The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-07-14
TEE COTTON MARKET.
A Further Decline weather Good and
Bcartsh Pressure Rencwed-Rumers Of
Financial DtnIcuities sn Ale0andrts.
E9yut.

Egypt.
The cotton price was still in the cotton
press. with the leading operator as the chief
compressor. July was compressed about q
quarter of q cent. and the price Of other months
was also reduced 10 size. though curiously
o the next crop resisted pressure the
best In spite Of continued favorable weather
In most sections and improved crop accounts,
Still there was a cloudburst In Mississippi.
Vicksburg getting ~ inches OF rain. and
there IL this to be said about the good crop
accounts, that they all contain the qualifying
statement that in spite Of fine weather the
plant is still very small. That means that
very good weather from now on and a late
frost are essential TO the raising Of anything
like a fair crop. The belief among many Is
that although prices may go lower under
the influence Of good weather and further
hsmmering il would not be surprising to see
q sudden advance at almost any time should
the news become suddenly bullish. The
short interest is very large and weak; long
cotton has been pretty well weeded out. The
technical position Ia undoubtedly much
better than u was two weeks ago. Some
vague rumors about financial troubles a.
Alexandria had more OF less Ell but in the
main the market was governed by the weather
reports and bearish pressure,
L, A. Mcintyre h Co. said: This decline
We consider TO have gone far enough under
tnt cNirtiUK DulnHn ITh0e ana crop COn0itlOne.
Prices may be forced lower by manipulation
by the clique In control Of stocks here and
also the old crop options, but all things con-
much further or prove more than temporary.
IL already looks as though the bulk Of the
weak scattered speculative long interests
created during the bullish excitement Of q
fortnight ago has about been forced out and
that a new and large short interest has been
fessionai operators having turned over to
the selling side lately In following the manipu-
latve bear movement. Prices have now got
buying by, spinners and spot dealers. and
actual holders in the South will orer less
sparinSly. MoreSyer the weather conditions
TO maintain q perfect average continuously
for the next sixty days before the crop. which
y still only one-third as high in growth as at
this time last year. can be expected to par
tally recover this deficiency. and even then
killing frost will have to hold on, three
the cotton belt, OF about November 1 In the
last ten years. OF the realization Of as good
an average crop as 200. 900 bales; Under
purchases Of the September, October or De-
Gemoer options 81 the current, prices and on
liquidation OF short sales"
The statistical position. as made up from
the Findnciol Chronicle, is as follows:
THIS meek. Last g.sk. Lost year:
3ro %h y a%erioan - ;S,i's AZ sd I 3 s,s Uses 80
Came into sight dur.
ing weck........... 2.95t 52lm 1905
A German house said: General buying
IL being held In check by fear Of heavy tenders
in August of the local stock, supposed to
be controlled by the same interests who
have sold so heavily during the last few days.
the stock thus becoming as much Of a menace
TO the bulls as il heretofore has been TO the
bears. This technical condition Ia naturally
against the resumption OF bull operations
in the near future so long as crop accounts
continue good. and may even depress prices
flirther, but would be of little account in
the event Of a change in the crop outlook.
Trade conditions here and abroad con-
tinue most excellent. With the enormous
profits the spinners are making and the sold
ahead condition OF the mills prices would
probably have to advance a great deal be-
fore curtailing consumption. q fact which
il not likely to be overlooked by planters
and shippers. That with the present good
crop accounts and the feeling against cot
ton the spinner is not In a hurry to buy Is
but natural. We see no reason TO change
our opinion ex pressed in our last letter that
We prefer the bull side. and advise buying
on all good declines from the present level"
Cotton on the spot declined 20 points.
Middling. ,i2.sSc., against 10. 90c. last year.
The Southern. spot markets were generally
steady. Middling Galveston, I3c.: Sa-
vannah. i21sc.. and Augusta. I3Hc. The
port recei pts we're estimated al 1000 hales,
against >. $40 last week and 2.sIo last year.
Futures declined O to 81 points, closing
steady. with estimated sales OF 100. 900 bales.
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