The St. Louis Republic., 1905-09-08

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New York. Sept. z.-The cotton MARKET
say eseDs 70 sns neS g" ,1e, sSe ,se
movemknt being followed By . slight re
covsry: Quie. ard steady close AZ . net
iimated a, ss.eS Ssies. =
4Sie points Under kaIidstion and local
i bear % Drsssrrs inspired By lower cables and
There was considerable covering and
prices Immediately following the call raj.
lied to within o. points OF last nlEhtS
Blu. there were reports that local SPOT
people had been able TO buy SPOT IN che
south low enoIsh TO reap profitable de;
report Of leading trade authority re-
ceived bearish Interpretation. both as to
statistics and crop prospects. and the mar
under 4 ret decline Of laui3 points
Around l".3-c for Oct. and -. &c for Jan.
Cner1ngs were partially Withdrawn. and
shorts aai a little buying that looked to
te for fresh long account.
Reports from ASheville stated that the
aEs eoniiiien q the crop at :s.s per cent.
ssa on Sf 81: si ssi.: Sus shls hs s t.
tie influence on the market.
SssN 41sGssAA11 M AOs~ ANHSN n1AA0S
New Orleans. La. Sept. I'm its sum-
mary VI III" cotton situation. the Tines
Democrat viii say Tomorrow:
stripped Of sentiment and what such
Of the Southern Cotton ASSOCIATION and
tho probable continuance vi systematic
spinnsrs opposition may dtcelOP. the
staple nov faces the cold fac, that spot
buying alone. in tho last analysis. must
come to the support Of tho market. else
further saEgtne tendency must BE- ansici-
Iated BY cautious OperatOrS
'Of course. should the M tOri;y OF farm
ers refuge 20 sell except at higher prices
the bear may force option values down
only at his peril Many constitutional
bull. just row Is awaiting so'na definite
indication as TO the real attitude OF the
farmer on the minimum spo: price quss-
ticn. and there IL grave danger IN UNDER
estimating the deEree OF faith ths farfn-
advice he followed with profit to himself
and his nsighbor last spring.
Should he again be- advised to hold his
cotton. 'h. memory Of recent events may
be expected to prove an immense lever
turned 10 account against the men VINO
In the ahs--IIt. OK adequate demand are
Tor the moment more or less masters Of
n somewhat ticklisi situation.
In the abs. nee Of speculative demand,
hedge selling is already causing trouble at
Liverpool. but. on ti:e other hand. the
from oth-markei conditions. which they
are employing to good advantage sss INST
the future price pessim:s,. to-wit:
Tie probable radical decline in the pre-
portion Of lint to seed cotton and the re-
.luced weight Of the new bales coming to
light. In this connection. hOweveSs IL
should he remembered that while there
was a decline In condition curing August
the decline Vas 50 much less severe than
lOSicsllv expected that August weather.
relatively speaking. helped rather than
hurt the proportion yield OF lint.
TIE lightweight bales. coming from the
drought section of tho belt. Ehere the
hollis have opened earliest. should nOt be
regarded definitely Indicative OF the en-
tire Held.
Thus. to the analyst. such arguments
become merely small through integral
atoms Of the major prtce-makine factors
and unworthy painstaking consideration
until after the dOwnpull and the uplift
Of the Two great Interests shall have been
tested In tho frst genuine struggle for
supremacy
Meanwhile wise operators are dabblin8
in contracts gingerly enough to Win the
admiration Of even an Overcautious cow
orJ."