The leader. [volume] (Brookhaven, Miss.) 1895-1905, 1903-11-11
BROOEaAvEN COTTON EXCHANGE.
A Cheerful Outlook for the Raisers Of
the Southern Staple.

| Brookhayen Cotton Exchange,
Nov. J1. In the rush Of business
the past week we are sorry to
Ihaye overlooked our weekly letter
until too late ior publication.
The market tie past two weeks
has been one of the greatest bull
markets in the history Of the
trade. fluctuations have been
wide With an occasional set back,
but always looking to higher
level. Since Mr.. Burtson's pub
hcation Of an eleven and a quarter
estimate two weeks ago, every
thing has been in favor of cotton.
Russia and Japan seem to have
settled their differences, and as
the price of silver has been en-
hanced considerably during the
past few months, which increases
their purchasing power, the far
easter trade in cotton and cotton
goods with this country should
amount to no small item. The
condition Of the dry goods market.
| the world over has very mater tally
improved within the past fort
night, buyers having remained out
of the market until it was abso-
lutely necessary for them to re-
lplenisf their stocks, and they
seem now eager buyers. The
most important feature Of the
market recently, and what t
awakened Liverpool and has more
effect Gireetly on the market, was
Mr.. Eilison's estimate of con
sumption for the coming year.
He is the accepted authority on
consumption and is very conser-
vatiVe in his ideas, more fre-
quently understanding the fig
ures than over, and when he
placed his figures at 1857, 900
as the requirements Of American
cotton, 1t caused the world to open
their eyes. Numbers of firms and
individuals have followed Mr..
Ellison Is estimate Of consumptive
requirements with their esti-
mates Of the crop and as these
seem to centre around 10, $50, 600
to 10, SOC, 900, with the single ex-
|eeption Of Mr.. Burston, it forces
the problem on the cotton trade
of bringing consumption down to
the size Of the crop. As there
was no surplus carried over to add
to this years crop, there is only
one solution to such a problem
and tina is for the price of,cotton
to go j price that will curtail
|consum 1tion and bring it within
The lin IS Of supply. The specu-
lativo @brid see the problem, the
spinning world sees it, and the
one side has been as anxious buyer
of the raw material as the
other has of contracts. 1t re-
mains to be seen how long this
purchasing power will last. The
price at present ten and one-half
cents in the interior seems to be
about in line with conditions and
we are apt to have fluctuations
around present prices, and We
would not hesitate to advise the
sale Of spot cotton at. the existing
level unless the holder we're pre-
pared To carry it we'll into the new
year and not be influenced by
fluctuations either way We look |
for higher prices in the long run
and possibly very much higher
before the season ends, if the pub
lie is correct about the size of the
|crop. and we would unhesitatingly
advise the planter to keep his cot
on off the market when there are
breaks and he will profit by it in
Ithe long run. Contracts for fu-
ture delivery, bought on any such
breaks, we think will show hand
some returns; we would not sell
short however for any considera-
tion.
+. G. HARVEY,
Manager.