170 



THE INDIA RUBBER WORLD 



[February i, 1904. 



THE TEXTILE GOODS MARKET. 



SINCE the last issue of The India Rubber World, staple 

 cotton has passed 15 cents, and there is nothing in sight 

 that threatens to impede its upward course. The nervousness 

 which lately prevailed in the cotton market has given place to 

 confidence such as existed prior to the remarkable series of 

 fluctuations which followedjthe publication of the government's 

 December crop estimate. Belief in still higher prices is almost 

 universal in the Southern cotton states, as well as on the New 

 York Cotton Exchange, although a feeling of conservatism pre- 

 vails which promptly checks any tendency of excited bulls to run 

 away with prices. The course of values during the month has 

 been almost constantly upward, both in contract and in spots. 

 Buyers are finding it increasingly difficult to supply their needs 

 in the interior, and are compelled to draw from port stocks, 

 thus cutting down that source of supply. Another evidence of 

 approaching exhaustion is the presence among late receipts of 

 considerable frosted and stained cotton, indicating that the 

 ends of the crop are coming in with the scrapings of the gins 

 and fields. Indications from the best sources are favorable to 

 the maintenance of the price of cotton at 10 cents and upwards 

 for at least the next five years. 



During the past week spot cotton has reached its highest 

 point since 1874, when middling was quotable at iS cents. All 

 grades have advanced in proportion and the tone of the mar- 

 ket at the high point was officially designated as firm. As 

 compared with last year the present price of 15.25 cents repre- 

 sents a gain of 6 cents per pound. But the high price reached 

 has not in the least checked the demand. On the contrary, 

 it seems to have created renewed interest in the staple, the 

 market being phenomenally active in nearly all parts of the 

 country. - The last week in January saw the largest movement 

 in cotton from the spinner's standpoint that has been known 

 during the present season, despite the fact that prices have 

 been at a level scoffed at and which it was claimed could never 

 be reached without seriously curtailing the amount of cotton 

 consumed. Following are the prices of cotton middling up- 

 land spots at the leading ports : 



New York. New Orleans. Liverpool. 



January 1 13.50 cents 13JI cents 6960". 



January 8 13.40 cents 13^ cents -.otd. 



January 15 13.80 cents 13/5 cents 7.50;/. 



JanuarA 22 11.75 cents Mis cents S.oorf. 



January 27 15.25 cents 15^3 cents 8.20^. 



The exceptionally high prices at which staple cotton has 

 sold has been reflected in the goods market in such a way that 

 the movement of cloth has been greatly impeded. Manufac- 

 turers of duck and sheeting have caused their prices to follow 

 as closely in the wake of raw material as has been possible for 

 them to do, and yet they contend that the advance in the price 

 of their product still lags considerably behind the rapid and 

 speculative upward jumps of the staple. Prices on all lines of 

 cottons have been forced to what many consumers consider a 

 prohibitive point, and yet so far as the rubber interests are 

 concerned there has been a very fair demand for both ducks 

 and sheetings. As nearly as can be estimated about two-thirds 

 of the mechanical rubber manufacturers have placed their con- 

 tracts for textiles. Last fall they commenced to cover their re- 

 quirements for the year, at 19 cents per pound. Gradually this 

 class of duck consumers became convinced that prices were 

 upward inclined, and they ventured far enough to place their 

 orders for fair sized quantities at prices ranging all the way 

 from the above figure to 23 cents, those paying the last quota- 

 tion being the ones who deferred the longest. 



During the month under review the duck people have not 



been successful in convincing the remaining rubber manufac- 

 turers that they could save money by ordering quickly, and the 

 result has been that these same concerns are still hanging fire 

 on their supplies of textiles. Those who have exhausted their 

 last year's supplies have been buying as they required the 

 goods, paying from 24 to 25 cents per pound. Duck such as is 

 consumed by the rubber trade is held to-day at the last men- 

 tioned figure, and the market is exceptionally firm at this basis, 

 with prices most likely to advance from time to time. The 

 writer was informed that the price of duck might touch 30 

 cents before the middle of February, but this information came 

 from a seller. One consumer has cut away from the duck 

 manufacturers, and has bought a number of looms with the 

 view to weaving his own cloth. He intends to purchase his 

 cotton yarn, but the fact that he has already turned down the 

 spinners who have quoted him prices around 22 cents for such 

 numbers as he asked for, leads to the belief that this rubber 

 manufacturer still retains his bearish propensities. One me- 

 chanical rubber manufacturer visited the market a week ago, 

 procured prices and went home. The next day he wired a New 

 York commission house that he would place his order for 300 

 rolls at the price quoted him while here. The house wired back 

 that the price had advanced a cent a pound since his visit. 



The duck mills, are as a rule, running at full capacity, having 

 covered on cotton sufficiently to fill contracts taken up to the 

 first of the year. Of course the mills that are paying 15.50 

 cents for their staple are making a good price on that basis, 

 and the same holds good with all classes of light-weight sheet- 

 ing. As will be seen by the following table, some prices 

 have not been advanced since our last issue : 



PRICES CURRENT FOR SHEETINGS FOR THE RUBBER TRADE. 



Pick. Yds. to Lb. 



36" Household Favorite., . .56x60, 400 6% cents. 



40" Household Favorite. . .56x60, 3.60 7 cents. 



36" Henrietta, L. L 48x52, 4.00 6 cents. 



39" Henrietta. H 68x72, 4.75 (net) 5^ cents. 



38^" Henrietta, S 64x64, 5.15 (net) 53J cents. 



40" Henrietta. P. W 48x40, 2.85 7^ cents. 



3b" Florence C 44*44, 615 4; '4" cents. 



40" Majestic C. C 48x48, 2.50 (net) 8}{ cents. 



40" Majestic B B. B do. 2.70 " 8 cents. 



40" Majestic B. B do. 285 " 7}^ cents. 



40" Norwood do 360 " by, cents. 



36' India, A. A. A do. 3 00 " 7^ cents. 



Sheetings. 40' Selkirk. . . .8 c. 40" Shamrock. .10 c. 



40" Highgate . . . 63/c. 40" Sellew 7%c. Ducks. 



40' Hightown. ..7 c. 48" Mohawk 11 c. 40' 7 oz. Cran- 



40" Hobart 7. 1 ^c. 40" Marcus. .. 6%c. ford. ...10 c. 



40" Kingstons. ..S c. 40" Mallory 6 c. 40' 8oz. Chart- 



39" Stonyhurst.. .6 c. 36 " Capstans. . ..4^c. res lOJ^c. 



39' Sorosis SU C - Osnaburgs. 40" 100z.Carew.13 c. 



40' Seefeld 83+c. 40" Iroquois 10 c. 40' n oz.Carita.14 c. 



Felts have been in fair demand from the rubber footwear 

 manufacturers, but quantities called for in most cases have 

 not been as large as in former years, owing to the high prices 

 ruling. Wools of every description have continued high, and 

 every sign available at this writing points to a continuation of 

 these prices. Manufacturers of every discription using wool 

 have exercised the utmost conservatism, hoping that the mar- 

 ket would be easier in which to operate later in the season, but 

 as yet these hopes have not been realized. What effect the 

 high prices of raw material is going to have upon rubber goods 

 is causing some speculation. 



The belting concerns have been the strongest protesters 

 against the high price of duck, on account of the large propor- 

 tion of textiles required for their product. 



Reports continue to arrive of results from experiments in 

 British West Africa pointing to the possibility of an important 

 extension of the world's cotton growing field, 



