The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-06-08
The COTTON MARKET,
LAST WEEK PRODUCED REVER.
SEES FOR THE LONG ELEMENT.
Government Acreage Report Shows
increase in Area Planted, One of
Weeks Features.

New York, June 3.-Cotton bulls
nave met with a reverse, owing TO
heavy liquidation and bear raids with
more favorable outlook for the crop
as a menacing feature in the back
ground. Also the recent heavy de-
iclne IN quotations for stocks and grain
nave given some people the idea that
the star of bull speculation is on the
wane. Moreover, the government re.
port on the second instant was far
from being as bullish and abroad the
impression was that the condition
would be put at about 79 to 80 per
cent. But the government stated it at
S2 per cent. against S11 a year ago
and SO.9 as the June average for 10
years past
Bulls derive some comfort from the
fact that the governments report did
not conclude with some estimates of
the increased acreage of as high as
1-2 per cent, but instead put it at
2.S per cent, but even so, the belief
is widespread that the cotton area
this year will be the largest ever
known. West Of the Mississippi large
tracts of cattle ranges and virgin soil
nave been broken up for cotton plant
ing.
The high prices are believed to have
stimulated cultivation to an unwonted
degree. One indication of this is the
enormous sale of fertilizers this year.
Prices are some $40 a bale higher
than those of a year ago. Besides,
the bulls have had to contend against
the dullness Of speculation. Many
houses have been advising their Gus
toners not to touch the old crop
months on the ground that they were
too much under the influence of ma
nipulation-that to sell them was to
invite squeeze and to buy then.
might be simply holding the bag"
for the big bulls to FILL The mills
stick to their policy of curtailment.
Spot cotton in most parts of the
South has been quiet. Dry goods ex-
ports as a rule are far from encour-
aging. The South has been selling
new crop months against the actual
cotton.
Large spot interests have been
heavy sellers. "A clique of bears at
tackled the market from time to time
with vigor These include men with
Southern connections. Reports from
China have not been favorable. The
high cost of living in this country is
something to be reckOned with. Yet
bulls have stood valiantly by their in
terests, although they may have re-
duced holdings to some extent. Mr.
Patten has denied the reports that
he had sold out his line. Messrs.
Brown, Hayne and Scales are still
buying and supporting the market
from time to time.
The local certificated stock has late
ly decreased. Liberal shipments have
been made to Europe from the local
stock, and Italy, Portugal and Ger
many have been buying to some en-
tent at New Orleans.
The weather in Texas has suddenly
become very hot. Lately the short
interest there has greatly increased.
Aside from the big bulls, there has
been drastic liquidation of long in
terests. The technical position is sup
posed to have been thus improved.
The statistics to many look strong
and it Is intimated that the big bulls
are really not whipped yet.
On Friday prices advanced on re-
ports of an active spot demand here
for export, bull support and covering
by nervous shorts.