The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-04
The COTTON
TUATION.
Colonel Shepperson Thinks
Price a Speculative One.
MUCH COTTON ON MARKET
Tho Acreage Planted is Large. and as
Much Fertilizer Has Been Used,
the Late Crop May Be a
Large One.
MUCH COTTON ON MARKET
Especial to The Times. Dlspstch.)

Especial TO Inc llt0cs.DlapelCH.)
BALTIMORE. July 3.-Alfrcd B. Shep.
person, Of New York. the well known
cotton statistical expert, wires the Man
ufacturers' Record as follows:
I'm the full belief that can say moth
ing which would especially Interest the
cotton trade, ! will, nevertheless. respond
to your request for brief statement re-
spectng the cotton situation. NotWith--
standing the great advance in cotton OF
over three cents per pound during the
last four months, there Is probably fully
as much cotton In the world as year
ago, and about $4,000 bales more than
three years ago.
According to the New York Chronicle
the visible supply OF cotton on June 2oth
was 2l4,O0 bales less than on the CORE
spending date last year. The stocks Oh
cotton In European mills Of May 31st were
estimated by Mr.. Thomas Ellison, OF
Liverpool, as 100000 bales In excess OF
the previous year. At this time the eX-
cess Of the spinners stocks may not be
as large as on May 3lst. but 1t may be
safely assumed that the figures presented
confirm my opinion that the quantity OF
cotton in the mills and markets OF the
world and at sea is as great as year
ago.
DISTRIBUTION UNEVEN.
The distribution OF the supply, how
ever, is uneven, the Liverpool stock be-
ing $4,000 less than last year, while the
continental markets hold 10000 more
than a year ago. Continental mills at
the end of May had on hand 2iS,OOo bales
In excess Of the previous year. While the
excess OF English mills was only l24,Voo
bales, of which about one-half was Egyp-
tian cotton. which Is chiefly used for
very fine yarns. 1t Is probable, there
fore, that desirable grades OF cotton VIII
be in fairly good demand in England UNI
til the new crop begins to move in Sep
TENDER, Notwithstanding the fact that
most Of the English mills agreed on June
18th to work only four days Of each week.
This action was taken chiefly in conse-
quence of the high price OF cotton,
"a number OF American mills are now
running on short time from the same
reason, and some have actually sus-
pended operations On February Goth
mddling cotton was ten cents per pound
In New York, and print cloths were three
and quarter cents per yard Print
cloths are now quoted at exactly The
same price, while middling cotton was
quoted here on June 18th at thirteen and
sixty one hundredths cents, and at thir-
teen cents to-day. 1t is perfectly evident
that cotton at present prices cannot be
manufactured into yarns and goods any
where except at a serious loss II may
be added that cotton goods are very dull
here and abroad.
IDLE TO SPECULATE.
"The great advance In cotton is largely
speculative. based upon the compare
lively small stocks, especially In Eng
land, and the backwardness of the new
cotton crop, The size Of the growing
crop will depend entirely upon weather
conditions hereafter. The present late
ness may be overcome. and as the acre
age Is the largest ever planted, and the
use of fertilizers more liberal than here-
tofore. 1t is quite possible that large
crop may be grown, IT is idle 10 speculate
upon the matter at this time, but it is
we'll to remember that some Of our largest
crops have been late ones,
I'm considering tho present supply OF
cotton In the world. it is we'll to recall
that, according to the figures OF the New
York Chronicle. the present visible sup
ply of cotton is 10000 bales more than
three years ago, while the spinners'
stocks are about 10000 bales more. II
is scarcely. necessary 10 say that ! have