The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-11-16
BULLS HELD WHIP HANDLE
OversOld Bears Had to Cover in the
Market Which Went Forward by
Leaps and BOunds-The BulWark of
the Market Was That Many spot
Holders at the South Refused to
Follow the Decline in Futures
Good Demand in Cotton Goods.
CIV the Associated Press.)

NDy 1o Il ONN"
New York, Nov. lat has been a
remarkable week in the cotton market
inaSmuch as most Of a decline OF
$5.75 q bale has been recovered in a
few days. The bulls Q the aggres-
sive and oversold bears had to cover
and bounds. Many spot holders at
the South refused to follow the de-
cline in futures. The demand was
brisk and spot prices under this stlm-
illus soon began to Sharply.
This and bullish manipulation proved
to be the bulWark Of the market.
Moreover, the short interest had sud
denly swollen as already intimated TO
unwieldy proportions. In such cir
cumstances it was an easy matter TOR
a few resolute operators on the bull
side to stampede it. They lid. New
Orleans. Chicago, and Wall street be-
came aggressive buyers.
Reports from the centers of cotton
goods manufactures have been favora-
BILE. They speak of good demand and
rising prices. From China, too, the
reports are Of a better demand for
American goods. Mississippi has sent
some ~unfavorable crop reports. From
some parts of the South crop exhaus-
ton is reported. Bulls adhere to very
low crop estimates, like 100000 0 to
10000 0 bales and predict much
higher prices later on whatever may
happen to the market now. They still
think the worlds consumption of
American cotton will be in the vicinity
Of 1880, 900 bales and that as soon
as the spinning world wakes up to the
situation there will be fierce
ton among buyers for all the raw cot
ton that this country has. Some Texas
advices are to the effect that the idea
of any top crop of importance is pure
nonsense. On the other hand, how
ever, bull speculation has received a
decided setback from the wide open
break which occurred last week. This
and the big fluctuations which have
since occurred even on a stronger
market have frightened d good many.
The disposition in many quarters is
to await developments rather than
take sides in q market as mercurlal as
this has shown itself to be OF late.
Meantime, too, the weather continues
Favorable and whatever may be said
to the contrary, report are W
louder and more persistent to the et-
feet that the top crop in Texas is go
ing to surprise many of the low crop
estimators. Rightly or wrongly the
tendency now is to raise the figures on
crop estimates. Eleven to twelve mil
lion bales are figures more frequently
heard.
Liverpool and Southern Wall street
and Western operators have sold On a
large scale. Hedge selling by the
South continues. The spot sales at
Liverpool are down to nomina figures
and continental %spinners are said to be
less disposed to buy. There is more
or less comment on the fact that East
Indian cotton is being offered In this
country. The census figures last Mon
day were larger than some had looked
for, and if the weather continues ia
vorable, particularly in the Southwest,
the final %outturn of the cotton crop, it
is contended, will make it plain that
some of the low crop estimates are al
together too low.
Such briefly summarized is the po-
sition Of the opposing parties in the
speculation. The net result of the
week is an New Orleans
bulls have persistently defended the
market from attacks from all quarters.
William P. Brown, of New Orleans, is
still here and in the trading ring daily,
representing, it is supposed, import
ont bull interests.