The Montgomery advertiser., 1903-08-15
Local Weekly Cotton Statement,
.. z. Pierce 6 Co.'s Cotton Letter.
rBy Private Wire From c. W. Lee q Col

| NEW YORK, Aug I4-whether due to the cotton corner or to the wonderful crop accounts | on the one hand and the dearth of cotton sup plies on the other speculation in the market has dwindied to the smallest proportions of inc season. The market this week has not only been dull. lifeless and uninteresting. but there sn was that n element of apathy and deadnsss general indisposition on the part of those most interested to undertake obligations of any character. Not only commission house. but professional traders. have withdrawn from trade for the time being. On the hand crop accounts and general condition of tho plant are such as to prevent aggressive sup port on any attempt to buy cotton for higher prices. On the other hand the knowledge that a few men control the present supply of cot
 ton and owing to the latness of the crop. it will be some weeks before enough new cotton can be obtained to supply American or Eu- ropean spinners prevent any attempt to sell short for a decline in prices The result of this condition is duiness. Prices failed to advance or to recede. The best traders the
 floor are in the utmost confusion as to the probable course. Until something turns up to clear the situation, the majority will probably continue In the present cautious attitude and only buy on 8 decline and sell for quick profits. One of the most important events of the week was the report of the ginning of new cotton in Southern Texas. On Wednesday 10 bales were accounted for and on Thursday s or 20 more This is the firing of the first gun and before the end of next week cotton ginned will be generally under way in the southefW coun- ties in Texas. It will spread rapidly until new cotton will begin to come into the various mar
 kets of the South in hundreds and thousands of bales. Realizing this. 1t is extremely doubt ful whether there will be an important and
 radical change fin the procasting attitude of the American spinners. It is highly improbable that consumers will buy at l2 and IS cents from those in control of the spot cotton re- maining from last years crop when by hold ing off a few weeks rdays they will be able to get unlimited quantity at 2 cents a pound lower proceeding of that kind would be extremely unbusinesslike and should not be feared Under those circumstances the ques- tion of how the pool is to dispose of it's cotton grows to be more interesting daily. The stock of cotton in New York has decreased but, 900 bales in six weeks and is still l5s, 900 bales
 or, the largest quantity in six or seven years
 True the additions made by reshipnient from abroad all the cotton that has been sold has thus far made no impression upon the aggre- gate We hear rumors of large spot sales Un- til there are evidences of general shipment from this city the short interest in September cottonu Is not likely to become nervous. Un- til the situation become more clear we would continue to advise extremely cautious and conservative attitude on the cotton market, as It's surroundings are unique and It's future more than usually uncertain.