The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-09-01


roads. Without, them looking to the possib lltiee
Of an enlarged trade with Mexico, or Central and
South America, or the Pacific Coast, we can
clearly see an assured prospect Of q more active
and profitable business for the coming wear in
nearly every branch of trade, which will present
q bright contrast with our loss in the year that
has just closed, and the diminished receipts OF
cotton, tobacco and most ticles of Western pro-
duce.
Passing from these general considerations to
the details of the various articles which constitute
the bulk Of our trade, we commence with our
leading staple,
COTTON.
The commercial year commenced with stock
on band Of Is $50 bales, against TIT on Septem-
Der !, 1873 6259 in 1872 and %, 1928 In 1871. The
entire supply for the year was 367,073 bales,
composed of 1924, $40 bales proper including
corrections, 1s5 $50 from other delivery ports and
7l77 on hand at the commencement. This pre-
sented but little variation from the proceeding
year, 1872 8, the totals showing falling off Of
6,044 bales IN the receipts proper and 81 6Sl in
those nom other delivery ports, while there was
an increase in the stocks OF 9lS bales. 1t is
rarely that the movements OF any two consecu-
tive years show SO little difference presenting a
strong and by no means agreeable contrast o
the past year, IN which our receipts proper show
large decrease, while those from other delivery
ports exhibit an increase.
The receipts OF new crop up to August 81, were
$40 bales, against II in 1873, 1914 in 1872, % in
1871, 1O9 in 1870, 432 in 1869, 476in 1868 and 10
From the first receipts last year until the close
Of the year on the 31st of August, although the
crop came in rather more freely than in 1873, yet
it offered only q very limited scope to buyers
but with the additions from the supplies Of old
crop the sales were OF fair extent, amounting in
August to 1850 bale against Ii, 200 in the pre-
vious year. Prices at the same time had ad
vanced during August about 14c, the closing
rate, being 16c for Low Middnnd and TIC for
Middiing, against 1870 and 1890 at the COM
mencemept of the nonth, and l7zac and 1879
respectively on the 81 Of August, 1873.
AS usual at the close Of the year the develop
ments with regard to the growing crop led to
siderable conflict Of opinion in relation to its
probable extent, intelligent and experience OBJ
servers differing from each other to the extent Of
250 900 to 500 600 bales, 375O,00O bales being re-
garded as inside figures and 4 $50 QUO as outside
Every year, however. we note less confidence felt
on estimates made at this period, the weather
during the fall having great influence on the
returns. This is even more the case now than
in ante-bellum times, because the laborers are
free to choose between work and idleness, and in
picking season rainy spell drives from the field
women and children, who in the olden time would
have persevered and gone through with their
tasks without complaint. At the date referred
to, however, it was pretty well ascertained that
the crop Of 1874 would reach 4,150,000 bales,
the actual amount as soon after made up by the
Ne,o York Commercial and Financial Chronicle
f,l
ures should be considered as basis Of compar-
ison with regard to the probable crop Of 1910
But the divers ty of opinion was so great that
even those who held that, under a combination
OF favorable circumstances, we had the capacity
to make 500 900 to 5000 900 bales, admitted that
uniavorsb.e contingencies might reduce the
yield to 5000, 900. The probable extremes, how
ever, with the acreage and labor supply at that
time we're put down ut 8, SOC. GOO and 4,250,OO0.
Cautious men were reluctant to give precise es
Inmates, variously naming margins for the con-
tlngences of the rest of The season, ranging from
100000 to 100000 bales. Others again were
bold enough, or rash enough, to give the
extreme figures Of 4,500,UO0 bales as an
evident prospect. Even those, however,
who regarded such views as extravagan ant,
held that The position was favorable, so that
Notwithstanding q decrease in acreage, late
start, a rank and unfruitful growth and ominous
reports OF worms the prevailing opinion
favored yield OF 100000 or 100000 bales.
time that as 100000 bales would be sufficient
for the demand, there was no cause for any un-
easlness about the future supply. In September
4, 100000 became q favorite estimate Ton this
side, while abroad, although the dangers incl
dental to the picking season were not overlooked,
there was q general tendency to regard these
figures with favor, which the result has shown
were about 250,00O bales too high. The in
certitudy with respect to the crop continued for
many months afterwards, and at the close OF the
calendar year, in endeavoring to solve the impor-
tant question of the future supply, rendered
more difficult by unusual fluctuations or receipts
at the ports, the most julicious authorities re-
garded 4, 600 GOO as moderate estimate, with the
chances in favor of higher figures.
At the opening OF the season the total visible
supply presented an excess OF only 81, GOO bales
over 1873, and falling off Of $4,000 from 1872,
with spinners' stocks run down to such low
point in the early part of August that they had
been compelled to come forward with more than
usual freedom. taking an average OF 10000
bales per week. The prospect, consequently,
was encouraging, and during September, Octo-
Der and November the Liverpool market e1-
hibted fair degree Of firmnesss, opening in
September at Sd for Middling Uplands and
SID for Orleans. and maintaining it's position
in that month, ruling I'd higher in October and
receding in November, when it closed at 7s4d
for Uplands, and s1s@S114 for Orleans. Our own
downward tendency, Low Middling opening in
September at 157sn16c, giving way 15sc by the
close of that month, when it was quoted at l41s
@l45sc, while Middling was 145s9l454c, show
October at 13z5@14c, and Middling at 141S@
1414c respectively, showing a further decline of
L0lL and 11aac, when the market rallied and
closed at 1411s014ssc for Low Middling aid Az
@135sc for Middling, exhibiting recovery Of Il
0t3&c of which it had previously lost The
downward tendency in September and October
had been increased by decline in Foreign Ex-
change, Sterling having given way 5.10 " cent in
September and Ito in October: but Ill November
it aided the recovery in the staple by advancing
2 % cent.
In order to carry out the unifcation of classif-
cation established under the authority of the
National Cotton Exchange, meeting OF the
Committee on classification and Quotation OF
the New Orleans Cotton Exchange was held on
the I'd of October at which resolutions were
adopted which were subsequently amended as
follows:
Resolred, That we find, after careful COMPARE
son. the following differences between types upon
which yur quotations have hitherto been made,
and those adopted by the National Exchange,
upon which we are directed by resoluti~n Of the
Board of Directors to base our official quotations
on and after this date:
American standard Ordinary, equivalent to old
type barely Ordinary.
American standard Good Ordinary. equivalent
to old type Strict Ordinary.
American standard Low Middling, equivalent
to old type Strict Good Ordinary.
American standard Middling, equivalent to old
type Low Middling.
American standard Good Middling, equivalent
to old type Mlddling.
American standard for Middling Fair to agree
with American classification will be made equiva-
lent to old type Good Middling.
Tn scoordance with the above distinctions MIDI