The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-21
THE COTTON MARKET.
A Sharp Decline Takes
Report Considered Bearish Gen'
erRl Selling.

Report Considered Bearish-He2vy Gem
eral Selling.
OF course the great event OF the DAY was
the Government report stating the crop az
10, COZ ,013 bales, against i3.6s7,3le inSt year
and IO.OI5, 72i the year before. These ngures
were at first not SUP posed TO include hnters
and prices gave way aharply. the decline
for the day az one time reaching ~ 70 "
points.
Later on much Of this was recovered When
1t was found that the total given above m
cluded go, 600 bales Of unteru. which are worth
less for spinning and therefore hardly ought
to be counted In the seasons supply. fur.
thermore, the weather at the South was coio
and rainy, the closing Liverpool despatches
we're nrm, whatever they may have been early
in the morning, Liverpool bought here and
Europe was said to be buying freely across
the water. =,
On the decline. too. Price brokers are selo
to nave bought. as also did those acting tof
some otheriocal bulls. Whether Mr.. Price Is an
out and out bull Is not altogether olear
to many people. for reports were persistent
that against his purchases OF MAY ne Was .
large seller Of july and October.
Then. too, the early Liverpool sdvlces
were disappointing. partly owing 70 heavy
realizing across the water. The houston
estimate was large. spot prices gaVo way
and nnauy CHIn6 n oONCA Ac StINN
which dealt the market g very severe olow.
Bears think It means a commercial crop OF
II, OOo, 900 bales and a gradual drift OF prices
to a lower level. Bulls contend that 1t means
a deficient supply and higher prices
Meantime the speculation IL only profee-
sionaI, and very few people believe there ID
going to be anything like a scarcity OF cotton.
K. y. Hutton d Co. said: THE Government
report being made up to the 9th OF harch
k.N.. - fhA ~rH1RM NHnn m now
We have a better idea to form an opinion
OF what the crop i- After ~deducting the
lintsrs the report cannot be considered
bearlsh- 1t certainly means q crop much
below the requirements. At the rate that
spinners are taking cotton to-day such q
crop will mean higher prices. The spot
situation still remsins very strong and spin
In their stock and have delayed buying until
this late. period, and for the remainder Of
their db. hGIdi i g. thy Eli xs %5i s no d0u Phe o sc TsiSay
conditions from now on in regard TO the new
crop viii govern the prices more or less;
somewhat backward, but as the season is 9
little early vet, with favorable weather this
l~atenees could be oyeFeome: T Gtii1 -e e0ndl-
good. II looks as though We should have
a good ~scalping, market from now on"
Th nS3 Msv Prize rice s 10 un iulT eod S 81 dane
%esssrs. Weld, David Miller and sheSEsSn
we're buyers, Messrsi HubbarS o,D ell
Rich, Miller d Co. Mcintyre, Violet ano
Carpenter. Baggot 4 Co, said; Private
cables reported foreign business rs :. nShIt, Tit y
in the face of the report; Much has been
said recently about a weak long and a weak
some weeks past business has been extremely
light. and such being the case the
Of a weak interest on either side OF the market
On the other hand we have thought that
fluctuations appeared extremely sensitive
to any trading on account Of the %narrowness
figures were made public to-day and show
that io,e 900 bales, including %linte[s. we're
port and includes the entire seasons growth,
and also includes 40, 100 bales yet to be Sinned.
The market received the figures as 6earish
and prices declined some 20 points. however
on the publication of, the average, weight OF
bales OF. 5Ot pounds the, report did not seem
70 be so bearish as it at first appeared and the
The figures are perhaps a little larger, than
was expected; but, on the other hand, the
weight OF bales was not so great and the
number Of linters was larger. and this, in our
opinion. will be construed as buliish and
mex piaEa cause nsfcs a grS %nils se do eot ,n 5exoF an az
great advance from present figures We 'think
purchases made now for a short turn Will
In speaking of the Government report
Theodore H. Price said:
The report of the Census Department
W O-bds SlioNC " NiOI. !,
and counting round as half bales Of 10, 697. ol3
of an average weight of 503.s lbs.
This report is a great satisfaction to me,
inasmuch as it is almost exactly corroborative
of my estimate of this years production;
published on the LIST Of December last, and
| which was lO. 500, i72 bales.
IT includes ?aO,4e7 bales of linters and
ll2.SSe bales Of Sea Island cotton, DeductinR
an ascernained quantity. ginned Of. 10. 355 .OOO
bales, which is exactly the total indicated by
my own ginners' report, published ON March !,
in almost every respect, therefore,. the
accuracy of my methods is demonstrated
by the Governments later returns.
"Of the 10. 355, 900 bales so reported ginned
there We're ginned prior to September 1
49,. 900 bales Is d fpoat mar ks uaa baiSs 70 'hat GATE
There remains. therefore. a total Of 10, $50
600 bales Of cotton available out OF this years
produ ction for the requirements of spinners
during the year ending September 1. 1905.
Cotton on the spot declined rs points.
Middling, 1l.I5c., against s,25c. last year,
New Orleans and Gulf, II 400, against S.5Oc.
The Southern spot markets were unchanged
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