The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-30
rME cOTrON MARKET.
A sharp AdVance-ahOrts Cover on Re
ports OG Damage From the Gulf storm.


reports Of damage to the crop in Alabama.
Mississippi and Arkansas and covering by
promine nt shorts caused q sharp advance.
The news was delayed and the air wa hlled
with rumOrs. Some Of the private deSpatches
were lurid. Others stated that the damage
had all occurred along q comparatively mar
row strip OF the coast and would affect the
grade more than the quantity. But the bad
reports had a noticeable effect because the
short interest here had become swollen.
Too many had assumed that they had nothing
to do but to sell cotton and collect the pro-
ceeds. Besides, the spot situation was strong
and the New York stock Ia believed to have
changed owners on Friday. Such was
rumOred to be the case then and subsequent
Developments confirmed the belief to that
effect. English interests, II Ia said. now being
In possession. The low barometer was in
southern Missouri and the storm was moving
northeast into Canada. But the bears were
undoubtedly nervous. hearing further LIZ
favorable dew elopments over Sunday or that
by Monday, when something like authentic
news may be expected, 1t would turn out to
be worse than has yet appeared.
T. A. Mcintyre a Go. said: We doubt
very much II this marks the beginning Of a
bull campaign in the staple for any extended
advance In prices. The crop In only Just COM
mencing TO move freely and there H. no out
side speculative interest In the market. and
the short inter est Of the trade and professional
extent during the last fortnight. We think
the near future course OF the market likely to
be dominated more by the character Of the
Governments crop report OF the Agricultural
Department and the Census Burea 3 report Of
the amount Of cotton gtnned up to September
next Tuesday afternoon, and the extent Of the
actual damage from this weeks storm. The
effects Of this storm will not appear IN Tues
ditiOn Of the crop, as 10 will be compiled from
data received not later than september %.
y rave been G expecting Tor the I last ten days S.s
ago and 500 two months ago; and as con-
trasted with ~. the condition to September
rs last year and 1873 in 1904 and e5. ! In 1908. II
the report should make the condition under
79peE cent. y would, Of course. be regarded as
on the present prospects Of less than II, 900. 900
balss with an average date Of killing FROST
Mcintyre, Ray and Miller 4 Co. were buyers
Messrs. Shearson, Dick, Latham, Siedenburg
and d. Miller were sellers.
England have paid little attention to the
strength of Liverpool, their purchases In that
market for the past two days having fallen
long expecting that the Government reports
next week will be bullish and that the str myth
a further advance here on nearby deliveries,
which in turn will affect distant deliveries.
There Is as yet no speculative demand from
Nnt NOIIn, ana Hlf tNe DOuIn IN NenOlUk pOOT
crop accounts IL does not send buying orders
with its reports"
The statistical position az made up from
the Financial Chronicle is as follows:
THIS Last Last
Week. Week. Year.
Visible supply. ......... 4, $40, 74S Ina. 35 2,2a6, go
or which American 80. .1.197,T 4s l,OOl .SS 2,134.s9e
Crop In sig ht. ......,... 956,70 5g7 .21o 500
Came into sight during
Cotton on the spot advanced 20 points.
Middling, egOc.a against lO.7Sc. last year.
No sales. The Southern spot markets were
generally I-lB TO &c. higher. MiddlinR q:
Galveston. csc; New Orleans, oIc. Savannah.
exc. and Charleston. akc.