The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1908-12-16
PRICES STILL LOWER.
ENORMOUS RECEIPTS PRINCIPAL.
CAUSE OF WEEKS DECLINE.
Many Think That Authorities Have
Reported Shorter Crop Than Ac.
tually Exists.

ton have been forced downward nrin.
cipaily by the enormous receipts. The
extraordinary into-sight week by week
Is where the shoe pinches. Moreover.
the spot markets Of theh South are re-
ported rather sluggish or actually
weak and there is an unrelieved pres
sure here OF Southern hedge selling.
Then the straddle sales here are per-
sistent and at times large. They con-
sist Of sales mostly of October against
purchases across the water OF Septem-
oer-October. Such straddles may not
have worked out very well for the sea-
son thus far, but English operators
stick to it that they will ulti ,ately
prove remunerative.
Moreover, there seems to be some
falling of in the sales Of cotton goods
IN the country. Lancashire complains
OF dullness Of trade, British exports Of
goods are somewhat disappointing and
Belgium reports show short time among
some Of its mills. The local stock is
gradually increasing. The increase
this month is about $4,000 bales and
runors are afloat that before very long
this increase will amount to something
like $4,000 bales. December notices
during the week are said to have
reached a rather large volumes or at
any ratec onsiderably larger than was
generally supposed. The government
estimate Of 12,s20,00o bales Us by
many considered too low. Rumors that
1t was made 80 owing to outside pres
sure are denied at Washington. but
such rumors, however unfounded,
have had some effect here.
Apart from this it is pointed out
that the quantity ginned up to Decem-
Der l, IL reduced to bales OF 500
pounds each, Is in half a dozen States
so large as to suggest that before the
end Of the present calendar year the
crop estimates for these States will be
equaled IL not exceeded. The fact that
the governments December estimate
in three years out OF the past four has
been roughly from 100000 to 1,1OO.-
600 bales too low encourages not a
few to believe that the estimate of
December 8, was also too low. Yet II
Is fact that last year the December
estimate was $4,000 bales too high.
After all, too, prices have shown
not little resistance to pressure. DE.
cember still continues at a good pre-
MUM over January. The stock here
Is increasing but is all good cotton.
Many believe that a crop of 13,5OO.-
600 biles will be absorbed this season,
especially as the quality of the staple
admittedly much surpassed that of
any recent crop. Parts Of the South
are beginning to report exhaustion Of
supply. 1t is believed by many that
the crop has been marketed with un-
wonted celebrity owing to favorable
weather which has given false impress
sions as to its size. Prices are cents
lower than year ago and cents un-
der Its high point. Middling uplands
cotton here is quoted at 9.15 but even
In the season Of 1906-'07, when the
crop was 13,511.O00 bales, it is pointed
out that the average price Of middling
at New York during the year was
lila. Finally Wall street bulls con-
tinue to buy on a scale down on the
idea that every bale will be wanted
operators there think that the actual
consumption will be enormous and
that spinners will buy a very large.
quantity this season Of superior cot
ton In excess Of their actual needs.