The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-08-29
COTTON LOOMING up!
TIE EFFECT OF THE WORM And THE
ENORMOUS CONSUMPTION
The Bears Beginning to Yield to the
Pressure OF the Coming Short Crop.

The New York Financial and Commercial
Chronicle. OF Saturday, in it's weekly review
of the Gotten market, says:
The msrnet the past week has, notwith.
standing the small business done, taken
another upward turn In response to the In.
creased sales and higher prices at Liverpool,
which appear to have been Induced by the re-:
ports in regard to the crop sent from this
over the country that caterpillars are destroy
ing the cotton plant, and this statement, toge-
ther with the fact that the rains of late have
been frequent and excessive In some sections
having been telegraphed to Liverpool, formed
the basis OF the rise In prices. Consumption in
Europe and this country is, in fact, so large at
present that the market is very sensitiue TO the
We learn this week that late returns Indicate
that our Northern mills are now consuming
fully $4,000 bales per week, and $50
long as this Is the case, and Liverpool
disposes OF rs, 900 bales per week for consump-
ten and export as during the past week, we
cannot be surprised at the effect Of reports
which state that the supply from this country
ly these newspaper reports Of destruction from
the caterpillar are at least premature, and this
conviction has shown its influence In our mar
ket to-day BY decline of tc. from the highest
prices of yesterday, and the close to-day was
quiet at the decline, the total sales for the day
reaching only S83 bales. Holders are becoming
rather more timid OF late, and generally the
offerings have been abundant at the current
rate. This timidlty arises from the near ap-
proach oil the period when the new crop will
begin to be sent forward, and the fear that the
in prices will lead planters 10
market their cotton early and freely, and thus
prices be forced down below their present
level. For forward delivery there has been a
very active movement with wider fluctuations
in prices than for spot cotton, but at the close
The rates show only about the same Improve
ment.
Easton's New York Cotton Circular for Au-
gust rs says:
The following was circulated yesterday:
WASHINGTON, August rs.
The reports Of the cotton crop, now, being re-
ceived BY the Bureau OF Agriculture, are very
unfavorable. The officer In. charge of. these
reports says the Department will be fully sus-
tanned In Its June and July reports, notwlth-
standing the odium cast upon them by specu-
lators and olhers.'
Although the Bureau have as yet issued no
official report, we have no doubt that the
above was obtained In some way from the De-
partment, In advance Of the regular issue, as
was the case In June and July. -.-,-,,
As our friends may not remember what was
said in the reports of June and July, referred
to above. We reprint 1t here
June Repor.-.An official estimate of the
ultimate result so early In The season would
be an absurdlty. The influence of the future
rains, foods trosts and insect enemies, cannot
be calculated In advance. But In view Of the
extremely favorable circumstances affecting
the crop Of last year, there cannot be expected
In the present season, upon o reduced area,
exceeding three and one-half millions OF bales,
An early frost, or the prevalence of flnsectsy or
q very unpropltious season. might reduce the
yield to three millions; and still further re-
duction is possible In the union or severity Of
these causes Of failure" -
July Report -"Whlle no estimate can, at
this early date, be authoritatlvely made, this
Information leads to the following conclusions:
With reduction f14 per cent. in acreage, the
continuance of the present relatively low con-
dition, and season as long as that of 1870, there
should be gathered crop of 3,200,000 bales,
or about as large as that Of 1869; with sea-
son of average length, 1900, 900; with an early
frost. and very untavorable season for pick
Ing, 2,70O,00 The prevalence Of insects, with
other unpropltious circumstances, would pro.
bably reduce the crop to 2,6O0,0 bales.