The times. [volume] (Richmond, Va.) 1890-1903, 1894-03-13
DAILY COTTON LET.-ER

Following is the daily cotton letter Of
Atwood Violet & Co., New York, by pri-
vate wire 10 e. W. Branch d Co.:
The market was doing all right to-day
at a decline Of five 10 six POI nts. when
New Orleans estimate OF 500 receipts,
against J,4UO last year, was announced
carrying prices down TO 40 Tor May,
subsequently declining more largely be-
cause Houston receipts are estimated to-
morrow at 5000. against LOO Last year.
While the New Orleans and Houston
movement is almost entirely at tie cX-
pense of invisible towns. the fact Is that
II is so much more cotton coming into
sight, and while 1t does not charge our
opinion as to the size OF the crop, mas
much as it IS cotton that Is oocominS
visible now which ordinarily wOubi rave
come into sight later. at the same tine
the natural effect is TO weaken prices AMI
to cause more selling either oy tiose
already short or selling TO cover by tho e
who are long. The southern spot ma r
kets are weaker to-day, and tn'S fas
been an element OF an unfayo,7Dle CT ar
acter. What has happened on TINS side
to-day has not been SUCH as - help
prices at Liverpool tomorrow. hat, then.
with Liverpool at anything under Nj, as
they are for April-May, and ~. COR May
June against 4.DD for May-June ms time
last year equivalent 10 about 10 .Ameri-
can points, IL is a question whethi,r they
should go much lower even with present
large movement If. as many INN X, tne
decline in price has offset the II C-fase IN
points lower than Saturday., or two
above those OF last month, which were
the lowest point this season /cort re-
ceipts this week were 1870, and the esti-
mate is now 1900 TO $4,000, agf lirst 3d.
900 last week A very prominent lr.n teEe
have steady buyers all uay. Ike htf IRON
present depression must come non. LIVER
pool, as their stock Is large, on W thou1
their assistance IL may be din .cult, per-
haps, to create permanent iEll ,rONemeht.
We cannot believe N ceiling the l1aiket
with crop Of 100000 ard an 'inKnown
quantity ahead SO far as the next crop
is concerned, but there. are mslny m this
market who have bell 1v'.1, asid sun he
lieve in yet lower prices The amount In
sight of this crop ~ the Ell II feOi ~
was 6.553 600 bales. Tnerefor7, Il lieie
is a crop OF even 7,h09.o00 there must
come into sight Tor The ba,ance CT iris
season vi7 900. against !2cNVJ TIA came
into sight after the end of February last
year. Interior visible stcssi on flT"y
year. therefore about - pa cent. less,
and our opinion has BON for many
months that the ratio OF stocks At the IN
visible points and on piazza tons u the
visible stocks Is 'ess ms yer 'ral l,, lol
many years. IL ever before. But. snPpos-
ing the same percentage only OF - per
cent is held al Invisible pom g and I al
tations how is II possible Tor any SCI 81
BILE or intelligent man to ass ert that the
amount 10 be added 10 ,hti crop after
the end Of February will be loo more
than came into sight during the same
period last year. in order 10 ilS re d
crop Of even 100000 We have facts In
the way Of visible stocks at visible points
as a basis. and It is more than absurd
for any enc at all acquainted with the
movement Of the cotton crop TO insist
that invisible stocks shouhi be greater
than Il st year while tire visible are 50
much decidedly less. our friends for some
time have been selling more than buying.
Our own opinion IS still IN Favor Oh buy
| ing on depressiOns.