The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-11-24
THE COTTON MARKET.
RumOrs of Bearish Import Freely
Circulated-COttOn World Now
Awaits Government Crop Estimate.

New York, Nov. 19.--It has been a
nervous cotton market, dominated for
the most part by large interests which
In the main are bullish. Also, how
ever, the receipts have undoubtedly
fallen off sharply; spot markets have
been strong with reports of increased
activity here and there; New York
sold $1,000 bales in one block on
Thursday for export and Eugene
Scales denies emphatically a rumor
current on Thursday that he was
selling out his holdings preparatory
to leaving New York. From time to
time similar rumors have been cir
culated, supposedly by bear interests,
and they have caused much soreness
among the bulls, who accuse their op-
ponents of stabbing them in the
back. At one time rumor is circu-
lated that Patten is selling out then
again that Scales Is, then again that
the whole bull outfit is liquidating.
The answer to this has usually been a
sharp rally in prices. Moreover, the
general killing frost of late in the
Southwest, according to bulls, dis
poses finally and effectually of the
expectations of a top crop in that
quarter. In fact killing frost has
been so general not only in the
Southwest but also in the central belt
and east of the Mississippi that many
regard the growing season as prac-
tically over and they await with i'm
patience the government crop esti-
mate on December 10. That will be
what Horace Greedy used to call
mighty interesting reading" for the
cotton world
German and Russian reports are
to the effect that spinners are having
a good trade. Cotton goods in this
country have increased in value;
trade has been hindered somewhat by
unreasonable weather. Chicago, how
ever, has had a good trade. At one
time a report was circulated that
many Of the Manchester mills were
resuming full time but this appears
to have been a mistake.
Many reports from the South have
lately been that most of the crop
has been ginned. Sea Island cotton
has been selling at S3 to 81 cents or
about 10 cents higher than a year
ago. Some Alabama mills which had
shut down or had curtailed opera
tions are, 1t is said, resuming work
on fun time.
On the other hand spot cotton has
been generally quiet and speculation
has dwindled. few large operators
have ruled the market. They insist
that prices are ultimately going to IS
or 20 cents but the general public af-
ter Its recent rough experience on
he bull side has been wary about
speculation and 1t Is not improbable
that the bulls will have to make good
In no uncertain fashion IL they are
to secure another outside following.
In some parts Of the South, too, it
's reported that practical deadlock
exists IN the matter Of spot cotton,
holders firmly maintaining prices and
spinners holding aloof OF late there
has been lot a little selling on the
'act that the National Ginners' Asso-
"iation put the total ginning up to
November II at 8.0s6.O00 bales. One
rumor was that the total was $780,
700 bales as against previous intima-
tions that 1t was only 7.911,000 bales.
This uncertainty about the ginners'
cures and a good deal of selling by
Memphis Liverpool. Wall street and
The West contributed largely to the
decline Of Thursday and Friday. Bears
look for a substantial decline before
the first Of the year. but bulls insist
that cotton Is likely to rule high at
least for three years to come in the
general expansion Of trade, echoing
andrew Carnegie's sentiment, 1--WE
are in throes Of prosperity and good
times are to have a long, long ses-
sion."
Conservative interests, however,
deprecate any wild or reckless spec
ulatiOn on either side of the market.
CARD