The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-04-26

June 922a9. a November ..780a7. 50
July 9.22Q9.2Sl December ..7SOa7.s2
August ......9 .00Q9.0lI January .....7SlQ7S2
COTTON LETTERS.
New York, April 25.-Murphy & Co. say:
Cotton in Liverpool advanced 1920 on
spots; sales, 5000 bales. Futures opened
unchanged, but closed TO 3-64d lower
for old and to 2-64d down for new crop.
These advices were regarded as unfaVor-
able, hence our market opened / to 4
points lower, but prices became steadier
after the opening The business. however
continued quiet and small Receipts are
moderate, but are not having influence
Weather conditions in the South have Inn
proved. MessTs. Ellison & Co. s circular
issued to-day is considered bulllsh, it's
summary reads as follows: Basis, 9,500,000
American crop and about 100000 of other
kinds The worlds mill and port stocks
at the end of this season are estimated at
$4,000 bales, against 100000 last season,
2,4S6,000 in 1898 and 10000 in 1897. The APP
parent consumption of American cotton is
ll,OOOOO, hence position of old crop deliv-
cries strong, further developments depends
largely upon new crop developments"
New York, April 25.-Hubbard Bros &
Co. say: The decline in Liverpool brought
a few selling orders to our market at and
after the opening, but the trading has
been limited. Buying by a local specula-
tive interest advanced prices slightly, but
the general business was apathetic in view
Of the good weather conditions. Tee-
grams from Liverpool report a reduction
in estimates there of the weekly consump-
ton for Great Britain to 6S,000 and for the
| continent to $1,000. with European spin
ners' stocks 1,035 600 bales
New York, April 25.-Price. Mccormick
& Co. to-day published the following cir
cular:
I'VE have received from Mr. Ellison,
ILL
cable the following summary of his circu-
lar published to-day:
| ION the basis of an American crop of
| 95OO,0O0, plus imports of $4,000 Egyptian,
100000 Indian, and 10000 other growth, the
| estimated American, European, port and
| mill stocks at the end of the season viii
be $4,000 bales, against 2, 90 bales last
! year. 100000 bales In 1898, and $4,000 in
| 1897 The apparent consumption of Amer
lean cotton is short II 100000 bales the po-
sition of the old crop appears to be very
strong but dependent to some extent upon
new crop Developments"
| The stock in Liverpool at the end of Sep
| TENDER Is estimated by Mr.. Ellison al
| 100000 bales, which Is the smallest on rec
ord so far as we can discover since 1880
| In 1889 the stock at the end of September
| in Liverpool was 100000 bales, and cotton
| sold at 111a cents These figures, in view
of the fact that Mr.. Ellison presumably
| PRESENTS the English and the consumers
| side of the question, 100000 which In
our opinion cannot possibly be
reached would seem to be almost
impregnable in strength. Good and con-
sentative statisticians here figure that the
stock in Liverpool at the end of the sea-
son will be nearer $4,000 than 250O0O
bales. Looking into the figures of the Wis
ible supply we find that for the four
weeks ending April 81 the visible supply
has decreased 10000 bales in the same
Tine ,, hoe ft,f1 ella.
American crop $4,000 bales, and of other
growths about 5000 bales making a to-
tai absorption of cotton for the four
weeks under consideration of $4,000 bales
or something over 100000 bales per week
The visible supply on April q. as made
up by Financial Chronicle, was 2628 900
bales. Estimating that there is still to
come into sight of American cotton out
of this years crop 1850 bales against
$4,000 bales last year, we have a total
roughly of 3,3i3000 bales Assuming a
minimum weekly absorption for the ball
ance of the season, say eighteen weeks
of 10000 bales per week, we are left with
total visible supply of all growths at
the end of August OF 443 900 bales. OF this
Mr.. Ellison estimates that $50 900 bales
will be in Liverpool. There must be some
cotton at the continental ports so that
unless our figures are all awry IL would
appear that the visible supply at the end
of the season would be nearly all in E,lI-
rope, and America would be practically
denuded of cotton comparing the figures
of the Indicated visible supply with those
Of past years.
We find that the nearest anDroach 10
them was in 1889 when the visible supply
at the end OF the season was 834, 600 bales,
and cotton sold al 111a cents in 1890 with a
visible supply OF 1.07i coo bales cotton sold
at l2A cents. To-day we have a consurn1o-
ton of 1900 900 bales of American cotton.
according TO Mr.. Ellison's estimate In
1880 the consumption of American cotton
was only about 100000 bales In view Of
these figures and despite the fact that the
prevailing speculative temper amongst OPP
orators on the New York Cotton Exchange
is TO decry them as discounted we can
not but feel that the situation Is a strong
or one than the cotton trade has seen in al
most a generation. and that extreme prices
for cotton must prevail this summer. We,
therefore, unhesitatingly recommend the
purchase of the summer positions. And as
planting is undoubtedly late the season
backward, and a very large area Of the cot
ton-producing section overlooked end I'M
der the necessity of replanting sales OF
the new crop positions are in our opinion
exceedingly dangerous. The effect Of the
small supply with which We VIII enier
the new season viii continue to be felt I'M
Ill stocks throughout the world are mate
rally Tepleulshcd and whatever the size
Of the new crop II WILL during the hrst two
or three months Of It's maturity he IN
eager demand. (SlgneD
-ad. Price Mccormick & Co.
DRY GOODS.