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trade between those exchanges which take place between distant points through the great markets, and those exchanges which are confined to States or neighborhoods; and, second, the distinction as to the different relations which the various products of the country sustain to the interests of transportation.

With these distinctions clearly in mind, attention is called to the following statements in regard to the movements of the cotton-crop of the United States.

The movements of the cotton crop of the United Stutes. The cotton-crop of the United States during each year from 1810 to 1876 is presented in the following table:

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The total quantity of cotton produced during the last three years appears to have been greater than during any previous consecutive period of three years in the history of the cotton-culture in this country.

Owing to the important commercial and financial bearings of the cot. ton-trade with respect to those larger exchanges between sections and countries, the statistics of its movements have been more carefully and systematically collected than those relating to any other product of American industry. The statistics of the movements of cotton presented in the following tables are compiled from the annual crop.statements of the New York Shipping List down to the year 1871. From 1872 to 1874 the statistics are from the New York Commercial and Financial Chronicle, and from 1875 they are compiled from the reports of the National Cotton Exchange of America, the principal office of which is at New Orleans. Much valuable inforınation in regard to the movements of cotton has been furnished to this Department by Mr. Henry G. Hester, secretary of the New Orleans Cotton Exchange. Attention is called to the statement presented by him, which may be found in the Appendix, pages 166 to 185, inclusive. The movements of the cottoncrop are ascertained by noting the quantity received at, and shipped from, each one of the Atlantic and Gulf ports, and at each point on the Mississippi Rivers.

Twenty years ago the entire cotton-crop was transported to South Atlantic and Gulf ports, chiefly to the latter, and thence by sailing. vessels to northern ports and to foreign countries. Since that time, however, great changes have taken place both as to the vehicles em. ployed and as to the modes of commerce on the land and on the sea. A large and rapidly growing proportion of the cotton is now shipped "overland by rail” to northern seaports and to northern manufacturers.

By the “overland movement” is meant the shipment of cotton on railroads from the cotton-growing States to the North Atlantic States.

This movement embraces the transportation of cotton from the point of production to and over the east and west trunk railroads, situated between the Ohio River and the kes. The growth of this movement may be inferred from the following statement

OVERLAND MOVEMENT.

1855 1860 1870 1876

Baler

7,661 108, 676 380, 813 695, 622

The immediate destination of the cotton transported overland during the year 1875–76 was as follows:

To northern seaports ...
Direct to northern manufacturers.

Bales. 390, 295 305, 327

Total overland movement.

695, 622

There was no shipment of cotton direct to northern mills by rail prior to the year 1867, but in 1876, as above stated, this movement amounted to 305,327 bales.

The total northern movement overland and by sea from southern posts during the crop-year 1875-'76 appears to have been as follows:

Taken by northern spinners.....
Shipped to northern ports and thence exported to foreign countries....

Total morement to North Atlantic States.

Bales. 1, 220, 551

710,985

1,931, 540

By North Atlantic States is here meant States north of the southern boundary of Virginia.

It appears therefore that the total “overland movement” (695,622 bales) constituted 57 per cent. of the entire quantity manufactured in the Northern States, and 36 per cent. of the total movement to the North. Very little if any cotton is shipped north of Norfolk, Va., by rail; no record baring yet been made of cotton crossing the Potomac River.

The following table shows the general course of the overland move. ment during the crop-year ending August 31, 1876: Received at

Bales. Saint Louis .....

242, 949 Hannibal, Mo....

27,676 Cairo, Ni....

111,762 Evansville

20, 002 Louisville.

242, 587 Cincinnati

43,934 At other points...

6,712 Total

695, 622 The great improvements made in cotton.presses during the last five years have led to very important economic advantages as to the transportation of cotton by rail. Formerly only about twenty-two bales of cotton could be loaded into a railroad-car, but by the use of the im. proved compress, about forty-seven bales can now be carried in the same car space, an increase of over 100 per cent. This has greatly reduced the cost of transportation, and has tended to change the course of the cotton movement.

The morements of the entire cotton-crop of the year 1875–76 appear to have been approximately as follows:

Bales. Shipped to Gulf ports ......

2, 283, 214 Shipped to South Atlantic ports..

1,519, 840 Shipped overland....

