The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-11-27
ALL POINT TO DECREASE.
WEEKLY CorTO@ LETTER OF
PR;cE, MCCORMICK s. CO.
Cuf1at Crop Estimated at e,i26'ooo
Bates and 100000 Bales
Thus Far Taken.

Thus T ar aken'
New York, Nov. 25.--As result Of the
reimbursement in values, which has been
in progress upon the New York Cotton
Exchange during the past two weeks,
prices appear to have reached point
which practically discounts the current
movement of the crop, especially as the
adviees are now being received by all
the prominent houses in the trade point
10 A gradual decrease in the volume or
receipts from this time forward. we
ouote below kilograms and extracts from
letters which we have received during
the past two days relative to this sub
ject:
New Orleans, La.-Our information
confirms estimates OF lighter receipts
next week.
Yazoo City, Missouri receipts thus
far this week have been forty per cent
less than last Win continue to grow
smaller. Plantation exhaustion taking
place rapidly.
Memphis Tenn.--EXpect somewhat
lighter receipts next week. Much lighter
week after.
Memphis, Tenn.-Factors are not
pressing sales, believing that when pres
be such a falling off in receipts that there
will be no justification for the extreme
crop views entertained by some.
Meridian, Miss.-For the last two
weeks local receipts have been quite
heavy, and we look for another week of
full receipts, after which we expect them
to drop down to something like the level
of last year.
Franklinton, n. C.-The election cotton
is rushing on the market rapidly, and in
five days more this section will be en-
tirely exhausted.
Gainesville Ga.-There has been three
fourths of the present cotton crop ship
ped from this section, and there is not
] per cent. of the crop ungathered. Us
ually about two-thirds gathered at this
season.
These are only specimens of the COM
munications we have been receiving from
our Southern correspondents during the
past week We have received nothing
from the South during the past two
days expressing any other view than that
the movement is likely to decrease in the
near future Whether these predictions
will be realized or not remains to be de-
termned, but the unanimity of reports of
this character has checked the declining
: tendency Of the market, and given rise
TO more hopeful feeling on the part of
the local trade, although, in view Of past
experience, operators are disposed to
await absolute confirmation of a lighter
movement before entering into any ex-
tensive engagements.
In addition to the above, one Of our
st. Louis correspondents advises us that
the American Manufacturing Company.
who supply the bulk of the bagging and
ties for the American cotton crop, and
who for the past ten years have been
almost absolutely correct in their esti-
mates, now estimate the current crop at
S,125,000 bales, and state that supplies
for only 100000 bales have thus far
been taken.
While the current movement unaues-
tionably points to large yield this sea-
son, it is quite within the range Of possi-
bilities that it may ultimately be found
that we have marketed a larger portion
of the yield than is generally expected
at the present time. A substantial falling
off in receipts in the immediate future,
however, will be necessary to justify this
theory. There is one feature in the stu
alton which has APPARENTLY been prac-
tically ignored thus far, and is still in
prospect Without doubt this business
improvement viii be equal to the absorb
ton of comparatively large sup
plies. Thus far consumers, both
here and abroad, have not Sc
cured their necessary supplies of
raw material. That they have not done
so is only natural, in face Of the heavy
movement thus far this season, and the
declining tendency of values 1t seems
reasonable to assume, however, that the
development of a lighter movement will
induce spinners to enter the market on
the basis of present values as active pur-
chasers, with view to replenishing their
depleted stocks.
Ia view of existing conditions, the
chances would appear to be rather in
favor of further reaction in an up
ward direction, especially as the liquida-
tion of the past two weeks has prac-
tically elipinated from the situation
the weak long interest. The immediate
future course of prices, however, viii
be almost entirely dependent upon devel-
opments in connection with the move
ment of the crop. Should the expected
decrease in receipts be experienced during
the coming week, a substantial advance
seems likely.
LIVERPOOL.
LIVERPOOL, November 26.-415 r. Moot.
tom Ciosing-spot fair demand; prices 1-32d
lower: American middling fair 2l-3Zd: good
middiing l332d; American middling II 3D.
low middling A. good ordinary AID; ordi-
Sales Of the day were 10000 bales, of which
800 were for speculation and export, and in
Guided 900 bales American: receipts, 1900
bales, including 1860 American
Futures closed barely steady at the decline
American mIddIing.
November ......... ....-.... 15Gp4 IL
November and December ........4 l2
December and JanuaIy..... sam. 09Q5 10
January and February ..........,,... 400
FpDFIIaFV and 4