The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1902-02-18
BALANCE TO BE SHIPPED
Actual Consumption Away Above the
Current Estimates.
PROVED 6Y FIGURES FROM The CENSUS
Letter from a Large HiiI in Sjuth Carolina on
The Situation. Exp4noiog Demands of
Trad. Borden Buying Up
piof Cfatnc
Pdnt Cloths.
Especial to News and Observer

New York, Feb. 13.-I have today re-
without signature the following letter
from one Of the largest cotton mills in
the Piedmont section OF South Carolina
Dear Sir: I write you a personal let
ter for the purpose OF correcting an
erroneous impression or idea under
which Mr.. ~&hcppelson and some other
crop guessers are laboring as to the
stocks OF cotton now being held by
Southern cotton mills. southern cotton
mills have not today IN their warehouses
more than fifty TO sixty per ceat OF the
total amount that they Will use from
now until April lst. The bulk. OF the
mills have contracted with spot cotton
houses for all their cotton needed to.
run through the season, bat the cotton
IS yet TO be shipped into the mills in
regular monthly shipments. 1t is safe
to say th3t there Will be shipped into the
mills in this state alone between no..
and the first o. August next not less
than o50, 000 bales of cotton. Where ell
this cotton is to come from, is TO me
a mystery. When you consider that the
mills OF North Carolina have not bought
or contracted for half their require
ments for the remainder of the season
l write this letter in confidence, and do
not wish my name mentioned in refer
ring to subject matter Of same | buy
ali over the territory east of the Mis-
sissippi River, and about 30, GOO bales, and
I believe We Will see a cotton famine
this year that will prove a record
breaker"
I republish this letter as the most
direct evidence that / lave yet received
OF a situation that I have for some time
foreseeu. and which believe will result
IN the widest cotton market the trade
has ever Witnessed. The census report
on the cotton consumption fer the United
States Tor last year has Just been pub
lished. Il gives the actual ~ption
Of cotton in tie United States last year
at $500, els bales. This makes no allow
aEce for Canada, where at least 100 900
ard probably 200, 600 bales OF American
cotton are consumed. The current esti-
mates OF American consumption upon
which the trade is working are > ,436, 900.
AS there is no question as TO the correct
ness OF the census figures, it is evident
that an unanticipated demand OF at least
325. 900 bales Of American cotton must be
met ont of 4 supply that it is obvious,
is utterly llltItuudlS- FiOHh c'SiJ
quarter l am receiving kilograms and let
tiers entirely cOnfirmatory of my crop
estimate. We get an occasional day Of
large receipts, but it is now generally
admitted hat sucn cotton as comes for
ward is shipped because it is bought, and
as the market advances the remnant Of
the remaining supply will doubtless come
into sight until practically the la5t bale
has been shipped.
The shipment Of the last bale will not,
however, stop the consumption until
there is nc more cotton to be spun, and
it appears rot improbable that this
situation may be realized this summer.
The excess OF exports rom America to
date i about zoo, goo bales as compared
with the same period last year. The
visible supply in America at the end of
last season was only SOC, 900. The diff
ference of 10000 is a minus quality
that will have TO be made up out of a
smaller crop, and that can only be com
pensated for at extreme prices.
Mr.. Borden bought up yesterday all the
print cloths at Fall River that could be
obtained for delivery up to May next at
, lilo cents per yard, and 3 3-16 cents IS
today freely bid for all classes Of print
cloths. The spot markets Of the South
have advanced Lie to Is cent" each DAY
for three days III succession.
| take the above method of answering
. very large number of inquiries that
2 am receiving in regard to the cotton
| market. l sincerely believe that it Is
commercially inevitable that cotton will
sell at extreme prices this year, and that
1t will advance very sharply in a short
/, time. and I publish these views as the
: only practicable method of answering the
:; very numerous inquiries l am receiving
THEODORE II. PRICE.