The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-09-14
LIVERPOOL CAVE STRENGTH
Conceded: That Crop Will Be Short,
Consumption Will Be Large-The
Surplus Of Last Years Crop Figures
in the Situation-NeW Cotton Not
Pressed for Sale in the South.
CIV the Associated Press.)

week new high records were made in
the recent upward movement of cotton
prices, but subsequently all the gain
established then was relinquislled-
The early advance was due to the
stimulus Of bad crop reports, and a
gradual expansion of DULL speculation.
Southern bulls were decidedly agrees
sive after several days. while Wall
street, the West, and Liverpool were
also among the early buyers.
British spinners have recently
shown what looked to many like grow
ing Spot sales at Liver
pool have at times been 10000 to
$4,000 bales day; certainly a very
suggestive toEsfa3t
Cotton has no, thus far been press
ed for sale by the Souti in the expect
ed large volume, even if the first cen
Sus repO shows that the ginning
was larger in Georgia and South Caro-
lima than for the same time last year.
This increase is ascribed partly to pre-
mature opening of cotton owing to dry
weather and partly to the relatively
high price. AT the same time Alabama
ginned only half as much as for the
same time last year.
Bad crop reports have been coming
in steadily from the western section
of the belt. Some look for a very
Ilo tiop III SAdo All
Arkansas as We'll as in Louisiana and
Mississippi, While to many the outlook
in Alabama appears dubious, ever al
lowing for the fact that the very small
ginning thus far in that State as an
bounced IN the first census repOrt is
probably to some extent deceptive.
The condition of 63.7 per cent for the
whole belt as given in the recent bu-
reau report seems to have made a
profound impression especially in
Europe. Various private reports were
In harmony with it.
The strength Of the Liverpool mar
Ret was one of the prime factors in the
early advance here this week.
1t seems to be very generally con-
ceded: First, hat the crop will be
short; second, that the consumption
will be large. The line of cleavage in
current opinion is IN the question
whether all the bullish factors have or
have not been discounted in the exist
ing price. Will the large surplus car
ried over from the largest crop ever
known add enough to an admittedly
small crop to produce a sufficient or
more than sufficient supply and thus
bring about lower prices?
Another question more Or less vital
is whether American spinners will
hold alOOf for lower prices in view of
the fact Or asserted fact that the pres
ent prices for raw cotton manufac-
tured goods cannot be made at a profit.
AS the week wore on there was a
marked increase in selling pressure.
even the one time heavy buyers in
New Orleans showed less disposition
to support prices. Other Southern in
terests sold heavily, mostly in the ma
ture Of hedges: Wall street houses
once more went over to the selling
side, Influenced by the weakness in
the stock market; and the bear lead
ers kept up their hammering. The
only support came from Liverpool and
from shorts, n as a result prices suf-
fered a severe setback; so great, in
fact, as to create a feeling among
some hat it had been overdone.
On Friday prices were higher for a
time because Of the flrmness in the
stock market and on reports of high
temperatures and hot winds in the
Southwest. Later the advance was
wiped out under liberal offerings by
bear leaders in the absence of sup
porting orders. October displayed the
most strength owing to the limited
stock here and the inability to obtain
cotton in the South at prices as low
as expected.
Comparative Cotton Statement.