Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-04-26
PRICE. MCCORMICK & CO.
To-Day Publish the Following
Circular.
New York, April % 1oof

4NCW loEhy April INV.
We have received from Mr.. Ellison. the
well-known English statistcian, by cable
the following summary of his circular
published to-day; ION the basis Of an
American crop of $500 600, plus imports of
$4,000 Egyptian. 600 Indian and 27o,0oo
other growths, the estimated American
European port and mill stocks at the end
OF the season will lie $4,000 bales against
2,1s9VoO bales last year, 2,090oG0 bales in
1898, and $4,000 in 1887" The apparent
consumption Of American cotton Is short
100000 bales. The position of the old
crop appears to he very strong, but de-
pendent to some extent uron new crop
developments. The stock In Liverpool ut
the end OF September is estimated by Mr.
Ellison ut 10000 bales which is the small
est on record. SO far as we can discover,
since 1850 In 1859 the stock at the end of
September in Iiverpcol was 30O.090 bale.s
and cotton sold at 1lis cents. These fig
urcs. in view of the fact that Mr. Ellison
presumably presents the English ami tho
consumers side OF the question. 9590Clo
which in our opinion cannot possibly DO
reached. would seem TO be almost i'm
TreSna5e in strength. Good ard consc1-
vative statisticians here figure that stock
IN Liverpool at the end OF tho season Will
be nearer $4,000 than 10000 bales. Look
ing into the figures of the visible supply,
we find that for the four weeks ending
April 2lst the visible supply has decreased
10000 bales. In the same time there has,
come into sight out Of the American crop
$4,000 bales. and of other growths about
eo,U0 bales, making total absorption of
cotton for the four weeks under ccGs.d-
Grafton of $4,000 bales, or something over
100000 bales per week The visible supply
nf-il LEI nc 10 H..
ciai Chronicle. was 2,s3S. eco bales Est
mating that there is still TO come into
sight of American cotton out of this
years crop 10000 bales, against 9l2 Oc0
bales last year We have n total roughly
OIL 3.3i3,co0 bales. Assuming n minimum
weekly absorption for tho balance OF the
season. say eighteen weeks, of $50 900 bales
per week. we are left with 4 total visible
supply of all growths at the end OF Au-
gust of $4,000 bales or this Mr.. Ellison
estimates that 10000 bales will be in Liv-
erpool. There must be some cotton at the
continental ports. 50 that unless our fig
ures are all a.wry, 1t would appear that
the visible supply at the end of the season
would be nearly all in Europe. and Amer
lea would be practically denuded of cot
ton. Comparing the figures ,oe-the indi-
Gated visible supply with those of the past
SSsii, Nc iiiN tiidt tic nesitGSI approach TO
them was in 1882 when the visible supply
at the end OF the season was S34 coo bales
and cotton sold at liz cents. In 1890. with
a visible supply of l,071 0GO bales. cotton
sold at l22i cents. To-day we have u con.
sumption of 100000 bales of American
cotton. according to Mr. Icllison's cstl-
mate. In 1880 the consumption of Ameri-
cin cotton was only about 100000 bales
In view of these figures, and despite the
fact that the prevailing speculative tenn
per amongst operators en- the New York
Cotton Exchange is to decry them as d:s-
counted. we cannot but fed that the stu
alton Is a stronger one than the cotton
trade has seen in almost Il generation
and that extreme prices for cotton must
prevail this Summer. We therefore I'M
hesltating9y recommend the purchase of
the Summer positions. and as planting is
undoubtedly late. the season backward,
and very large AREA of the cotton-pro-
ducng section overlooked and under tho
necessity of replanting, sales of the new
crop positions are in our opinion exceed
ingly dangerous. The effect of the small
supply with which we will enter the now
season will continue to be felt until stocks
throughout the world are materially re-
plenisheIl and whatever the size of the
new crop it will. during the first two or
three months of its maturity, be in eager
demand.