The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-09-07
CBy the Associated Press.)

CBy the Associated Press.)
New York, N. Y, Sept. "a gen
eral belief that h Gro is deterloraf-
ing caused an advance at one time
with rather spirited buying by New
Orleans, Memphis and other interests
even if the speculation has continued
TO be ignored by the general public.
Taken as a whole the trading has been
professional. Various bullish private
reports, giving the condition OF the
crop at from cal to 6S.7 per cent,
led the bulk of the cotton trade to
look for a government report on the
second instant of about 65 per cent as
against a ten year average Tor sep
TENDER of about 1876 per cent.
The report actually CAV the condi-
ton at 63.7 per cent against lib per
cent last month, 76.1 last year, 72.7
in 1907, with a crop of 1l,375 ,eee
bales. 77.3 in 1906 with a rop Of 49,
$1,000 bales and 72.1 in 1905, when
the crop was II, 346, 600 bales. Thus
it will be sen tina the official report
OF bullishness. 1t is the lowest Sep
TENDER condition on record, the near
est approach being 64.e in 1902.
A tendency towards some reaction
was noticed when January touched
12.58 cents early in the week. Accord
ing to some bulls, crops had been
pretty well discounted. Talk to the
effect that short stapled cotton might
be sent in considerable quantities from
Texas for delivery IN contracts here
had some effect. Also after a rise of
about so points there was some natu-
raj disposition to realize the profits
on the eve of the Labor Day holiday.
Spinners have not bought heavily.
Bears still insist that there is still
every likelihood of a large crop move
~, -, 4In -nn- ~ MO h
actual size of the crop, and that the
effect on prices can hardly fail to be
for the time being at least depressing.
According to some advices. the
large Spinners' takingS from the last
crop were not all consumed and the
rise in cotton goods has not been COM
mensLrate with the advance in the
price Of the raw material. The last
crop was the largest ever known,
reaching. according to the New York
figures, 13,S17,516 bales. Probably the
actual yield exceeded Il, 0De, 900
bales. This meant that q large sur
plus has been carried over into the
new season. This will do much to-
wards making good any deficiency in
the present crop.
Speculation for a rise has received
several severe this season.
The pace during May and June was
too rapid to last. 1t has been a chaS-
tened market since the first big slump
of Sc a bale. Meantime, however, the
consensus among many experienced
cotton people is that ultimately prices
are bound to reach a much higher
level. While estimates of the crop
range from 10000, 900 to L, 000 900
bales, and the worlds consumption
is estimated at Is 100000 bales, or
over, bears figures in some cases that
the surplus carried over from last sea-
son will be large enough to give ample
supply.
Following the issuance Of the bu-
reau report, showing a condition even
] wer than the most extravagant
claims Of the bulls, there was a rise
of rOundly a dozen points, but at that
juncture the stiffest kind OF opposition
was met and subsequently the bear
croWd raided the market with almost
unparalleled ferocity, throwing cot
ton on the market in such block as
to more than satisfy the demand, and
finally causing prices to relinquish
WAT they had gained.
Late in the week an advance of
roundly ten points was established on
general short covering and buying by
New Orleans, Memphis and Liverpool.
Wall Street houses continued to sell
as well as the prominent interests
who had been identified with the bear
drive after the government report.
Liverpool was stronger than expected
and sent various stimulating cables.
It was still hot and dry in the South
west and complaints Of drought were
also received from east of the Missis-
sippi. Advices from the South also
alluded to heavy spot sales. Fall
buyers.