The Montgomery advertiser., 1902-02-07
Murphy & Co.'S Inc) Cotton Letter.
 TRy Private Wire

NEW YORK, Feb 6-Although the market lacked much activity this morning, there was no gainsaying the fact that the undertone was decidedly better. Cables made a very good showing and 1t was apparent that the moder- European trade circles in fact there is such possibility of only a moderate crop after all that extreme caution Is observed by those who few weeks ago were quite confident that the crop would be an enormous one. The weather is more favorable for moving the crop and still receipts keeping down to such a suspected in the long run. Early prices were 2@4 points higher and later on went to 2g3 further on comparatively active trading Ca- bles closed points higher. Some Southern reports of exhausted stocks came in. Port receipts were 7.ooo against | g. 900 last year The Bombay receipts for the week were a. 900 against 69. 900 last year. making total since Jan; of 6i 900. against 43e. 900 last year. Bears have been pointing to these figures. but with effect whatever on the course of the market which has never yet been influenced to any material extent by the India movement. We have had In times past ire quent big receipts at Bombay as well as ire quent falling off, but in neither case has there been more than slightly sentiment resulting in scarcely any change in the price of Ameri can product: Preparations for planting will greater effect than anything. Bombay may or may not do, At the present time advces are conflicting to the probable demand for fer tilizers. Much depends upon the ability of planters to buy on credit.
 Theodore H. Price today issued the follow
 It has come to my knowledge that within the past few days report has been industrl- ously circulated that notWithstanding o-ny my and the views therein expressed. I have changed my opinion with regard to the size Were it not for the implication of insincerity involved, I should ignore these reports en- tirely, but inquiries received from many friends impel me at the risk of seeming some what egotistical. to deny them most emphatic ally. As the season develops and the move ment of the crop progresses. the probability that higher prices will be realized for cotton be- comes. in my judgment. more and more of a certainty, The following propositions hold
 First-Tthat this years crop of American cotton has moved more rapidly than has any
 Second-That the light receipts at present are due to comparative exhaustion of unseen sup plies.
 Third-That the crop is only about g, 500. 900 bales of last years weight, and that this sup ply will be wholly inadequate for the worlds requirements at the present rate of consump- ton.
 Fourth-That despite interested reports to the contrary. trade in Europe is rapidly ex- banding, the causes which make for such ex- pansion being the reopening of the Chinese markets. the termination of the famine in India, the imminent settlement of the South African war and the industrial improvement in Germany.
 Fifth-That all reliable sources of nforma- ton with regard to the condition of American manufacturing trade abundantly attest the fact that the mills are fully employed and will require sufficient cotton to keep every spindle going, unless the market advances to a pro hibitive price: and that. msled by over-ei- inmates of the crop. American spinners have not yet secured much cotton as thev had bought up to this time last year, and from now on will. therefore. be obliged to purchase an increasing supply comparel with lest season.
 Sixth-That the excess of exports of Ameri- can cotton from the United States thus far this year are 653, 900 bales over the exports for the same time last year and that even ad- mitting a crop of Ioooo 900 bales there will be an exceedingly short supply in America during the Summer.
 Evidence is daily coming to light which abundantly confirms the truth of these pr DO sitions. in my opinion. The New Orleans Cot ton Exchange, in a report published yestcr- bales Is pounds less than last year. This Is equivalent of l2oooo bales of fast years weight on a crop of 10. 900 ooo Light weight bales are never characteristic of a big Crop Receipts are daily becoming lighter and tee- grams received by me within the past 24 hours from all counted points of accumulation show that the weather has very little to do with the light movement. Shipments from the interior towns, the smallest of them are heavy If the weather is sufficiently good to ship cotton it seems absurd to say that it prevents it's delivery. The owners of the rem nant of this years cotton crop practically hold the balance of power far the irnmed late operation of the law of supply and demand is concerned. If they demand an adequate prize for it. they are sure. sooner later. to re ceve it. and it looks as if the prospective buyers were rapidly coming to an appreciation Cf the situation
 (signed) THEODORE II. PRICE.