The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-11-10

D1sp tn.xCbston Prices Considcred
Rather Moderate.


New York. Nov. 5.--rhe sudden de-
cline IN the cotton market on Thurs-
day came to many Hike . flash out OF
the clear sky. TO others. after an al
most unIaterrupted advance Of SIS q
bals. . sstback Of sa.s0 to SO. such as
occurred then. was NO more than mat
ural. Patten and other interests are
supposed to have covered up their
holdings. n they are not actually out
Of the market. Wall street houses
have been heavy sellers. So have the
rank and nle Of cotton traders. The
market had become heavily over
bought and when bulls withdrew their
support ~ they did on Thursday the
price came down with startling sud-
dsnness. Vigorous hammering by bear
leaders helped to bring Il about. The
net decline for the week IL compare
lively moderate. but bears predict that
from now on there will be gradual
sagging Of prices to a point where the
spinners will be Induced to take hold
freely. Foreign millers have bought
hesvily this season. but the Ameri-
, can spinner has for tho past held
aloof. They claim that they can not
buy the raw material at existing prices
ana cell goods at a profit. Therefore
,>hey absteinsd altogether from buy
49, y E|(ov3Ga{( 4 ID reduce tho OUT
Y6t Of cotton. goods 90 many hours a
day or % many days in = week.
N OF late the spot markets have
ehown less snap. less activity and
strength. Lverpool's spots sales have
Suddenly dropped to very small total
daily. The New York stock IL steadi-
" increasing a. cotton can be brought
fren the south at profit. Crop news
has lsen rather more cheerful. The
top crop OF Texas and some other
States may turn out to be larger than
at one time seemed possible. Over
election day there was very heavy
se,1ing. supposedly by Patten and
o1hsr intsrests in New Orleans and
liverpool. The market was nervous
"wednesday and In the doldrums on
rhursday.. Yet bulls believe that even
setback Of 50 TO 80 points day Is
net valid argument against the po-
sitlon that sooner or later prices must
mount 20 . very much higher level.
In the suily year when the price was
around ~ cents and above there were
frequent setbacks Of 80 points or more
In day. yet the price ultimately
reached 17.ss cents.
The exports are on a yery large
scale and spinnsrs takinss for the
season. despite the high prices ruling
show . considerable increase over
those for the same period last season.
Liverpool has been buying to iiQuidate
straddies. AZ times both American
anA foreign spinners have been buy
ers Of futures here. Builish ginners'
reports are expected from the National
Dinners association and the census
bureau. the latter on Monday. II is
contended that the South has sold
cotton to the amount of $3.50. 900. 900
and is In a position 70 fight a decline
and is likely to do. Crop estimates
from various sources have ranged
from 100000 to 100000 bales
while bulls refuse to listen to any es-
timates of the worlds consumption OF
American cotton OF less than 10000
ooo to 13.5o0.ooo bales. But some
conservative people are glad to see
some reaction In the market and de
preciate wild and dangerous specula-
tIons which they complain disorsanixe
the, worlds cotton trade. At any rate
II There Is to be an advance they
would like to see II occur gradually
10 that the trade can have a chance
to adapt itself to the new level of
values.