El Paso herald. (El Paso, Tex.) 1901-1931, 1910-10-13

points
Louisiana, 81, showing decline of
points.
Texas, 60. showing a decline of
points.
Arkansas, 6s, showing a decline of 10
points.
Tennessee, 10. showing a decline of
points.
Oklahoma, 20. showing decline of -
points.
The average condition as given was
659 percent of normal as compared
with 72.I on Aug. %; 5S.5 on Sept. %,
1903; 69.7 on Sept %. 1908. and CSC the
average for the past tie nyears.
Preceding this publication the census
bureau issued a report placing the
amount of cotton ginned up to Sept %
from the growth of 1910 at 2.302,2
bales. as compared with 2.56S,150 bales
ginned to the same date last year This
report in some quarters was pointed TO
as indicating smaller crop than last
year. 1t is hardly fair, however, sim
ply because less cotton has been ginned
to make such a deduction; rather does
it add testimony to the correctness OF
our reports from different sections
of the belt as to the lateHess OF the
crop and this is practically its only
bearing on present market movements.
The government report was in line
with previous trade estimates, the con-
sensus of opinion from these sources
having figured the condition at 66.4
In this connection it is gratifying to
note the increasing reliability OF the
government estimates and that the de-
plorable conditions of few years ago
! no longer exist; hence, making due al
lowances for an inclination to underes-
innate conditions and overestimate
acreage, the reports are now to be de-
pended upon.
The report issued Monday points to
a crop of about 11,700, 900 bales if it
be accepted that SO, 1876, 900 acres were
planted to the staple, as reported ear
lier in the year. Some critics. however,
are inclined to question the acreage;
assuming, nevertheless, that the gov
eminent figures are correct, the total
yield as indicated must be looked upon
as the maximum.
From now on the all important fac
tor is weather and a close watch is be-
ing kept on every climatic change
throughout the cotton belt for it must
be admitted that killing frost prior to
Nov. 1 would result in further mate
rally reducing the ultimate yield This
would be most serious, for nearly all
of the manufacturing centers, both at
pie, and it is believed that close TO
100000 bales of American cotton
will be required TO supply the normal
demand from the worlds spindles-
1t must be borne in mind, however.
that as in previous years where short
crops existed, the demand has been
made to fit the supply. and it is rea-
sonable to assume judging from the
past. that from now on as the price ad-
- c-ff will he
lessened.
Last years cotton crop amounted to
1O,35O,07S baies-apparently an made
Quate supply-and yet on August 81,
when new cotton commenced coming
to market there still remained on hand
stock of 939,s03 bales-only 543,7Sz
bales less than the previous year,
which followed a crop of 13,0zs,9O2
bales, and this compares with a stock
, on hand at the same date in 1908 OF
1.236,05 bales and 1,044,329 bales IN
1907.
1t should not be lost sight of that the
price Of cotton for, say. May delivery,
now approximates the extraordinarily
high figure of Is cents per pound
which, il must be admitted, has already
largely discounted a second small crop
1t is feared that a good many of the
recent purchases of cotton for future
delivery nave Deen on oeIldAI VI peoPAo
who may not be in a position to stand
a serious setback should one take
place and for this reason it would
seem rather risky for one to purchase
freely at this high level without at
least the protection of a stop loss or
der.
Receipts show slight falling Of fran
last week, but the movement to market
is in fair volume and prospects for
the coming week point to very liberal
arrivals, both at interior points and
the ports
Henry Clews & Company :.