The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-08-18
THE cOTTON MARKET.
Decline In sympathy with stocks Despite
Texas Drought Rally Toward thc
Excellent Trade situation.

-
Decline In sympathy with o Despite
Texas Drouxht-RaIIy Toward the
CIese-E1celent Trade situation.
wnArHKn YonxcAsr ron COTTON srArES.
For North Carolina. south Carolina and Georgia.
isir to-day and tomorrow; light TO fresh Westerly
winds.
For eastern Florida. western Florida. Alabama.
Mississippi and Louisiana, fair to-day ana To-
morrow: light variable winds.
For eastern Texas. fair to-day and tomorrow;
For western TeIas and Oklahoma. fair today
and tomorrow.
For Arkansas. fair to -day and to morrow.
For Tennessee, fair and somewha warmer 10 day.
The Stock Exchange threw q shadow over
the cotton market which not even the clear.
bright. drou ghty weather In Texas could
dispel. Texas is being hurt by the drought.
but as to the speculation Wall Street 10 a sort
OF CUCKOO which has forced legitimate In
nuences out Of the nest and taken first place.
Traders paid more attention 10 another iurch
In the stock market than to drought and
shedding In Texas. Some Of them sold early.
and II they covered on q subsequent rally
that IL merely local history repeating itself.
Snatching defeat from victory In this manner
IL certainly no new thing. The speculation
was TOO small. however. TO call for any ex-
tended notice. Builish factors are the Texas
drought, the excellent condition Of trade.
the strong spot markets and what looks now
like a reasonable certainty Of q crop much
! smaller than that OF last year and consider
ably less than what the world needs from
America. The bear points are the Stock
Exchange incubus. high rates for time money.
| the teleeraphers' strike. the improved crop
| situation east Of the Mississippi and the fact
! that speculation has dwindlcd almost to the
vanishing point. In the immediate future IL
| ill ~. . oosA - Npano~ vov~na Ayou0hf 00ht-
Ing for control Of the market.
Edward Moyse a Co. said: The new crop
| coming into sight in Texas Ia being literally
grabbed up by exporters at prices equal to
l4c. for middling at Galveston. and the same
price is freely offered for all shipments as
far ahead as September is. 1t is small won
! der, therefore. that futures should resist
artificial outside pressure. especially when
the prices OF January and months bevond are
~ cents below the actual, value Of new cot.
ton in the South. IL is well to remember that
by the smsnded' Contract. which bars from
delivery all the low grade stains and tinges
s spsds also ,s sla%, neatly 's sim spGi9Siss9m as G %siI ss
vastly improving. the contract. Prices during
the first months Of the new season will be
all signs point to a rapid absorption by the
mills OF first receipts at full prices demanded
Mess Pso0%S eid.. Norden, Bartlett. Dick and
Mcintyre were sellers, Messrs. Wilson, Crutch-
held, Hopkins and Hubbard were buyers.
Discussing the situation. Isaac N. Soils
said: One by one bullish spectators are
dropping out Of the market Bearish opera
tons, however, are few and far between, and
il is likely that when cotton does break. as we
believe II will, very few spectators will be
in opposition to profit on short commitments;
just at the moment the meagre receipts and
the indication that the first %ginners' report
will show small figures are helping to keep
prices up at the high level. This factor,
however. will only. be temporary. The 9ues-
tions OF money and credit and also that OF the
prostration OF speculation must sooner or
later become the ali important ones In the
cotton market"
! The statistical position as made up from the
! Financial Chronicle Is as follows:
This meek. Last pesk. Last year.
Visible SUPPLY. 1S7sos sss1eo7 i.s7so4
OF which American. l.D0S, o0S l.o0l.leS ee3,024
Crop In sight. iS.sso. 44 is.Na.ies ii.ose. 100
week. sa.see 4s.5a 1882
Cotton on the spot was UNCHANGED. Mid
ding, Is. 25c., against 10. l0c. last year. No
sales. STATISTICAL and other news was missing
owing to the telegraph strike. Futures de-
clined 8 to 10 points, but recovered part OF the
loss. closing 3 to S lower. with the tone steady
and the estimated sales 10000 bales. Prices
4 as follows: