Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-10-27

SOC per month forlvs than one year. The
WEEKLY LEDGER Is 81 per annum-
postage free.
CONDITION OF THE COTTON TRADE.
More than half of the entire cotton
growth of the present year has been
gathered, and is either ready for mar
ket or in ginhouses preparatory to
being baled and shipped from planta-
tions. In the southern portion of the
cotton belt the staple has been more
than thirds picked out. In the
central portion it is fully half out of
the fields, and in the region adjacent
to this market, as we'll as that extend.
ing to the upper line of the cotton
belt, hundred miles northward
planters have advanced far toward
getting half of their cotton into their
ginhouses. Until few days ago the
weather, since the opening of the
picking season was unusually dry and
propitious, enabling cotton planters to
perform rapid work, and save their
crop in cleaner and better condition
than in average seasons. The late
cool weather and a few days of rain
retarded work to limited extent, and
now that the frosts have fallen we
may look for stained and dusty cotton
to make up portion of our marketa-
BILE product AS no part of the crop
worthy Of mention has yet been han
died here, and we are now about to
open the active season, it may be
apropos to look about and speculate
somewhat upon the prospect. 1t will
be safe to estimate that 10000 bales,
and perhaps more, of the present
crop, has been diverted from this to
other markets. We have received
since the first of last month 5258
bales, against 1889 bales last year, and
10000 bales the year before at the
same time, and we commence the sea-
son with stock by actual count of
SAT- bales. AS the crop hereabouts
is heavy one, it is safe to assume
that we will market between now and
the close Of the season as much as we
did last year after this date, which
was about 3SO,0O0 bales. Many believe
we will handle 100000 bales before the
end of August next. The extreme
low stage of all tributary rivers has
contributed somewhat to check ship
ments to other markets, and the steady
decline of prices also had its influence,
all of which has been in our favor and
has to a large extent Offset the injury
inflicted upon us by rigorous and
unprecedented quarantine blockade.
The cotton influx beginning to-day we
may expect to see continue with rapid
increase The export movement
will also be speedy as soon as our buy
ers return and get well to work. Al
ready several are in the field and hard
at it. The picket line embargo, by
which we have suffered for several
months past, has to some extent kept
us in the dark as to the movements
and huctuation of cotton, and little
light on the subject will doubtless be
beneficial. The price of middling
cotton in New York on the first OF
last month was 12lc per pound. 1t
declined gradually for more than five
weeks, touching l0lc on the 9TH inst,
total fall of2tc. Since then it has
gradually advanced to llsc, recover
ing precisely one-half of the loss in
the FIVE weeks mentioned. A variety
of reasons are assigned as having con-
tributed to these wide oscillations
During September the staple flowed
rapidly into all markets except this
and estimates of the crop were made
largely in excess Of last years yield,
which was 5,074,000 bales, the largest
crop on record. Since then reports
from various sources, but especially
through the national cotton exchange
and the agricultural department at
Washington, indicate a deficit of 224,
600 bales and estimates the total yield
of the present year at 4,S5O,OO bales
A considerable deficit may be expected
in Texas. The amount marketed in
the gulf ports there, ten days ago, fig
ured 1O6,3jS bales, decrease com
pared with last year at the same time
of over l4,0OO bales. In Northeastern
Texas the yield will equal last year
but in Central, Western and South
ern Texas the drought will cause a
large deficit The South Atlantic
ports show a larger falling of. Al