New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-09-01
The receipts of the new crop of cotton up

From the nrst feCelpts last year until the
close OF the year on the thirty first of Au.
gust, although the crop came in rather more
freely than in 1873, yet it offered only a very
limited scope to buyers. but with the add
tions from the supplies OF the old crop the
sales were of fair extent, amounting in Au-
gust to II $50 bales, against 1920 in the
previous year. Prices at the same time had
advanced during August about Lc, the
closing rates being l6c for low niddling and
lie for middling, against 1874 and 1G2l C at
the commencement of the month, and IL h
and ISlec respectively ON the thirty-fr of
August, 1873. As usual at the close of the
year, the developments with regard to the
growing crop led to considerable conflict of
opinion in relation to its probable extent,
intelligent and experienced observers differ
ing from each other to the extent of
100000 to 100000 bales, $4,000 bales
being regarded as inside figures and
4250.000 as outsi ie Every year, however,
we note less confidence telt 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 the 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 Gem
plant. At the date referred to, however.
it was pretty well ascertained that the
crop of 1874 would reach Also, 600 bales,
the actual amount as room after made up
by the New York Commercial and Financial
Chronicle being 4.l70, 1888, and it was natural
that these figures should be considered
as a basis OF comparison with regard to
the probable crop of 1919. But the d.
versity of opinion was SO great that even
those who held that, under combination of
favorable circumstances, we had the ca
10 tr,E lol,
admitted that unfavorable contingencies
might reduce the yield to 5000, 600. The prob
able extremes, however, with the acreage
and labor supply at that time were put
down at 3,590000 and 1850 600. Cautious
men were reluctant to give precise esti-
mates, variously naming margins for the
contingencies of the rest of the season,
ranging from $50, 900 to 80, 900 bales. Others
again were bold enough, or rash enough, to
give the extreme figures Of 900, Goo bales as
in evident prospect. Even, those, however,
who regarded such views as extravagaut,
held that the position was favorable, so that
notwithstanding a decrease in acreage, a late
start, rank and untrui.ful growth and ON
inous reports of worms, the prevailing
100000 bales. At Liverpool it was fire.
quently remarked at this time that as
100000 bales would be sufficient for the dc
mand. there was no cause for any uneas
ness about the future supply. In Septem-
Der 100000 became favorite estimate on
this side, while abroad, although the dan.
gers incidental to the picking season were
rot overlooked, there was a general ten.
dency to regard these figures with favor,
which the result has shown were about
go, 900 bales too high. The incertitnde with
respect to the crop continued for many
months afterwards, and at the close of the
calendar year in endeavoring TO solve the.1
important question of the future supply
rendered more difficult by unusual fuctua-
tions of receipts at the ports, the most Judi
cious authorities regarded 100000 as a
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
67 900 bales over 1873, and falling off of
down to such low point in the early part
of August that they had been compelled to
come forward with more than usual free
dom, taking an average of 10000 per week.
The prospect, consequently, was encourag-
ing, and during September, October and
November the Lverpt oil market exhibited
fair degree of firmness, opening in Sep
TENDER az Sd for middling uplande and sad
for Orleans, maintaining its position in that
month, ruling lsd higher in October, aud re.
ceding in November, when it closed at IA d
for uplands and Sls a Sad for Orleans. Our
own market, on the contrary, exhibited
marked downward tendency, low mid
ding opening in September at 1873 q l6c,
giving way lssc by the close OF that month,
when it was quoted at las l4asc, while
middling was Has 0l4a.c %, showing decline
of 21c; low middling closing in October at
1871 0l4c and middling at l4ls a l4Ac,.re-
spectively, showing q further decline of u,
% o nc. when the market rallied and closed
at las 1850 for low middling and l4l40
l4asc for middling, exhibiting recovery Of
Y $50, which IL had previously lost.
October had been increased by decline in
foreign exchange, sterling having given
way $40 v cent in September and lilo ir
October; but III November 1t aided the re-
covery in the staple by advancing v cent.
In order to carry out the unification of