The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-09-22
5uITUA Sp|NNERS NERVOUS.
CERTAINTY OF A SHORT ryT,or>
MAKES MANUFACTURERS
ANXIOUS.
English and Continental Cotton Mea
Eager to Secure Suppiies--Bear
Spectators Making Determined
But Unsuccessful Effort to Depress
Prices.

New York, Sept. 17.-Despite stren-
uous efforts to put cotton prices down
they have advanced The maninnla>
ton in favor of lower prices has
aroused much antagonism from bulls
who are naturally disgruntled to find
that their plans have thus far in a
measure been thwarted by the deter
mined efforts of certain bear clioue
to prevent an advance to figures
which bulls think are bound to be
reached in the end, owing to the
smallness of the crop. For several
months past efforts have been made
here to depress the price to 10 or Ii
cents without success. A bitter at
tack upon the bear clique by Charles
c. Cowan, who is we'll known in the.
cotton trade at home and abroad, has
aroused widespread attention. He
seems to fear that the Southern States
will not expunge their anti-option
laws unless New York mends its ways,
However this may be, advances
have been succeeded by sharp set
backs through the hammering of
prices and the usual and inevitable
realizing of profits to which setbachs
are usually in part at least due. But
British and continental spinners show
nervousness about getting their sup
plies and have ever since the Septem-
Der government report was issued
putting the condition at the unpre-
cedentedly low figure of 63.T per cent.
For several weeks the spot sales in
Liverpool have reached from 10000
to $4,000 bales day. Manchester's
business has increased. So has that
of Calcutta, Bombay and the Chinese
markets. The dispute about wages
in the Borden mills at Fall River has
been satisfactorily adjusted. Trade Is
slowly expanding. James Patten, the
Chicago operator, is said to be buh
on cotton. President Tafts resnarks
at Boston striking an optimistic tone
as to the future of American business
has not been lost on well known cot
ton people. They chimed in with
their own ideas.
Exports of raw cotton have latterly
increased and spot markets have
shown considerable strength iu spite
Of liberal realizing. In 19O6-'oS the
quantity brought into sight during
September was 1,315,0OQ bales mr..
though the total crop that wear. was
only 11.346,000. These September re-
ceipts were only $4,000 bales less thar
IN the same month i'm the previous
year. so that it is possible for the rush
or cotton during the early months .
even of small crop season to rvan,- 4
large volume. Anticipation of this~
has led to the formation here OF n
very large short interest. Meantime
New Orleans and Memphis operators
haVr bought aggressively for an ad,
vance. SO have some Wall street and
eStern operators as we'll as. it seems.
a certain large interest i'm the gro.
Gerry trade. Liverpool has bought
steadily. The bear clique here has
bowed to circumstances at times, but
at every opportunity has attacked tho
r1ari.et with vigor
The speculation, however; Is grad.
Tally broadening, and Ii is contendea
th;t the Southern farmer will re.
serve his holdings or part of them for
the higher prices which are predicted,
IL some of the bears are predicting 10
to 10 1-2 cents, bulls are figuring ul.
timately on Is cents or more, The
Giles report putting the condition at
only 61 per cent. is supposed to pre-.
figure bullish government report for
October. Meantime American spin
herS rcrsist in their policy of buyirg
tr m hand to mouth, whatever their
European brothers may do Texas
reports say that Texas condition of
crop is 40 per cent vorse and OKLA.
homa so per cent worse than last
year on Friday there was a slight
advance with good buying. . Heayy
rains fell in Georgia, Alabama and
tfe Carolinas. Storm warnings waro
still up at Key West. Spot markets.
were strong and spot interests here.
continued to buy.