The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-09-06
AUGUST FEATURE OF WEEK
RUIL LEADERS FAIL To CAHfS1
THE MOVEMENT INTO SEPTEM-
RER-MARKET ON A SLIGHT

(By the Associated Press.)

New York, Sept. 2.-The most note
worthy feature Of the speculative cot
ton market early in the week was the
conspicuous buoyancy Of August con-
tracts which succeeded in reaching the
level which the bulls had predicted
earlier in the season. They sold on
Monday, though in a small way, only
at 20 cents, a price which has been
reached only once since the civil war.
At that figure they showed q gain
over the previous closing price OF $50
points, or nearly Sic per bale. Whlle
it required less than an hour to estaD-
fish this advance, 1t was noticeQ that
the wild and panicky conditions
usually attending such developments
were lacking. Their ambitions being
realized, the bull leaders offered all
the cotton hat was needed at that
price and thereafter August attracted
little attention, the price receding TO
18c. and the contract expiring With
out further excitement On that same
day the rest Of the list showed a
small gain, mostly sympathetic, n
with September leading the new crop
months there was ak that the bull
leaders would support the current
month in order TO maintain a higher
level on which to dispose of a huge
lot OF actual cotton they had taken in.
Their ability to do this was doubted
by the majority Of traders, however,
and the subsequent Developments
rOVed these doubts to be we'll found
ell. They were based principally on
the belief that the attractive prices
ruling would draw the early cotton
from the South in huge volumes, and
such soon proved to be the case. The
planters were said to be Offering cot
ton at a price that would enable buy
ers to deliver it proftably on spot
contracts in New York and before
long large spot interests here were
selling September against such
purchases. For a short time the
leading bulls attempted to resist the
decline but the weight Of the so-caiied
distress" cotton became too heavy
and these prices were forced back 20
points, the most distant deliveries
sharing the loss to a small extent
only.
Believers in lower prices state that
even if the crop ultimately proves to
be a small one, the early movement
will be on such a huge scale that q
further break in the nearby deliveries
is inevitable. Regarding the more
remote contracts, however, there is
more caution On the buying side.
It has been seasonab1y warm in the
southwest and rains are still needed
in parts Of Texas. Some claim that
it is too late now for rains TO do any
good. From the Eastern belt gen
orally favorable reports were received,
beneficial rains having fallen in
Georgia and the Carolinas. The ten
dency, however, was to look for a
bullish government report.
Today there was a further mall
decline due mainly to what was gen.
orally regarded as a bearish bureau
report The condition given was 72.1
against 1875 in August, 6.3 a year ago
and a ten year average OF 73.1. The
general opinion was that this indi-
Gated a crop Of $4,000, 900 bales.
others pointed to similar September
conditions in previous years., when the
area was only slightly smaller, and
said the crop even without injury by
frost could not Exceed II, 500, 600 bales.
Spot houses continued to sell Septem-
Der and bulls were not supporting
actively.