695, 622 Taken by southern manufacturers.

133, 637 Total crop

4,632, 313 From this it appears that the "overland” or all-rail morement was a little less than half the movement to Atlantic ports south of the Potomac River, and that the movement to Gulf ports was about 50 per cent. greater than the morement to South Atlantic ports.

A few facts as to the movements of cotton at some of the out-ports or points of departure from the cotton-belt, and also at some of the more important cotton-markets within the cotton-belt, will serve to indicate the present modes of transportation and the striking changes which have taken place in the movements of cotton within a few years.

COTTON MOVEMENTS AT CERTAIN IMPORTANT POINTS.

Louisville, ky.Of the total receipts at Louisville during the years 1874 and 1875, 99 per cent. was received by rail and 1 per cent. by river.

Vemphis, Tenn.-During the year 1860 there were received at Mem. phis but 46,000 bales of cotton. Then there were no railroads extend. ing from that city into the States west of the Mississippi River, nor were there any facilities afforded for all-rail shipments to the North Atlantic States. But during the last cotton-year, (ending August 31, 1876,) there were received at Memphis nearly 500,000 bales of cotton, these large receipts being due mainly to the facilities afforded by rail-lines for direct shipment to the North Atlantic States.

The following table indicates the movements of cotton from Memphis during the year 1875–76 and the mode of transportation :

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The quantities of cotton shipped north, east, and south from Memphis were as follows:

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From this it appears that a very large proportion of the shipments from Memphis has been changed from the New Orleans and Gulf route to a northern and eastern movement, all of the eastward and 68 per cent. of the northward movement being by rail. All that is shipped north by river is transferred to railroads at Cincinnati or Saint Louis, or at other river ports. Nearly all the cotton shipped east from Memphis by rail to South Atlantic ports, viz, Savannah, Charleston, Wilmington, and Nor. folk, is thence shipped coastwise to North Atlantic ports, or is exported directly from the South Atlantic ports to foreign countries.

Of the southward movement 62 per. cent was shipped by rirer to New Orleans, and 38 per cent. was shipped by rail.

Of the total quantity of cotton shipped from Memphis, 68 per cent. was shipped by rail, and only 32 per cent. by river.

of the total river movement, amounting to 156,814 bales, 51 per cent. was shipped north, and only 46 per cent. was shipped south.

Norfolk.-In the year 1855 there were shipped from Norfolk only 31,000 bales, and only 37,000 bales in 1867; but railway connections having been completed throughout the South, there were shipped from Norfolk during the year ending August 31, 1876, nearly 500,000 bales, the grea'er part of which came from Memphis and Nashville by rail.

Mobile.There was received at the port of Mobile in the year 1855 as follows:

Bales. By river ....

436, 343 By rail......

None. Total ......

436, 343 And in 1875 as follows:

Bales. By river

144, 263 By rail....

230, 409 Total ....

374,672 There appears to have been a falling off in the receipts at Mobile, by river, amounting to 292,080 bales, and a development of rail-receipts amounting to 230,409 bales.

The following table prepared by Mr. Henry G. Hester, secretary of the New Orleans Cotton Exchange, indicates the sources of receipts at the principal southern seaports during the crop year ending August 31, 1876:

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New Orleans is still the chief cotton-receiving port of the United States, the receipts during the year 1875–76 having been nearly three times as great as those at Savannah, the next largest cotton-port. Of the total receipts at New Orleans, amounting to 1,424,003 bales, 1,105,393 bales or 78 per cent. was received by river, and only 318,610 or 22 per cent. by rail. New Orleans still possesses very superior advantages over all the other cotton-ports of the United States in con. sequence of her far-reaching and invaluable facilities of transport by river, but the fact that there was received but 318,610 bales of cotton by rail, the larger portion of this being by the rail and steamer line from Galveston, (which merely passed directly through the city,) in conDection with the large diversion of cotton on rail-lines to other cities, shows that New Orleans greatly lacks rail-communications with all parts of the cotton-growing States not reached by the Mississippi River or by any of its navigable tributaries. Already the facilities of transport by rail north of New Orleans have caused the deflection of nearly 700,000 bales by the overland movement, besides the large movement eastward to Savannah, Charleston, and Norfolk.

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