The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-05
SPIRIT OF THE PRESS.
COTTON.
New York Sun.

new 1OTK sun.
The course Of the cotton market has
SO far justifid the prediction made in the
Sun some months ago that the price of
that staple, in many ways one of the most
important of American products, during
the present season would range upon
level considerably higher than that of the
average prices attained by cotton for
many years past.
The quotation for middling upland cot
ton in our local market has for some
months been in the neighborhood Of 10
cents a pound, as against range of
from 71a to s cents in 1899, and from
5h to 61a cents in 1898 and 1897. In fact,
cotton has not maintained so high a price
level for so long a time since 1889, when
it sold at about 10 cents pound for
considerable period.
The cause of this increase of price
is the short supply of cotton which the
world has on hand. While this shortage
is not so great as it was some months
ago, the total visible supply of cotton
in the world is now 3,383150 bales, as
against 4,072,, POS bales on this date last
year, nearly { = 5000 bales in 1893 and
considerably over 100000 bales in 1897.
The cotton market, indeed, at present,
seems to be in a pretty evenly balanced
condition Of supply and demand and there
seems to be no immediate likelihood of
any very great rise or OF any very great
fall from the present figure. The amount
of cotton of the present crop brought into
sight up to and including the last day
of November was 4,795, 708 bales, as
against 4,507, 697 bales last year. The
crop last year amounted to 9,400, 900 bales,
and as the three months of the cotton
season which have already elapsed are
those in which cotton moves most rapidly
to market and the movement has had
the stimulus CT a high price, it grows
more probable that the cotton crop of
this season will not be very greatly in
excess Of that of last year. Indeed, few
we'll informed persons in the cotton trade
estimate the current yield of cotton as
anything more than 100000 bales. Mr..
Ellison, who is the worlds greatest sta
tistical authority on the consumption 4of
cotton, says that the worlds requirements
of American cotton in the present season
will be 10, $50, 900 bales, and it is admitted
that less cotton was carried over from
last year at the beginning of the pres
ent season than has been known in a
very long time.
to justify a much higher price for cotton
even than that which now prevails, and
bad weather in the South or any infu-
ences tending to damage or shorten the
crop so as to bring it down considerably
below the 10000, 000-bale figure would I'M
doubtedly bring about these higher prices
in short order On the other hand, these
conditions have long been known and
have had their influence in the cotton
trade and upon the price of the article.
Therefore, there exists very little short
interest in cotton that is to say, con-
tracts outstanding for the delivery of cot
ton which require at some time or other
the purchase of actual cotton in order
that they may be fulfilled. Moreover, the
high price of the article has worked it's
inevitable result of decreasing consump-
tion.
The English exports of cotton cloths
decreased IS per cent. for October as COM
pared with the same month last year, and
decreased over SO per cent for cotton
goods. The takings as Northern spinners
in this country for consumption are now
about 100000 bales less than the amount
taken last year. The cotton manufactur-
ing business is undoubtedly better here
just now than it is in Europe, and there
is no doubt that in Europe it is declining
| These considerations will Offset in a very
considerable degree the scarcity Of raw
| cotton and prevent famine prices for it
| which might very probably arise other
wise.