The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-09-13
WEEK OF COTTON DECLINE
SEPTEMBER AND MAY PRICES
SUFFER CO NSIDERABLE
THOUGH LATE TRADING lie
COVERED PAHf OF THE
HEAVY Loss In EARLY PART
OF WEEK.

New York, Sept. "a decline of
from 5Oc. a bale on September con-
tracts to $3.50 per bale on May is
the net outcome of the weeks op-
eratlons IN the speculative cotton
market At one time early in the
week greater losses were recorded. but
IN the later trading a stronge tend
ency developed and part of the loss
was covered. At the outset there
was heavy selling for various inter
ests and in the absence Of noteworthy
p prices in some cases were
FORCED down fully forty points. On
reports Of furthern rains in Texas.
some points reporting from l to 5
inches, the bear element was en-
to make a more vigorous
attack and were materially assisted
by houses with southern connections.
who We're again selling freely against
actual purchases in the South. The
freak occaSiOned by the selling I'M
covered a number OF stop loss orders
and these naturally accelerated the
movement. Reports from
me East were also more optimistic,
stating that rains had fallen hat we're
needed to stop shedding. Still less
favorable adVices were received from
Georgia and Alabama. subsequently,
prices fell ever lower under virtually
the same conditions, but this was fol
lowed by a rally occasioned in part
by reports Of good spot sales In Lv-
erpoOi. Al the lowest figures it was
noticed there was a much better de-
nand from good sources, it being
claimed for one thing, that spinners
bought on the soft spots, being de-
sernined evidently 60 provide for
their future requirements and not to
be caught as they We're last season
by a deficient supply late in the crop
year. For a short time after the
turn Of the week the downward
course Of prices was again resumed.
There was urther hedge-seiIing for
Southern account, additional iiQuida-
ton by longs, and a renewed attack
by the bear crowd. One incentive
for selling was the report that spin
ners wOul extend the time for cur
tailment. Then, too, there was some
selling based on the first ginning re
port from the census bureau. The
only bearish feature Of this, however,
was the fact that the ginning in Texa-
was much larger than a year ago, bat
this had been expected, ana moreover
a decidedly small quantity was ginned
in other States, showing clearly how
late the crop is as a rule. Today
a good part Of this early loss was re
covered. Those who had been sue
cesSul in selling the market down
earlier in the week tried to cover and
they found offerings decidedly meagre-
There was g good demand from spin
nerS; the South and Liverpool. \
sharp rise in September contracts in
Liverpool was one Of the features and
was ascribed to an active demand
rom the continent where conditions
in the drv goods trade are said to be
greatly I'm proved. Southern mar
+, kets are firmer and the receipts out
| side Of Texas are small. Mills were
buying and talk of curtailment seems
unfounded. Reports of a storm NOV
ing up from Porto Rico gave rise to
fears of damage and was partly re-
sponsible for the covering by shorts.
On the whole, the sentiment seems
rather less bearish. The market has
become bigger and broader with the
outside public manifesting greater
interest.