The times. [volume] (Richmond, Va.) 1890-1903, 1893-11-04
nA1LY cnrrnN LErrER.

NEW YORK. Nov. 3.-FollOwing is Tho
daily cotton letter OF Atwood, Violet q
CO.. by private wire 10 e. w. Branch
While the closing here ia about . points
lower than last night and q points lower
than highest of to-day, the statistical
position upon which we have based our
belief as reasons for higher markets,
winch we THINK VIII be realized, has
grown strOnEe to-day, because the move
lnent generally Us smaller thdn expected
t4am't f6fgu I2S95tlltHsS last wear. wbt, s'iIs,
port movement a. about 32S.OUD bales.
against 2SLuUp bales last year. South
ein spot markets are generally higher.
We believe that the outlook in the way
OF supply and probable demand justihes
higher value for cotton, and We are put
TING this opinion forward daily about ass
strongly d5 words can make our meaning
cIcar. We recognize the necessity OF
lctlIns the consumer to buy the thing
ltetli, m order To- build a foundation for
"a purchase OF contracts, and We have
made ourselves clearly understood as 20
tuls Indispensable feature of The market
Tor am ADVANCE, and, as we said some
time aeo. It Our friends viii watch this
element Do The situation they viii be as
able 60 gauge the market as we could
hope TO go. We lay particular stress
upuu one ta.u-, and mat is, that We dTe
giving such facts aS SHOULD bring about
"a realization OF what VIC think ought 10
N'LNN NNNNA|||.H ca Improvement anu
probably a considerable one, 60 assist the
realizing, OF which the two essential re-
quirtmcHtS are-irst, continued and ac-
tive spot demand, and ii movement that
VIII not Doe $50 much larger than last year,
TO confirm seven and thTee-qudrter mil
lion estimates. a gentleman prominently
connected with this exchange, with large
interests in the South, has just returned
from there, and gives a most encouraging
account Of the outlook in the way of
improved conditions generally. which
means. among other things. agriculture
independence. and II the producer of cot
ton has arrived al that stage whore he
can market his crop when and in such
quantities ass hc pieases, and We believe
he has, he can dictate prices in a measure
himself, Instead OF being dictated TO.
There are "a great many people WhO think
cotton ought TO be and viii be lower,
as usual, they are "a formidable eie-
mcut to deal with in advancing prices,
but In the merits OF cotton are what a
great many people think, and We among
the number. thea an advance is In order.
Liverpool friends cable to-day, say
III is rumored that a squeeze OF
spring months here ls possible. and
if we confirm 10. We replied that
any squeeze would be q natural one, and
as the stocks here were more han
hundred thousand short OF last year,
with an unusually large short interest
FOR local, New Orleans and European ac-
count, such a thing might easily occur,
If IL was not possible 10 bring here from
anywhere except at "a loss at the present
time. and DO the Southern spot markets
continue above "a parity with this, there
Will be no more cotton here 90 protect
he short interest four months from now
there is TO-DAY. We estimate next
port movement at 3iO.OoO bales.
27l, O0O bales last year. Secretary
Hester. OF the New Orleans Exchange,
the amount that came into sight
This week 81 $4,000 bales, against $4,000
last yea. or 1000 bales less than
estimats of Yesterday. or 10000 bales
more only than mad come into sight last
since September LIST.