Pine Bluff daily graphic., 1904-09-11

the past week has been ratlar -.
markable in the reversal OF attitude
and views Of leading outside o3ara-
tors to the bear side v n, hal been
most conspicuous IN a,li..na tho alaf-
ket up to the close Of last week as
the majority OF trading eilmenr mere
nave been Influenced i0r s"nl2 time
more by the speculative condition
than othr considerations many nf
teelll have also been induced to re-
verse their position. The rathot ag
2fesslVe operations Of The decline rnnl
these leading speculative iufaro.3s.
combined with Che increasing yoirma
ol receipts and larger offerings of s3ot
cotton al the south at lower quota
tIoos, together with the absence of
amy substantial outside speculative or
investment demand and the lack Of IA
sufficiently strong bull leader in any
of the markets, has made the condi
tons weigh SO heavily against prices
that it has been difficult 10 arouse arv
bulish enthusiasm or maintain values.
The sharp rally Of Wednesday, when
he general list was advanced above
the 1850 basis for the fall and winter
lI. it, Il
against The shorts in the September
option here and at Liverpool in the
hope that there interests in the gen
eral market could be stanpeded into
covering. I0fat'zi however. owing to
the adverse influence OF the bearisl1
factors mentioned above preventing
the develonne1t Of s49e5ff Wli4l. ha !
cen eNpeetin2 70 receive from The
s nth senttnepl at the present alnoee
he generality Of oees@to . sll9oars =
te 6eafisb for loa9 pull or The cx-
peetatten bat the ineressnig volume
%" receipts viii wei&h SO heavily OF
tA= alarIet taat prices VII be forced
1oWel' before the frs flood Of the |
movement Of the e4ep sabsiaos. There |
=. however, 10 119ra tee that the |
er5p=1in 1e ever 1lz5nopQo balls, ard |
a fall a. 1f4oo.96o will ]la needed t
this year hy tic World's spianers 10
met shortage in the worlds stocks OF !;
staple and manufactured goods from |
he short crops Of The past five war
ana he enforced cutailment of pr0
aHetion Ct goods during lie past year.
th re IS nothing % warrant tha cXs
feetation of any big break in the
r &f!;et ffam tfs Ievel Aggressive
Al speculation may force Prices
down half to one cent per pound from |
the present quotations in much the
same manner as aggressive bull spec-
I'iation a fortnight ago forced the
whole list to II IA cents, but on any
break from present 5aSi&, We 'e1iave
spinners will be willing BUYERS and
will take the crop freely on the scalc
l0wn. They have in fact been heav-
ei buyers for some 'inen, as they profit
ID by the experience and disappoin'-
ments over the crops of the last two
years to protect themselves against
he further aggreea ) | risk" If tires
md the possibilities of top crop being
at off by an early average date Of
illing frost. Top crop usually
amounts to about ten per cent of the
vhole and is therefore q very npor-
ant factor in roundiag ont the crop.
% far AS the weather conditions, es-
'ecially in Texas, and portions of Ala
anna. Mississippi ANA ArkarsaS have |
lot been favo",;,le for much top crops {
We, therefore, feel that the trade ! $
aking too much for granted from the 4
Xisting situation and outlook q Y
hat it will not 10 to gel too eea"ish G
he market IL its present shape ee q