The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1909-10-19
COTTON REPORT
Given Out by Carpenter, Baggot &
Co., of New York.

New York, Friday, Oct. 8.-Neces-
sity is proving the mother Of inven-
tion with many manufacturers.
The passing of the Governments
ginners' report showing that 2.562
900 bales had been ginned up to the
25th Of September compared with
2,590,000 last year and 1885, 900
in 1905-0S when the crop was under
100000 bales exclusive of lint
ers.
These fifures were construed as
very bullish when taken into con-
sideration advices from every source
describing this crop as prem aturely
opened and the completion of pick
ing predicted by the middle of Dc
tober from many sections.
Following this at noon on the
same day the Government issued its
condition report showing the aver
age condition as Of Sept. .25th at
58.5. This compares with 63.7 last
month and shows deterioration OF
So, and with the exception of re-
port of 5S.3 in 1902. this is the low
est for many years If not Of record,
and, of course, is construed as eX-
tremely bullish.
We do not make any crop esti
mate-we do not compile any figures,
but, of curose, through our own
sources of information we form our
own conclusions, and We are led to
believe by. the information before
us at this time that the crop will
be about 1O,6OO,000 bales or to put
it conservatively will range well un-
der 100000 bales.
The issuing of the Governments 8
report OF 58.5 so fully confirmed
previous advices to the manufactur-
ers that it caused some confusion.
They have doubted the private ad-
vices that had gone out from time
to time and have been led to be-
lieve by pessimists that this markel
was sure to decline during the rush
movement, but up to this time they
have failed to realize more than a
temporary setback, Notwithstanding
the fact that up to date there are
probably more than 100000 bales
already in sight out of which We
have exported slightly over 1.O00,-
900 bales as compared with 100000
bales up to the same time last year.
It does not look as though high
prices were checking the buying
On the other hand the commitments
for October and November ship
ment we believe are larger than they
have been in many years and We
expect the cotton coming on the
market to be we'll taken care Of.
In their confusion manufacturers
seem desirous of circulating rumors
of curtailment and we are surpris-
ed to note with sensational display
of headline the Journal of Commerce
announcement this morning as fol-
lows: Worldwide curtailment is
proposed in cotton, Arkwright Club
of Boston securing signatures to an
agreement among American mills to
curtail 224 working hours before
August first. Agreement to go into
effect when as many as 100000
spindles have signed up.
This sounds terrible, at first blush
enough to shock the nerve of any
bull, but just analyze it and you will
see that it means a possible nut not
probable curtailment in working
time of SIS minutes per day; radlc-
tion in consumption of possibly 49,
600 bales but probably not more than
$4,000 to $4,000 bales, all depending
on the number of spindles that go
into the agreement and the size yarn
which they manufacture.
This same curtailment threat mas
been working against the bulls In
England for the last to 9 months
short time, reducing con-
sumption and product yet We ex-
ported last year, the first year after
the panic, approximately 100000
bales of cotton.
There is no question in our mind
but what there will be curtailment
before the end of the season of 1909
10 or that is before Sept. 1st, 1910.
but it will be because the mills can
not get the cotton and not because
they cannot pay the price.
While these mills in the East and
some in other places are speaking
of closing down, less than all hour
a day, we know Of some mills that
are preparing to run night and day
but they are not trying to make
agreements and they are not making
any parade of I.
1t seems to be the habit Just now
for manufacturers to complain but
as the price of yarns has been ad-
ranced within the last week and the
price of standard bleached goods, and
almost all lines Of manufactured pro-
duct have been advanced about IL
cent yard which is equivalent
to 2 to 3 cents a pound in raw cot
toni as compared with prices Of last
week, the manufacturer Is not find
ing very much sympathy
After the recent advance there was