State rights and democratic union. (Yazoo City, Miss.) 1839-18??, 1839-09-10
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, The following is part of letter from
highly respectable and efficient house in New
: Orleans. We consider its contents a trn
exposition of the markets-and recommen.
its perusal to our country friends, as thu
whole state of the cotton ma1ket and its con
trolling causes ale very correctly recited.
NcD Orleans, August 2sth, 1889.
/ DEAR SIR:-On the approach # new
business season, we take the liberty o! ad
dressing you; remarkIng that we have defer.
red that pleasure, for some time under the
belief and hope that we should be abe to
give you more aattering prospect for the
Sale and Consumption of the present years
Crop of Cotton.
We have this moment received the anti
cipated intelligence, by the Steamer Liver
pool, from Liverpool, with dates to the lst
inst, and are highly gratifed to state that
our expectations have been partially realized.
Our correspondent states that from 10Th 10
| 18th July, the market was at its lowest point
of depression; many sales were forced at a
decline Of ! I'D, below the current rates of
the previous week; but from the 18th July
tolthe LIST August, regular and constant
demand for Cotton prevailed, and prices had
not only recovered what, had been lost be.
tween the 10Th and 18th, but had gained
fully J a I'd OF previous quotations. The
sales for the week ending Goth July, reached
Al ,445 bales, and from Goth to LIST August,
$4,000 bales. The estimated stock, in the
port of Liverpool. was $4,000 bales, being
about the same as it was same date last year.
There are two causes that may exert con-
trolling influence on the price of Cotton
lst, the continued hostility evinced by the
Bank of England, with the combined influ.
ence of the Manufacturers towards all AIne.
rican interest, measurably produced, it IS be-
lieved, from the interference by the Banks IN
the United States, in controlling the princi-
pal portion Of the two asst crops of Cotton.
2nd, and by far the most important, Is the
uncertain state of the Corn Harvest; although
the appearance of the crops was good. the
weather was as unfavorable as possible, and
much fear was entertained that the crop
would again be lost: in that event, there is
no telling at what price Cotton would sell;
and it is generally believed that money mat
tiers, cannot become easy until all anxiety,
on that score, shall be set at rest, and in our
opinion, the future course of the Cotton Mar
ket depends upon it.
Under such circumstances we cannot ven-
ture an opinion as to what the probable rate
Cotton will be at in two months, hence in
this market. The fatality attending almost
all purchases and shipments last season, will
undoubtedly materially reduce the competi.
ton usual in this market; but stillwe cannot
doubt but what there will be buyers enough
found who will operate, provided they have
any inducement or prospect for remunerating
profits. The Manufacturers of the North
will require large increased supply over any
previous year; this together with hope and
belle: that things will yet GO on prosperously
in England; and with conviction that the
present years growth of Cotton will not yield
more than an average crop. say l,45O,O0O or
even 1 100000 bales, induces us to believe
that the planter will realize at least full
remuneration for capital and labor ba sales
effected in this market.
Up to the present date the receipt of new
Cotton has been limited to 100 or 900 bales,
portion Of which has been sold at l II to Ii
cents,-and we now think good demand
will exist for some time, but cannot-hold out
any inducement to our friends to anticipate
] better prices; at least for the present. Fur.
ther advices from Europe may produce ma.
terial change for the better or for the wotse:
would therefore advise gradual shipments and
sales as most desirable; owners in this way
obtain fair average price. which is frequent
ly missed by an attempt to hold their entire
crop for any given time.