The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-02-12
THE POSITION OF COTTON.
From Norton, Slaughter & Co.'s circular.l

ltTOm NOEtOIl, SibuBuLtC w. SltCuidi.J
NEW YORK, February l.
The cotton market this season has passed q
most trying and severe ordeal, and has main
tanned its strength and exhibited Its vitality In
q most remarkable degree. Without some ex-
traordlnary stlmulant it must have yielded
under the late adverse influences of heavy re-
ceipts and the low rate of gold and foreign ex-
change, and fallen much below the lowest quo.
tatIons of the past two months. But as stated
in our last regular report, the specializing In
tercst upheld the scale of prices, in the face OF
continued large receipts and the fullest esti-
mates Of the American crop. The Southern
people generally seem to have an abiding con-
ildence In the staple, and in higher prices later
in the season, as Is. evidenced by the fact that
orders for contracts for future delivery from
Southern speculators have been weekly on the
increase. and are being daily filled by their
New York merchants at current rates. 1t Will
be seen by our appended statement on this
head, that these future contracts sold In this
market during the past month, include an ag-
grcgate of nearly $4,000 bales, a large proper
ton of which is for Southern account.
Impressed with the apparently strong posi-
ton of cotton by the facts ulst mentioned, we
have of late in our daily correspondence eX-
pressed our views frankly; and while we re-
neat that we look for no Sudde1l advance In
prices at any time during the remainder Of the
season, nor any rapid or violent fluctuations,
we are encouraged to believe that we have
passed The lowest prices, and that gradual
Improvement will follow marked diminution
in receipts. We believe this especially OF good
cottons, which are already scarce, and must
become scarcer as the season advances, and
consequently in better demand than the low
grades, which are yet comparatively neglected,
and which enter so largely into our present
,l,o bo LOFT pfc frnDo Tn6a
of much smaller crop estimates be fully con-
lirmed, we may have better market early in
the spring for even the low grades. AT pres
ent they are not desirable, especially stained,
highly colored and seedy, and 1t is next to i'm
possible to sell them OF satisfactory prices.
rhc most desirable grades for this market are
full style low middlings and mddlings,. which
are largely wanted for export and spinning;
and even the higher grades of strict and good
lniddlings find ready buyers at very full prices.
We NAV remark, In this connection, that OF
late the press quotations daily given have been
somewhat below actual sales, and that good
cottons have generally commanded from 4 to
above.
now able to take of the whole situation, we are
disposed to think that although prices Will not
touch as high point this season rs last, lot
the reasons given in our last circular, we snail
have IL more steady market during the spring
and summer, and a somewhat better scale Oh
values than at present.
In concluding our remarks we have to state
that much of the cotton OF late coming 10 tnis
market from North Alabama and MISS lppl IS
of very poor quality, including large guam
tity of mixed, stained and dirty cottons, with
some seedy bales; and we desire to caution
shippers in this regard, and to suggest that
they thoroughly examine their cotton before
shipping. They should bear In mind that
mixed bale of cotton is worth really less than
q uniform bale composed entirely Of the low
est grades of cotton in it., the good cotton In a
mixed bale not being counted any redeeming
consideration.