The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-11-17
COTTON CIRCULAR. :
McElroy Gilbert on the Condition Of
the Market.

McElroy G Gilbert on the Condition Of
the Market.
New ORLEANS, Nov. 15.-McElroy
81 Gilbert say:
Futures-Rumors were rife through
out the day that Mr.. Neill had issued,
or was going to issue, an amended
crop estimate reducing his previous
figure of 100000 maximum to some
thing like 6,75O,OOO or G, 6,5OO,OOO. Moth
ing definite could be learned on this
point, but if the actions of Liverpool
are to be taken as a guide to the cor
rectness of the rumors we must accept
them as true for that MARKET advsnc-
ed 6-64 and closed firm, and while
spots during the morning were slow
of sale and rather easier in
price they become active
later in the day and including
sales after p. m., the total business
was 1900 bales. Our market needed
no further encouragement than this
and has been very firm throughout
the day. The closing showing au
actual gain over yesterday of about "a
points or only less than the extreme
prices paid. New York has followed
and closed about % above yesterday.
Our spot market was very active
and prices are 3-l6 higher. Middling
cotton being now quoted at &c. Sales
aggretate 1900, of which 1900 are to ar
rive. We have looked with much
qualification at the lead which New
Orleans in the past two months very
properly taken in asserting its posi-
tion as the governing cotton market of
the world. Nothing but the apathy
OF our own people and their failure to
realize the Importance of such influ-
ence on the price of the staple which
forms the basis of Southern COM
mercial prosperity has prevented us
from taking this position some years
ago. Now that it is assured the
world will look more to New Orleans
than to either Liverpool of New York
when it wishes to learn the probable
course of the market and of the
influences that are likely to
govern prices. The figures
which were cabled so generally yes.
terday as those of Mr.. Ellison are
from all accounts really not his, but a
deduction from his statements. 1t
will be remembered that last month
Mr.. Ellison estimated the cOrsump-
tiOn of American cotton at 8,400, 900
bales and if the new crop were equal
to this our stocks would at the end of
this season be the same as at the be-
ginning. He always takes into con-
sideration more particularly the
stocks at mills and European ports,
which in 1891 on Sept. 30, the end of the
Liverpool year, aggregated $4,000, 600
bales. If instead of carrying over to
the new year such an immense sur
plus this would be reduced to the fair
total on Sept. 30, 1890, of 1,0000 900
bales, there would be required from
America l 100000 hales less than the
amount that will be consumed by the
mills this year, and thus 1t is evident
that parties cabling here yes
terday calculated that Mr.. Eli
sons figures meant that an
American crop of 100000 would be
sufficient to meet the worlds require
ments and yet leave stocks on hand at
the end of the season as large as those
carried over ON September 1890, say
100000 bales. This by the way was
larger stock than had been carried
for number of years previous.
Receipts at all ports today were
48, 900 against $4,000 last year. New
Orleans expects tomorrow 5000 against
1900 last year.