Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-02-02
PRICE, MCCORMICK 4 CO.'S
Weekly Cotton Letter.

q.
New York, Feb. LIST, 1900 *
Tho cotton market this evening closes
at tho highest prices OF the year, and In
fact tho highest prices OF several years.
AS compared with the figures current q
week ago, 1t Is about thirty. points higher
for March contracts and forty-seven
points higher for November contracts,
while the intermediate months have an-
prec.ated In relative ratio to the distance
OF their maturity, The advance Is sim
ply recognition of the strength or the
statistical situation us 1t has latterly de-
yeloped. On the 18th OF january we re-
cognized that the llquidltlon in the cotton
market was about: over and steleeraphel
our various correspondents throughout
the country, sending. in this connection,
over COCO kilograms as follows: "Don,t
advise further sales OF cotton, remnant
OF crop unmarketed should command
higher prices during the summer
march contracts on january cath, closed
at 76S. August contracts at 1856 On the
"a OF january, when wc advised our
friends to accept prices then current fer
cotton. March contracts were 7.52 and Au-
gust contracts 7.60. Meantime, during tho
month OF January decline of nearly 40
points had interviewed, SO that those who
chose to follow our advice have had am
pie opportunity not only to sell and re-
purchase at profit. but IL they did so.
they escaped n month of important wait
ing for higher prices. We mention this.
not In any spirit OF egotism. but because
some of our critics have seemed TO have
assumed that our sense of self-import-
ance had become SO magnified that we
were foolish enough to believe that our
mere expression OF opinion could In any
way seriously affect or long defer the
logic OF events. The month OF January
has. however, as we anticipated 1t would
be- been a month of liquidation in the
cotton market, and that liquidation has
not been without its healthfui. effect. The
market is now free from the menace of n
distended speculation, and It Is obvious
that the cotton world Is face to race with
very extraordinary situation. That our
fricnds-rn1y- fully appreciate 1t, we would
call their careful attention to tho Follow
ing figures: The net amount of the crop
In sight for tho week ending January 26th.
according to tho Financial Chronicle. was
6,57S,Sl9 bales. Assuming that the CROP
movement from now until tho 1st OF Sep-
temher shall equal that OF. last year. We
would receive from the 26th OF January
until the LIST OF September about 100000
'bales. indicating u total crop of 9,O7S. 900
bales. There are few, however, who be-
lievo that from now Until tho 1st of Sep
tcmbcr tho crop movement will equal that
of last year.
We ourselves think it safe 10 figure
upon falling off of at least 10 per cent.
Which would give us an Indicated crop OF
S.75o,coo bales. which crop estimate We
published in November and have never
modified. The visible supply OF American
cotton on the 26th OF January, according
to the Financial Chronicle, was 3iO2, 712
bales; estimating as above. that there Is
yet to come in sight, out OF this years
crop OF American cotton, 2,250.CGO bales,
We lavo II total supply CT American cot
ton probably visible on the 1st of Sep
teinbcr. OF 5.c5o.712 bales. The more care
full estimates which we have been able
to obtain of the worlds weekly consump-
ton OF American cotton have led us to
the opinion that It's minimum require
mcnts, at the present rate OF consump-
zion. are 2l5,C00 bales weekly. There are
from the 2Gth of January to the LIST of
September. say thirty weeks. Total con-
sumption for the balance of the cotton
year. 25,o00 bales weekly for thirty weeks,
6,i5oGOo bales; visible supply as above.
5,C527l2 bales; net apparent deficiency,
97,2sS bales. to which must be added such
deficiency as may be developed from the
normal in the Egyptian and East Indian
crops, Such a prospective situation is, we
think We are Justified in saying, almost
without precedent, and the fact that dur
ing the present season holders of cotton
have pursued a policy of conservatism in
marketing tho bulk of the crop at a fair
price, has avoided any check to consump-
ton, and leaves the holders OF cotton In a
=,iasiiinn 10 realiZe, what may appear be-
fore the end of the season as a very ex-
travagent figure for the balance OF their
production. OF course. the world cannot
find itself absolutely without supplies at
the end of the season. but 1t Is inevitable
that, unless a very substantial advance
shall before the end OF August have