The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1909-10-12
COTTON PRICES
Struggle For Mastery in the Cotton Mar
ket in the New York
BULLS AND BEARS FIGHT

For Possession, With Honors So Far
in Favor Of the Gears, Who Are
Doing All They Can to Maintain
the Present High Prices and Get
Them Higher.
A dispatch from New York says
there is a struggle for possession
of the market in which thus far this
season the bulls have had the ad-
vantage. 1t has been nip and tuck
here during the past week. On the
one hand big receipts, however,
hedge selling 1.-THE South and some
declines in spot markets have mill
tated against a rise in futures"
On the other hand the exports
are enormous, exceeding those of last
year thus far, some cotton goods
have advanced in price American
spinners who had been holding aloof
for some time have bought more
freely and of late there have been
fears that another tropical storm
might strike the Mississippi valley
and probably bring with it the first
killing frost of the season.
This question of the first frost is
one whose Importance 1t would be
hard to eXagerate. Sometimes it
comes in the second week Of Octo-
ber and sometimes not until the last
week in that month and in some parts
not until the second week of No
vember. In 1906, however, it hap
pened in parts of Tennessee, Missis-
sippi, Georgia and the Carolinas on
October IL and October. -.
During the past month and a half,
however, the weather conditions on
the whole have been exceptionally
favorable, so much so that picking
has been unusually active and so has
the marketing Of the crop. especially
as $50 to S65 bale has been a
stronge incentive for the farmer to
sell as fast as possible.
The big movement and the heavy
selling by the South against the act
ua! cotton and the unusually high
prices for this time Of the year have
been stumbling blocks to many who
might otherwise have felt disposed
to push things on the bull side. Iu
East India the crop prospects are
good. In Philadelphia yarns have
been dull and sharp breaks in the
stock markets have not been without
certain moral effect. But 1t is ill.,
possible to disguise the fact that
Europe has gone ahead and bought
with free hand despite the unusual
dearness OF the price.
European exporters and ginners
have evidently been alarmed by the
bad crop reports from Washington.
The latest was that of last Monday,
which put the condition of 5S.5 pei
cent, as against 1O-year average OF
81 per cent. This offset the fact that
the ginning up to September % was
about the same in quantity as that
for the same period last season on
the high record crop, The market
had evidently become overbought
and for time prices sagged under
the weight of very heavy liquida-
tion. Moreover, so far as figures go,
the bulls will get no further help
from the government report until
the December crop estimate appears.
Meantime, however, they argue
that it is a mere question Of supply
and demand. They believe that the
crop is not over 100000 to H.
100000 bales at the most, while
they look for consumption we'll
over 100000 bales with the logi-
cal results, as they conceive, of very
much higher prices before the end
of the season. Bears predict 49,
100000 bales added to 100000
bales carried over from last sea-
son.
The question for the future to de-
termine is whether the effects of a
short or moderate crop will or will
not be neutralized by curtailment Of
production which some American
and foreign spinners are now begin
ming to threaten and which bull lead
ers are treating as mere buncombe.
The Southern farmer, it is claimed,
is unusually well off, owing to the
big prices he is getting for cotton
and cotton seed, and if prices are
reduced will resort to a holding back
campaign as they did some years
ago. AS the case stands it is a sea-
son that seems likely to be crowned
with events of more than usual in
terest.
\ few days ago a moderate net
decline was due to a report that spin
ners in session at Charlotte, n. c..
had unanimously recommended cur
tailment of production, raiding by
local bears and scattered liquida-
ton.
White Woman Beaten.