The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-02-07
CROP OF $500, 900 BALES
The Present Rate Of Consumption Will
Soon Exhaust It.
TRADE IN EUROPE RAPIDLY EXPANDING
The Mills at Home All Fully Employed, Re-
ceipts Of Cotton Failing OFF Daily by
Reason of The Exhaustion Of
SUppIies.
Especial to News and Observer }


New York, Feb. 6.-It has come to my
knowledge that within the past few days
report has been industriously circula-
ted that. Notwithstanding my widely
published circular of January 25th and
the views therein expressed. l have
changed my opinion with regard to the
r.arket. Were it not for the implication
of insincerity involved / should ignore
these reports entirely. but inquiries re-
ceived from many friends impel me at
the risk Of seeming somewhat egotisticaI
to deny them most emphatically. As
the season develops and the movement OF
the crop progresses, the probability that
higher prices will be realized for cot
tho becomes, in my judgment more aud
more of certainty. The following propo-
sitions l hold to be self-evident:
/, That this years crop of American
cotton has moved more rapidly than has
any crop for many previous seasons.
D. That the light receipts at present
are due to comparative exhaustion OF un.
seen supplies
B. That the crop is only about $500, 00o
bales of last years weight, and that this
supply will be wholly inadequate for the
worlds requirements at the present rate
OF consumption
T. That despite interested reports to
the contrary trade In Europe is rapidly
expanding. The causes which make for
such expansion being the re-opcning OF
the Chinese market; the termination OF
the famine in India: the imminent set
Elements of the South African war and
the industrial Improvement in Germany.
3 That all reliable sources of irfCr-
nation with regard 10 the condition OF
American manufacturing trade abundant
ly attest the fact that the mills are fully
employed and will require sufficient cot
ton to keep every spindle going unless
the market advances to prohibitiyo price
and that. misled by over estimates cf the
crop, American splnners have not as yet
secured as much cotton as they had
bought upto this time last year, and
from now or viii therefore be Obliged to
purchase an increasing supply as COM
pared with last season.
6. That the excess of exports Of Ameri-
can cotton firm the United States thus
far this year are 65S, 900 bales over tho
that even admitting a crop Of 10000 N00
bales there will be an exceedingly short
supply in America during the summer.
Evidence is daily coming to light which
abundantly confirms the truth OF these
propositions. in my opinion. The New
Orleans Cotton Exchange in a re oort
published yesterday shows that the aver
age weight of the bales is six pounds
less than last year This is equiva lent
to 100000 bales of last years weight on
a crop of 100000 Light weight bales
are never characteristic Of big crop.
Receipts are daily becoming lighter and
kilograms received by me within the past
twenty four hours from all counted points
of accumulation show that the weather
has very little TO do with the light
movement. Shipments from the interior
towns even the smallest Of them are
heavy. If the weather is sufficiently
good to ship cotton it seems absurd to
gay that IL prevents its delivery
Those who own the remnant of this
years cotton crop have the situation in
their hands It is worth more than
present prices. and il present prices are
declined higher prices can certaicly be
secured
THEODORE II. PRICE