The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-12-02
rHE cOrroN MARKET.
A Further Reaction ON week End Realfzfng
Statistics Less Bullish.

A reaction which tends to strengthen the
technical position Of the market occurred.
and II would not be surprising II II made
some further progress tomorrow. when inc
Liverpool market, II IL Is to take its cue froul
New York. will be lower. Yesterday Liver
pool led the way In the decline, as on the previ-
Gus day IL blazed the path for an advance.
But 1t IL not merely Liverpool's decline OF
yesterday which led to the reaction mere.
The weekly statistics were on the surface at
least less bulllsh than a bull could have wished
showing. as they did. an increase during the
week In the visible supply OF American cot
ton OF some 2i4.OO0 bales. as against My
1000 bales during the same time last year.
This had some weight. though It does not
wipe out the fact that there is a big demsna
Tor the actual staple to meet the wants OF =
extraordinary business in cotton goods; Inc
reaction. too, was no more than natural eIteI
should be remembered that the total supply,
OF all kinds OF cotton In the world 10 sun
nearly s0o. 900 bales less than at this time Last
American cotton is roughly 10000 bales.
Bulls maintain that the crop is not much over
1900: 600 bales. and there are thos 3, who INK mn Z
600 and even more. II the usual calculation
is right this year, that about 80 Per cent, OF
the crop has moved into sight by December L.
the yield IL q little under 1900. 900 bales
whereas the worlds consumption OF Amerl-
can cotton is estimated az 2.2SQ 600 to III
StsVNVb Y ~ W.
street, room traders and some New Orleans
H f.s Statistic, Esrs for sel ths x DsJtiy 9n .as ,efs S SSs!-
II they sold May. were buying March.
now seems to be pretty well evened up. will
the trade more inclined to await the census
Bureaus report on the amount of cotton
preliminary estimate on the size Of the crop
by. the Agricultural Bureau before operating
70 *. a Market ss - Sur f1ane The " snsnin an week u Viii be
dominated to u great extent by the varying
views of the trade in guessing the probable
on the market. Our idea is. the Agricultural
Bureau will probably estimate this seasons
crop in the neighborhood Of II ,Oo0.o 900 bales.
II. iO0. 900 bales. and with such a crop we are
expecting cotton to sell ultimately. much
hi S sYaH5 especially y&es sish vii ihe he sr SIsn 81 tss ,i new
however, in between for violent fiuctpations
from the In and out operators OF the heavy
speculative operators and the large market
interests in their efforts to control prices.
and as q consequence we would rather adhere
to a scalper's position in trading than load
up with any large lines In the present condi-
Price brokers sold early and bought later;
M sss Tsrs % ,sii:E shes Ms.sr. M2nI, MSdns NlteS sIr
Bache, Norden and Lehman were buyers,
McFadden brokers bought March and sold
May.
]. s. Bache h Co. said: I'm a general way
the trade is looking for a couple of bullish
reports on the sth and 10th inst. but specula-
ton is undeniably tired at the moment and
the o~vercrowding on the bull side has n FUSED
the liquidation Of considerab bic long cotton.
The spot market situation, however, and the
condition ~ trade for all kinds OF manu-
featured cotton are so strong and healthy tn .
We look for any decline prior to the issuance
Of the census report next Saturday to be
promptly recovered. And. as we fail to see
how the Government crop estimate on the
10th can be anything but bullish, We expect
such a probability will be discounted before
that time. We therefore advise buying or
the decline"
Cotton on the spot declined Is points. Mid
dlinR lI.25c., against II CSC. last year. The
Southern spot markets were &c. lower TO
3-isc. higher. Middling: Galveston, nc:
New orlean ms, lis.c.; Mobile. IO7ic.; Savannah.
lOt.c.. and Charleston. 1870: