New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-24
COTTON MARKETS BOOMING.
BRITISH SPINNERS IN A PANIC.
sr.pp ADVANCES IN EUROPE AND AMERICA
CONTINUED BAD CROP NEWS AND
A LIGHT MOVEMENT.

A LIGHT MOVEMENT.
II looked last night as II the New-Oreans bull
party and the American grower were in cohp'e'e
control of the cotton situation. Yesterday WIS a
blue day for the bears and British spinner anu
these professional pess!mlsts were in state oi
sem-panic on both sides OF the ocean. The COM
placent Manchester mi-owner II now reported 10 oe
trying to protect himself by buying future CONTRACTS
against his actual requirements. Evidences Oh
painfully shortened crop multiply daily anu Tue
weather conditions continue to be unfavordpie i'S
terday prices advanced on the New-York Cotton
Exchange IS points and closed with only TWO points
OF this lost In the face Of heavy realizing for profits
on the curb quotations were points over the OH
cial close January selling 7si against the ofiical
closing quotation OF 10 Spot cotton was advanced
&c and spnners took 1872 bales The total sales
reached 26 600 bales There were heavy orders 10
buy from New-Orleans after the close.
The chief Influences the market yesterday were
continued heavy rains in Atlantic States. already
suffering from too much rain and continued dry
weather in Texas. where rain is badly needed as
well as the extraordinarily small movement.
Prices improved materially at Liverpool closing
1854 higher than Thursday night.
Port receipts yesterday were 269 bales. against
1916 last year. and OF this 1876 bales Of new cotton
were received at Galveston aeains; l.5t0 last year.
and at New Orleans no new cotton against S5 paIes
last year Port receipts for the cotton week END
yesterday 2.i37. against l32s9 last Ne@r.
1922
last year. which largely stimulated this market IN
addition to the influence OF LiverpooIS improve
Late in the session big buying orders came from
New-Orleans. based a rumor that Dui"Sh
crop report is expected from ''The Chronicle TO-
day The New-Orears bull leader teegraphed
offers to bet 500 even that the crop would not be
400 900 bales and 500 TO go that II would not De
10000 Mum. Son & 60. write as follows:
1t is well to bear in mind the fact not disputed
anywhere that the acreage was reduced any W. Il
from 10 TO per cent that the sales OF comnercial
fertilizers showed falling of at moderate esl-
mate OF Is Is per cent; that this diminished u.s.
OF fertilizers in certain sections OF the cotton PEI -,
necessarily means reduced yield of cotton mar an
this In conjunction with very back"arI sprl', n,
the phenomenally cold June. together with drouua
in some portions Of the cotton belt and sNce,s's
rains IN other portions points very plainly 10 a
total crop considerably smaller than that OF Iast
year In the mean time american , trsde are ~ get
ting better prices for goods and higher wages ana
have money to spend than tney nave ha
reason to believe that the Consumption OF coi,on ,
this year Will be much larger than tnat OF iast
india. "A'''"'''' " '''
Atwood Violet & Co. say:
II looks as though European sceptcism as to crop
damage had lured them into feeling Of security;
which they now realizing was misplaced, ana
Of The rev crop which now looks though II
might be retarded TO an extent TO make me crop APP
pear smaller than many predict mgher p' re
afternoon advises us that spot quotations are i-lo
10 Il higher than officially reported to-day ana thdt
many OF the largest cotton-receiving Texas toWiis
such as Bryan and NavasOta, estimate their re-
CENTS this sea son at 30 10 per cent below last
wear \ew-Orleans Is feeling the effect OF these
bullish conditions even more IMAM TINS ma Me- -
their advance to-day has been % points: or more
than ours putting October there within Is TO u
points Of New-York. whereas the normal dinerehce
Is 90
Hubbard Brothers e. Co. take this view:
The condition abroad is graphically described by
the short phrase panic stricken spinners. during
,he last few wears with large crops OF cotton ana
depressed condition OF trade. they nave beei aDie
10 secure their RAJ material at constantly decnmns
nrces and now when confronted with opposite
Conditions they are the main support 10 the market
Price Mcconnell & Co. say:
The lateness OF the crop and the small offerings
from the South, which being made only az
higher prices. causing a very nervous ieelng
among Manchester spinners. who are under large
contracts for manufactured goods, WITHOUT having
secured the necessary raw material