The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-06-15
CIRCULAR.
Nsw Yoar, June Q, 1899.

CIRCULAR
Nav YoRK, June Q, 1899.
You have, doubtless. received the very uufssorable
adsicss by the Great Western in relation to the Cot
ton market. The adyices il 10 unprecedented, do not
Disclose even 10 the full the dangerous situation
In which OUT great staple is placed.
The dininshrd demand ior yarns aud cotton goods
on The Continent tho short harvest Of the last year
the shipment Of bullion om Great Britain, aud
quen rise IN the rate Of interest by the Bank VI Eng
land, must oil inevitably tend 10 greater and more
celebrated decline IN prlces some steps are not pompt
adopted 10 prevent the remaining stock Of cotton now
~ ihls country from being offered or Immediate sale IN
4 the European markets
II the consumption OF raw cotton in England had only
diminished some ten fifteen per ceni.. sui. Ia conse.
quenee OF the clearly sscerAin.d deficiency In the
last years CROP (Which has fallen nearly Us low ~ the
lowest estimate past prices would not ony have been
sale TO The shppers but profitable and hence they are
not obnoxious the charge OF unwaanlable spccua-
ton, which often depryes the splIil o rash comer-
cial adventure Of all Just claim TO sympathy.
/ This extraordinary falling oil in the consumption OF
the raw MATERIAL IL perhaps, not little aided by de-
termination on part Of the English spinner, TO have
the residue Of the crop at his price, under be-
lief that the great aud inaeioas holder Of the last
year Is out OF the market, there exists serious dit
| Guilty IN his way, by working short hours for lew
weeks, TO accomplish this desirable end Il becomes
necessary therefore, to supply the absence Of that great
| lsrests.
Now it is quite obvious that bat one Of two modes
would be- likely to counteIact the result that must
otherwise inevitably flow from the causes just ihdi.
Gated.
The first would be TO organize through the aid Of
the Bank Of tbs United States aud the banks in the
principal emporiums Of the different States, combna
ton sufficiently powerful TO advance q sum on every
bag ofcoton on this side of tho water which would IN
lis being kept IN this country for three months
49,.
house, IN Liverpool the whole, the greater part oil
the cotton, now 10 60 forward by an arrangement Tor
unfaing, adequate and collateral Gds. sufficiently
po,oerM to enable the house in question to hold over
until greater part OF the present stock Of cotton IN
England Is worked off at advanced price; result
which the successful execution Of this plan would m
eyitably secure.
The first scheme however, is liable Notwithstanding
its direct and immediate power TO produce the desired
result to the conclusive objection Of arressng OIL our
foreign exchange operations, which might hazard the
ability Of OR banks even the Atlantic States, to con
llnue specie payments, whilst the last PROJECT would DO
entirely free IRON this objection. as II would at once
augment the Of exchanges, and enable Us 10
weather the crisis, which The hrot plan would DC 100
apt produce. These views are the result 81 con-
ference which yesterday held with one Of the most
influential and intelligent merchants OF Philadelphia 10
conjunction with commercial gentlemen Of equally high
standing from other portions Of the Union
Ii Is therefore announced to YOU on the best autho-
rity, that arrangement has been made, BY which an
advance Of Ton what may be estimated tue
present market value Of cotton, say cehts VIII De
made on every bale this country At all our principal
shipping ports all holders II they desire 10 avail them
selves Of this advantage The consgnments are 10 go
forward to Humphreys & Blddle, who, sustained by
adequate means both sides of the water, will be
able 10 hold on, until prices vigorously rally.
II The usual casualties Of the render short,
Or any thing under an average crop probable this plan
must result great profit shippers aud benefit 10
country. Ii the other hand the autumn should
disclose the promises Of abundant harvest the large
stock Of cotton which Messrs Humphreys q Bddie,
IN case the shipments made TO them, would hold,
would probably induce the great and powerful interest
which sustans them to enter the market Of the United
States early In the autumn by advancing on the hfst
quarter Of the new crop, order 10 sustain II on this
side OF the water for reasonable PERIOD SO as TO make
the final result Of the short crop Of 1888 entirely safe
10 all american shippers and holders
copy Of this circular is enclosed TO the principal
cotton factors and shippers and presidents OF the banks
in the southern cities, to whom with all proper difference
is suggested In the advance on the shipment TO
Messrs Humphreys & Blddle should not cover the full
convenience OF the shippers, that the institutions over
which they preside do afford good personal security
the residue Of the accommodation which may be re-
qulred. "
Your hearty cooperation in this plan is solicited by
saving the interests Of great staple. which must
end in establishing not speculative value, but It's fair
price, decoIaihg " tue just Iciaohs WI supply NV
consumption should bear 10 each other An agent EN-
powered more fully to disclose these views will be in
your city few days, his way South, and will be
prepared to carry them fully into effect.
=. M From the most authentic sources Of inform
alton, you may take the following the probable aud
entire stock of cotton in the United States OF the crop
VI 1885, the 18th day Of June nex ensuing, either
actually present in depot, or to come forward from the
interior markets.
New Orleans bales 100000
Mobile 25,OO0
Florida .. 1880
South Atlantic States SO 600
New York 10000