New-York tribune., 1901-08-29
TEN CENT COTTON?

1t has been officially announced by a Southern
association that its members intend to hold all
their crop cotton until 10 cents a pound is
offered. 1t is by just such artificial stimulation
of prices that both cotton growing and manu-
featuring have been disturbed and retarded in
the past. Last week the congestion at Fall
River relieved by heavy purchases Of print
cloths, in itself artificial remedy of situa-
tion resulting from excessive imitation of prices
for raw material and Overproduction of goods
for which markets could not he found. Both in
NewEngland and at the South the increase in
number of spindles has been more rapid than
was warranted by the requirements of domestic
consumption. and thus far the foreign markets
secured by American manufacturers Of cotton
goods are Of only nominal value. In China an
opening wedge has been inserted, but our COM
petition throughout the Far East is not yet seri-
ousy alarming British or Continental traders.
Attempts TO secure fancy prices are encour-
aged by the latest government reports of wealth
er conditions but the local market had fully
discounted an unfavorable return by the ad-
vance from to S3s cents. which is a long way
from 10 cents on plantations There is no longer
room for doubt regarding the injury in Texas,
which will considerably reduce the yield Of that
State But it is a reduction from prospects
which were favorable for an unusually heavy
crop. Moreover there has not been the
this year. and in the Eastern States the acreage
planted was phenomenaly large. Picking pro-
ceeds rapidly at many points, and. despite the
fact that the crop averages about three weeks
later than usual. the new cotton will be moving
freely in a short time While prices about
cent lower than they were a year ago II must
not be forgotten that short crop had Just been
gathered. whereas the current yield is in excess
Of all others except the two high record crops.
when quotations declined to 51a cents at this
city.
1t is not difficult TO sustain wheat at fair
figure. despite an enormous yield this year.
partly because Of the corn shortage, but more
through unprecedented requirements abroad.
There IS no such help for cotton. however and
growers should be content to find buyers at the
current level. which yields a reasonable margin
Of profit. Reports from Germany are most
favorable and British mills are not turning out
goods at a high rate In fact. the idle spinning
machinery is such TO cause some uneasiness.
There some improvement noticeable IN
cent weeks. but the season whole has been
anything but satisfactory Purchases OF raw
material by Northern mills for the crop year
just ending will be about 100000 bales less than
the average in the three preceding years. and
on September / the visible supply OF American
cotton in the United States. abroad and ahoat.
viii be about one million bales instead OF the
famine conditions predicted earlier in the season
by interested individuals. Sales ct u cents
secured in January owing to these esti-
mates which The Tribune showed were only an
effort 10 manipulate the market. Such opera
tIons in staple commodity are 10 be deplored.
since they injurious 10 the grower we'll
the consumer. especially when foreign mar
kets sacrificed.