New-York tribune., 1895-10-13
financial.

IlNuWtlul.
AMERICAN COTTON.
Abou, the beginning Of March last. when contracts In
Cotton market here selling at 5'sc We began
strongly advise their purchase as an Investment as
well as A speculation believing that ultimately the rise
in values would marked. nasmuoh as II would
be unreasonable to suppose the South would bankrupt
ITSELF by attempting the cultivation OF cotton at prices
then ruling and with decidedly dim'nishen a'r'"se'
which follow. That feature. alone OUTSIDE
OF all other influences which might and did follow.
would. thought the time. carry the market 70
much higher plane. rs subsequently took place The
date IL about 3isc per pound. but 50 con-
and serious been the deterioration IN e crop
throughout the season and curaiied consequently.
s the probable yield decidedly of the opinion
that should this such ns are enter
aine nj NewOrleans be realized there might oe much
excitement In cotton markets everywhere for reasons we
shall mention hereinafter In May last We began the
Issuance % daily crop report which obtained not only
large circulation in this country. but abroad The crop
information contained therein unfavorable. ana
created considerable scepcsm. especially abroad as
evidenced By the article herein below, but AZ the same
tine we had great faith in the truthfuness OF what
received inasmuch correspondents were. In
most entirely reliable make us feel that
the right track warning the trade. 50
far could reach II through that medium. Of what
for then in way OF a reduced yield not
only as compared with last year. but for many years
past. In this connection Will that estimate
OF this fortified with tho best Information We
can get and confirmed by those in the South who have
investigated the closely than ourselves
Is that the South will produce exceeding G.50o.Go
against 9.90ooo last year. while the last crop Of
Cocoon under. in issC-s7. when the yield
G.5i3.2G3 bales but the Worlds consumption at that
time was not 10 he compared. Of course. with what II
IL now. Among others who took exception 10 what our
friends way Of crop Information was one
Of the staff the London stas, prominent financial
and trade Journal. criticised several occasions
what apparently. extreme. but ne was eanslly
gracious IN the end in acknowledging IN the columns ot
his valued Journal that siyces had been correct We
fesl that entirely in order for quote from TIE
article referred
FROM THE sTATIsT.
London September 2s 1895.
I'VE have. during the last three months regularly
ceiyed copicus reports firm In New York respect
ins the progress Of crop These reports have nearly
all heen Of untavorabe character becoming
and tho Progressed. Knowing the ten
dcncy OF the South magnify the damage done 10 the
crop ana minimize the size OF the cro: have been
Inclined lock upon these reports probably rather
exaggerated and have often written this effect. We
H. therefore. Messrs. Atwood Violet Co.. Of
New York. to whom Indebted FER the reports In
question to that their advices have been much
correct than anticipated that ther views re-
spoctins the sGne-s OF this put forth some son
siderable tlne ago. have been fully realized. and We
would add tina. they deserve great credit for the assduy
with which they have collected and published vast
amount OF valuable Information on the subject We con-
slider that Messrs Violet Co. this have scored
heavily a. the eery esmaters o the crop and that they
are fairly and fully entitled this acknowledgement
part"
According 10 Tho York Financial Chronicle OF Au
gust o. 1896 the worlds visible supply OF Americon cot
ton was that date 100 5as oOO the
year Of 5I.OOo bales whereas the in the
crop OF last the previous 235O0Oo
bales Consequently tho Worlds spinrers took the DIFF
ference Of $50 OF the previous cotton year
Eison IN his monthly for August. 1895 see
Chronicle September iA. shows that English and Con-
tinenta spinners September last 19 COO
bales OF 2J5 600 last OF 400 pounds
The Chronicle OF September shows that American
spinners held mill stocks September Of OGis bales
against AZ 2l7 bales September 1894 These the Off
cal semi-oficial records Of supply 1st ultimo
What Mr. Ellison chooses guess. for the benefit Of ;u
ropean spnners Din help them OF their diff
OF working stocks in addition TO their
mill stocks. likely be of much comfort to them
Just now. II known TO all wenformed cotton
people In August last that September the visible
and invisible supply Of American cotton would approxi
mate somewhere 10000 and 1900 600 bales
Therefore Mr. Elrons visible and Invisible supply as
4 depressing dd not its purpose at the time
nor has it since What have TO deal with at the
is the supply for the and somewhat distant
future The United States exported last year CI000O0
baes which 200 900 bales than this promises
in any event besides. produce this
perhaps not exceeding 300 600 bales than Europe
consumed the according 70 Ellison, and
when European spinner arrives a this conclusion (and
he certainly will IN the future he will not stand
on order OF his buying the quantity OF 1.-THE
Tribune Of this dag 70 the contrary nowthsand
INK The chronicle makes the consumption OF the United
the IL months enllng August 81 last, 2G?oo0
bales and owing TO the Increased mills and spindle
capacity this country Secretary Hester of the New
orleans Exchange estimates that their requirements will
be 10000 bales for the season. This would
leave for export 10 Europe only 32500Co bales 'whe
their consumption Is 10000 bales Ellison says,
agains. 700 900 year $4,000 less: but
there Is iely be scramble by the worlds spnners
for respective shares II is very likely that mis-
country will able obtain more than they con-
sun,ed last year which 100000 bales less than their
aknqs Therefore deducting American requirements
10000 from n crop OF G.5OO.OO0 Will leave European
SINNERS with the either going OF bust
ness o. paying prices that short crop and large con-
sumption entitled TO. II would seem that they Will
have 10 fall beck upon Mr. Ellison. with his visible in
visible and imaginary working stocks, in order to help
them out of n dilemma which promises to be Of serious
proportions We feel that have given SUFFICIENT num-
er OF statistical why It is decidedly in order that
the cotton market should find a much higher level.