New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-01
THE COTTON SITUATION.
HEAVY EXPORTS THE FEATURE OF THE
WEEK
THE STOCKS IN AMERICA SHOW MARKED LOSS
IN CoNsEQUENCE-NEEDs OF THE WORLDS

THE STOCKS IN AMERICA SHOW MARKED boS'
IN OBSERVATION-DISCLOSURES OF THE WORLDS
MILLS AND PRESENT sUrPILEs
Judging by the continued large and uniform in
crcases in earnings daily reported BY railroads. not
In quarter but in every part OF the Chi'eu
States. and by the significant and remarkable au-
In realty in this city. 1t would seem 'hal
chronic JeremIahs in weekly trade papers would
after a while see something else except blue ruin
on every eide A Indication OF a business re-
vival than such railroad showings 1t would be
hard TO find Ably aided as they have been from
questionable sources, the week has shown a series
Of trumphs for the bears OF Wall Street Cotton
has suffered along with everything else. The close
last night at about the lowest on TINS great
reaction. which has now extended two cents
pound from the top. Yet all Of the bull arguments
IN cotton are as potential to-day they were In
October last, when the break began II was not
until March last year. however. that the rise
OF four cents a pound started after cotton had
been pushed down remorselessly on the specn-
lative exchange to the lowest point on record, ana
new crop deliveries were selling in Liverpool at
the equivalent OF three and one-half cents on the
plantations of the South. In view Of what took
place last year the friends OF cotton can AFFORD 10
view the future cheerfully.
There was scarcely ripple on the speculative
waters yesterday, save a better feeling shown III
n slight advance at one time The stock market
their specialties and things generally so interesting
that little attention paid to cotton. The able
statistlcians among the cotton bears banking on d
blue ruin summer in which all the mills OF Ainerl-
ca would close and demand for cotton sink to Zero
reached results entirely satisfactory to themselves.
The trustworthy figures Of "The Chronicle did
not confirm these bear1sh arguments. Instead they
showed q normal trade movement that, II uninter-
rpted promises TO do all that the bulls expect or
have predicted The weeks movement showed, IN
the first place. loss during the seven Gays Oh
200 bales In the dwindling stocks IN America
Port and interior stocks fell TO l.23s.cD bales. or
1884, less last year. Notwithstanding the
doleful rumors from New-England. the takings OF
Northern spinners for the week were only 5000 bales
less than last year. Northern and Southern spin
ners combined took 5000 bales or exactly as "uo"
as they took last year. year Wheh aoSo'puo''
of cotton was remarkable. Northern spnlers nave
taken thus far l25sOOO bales. $4,000 less than
last wear TO date. Last year these Northern
summers took according the bears 10000 bales
and they Will only need 100000 bales out OF TINS
crop TO bring them up TO their normal consumption
OF 1000 900 bales TO tide them over TO the new crop
This would require takings from now 10 September
OF only 240oOo bales. This is extreme bear Vie"
given for what IL is worth. AS a matter OF iac''
well-informed men in the cotton trade believe 'hat
the Northern mills will require and VIII buy De-
tween now and September. 10000 bales OF American
cotton. SO good an authority as = VI i'''iai'' VA
Atlanta estimates the needs OF Southern mills al
10000 bales Of this crop for this year AS they
have only taken $1,000 bales TO date they must
get the other 49, go hereafter. Some purblnd bears
areue that Southern mills well as Northern
mills stocked up heavily last year ana VII! Ho'
need to buy the normal quantity hereafter Up 70
date. takings Of Southern mills have been go,
baies in excess OF last year. 1t is fair 10 believe
that they would not have bought more cotton ms
year than last, at prevailing prices, - ',e' no.
owned a lot OF last years cheap COTTON III 'he"
wa
Narrowed down. the bulls in cotton predict that
American spnners will require. unless they sop
the,r machinery every bale OF cotton expected TO
mate Of s. NJ Inman and the admissions Of me
bears. they Will want. approximately 5000 bales
1t is rank bear indeed, who believes '""' i'o''
The bear argument in cotton fairly stated. Is
founded on a crop OF 100000 bales and 2cOtU adueu
to the exportable surplus The conservauye cal pn ,
bales it will all be wanted at home lsa,.ns Tor
surplus the port and interior stocks now in Amofca
or 238OOO bales VIII the foreign MIL men want
this? They took from this time 10 ne end oil , h
season last year 1918 900 bales, notwhstanding the
price rose rapidly and they had already taken
$4,000 bales more than they have taken ms {ehI
70 n,1 @ more bales than they hold now /, would
seem they do want It as badly as last year II ths
actual exports are guido TO their intentions they
want to get as much as last year. Exports from
America for the seven days Of the Commercial %ecn
ending Friday 1900 bales. against y,.Wo
bales for the corresponding week last year. Ex-
ports yesterday were 1900 bales me STOCKS N
than they took last year hereafter. 1t IS twenty
Ave weeks before they get any new cotton
The loss last week 5000 bales in these Stocks
These facts show the approach OF the squeeze
predicted by high authorities in cotton unless con-
sumption is curtailed. The crisis being at hand.
there is talk of New England mills going on snort
time Some newspapers intimate that TINS IS
'blufY' on the part Of the mills meant 10 give them
an opportunity to repenish their supplies THIS
week will probably determine whether II IL or not
bluffs" may enable them to get Their cotton
cheap, but bluffs won't prevent cotton squeeze
somewhere-in Europe or Amerca-unless mill con,
sumption is actually curtailed. II figures are good
for anything. -., .,.. 49,,
tinue normal. New Orleans sold 3,lO bales, Mem
phis 900 and other points their usual quantity IL
ia reasonable to assume that the consumers buy
II thew need II now they will probably continue to
The total visible supply Of cotton in the world
fell TO sSi 900 bales last week, and the total visDe
Of American cotton fell to $3.50 900 bales This was
loss OF 81 3s bales In the visible OF all Kinds dur
ing tho week and loss Of 80 900 in the visible sup.
piv of American. Last year in the last week or
february the visible supply OF all kinds lost only
is no bales These figures show decrease or cotton
in sight OF 100000 compared with last year, or
ena ga as compared with 1894 and OF $4,000 as com
pared with 1888 (when the crop was only 6'V.W
baes). -. ,....
connaratively is seen by the situation at the ports
where the bulk Of It Is held There are at American
ports now on shipboard $4,000 bales against lo1WD
last year and $4,000 in 1894 ~ this COTTON. areahy
as good as exported but not yet counted IN inc ex
ports is deducted from the port stocks II leaves
fs5 O00 bales at present against $4,000 last year ana
-G5 go