New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-26
cuokT COTTON SUPPLIES.
~, WORLDS VISIBLE LOSES HEAVILY.

r,. chronicles" weekly figures of the cotton-crop
item show how rapidly the crop is drifting tow
NJ che condition OF absolute exhaustion OF the
@ stocks OF American cotton in Europe, fore
80 nv Nell and Ellison. The long stride made
CO., the week in this direction was seen in the loss
@ halss in the shortened visible supply. The Wis
oi,,,nlv OF cotton of all kinds in the world fell TO 3d.
hales against 9ss last year. 4.609o1 in 1894
eq 2s in 1893. The total visible supply OF cotton
.ow els772 bales less than last year, 621,ooO below
.. visible supply of 1894 and 3i1,O52 under the
..,,es Of 1898 This shrinkage during the week
sWen bales compares with an increase OF 1900
W. for the same week last year. This IL Of cotton
!, all kinds The loss in the visible supply of
sr,can cotton 70 900 bales for the week. pro-
',,ona,ely much greater for the visible supply Of
r.msrican cotton is down TO 3555,Ooo bales
Tho visible supply of cotton OF all kinds reached
Il. maximum amount two weeks ago, when II
..o,s at 41sOoO bales. Last Saturday weeks total
.oved that II had decreased during that week s.
na hales standing at 4O65.00o bales. the first de-
,sose of the season The week just gone showed
. decline sweled 10 5000 bales. AS immense sums
=, money are daily lost fears and con-
,,c,ions regarding the ultimate outcome Of the
crop It becomes interesting 10 note the conditions
now as compared with previous seasons The visible
.,nnly Of cotton last year did not reach its maxi
mum until the week ending January 81, at which
date the amount in sight 100000 bales. Be
tween that date and September this amount was
IN thirty weeks. or. in round numbers. $500 bales
q week Should the same average quantity of the
visible supply disappear weekly between now and
the beginning of the next season. September Will
see the supply reduced to about 100000 bales.
In the season of 1894 the visible supply Of cotton
reached rs maximum in the week ending January
i, when the amount stood at-4,6O,,Oc0 bales On
september l. It had been reduced to 2cNi,co bales
showing loss for the thirty-two weeks Of 100000
bales. or. in round numbers, $1,000 bales week
The same weekly loss this year will reduce the Wis
ible supply 10 100000 bales The latter figures
stand for the bear estimate. This was the panic
year In America the year Of mil-closins a scale
never known before
The visible supply in the season Of 1898 reached
lis maximum in the week ending January TO- when
4, stood 43o7. 900 bales. On September this sup
ply had been cut down to 2.227,0O0 bales. showing
tina. the worlds requirements had been in the in
tervening thirty-three weeks 20SO.OcO bales. ar
average, in round numbers. of $1,000 bales a week.
This great reduction in weekly takings was due to
the strike in Manchester which lasted five months;
therefore its weekly average is of no value as
guide to this seasons probable Withdrawals
The visible supply of the year 1912 did not reach
It's maximum until the week ending February Il,
when IL stood i,G76000 bales.
These figures become especially significant when
viewed in connection with the small visible supply
of cotton in the world now the small crop 10 draw
on and the fact which cannot be denied that there
are more cotton mills running to-day than at any
other period of the worlds history Seventy-three
new cotton mills were built in this country within
a year Not a mill anywhere. as far as can be as
certained has stopped "a single spindle running,
DESPITE the talk OF dull trade. North and South
cotton mills are declaring fine dividends. Mil
shares steadily appreciating in values. GROUND
was broken at Selma, Ala. the past week for an
other large mill The bulls ask, Would they go on
building cotton mills and not run them? Unless
ic trnndr n
Here that the shortage of cotton predicted by
Nell who Is supposed TO know as much about cot
ton as the average man. will come to pass. MT.
NELL predicted an exhaustion OF American cotton
IN European ports by October unless consumption
is checked 1t has been shown above that weekly
decrease this season in the visible supply OF cotton
Of ALL kinds In the world. If kept up till Septem-
Der as large as last season, will cut the visible
supply close down to 100000 bales. There is every
reason TO believe the average weekly decrease VIII
be nearer 100 900 than S,VN
The visible supply OF American cotton is 100000
bales less than the small visible Of all kinds. and
the inroads of consumption will tell upon it more
heavily The American supply had decreased t2'VU
bales last Saturday week. while the decrease IN the
week Just passed sweiled TO 1000 If the American
simply decreases IN the same proportion as cotton
of all kinds disappeared in the past week. the new
season will see the supply OF available American
cotton reduced 10 the point OF extinction.
There are many sound reasons for believing that
the weekly reductions in the visible supply will be
much heavier from now on than they were last
year which averaged. shown above, 5000 bales
a week for thirty weeks Last year the record
breaking crop kept pouring into sight in astonIsh-
ing volume The weekly decreases in the visible
supply were small in consequence. until the season
was far advanced. Such is not likely TO be the
case this year. There is no record-breaking crop
this season. The receipts are running only one
half as large as last year The invisible stocks Of
the mills must be low, for the spnners have stub
bornly remained out OF the market and have bought
for the first 1--WE months of the season than last
year The mill stocks held in Europe are aways
Tics show that exports from America to Europe
while the visible stocks abroad ana an9a, tnerelor
have decreased only loo w Dales SdS o hI
srono tbe,r Invisible stocks Under these condi-
ZION. II is not likely that these foreign spnners WI
lasf year The natural inference is that they VIII
want it worse If they come Y more 70 heavily and do
not shut up their mills the greatest experts on COT
ton in the world predc-and he fgures WEEK o o ny
stocks European Impossible ess ,ban
American available supplies are SoVV less imam iaS'
wear and holders in no hurry to sell. $1,000
The contract markets were without any move
ment yesterday worth fecG tbere were 900 bales
The local market opened to points i ~, VI ia e.
S,oSeo Ri5 houses were prominent buyers Re-
eeipts Continued light. Luitpold Mandelbaurn was
On I've lax Of epeculation said Mr. Mandebaum
prevents rise OF cfYy pI many mules are be-
ing sold there were few sales last year Great
many died for want OF forage last year inns is
practically two years business A sreat Iiais
more farmers sell cotton seed now ana BUY eudiIo8
for fertilizers than formerly diminishing use OF
seed as fertilizer and increasing sales OF euaho -
not possible that the many exaggerated repol -
OF sales OF mules increase in acreage, etc, emahate
from the many shorts South, who nave SOLO tne
fall months using these rumors 10 depress me ma
ket and make quick profits and TO be reviewed OF
putting up the second. third and fourth margins;
which think they will surely be called on TO 90
Wn ha,-a bod in
come. / fear. making a late cold spring Dig
acreage may not mean big crop. .
Orleans Jan 25-NotWit hstanding New
Yorks talk about mules and fertilizers and acreaPe
Increase II Is doubtful IL they have contracted WIN
the Weather Bureau for perfect season: III
even that crop outside Of Texas is not 100000 bales