The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-12-07
Cotton, Foreign Trade, Finance"

Boston Transcript
The COTTON movement IS certainly
one of the most striking in the years
business and financial development.
Effect of small crop, Of high prices, of
spinners' demands. and of specula-
tive excitement has been pronounced.
Never in our history was such a record
Of exports OF the staple as that of Oc-
tOber, measuring the value oe the ship
ments. The increase In amount Of cot
ton exported last month was but 8 1-3
per cent over the am period of last
year: increase in value was SO per
cent, export price per pound being
1874 cents. against Gil. The effect on
our general foreign trade was direct
and emphatic. By reason of the great
value OF cotton. u total of October
merchandise exports made a new rec
ord for that month, surpassed but
three times in any month, and the ad-
verse trade balances of the several
months Immediately preceding the be-
ginning Of the cotton year were offset
so far In September and October that
we actually see increased excess Of ex-
ports over imports now in contrast
with a year ago. Losses in grain. pro-
visions. cattle. petroleum and in other
directions are offset completely by
cotton; the October figures show for
all merchandise exports an ~increas.
over 1908 Of $4,000. 900, with cotton
alone increasing $30,6O0,OOO.
Will this condition continue? Are
spinnerS' demands SO Unsuitable that
they must pay the price? Though at
first glance the answer would seem
to be affirmative, it is interesting to
note that the materially larger ex-
ports Of the staple in October, the
second month Of the cotton year, thar
In September accompanied a consider
bale price advance; export price was
1858 cents per pound in September,
1874 cents in October. with 80 per
cent increase In amount. 93 per cent
increase in value, comparing the latter
month with the former. The world
is taking more cotton, inspite OF the
fact that recent speculation carried
price TO the danger point, that IS, to
the limit where buyers protested that
they could not buy and where the
raw material certainly appeared out
OF joint with prices that manufactur
ers could obtain for their goods. Com
pairing with 1907, a year Of relative
nigh prices for cotton, we see to the
middle of November this year an in
crease in the worlds spinners' TAX
ings of American cotton Of over 700
QUO bales. OR 81 per cent-nearly one
third. This constitutes one Of the
principal arguments Of the speculative
bulls in cotton. even after the recent
great whirl, from the high record
price Of which there has been about
one-half cent per pound decline. All
depends on figures of visible supply.
on size Of the crop. on holding back
of the staple or free movement to mar
ket.
The inheritance Of cotton in our
foreign trade ~uati is manifest. We
hope for improvement in foreign de-
mand for our grain and other domes-
tic products. n there has bee fneer
movement in corn and wheat than in
former months. There were larger Of
ferings last week, the weather favor
ing crop moving, n the growing
wheat making most promising re-
ports. It looks as if there we're fair
outlook for continued recovery In our
grain shipments. and as our exports
of non-agricultural manufacturers
materials. including semi-crude goods,
are showing we'll, the evidence points
to q good season in foreign trade gen
orally. We continue to import goods
freely. which muht be considered
proof OF basic stability in our general