Goldsboro semi-weekly argus., 1909-11-24
NERVOUS WEEK FOR COTTON.
Conditions of the Crop and Situation
on New York Market.

[OOM0AbAOAO
ON New York Market.
New York, Nov. 19.-It has been a
nervous cotton market, dominated fof
the most part by large interests
which in the-main are bul1ish. Also,
however, the receipts have
Iy fallen off sharply, spotm arkets
have been strong with report OF IN
creased activity here and there. New
York sold 5000 bales in one bloch on
Thursday for export and Eugene
Scales denies e~mphatically a rumor
current on Thursday that he was sell
ing out his holdings preparatory TO
leaving New York. From time to
time similar rumofs have been cir
culated supposedly by bear interests
and they have caused much soreness
among the bulls, who accuse their OPP
ponents of stabbing them in the back.
At one time a rumor is circulated that
Patten is selling out, then again that
Scales is, then again that the whole
bull outfit is 1iquidating.
The answer t o this has usually been
a sharp rally in prices. Moreover the
general killing frost of late in the
Southwest, according to bulls dispos-
es finally and efectually of the ex-
p~ectations of a top crop in that quar-
ter. 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 practically over
and they await with Impotence the
government crop estimate on Decem
Der 10. That will be what Horae
Greeley used to call mighty inter-
esting reading" for the cotton world.
German and Russian reports are to
the effect thai spinners are having a
| good trade. Cotton gods in this cour-
try are firm in value if trade has been
| hindered somewhat by unreasonable
| good trade. At one time a report was
| circulated that many of the Manches-
ter mills were resuming full time, but
| this appears to have been a mistake.
| Many reports from the South have lat
| terly reported that most of the crop
| haG been ginned. Sea Island cotton
| has been selling at 33 to 81 cents or
about 10 cents higher than a year ago.
Some Alabama mills which had shut
| down or had curtailed operations are,
it is stated, resuming work on full
time.
On the other hand spot cotton has
| been generally quiet and speculation
| has dwindled. A few large operators
| have ruled the market. They insist
| that prices are ultimately going to Is
| to 20 cents, but the general public af-
| ter it's recent rough experience on the
tull side, has been wary about re-en-
| tering the speculation, and it is not
improbable that the bulls will have to
make good in no uncertain fashion it
| they are to secure another outside fol-
lowing. In some parts of the South
| too, it is reported that a practical
| deadlock exists in the market of spo,
| cotton, holders firmly maintaining
prices and spinners holding aloof. OF
/ 1dIS GAC1S Has OOOA AO( q A4ICAO IL
on the fact that the National Ginners
| Association put the total ginning UP
to November IA at 5000, 900 bales. One
rumor was that the total was S,250,000
bales as against previous intimations
that it was only 1911, 900 bales.
This uncertainty about the National
| Ginners' figures and a good deal oil
| selling by Memphis, Liverpool, Wal
| street and the West contributed large
ly to the decline of Thursday and Fri
day. Bears look for a substantial de-
cline before the first of the year, but
bulls insist that cotton is likely tt
rule high for at least three years tc
come in the general expansion O
trade, echoing Andrew Carnegie's
statement, 1--WE are in the throes O
prosperity and good times are to hav.
a long, long session"
Conservative interests, however, de
p~recate any wild or reckless specula
ton on either side of the market.