Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-10-11
LAST Year. COtsoh Movement.


The reception of the seventh edi-
ton of Latham, Alexander & Goa.
interesting and always appreciated
Cotton Movement and Fluctuations
for 1880" affords occasion for making
the following valuable extracts +:
After mentioning the heavy receipts
and sales both for domestic spinners
a~ndforeign account during0 October and
November, the report says: by De-
cember 9th 1879, middling uplands
had advanced to Ii 7-l6c per pound
and August delivery to 15c; these we're
the highest prices of the year. After
January it became apparent hat the
American crop would largely exceed
the popular estimate, that the supply
from Egypt and the East Indies would
also exceed expectations, and that
speculation in all articles was hesita-
ting on account Of high prices. Iron,
which had advanced from $3.50 to
$42 per ton, rapidly declined to 500
per ton. Values in the New York
stock exchange suffered heavy depre-
citation, and it was not possible for the
price of cotton to be maintained when
both European aud American spin
ners we're holding largo stocks
bought early in the season, besides
a large supply Of manufactured goods
that could not readily be disposed Of
at ruling prices. On April 24th
middling uplands had declined to lie
and contracts for future delivery had
suffered even greater depreciation.
About this date continued large con-
sumption in Europe, favorable reports
Of trade, indications Of larger home
business, reduction Of stocks of desir-
abe cotton and growing crop created
more confidence and the year closed
with the price advanced to
y cents for middling. The
consumption If the United States has
increased, reaching l,7S9,978 bales,
against 1853, 320 bales last year. In
England and on the continent the in
creased consumption from September
LIST, 1879, to September LIST, 1880, will
aggregate about $4,000 bales. The
yield this year reached cost pounds
per acre, footing up 1891, 252 bales,
which is the largest ever known. For
the new cotton year there is every
promise of ample supply and a large
consumption, From India and Rpa-
zl reports Of the crop are favorable.
From Egypt a slight deficiency is OK
pectcd, but latest advices warrant the
belief that together these foreign
countries may furnish as much
as last year. Consumption in
Great Britain at present is ABOUT
1900 bales weekly, and on the the
continent about 5000 bales Of 400
pounds each, while in the United
States a large number of spindles
have been added to the mills, and the
consumption is now greater than al
any previous time. 1t is not only
probable that these high rates will
continue during the year, but Ellison
& Co., high authority, predict an in
crease" The sales of futures at the
New York cotton exchange during
the year is given by the same authori-
ty at 34,006, 600 bales, nearly tire,
times as much as the anuua
production Of the entire would. Last
year sales Of futures we're 25,410,6OC
bales, the year before Il, 800 bales
In 1875, 1O,73l,4 400 bales. In 1875
7,233,65O bales, and in 1870, when tn
sale of futures was first inaugurate,
at the exchange, 3,OOO,O75 bales, Thi
wonderful increase of business il
futures shows that last season was
period Of excitement and speculation
in this line. Indications point to
prospect for 1t TO be equally large dur
ing the coming season.