The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-09-21
HAVE BEEN SET BACKS
Charles c. Cowan Makes Bitter At
tack on Bea Clique and Has
Aroused Widespread Interest
British and Continental Spinners
Are Nervous About Getting Their
Supplies,
(By the Associated Press.)

(By the Associated Press.)
New York, Sept. 17.-Despite siren
uous efforts to put prices down they
ave advanced. The manipulation in
favor Of lower prices has aroused
sharp criticism from some of the bulls
who are naturally disgruntled to find
that their plans have thus far been
in a measure thwarted by the determ-
ined efforts of a certain bear clique
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 de-
press the price to ten or eleven cents
without success. A bitter attack upon
the bear clique by Charles G.. 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
their antl-option laws unless
New York mends its way. However,
this may be, advances had been sue
ceeded by sharp set-backs through
the hammering Of prices and the
usual and inevitable realizing Of pro-
fits to which set-backs are usually
in part at least due. But British and
continental spinners show nervous
ness about getting their supplies and
have ever since the September gov
eminent report was issued putting the
condition at the unprecedentedly low
figure of 63.7 per cent. For several
weeks the spot sale. in Liverpool
have ranged from 10000 to $4,000
bales a day. Manchester's business
has increased. So has that OF Cal
cutta, Bombay and the Chinese mar
kets. The dispute about wages in the
Borden Mills at Fall River has been
satisfactorily adjusted. Trade is slowly
expanding. James Patten. the Chi
cage operator, is said to be a bull on
cotton. President Taft's remarks at
Boston striking an optimistic tone as
to the future of American business
has not been lost on we'll known cot
ton people. They claimed with their
own Ideas. Exports of raw cotton
have latterly increased n spot mar
kets have shown considerable strength
in spite Of liberal receipts. In 1905
1906 the quantity brought into sight
during September was 1,315,O0O
bales, although the total crop that
year was only 11,346,00 These Sep
TENDER receipts we're only $4,000 bales
less than in the same month IN the
previous year, SO that it is possible
for the rush Of cotton to market
during the early months even Of a
small crop aso to reach a large
volume. Anticipation of this has led
to the formation here Of a very large
short interest. Meantime New Or
leans and Memphis operators have
bought aggressively for an advance.
SO have some Wal Street n Western
operators as we'll as it seems as GER
tain large interest in the grocery
trade. Liverpool has bought steadily.
The bear clique here have bowed to
circumstances at times but at every
with vigor. The speculation however,
is gradually broadening, n 1t is con-
tended that the Southern farmer will
reserve his holdings or part of them
for the higher prices which are pre-
dicted. If some of the bears are pre-
dieting 10 to 10 IL cents, bulls are
figuring ultimately on Is cents or
more. The Giles report putting the
condition at only 81 per cent is sup
posed to pre-fgure a bullish govern
rnent report for October. Meantime
American spinners persist in their
policy of buying from hand to mouth
whatever their European brethren
may do. Texas reports say that Texas
condition Of the crop is 40 per cent
worse and Oklahoma 80 per cent
worse than last year. On Friday
there was slight advance with good
buying. Heavy rains fell in Georgia,
Alabama and the Carolinas. Storm
warnings were still up at Key West.
Spot markets were strong and spot
Interests here continued to buy.