The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1913-04-02
DROP IN LONG STAPLE COTTON.
New Bedford Mills Able to Use Short.
er Cotton.
(New Bedford Special to the Ne,

NA'o" DSui|iu opecldl 10 tne New
York Journal of Commerce.
The feature of the Industrial situa-
tion in this city during the past week
/ has been the rather sudden and pro-
nounced decline in the values of long
staple cotton. Staples of three-six
teenths and over, which have been held
In the South or In this city for "a con-
siderable length Of time-as much as
three years in some instances-have
been thrown on the market at quick
ly declining prices without exciting
much buying interest among the man
ufacturers.
This decline in staple cotton prices
Is the climax to the swing of the fine
cotton goods mills onto coarser and
heavier goods requiring shorter lengths
OF cotton during the past two or three
years The market for the long sta
pies has in consequence of this change
in the kind of goods woven, complete
ly collapsed. With the prices of fine
goods very low the manufacturers
were absolutely unable to pay the
premiums which had been asked for
the longer length cottons. But South
ern holders of them, believing that
the demand for them was bound to re-
turn, have in large measure refused
to let go their stocks at sacrifice
prices and have reluctantly lowered
their quotations cent by cent without
being able to dispose of their cotton
How radical the reduction has
been may be seen in the case of 3-S-
inch cotton. In strict middling grade
SO cents was asked for this not
year ago. This week there were sew
eral lots of it offered in this market
under 20 cents, and at that were not
ready sales. On 7-16-inch staple the
asking price within the past year has
been 3S cents. Today there is no use
Of offering it to New Bedford mills,
for they are not manufacturing any
goods in quantity that requires it,
On 1916 the price declined cents
pound within as many days this week.
These declines in the longer sta
pies, while representing heavy losses
to the holders of them, do not relieve
the position of the manufacturers.
| Thegoods on which the cloth mills
here are operating require only the
shorter lengths of cotton and on these
quotations have held steady with no
treer offerings than has been the case
during the past few weeks. Being
manufacturers can be induced to buy
the longer staples only by reducing
or wiping out entirely the premiums
asked for them, and it has been in an
effort to bring this about that the
holders of the longer cotton have
weakened
New Bedford mills have shown
some what more interest in cotton
during the past week than during the
month or SO previous, but reports
would not indicate that much cotton
has been actually disposed of. AL |
though the cloth mills are not book |
ing much forward business and are
still running as much hand to mouth |
as they have been for many months,
and although the yarn mills, which |
are better supplied with forward bust |
ness are fairly well covered on cotton
it is generally believed that the mills |
will very shortly have to come into
the market for considerable cotton.
There is continued slow improve
ment in the percentage OF total ma
chinery in operation. 1t Is now esti- |
mated that throughout the city not
much more than 5000 looms are idle. |
this being only about 10 per cent OF
the entire weaving equipment. Need |
lesss to say, with the yarn market as
strong as 1t has been, the spinning
departments Of the mills are running
full. This is the best situation in
which New Bedford mills have found
themselves In many mounths. Tariff
developments at Washington will tell
the story OF how long this condition