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

sduo Gay, ana even at the same time OF the Gay,
At q difference OF T@Hc. Planters who are en-
trely independent of their factors may order
their cotton held, unless it meets with highly
satisfactory rates. the factor will consequently
ask extreme prices, and refuse to sell for less.
In other cases the planter orders his cotton sold
as promptly as possible at the market price. to
cover previous advances. Ia THIS instance the
factor will be justified in accepting the ruling
rates-the figures at which more than half OF the
| sales are made, although it be HC@14c less than
other sales, Of considerable number and magni-
| tude. No report of the market can fairly repre-
sent 1T that does not give the range, nor would
any other do justice to the factor who sold at the
inside rate, the broker, who bought at the out
side. Adopting any other rule, the planter, even
| it In courtesy he made no comment on the mat
ter, would feel that his crop had been sold too
low, or the shipper, though equally courteous
! to his broker, might suspect or believe that he
had been treated unjustly.
The necessity of the comprehensive SYSTEM by
which the market is fully represented, led the
trade before the to add Strict Mlddling to the
grades previously In vogue, and the necessity OF
| the case has since compelled us to enlarge our
| quotations by the addition OF etrict Ordinary,
Strict Good Ordinary and Strict Low Middling.
free and frank consultation with many of our
factors on the subject has confirmed our views
on the question, and we feel quite confident that
it meets general approval. Whether the quota
tions be accurate or not must depend on the dill
| gence, judgment, discrimination, experience aud
intelligence OF the reporter, who, with all his in
dustry and fidelity, will sometimes be deceived or
misapprehend the information given. To obtain
accuracy, SO important in reports which are ac-
copied elsewhere as a true statement of the mar
ket, it is essential that the reporter should be
sustained by the cordial support of both factors
and brokers. in relation to which it affords US
| pleasure to make our 8 ncere acknowedg
| Without this aid in our distrust of our
| judgment, we would have made our daily labors
unsatisfactory. The Cotton Exchange gives only
single rate for each grade, which applies to its
official types kept in type cases for examination
! by its members.
When the Exchange was organized both the
single grade and the type were regarded as
necessary to promote prompt and satlsfac DRY
| settlements of contracts. This, however, has
not conficted wi b the time-honored custom OF
| the press in giving proper range, avoiding ex-
ceptlonal extremes, for each grade respectively.
| In connection with this matter it must be OBJ
| served that the range varies with the demand
and the crop. When there are buyers for differ
ent markets, some of which require rigid, while
others admit OF liberal or even loose classifca-
ton, the range is widened by the demand. And
| thus, too, when there is mu b irregularty In
quality and the offerings present several styles
Of the same grade, the range is affected by the
character of the crop. Giving fair considera-
| ton of the whole matter, it must be manifest
| that it can not be determined satisfactorily to
the public by any arbitrary or infiexible rule, but
much must be left to the intelligence and dis
cretion of the reporter, and in our duties
such we feel quite confident that the trade will
award to us the credit of fidelity and independ-
| ence.
Finally to make our report as comprehensive
as possible, as we'll to do justice to the labors
| of the Exchange Committee on quotations, to
whose opinion we have always rendered the
Difference due to their intelligence and impair
TALLY in the discharge Of their delicate and re-
sponslble duties. we have given the Exchange
single rate figures in connection with our own.
The movement during the first quarter was of
fair extent, the sales embracing 100000 bales,
. 4 in ia yva
1862, 4O5, against $685. Isl, while the amount proper
for the three months was 3t9,645 bales,
against 267, 1888 in 1873. The experts
! for this quarter summed up 25O,269 bales.
of which 49,, 033 were to foreign ports, and
63,236 misunderstanding, as compared with
last year, an increase of 81 900 bales to foreign
ports, and 9,10S coastwise. The stock by our
running statement was now 263, O70, and the esti-
mated amount unsold 1873 700. December opened
with strong demand and active business at 14@
141Sc for Low Middling, and 1414 gl45sc for Mid
ding, but under unfavorable dispatches from
Liverpool and New York, and decline in foreign
which there was slight rally, when at about the
middle of the month, prices resumed their down.
ward tendency. further declining by the end OF
the third week Il >, when under the competition
among buyers and favorable kilograms from New
York, the market recovered 14@3sc of the pre-
vious falling off, closing at 13349l4T for Low
Middling, and 1411s@l45sc for Mlddnng, showing
a net decline from the quotations at the begin.
ming OF the month OF 14c in the former and
barely &c in the latter.
We have already noticed the conflicting views
of the trade with regard to the extent OF the
crop, which continued to prevail until after the
commencement of the new calender year, and
had controlling influence In prices. Even TO-
wards the close Of February the favorite Liver
pool estimate was 4, 250, 900 bales. On this side
The views of the press ana the trade ranged from
100000 to 100000 and even 4,5OO,00 he
last, however, was regarded as extravagant even
at the Nor III, while at the South anything over
1000 900 was regarded as extreme long crop.
On the one hand it was argued that in large
portion OF the middle and northern portions of
tue cotton belt the crop had suffered seriously
from protracted drouths and that there had been
material decrease in the use OF fertilizers. while
on the other it alleged that the low lands had
escaped any injury from the weather. that no
serious complaints had been made of worms and
that the picking season had been remarkably
long and fine.
As we now survey the past we are inclined to
attach the most importance to the last consdera.
ton, which probably augmented the yield more
than 19O 900 bales, and conclude that with ordna-
rily bad weather in the last two or three months
Of the season, the odtturn would not have much
exceeded 10000 bales. Four and quarter
millions. however, pressed upon the British brain,
and as heavy shipments at sea threatened an I'M
manageable accumulation of stock, 1T is not sur
prising that at Liverpool prices should have given
way in December 4@1ad, nor that our own mar
ket should have been similarly affected. When
if our crop should not exceed 100000, there
would surely be an advance, and that it has for
some time been apparent that the quantity would
not be reached by 100000 or $50 900 bales, it is
remarkable, that the anticipated improvement
was not realized later in the season.
At the beginning OF January prices again gave
way &c. Low Middling being now quoted at
1870 $40 and Mlddling at 148l41sc but soon
recovered, and by the emf of the third week had
advanced as911aac, when they receded fraction
and closed at l41s@l414c for Low Mddlng and
I45s01434c for Nliddling, showing net advance
for the month of 20 In February the market
exhibited pretty general upward tendency,
advancing 14c during the first week and Hc dur
ing the second, when they receded &C. but soon
recovered and steadily hardening. closed at
150l51sc. for Low Middliug and 155s11534 for
Middling, showing net advance of 34@l1sc. The
movement during this quarter was tue heaviest
Of the year, the sales embracing 472,500 bales,
against 62O,4tO in 1894. The gross receipts
we're 59i, 435, against SlS,742 while the amount
proper for the three months was 527,Sl6, against
7O9,3 8l in 1874. The exports for this quarter
summed up 49,, 769 bales, OF which .3Sl, $50 were
to foreign ports, and 50,l79 coastwise, showing,
compared with last year, a decrease Of SO 0l8