Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1900-09-29
.SHEPPERSON ON The
COTTON SITUATION
Worlds Consumption Has
Overtaken Production.
VISIBLE SUPPLY LIMITED

Cotton Is Again King-Heads the List
of EXpOrts-Wealth 1t VIII Bring
to the South VIII Enhance the Pros
perity of the Whole County.
BALTIMORE, Sept. 28.-Mr. Alfred B.
Shepperson, the cotton statisticlan, who
has just returned from trip to Europe,
reviews the worlds cotton situation in
this weeks issue of The Manufacturers
Record. Mr.. Shepperson says:
son Sept. 10 middling cotton sold in
New York at II cents and 736 pence in
Liverpool, being the highest price here
since August, 1890. Quotations are now
one-quarter of q cent lower here and
seven siXteenths Of a penny lower in Liv-
erpool, but this is only natural reaction
after the sharp advance since Sept. / of
IA cents in New York and "a pence in
Liverpool. The upward movement in
its pronounced development was started
and kept up i'll Liverpool. New York
simply followed in the wake of the
greater market. The advance in Liver
pool in so brief a time was unprece-
dented, but when all the circumstances
are considered it cannot be said to have
been unwarranted The Liverpool mar
ket for cotton futures was largely over
sold, and while the actual stock Of cot
ton of grades that could be delivered
upon futures contracts was ridiculously
small, the light stocks in this country,
the lateness of the new crop and the in
terruption to shipments by the Calves
ton storm prevented any relief from
America. Futures Tor the near months
advanced first and most sharply. Then
there came a good demand from spinners
for actual cotton, and this demand in
creased when it was fully realized how
very little cotton there was in Liverpool
such as spinners required.
Advance Was Inevitable.
"The greatest part of the unsold cot
ton was of grades lower than spinners
desired to use, and of very fancy grades,
of which the spinners buy only small
quantities at a time. English spinners
held very small stocks Of cotton, and
when they tried to buy they found the
warehouses of the markets as bare Of
desirable cotton as the storehouses Of
the mills. The supply being extremely
limited and the demand large from spec
ulators and spinners, the advance that
occurred was inevitable.
"On Sept. ID the stock of American
cotton in Liverpool was only 10000
bales. Sept. 20 this insignificant stock
was reduced to 10000 bales against
700, 900 bales at the corresponding date
last year. Of the 105, 900 bales of Amer
lean cotton, probably not over 10000
bales Of the grades desired by spinners
could have been secured, and, as the
British mills now consume about $4,000
bales of cotton per week, there was less
than a weeks supply of American cot
ton III Liverpool available for them. 1t
is not strange that some of the Lanca-
shire mills purpose to suspend work
wholly or partially until cotton is more
plentiful. Inasmuch as they cannot
spin yarns out Of futures or crop esti-
mates (even if for 100000 bales) there
was nothing else to be done.
II fully realized this situation when
in Liverpool and Manchester several
weeks ago. While the English mills
without cotton will have to suspend
work until they can get it, those having
a fair supply will most probably con-
tinue at work in spite of all talk to the
contrary, as idle mills cannot make
money. Inc pluCu LOT COGUOu Is more
felt in England than elsewhere
While the visible supply there is now
only one seventh Of what it was a year
ago, the visible supply of American cot
ton throughout all Europe and America
is about one. third of the quantity at this
time last year, being in round figures
100000 against 1900, 900 bales.
Cotton Is Again King.
"After several years of depression
caused by overproduction of cotton, the
of the world has in the
season just ended not only overtaken
the production, but so trenched upon
the reserves that the visible supply OF
all kinds is now equal to only about four
weeks consumption of the mills of Eu-
rope and America. Cotton is again
king. 1t heads the list of our exports,
and the wealth which it has brought
and will continue to bring to the south
will also increase the prosperity of every
section Of the country.
Gin a recent circular Henry NJ NELL
of New Orleans estimated that the mills
of the world had consumed ii, 1926, 900