The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-04-13


Worked Against Bull Speculation.
New York. April Sit has 't,r
an active and unsettled market l,ut
in the end prices have shown some
ret loss for ths week on the new crop
months. But May set the pace fnr
sharp rally in the present crop
months In the latter part of the week,
when spot interests and Patten brok-
ers became large buyers of that op-
ton. Yet for time earlier in tho
week the feeling was notice ally lie
pressed. Texas rains for ons th,'ig
have initiated agu'Ist bull spenu'a-
ton. So have reports OF shipments
from Liverpool 70 New York and also
from the South with a view of fighting
he May deal. thought /. Is sa.l that
the shipments :r.ln the English MAJ,
ket to New YORK, would involve a
loss of four ceEts a pound Or $40 a
bale. Disturbing rumors have been
current. too, taat the leading Chica-
go cotton opei stol had sold ou. He
sharply denied th's. however, and also
the stories tha. he mad sus. iined Sc
we're losses. ia ne: A. Pattea has an
rounced him selc a. still a bul, and
asserts that his opponents are simply
following the lead Of what kpown
spot interests in New YORK anu Phil
| adelphia he contends there will not
lie cotton enough to go aroan1. Liv-
e:poors spor and call sales haze at
times been large, IN one day reach
ing $4,000 bales. Bulls have at times
bid for big blocks, 10000 bales or
more at a time. After a decline re-
| Gently of about a cent and heavy liqui-
dation bulls think the technical sit
uation Is very much better than 1t has
been for some time past. Manches-
ter's trade is improving.
Yarns in this country are reported
somewhat more active. The Texas
rains are pronounced by bulls to be
insufficient. They argue that what
they consider an average of about two
inches of rain is not enough to put
a good season" into the reported six
feet OF dry earth In the Lone Star
State. The Waldorf Astoria element
has been buying on declines. At times
to large spot interests have bought
nnfnhnr haa
much better demand. Part Of the At
lantic section of the belt is said to
need rain. Wall street and the South
have at times been buyers. Notwith-
standing rumors that a compromise
had been reached with May shorts,
the leading bulls seem to be sticking
to the deal in that money that they
predict a scramble for the cotton be-
fore the end of the season. Specula-
tion, aside from trading Of a few
large interests and their following is
small. The business in actual cotton
In this country is reported to be light.
American spinners still buy from
hand-to-mouth. Powerful interests,
which trade in the actual cotton
heavily from year to year, are ar
rayed against an advance i'm prices
at this time. Dry goods reports, as
rule. are pessimistic. Curtailment
Is persisted in in most sections of the
manufacturing industry in this cour g.
try.
Bears maintain that there will be
more than enough cotton for the
worlds needs when allowance is made
for curtailment of production of cot
ton goods. Very many members Of
the trade are holding aloof awaiting
further developments, declining to
take the risk on the one hand of SELL
ing short and possibly being squeezed
or on the other of buying and per-
maps getting some Of the holdings Of
leading bulls A large acreage Is ex-
pected and also a revival OF trade la
ter in the year. The present situa-
ton puzzles some Of the shrewdest
and most experienced.
REV. r. L. WANNtM,u,u,D nr.n