The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-22
CIapp & Co.'s Cotton Report.

New York, Aug. 21-Clapp Co., bank
ers and brokers, in their regular weekly
market review, say of cotton; Evidences
are accommodating that the cotton bulls,
who, last October, predicted only 6,5OOVJO
bales, were about 10 per cent. below 1he
outcome. This class of guessers seem 20
be following the same line of thought, and
have reduced the coming crop from
100000 guess to a 100000 crop basis.
Last season they aided an advance OF
about cents per pound; thus far TINS
season the advance has been about GEMS.
Aug. October cotton sold at 6.S2, ana
Aug. Is at S14. The secretary of the
American Cotton Growers Association
says he don't think the crop Win equal
that grown last season. Sentiment ana
speculation was then broader and appar-
ent prospective demand greater.
The opportunities to retrieve crop IN
October are scarcely one in ten what they
are in August. September often improves
condition quickly and materially. me
amount to be carried over will likely equal
a thirteen years average and astontsh
conservative merchants.
European mill and commercial stocks
Aug. l exceeded 100000 bales 1t is quite
possible the amount of American cotton
carried over Sept. 1 in all positions VIII
equal 100000 bales, against thirteen years
average of about 300 900 bales. 1t is con-
coded in many quarters the average year
" consumption of American cotton is less
than 5000, 900 bales.
Some statisticians claim the consump-
ton for the past three years will equal
25,OOO,0O0 bales, and that fully as mucn IS
required the coming three years; that re-
serves are now small and from small
yield, and that the growing crop cannot
exceed 5000, 900 bales; that cotton buyers
in Texas, as in other cotton states, are
buying to fill old contracts for shipment
as they did in 1895, and paying such high
prices that cotton cannot be shipped TO
New York except at loss.
Our recent advices from the western
half of the cotton belt indicate a posi-
BILE falling off of 40 per cent. from early
expectations, and advices from the older
cotton states indicate a decline of posi-
bly, % per cent; that drought has pre-
vailed over most of the cotton belt; that
boil worms are beginning to injure the
crop; that picking is fully three weeks
earlier than usual, and will be completed
in September and October in Arkansas and
Texas. Since Jan. / about rs per cent or
all exports have been from Gulf ports.
The last four months of 1895 about IS
per cent. of clearances were from south
ern ports. The short interest has been
large and persistent, with thousands of
merchants looking for scent cotton, and
but few for 9-cent cotton. Spinners are
running on short time, as II is less ex-
pensive than to close up altogether. The
stocks Of manufactured cotton goods and
the price are stiIl at the minimum low
range aid about three-fourths of all wool
len mills are closed. Sentiment in all cot
ton markets continues bullish. Specula-
ton appears broadening. as II always does
on a rapidly advancing market. The mar
ket appears 10 be IN a position 20 decline
on reports of rain in districts where need
ed. otherwise bulls are working for higher
prices"