The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-11-23
COTTON MARKET
HAS BEEN NERVOUS
Dominated MostIybyLarge
Interests
IN THE MAIN BU[[|SH
Receipts Have Undoubtedly Fallen OF
Sharply, Spot Markets Have Been
Strong With Reports of Increased
Activity Here and There-BeaF In
terests Have Circulated Reports
That Big Bulls Have sold Out-In-
tcrest in Coming Decembe Report.

tcrest in Coming December Report.
(By the Associated Press.)
New York, Nov. 19.-It has been a
nervous cotton market. dominated for
the most part by large interests which
in the main are bullish. Also, how
yer, the receipts have undoubtedly
fallen off sharply, spot markets have
been strong with reports Of increased
activity here and there, New York
sold 5000 bales in one block on
Thursday for export and Eugene
Scales denies ~emphatically a rumor
current on Thursday that he was sell
ing out his holdings preparatory to
leaving New York. From time to
time similar rumors have been circu-
lated supposedly by bear interests and
they have caused much soreness
among the bulls, who accuse their op-
ponents of stabbing them in the back.
At one time a rumor is circulated that
Patten is selling out, then again that
Scales is. then again that the whole
pull outfit is l~iquidating. The an
swer to those usually have been a
sharp rally in prices. Moreover, the
general killing frost of late in the
southwest, according to bulls, disposes
finally and effectually Of the expecta
tiOns Of a top Crop in that quarter.
In fact killing frost has been SO gen
al, hol JILL III l1C oOo(ll" SSI Ddl
also in the central belt and east of
the Mississippi that man. regard the
growing season as practically over and
they await with impotence the gov
crop estimate on December
10. That will be what Horace Gree
1y used to call mighty interesting
reading for the cotton world. Ger
man and Russian reports are to the
effect that %spinners are having a good
trade. Cotton goods in his ountry
are firm in value, If trade has been
numbered somewhat by unreasonable
weather. Chicago, however, has had
a good trade. AT one time a report
was circulated that many of the Man-
chester mills were resuming full time,
but this appears to have been a mis-
take. Many reports from the South
have 1atterly reported that most Of
the crop had been ginned. Sea Island
cotton has been selling at 33 to 81
cents or about 10 cents higher than
a year ago.. Some Alabama mills,
which had shut down or had curtailed
operations are. it is stated. resuming
work on full time.
On the other hand spot cotton has
been generally quiet and speculation
has dWindled. A few large opera
tors have ruled the market. They in
sfst that prices are ultimately going
to IS or 20 cents. but the general pub
Tic, aIteT us recent TOuSh experience
on the bull side has been wary about
re-entering the speculation and it is
not improbable hat the bulls will
have to make good in no uncertain
fashion if they are to secure another
outside following. In some parts Of
the South, too, it is reported hat a
practical deadlock exists in the matter
of spot cotton, holders firmly main
tanning prices and %spinners holding
aloof. OF late there has been not a
little selling on the fact hat the Ma
tional Ginners' Association put the
total ginning up to November IA at
S,O96, 600 bales. One rumor was that
the total was 8,25O,00C bales as against
previous limitations that it was only
7,911,OO0 bales.
This uncertainty about the National
Ginners figures and a good deal Of
selling by Memphis, Liverpool, Wall
street and the west contributed largely
to the decline Of Thursday and Friday.
Bears look for a substantial decline
before the first of the year, but bulls
insist that cotton is likely to rule high
for at least three years to come in the
general expansion Of trade, echoing
Andrew C~arnegie's statement, I'VE
are in the throes of prosperity and
good times are to have a long, long
session."
conservative interests. however. de-
precate any wild or reckless specula-
uon On either side of the market