The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-12-01
COTTON MARKET CONDITIONS.
SITUATION RESOLVES ITSELF
INTO A SPECULATIVE DUEL.


INTO A SPECULATIVE DUEL.
Uncertain Tone Prevails-ManipuIa-
tive Character of Trading Causes
hensiOn-Supplies OF STAPLE
Well Taken.
New York, Nov. 2s.-The cotton
market has resolved itself into a
speculative duel between large trade
interests, who think that prices are
unwarrantably high, on the one hand,
and certain New Orleans, Chicago
and Wall street operators, who sup
port the thesis that supplies are cer-
tain to be short and the consumption
large, and that prices are due to 60
higher Spot sales have been very
small. Manchester has sent gloomy
reports as to the condition of trade,
polticis in England and India, it is
contended, may affect British trade
unfavorably, and If there Is any
shortage of crop in American and
Egypt there will be a much larger
yield than usual in India. Believers
in lower prices contend that con-
sumption must be unfavorably affect
ed by the ruling prices and that there
will be enough cotton and t., spare.
Not only are some spectators fight
Ing the advance, but spinners at
home and abroad are doing the same
thing. For over month many spin
ners have bought but sparingly. An
English estimate of the crop, too. of
11,250,000 bales was issued on
Thanksgiving day, when the New
York market was closed, and the av-
erage guess Of the members Of the
Liverpool exchange is 11,4s0,O0O
bales.
Liverpool keeps selling straddles
here against purchases across the wa
ter on the theory that the difference
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
1t appears that leading bulls have dis
posed Of some of their manipulative
business il they have stood by their
principal holdings. The tone has
been nervous, uncertain and more or
less apprehensive, owing to the man
ipulative character of much Of the
trading on both sides Of the market.
But even on days when liquidation
was heavy. 1t has been remarked that
the cotton on the whole has been we'll
taken. The receipts have been stead
lily increasing. 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 estimates the
crop today at only 100000 bales,
including 2,450,000 ables in Texas and
1,s50,000 in Georgia.
The South has sold so much cotton
at high prices that it's financial con-
dition, 1t is argued, enables farmers
to hold cotton back if they are dis
posed to do so. A Baltimore author
ity puts the value of this years crop
with the seed at between 5000, ,OOO,-
600 and $1,000 100000. That would
be the most profitable crop on record
and would have a distinctly favorable
effect on the finances not only of the
South but of the nation.
rumor has been current that TO-
600 bales Of the local stock would be
shipped to France. Bulls, 1t 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. Patton in interviews in
newspapers here expresses himself as
very bullish on the outlook, partly
owing to the presence of boil weevil
in the South and also that he consid-
ers 1T in the same position that wheat
was a year ago.
AS the case stands some consider
the prices dangerously inflated and
others think that a further advance is
In order. Stocks are increasing, but
at much slower rate than they did
year ago, but on the other hand
spinners' takings for the week are
much smaller than for the same time
last year.
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