The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-05
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condition NJ ttA rsf esrt asEins ff1s resf
49, and ~ ierfetse IN The arfess" W shn''
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rms In = ssr sss hssfish snrteh, 'rf me
ssrdfian In fs~snt retfs " his finn" haa
NSvef bsen hiahsf than ~ and n has heen
f'to ~ per cent Hu' speculation " srrculs
ton and n 10 hn'hin6 N ~ Ia mt uteSf Tho
Oov eminent M ls fstutns fr"eived from
The South puts tho lncfsas@ Nv acreage "vrf
las' war A. a psf cent " 10 rfrifv aaf" ~
conclude that IN reality 'he ihcfe1s" 10 some
thing greater The admitted condition ~
the rrop 10 s1A per cent very close. In
tact. 10 thr average fuf ~" past ten yeats.
or $50 per ccnt. Ihi- also seems significant
two Years AGO indeed. w tho wear when
tho cfup vas Ia.e5o.UpD haler. the condition
~ this time was only ~, nt - per cent. lower
than what n - nov. Hut tho market, apart
from all this. Was ~ = condht9n in ahvance
Auyhody who has gwen M" -liRhtrst attcn
ton Ia The technical I'll tat Ion knows that "
has hcen heavily sold for tho decline for soine
time past 10y the South aud that tho lgca!
element. Including not u few OF the wan
street traders. had been encouraged To take
tho short side by the collapse Of the MAY
aud July options Las, week aud the generally
favorable weather for ZONE weeks past.
The niVanc" Yesterday must lie asCribed
largely 10 the ov~ercrowding Of the bear side.
al hough n WIS due IN some measure. early
IN the day 10 manipulation by the bun leader
and som" Of his followers -.
Covering NJ shorts. however, was IN"
most potent fact or in the trading. and II
remains to bc seen how the market will act
now that this interest has been IN some
u il worth vhiIe to ohscrye that In isos-go
on an area Of u ,o57 900 acres. the South pro
duced ii.2a5. WO bales. Tho present acre
roughly Of $500. 900 acres over that OF the
year mentioned. or nearly rs per cent. Lead,
ing bulls bought for 2 tine. pr - are sup : ? sss
dd's ss. 3TPSH no !%5SFST'ib BOUGHT Gsm 20 ear GSV' but s1'" sold d
Miller / 60. said: AS the June ,condi-
ton last year was 772. II is figured by the
extremists that the crop outlook is Q per
cent increased, so that the indicated yield.
as far as any calculation at this early stage
can forecast. would be about Is per cent
bales, independent Of the increased Weld
from the greater use Of fertilizer Calcp-
Is at. }er OF Dr6 ,htE ToT nur are aoT SuE fSev " ssTTe
that tho world VIII look upon The Govern
incent i've TO bulIish activity, 4 striking
feature in the report. and the one TO which
Europe viii give particular attention, is the
present condition Of TeXns-s7 against go at
this time last year. The bureau report has
come and gone and the trade will resign it.
self to the task OF watching weather con-
ditions. No matter what arbitrary figures
NAV indicate. the world will not he at ease
until a Yield sufficient for is nssds IL as
sured. and any change IN conditions threaten;
ing a fun average Weld will be the signal
for 2 bull campaign. Mesnwhile, during the
continuance Of present favorable weather.
the outlook is for a sagginG, market
Price brokers bought freely early In the
day. but sold October on the rise. Weld X
Go. both bought and sold. Messre. Norden.
Siedenburg. Fernie and Freeman were buyers.
Mrssrs. Hagedorn. Setter and Rountree
were sellers.
Henry Clews & Co. said: Crop conditions
show an Improvement In all the States. eX-
cept some parts OF the Southwest, where
the weather has been too dry. The Atlantic
and Gulf States have been greatly benefited
by rains and good stands are reported. South
ern spot markets are all holding up much better
than New York or New Orleans futures. and i
prices n the ports ran ging from tic. to II &c.
for middlinga rally In prices Of futures is likely
TO follow. and "a the heavy liquidation was
mostly for inside account. the chances are
II is abou; over and the cotton market will
now gain be regulated by more legitimate
Condit ions. There is still n large open short
interest in October and December"
Theodore n. Price said: Below are the
figures Of acrca GO. condition and yield for
the four years proceeding the present in
which the acreage. rs reported by the United
States Government, has Appropriated the
acreage reported by the Government to-day: