The Birmingham age-herald., 1910-10-22
COTTON DECLINES
 DURING THE WEEK Continued Good Weather Has Had Bearish Effect SPOTS FREELY SOLD Big Crop Estimates Are More Popular But This Has Not Affected
 Prices As Much As the
 Weather
SPOTS FREELY SOL

New York, October 21.-Though prices
 of cotton have received a sharp setbacl of $3 a bale or more, the bulls look upon it as only a natural reaction after a
 rise of nearly $10 a bale. Prolonged favorable weather has had some effect
 on prices. So has the increase in re- ceipts. More than all, however, the long
 account had become unwieldy and when
 large southern operators and seemingly
 certain spot interests started to sell, they
 were naturally followed by the smaller traders and a violent decline was the
 unavoidable consequence. Besides, the
 south has sold rather more freely on
 hedges and Liverpool has also sent sell | ing orders.
 | Spinners evidently were surprised at the sharp break in cotton and have pur- chased less freely. Then, too, some big the market.
 Room traders have operated for a de-
 cline, believing that the advance had
 been overdone. A still more potent fac
 tor was the growing impression that the crop has been underestimated.
 No talk is heard nowadays of yield Of only 11,000, 000 bales. Even some of the
 bulls who believed that ultimately prices must go much higher, frankly state that
 they look for a crop of 100000 bales.
 Some of the bears insist that the yield
 will in all probability amount to 13,O0O- 900 bales. Spot markets have been less
 active and have naturally yielded to some extent in company with futures. The National Ginners' association figures were
 not considered stimulating, to say the
 least. Very prominent southern opera
 tors. including leading Texas interests, are believed to have sold on an enor-
 nous scale.
 | Wall street and the west have been sellers. On the other hand the bullish idea is deep-seated among a large class of cotton people. including some of large experience, who have had great success | in the past, not excepting the season I just ended. They think that even ii must ultimately reach much higher point. Lancashire's prospects for the sea | son are believed to be good
 1 Bar silver has of late been rapidly ris- 1 ing in London, whereby the purchasine | power of the far has been theoret- ically, at least, cOnSlderaDiy increased
 Fall Rivers sales of print cloths have
 been large and the tone of the cotton | goods market is considered firm, even il | there is less activity than recently, the 1 fall in raw cotton having made buyers 1 somewhat more cautious. Then, too al
 though the receipts at the ports and In | terior towns have increased, they arc
 after all still on a very moderate scale l A long period of very favorable weather 1 threatens now to be succeeded by croI scares. Certainly, within a few days ol
 the occurrence of frost in Texas and Oklahoma has made the market nervous | Spinners, moreover. although they are not buying onsso large a scale as re- | gently. are still in the market steadily buying futures. Large spot interests. al 1 though they may be maneuvering for low. l CT prices, are said to be still buying here | American and continental buying ir Liverpool has at times figured largely ir
 the transactions here. The bill of ladine
 difficulty has been adjusted. That of it.
 self is considered very important Ol | late, however, the disposition has beer rather to sell than to buy for the time being, despite some killing frost in the | southwest