The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-02
THE ADV AINCE IN
PRICE OF COTTON.
Due TO No Speculative Manipulation
Of the Market Anywhere.
CONSUMPTION HAS INCREASED
And Eas so for Outstripped Production
That the Surplus OF the Last
Two Crops Will be Com
pletcIy absorbed.

BALTIMORE, March u.-Special--The
steady advance recently in the price Oh
cotton has developed the fact that the
fight over the price of the staple has
really been between the Southern mold
ers of what is left of the crop and the
European spinners and dealers who nave
not secured as much cotton as they need
Abiding to this manifestation OF SO
great Importance to the South, Coionel
Alfred b. Shepperson. of New fofh.
writing in the Manufacturers RECORD Oh
this week, says:
THE European stocks were so limited
and the requirements OF the spinners OF
Europe, America, and Japan so large,
that the southern holders were enabled
to advance the price on the European
buyers. Our European friends have been
the chief sufferers by the rise IN cotton,
as Americans and japanese bought 1reeiy
when prices were very much lower. New
York has simply followed in the pro-
cession of the upward movement II Is
worthy of note, too. that this great ad-
vance has been without any speculative
manipulation. There has been no recoS-
nized bull leader in New York or Liver
pool, or New Orleans, or anywhere eiSe.
INCREASED CONSUMPTION
THE consumption of cotton has at last
so far outstripped the production thae
the surplus from the last Two crops,
which were the largest ever grown, Will
be completely absorbed this season The
keynote of the situation is that Europe
has. not secured sufficient cotton Tor the
season. and IN view OF the shortage or
the India crop and the present very high
price OF Egyptian cotton, there IS practi-
cally no other source of supply Fbut this
country
Abiding to the large receipts of the
crop during February and the deep in
terest taken-in the stock now held in
the small towns and on the farms, Colonel
SEepperSon continues:
while the movement of the crop has
been large during February, and | eX-
pect it to continue on q liberal scale for
several weeks, it is evident that most of
the cotton is merely going onward in
fulhllrient of sales previously made. 1t
is known that q good proportion of the
stocks in various markets has been sold,
and is merely awaiting shipment. Relia-
BILE advices state that about ore-third of
the New Orleans stock on February 24th
and two-thirds of the Savannah stock
were awaiting shipment to Europe. The
total of the stocks at all United States
ports on the 22d instant was 21S.OO0 bales
more than at the corresponding time last
year. But so much of it had already
been sold and was merely awaiting ship
ment that the quantity actually for sale
is undoubtedly much less than Il year
ago. This same condition exists in re-
spect to the stocks Of the interior towns:
that is. much of the cotton has been
sold and is simply awaiting shipment.
CAN'T GET ENOUGH.
ut is matter of notoriety that q
we'll known New York firm has recently
bought in the South about 26,0co bales of
cotton chiefly in Houston. to be de-
lvered here upon March contracts. In
view of. the very. small stock of cotton
here it is not thought by some of QUIZ
oldest merchants that the bringing Of
these %, ESQ bales to New York will ap-
preciably affect the price OF futures or
spot cotton Generally, New York
opera tors will run away from actual
cotton when rendered them, but at this
particular time many people are run
ming after cotton and can't get enough
Of it. The official records OF the Cot
ton Exchange for as far back as 1856
do not show at the corresponding date
of any year so small a stock OF cotton
in warehouses as reported yesterday.
The smallest previous stocks We're ft6,-
Geo bales for corresponding time last
year, and 111,GTO bales in 1890. With so
little actual cotton here and all South
ern markets relatively higher than New
York, and likely to continue so, it looks
as if the futures contracts for each
month of this season as they are reach
ed would be forced up to the parity OF
spot cotton, and the belated people who
are short of futures for these months
would be forced to pay pretty full
prices"
The principal Industrial announcements
of the Manufacturers Record during the
! week We're as follows: SiG0,GG0 yarn mill,
$4,000 cotton mill and $20,0Go sewerage
system in Alabama: $4,000 mining COM
pany and $4,000 saw mill company in
Arkansas: $500 naval stores company III
| Florida: s2i.000 ocEre and sienna plant.
| g. eco gold mining company, $4,000 cot
ton mill and slao,000 cotton mill in
| Georgia; $4,000 brewery and sS0,0e0 to-
bacco factory in Kentucky; $3.50 tele-
pany in Maryland; so, eco telephone COM
pany, 20-ton ice plant and $4,000 Saw
mill plant in mississippi: si50,U0 cotton
MILL $1,000 cotton mill and $4,000 electric
plant in North Carolina: S5,elD lumber,
company and 100000 cotton mill in South
Carolina; $4,000 canopy factory, $1,000
fertilizer factory. 100000 cotton mill and
s25 coo creamery in Tennessee; $4,000 flour
mill company, 5000 cotton gin co!ap&ny,
5000 steam laundry and $1,000 flour mill
in Texas: $4,000 fertilizer and tHbacc"
factory $1,000 asbestos works and Sia,00n
knitting mill in Virginia, and $4,000
foundry and boiler company in west
Virginia.