The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-10-13
COTTON CIRCULAR
McElroy Gilbert on the Condition Of
the Market.

y
the Market.
NEW ORLEANs, Oct. 0.-McElroy
d Gilbert say:
Futures-IDstead of an advance of s
to 1864 in Liverpool which We say
would be necessary to restore the nor
NAL differences between the market
and those on this side there was an
Improvement of only 564 and al
though, some reports of frost in North
Texas, Northern Mississippi and Ar
kansas, caused heavy buying here a
the opening and an advance of points
it soon became manifest that without
more active support from Liverpool,
such comparatively high prices could
not be maintained. Even be-
ore the bureau report was
published there had been a decline of
IS points from the opening, or 10 from
Saturdays closing, and when the
figures were published showing the
condition of the crop to be 70 8 when
they were generally expected to fall
as low as II a great deal of cotton was
thrown on the market, and prices
were run down Is points more, an ex
treme depression from the opening of
81 points, A great deal of long cotton
was liquidated on the decline, and we
think considerable new buying has
taken place ut new figures, so that al
together we consider the market in q
much healthier condition than before.
To add to the weakness receipts at all
ports were rather heavier than ex-
pected, being $4,000, against $4,000
last year, and for tomorrow New Or.
leans expects 5000 against 10000 last
year, and $4,000 at all ports the came
day. The market finally closed steady
twenty points below Saturday. Spots
were not quoted any lower, although
they were irregular, aud sales aggre-
gated 100 bales.
The frost reports were not given
much weight after the first hour when
it was seen that Liverpool had placed
so lite faith in them, and investiga-
ton shows that at the only point where
killing frost was reported, Mckinney,
Tex, the government observer says
that AZ degrees was the lowest level
touched during thenight. The bureau
report calls for some comment. While
the figure of condition for October
1873 was higher than generally ex-
pected, 1t must not be thought that in
itself the condition is as high as COM
pared with last year. 1t shows lower
condition by 3 IL per cent and. falls
6 or points below the years 1890 and
1889. The average October condition
for the four years, 1883 to 1891 inclu-
sive, was 70, or 81 higher than the
figures published today. 1t must also
be remembered that at about this
time last year crop estimates reigned
in the neighborhood of 7 ,250, 900, which
condition 1858 was supposed to repre-
sent. We know that last year a
great part of the crop was made after
this date. What we have now to cal
culate is how much we may expect as
the result of the continued growth
and ripening from now on taken in
conjunction with the average condi-
ton for several years past. The fig
ures published today indicate the pos
sibility of crop of 7,750,000 with
out extremely favorable weather for
six weeks to come not only to continue
the fruiting but also to enable the
crop to be picked out without loss. In
calculations as to the effect upon
prices of crop as small as that which
now seems to be certain, we must not
lose sight of the temporary influences
of such things as heavy receipts and,
too rapid advance and an overloaded
long interest. We only mention these
that our readers may not lose sight of
them at times when they are likely to
have decided influence on prices.
cry sipelas, Swoolen Limbs, Bad Sores, Scales