The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-21
Executor
THE COTTON MARKET.
An Advance Following an Early Decline
Liverpool Lower-San francisco
News Retter-ShOrts Cover.

Liverpool Lower-SaD Francisco
News Better-Shorts Cover.
The speculation, so to speak, was In two
acts with a very different cast for each. First
the bears had things pretty much their W
way. Everything seemed to favor 'theHl'
The San Francisco fire was not under control.
the latest news made the horror worse ana
worse, the financial situation seemed a olt
unpleasant, Liverpool prices were lower and
that market sent a good many pessimlstc
dispatches as TO the possible. probable OF
certain effects Of the California disaster and
some rumors we're afioat to the ed cot thatthe
Southern spot markets were beginning to
weaken. Room traders resumed their ham
mering. commission houses liquidated. nota-
bly, those In Wall Street. and New Orleans ana
the. South II not Europe sent selling ORDERS
All these things ga We the market q oerulean
tinge for the time being Of deepest hue.
Then on a sudden the aspect OF things
changed. Word came that the fire at San
Francisco was under control, the stock mar
kets of New York and London promptly
responded and some OF the dispatches re-
ported more rain in Texas than was desirable.
Then bull brokers began to bid up the May
option. apparently with a view Of unearth-
ing a short interest among commission houses.
And the Quest seems not to have been alto
gether fruitless. Certain OF the commission
element assuredly did buy that month aud
the premium which at the close on Thursday
was, 0 points. increased to II points Room
too, who had sold with such con-
1denoe early in the day thought better OF 1t
later on and covered. And their covering.
as so often In the past. was a campaign con-
tribution to the bull fund. At the end the
market was firm after a sharp recovery from
the low prices of the day. This may be at
tributed partly to the fact that the spot mar
kets are apparently rs grim and determined
as ever, whatever reports may, be circulated
from time to time about their giving way.
Carpenter, Ba ggot 4 Co, said: The slug
gish Indifferent tone of the recent cotton
markets made IL easy for the shocking news
OF the California earthquake to exert a most
depressing influence on the staple. Such
catastrophes, sas a rule. have a tendency to
business in any speculative COM
modify, and without knowing why, operators
seem to want TO decrease their ines ana
await d~evelopments: In TINS case iee,S 1o1cedd
by the suddenness and sadness of the news,
which from day to day grew more terrible
today that the eenqrmity OF the disaster
seems fully, realized by the public. we
should say, that the DECLINE in the market Is
ton OF the staple is as strong as II ever was
and we have at no time lost confidence in
ultimate results The weather conditions
II IlDl Il duN NbAc Ion.
ported in some sections we have forecasts
for Saturday of rain and showers in the cen
t r. s and an eastern tern ! belt n M's ihs sPme t tIme our
matt as TO spot business would Indicate
an unusual frmness. with buyers and sellers
to EeI Be f aIyine to S9 baS on s1e q basis Of III %futu i r but
concessions are not being made. We 90 not
want Won to lose sight Of the TACT that reports
from every section OF the cotton using Woriu
are of a most encourag ing nature.
Trade conditions for the year as gauged
by export show a large Increase IN the con-
English and continental mills booking larger
orders for Eastern business, than heretofore
and commitments are Wen IN auTamce Ha
1907. We refer to this to impress our friends
with the fact that at, the present prices OF
a conservatives probability, so that the avail
able supply bet ween now and next September,
is about all placed or accSunteo IoT. ano
the one strong feature In the situation IS
that the manufactures must realize tnat ms
source of supply for the season OF l906-oI,
that is. from September ! 1908, to september
Drop that is now being planted, ana with tne
many uncertainties accompanying the growth
and maturity Of a crop o. in eot of sn ana me nsef imt
conditions as ruled two years ago We must
wait some months for developments that Will
give us even a line on the amount OF cotton
to be expected from this growth, and between
now and September there VIII be many scares
and low crop estimates, so that higher prices
the market is narrow and sensitive and will
be subject to declines, but the situation Is
stTong,y 6ulllsh ! and II a. after tie , a as Sad sh OF m neeF,y
is in a. healthier and better condition and
should be bought,
ne nle sSd F SaIe. S Seesrbs BUYERS. Messrs. Moin-
tyre, Mohr, Latham and New Orleans and
Wall Street houses sold. an
ceipts continue liberal at all points,, but II
advices TO the effect that business
has more recently been light, owing to ne
before long. Private advices to-day reported
e hi ths South vas is a 9f nIe6t inquiry S1t yh rSF soide Gqff 4en
fused TO meet the decline in futures, The
real cotton situation, has not changed, and
in the sudden disorRanization Of conditions
su% surrounding speculative accounts. This will.
course, right itself with the completion of
to rebuild the city. which points to
: tUmIne sEd II p snyth THs'RRe helps ost the sa POSITION moi Of
temporary depression tends to confirm our
be more likely to Influence the early new
,,rop positions than to help the near months
turing the summer"
Macon. Cotton planting Is well under
Kay on account OF good weather, The sea,
WI iidb ooVa Oto o. ~. WV hhs'Nh toh' ~
acreage is contemplated, though 1t will
be cut somewhat by a scarcity Of labor.
middle section and the lower half Of Alabama
o increase the cotton acreage. but II Ia not
that it will be done to any extent,
Is scarcity Of labor will prevent IT,. Unfav:
weather has retarded operations, and
are from ten days to two weeks
behind with their planting,
Cotton on the spot advanced points.
Kidding. ll.75c,, against 7.soc. last year;
yew Orleans and Gulf. ,i2c.. against s.o5c.
The movement was as follows:
Leg; Lea
receipts. .........iLsao a.16e 22,ee5
Weeks total. ......,... s7.See 1899 ie2,e7e
Estimated receipts:
To-day. Week. yenr.
........, 2, 25O-2, $50 2Nl 5.762
.,...... S,000-5 900 2RSI 1914
seW Orleans. ..I b.500-6,NOO f.Nl $3.50
The interior movement for the week was as
ollows:
This week. Week. YtdY.
' sipSs .n,;,.,::.:. S 4.ss s S,T 1ss: go
eEs""",,."."". .sea,isS 4ii'i7s 4sS'iiS