New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-07

to-day. These conditions were probably re-
sponsible for the fact that there was no reac-
tion toward the close On he contrary the To-
cal market developed additional strength in the
s7Aey session on the belief that Liverpool would
experience another bulge" this morning
CAUSES OF THE RISE.
In fact the almost phenomenal rise in the
local market of nearly 100 points since the bull
movement set in on Tuesday morning is at
tributed almost wholly to the evidences which
can be seen on every hand Of the desperate sit
uation in which foreign spinners find them
selves. The situation confronting them as the
cotton year opens is that raw cotton costs
more by 80 per cent than it cost a year ago
but finished cotton goods are selling only a trife
above the low figures of recent years. Nearly
all estimates agree in fixing the present wis
ible supply" of cotton at the lowest point for
thirty years, the whole worlds stock on hand
being hardly one-thrd of what it was at this time
last year. European warehouses containing less
than half what they did twelve months ago. and
the supply reported on hand at the various
storage points in the United States being the
smallest for many years. In fact, there are not
more than 100000 bales of raw cotton in the
whole world to-day, experts say. and almost
nobody looks for crop of more than TO-
100000 bales, and yet the worlds annual con-
sumption for the last three years has been
11,500,000 bales. Some of the Liverpool spin
planning to stop the English mills
until prices fall. basnG their argument on the
theory that the American output which gov
erns the whole European trade, is controlled nv
American speculators who fix their own price
to the foreigner; but if the foregoing figures
are correct and experts say they are, tie Eng
lsh spinners, If they close down their mills will
be proceeding wrong theory, and the pre-
vailing prices for cotton, high as they are have
not yet reached their elimination.
All indications point to lucrative season for
the American cottor producer and cotton dealer
and little surprise will be felt by we'll informed
observers OF the situation. it is said if spot
cotton should touch 101a or even II cents
pound before November. With large contracts
for nearby delivery of cloths staring them in
the face, there seems to be little cause for won
der that Liverpool spinners are nearly demoral-
ized. 1t is declared that fully 30 per cent of
the comparatively small amount of cotton now
in store in that city is entirely unsuited to the
needs of English spinners. and at least 40 per
cent of the remainder is held by men who will
not sell under ordinary conditions. The present
range of prices is the highest since 1892 with
the exception of the wild bull speculative figures
of the fall of 1895. Sales yesterday on the local
exchange were estimated at upward of 100000
bales The controlling impulse was to get cot
ton at almost any price
MR.. BORDEN's PURCHASE.
NJ. I. u Borden seems TO nave Deen alive TO
this situation just little in advance of the rest
That is a way Mr.. Borden has. His purchase on
Tuesday of five hundred thousand pieces of cot
ton print cloth at two and seven -eighths cents
could not be repeated to-day. The print cloth
market has Stiffened considerably since then.
Probably three and one-half cents yard would
be nearer the price if Mr. Borden chose to sell
Tomorrow some of his rather surprised rivals
in trade told Tribune reporter yesterday The
big purchase made from the Print Cloth
Selling Committee. which controls the output OF
that class of goods from the Fall River mills
The cloths bought for the American Print
ing Company. at Fall River, of which Mr. Bor-
den is president They are TO be delivered to
him in weekly instalments of twenty thousand
pieces each, in the next twenty-five weeks and
they will cost Mr. Borden about $750O0O
1t Is thought that his action will put stop to
River mills for least three months An ef-
of the curtallment of output If IL appears that
the Borden transaction is not followed by other
large purchases. but brokers reported increased
sales yesterday.
Mr. Borden. who was seen yesterday morning
at his Office in Duane-st., in this city was not
inclined TO take the public into his confidence as
TO the reasons for his big purchase Just at this
time. He said
My purchase a mere matter OF business
and do not why II should be dragged be-
fore the public / needed the cloth and so /
bought 1t just anybody who needed loaf OF
bread would buy e."
In reply to question to what were the