The Montgomery advertiser., 1903-03-05
A. B. Baxter & Co.'S Cotton Letter.
 T1ri.

NEW YORK. March 4-Cotton lost 5To points early in the morning when the feeling was feversh. Although there was more or less rain all the South and threatened over flow of the Mississippi. there was on the other hand a sharp decline In the Liverpool market and indications of the port movement doubling last years figures of 5000 bales. The certainty as to what step might be taken by the clique led to selling by recent buyers ana there was a more nervous feeling shown for some time The advices by mail from the South denoted hesitating attitude on the part of the speculative element. although 1t believed that the statistical situation still rants very high market and farm work in Texas is far backward that 1t Is already predicted that the first Government report from that State ninety days hence will be of the worst record. instead of one of the best, was tho case last year. The market weak ened as much as O points before noon and there more offering than for some time. The decline regarded only temporary. Cables were unses tied at 4U6 points decline. Yarns at Manchester easier and cloth offers were too low.
 Stocks The abrupt decline in demand ster- ling yesterday indicated that cheap foreign money in process of finding employment here It is not believed in some well posted circles than money will rise much above the present level owing to the with which our bankers may command cheap German and French funds Experienced bankers regard as undue the pessimism created by the failure of the AldriCh bill. and as pointed out by this bureau yesterday the Secretary of tho Treasury has the same power he exercised last autumn to release treasury funls to large extent by widening the character of col lateral available for securing Government de- pcsts if necessary. The adverse street com ment on the decreased January net earnings on the Pennsylvania Railroad Company overlooks the fact that tt was largely due to excess of business resulting in congestion of freight movement Now that milder weather has come and freight Is passing over the roads with less interruption there Is ground to look with some confidence to future gains In net earnings. Adverse news of kind and another has had a continuous oppressive effect the mar ket for the last few weeks and prices have worked downward until level lower than the lowest of December last. when call money was over 20 per cent. has been reached in standard issues. The liquidation in the market has the usual course of money after the early spring demand Is satisfied. !s toward increased supplies and lower rates These considerations are pointed out by some market observers as likely to restrain free selling at the present level of values. The market showed signs uf recovery from tho depressed sentiment induced by disappointment over the failure nf the Al drlch bill London sent higher quotations and followed them up in our market by buying llberally. In the late afternoon many issues reached higher figures than last night BuH- ish feeling was renewed on account of further suggestive steps taken in the affection of Gould system unifcation. Manhattan Tod the local fractions. advancing over per cont Rumors were current of a probable extra distribution of profits to stockholders. Tennessee Coal and iron was well sustained with arising tendency in the late dealings. The market closed strong and active.