The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-11-16
COTTON
New York Commercially

New York Commercially
J. E. Latham. writing from Green's
boro, y The Spectator can
neither eat nor spin the cotton there
fore some day it Will &C to the mills.
Echo answers when? The crop Is
undoubtedly a short one, but proDa
bly, not as short as some people be-
lieve because some sensational esti-
mates are published, indicating IN
der 100000 bales. Anyone that
looks into the government reports, or
the National Ginners' figures. or the
movement to date. must have an eias-
tic Imagination to believe in much
under II, 900, 900 bales. There is al
WAYS a tendency at this season of
the year to underestimate the crop
and in any event, presnt prices dis
count a great deal. The leading bulls
have so much money and so much
success behind them that they think
they can put prices where they please
and the spinner will hav to pay any
old price they may ask. This may or
may not be true. For the time be-
ing, the situation looks very unhealthy
because there appears to be no short
interest and the big bulls and the
trailers are practically carrying the
visible supply of the world. AS long
as they hold and continue to buy, the
market will advance, but If any con-
siderable portion should decide to sell
out, history might after all, repeat it
SELF"
Hugh McElroy, of Edward Moyse
& Co., got this cable from Liverpool:
Leading German newspaper has
requested us to continue sending cot
ton reports, as their readers disap-
prove Of our bullish views"
Mr.. McElroy, in commenting on
the mater, said: This throws a curl
GUS sidelight on European sentiment.
Evidently German spectators as well
as spinners are caught short."-N. Y.
Commercial.
Says G. T. Revere: THE trade out
look is improving, and for the first
time we catch a note Of optimism in
the yarn market as a result of the
meeting in Philadelphia, where yarn
spinners and selling agents got to-
gether. There is nothing conclusive
in b crop situation as yet. The gin
size Of the crip."-N. Y. Commercial.
Says Egan: 1.-THE reaction is moth
Ing more than was due to readjust
matters and elimiEate the weaker ele-
ment after SC prolonged an advance.
I believe the market will, when ready,
advance very quickly into new ground,
as it has always done after this date
when crops were short or moderate in
size, although we may temporarily
have q trading market and some at
tempt at bear pressure"
SAYS Glover: For every drop of
blood which the bears got in the last
few days they will have to give UP at
least two drops. This is an awful
threat, but it goes"
Says G. c. Cowan: There is a lot of
groundless talk about weakly-held
spots In the South and the demorali-
zation Of the spot markets in general.
The most important spot markets did
not decline Saturday, and Memphis
was unable to offer any cheaper Sat
urday afternoon than Friday. The
banks are carrying cotton that shows
$40 to SIS profit today, and will con-
tinue to do So"
J. S. Bache & Co. received the fol-
lowing from ]. B. Hayward. Of New
Orleans: I'VE have had reports Of
merchant SPECTATORS buying actual
cotton instead of futures and carrying
it in the interior, but we nave not
yet a Of this class of spot hold
ers getting weak. nor Is there any
real spot pressure.
J. N. Carpenter, Of Carpenter, Bag
got & Co, In Discussing the cotton sit
uation during the morning, said that
the market was going through liquida-
ton and that it was impossible to tell
10 long this would continue. In re-
gard to the future, he was still bullish
on the merits of the and the
indications of a very small crop. but
he added that no one could tell what
speculation would do, and that a fea-
ture In the situation which was likely
to have q bearing on values was how
much cotton the middleman had
bought and his ability to finance It.
w. p. Brown continued to advise
his friends to buy IN the break. He
said early in the day that he believed
would advance from the low point of
the day IS to SIS per bale before it