The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-07
THE COTTON MARKET.
A sharp DecIine-NO Killing Frost Heavy
Liquidation -IAVOrpool Disapp0lntlngS

Liquidation Liverpool DisappointlpgS
There waa no frost Of. consequence In Texas
and this. wth disappointing Liverpool ad-
vices. q rather large New Orleans estimate.
a little. very little, short selling and heavy
liquidation Of long accounts to secure profits.
caused a sharp decline. Some frost occurred
In the western part Of Texas. where compare
lively little cotton 10 raised. and naturally
nobody paid any attention to IT,. Rumors
were aioat that some Of the December shorts
had been frightened Into making private
settlements. but no Trustworthy particulars
were vOuchsIred. More than anything else
IL was a day OF realizing after an extraordi-
nary advance. The future OF prices now de-
pends largely upon the weather. Needlets
o say bad weather. particularly frost. would
have a very stimulating effect. especially
a. the dry goods trnde Ia prosperous. The
consumption OF raw cotton is therefore large
ana the STATISTICAL position Ia admit uly
strong. the worlds stock being some B 1000
bales smaller than a year ago.
consuming American colt IN at about one
million bales each month and the crop out
] ok certainly does not look like we will
year. While there ia no doubt a great deal Of
DAM &c was done In the South, there is time
yet for z great deal more due TO early frost
II We should have same, Exporters viii
mltments.. due to the fact that the South ls
hHhlnB ulRneT Prices ana tnhJ ueslTaDLe
grades OF cotton are very scarce. The world
will soon awaken to the fact that we will
experience higher prices fer cotton this year
and the only salvation for the bears Ia 20 play
for some reaction on such advances a. we Nave
had In the past week. While this reaction Ia
no more than due, and somewhat further,
breaks"
Me.srs. Hubbard. Carpenter. Dick. Norden
and Mcintyre were sellers. Messrs, Shearson,
Mitchell. Gruner and Fllin0er were buyers.
j. s.. Bache 4 Co. said: In all markets the
short interest which could be depended on TO
number OF eleventh hour bulls Increased the
demand, resulting In an overloaded and top
heavy condition, and a more healthy situa ton
has got TO be developed before the improve
ment can go further. Progress toward this
end has been mad to-day through the general
liquidation of the weaker longs, on the dig
appointing Liverpool and. the fear that clear
Ing weather over Sunday would bring a still
lower level OF quotations from the English
OF consequence we thin5 the spinning in
terests of the world will come TO the support
Of prices. as crop condit ions are not good,
the goods market IL In a hourishing condition.
the crop Is not coming forward a sit should.
and the do n ger Of frost Ia Consta M menace to
shorts and manufacturers who have della yed
securing a full supply"
Cotton on the spot declined 30 points. Mid
ding. iO.s0c.. aR1inst lO,IOc last year; New
Orleans and Gulf. Hose, against IO.35c.
Sales, i.25o bales for export and 80 for spin
lower to Nc. higher. Middling: Galveston.
l0hc.; New Orleans. lO%c.; Mobile, l0kc.:
Savannah. tOHc.: Charleston, IOTc. The
movement was as follows: