The sun., 1906-01-03
CHICAGO CLOSING QUOTATIONS.
THE (OTTON MARKET.
Lower on Unexpectedly Weak Cables
Heavy Liquidation and Selling b.!
Room Traders-SpOt Markets Faster.

The tone as depressed owing to an unex-
pectedly sharp decline in Liverpool. the large
visible supply, liberal receipts, large estl-
mates for Houston and Galveston to-day
and fear that the next ginners' report by
the Census Bureau will make the figures Of
the National Ginners' Association look mis-
leading and even silly. silly in the sense that
il is in the long run to the interest OF no man
or any association TO issue reports which
seem bound sooner or later to be exposed
rs fallaciouS.
This is expressing no opinion as to tho value
Of the reports issued by the Gnners' Associa-
,ion but merely notice OF the fact that the
generality OF people regard them as practl-
caily vrlueess inasmuch AS they appear TO
understate the amount glnned and TO create
a fal lse impression as to the size OF the crop
Moreover the spot markets were dull and
in some ca ses lower. money was still tight and
there was an absence of support. On the
decline there was more or less selling on stop
orders The bear leader is supposed to have
had something to do With the decline in Liver
pool
New Orleans is said to have sold heavily
here and wire houses and Wall Street were
selli ng to certain extent. Room traders
sold early IN the day but covered later on,
a fact which had something to do with the
rally
The decline W. iu nart manipulated, but
IL ia useless to dis n"fact that sentiment
in the ira de at the present time is very gener-
ally bearish largely because the visible
supply is increasing and is much larger than
in recent years, while bull speculation is
not aggressive, with money at 40 to 30 per
cent, and the receipts liberal.
Dick Brot hers Il 60. said During the next
few days the cotton market Is likely 10 show
more or less irregnlarity while awaiting the
publication Of further ginning figures, The
Sationpl Cinners Associat ion is to make
a report Of the amount OF cotton ginned TO
January on Friday. and the Census s,, Bureaus
report covering the same period Will b" pub
iished on Monday. Current estimates Of
what the latter viii show are 100000 or
$500 900 bales but ms expeota,lon seems @ & 10
Tor continued uncertainty in the market
II is siill in ,ongested cond dition, but Il must
be kept in mind that every day OF LIQUIDATION
Mes.rs. Gwathmey:. Miller 4 Co. Hutton.
Norden Carpenter. Bartlett, Freeman and
O'Dal we're buyers.
Miller / Co said There is no cc,mparison n
and M cents now. but the temper Of holders
seems Jus, as, pronounced. While the sirnG-
gle between the farmer on one hand and the
SIMMER on the other continues, the specnlator
long of contracts may md his load a heavy
one, and liquidation OF futu ures may be forced
,ss svsn ha
strength Of holders. If maintained without II
break in their ranks. must bring a recovery
in tho contract market. but ~ the moment It
looks as il further liquidation, of The long
account is imminent. good deal OF talk Ia
indulged in by European trade generals OF a
resort 10 short time by the mills. but this is a
contingency based upon the maintenance
Great stress is also laid on tho increase In pur-
chases of East Indian cotton AZ relatively
Cotton on the spot was 10 points lower.
MiddlinR, ll75c. against 7loc. last year
New Orleans and Gulf. nc, against 7,3sc,
Galveston, n',c. New Orleans. II a-l6c.
Savannah. II 7-isc.: Mobile. NC. Sales
Galveston nil New Orleans. $50 bales Mo
bile 200: Savannah, 500
The receipts TO- day were a. follows;