The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1901-10-09
The PRICE OF COTTON
Some Reasons Why It Should Go
Much Higher,

York cotton broker, says we're it not
that comparative crop disaster in
any great staple is uuquestienably .
source Of fa1-reac ching disaster 70 many,
the showing made by the Agricultural
department at Washington in its re port
on the condition ofthe cotton crop pub.
lished today would be amusing in some
Of its aspects. For several months
past group Of speoulators in the great
cotton markets Of the world have de-
luded themselves and very large por-
tion Of the spinning trade into belief
that the Southern cotton crop this year
would be a comparatively large one.
They overlooked the real facts Of the
situation and have proceeded upon the
assumption that the financial resources
and mercantile intelligence of the
South had failed to progress during tie
past ten years and that whatever the
size Ct tie crop it was practicable
through offering to contract for the de-
livery Of cotton they did not possess to
force Southern producers and merchants
into REIMBURSEMENT Of their most
valuable product under intimidating
predictions of plcihorio supply and
an impeourious ownership.
The report Of the agricultural depart
ment, which Of late years attained
an accuracy that justiias the utmost
confidence in its predictions, makes the
condition of the crop on the lst Of O,
tober the lowest, With one eZ C option, Of
the past nineteen years. Gne condi-
ton, as reported, is 6l4 pzr cent. In
only one yesr, namely 1896, wss it
lower than this, and then only By 10
Of per cent the difference being inap-
prsciable. The most sensational fes.
ture Of to dsy's report, however. is that
the condition IN the great prouaoirg
States Of Texas, Arkansas, Indian
Territory and Oklahoma ara practically
the lowest on record, while the States
east Of the Mississippi, and especially
the State Of Mississippi itself, show. as
tonishing declines. This report is .
practical confirmation in the most un-
mistakable terms Of the predictions Of
many close observers snd its aG2ounca-
ment threw tbs Nea York market into
s complete besr panic, an adVace of 80
points, or $3.50 a bsle, being establish
ed within the three hours after is pub
ication. This advance Wss establish
ed on comparatively small trading and
it is generally believed that al enor-
nous short Interest il contracts is TO-.
night unprotected and that tee bears
who have sold cotton are messuraoiy
at the mercy Of the other parties to
the contracts. The local speculative
situation is, in my pinion, however,
the least important aspect Of the ca=e.
The varying fortunes Of those Who bull
or bear the market for purely specula,
tive purposes do not have any veTy pro,
found feet upon the trade, except as
they emphasize the real and undelyiDg
facts Of the situation, which are as fol-
lows:
First. Practically the lowest COZ
dition of the cotton, crop on record,
when the comparative production Of
the States whose condition is poorest is
taken into consideration.
Second. A crop diaster, which will
be still further intensified should "a ear
'ly frost occur to more seriously cuEtail
the producing capacity Of plsat ex
trsmely lste in It's development and
unfrui.ful in its yield.
On the basis Of the condition Of the
cotton cror, as published today, it
seems to me improbable that ths crop
can exceed nine ard one-half millions
bsles. I am confident that it will not
do so, unless We have a. exceptionally
late autumn. On the other hand, the
worlds consumption Of American cot
ton, as recently estimated oy Mr. Eli
son, the we'll known English ststisti-
cia1, will be eleven million bales, IN
less prices advance to point to check
it. Stocks Of cotton at the centre Of
the worlds accumulation are the small
est on record since the American war,
with the exception Of last year. The
last weekly figures made up show that
the stocks Of American cotton in Liver
pool and on the Continent and aaoat
for Europe we're only 458, 900 bales, rs
against 385, 600 last year, which WAS
the smallest on record. The stock Of
cotton in New York for delivery on con-
tract tonight is only 46. 42O bales. The
amount of cotton sold for future deliV-
cry in New York prior to the 3lss OF
Jsnuary it is impossible to estimate.
An extremely conservative guess would
be that it is ten OF twenty times taat Of
the New York stock.
The price of print cloths IN Fall RV-
er is three cents 8 yard and overat.Ves'
wages are being advanced. Socks Of
manufactured cotton goods throughout
America are light. i is universally
concedsd that the hand.to mouth .poli-
cy Of European spi2nsrs leaves them IN
a position in which they must buy to
cover enormous contracts already made
for future delivery of goods. Under
conditions far less stringent last year s
cotton sold at seven pence q pouad il
Liverpool and eleven ceGts a pound IN
New York. These prices resulted fron
the legitimate demand for the article
and were not created upon Leverage Of
any such short Interest as noW exists.
It seems, therefore, rot improbable that
the cotton trade Of ths world can o0iy
adjust Itself to the alarming condl:i01s
indicated by to days Government re-
port through oonvGlsige s0d se1ss-
tional advance. Tns conoilio1s, ko:h
speculative sEd legitimate, aevar so a.
7ored it and the sncrt interests haVe
rarely been in sach an unprotected po-
sitlon. The pEotucors CT cocson IN lhe
South have it within their poser tc
realize p.ice Tor tasir crop "nloh the
conditions justly, acd If Eh7lr adTa1-
tage is not pushed 100 far l. 5esms :.aS
tla5 for thai portiOc Ct che
crop now unma1ke.ed n.ns cents p
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