New-York tribune., 1896-01-19
COTTON SUPPLY DECREASES
TT FALLS OFF $4,000 BALES FOR THE
WEEK.
STILL TTIIRTy-FIvE WEEKS EEfo.'h hN'T'i %
WILL EXCEED NEUTRALITY-SUSPICIOUS.
.>.D r,cT COMPARED.


| WILL EXCEED NEUTRALITY-SUSPICIOUS.
THIS YEAR AND LAST COMPARED
.rhe New-york Chronicles weekly compilation
Of the movement OF the cotton crop foreshadowed II
! ogures ian be depended upon. that elimination
OF the bear reaction is in sight, If it has not aieady
heen eoen "T,c Chronicles figures showed tAat
there had been decrease in the worids visible scp
ply of cotton Of al kinds for the week OF o"VJ oas'
The total visible supply Of cotton OF all knds III
the world Is now 4G55.CJ0 bales. 1t Is a matter OF
| sinplc arithmetic thai decrease Of $1,000 bales
a week in this supply from now untl the thfN-
five weeks clapse before the European spihhe's can
draw on the new crop will reduce the present supply
| by ls5jO0G bales. This would leave on September
49, the earliest date at which 1t would be possible
for European spnncrs to get any or the new CROP
2 2loOOo bales Dut this IL only January. once the
maximum in the visible supply OF cotton Is passed
tho weekly decreases grow heavier and heavier as
the receipts fall off In the third week OF the month
of August last year the weekly decrease III the vas
ible supply ran up to 5000 bales Ihe question
that arises is with decrease Of 5000 bales Tor the
middle week Of January. which will constantly grow
heavier until September when II may be ri?ed or
| miadruplel how much Of the worlds visible supply
will be left on september 10, and now much WI" pe
left In the ports OF Europe when they get lne n's'
| OF the new crop about October ]? 10 see III Il
glance the striking difference in conditions between
this year and year let the facts be note" that
tho decreaae of 5000 bales this week N the visible
supply compares with an Increase for the correspond
ing week of last OF 2Z7Ccp bales Inc great IN
crease last year piled on visible supply '"'
6,l bales greater than 1t IS at present 1t Is not 100
much to believe that the mills Of the world they
keep running a. they do now-runnins night ana
,ov nc they are reported to he doing In some parts
OF the Southland declaring big dividends Will re-
cuire so many bales OF the worlds visible supply "'
cotton to keep them going until the new crop comes
as 10 leave the bear expectation of surplus oil
10000 bales September iropaDy d H''i''on
bales too high.
VIII the mills stop running and let their ma
chnery rust? Nobody believes they Will on one
thing everybody bull and bear alike, Is agreed that
they have not taken the cotton to replensh stocks
this wear so far buying only from hani to mouth.
Despite a falling off Of 10000 bales in the Euro
pean imports OF American cotton. and decrease oil
a2 600 bales IN taklncs Of Northern spinners. the
stock OF cotton at American ports ana counted In
terror towns GO0 bales Ices han last year al TINS
time There Is weight Of cotton congested IN
the hands OF American holders The visible supply
is the smallest years. 1t Is 7SoCi bales less tnhn
last wear 522 90l bales less than In ls9i and Di1D
bales below the supply OF 1885, when the total Yield
WAS $4,000 bales. ON the other hand. supplies at
Liverpool and on the way there are Jop.OJ bales
below last year. and Continental stocks are ls2cD
bales below the holdings OF year ago.
Figures might be quoted To nll n column showing
the effect OF the consumption on the worlds supply
of cotton and The extraordinary statistical strength
of the bui position. The progress OF this struggle
between the spinner and the planter and spot holder
the former to get his cotton cheap by buy!nS as
little as possible. hoping to wear out the planter.
and the latter to hold or to his product until his
terms are grantcd-grows steadily more interesting
and more favorable To the holder. The receipts
have begun to dwind.e 20 such an extent that the
most stubborn bears are holding out FOR nothing
higher than 7.cl)VO-bale crop. The developments
Yesterday we're all bush The receipts AZ the ports
| i...- s.,r rttafal !
against 2slc2 last year-icss than hall II IS doubt
fu II the port receipts this week are hal OF last
years when they reached $500 bales Ne"-pr-
leans expects on Monday 100 to 9"n against l2'!G
ast year but. has been frequently pointed out ~
ths column the receipts at New-Orleans are found
the end OF the week 10 be at the expense "i inc
The exports yesterday were Sl.oo bales or more
than double the port receipts The exports for the
week were l5 ocj bales. or GOO bales In excess 81
receipts at the ports and 800 bales more than the
THE Chronicle" made the amount Of cotton COM
ing in sight 1865 bales. or less than IN l'si when
the crop was s7,D0D. The reports from Interior
towns posted on the Cotton Exchange showed now
meet the bear estimate they should be at least
seven tenths Of last year Ac'uny they are p e,.Ppw
one half Of last year Houston the heaviest Ht't.Dr
receiving town got 1873 bales. yescrihy against
500 last year Memphis got AZ. 4fainst i''- tin.
cinnau got 22J. against Zl3J -. Louis III. against
81 and Augusta 81 bales against 527 last year.
These receipt, are fully small enough 70 JGstiy and
bring about Mr.. NcIlls reiterated estimate OF N''-
The spot markets Of the South were firm. New-
Orleans sold 2o5O halcs Galveston 1921. Mobile 30,
Savannah 522. Norfolk 81. Augusta l..-; -. Louis
10 and New York lGi.
Notwithstandng the continued apathy in specala-
ton. the market FOR futures on the New York cot
ton Exchange closed steady At point aiNinco
The March option coscd mt 80. Total sales were
only 5000. Liverpool was down l-1ii
The bulls In cotton believe they see In the dccfcas-
irg supply from on the force that VIII liit cot
ton to its proper price. That II has suffered
jus, and unnatural depression rom war rights anl
financial spasms II IL believed is beyond dispute.
The reference made IN yesterdays Tribune 10 the
her fact that the crop that year was ,5"D bales
The receipts at BOMBAY. as the records show. ana
the shipments thence to Europe and the Continent,
about which the bears are making such fuss now.
were heavier then than now. SIX years normal in
crease IN consumption OF cotton, period marked
by unprecedented progress in NIL building IN Amer
crop this season Is probably 65cvDJ Instead Of l'
90, then Yet cotton In the spring Of 1880 sold on
the New-York Cotton Exchange ~ cents pound
higher than IL Is selling at present, 40 points
The visible supply OF American cotton decreased
200 bales last week 1t now stands at 3.G17.10
bales against i5o5oO last year nearly 10000 Ia IS
British and Continental spinners have taken this
year 1876 lG2 bales against 4tS 7Gi last year After
this date last year they took 22ljeD bales. II their
diminished stock is any sign, they Will want Il
only 10000 bales more this season they vii have
reached by October !, the stage Of absolute
dicted by Mr.. Nell. How long Will the decrease In
the American visible stand before such decreases
foreshadowed by the loss of g. bales this week?
The exports last week 5000 In excess OF the
previous week. ard Northern spinners bought 1900
bales more than in the previous week. 1t looks
little as II they might be forced into the market
5000 bales in of last week. yet reports from
Southern mills represent them as bare Of supplies
DTCUT TUiIrJNH gDp VoTrNr rTpTc