The times. [volume] (Richmond, Va.) 1890-1903, 1893-11-19
DAILY COTTON LETTER


NEW YORK, Nov 1S-The following Is
| the daily cotton letter of Atwood, Violet
| co. 10y private wire TO G. W. Branch
| a. Co..
The advance of yesterday proved pre-
mature, ana shows that il was based
upon sentiment entirely because Liver
pool is more affected this morning bv
facts i'm the shape of a large movement
imam by the prospect Of obtaining their
fuel at reduced prices. This, however
VIII not be felt for perhaps some time
as coal stocks are small everywhere I'm
Great Britain, and prices may not be re-
duced 10 the normal until the supply has
been considerably increased. Information
from Liverpool is very meagre to-day.
owing to violent storms on the Irish coast
ket points lower A decline at The
opening here Of points from yesterday
was followed by an Improvement of 4 to ,
points, but the market gradually eased
on unul ABOUT lVe minutes Of the clos
ing hour, when AN estimate of New Or
leans receipts OF 10000 bales for Monday
against lO.SW bales last year broke the
maIEet ldpluiy' ana mai prices were ID
points below last night. The port move
ment for Monday is not likely TO be any
heavier than last year. which was 10000
bales. but the indications are that Liver
pool viii show the effects Of this liberal
supply by declining further. II remains
10 be seen whether the decline here to-
day has discounted a decline there Of
3 or points on Monday. which is likely
TO be realized. The following is a copy
OF "a message we have from one Of the
exporting houses 10 whom we re-
ierred yesterday, and people, too,
VINO are usually well informed.
sent us yesterday after publica-
ton Of the New Orleans weekly report,
which was not announced until after
O'Clock =. NJ, although we foreshadOwed
early IN the day what that movement
would likely be. and which was $1,000
bales more than our estimate of the day
previous. Our friends say that Liverpool
expected large movement for the week
ending Yesterday and, in their judgment
10 would confirm their ideas OF a large
crop. a. the same time, however they
think that at a little lower basis than
yesterday prices, trade would start
again, and perhaps the spot demand would
cOunterudldnce the movement, and their
views, therefore. as very large exporters.
nave very considerable weight with US.
ihe movement does not confirm a large
crop estimate, In our opinion, nor does
10 with a great many others But that
l8 not the question. The point 20 be con-
sdered Is. what does the consumer think
as 60 the advantages Of waiting before
buying more than for immediate wants.
he thinks that receipts justify
expectations Of a large crop. and cOnse-
luehuy lower prices, and as long as he
stays out of the market so largely IL
means less demand for actual cotton.
ahu therefore greater weakness in con-
Idcta. We therefore see nothing en-
. 1uIdBlnS IN the situation at the moment
Dut rather the reverse so long as the
-yhIlNphS continue. An estimate of
( 'JouU' bales maximum may be realized
pm lhe end. but I'm the meantime prices
may De carried lower and certainly will
~ upleSs mere rs more active demand |
y, ,ss, c a.'l cotton buyer Our telegram of |
leFddy morning TO our wire cores |
5'hdents put the situation exactly as we |
thought might be realized, and which |
l7a ehdrely come true to-day.