Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-01-09
PILIEG UP THE SUPPLY.
Every Port in the Country Running
Over With Cotton.
Ali the Result Of Future Specu-
IatiOns.

New orleans oMtesi vi
Apropos Of contracts for the future
delivery of cotton, the strong bull
movement appears TO be more general
than was at first supposed, and the
heavy accumulation Of the staple, by
reason Of the failure of shipments,
seems as, true to every other cotton
port as it is to this. Yesterday a lead
ing ship broker stated that according
to a close calculation it is believed
that within ten days the stock of cot
ton in this city will aggregate half a
million of bales.
Meeting q group of cotton press
owners, these gentlemen remarked
that much the same condition Of
things exists in every American cot.
ton port. One Of the gentlemen re-
markeda ut would be worth your
while t6pay a visit to the cotton press
district. It's like Sunday. There is
nothing doing and the presses are
full"
Another gentleman remarked that a
press which has not contained cotton
for years before is now full.
During the purse of conversation it
was observed that that morning seve-
raj of the leading factors had con-
Guided to sell and there would proba.
bly, be shipments within a day or two.
1t was further stated in explanation
that several factors were opposed to
contract cotton" and usually ques.
toned brokers closely whether the
cotton they desired to purchase was
for shipment or to fill contracts.
One instance was cited wherein a fac
tor positively refused to sell a list of
cotton which the purchaser desired to
fill a contract.
1t was explained that all purchases
for future delivery stipulating that a
lot Of cotton should average $50
pounds in q bale, and class at a specific
grade, made the delivery of cotton on
contract somewhat difficult, and that
it is customary for factors to charge
the highest rates for contract cotton.
Meanwhile retired merchant stated
that several of his friends among the
cotton planters had caught the infec-
ton, and early in the season sold their
cotton to be delivered.
An impression seems to prevail
among cotton press owners that for
eign spinners have accumulated a very
fair supply of last years cotton, which
they are judiciously consuming until
the question Of price has been definite
ly settled. 1t was stated yesterday,
however, to hold here the enormous
stock of cotton which has accumu.
lated taxed to the utmost the capaci-
ty of the city banks. 1t of course
understood that the moment a cargo
of cotton is placed upon s%hipboard, and
the Captain has signed a bill of lading,
the exchange, Of which this forms the
basis, a readily be disposed, either
here or by telegraph in New York.
When, however, that cotton, instead
of being afoat on its way to the man.
ufacturer, is locked up in a cotton
press, the money which would quickly
return is not forthcoming, and will
not be until a shipment is made.
An intelligent merchant yesterday
expressed the opinion that the insu-
rance and interest on the enormous
aggregate which half a million bales of
cotton represents would contribute
greatly to eat up the profits even of a
successful bull movement. The few
vessels import, and the inactivity both
in cotton presses and among the hun
dreds who are employed in the move.
ment Of the staple, creates temporary
depression, but as all classes Of labor
as well as the presses are paid by the
bale, it is not believed that labor in
the aggregate will receive less for the
years work.
Colonel Boyd, from whom a repre-
sentative Of the States obtained many
interesting particulars, is Of the
opinion that contracts for the future
delivery OF cotton will have the effect
of protracting the cotton business un-
til long into the summer, as there will
be sales throughout the intervening
time, and dealers taught by the expe-
rience of last August. will have cotton
here to comply with contracts through
out the summer.
1t was observed yesterday as per-
haps this most fortunate circumstance
connected with the impediments to
the shipment Of cotton is not confined
to New Orleans exclusively.
In such an event, it is apprehended,
that in another year the entire cotton
manufacturing interest in retaliation
might combine against this port, but
as every other American port is in a
sense lin the same box" British
wrath, like the rain, will descend upon
all alike.