New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-20
HEAVY FALL IN COTTON.
p,-,Js HAVING A LIVELY SHAKING UP.

DROP OF SIXTY POINTS IN NEw-oRLEANs-
SHARP DECLINE IN THE NEW YORK AND
LIVERPOOL MARKETs-AN INTERVIEW
WITH HENRY NELL. OF
NEW ORLEANS
Heavy selling. wild excitement and further dig
tumble in values were witnessed on the New ioih
Cotton Exchange yesterday. January COTTON "h'e"
closed at s1l bid the night before opeheu al 90"
further receded rallied to sss then fell precp'ate
" 70 sss at which point 1t closed sheer drop Tor
the dav OF o. POINTS or 60 points from the highest
within three days. The weight OF an enormously
overbought market was concentrated on the shoi.
two hours session of Saturday. and sem-panic ana
decentralization prevailed The total sales Tor the
two hours were 2S7.O9) bales. The heavy se.hhs
movement carried everything down with IT, and
as scores of stop-loss orders were reachen the
ue,kness was accumulated. Continued small re-
GENTS at the Southwest were ignored In the mao
rush to sell. 1t has been many Gay since .ie
hear party had so many points TO play since thiS
battle of crop estimates has been raging. In 'he
frs, place. THE Chronicle which has been uni
form,y used as bull help. came out with state
mont that the crop would not be less than I,oooon
h,les ANYHOW and might be more. Liverpool
which It was hoped. would develop some support
"a prices came equal to % American points uo"h
with SPOT sales there OF only 1000 bales al dechhe
NJ sgd Gables reported heavy selling there ana
bulls anne from New-Oreans. After the close OF
our market advces came from New-Orleans ihdi-
eating extreme Generalization there, the January
option breaking sharply IS points afier the c!ose
NJ the New-York market. or 60 points Tor the Gay.
January closed In New-Oreans on Friday at
cents II dropped yesterday 10 $40. but rallied ana
oiosod at s5l IL was reported that the bull pool
there had become frightened and ordered tremeh-
dous sales OF their holdings. and Il was also sa'
that powerful combination OF New-fork pears
had Jumped on the New-Orleans market Win 'he
ov,,ess intention OF smashing it. Whatever was
the truth prices crumbled there in the hnai hour'
a,d The result was to make New-York 10 to 20
ronts lower on the curb than the Official ciosihg'
The prohibition against curb trading was utterly
ignored here, great was the excitement anu III
tense the strain on the market.
The Southern spot markets all badly shaken
nm by the Generalization In the contract market ana
they DID little except to record decline OF Is 10 a
c,r, excent Galveston. where prices were quoted
7lec lower The New-York spot market declined Is
Port receipts yesterday were ALI bales against
e. All bales last year. New-Orleans expects on MON
day 1900 to 1000 bales. against 5I'"o paes last
wear. Port receipts on Monday Of last year were
73C1l bales.
The visible supply OF cotton is row 2.Ssloo bales
an increase of $4,000 bales over last year mere
came into sight during the week PSoU bales Inc
total in sight for the crop season - loZ5"o oaies'
against 1,si5CoC bales last year Northern spmners
have taken 2l9GD0 bales, against $4,000 bales last
year. Exports to last night have been 1l54zS oaies'
e'Tbe bull eader In New-Orleans found time amid
the general crash around MIN yesterud! ~ 9e"" "''
dispatch from that city:
New-orlesns. oct. ls-Now that The Chro oi1i'r
ha been 9oapsa to ,n the NewYork Exchange to
have Beerbohm. the wheat statlstician, ridhS az
estimate. He knows as much about IL as h'hisoi VI
THE Chronicle
THE Mail and Express" yesterday contained the
following Interview with Henry Neill the wideV
known crop expert. whose views on cotton receive
probably more general attention from the British
spinners than those or any other man. Inc '''e'-
view reads as follows:
| called Mr. NeIlrs attention to the fact that ms
latest circular issued in London had not been fully
some uncertainty as to its real significance
II do not know. OF course the exact "ornlls Oh
before It's publication. and by my brother. Wlilam
Nelll Of London We have been In close correspond
he says nothing that is not based upon my cape re-
III was generally expected Mr.. Nelll that your
October estimate Of the crop would be less than
$4,000 bale and the bulls m wsFe good deal as
"'HPerhaps they were. bat there was no reason for
! did I 10 not issue estimates as bull or bear.
but as an estimator anxious above all 10 mainlaiI
nv reputation for accuracy In my forecasts, Wnlt
have predicted this year IS crop that VIII no. *
ceed $4,000 bales; am very positive as 10 mat
and 'ai am quite sure that our circular states.
81 do not mind saying. moreover. that the reports
which have received since that estimate was
cab cd 70 London justify prediction OF smaller
crop than $4,000 maximum .u .,...
seen, Ia me 10 founded upon entire miseppre-
hension Of what | have said In the past AID w11t
The bureau has published He has neglected 10 con-
sder the fact that my calculation o. the Texas
acreage is Il million acres De.ow the statement OF
the bureau for Texas a.one. The reasons for my
difference with the Bureau as to acreage IN ieSas
have been 20 fully expalrct that II would De
useless 10 repeat them. Time will show, beyond
question that the Bureau has been entre.y wrong
on this point. Mr. Eiison's calcu alton i simply
absurd In view OF the known facts OF the stua-
ton which were fully set forth In my circular OF
July last" 81, - -, -
but the receipts at the ports have been very
free this wear, have they not|'
Yes they have not fallen much below the aver
age In wears when the crop was considerably larger
tran II vii. be this year. But that proves nothing
There ia always cotton enough al the ra way sta
fions in the month Of October 10 keep the railways
busy whether the crop IL To be large or s;na Ana
with the price as high il is. the only sur
prsn thing ~ that the receipts have not been even
larger Dut theii amount during this month has
never been any Indication OF the gross amoufD Of
receipts in the entire season. several times
within the pnst ten twc.ve years have predc
a sma,. CROP and the early receipts have made
pope think was entirely wrong: hut the event
has always proved that the receipts up I, the LIT
OF November are question OF facilities Tor
forwarding than OF amount To be picked" .
] remr lei Mr.. Neil that when asst met him
In New-YOrk In July, 1894. he tod me that the crop
OF the year ending September, 1885. would equa
100000 bales. and that could not then believe
yes" he replied, 81 published that opinion about
| six weeks after 1 talked with You. and DsoDls