The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-09-08

New York. Sept. 3.-A general be-
lief that the crop is deteriorating
caused an advance at one time with
rather spirited buying by New Or
leans. Memphis and other interests
even II the speculation has continued
TO be iFuored by the general public.
Taken as whole the trading has
been professional. Various builish
private reports. giving the condition
OF the crop at from s4.1 to ss.7 per
cell: led the bulk of the cotton trade
TO look for a government report or
the second instant of about SIS per
cent, as against q ten year average for
September Of about 1876 per cent.
The report actually gave the condi-
ton at 63.7 per cent. against 71.9 per
cent last month, 1911 last year, 72.7in
1907. with crop Of 11,37O,000 bales:
i7.3 in 1906, with a crop Of 1851 900
bales, and 72.1 in 1906. when the crop
was 11,346,000 bales. Thus it will be
seen that the official report exceeded
even the most radical in point of bull
ishness. 1t is the lowest Septembe'
condition on record, the nearest ap-
proach Icing $40 in 1902
A tendency towards some reaction
was noticed when January touched
1888 early in the, week. According
to some bulls crops had been pretty
well discounted Talk to The effect
that short stapled cotton might be
sent in considerable quantities from
| Texas for delivery on contracts here
| had some effect. Also after a rise of
| about 80 points there was some nat
ural disposition to realize the profits
| on the eve of the Labor Day Holiday.
Spinners have not bought heavily.
Bears still insist that there is still
| every likelihood of a large crop move
ment in the near future whatever the
actual size of the crop, and that the
| eftect on-prices can hardly fail to, be
for the time being at least depress-
/
ing.
| According to some advances the
large spinners' takings from the last
crop were not all consumed, and the
rise in cotton goods has not been COM
mensurate with the advance in the
price of the raw material. The last
crop was the largest ever known
reaching, according to the New York
figures, 13,S17.516 bales. Probably
the actual Weld exceeded 100000
bales. This means that large sur
plus has been carried over into the
new season. This will do much to-
wards making good any deficiency
in the present crop.
| Speculation for a rise had received
several severe setbacks this season
The pace during May and June was
too rapid to last. 1t has been chas-
tened market since the first big slump
of Sc a bale. Meantime. however, the
consensus among many experienced
cotton people is that ultimately prices
are bound to reach a much hiehe,
level. While estimates of the crou
range from 100000 to 100000
bales, and the worlds consumption is
estimated at 100000 bales or over,
bears figure in some cases that the
surplus carried over from laast sea
son will be large enough to give am
pie supply
Following the issuance Of the bu-
reau report, showing a condition even
lower than the most extravagant
claims Of the bulls, there was a rise
OF roundly a dozen points but at that
juncture Ehe stiffest kind of oppo-
sition was met and subsequently the
bear crowd raidede the market with
almost unparalleled ferocity, throw
ing cotton on the market in such
blocks as to more than satisfy the
demand, and finally causing prices to
relinquish what they had gained.
Late in the week an advance of
roundly ten points was established on
general short covering. and buying by
New Orleans, Memphis and Liverpool.
wall street houses continued to sell
as well as the prominent interests who
had been identified with the bear
cFlVe after the government ~eport
Liverpool was stronger than eypeCtp6
ana sent various stimulating cables
IL was still hot and dry in the south
west and complaints of drought were
also received from east of the Mis-
sissippi. Advices from the South also
alluded to heavy spot sales. Fall Riv-
er mills were said to be among the
buyers.