The farmer and mechanic., 1909-10-12
(By the Associated Press.)


New York, Oct S.-There is a
struggle for the possession of the
market III which thus far this season
the bulls have had the advantage. 1t
has been nip and tuck here during
the past week. On the one hand, big
receipts, however, hedge selling by
the South and some decline III spot
markets have initiated against q rise
in Futures" On the other hand, the
exports are enormous, exceeding those
OF last year thus far, some cotton
goods have advanced in price. Ameri-
can spinners who have been holding
aloof for some time, have bought more
freely Of late. There have been fears
that another tropical storm mlSht
strike the Mississippi Valley and
probably bring With 1t the first killing
frost of the season. This question of
the first frost is one of whose i'm
portance it would be hard to eXagger-
ate. Sometimes it comes in the sec
Ond week of October and sometimes
not until the last week in that month,
and in some parts not until the sec
ond week of November In 1906,
however, it happened in parts of Ten
nessee, Mississippi, Georgia and the
Carolinas on October IL and Octo-
Der IL. During the past month and
q half. however. the weather condi-
tons on the whole have been eX-
ceptionally favorable, so much so that
picking has been unusually active ana
so has the marketing Of the crops, es-
pecialIy a S $50 to $65 a bale has been
strong incentive for the farmer TO
sell as fast as possible. The big move
South against the actual cotton and
the unusually high prices for this time
Of the year have been stumblng
blocks to many who might otherwise
have felt disposed to push things on
the bull side In East India the crop
prospects are good In Philad elphia
yarns have been duh, and sharp
breaks in the stock market have been
without q certain moral effect But
1t is impossible to disguise the tact
that Europe has gone ahead and
bought with a free hand despite the
unusual dearneSs of the price.
European exporters and spinners
have evidently been alarmed by the
bad crop reports from Washington.
The latest was that Of last Monday,
which put the condition at 58.5 per
cent as against a ten-year average OF
October Of 81 per cent. This offset
the fact that the ginning up to Sep
quantity as that for the same period
last season on the high record crop.
The market had evidently become
over-bought and for time prices
sagged under the weight of very
heavy liuuidation. Moreover so far
as figures go the bulls will get no
further help from the government re-
ports until the December crop eSIi-
mate appears. Meantime. however,
thew argue that it is mere Ques-
ton Of supply and demand. They be
lieve that the crop is not over 11,OOO,-
600 to 100000 bales at the most
we'll over 100000 bales with the
logical reports as they conceive of
very much higher prices before the
end of the season. Bears predict
12.500,O00 bales added to 100000
bales carried over from last season.
The question for the future to de-
ternine is whether the effects of q
Short or moderate crop will or will
not be neutralizcd by curtailment of
production which some American and
foreign spinnerS are now beginning
to threaten and which bull leaders
are treating as mere buncombe. The
Southern farmer, it is claimed, is un :
usually well off, owing to the big
prices he is getting for cotton and
cotton seed, and if prices are reduced
will resort to a holding back cam
Da'"n as they did some years ago. AS
seems likely to be crowded with
events Bt more than usual interest
To-day moderate net decline was
due 10 report that Spinners in sos
sion at charlotte, N g. had mani
mousfy recommended curtai1ment of