The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-23
COTTON MOVEMENT
BECOMES HEAVIER
February's Receipts Prom
Use to Break Months
Record.
Such is the Estimate Of Price, Mccormick &
Co. At Sea Regarding the March
Movement Of the
Staple.

Mccormick d Co.'S Weekly Cotton Re
view says that the cotton market dur
ing the past week has fluctuat-
ed within narrow limits. The
most salient feature has been the relative
strength of the near positions, as com
pared with the weakness of August and
the new crop deliveries. Liverpool has
been distinctly reactionary in tone. and
the decline there is quite substantial. But
the New York market has not fully re-
sponded to this weakness, and the differ
May-June's in Liverpool, which at one
time during the recent excitement was
as great as 100 points. has diminished
to between IS and so points. The late
tendency shown by Liverpool marks the
cessation of the spot demand. and also
indicates liquidation on the part OF
outside spectators of a long interest Gre
ated there during the recent advance. In
fact, it looks as if Liverpool this sea-
son was really in the position Of an
eleventh-hour bull, and that it has bought
cotton after the facts upon which the
advance was based rather than before.
In New York the strength of the
near positions is almost entirely due to
the apprehension which exists in regard
to the stock of cotton III this market. The
quantity of cotton certifcated and avail
able for immediate delivery on contracts
last evening was only 24,76S bales
There is some cotton coming here from
the South, for delivery on contract, bur
the only grades which it is practicable
to ship at present are the extremely high
grades. such as middling fair and fair,
which are in very small supply, and it
does not look as if al sufficiently large
quantity of them We're obtainable to
make any serious impression upon the
stock of cotton in this market 1t is,
however, noteworthy that the stock in
all the United States ports last evening
was 1,057.000. against S0S,000 last year,
the excess being nearly 100000 bales.
At the counted interior towns, a proper
therefore only a question of time when
tionate excess is apparent, and it is
therefore only a question: of time when
the New York stock vii be augmented
if the disparity between the market here
and the foreign markets continues To
develop. So much for the technical side
of the question.
The more important feature of the
situation is, however, the receipts. Up
to Friday night hast, the total quantity
of cotton brought into sight for Feb
ruary was $4,000 bales The quantity
brought into sight for this week is est-
mated at 100000 bales; and while opin-
ions vary, it seems likely that next week
we shall get nearly 100000 bales. which
will give us total movement for the
month of February, of fully 100000
bales. This will be the largest Febru-
airy movement on record. In 1898, when
the crop turned out 100000 bales, the
February movement was $4,000 and
should the March movement continue
on the same scale, it is evident that
revision of crop estimates on the part
of those who have put the yield as low
as S,150,000 will be in order In regard
70 the March movement, we get a great
variety of opinions and estimates Some
friends in Galveston telegraph us that
the movement during the month of
March viii not exceed 100000 bale. 9th
ers are equally emphatic in insisting that
the March movement will be relatively
as heavy as the movement in February,
and that until late in the spring we
will see a movement which will be fully
equal to almost any previously recorded.
Opinions and estimates in regard to this
subject are 50 numerous and so much at
variance that we confess ourselves some
what at sea. The gentlemen whom we
sent through the South in December
made reports which rather tend to make
us believe that there is still a consider
able quantity of cotton held back. On
the other hand, we cannot ignore the
repeated asseverations of a large number
or southern correspondents to the effect
tnat the recent movement has been en-
tlrely the result of the advance in prices.
and that the reserve supply of cotton is
as they put it, entirely baled out. and
that the final months of the season will
see America absolutely denuded of sup
plies.
Meantime, the only thing that can be
ascertained with any degree of conf
dence with regard TO the situation Is
that the continued accumulation of
stocks at the ports and interior towns
Is not an element of strength, and is not
calculated to revive the foreign demand
until consumers abroad are more firmly
persuaded than they are at present that
the summer will find us face to face