The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-07-07
TEE COTTON MARKET.
Cotton Dull at Q slight Decline Local
Humiliation Texas stu DRY.

There was very little 90 the cotton market.
but what there was OF II shovel no general
disposition to sell. Prices gave way under
scattered liquidation AMI some hammerine
by leading local interests which we're recently
heavily long and disposed OF their holdings
on the rise produced by the Government
report. But this is not a one man market,
10 Ia a weather market and Texas being warm
! AMI dry and crop advices. though more favor
able than recently. still being on the whole
bad, IL seems useless for even the most ex-
perienced interests in the trade to attempt
TO force prices to a very materially lower level.
The idea Is gaining GROUND that IL Is a poor
crop and that the situation Ia inherently
strong. whether everybody is alive to the fact
or not. Events in any case will bring out the
truth later on. Meantime Texas needs rain
and with a high barometer 1t does not look
as though IL would get any rain at once.
Droughty conditions In that state may yet
become a leading factor In the situation.
AZ present. however. there Is little life In the
speculation. People are waiting for some
thing new to turn up. Old heads in the busi-
ness think enough has turnei up already to
shake the trade from centre to circumfer-
ence. However that may be, there is a certain
lethargy at the moment.
T. A. Mcintyre 4 Co. said: with one Of
the most powerful bull pools In control OF
the bulk Of the stocks at New York and also
IN CO0uTOl Oh al bu6 OWd CEOp OptlOiISs ~
another formidable pool occupying a similar
position in the New Orleans market. any
further disaster to the growing crop through
the prevalence Of excessive heat or DIR ought
within the next thirty to sixty days. could
easily furnish under the circumstances an
other sensational period Of speculation AMI
about the equal Of the Sullv boom ~ three
years ago. Therefore. with so much de-
pending upon the continuance OF almost
perfect weather conditions daily in the cotton
belt throughout the balance Of this month
and during August TO make even a good
sver crop; ~ nSu taa st,l DC 1o ps,ter TO %, c9 9S.
bull side. even at the prevailing high prices.
rather than TO risk short sales to any extent
crate reactionary movements natural In any
bull market"
The. statistical position as made up from
SS,,. nile. ;sss gS:4,s.,. 81 ss;: rs, :; :s'::s s;Ss; =; :s s:;s.
Crop in sight: .. is.oss.sao is'os7'soi i~o.ssO,i7s
Ing %ees. io.'.. ss,Ia $3.50 1859
Edward Moyse a Co. said: What every one
asks now is something about the future. and
that question tlG h, can De ns%ered IN a very few
Our reasons for this conviction are: First,
the strong position Of the remnant Of the old
spinners,. at prices above 10 cents. Second,
continued unsatisfactory crop outlook and
the prospect Of a yield under y 200. 900 bales.
fear OF extefsive weevil damage. Fourth,
over and above all. the growth Of bullish
sentiment ip cotton and the Certainty Of
on the first Indication Of further damage.
All signs now point 10 exciting markets dur
ing the summer. campaign by an advance 10
high levels, perhaps not justified by actual
conditions. 1t is still our policy and our advice
TO our friends TO consistently avoid the short
side and TO buy cotton on every soft spot.
Cotton on the spot was unchanged. Mid
ding, l3,5oc:, against io.soc. last year. No
orally unchanged. The port receipts were
estimated at ? 200 bales. against 4. 72s last week
and 2,547 last year.
Futures closed ? 20 4 points lower. with
the tone steady and the estimated sales rs, 600
halea prtcea "a foltows.