Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-02-28
THE VALUE OF COTTON.

AhE VALUE w COTTUH.
The cotton movement continues to
excite deal of public interest in all
business circles. We have expert
enced draggy market during the past
week, not only throughout the coun-
try, but abroad, and prices show a
slight reduction. The chief causes
Of this are not apparent, unless it be
that trade generally is less buoyant in
Europe and this country, that yarns
and fabrics are tending lower and ex-
hibit falling off in demand, together
with the fact that, in the language of
one Of our old-time cotton men,
There are too many cotton" Re-
cent estimates figure out the total
crop of the present season at 5,5OO,OOO
bales, with a possibility Of it reaching
100000. The receipts continue to
flow into the ports and leading mar.
kets of the country at rate
that indicates to certainty
that from now to the close of the
season they will be fully equal if not
more than last year. If this result is
attained, and there is no reason to
doubt it, the cotton which has already
come into sight affords assurance that
the higher estimates will be nearest
the mark. For some ten days past a
humber of our leading cotton operators
have entertained bearish feeling, and
believe that staple dealers have been
over-trading and over-speculating,
Also that prices are little too steep
and must slope down somewhat. This
article has not been written in the
interest OF the bears, but merely to
picture the situation as it looks to
those who feel affected by the late
depression in prices and the prospect
of the future, as it appears to them.
The receipts of cotton at the United
States ports, after the first of March
last year, were $4,000 bales add this
TO our present receipts of 4,21O,659
bales, and then allow fairly for the
Interior movement and southern con-
sumption, and the whole will approx
mate the higher crop mems figures.
The indications at present warrant
the statement that American spinners
are well stocked having, perhaps, 3OO,-
900 bales now in excess Of this date
last year, and the beauty oft is that
they selected their takings from the
Earliest pickings, the cream Of the
crop indeed leaving the fag-ends and
last pickings for exporters. 1t is also
understood that stocks in the hands
Of foreign manufacturers is large equal
at least to the heaviest stocks held by
them during last year; in fact, numer-
ous close observers declare that they
hold more cotton in the form of con-
tracts for future delivery than ever be-
fore. This being the case, the fact that
prices in Liverpool are now full I'd or
about four cents per pound higher
Than they were at this date last year,
aifOrds reasonable ground to figure on
a little dropping off in the value of
the staple. The Liverpool circular Of
Watts & Co., of the 18th
inst., estimates the present
american crop at less than
81 millions, and regarding the supp y
from other sources, says; "The Ben.
gal crop is now reported to be small.
with prospects Of any increased ship.
ments from Bombay this season being
offset by decreased shipments from
Calcutta. Our imports from Brazil
and the West Indies so far this year
AMOUNT to only 2O,683 bales, against
3OS89 bales last year to the same time,
md it is now thought supplies from
those sources may this season fall
short of last. The threatened strike
al Oldham has been settled; some in
crease wages to operators have been
granted at other towns, and no further
troUbIe is expected. We incline to
The opinion that the consumption of
cotton in this country is gradually in
ereasing, and is now as large, il not
larger than ever before"