The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1912-10-15
WEEKLY COTTON REVIEW.

AZ
New York, Oct. II.-prices have
ceeh : under the influence Of
me weather. big receipts in TEXAS IA
Voratle crop reports war news row
Europe and heavy selling. Big 500,
houses tried 10 stem the Tide bnt MT
MN mite success. Fer many weeks
,hes were acting on the selling side
nu' ftGeh'ly they came 10 the tonc!l-
SION mat the decline had gone far
enough and they bought on ! big
scale but the receipts have continued
cry heavy and the consensus II opln-
ION here has been bearish.
me tendency has been 70 increase
crop estimates To something Ike IL
'oo,ooo = $4,000. 600 bales. At the
same time the idea has been quite
prevalent that the worlds cansnmp-
non or American cotton is not likely
20 De as large as that Of last year. for
Whatever Ellison may say to the CON
traFE, American statisticians believed
reached fully 100000 bales. This
year. however. the crops Of India and
Egypt are considered large and the
belief Of some is that Europe will use
more Egyptian and India cotton than
II did last Year and less of American.
Moreover the warlfke situation in
southeastern Europe has been a
- AddF " Iit a 1tN. HI
cotton war is usually considered a
bearish factor. Not a few cotton peo-
pie are fearful that the outbreak Of
war between Montenegro aud Turkey
may be followed by the declaration
OF war BY the Balkan states and some
o. me larger powers Of Europe max
De drawn into the quarrel. This to
gether with fine weather at the South.
enormous receipts at Texas points an
increasing movement east Of the Mis-
slssippl and general selling has Ger
fanny initiated seriously against any
great recovery Of prices. Spinners. it
is true, have bought more freely and
Liverpool straddlers who made the
straddle at 100 points difference or
less between Liverpool and New York
have latterly been buying heavily at
123 to 121 points difference thereby
reaplng handsome profits. Some Of
the Dis spot houses have been IN
doing these ~straddles. At times Mem
phis, Wall Street and other operators
have bought here partly to cover
shorts on the eve Of the holiday on
Saturday. There is also a belief in
some quarters that the crop is being
overestimated and the consumption
underestimated. They think that the
crop is not I'VE 13. 500, 900 to $4,000
900 bales and that another big worlds
consumption Of American cotton is
practically certain>a as the world is IN
a better condition to buy cotton this
season with a spread of business pros
perity OF both sides of the Atlantic
than it was last season when in sym
pathy with all drawbacks the crop OF
5000. 600 bales was handled with an
81 that amazed the cotton world
Also the crop is two to three weeks
late in the eastern section of the bel,
and killing frost in the next fortnigh,
in that section would do serious dam
age. Then. too. the short interest is
large and there is a tendency to over
do the year account. The consensus
here is bearish, however. The idea
is that only temporary rallies need be
expected unless killing frost comes
early. OF late. however, there have
been rallies due to a fear Of frost owe.
Saturday and Sunday. Prices col
lapsed again on Friday afternoon,
however.