The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-01

How the Unexpected Happened During
the Past Nnnr- NeNt Nenr.


NEW YORK, Aug. l.-special.-At-
wood. Violet x Co., OF this city. have
ISSUED tho following cOtton-reylew article.
The cotton season OF 1886. beginning
september LIST last and ending the 3lst
instant. bears the record OF Two periods
vt NuuruNl fluctuations boo the cotton mar
k-t' the nrat eliminating on the 18th of
October last. when December contracts
sold here az 5.Sj. after selling ar $50 on
February q, 1880, or about sB.lj per
bale.
So numerous were reports OF crop in
jury about September ist that estimates
OF 10000 became generally accepted aud
few weeks later an author
ity whose opinion had much
lliia ncr with European spuners re-
ducal his estimate 70 h1Ol.pil. The VlO-
leu,s oi the buying movement became
still moro pronounced after October lst.
and perhaps at no time FOR many years
had there been such AN amount OF IN
discriminate, Wild speculation iu cotton
as preceded what brought about finally
panic in the New York AMI New
4rOm the serious decline, beginning Oc-
t0ber 18th. up TO and including October
2lst Ohe los on which day was most
pronounced. there was "a reaction OF
sd 10 81 points, with continued activity
Tor Il number OF weeks, showing Wide
and freQuent variations. The tendency
however. By December was 10 "a lower
J. lgc OF values, particularly because Of
the movement continuing on a larger
scale than coo 600 estimates would JUS
lily and as receipts did not lessen there
after sufficiently To confirm the smaller
ideas OF the crop. Liverpool not only gave
40 support but WAS continually against
the market. fortified. as European spin
ners We're, by sufficient supplies both al
their mills, and the visible supply IN
Europe and this country To- MAKE them
ff.I.r..n|i.4f If only Tor fIn fIfT4l ltIUx
but for future requirements, especially
as by January J. 1896 the question OF
production for another year became, as
usual at that season. a. matter or much
Importance to the foreign consumer VINO
was predicting d large addition to the
area to be put IN cotton, ana acted
accordingly.
1t was thought, judging from past ex-
perience. because of the extreme rise IN
the price. that not only would the plant
ar DE- DESTROYS OF increasing decidedly his
acreage. but that the merchant wOuG en-
courage IT, and naturally, With these
views that an increased supply out OF the
next crop, would largely AFFECT any mate
rial loss In the worlds visible supply,
such as eventually occurred. foreign de-
mand became only such as was necessary
to meet daily or weekly requirements,
while at the same time domestic con
sumption c0ntinuej TO show weekly n re
ductiOu The worlds visible supply OF
American was losing largely. and would
have been greater had taklngs by north
ern spinners been equal 10 that OF the
previous season.
According to the Financial Chronicle OF
the 22d instant they had taken 10 date
/ $40 e5 bales against 2.l0s055 August Il
1876. BY February and March, 1895, II
was generally accepted as fact that the
Increase IN acreage would be OF consld-
cradle proportions. but OF equal Import
ance were the reports. subsequently con
nrmed, OF a very large Increase IN the
use % fertilizers. and although European
trade az this time began To show the
signs OF marked improvement, continually
sustained since then. until perhaps re-
Gently there Were Indications on THIS
side OF = lessoning volume OF general
trade largely due 10 the agitation OF
the currency question, the interest pm
which is now or an importance paramount
10 all other public questions.
Besides these conditions IN America
the cotton trade had 10 contemplate the
possibility. from about the nrst OF June
To the middle OF July OF crop the largest
in size Vet grOWn-estimates or lliS0vo 10
~ COO c0U hales leing so generally accepted
"a 10 cause predictions Of scent cotton
on plantations in the South as not only
a POSSIBILITY, but perhaps as maximum
prica for the ensuing season. The Idea
was even with crop deterioration after
Iulv 1st which has occurred, with lew
executions. in previous seasons IN that
month. that even II the prospect should
n. diminished bv one OF two million
bales. the crop that would be marketed
during the twelve months after Septem-