The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-09-17
Charleston.
Correspondence of the Herald

correspondence of the HERALD
CHARLESTON, Sept. l2th, 1913.
Inc Crop and Markst-Revit,c of the Past-Pros
pect for the Future.
JAMES GORDON BENNETT, ESQ.,, New York,
DEAR SIR
am induced, at leisure moment, from some re-
marks which have Of late noticed on the subject
OF Cotton, in your paper, 10 give you the result of
my own observations on the crop, and the prospect
of the article.
We commenced the season with a general de.
preston on all branches OF industry, both at home
and abroad and full belief in an overwhelming
crop. Early estimates were 2,2O0,OOO bales, and
the public mind becoming alarmed at the quantity,
prices were gradually forced down until they reach
ed point lower than ever before attained within
the memory of the planter.
The remark was frequently made, that the accu-
mutation would be great in foreign markets, at
some period of the season, to render the article
invaluable impressed with this belief, the planter
hurried the crop to the nearest market, to realize
whatever the fereign agent, IN his tender mercy,
would offer; and the shipper accompanied his IN
voices with positive orders to sell on arrival.
q The result naturally was disastrous So long as
the English or French importer could realize his ad-
vances, he forced his stock. and compelled those
who had been more liberal to follow in his wake,
and subject the unfortunate shipper to heavy reca-
Element OF the China question, and many, Impress
ed with the advantages which would result from the
opening OF new outlets for British manufactures,
bought freely at higher rates.
Losses again followed, when the first excitement
had passed away, because heavy stocks were aC-
cumuating in Great Britain, under imports OF 40 to
a consequent right of obligation on the importers,
which made 1t, ii not Imperative, at least prudent
tor them still to pursue their former course, OF rea
liZlng when they could not cover advances.
ha nj danro Stanx and
the time for Improvement was postponed until the
stock should have reached its maximum, which it
was calculated to do about the LIST August, when
prices would gradually with large consumption,
should the prospects of the harvest be favorabe)
improve until the close of the year. These views
were verified. The stock on the Slst july. was
found 10 be 944 600 bales, OF which 73S, 600 bales
were American and on comparison of exports and
receipts, 1t appeared that their imports until Sept
ls could not exceed an average OF 900 bales per
week, and that the stock must consequently dim-
nsh. This fact, supported by the more important
one, viz the unparalleled prosperity of the manu-
featuring districts, with the cheering prospect OF
good crop OF grain, led to speculative investments
at improving rates.
On this side confidence was further strengthened
by unfavorabe accounts of the growing crop-and
awakening as from DIRE am-monied men turned
their attention TO the staple.
An advance of 1c. per pound has been established
within six weeks from the lowest point and by
New York letters of TIN inst, observe that large
sales are making at u further improvement Of &c.
sluCc Tie receipt OF SdltuOnlaS Accounts -
These advised reduction in stock at Liverpool, Of
40, 600 bales and an improvement of 3D. TO IL.
Referring again to the table of exports from the
United States 10 Great Britain, find that the re-
ceip.s there cannot exceed 5000 bales per week,
I'll the 4h September, and thenceforward until the
close of the year she cannot receive TO exceed
$4,000 Of new crop. With lS weeks Of consumption
to the close of the year without deducting spinners
stock, speculative or export purchases) the stock,
which was al the last dates 9l3 600 bales, must be
reduced to about $50 900, against $50 600 bales last
year.
This fact would of itself authorize all the improve
ulent which has lately taken place, but when 10 this
you add The now universally admitted fact, that
the coming crop cannot exceed 900 900 bales, un-
der the most favorable circumstances, (Which is
deficit of 500 900 bales) and with an average frost
or early one, may be reduced to IA or 900,
think you will allow that am not sanguine in say
ing that with the renewed activity in trade and
commerce and the certainty OF good grain crops in
Great Britain that cotton is still below its actual
value, and would be profitable investment at an
advance on present rates These are, it is true,
unauthorized at this moment by the quotations in
Liverpool or Havre; but if err not, will be consi-
dered low when the estimates of the crop, as adj
vsed per steamer OF 10Th, and Great Western 3lsi
u shall have been received and accredited
abroad. remain, yours,
A CONSTANT READER.