The sun., 1907-03-28
THE COTTON MARKET.
ISig Receipts and Lower Prices -iANerpOO!
Irregular and Insa satisfactory Narrow
Professional Speculation.

II felt the effect of big receipts That is
the alpha and the omega of the whole story
It begins there and ends there. no matter
what may I've said to the contrary. Crops of
IL 900 600 to ~ 500 900 bales will not be "bulled"
by the public unless there 10 something. in
popular parlance, to take the curse on, i'm
other words, unless there are factors in the
situation which more then offset the big
crop. And thus far nothing Of this kind has
appeared. Operators, newspapers, asSocia-
tiOns have haTped for months on tho blg
consumption. But where is the big outside
speculation? 1t is nowhere. either in this
country or abroad. True. this may be partly
attributed to the fact that this country has
not enough money to carry on business and
speculation at the same time. At least cot
ton people think il has not. And certainly
the speculation is absent Yesterday the
stock market was better. but the speculation
was not, and that fact would seem to support
the view thai after all whatever influence
the Stock Exchange has had on cotton OF late
has been more Of purely sentLneIntal char.
to stir the speculation into new life, and II is
pretty safe to predict that nothing will but
big decrease in the receipts and some aCci-
dent TO the next crop-some weather score,
damage by weevil or something similar TO
focus 81 he 9i shs & Thos sGSTs GSGn TGr %a1
cotton and make IL more popular bull card
Yesterday local, Southern and Wall Street
operators sold and in a narrow market prices
Atwood, Violet & Co. said: Sentiment
for the moment is that the prospects of the
new crop will be- the governing factor in
shaping the course OF the market, L. Is
taken for granted thai the present crop will
the new crop can be available, and the move
ment hereafter. whether heavy or light, Wil
be the result of either heavy or light spinners
takings. The trading this season in spot
deliveries has been almost wholly between
the spinner and the factor. bot sides avoiding
hedges In the contract market, sim" those
arLya nnf rnaI tpf t.np
10 is likely that this condition will continue
for the rest of the season, the planter hold
which the spinners readily pay, taking hat
they need as they need IL; The spinner l.
getting the benefit of prices not reached
price OF the raw material. and does not deem
u necessary to be hedged in contracts that
are not kept at relative values with actual
spot quotations in primary market. Hence
forth the speculative conting gent will most
likely be governed by the outlook for the next
will be directed to new crop deliveries
Messrs. Hubbard. Hutton, Mitchell. Bache,
Ray and Miller Co. we're sellers. Messrs
Springs, Norden. Clews. Ellinger and Dick
Dick Brothers a Co. said: Until after the
Esstsr hOldbSSs the s SpttS2 6or1d market is
bears would be more aggressive il advices
from the new crop were more favora BILE, and
falling of in the movement and any adverse
new crop Developments. The into sight for
the week will be considerably under that of
two years ago, but spinners' takings are not
likely to be very heavy on account of holiday
inactivity, which, OF course, does not compare
with the Easter duIness of last year Cotton
itself seems TO be- In perfectly healthy and
sound condition"
Cotton on the spot was unchanged. Mid
ding. IOeSc., against II soc. last wear. No
sales. The Southern spot markets were
generally steady. Middling- Galveston. 10
13-l0o., New Orleans, 10 ll-i6c., Savannah
lo'lc;, and Mobile. 1O'<c. The movement was
as follows: