The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-06-09
Consolidated Aug. 3. 1881.
COTTON PRICES ADVANCING.
HEAVY RAINS EXPECTED TO RE
DUCE THE CROP.
Recent Reports Have Been Favorable.
but they were Issued Before the
Rains Began-Sugar Has Been
Dull and Rice Inactive.


New York. June 4.-Although ir-
regular. the trend OF prices In the cot
ton market has been upward mainly
owing to heavy rains in Louisiana.
Mississippi. Alabama. Tennessee and
Georgia, giving rise to the belief that
reports on the conditions Of 80 to 50
per cent. were Offset by rains. in some
case torrential. which have occurred
since May 25. the real date of most
of the favorable crop reports. which
have latterly appeared. 1t was assum-
ed, too. that however, favorable the
Government report OF June 4 might
be. allowance in this case would have
to be made for the fact that its data
also would come down no later than
May 25. Meantime a good many re-
ports OF damage from the central and
eastern belt have been received DUR
Ing the last few days. Prominent New
Orleans men here have insisted that
the North and the East, as well as
Europe. have no conception of the
seriousness Of the excessive rains in
the Mississippi Valley and eastward.
Texas. too. It Is insisted, In some
parts at least. has been getting too
much rain. Receipts. moreover, have
been decreasing. Recent heavy H.
quotation has improved the technical
position from a speculative point of
view and the worlds consumption of
American cotton during the coming
year is expected to be unprecedented
ly large. 1t seems to be pre-fgured
by a large broadening OF trade gen
orally. headed by iron and steel.
On the other hand, however, 1t is q
fact beyond dispute that most Of the
reports on the crop latterly published
have been more favorable by 1 to 2
per cent. than that Of the Government
acreage when the June condition was
7s.7 per cent.
- Some scout the sideas too. that there
Ia likely to be any decrease In. the
acreage In the South as a whole. with
prices at their present relatively high
hvel 1t IL argued that the reduction
In the acreage is often talked of, but
not often brought about. The CROP
outlook Is believed by many to have
improved. not only In Texas, but In
most sections east Of the Mississippi
River. A big surplus Is likely to be
carried over to next season, which will
have to be added to next seasons
supply. Textiles improve with rather
disappointing slowness. The big ad-
vance in prices in the last few
months, II Is contended by scouts. dis
counts whatever bullish factors there
may be In the situation. Spinners are
buying. as a rule. on only moderate
scale. Liverpool has been selling, and
so has Wall street. the South and
West. On set-backs. however. there
has been such a determination amons
certain people to buy that prices have
actually risen during the week In the
teeth of some very favorable crop
reports. Chicago, New Orleans and
Wall street have at times bought with
free hand. July. after selling down
close to October. has latterly increas-
ed In its premium over October ma
terially. 1t Is argued good June
report discussion always mean a big
crop.
In 1896 the June condition was
97.2 and that of July 92.5. when ev-
erybody was predicting a crop OF H..
900. 900 bales. But a slump in the con-
dition In August to s0.7 and in Sep
tember. to 64.2 woke everybody up
prices advanced and the crop turned
out to be only s.75S.000 bales. In
1904. however. a June condition OF
50, and In 1906 a June figure Of S4.S
in each case was the herald OF crops
of over 13.50O.000 bales.
Today the government gave the
condition as S1.1 per cent. with a re-
duction In the acreage of 1.452,O0O
acres. The market was but little af.
fected.