The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-11-28
WEEKLY COTTON LETTER.
ISSUED by Price, Mccormick & Co..

ISSUED by Price, Mccormick & Coz
New York, Nov. 21.-During the past
week cotton has touched the lowest point
recorded since the elimination of the ad-
vance; $500 bales of cotton for January
delivered and sold at New York on Tues
day at SOB. From this there has been a
recovery of about 20 points, which is fair
ly we'll maintained. The market has be-
come dull, the trading comparatively
small, and the interest on the article de-
cidedly less active than for some time
past. nj the neighborhood of s cents for
immediate delivery, cotton would seem to
have about reached its intrinsic value, as
far as that can be established in relation
to existing conditions. The popularity
accepted estimate of the crop is probably
about 100000 bales, and on the basis
of this supply and existing trade condi-
tons here and abroad, spinners seem to
be willing to increase their holdings. The
Liverpool sales during the week have
reached daily average of nearly 10000
bales, which may be considered as indica-
tive of the disposition of consumers to
buy freely. Of course every bale bought
now ineXcess of actual requirements of
spinnerS means that there is that much
less to be bought later on, and this is n
fact which must not be lost sight of by
those who would argue IL Stringency in
the supply during the last months of the
season, but it is the prospective and not
the present condition and influences that
the intelligent cotton merchant and the
successful Spectator must bring himself
to correctly apprehcnd. Such steadiness
as the market has shown during the week
has been due i'll the first place to the pur
chases of spinncrs above alluded to, and
in the second to disposition on the part
of the more prominent bear operators in
70 nrly mo ri nt 10 bnit ,h<N,f
contracts and to await further advance
before putting them out again. From
this source has come the main demand
for contracts. There has not developed
any fresh speculative buying, and sur
rounding conditions do not seem to
justify the hope of it Immediately Re
| ccipts continue on small scale, although
they show some increase as compared
with last week. The significant feature
in the crop movement is the continued
accumulation of stocks of cotton at the
interior towns, which, as we have before
stated, we can not help regarding MS Il
microcosm of the country at large. If in
this view we shall be found correct, then
larger receipts relatively may be later on
expected. If they should come after
spinners have pretty well supplied them
selves upon the basis of present prices and
crop expectations, Il lower range of
VALUES WUuil Ithull, lOT tHt COLI
sumner would be induced to follow Il
policy of procrastination in view of the
assurance already beginning to he felt of
an enormous planting for the next crop
the shadow of which is already casting
itself upon the speculation in cotton
Meanwhile the extraneous conditions
that more or less affect the trade are not
to be lost sight Of and at the moment they
all appear to be adverse to the develop
| r La.
cotton. The political situation in Turkey
has seriously disturbed the European
markets and seems likely to continue to
do SO until spring. Russia seems to be
playing a waiting game and diplomatic
concert of the powers has not yet been
affected so far as action is concerned
The persistent weakness of the securities
on the European bOurses is discOuraging
to speculation in all directions. The de-
probation in the value of the stock ex-
change securities representing gold min
ing enterprises in South Africa commonly
know as "Kaffirs" is, according to cable
received by us yesterday, now an aggre-
gate of 63,000,000 or something over
$500, 100000. This in itself is very i'm
portant subtraction from the resources
of the speculative crowd.
In America renewed exports of gold
some s. 100000 going out this week have
effectively slowed down the speculative
pulse. Wheat is again selling at about
the lowest prices and the security market
is waiting upon the action of congress
with regard to the National finances. OF
course nothing but inaction can possibly
be expected from this body at least before
the new year, and it is an old maxim of
speculation that ''the operator for an adj
vance is naturally of an impatient temper
ment, while the bear has learned that in
regard to the prices of earth-grown
staples at least, most things come to those
who wait, provided they wait upon the
short side"