The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1879-11-04
COTTON, COTTON.YARN AND CORD.
AGE.

first annual report of Colonel Sidney D.
Maxwell, Superintendent of the Chamber
of Commerce, we take the following:
The wear in the cotton business has been
one of fluctuations and surprises. At the
close of the preceding year, with the prom
Use of peace in Europe, good harvests, and
q general improvement in the business of
this country, it was expected that the mar
ket for the new year would open actively,
and that prices would be well sustained.
There were, however, early. very large re-
ceipts and before the new cotton year had
rassed its first month, there were indica-
tions that these hopes would be realized.
decline in prices ensued, and continued
until the month of December when the
lowest prices # which the Chamber has
made record were experienced.
1t was soon noticed that while the re-
ceipts at the United States ports had been
LARGELY in excess of the previous year, the
visible supply was sensiblv less. Cotton
was rapidly passing into assumption, and
under the belief that the supply of cotton
would prove insufficient to meet the actual
wants of the world, there was soon estab-
|lished an upward movement which con-
tinued until the highest prices since 1875
we're at aine1. Middling cotton, which
early in September had commanded 11B
cents per pound, by the 9th of December
had declined to 81 cents, after which il
swept upward until the middle OF May,
when it was qrotable at 13h cents, an ad
vance OF 63 per cent In five months. But
the high prices had correction within
themselves, for the weekly takings were
materially reduced, the large deficiency in
worlds visible supply, whatever import
ance may be attached to it as an clement
in the cntton market was rapidly reduced.
and the prospects Of a cotton famine, be-
| fore the new crop could be marketed, were
so rapidly diminished that prices through
out June, July, and the fist half Of
August steadily declined, reaching 10N
cents in the last named month
During the latter part Of August reac-
ton ensued, August closing with nliddling
cotton quotable in Cincinnati at 1870
1t is somewhat noticeable that, notwith-
standing the great fluctuations, the average
price for the year has varied little from
lS77-7S. The average quotation for mid
ding cotton, in the past year. was 10. 43
cents per pound, compared with 1877 in
the preceding year, and OF good middling
| 1915 cents, in comparison with ll.15. III
all other grades the difference between the
averages for the two years was less than
these. Thus, middling fair, the average of
which was 1l.57 cents In 1879, was but
| nineteen hundredths of one cent per pound
less than the year 1877-78 Low middling
sixteen hundredths, and fair thirteen hun
dredths, while in both ordinary and good
ordinary the averages were above the pre-
vous year. the former having been 8. II
cents in 1872 in comparison with 004 in
| lS17-78, and the latter 9.73 cents compared
with 960, being in each case an increase of
thirteen hundredths OF one cent per pound
These figures not only show how nearly
in the general average the two years were
related, but it reveals how near, relatively,
the extremes we're to each other. Thus,
while in l81S-79 the difference between
ordinary and fair was 80 cents per pound,
in lS77.78 it was 3.65 cents, in 1857 1854,
and in 1856 545 Cents
The crop uf 1878 was not only the largest
on record. but it was also one of the best
in quality. The cotton was picked early.
The proportion of low grades was singri-
larly small, the crop averaging about strict
low middling, compared with good ordin.
ary in the previous year.
The business at Cincinnati, measured By
| quantity, SHOWS very CuHSluerdDle I'M
provement over the preceding year, and
equals, if it does not exceed. any previous
year. The aggregate receipts for the year
were PAS. .0G0 bales in comparison with 1874,
S95 bales in 1S77-7s, and the shipments 244.
532 bales, compared with 1888, 983. Itshould
be remarked, too, that in the early part o
the year the cotton business at this city wa.
seriously interfered With by the yellow
fever in the South. For long period
transportation from the South was sus
pended, thus not only taking so much
bodily from the business Of the year, bu
also to greater or less degree disturbing {
resumption of the usual business by the in
roads which more favored markets hat
made. On the whole, it has been very
satisfactory year. Our business with the
mills has increased, and with foreign coun
tries it has been fully maintained, favored
as 1t has been. BY extraordinarily low
through rates. cotton in May having beer
shipped on through bills from Cincinnati
to Liverpool at so cents per 100 pounds.
| The year. however, has had more disad
vantages than those enumerated; for. Will.
there have been satisfactory freight rate
eastwardly. there has been complaint viii
reference to the ra es between the South ant
this city. Thus it has occurred, at times
' that .,,, ~ - l,a cnul1 hok