New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-12
COTTON ON A LOWER LEVEL.
THE BUREAUS REPORT CONSTRUED
BEARISHLY.

ALL soPrs OF CROP YIELDS FIGURED ON ITS
BAsrs-BrrrLs AND BEARS STILL APART
The cotton market was nervous and active one
Yesterday and values had wide swing Of rs
poInts The close at night saw the bears again In
control the final figures being II points under the
close OF Saturday. January opened at o. or
points under Saturday, sold up 10 $50 on a sharp
rise in Liverpool, which was favorably affected by
Lord Salisbury's speech. and sales OF 1900 bales
OF spot cotton there: then 1t fell to s34 on the an
nouncement OF the Bureaus report closing az s'5o
The figures issued by the Bureau Indicate yield
OF 1856 pounds of lint cotton 10 the acre as against
1917 last year and 1883 in November. 1893 Inc
trade however had expected report in the neigh
borhood of AS pounds and result the larger
estimate caused a break. Figuring. as many did,
upon the basis OF 40 pounds to the bale and an
acreage OF 20 .134 shown by the Government
the Bureaus yield would indicate crop OF toool1
bales Extremely bullish as well as bearish caicu-
atons were made the Exchange. however Oh
the basis OF the Bureaus figures The bears assert
that the figures indicate a yield from ''o"v" 70
10000 bales They say that the Bureau In 1875
estimated q Weld Of 1853 pounds to the acre. with
an acreage Of 1925 Co., and the yield was 7.62.cO
hales The Bureau acreage Of this crop Is D,,@W
acres which the 1898 basis would give crop
If 100000 bales The Bureau estimate IN 1888
fell short OF the actual yield % per cent last year
4, fell short per cent. The bears allow per cent
for this year.
On the other hand the bulls said that II was aiter
all. question of acreage. They show this table:
Acreage Acreage.
Bureau ......... 20. $4,000 Latham Alexander
NELL ........... 10. 100000 Co......... Dos 10
''rh. Chronicle II $4,000 Average ....... 1899 500
Taking this average acreage OF the four author
tiles and multiplying It by 1866, and dividing the re-
suit by 4so pounds which is The Chronicles esti-
mate OF the net weight OF bale, the outcome
shows a Weld in round numbers OF 6025O0o bales
Latham. Alexander & Co. said to ridlcule any
big crop estimate on the basis Of the Bureau >
figures This telegram came from New-Orleans:
New-Orleans Nov. lit is reported that Nell
says Bureau report means on their acreage S,oW-
90 bales his acreage $1,000"
Nevertheless there some stiff hammerng or
prices on the announcement by the Bureau and
the market weakened sharply. Post receipts and
the actual movement OF cotton continue or A
basis Of 5000 0Dobale crop being $500 bales yes
terday against $1,000 last year These startling
comparisons are. however. wholly ignored. the
foreign bears selling the market on the confident
belief that the cotton Is being held back In the
South. 1t is barely possible that some fine morning
next spring they may change their minds about the
size Of this crop. Little direct evidence has
come mp from the cotton country that the staple s
being held whereas such kilograms as the follow
ing are frequently received from the South:
New Orleans, Nov. 10.-Nlanager OF the Bayou
Sara Compress says that they have on hand now
only 400 bales last year at this time they had
1900. Nobody holding back.