The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-11-30
(Ry the Associated Press.)

<iy li1C -ASSoIldtt1 IISSS.J
New York, Nov. 26.-The cotton
market has resolved itself into a spec
ulative duel between large trade inter-
ests who think that prices are I'M
W~arrantedly high on the one hand
and certain powerful New Orleans,
Chicago and Wall Street operators
who support the thesis hat supplies
are certain to be short and the con-
sumption large and hat prices are
due to be much higher. Liverpool
spot sales have been very small, Man
chester has sent gloomy reports as to
the condition of trade, politics in Eng
land and India, it is contended, may
affect British trade u~nfavorably and if
there is any shortage of crop in
America and Egypt there will be a
much larger yield than usual in India.
Believers in lower prices contend that
consumption must be unfavorably af-
fected by the ruling prices and that
there will be enough cotton and to
spare. Not only are some spectators
fighting the advance, but spinners at
home and abroad are doing the same
thing. For over a month many spin
ners have bought but sParingly. An
English estimate of the crop, too, Of
1880, 900 bales was issued on hanks
giving Day when the New York mar
ket was closed and the average guess
Of the of the Liverpool ex-
change is II, 1862. 900 bales.
Liverpool keeps selling straddles
here against purchases across the
water on the theory that the differ
ences between the two markets are
only about half what they should be.
At times there has been considerable
liquidation by Wall street, western
and southern traders. Now and then
it appears that leading bulls have dis
posed Of some of their manipulative
lines, even if they have stood by their
principal holdings. The tone has been
nervous, uncertain and more or less
apprehenSiVe, owing to the manlpula-
tive character of much of the trading
on both sides of the market But even
on days when liquidation was heavy
it has been remarked that the cot
ton on the whole has been we'll taken.
The receipts have been steadily de-
creasing. Those at the ports at times
have been only about half what they
were on the corresponding days last
year and bullish weekly statistics are
expected by many from now on. One
Southern house estimated the crop to-
day at only 10, 200, 900 bales, including
ALSO, 900 bales iL. Texas and 100000
in Georgia.. The South has sold 81
much cotton at high prices that it's fl
nancial condition, it is argued, enables
farmers to hold cotton back if they
are disposed to do 50. A Baltimore
authority puts the value Of this years
cotton crop with the seed at betWeen
$500, 900. 900 and $1,000 O0, 600. That
would be the most profitable crop on
record and would have a distinctly ia
vorable effect on the finances not only
of the South, but of the nation.
A rumor has been current that TO-
900 bales of the local stock would be
shipped to France. Bulls, it is said.
will meet efforts to bring cotton here
on the part of their opponents with
equally determined efforts to dispose
of the New York stock in Europe.
James A. Patten in his interviews III
newspapers here presses himself as
very bullish on the outlook partly Of
fering to the presence Of the Doll
Weevil in the South and also for the
reason that he considers cotton in the
same position that wheat was a year
ago
AS the case stands, some consider
the price dangerously inflated and
others think that a further advance IS
IN order. Stocks are increasing at q
much slower rate than they did a
year ago but on the other hand SPIN
ners' takings for the week are muct,
smaller than for the same time last