The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-09-28
COTTON CIRCULAR.
McElr6y Co. on the Condition Of the
Market,

Market.
NEW ORLEANS, Sept. 22.-McElroy
& Co. say:
Futures-Liverpool fully met all ex-
pectations in the extent of its advance
which at one time during the day was
as much as 7-64 and that market finally
closed steady at net gain OF b ga on
the day. Spots were again active,
sales aggregating $4,000 bales at 1-16d
advance.
Our market opened 5 points higher,
but the realizing which we anticipated
in our report of yesterday gave prices
a set back and caused a decline of 10
points from the highest, but at the
closing we find the market at about
the same level as yesterday. Spot
prices here are unchanged with sales
of 1900.
The weekly movement which footed
up $1,000 against 1874 900 last year and
249, 900 the year before was somewhat
larger than at first expected, but still
so small that the bears did not dare to
hammer the market on it. In the in
terror Houston falls far below last year,
in fact the entire loss of 10 900 bales
in the interior movement was repre-
sented by the Houston receipts.
The principal cause of the rapid re-
covery from the mornings decline
were cabled from Liverpool, stating
that spinners were active buyers of
spots after the closing, and New York
was apparently well supplied with buy.
ing orders from the other side of the
pond. Despite the disappointing ex-
perience of two years ago, when the
early estimates of 1885, 900 were found
to be !, 100000 bales short of the actual
outturn, spinners are very cautious
and are not allowing themselves to be
influenced by the constant references
to that experience. They remember
also another experience, viz: that OF
last year when they persistenly re-
fused to believe that the crop could be
less than 100000 and expected from
week to week an expansion in the
movement, which never came. For
tunately for them last year, the i'm
mense surplus carried over from the
year before was not so much.
The surplus stocks at mills and ex-
tremely heavy stocks of manufactured
goods placed manufacturers in a posi-
ton to resist the advance and keer
out of the market. This year they are
undoubtedly very bare of stocks, bott
of raw material and goods, and if they
should become convinced that the
crop is anything like as short as last
year we may expect some active buy
ing.
One of our Galveston friends figures
that the News report indicates yielC
of 20 100 of a bale per acre on a, 300, 00(
acres, or in round figures crop o
l, $50, 900 bales. OF course he has nc
idea that the crop will fall tt
anything like such a low figur,
but the calculation may carry the con
viction home to the foreign consumer
that the situation in Texas is far wors,
than has been generally supposed III
to the present time. Occasionally we
hear some figures spoken of by mem
bers of the exchange and we give then
for the benefit of our friends. One
calculation is that as last year the
states other than Texas made $500, 900
20 per cent increase would represent s
yield this year of 100000 bales ant
if Texas should give as much
even as 100000 the tota
would be 100000, less difference il
the amount of old cotton carried over
which is estimated at fully 100000
bales. In other words, a commercial
crop of 100000 is figured out on the
above basis. These are not our figures
for we shall give several calculation.
of this sort during the season ON theil
merits for the information of oul
friends.
The statement of visible supply vii
be carefully scrutinized tomorrow. Al
this time of the year, under
ordinary circumstances, the visi-
BILE gains from 100000 t
$50, 900 bales per week last year, owing
to the extremely small movement the
gain was only $4,000 this year. The
movement is still smaller and it il
more than probable that instead of q
gain in the visible it will actually show
falling off for the week. Such a re-
suit would undoubtedly be used with
| good effect by the bulls.