The Montgomery advertiser., 1901-10-27
Cotton Market Review.

By R. M Scale q Col
 The cotton market has experienced an unfavorable decline during the past ten days. brought about by a combination of mitigating circumstances. First of all there seems apparent the most successful manipulation on the part of spinners and exporters that the South has ever expert enced. They have consistently shut down on every advance, holding out to get cot ton at their own figures, and have pur- sued the hand-to-mouth policy except at declines, when in quiet way they would buy large lines, hedging at the same time market.
 The European spinners year before last were caught in trap. believing fin MT. the crop was s.4OO,o0o. Last year again placing confidence in their idols views, they bought the highest price cotton of the year, in the early fall. when Mir Neill year has caused them to pursue a differ ent policy and from the way it looks to one up a tree, they have made a deal with large exporters to use their own discretion in buying their supplies. The exporter has had the demand in his own hands and bought on depressions, assist ed by the most beautiful marketing weather ever experienced in the South ern States. Well realizing the fact that owing to the great cost of the crop. the farmer was compelled to ease himself up financially, and cotton could be bought as fast at 7& as at 10 and 11c last year; dBdiH dSSiStcu Oy Ine ulSDOSlLlOn or meT- chants and bankers to sell spots as soon as brought in, owing to the disasters met with holding last season.
 In our opinion this heavy flow of re- ceipts is about over and the market will be very sensitive to any favorable turn from this on The hedges placed on spots by the merchant and banker must be raised by purchase, and when this is done the American public will come in to assist them in buying. The question naturally arises, who then will be the seller. The government bureau is the most reliable source of information that has ever been furnished to the market having more facilities, and spare no ex- penditures to receive facts: their report on conditions the 3rd of October showed the lowest but one on record 61A, indi- eating crop much smaller than last year. Every report from the different states as we'll as from the local mer- chant. banker and farmer bear out the correctness of their report. Then why should credence be placed in the errone- ous reports of an Englishman such as MT. Buston who never saw a cotton farm until three years ago when the English spinner realizing that Mir. Neill was of no further use to them, decided to hatch up another Solomon.
 There are thousands of men in the United States who have often guessed within thousand bales of the crop, and have never gained flotoriety, but this new prodigy of English birth can get in
 
 New York to Temple, Texas and tell eX actly the size of the cotton production, as today 1t is reported that he has wired to Liverpool the crop would be 10A mill lion bales minimum with the possibility of much larger crop should the depress- ing factor of frost remain off awhile longer Why does the American public continue to place credence in such stock as Neill Buston and others of similar type.
 The crop is very short and our advice to the people who raise cotton, is to hold, The mere fact of good weather Tor the past ten days has cost the South five million dollars. as we have seen de- cline of g 50. per bale when there should have been an advance of $2.50 per bale on the million bales of cotton which have come into sight during the past two weeks. The question naturally arises why should cotton last year bring from to Il cents per pound and this year 115 when the statistical position Is stronger both in America and abroad with the proba bility of a very small crop staring us in the face. We do not often advise the holding of spot cotton owing to the great expense of holding, but in the face of existing facts we are compelled to do so this year. as it is absolutely necessary that these heavy receipts discontinue be- fore the bulk of the crop IS marketed in order to obtain a fair valuation for the amount yet to come into sight. We are at present 299. 900 under last year up to date and according to all reports think that there been the freest move ment during the past two weeks ever known for the probable size Of the crop. There seems to be no disposition this year to hold, and as consequence we might have expected a heavy movement coming into sight this week or S55,OOO bales against 494. 900 last year.
 Hold your cotton for cents Tn January.