative statisticians her
figure that stock in Liverpool, at the en-
t of the season. will be nearer 15O,OOO tina
250, 600 bales. Looking into the figures Q
visible supply we find that for the fou
weeks ending April 81 the visible suppl
I, has decreased 44O, 900 bales in the sam
time, there has come into sight outsid
{ of the American crop 319, 900 bales an
of the other grOwths about 60, 1000 bales
S making the total absorption of cotton 10
the four weeks under consideration of tn
$40, 900 bales, or something over 10000
bales per week.
!" The visible supply on April list as mad
up by the Financial Chronicle, was 2,
63S. 600 bales. Estimating that there
still to come into sight Of American cot
ton out of this years crop 705, 900 bales
against 912, 900 bales last year, we nav
q total roughly of 3,343, 900 bales. AS
Stunning a minimum weekly absorption &c
the balance of the season, say eightee
weeks of 80, 900 bales per week. we ar
left with a total visible supply OF a
growths at the end of August of 443,ot
bales. OF this, Mr.. Ellison estimate
that 25O, 900 bales will be in Liverpool
There must be some cotton at tie cor
tinental ports, so that unless our inquire
are all wrong, it would appear that tn
visible supply at the end OF the seaso
would be nearly all in Europe, an
America would be practically denude
of cotton. comparing the figures CT tt
indicated visible supply with these
the past year we find that the neare'
approach to them was in 1889, when tt
visible supply at the end of the sease
was $4,000 bales, and cotton sold at II
TN cents in 1890; with a visible supply
. 1917 goo bales of cotton sold at II
cents.
i In view of these figures, and despi
?, the fact that the prevailing specuiall'
~ temper against operators on the Ne
" York Cotton Exchange is to decry the
as discounted, we cannot but feel that Il
9 situation is a stronger one than the co
ton trade has seen in almost a generatlo
and that extreme prices for cotton mu
prevail this summer. Wetherefore unres
tatingly recommend the purchase OF Il
an summer positions, and as planting IS u
doubtedly late. the season backward and
very large area of the cotton producer
section overlooked, and under the nece
IL sity Of replanting, sales Of the new CT
positions are, in our opinion, eXceedln
= ly dangerous. The effect OF the smi
or supply with which We will enter the NJ
eS season Will continue to be felt IN
if stocks throughout the world are III
b. terially replenished, and Whatever I
size of the new crop it will, during .
first = or 3 months of its maturity be