New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-20
COTTON MOVES UP 4 LITTLE.
NELL REITERATES HIS EsTIMATE-CArsE
o1, TUE RECENT BREAK

NELL REITERATES HIS ESTIMATE-CAUSE
OF THE RECENT BREAK.
The cotton market after opening five to six points
down yesterday because Of b decline OF Z-o4d. III
Liverpool moved up with more or less huctua'ioh
until at the close II showed a net gain ior the day
OF TO points. May closed at 100. AFTER touch'hs
5s; March opened at 7is. and closed at 100 August
closed at III after selling at 7.6i. Total sales were
90 ON bales Lack of speculation has heretofore
been ore % the adverse factors In the MARKET anu
this return OF outside interest is hailed as goou
omen \ cable from the Continent SAID taat MI
NELL sticks to his crop statement OF o''"'FV pa'"s'
Recepts AZ thirteen interior points for the half
week were 1900 against 5000 last year, but. In
view of last years storms ana bad roads. compar-
isons are vain Receipts at Houston to-day ar"
abou. one quarter of last year. Comparisons mere
after may BE- more valuable.
.If Won want 10 know the real cause OF the recent
sharp break in cotton" said member Of the Ne"
York Cotton Exchange yesterday. you Will find II
in the refusal Of the Committee Of Revision OF spot
Quotations at It's meeting OF Feb u. 10 make Il CUT
in the grade. The action o: the committee WORKED
a wrong on every holder o, cotton on the hoor'
and was tantamoun. 20 loss % s. on every bale 81
cotton Intended for export. and direct injury TO
legitimate trade thereby II hal the effect Of caus
Ing those who had bough; contracts expecting TO
ACCEPT the actual cotton for export 70 throw the
contracts back the market, and inaugurated the
liquida.on which the bears say caused the HiafK"'
IN
Ing out as stated. but 1t was the action OF inc
committee that made them tired don't want -
saw ANYTHING against the committee az gentlemen
and all that. but their action wa' manifest lJ'''
ice TO every man who owned bale o; cotton ana
in the opinion OF many on the floor started the
break
A member o, the Committee on Revision OF Spot
Quotation was asked about this grievance OF the
holders of cotton. and replied;
People. who bought cotton al these very dlhef-
ences OF grade could hardly call II unfair We FOL
lowed the invarabe practice OF two cr three years
and refused to make cut The ony cn' "SN'p t''
bv the people on the floor l-G or six points or
70 be more comprehensive. 81 on contract OF j"
bales Two OF the committee favored the cut. Inc
peopl, who bought the cotton bought II al the ex-
isting differences OF grade
some OF the members of the committee. II wls
reported. In favor of the cut asked ior' o"'
were outyoted March cotton closed on February
u the day the committee met. al 'H. Sinc" then
" I'M W,nCh"st.r Guardan in It, latest issue
TO arrive here, says. afi"r reve" oi the S'"'''''
Another feature Of interest developed hy thee
figures is the remarkable and almost IApfecrIenl,'
elect upon the visible supply. In JanuAi$ ~.
II decreased 5000 bales ana In January. lH3 IL
decreased ilsc" bale; Last &ear II 'r'ier - ayr
ing January lc9.Vp bal",, ms year IL na7 a.,
visible supply OF American $o.eO smaller man ~
1875 such isures rreIgnt c1 ,p po ,2t' T8
figures All point to an autumn squeeze unless 'A's'
sfiuru.uts Great lfli'ilu
Inc buying this morning, a. well as during h'
laaf few DAYS has been chiefly by the stronger
horscs In tn. Street, who are coming 10 an hppi"-
ciafion OF the existing situation. ana believe thht
coftnr upon the basis Of present values - com
narativcly safe Investment for the following r.a-
sons: The worlds supply OF cotton u no" smaller
han for wears and the demand for II from Foreign
consumers was last week 31,Vr bales III .N''@" 81
maj for the same period year ago. There are
70 900 bales less at the American ports than ar me
same time last year Mills stocks In Europ" arr No.
0n bales less and the stock OF cotton IN foreign
norris is 10000 less than Al III" ZANE tnr last
season The visible supply Of cotton 81 al klnds
in the world last Friday night showed a loss OF
A. O00 baes during the week ana was F'','Al bal"s
lcts than the visible supply ut the same iimc last
vdar European consumption is estimated 10 DE
ii 900 bales per week an increas" OF vD bales per
week over S5. Exports OF cotton last week IN
crease "a OO1 bales over the corresponding Week
IN 100 While the receipts are rather heavier than
The hulls had expected. the dema nd from ABROAD Is
larger than anticipated. and the one offsets the
The position OF cotton would seem 10 grow
stronger daily The argument that largely IN
creased acreage Will be planted this season loses
STABLE and the Cotton Growers associations
throughout the South are pledged 10 WORK uncear-
ingly for reduction IN acreage this season; on
February 2s last year, prices touched the lowest
point 1t Is possible that history may repeat H.
self this season In this respect -H'Tice. Mc'ormicK
a. Co.