The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-03-14
Odessa, Del, Dec. 26, 1894.
LETTER
New York, March {, 1895.

New YORK, Marcn Z, 1870.
The week closes with firm market
and an advanced tendency which has not
been seen in the cotton market for
several months. Thus far the improve
ment is due entirely to the anticipation
of decrease in the acreage throughout
the South, coupled with the general i'm
movement in trade which is slowly
making itself felt in every section of
the country. This improvement is slow
and in many instances so gradual that it
has escaped the attention of those who
have been waiting to participate in its
effect, but nevertheless it is true that
each day creates better tone in COM
mercial circles, and everey merchant be-
lieves that he will once more be able to
enjoy prosperity. 1t may, of course, be
said that this improvement in cotton is
sentimental in its nature, as there is
still time to plant large crop of cotton,
and that the movement of the present
crop continues on scale to justify very
large estimates on its ultimate yield. On
the other hand, it is notorious that cotton
never does what majority of the people
want it to do. and it seem possible that
the improvement in prices due to the
causes we have already mentioned, may
have started earlier than the best inter
ests of the trade would warrant.
1t is accepted by those who are in close
communication with the planting inter-
ests in the South that the reduction in
the acreage will be in excess of the reduc-
ton in 1892, but they feel that an adj
vance at the present time might tend to
increase the acreage, especially as farm
work has been delayed by an extremely
cold winter, and the planting Of the other
crops has not progressed as rapidly as
is usual at this season of the year.
Nevertheless the small movement from
India and the sharp demand for cotton
from American and continental spinners
were the factors which brought about
this quick reaction during the past week.
Whether the movement of the crop will
prevent a further improvement is, of
course, matter to be determined in the
future. AT the present time the move
ment of the crop is accepted as the reason
for our being at these prices and it has
passed by without notice by those who,
at other times, have been anxious and in
sisted that such receipts must break
prices. The American spinners, with the
of congress, appeared in all
the markets as buyers and have absorbed
the floating cotton which was offering,
and although the price of print cloths
is at the lowest figure for years, there
seems to be no reason to doubt that the
takings of American spinners this year
will be 100000 bales. With the i'm
provement in commercial circles there
is a slight revival in speculation but as
yet the greatest demand has been from
those who have been expecting the move
ment of the crop would seriously affect
the market, even at this low range of 4;
prices. If the acreage should be in !
creased as a result of this present i'm
Drovement the effect would be to bring !,
about lower market later in the sum,
ner and its present effect may perhaps '
De to prevent the continent from in !
,reasing its purchases of cotton. The
change in the temper of the market
Turing the past 10 days has been re-
and is another instance of the
elasticity of the cotton market when
depressed. ~.