The Monroe journal. [volume] (Monroe, N.C.) 189?-1965, 1911-11-14
WALL STREETS VIEW.
Even a Bumper Crop Has Been
Discounted by the Present
Price - The Probable Freeze
This Week Expected TO Have
Steadying Effect.


the census bureau 5 ginning ing
ures published ON Wednesday.
The report showed 9,96S,l7 bales
gimed on November ] as against
7.345. 953 bales last year and com
pares with S,l9l, 557 bales in 1905.
the previous high record. Close
analysis of the figures discloses
not only an average per diem
ginning for the two weeks, 0et0-
Der Is to November |. of lS5. 900
bales but also that the average
outtun exceeded that OF the
corresponding period in 1908 by
"a. 600 bales. From September %
to October Is the ginning per.
day showed am average excess
over 1905 of 10000 bales. 1000
less than the increase fer the pc
riod just reported-iadicative OF
an advancing ratio rather than Il
diminishing one; and because of
this many statiSticians. recalling
the fact that after November |
| in 1908. 1906, 900 bales were GIN
ned, are reiterating their eStina-
ties of TEAL cIop in excess OF
l5.00O.0G0 bales. There are two
modifying factors. however,
which should be gwen due con
siderat,qn--one. the earliest Of
the crop, and the other the al
most ideal picking conditions
which have prevailed from the
very inception Of the harvesting
season. These together with the
fact that picking and ginning this
year have progressed with the at
most haste in order to secure the
best prices possible in a
market that gave every mdica-
ton of declining under the
weight of the bales, have prob
ably resulted in a greater per
cent of the total corp being GIN
Ined 10 date. than ever before. a
suppoSition, which ii true, whI
sooner or later neceSSitate a
downward revision Of the l5.000,-
600 bale crop estimates row 50
{ cmphatically proclaimed. The
most far-sighted and best-posted
Spinncrs are evidently taking this
view of the ease as il is to be
noted that their purchases are on
constantly increasing scale, and
certainly their Accommodations can
not be based on present manu-
featuring necessities and only
IN Il small measure on the antici.
patton Of near at hand favorable
trade developments. The fact is
that among the actual consumers
Of cotton, unbiased by specula
tive influences. the belief i
growing, and rightly 50, that pre-
sent quotations pretty nearly. il
net entirely, discount this year
/, Yield even though At be of bum
per proportions.
Considerable attention was d.
rected to the recent gratifying
report Of the British Board OF
trade. This showed exports OF
-, 100000 pounds Of yarn for De
tober as against 100000 a yeal
ago, and exports of 665, O0O.0 0o
yards of cloth--an increase OF
l45,000,000 over October, 1910
: the Significance of this will be
the mere readily realized whel
, il is recalled that laSi year +,
English trade conditions were al
top notch, and the consumption
Of American cotton enormous.
Weather conditions during tht
week have been far from fav0ra
bic. Heavy rains have fallen
especially in Alabama, Georgia
and Mississippi since Mond1y,th,
picking generally has been inter
! 'uptcd and a great deal Of harm
has been done to cotton in the
fields. Should a hard freeze fol
: low this wet spell. as now seems
probable, the damage would b,
severe. II is this perhaps that
i causing the present apparent
unrasinesS among the local bear
contingent, fcr they realize full
well that the short account is
still tremendous and any develop
mcnt which can be construed Il
favor values would undoubtedly
precipitate some hasty cover
ing and proportionately SHARP
advance. Henry Clews q Co.