Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-10-03
COTTON.

NHAADAt
The present warm dry spell is doing
wonders for the cotton crop. News
from the valleys is to the effect that
the yield will be large. Every field is
white with open bolls, and pickers are
working with great industry to save
every lock that can be gathered dur.
ing the present propitious period.
That portion Of the growth known as
the top crop, which reaches maturity
the latest, is vigorous and unusually
promising The staple was never
better, and fine outturn is antici-
pated throughout the Mississippi
valley. In the hills the same cheer
ing accounts are reported With the
exception of localities in Texas in
jured by drouth, and some damage
done in Alabama and Louisiana by
storms and heavy rains during August
the general reports are exceedingly
promising. Picking in the southern
and central portion OF the cotton belt
is already far advanced, and as no
worms, rust or early frosts are likely
to shorten the yield, we may look for
at least 100000 more bales of cotton
this year in the Mississippi valley than
was marketed last season. 1t will be
remembered that the Mississippi val
ley crop fell short last year as com
pared with the year before about that
number of bales. The staple is being
forwarded to market with a rush.
New Orleans has already received 90
900 bales, which is double the quaint
ty received at this date last year. st,
Louis shows receipts of $4,000 bales
against less than half that amount at
this time last year. Galveston has
received $4,000 bales, which is not far
from its figures at this date last season,
and the total receipts at all of the
markets Of the country up to Monday
last were to 273, ,172 bales, an excess Of
10000 bales over last year at the same
date. This would indicate a desire on
the part of the planters to put their
cotton on the market as fast as it can
be forwarded. They are doubtless
stimulated to this action through a
desire to realize while prices are at
their present point, and through
fear that a decline similar
to that of last season may
follow. 1t will be remembered that
prices at this date last year were near
ly the same as now, but that mid
ding cotton dropped toward the close
Of December to less than SIC per
pound, and that the total huctuation
of prices last year was over five cents
per pound. What the future of cot
ton is to be is purely conjectural,
The present visible supply including
all now in the markets of Europe
aud this country with the stock
aaoat is but 9O5, ,432 bales. At thi.
date last year it was l 1,O77 ,SO1 bales
The statistical position Of cotton may
therefore be set down as very strong
. In the face Of this, however, the state
of trade at Manchester and other
leading manufacturing centres in
England is unsatisfactory. On the
continent of Europe the population
is mainly struggling at present with
the problem Of a short supply oI
breadstuffs and provisions. To re.
plenish this stock, specie is flowing in
this direction in heavy volume. Pos
sibly this will have a depressing effect
upon the cotton market for people can
get along better without clothes thar
they can without bread. The trouble
may, however, be but temporary and il
is to behoped that a revival of the cot.
ton trade abroad will soon send tho
price of the staple up to a higher point
than it now occupies. One thing, how
ever, is very certain. The quantity o
American cotton in Liverpool anc
other European cities is very small
las than half the amount held al tbiy