The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-07
THE COTTON MARKET.
An Early Advance. Then q Setback on
Good Weather mt PROFIT Taking.

Profit taking in the end caused a moderate
decline. The weather was generally good.
Wednesdays weather canards or what looked
a good deal like them we're exploded early, yet
cotton advanced for a time on persistent re-
ports Of a bad crop outlook. The Texas season
lie anywhere from two to six weeks late. The
stands are poor: boil weeTl has made Its APP
pearance In some parts: fields are grassy and
not a little cotton has been plou ghed up and
replaced with corn and other crops. Wednes-
days rumors Of heavy rains In Texas. Louisi-
ana and Oklahoma proved, as already init
mated. to be for ths most part humbug.
And II would seem that that kind Of humbug
IL Rratuitous In a season which at the best
Is bad enough. II may be that In a few out
Of the way places not reached by the Gov
eminent service rains fell on Wednesday
afternoon. But 1t is safe to say that the
dra gnet OF Government reports Is pretty
wide and efficient and that any one can get
q pretty clear idea OF the actual weather
conditions In the cotton belt from the Official
reports posted daily at the New York Cotton
Exchange. But ignoring this sillybillyism,
not to stigmatize IL more severely, of people
who send false weather reports TO New York
with a view Of helping along their little deal
in q hundred bales or so. the fact remains
that in some parts Of the South warmer
weather would be beneficial even though the
weather taken as a whole has Of late been
favorable. The official reports showed very
little rain In Texas or anywhere else. More
than that 1t is becoming increasingly clear
that six weeks OF bad weather have brou ght
about a serious situation In the cotton belt.
II may be remedied by a prolon ged period
OF favorable weather. but. naturally, whether
that lie COINS to occur is a mere matter OF con-
lecture. AZ the case stands very many Of
the cotton trade In Europe and America are
alarmed about the outlook for the crop.
Continental operators were buying In Liver
pool yesterday, a fact which helped to force
prices UP in that market. New York re-
sponded at first with a fair advance, though
there was a decline later, owing to profit taxi
ing and disappointment over the fact that the
official reports OF rainfall did not confirm the
private reports of Wednesday afternoon.
The leading cotton operator here was under
stood to be buying. however. and various
Wall Street houses bought. though some
also sold. The South is understood to
have sold on the advance. A report on the
condition Of the crop in the entire belt will be
issued by the journal Of Commerce this morn
ing. This report and that OF the New Orleans
dsy' moS SThS sys co Tsifn TiI. Fl sR pea G r. Mon Icnr
decidedly buifish. Yesterdays setback was
that recently witnessed, The weather news
will FIX the course OF prices In the immediate
Edward Moyse d Co. said: IL is very evil
oil the short side. No doubt they will come
often, but II lie far eqfer TO await declines and
Those whotred to feel for the top q number of
times durin the Sully year couldteiIa pathetic
tale OF their experiences, and the present sea-
son. with q small crop In prospect against q
big consumption and oversold condition OF
the goods market. may furnish some equally
interesting and expensive history before the
Messrs. Hutton. Price. Lehman. Mobr.
shearson. Elbnger, Moyse and Hubbard
we're buyers. Messrs.. Carpenter, Dick, vii.
soni latham clews and Springs were sellers.
onesIded market that something OF a pause
was due. In fact IT. Is beet that we should have
a good reaction, since there has been none OF
Importance since the opening OF the present
bun campaign. IL the advance which started
some weeks ago was justified d further rise
entered the second week Of June with general
conditions and prospect considerably worse
market and that consumers now reluctant
10 FOLLOW the rise because OF Its ra pldlty Will
before long recognize the small crop with
the most voractous buyers,
Cotton on the spot advanced 10 points.
Mtddling, $50, against II. , l. Last year. Sales.
200 bales FOL, spinning and ~ delivered on
contracts, The southern spot markets were
unchanged TO ,Ic. higher MiddlJnc: Oal-
l2IrG.. and Augusta, iS.a. THE We"tSsr
Bureau predicted showers for all states
except Geor gtA aud the CArolinas.
Futures advanced. ~ 10 Ia points, but
reacted md declined s to a, closing steady.
with estimated sales Of 5000 bales Prices
July. .....,, ....... W,W ibT