The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-09-07
COTTON MARKET REVIEW.
CLOSING MONTHS BUOYANCY
CONSPICUOUS IN COTTON
MARKET.
Excitement Wholly Lacking-Buu
Leaders Ceased to Trouble When
20 Cent Mark Was Reduced.

~ cent Mark Was Reduced.
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
| contracts which succeeded in reach
ing 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
| War Between the Sections. At that
figure they showed a gain over the
previous closing price of 31S points,
or nearly SIC per bale. While it re-
| quired less than an hour to establish
| Wild and panicky conditions usually
attending such developments were
| lacking. Their ambition being real
| lied, the bull leaders offered all the
| cotton that was needed at that price
and thereafter August attracted little
attention, the price receding to IS
cents and the contract expiring with
| out further excitement.
August Only Strong.
On that same day the rest of The
list showed a small gain, mostly SYM
pathetic, and with September leading
the new crop months, there was talk
that the bull leaders would support
the current month in order to main
tain higher level on which to dis
| pose 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 subse-
quent developments proved these
doubts to be we'll founded. These
were based principally on the belief
that the attractive prices ruling would
draw the early cotton from the South
IN huge volume and such soon prov
ed the case. The planters were said
TO be offering cotton at a price that
would enable buyers to deliver it
prof1tably on spot contracts in New
York and before long large spot in
terests 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-called distress" cotton be-
came too heavy and these prices were
forced back to 20 points from the
most distant deliveries, sharing the
loss to a small etxept only.
Expect Further Break.
Believers in lower prices say that
even if the crop ultimately proves
| small, the early movement will be on
such huge scale that a further
break in the near deliveries is in
evitable.
Regarding the remote contracts.
| however, there has been caution on
the buying side.
1t has been seasonably warm in
the Southwest and rains are still
| iiCCucu III pdIlS Ol lPNdS. Some
claim it is too late now for rains to
do any good. From the eastern belt
| generally favorable reports were re-
ceived, beneficial rains having fallen
in Georgia and the Carolinas. The
tendency, however, was to look for
a bullish government report.
Today there was a further small
decline, due mainly to what was gen
orally regarded as a bearish bureau
report. The condition given was
72.1, against 75.5 in August 63.7 a
year ago and a ten-year average of
73.1. The general opinion was that
this indicated a crop of 100000
bales. Others pointed to similar Sep
tember conditions in previous years,
when the crop was slightly smaller
and said that the crop, even without
the injury by frost. would not be
over 11,50O,o0O bales.
Spot houses continued to sell Sep
tember and bulls were not supporting
actively.
\ Woman'S idea Of n horo ic a,