The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-08-31
(By the Associated Press.)

OF announcer the uT1II O1 COlLOH pA1CCo
most of the time has been upward.
Many of the crop reports have been
unfavorable. Texas has sent COM
plants of dry hot weather. Some crop
guesses from that State are very much
smaller than they were recently. Ex-
essive heat is supposed to nave caused
much shedding. In Georgia and Ala
bama shedding is said to be general,
owing to hot, dry weather, and there,
as in many other sections, the plant
is said t be one to three weeks late.
A rumor hat the National Ginners'
report would put the general cOndl-
ton at only Ga per cent has a some
effect. 1t was in line with a very
general expectation that the next Gov
eminent report now SO near at hand,
would be bullish. That it will show
some decline from the August condi
ton of 71.9 per cent is taken for
granted. Last year the September
condition was 76.l per cen on a crop
Of say 13,5O0.000 bales. In 1907 it
was 1871 with a yield of 11,375,00O
bales. In 19O46, a September condi-
ton Of 71.3 per cent meant Is, l 900
bales; in 1905 one of 72.l per cen re-
suited in. 11,346, 900. In 1899 and
1900 it was $50 to 68.5 and it fore
told a crop failure in each case; that
is ~9,436,00O to 10,3S3,OOO bales and in
1902 it was down to ga per cent with
a yield Of 10, 2 600 bales on an area
of 24,275,000 to 27,114,000 acres for
those three years as against a present
area of something In excess of 49,
O00,0 600 acres. The average September
condition for ten years is 1876 per
cent and this year it may fall well
below 10. The question is whether
such a condition has been or has not
been discounted in the present price.
onjpiOnS on this vital noipt ara &C
may be imagined, Numerically OPP
posed Trade continues to improve.
Reports from Manchester and the con-
tinent are in some cases very cheer
full. Calcutta business is aid to be
better. Russia's purchases of yarns,
according to some advices, are larger.
Spinners in this country are also said
to be buying somewhat more freely.
Large spot interests have been buying.
So have Well Street, Chicago and
Southern houses. The New York stock
still steadily decreases. It is only a
question of time when it will have to
be r~eplenished if New York is to have
an ysort of basis for it's trading in
futures" The weekly statistics as
to ~spinners' takings and shrinake in
worlds stocks are bullish. Receipts
at the ports and interior towns look
small enough by comparison with last
years. The visible supply of all kinds
of cotton in the world is approximate
ly $4,000 bales smaller than at this
time in 1907, the year, it would seem
with which comparisons should now
be made, for in that year the crop was
1,375,O0e bales, following one Of 49,
$1,000 and many people believe that
a Weld of somewhat similar size is
all that a be expected this year.
However, this may be, it has re-
Gently been found impossible to de-
press the price to the 12c. level to
say nothing Of II IL cents, which
some of the bears predicted for the
past week, with IL cents or less as
the ultimate objective point. On the
other hand speculation has Jagged. A
creeping advance has been more to
professional covering and manipula-
ton than anything else. It is still in
sisted by some that Texas crop will
be SO large as to surprise the pessi-
mists. The ain and cooler weather
have improved the prospects in that
State. Spinners are still in the main
pursuing a cautious policy. Some re-
ports are that Improvement in Euro
pean trade is exaggerate, that in
reality it is still far from satisfactory.
M of increased trade with
China have not been fully confiremd.
In this country conservatism is still
the dominant note, despite some adj
mitted in iron and steel trade, espec-
tally in iron n steel. Many cotton
mills at home and abroad are believed
to be carrying good supplies of the
raw material. The visible supply is
comparatively large and the weight
of even a small crop is usually seen
in a decline Of prices at the opening
of a new season. Meantime, the gen
crafty of people are awaiting the
Government report of September 2,
as something which may give the cue
as to the course Of prices in the near
future. AS the week drew to a close,
the upward tendency became more
pronounced, while there was a mate
rial increase in the volume of bust
ness. Prices were forced to an ad-