The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-11-11
THE corroN MARKET.
Again It Declines Liverpool Unexpectedly
weak-Pressure OF Hedge selling.

Prices we're n BILE 10 resist the force OF
a continued large crop movement, hduida-
tlon and hanImering in the absence OF out
side speculative support. Hedge selling
continues. the weather is favorable for matur-
inR and moving the crop and the south Is
selling. large crop estimates are received
with favor In many quarters. even l3,SOO.Vo
10 II. 900. 900 not being considered unreasonable
by the more radical bears. OF
II, $50. 900 TO ~, 900 600 bales, which the Duis
consider much nearer the mark. are sconed
at by the generality OF people. The truth
lie. however. that nothing Is as yet really
known about the size Of the crop. Large
receipts at this time do not necessarily mean
a big crop. They may mean a big demand
and plain limitations from bankers TO planters
and factors that in the present stringency
Of money at the South cotton should BE- sold.
MeR ntime the short interest il eteadlIy IN
creasing, the dry goods business IL verE,
prosperous and IL need surprise no one
ne World cons ~ nno On ,o @. a. Am more' Eyery.
and It msy turn out ultimately that they
wiz bts sRd bt sas% 3 so' .. u a sThs dc st s%si seems
TO be summed up when it Is said hat the mar;
kes ssI merely ssg d6 has a., 4 sf STes q IN neG oTr msrs ssV ye sn
terdsy was caused by the urgent liquidation
of one or two cliques. OF operators who nave
census report OF Thursday was baIllsh when
analysed impartlally. u at least INDICATES
a crop far below the estinates which SSh naye
dalton referred to stifed any inclination to
buy and the speculative ~.ioundering has nut
trade demand shows no diminution and
spinners are buying freely. 1t seems to be
overlooked at the moment that most OF the
cotton now moving has been sold at much
higher prices. No attention Is being paid TO
the fact that while the movemeat into sight
has been on an enormous scale IL has round
its way Immediately to the ports and interior
stocks. instead OF piling up under, receipts
are about 10000 bales less than last year;
It's enormous crop. Is practically cleaned up
Of desirable grades with factors refusing to
ment Is now so hopelessly pesslmistio that
opinions are valueless, but we. continue to
believe that prices eventually Will seek a much
Messrs. Price. Hubbard. Weld. Mitchell.
Moyse, Springs and Gwathmey were sellers.
Messrs. Hutton. Bache. Dick and Wilson
A. o, Brown 4 Co. said: The short in
terest here Is still regarded as pretty large.
from the top figures OF the season. which
amounted TO about o. a bale, the weak long
interest must have been forced Gnt' ,IuIn@e
anything else. must be a good deal better
than IL was some time ago. Summers are
OF the actual cotton. and the higher grades
at the, South are very sparlngiy offered
in prosperous seasons, when the sale Of the
finer cotton fabrics is usually large. A <
TO the immediate future OF the cotton market,
il must depend largely on the receipts, and
these will be in a measure regulated by the
weather. At the same time should prices
decline much further there can be II lie doubt
that the holding back movement will spread.
though the banks now favor selling.
The statistical position as made up from
the Financial Chronicle is as follows:
This meek. Last meek. 1905.
Visible supply. ......., $500, 05S 3,3I4. eos 4.057, 3<5
~ which American 80. 2,s6i .05a 2.SS5. sos 3.2e4,st5
Crop in SIGHT. ,,..... .4,O5i, no 3,4s3.S2S 9,aSs.oiO
Came into sight during
Cotton on the spot was unchanged. MID
ding, 10. toe, against II CSC, last year. No
sales. The Southern spot markets were
generally &c. to re, lower, Middling:
Galveston. 0 iI-i6c.; New Orleans. aJc.;
Mobile, s'sci: savannah, gse': and Charles