Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1900-02-23
SOUTHERN development.
Cotton Situation Reviewed by Col Alfred
Ii. Shepperson-Activity Continues in
the Organization of Corporations.

the organization OF SOrpOTatlOHS'
Rising prices and other manifestations OF
strength In the cotton market continue 10
occupy much of the attention OF the South.
The activity is reflected in the movements at
New York, where in three days futures
gained little more than quarter OF cent.
In the Manufacturers Record OF this week
Col. Alfred B. SheppersoD, the cotton ex-
port OF Now York, reviews the situation at
length. He says:
"My Letter of the 9Th inst stated that the
recent advance and activity in cotton were
chiefly due 10 large purchases Of spot cot
ton and futures for European account. One
OF the reasons given for the liberal buying
was the general reduction in European esti-
mates Of the American crop. l should have
mentioned, also, the general realization by
our European friends of the fact that In
their expectation Of large crop and lower
prices they had failed to secure their share
OF our crop. The diminishing stocks in
Europe (now /, 114,M0 bales less in Liver
pool and coo bales less in Continental
ports than year ago. emphasize the neces-
sty for tuying. The exports OF American
cotton since September 1st are 5 0000 bales
iOoo W OIOtl DIItdlu lOl SOilCSpohNip6
time last season and 600, 900 bales less to the
Continent. The size Of the American and
Iudian crops are still matters Of conjecture,
though admitted to be very much less than
last season. But the small and diminishing
stocks In European markets are concrete
and significant facts compelling prompt and
liberal buying by the spinners and dealers
who have need for cotton now or in the
early future
"Whle English and Continental spinners
and operators seem to have realized that tho
supply OF cotton for the season will be far
less than their earlier expectations, they
have not yet fully grasped the extent OF the
increased consumption Of cotton due to the
great wave Of prosperity now pervading
nearly every civilized country. American
mills are enjoying a food-tide of activity
and prosperity, and European mills are do
ing larger and more prosperous business
than OF recent years. Goods and yarns have
advanced correspondiDgly with cotton; in
deed, they advance sharply long before
cotton"
Col. Shepperson quotes from recent cir
cular OF Mr.. Thomas Ellison, the Liverpool
expert, who estimates that at the end OF the
season (September 30th) there will be
686,000 bales of cotton in European
ports and that European mills will have
surplus stock of 2S6, coo bales. Col. Shep-
person adds; "These port stocks and mill re-
serves will furnish the 5000 bales needed
to make European consumption as much
as last season. II the European mills
do rot spin as much or more cotton than last
tx1yin bo thiny only bQaQrca a
the inability to get it, The effort to obtain
the needed supply may carry the price OF
cotton even considerably beyond present
prices, and this is very strong feature OF
the outlook foy cotton. As price is regulated
by supply and demand, values can be at
tackled as effectively by Understanding the
demand as by overestimating the supply.
The campaign against cotton, based on too
narrow a view Of the legitimate demand for
it, is likely to come to grief sooner than the
unfortunate campaign based upon the ex-
cessive overestimate Of the supply. A re-
action from to-day's advance may occur at
any time and be sharp one, for it must be
remembered that many operators in futures
have large profits and the attempt to realize
them on large scale would likely cause
some decline. The reaction, however, would
probably be only temporary, because the ad-
vance in cotton rests upon the solid founda-
ton Of limited and diminishing supply CO.
incident with large and increasing de-
mand."
The movement of timber and lumber in the
South, which at this period is usually quiet,
shows no retrograde features in any partic-
uar section. On the other hand the demand
is quite as decided as at any time during the
past year. In the North Carolina pine belt
at oil milling sections orders are quite as
numerous and the development OF timber
lands and heavy shipments are going for
ward, with the usual enterprise and volume.
At Savannah and Brunswick shipments OF
Georgia pine are larger than last month, and
the market at coastwise ports and Interior
towns is decidedly firm with values tending
upward. Shipments of lumber from East
Coast Florida ports are increasing very ma
terially, and the extensive development in
Florida timber lands, with railroad facilities
Offering. are adding largely to the growth of
her ports on the east coast. Pensacola,
which Is forging her way to the first among
the Gulf ports is so far for tho new year
showing An unusual degree Of enterprise In
both timber and lumber. Her foreign
trade is rapidly increasing, and the
number Of vessels now under charter and to
arrive will give the trade of Pensacola
very material volume OF business for the
next thirty and sixty days in all wood pro-
ducts. At Mobile the Cuban business in
lumber is returning to that port, and of
nearly 4, 600. 900 feet OF lumber shipped last
week about 8, 900, 900 feet wentto Havana and
other Cuban ports. The lumber business of
New Orleans has opened up handsomely for
the spring trade, and in the cypress and yell
low pine districts Of Louisiana mills are all
actively engaged, while the list of values
rules firm for the several grades and divis-
ions. In Southeastern Texas the situation
among lumbermen is very satisfactory, and
the development of timber lands is going
forward with unusual enterprise, giving the
mills at all points timber sufficient to oper-
ale. the result Of which chow the present
heavy shipments recorded monthly.
Activity continues In the organization of
new textile manufacturing companies
throughout the South, ten new enterprises
IA this class being reported for the week.
Three OF these are cotton mills, costing re-
sreatively 5000 900, $4,000 and 100000, to
be located at Atlanta. Ca; a 100000 cotton
thread-mill to be located on water power
near Ringgold, Ga. 100000 knitting plant
Mt Washington, Ga. a 5000, 900 cotton mill at
LAGRANGE, Ga; "a 100000 cotton mill COM
pany at Anderson, S. c.; a $4,000 cotton
factory at Henderson, N. c.; a loo, 600 cotton
mill company at Dardanelle, Ark. and a
800, 900 cotton mill company at Roanoke,
Ala.