The leader. [volume] (Brookhaven, Miss.) 1895-1905, 1903-12-02
WEEKLY COTTON LETTER.
Situation Of the Market An Unusually
interesting One.

sSASSstsAS NAsSs
Brookhaven Cotton Exchange,
December q, 1908.
The cotton market the later part
of last week was a very tame
affair, fluctuations being very
narrow, there being little incli-
nation to trade by either side:
and it looked as though we
would experience tame market
this week until after the publ
citation of the Government S
figures on Thursday. But the
reverse has been noted. Every
body seems to be Of the opinion
that the figures will be extreme
ly bullish and with that idea in.
view have lost no time in
covering short cotton and
getting line to carry over in an
ticipation of a very sharp adj
vance. The general situation has.
never been quite as interesting
as at present, and the market is
getting to be too big an affair for
most minds to clearly grasp.
We confess our inability to
properly analyze the situation,
and must say that any opinion in
such a market counts for but
little. In the first place, cotton
has advanced to where any kind
easily sells for lie in the interior,
which is very fair high price;
and, that too, at season Of the
year when prices are usually
the lowest. This means that an
unusually large per cent of profit
will accrue to the planter, and
he is liberal seller and very
happy accordingly, as he might
well be, as the experience is
lather novel one, he having
had rather uphill road to travel
for the past decade in making
both ends meet. Although the
price now is nearly three cents
per pound higher than at same
time last year, it is remarkable
to note that confidence in still
higher prices is almost universal.
So fixed is this belief and so.
firmly convinced is the trade that
the crop has been marketed very
ral idly that facts and figures for
the past two weeks have been in.
etirely lost sight of. It is a ques-
tion how long such a state of
affairs will exist. To glance at
figures: the movement during
the month of November has
been the largest on record, 4,SO1,
S63 bales having come into sight
lsince November 1st. Six
weeks ago the total amount into
sight was about 100000 bales be-
hind last year and the worlds vis-
able supply was nearly that much
short. Today the amount in sight
is only 100000 behind last
| year and the worlds visible sup
| ply is actually greater by a few
thousand bales. In all plobabil-
| ity, within the next week, the
movement vii! be up to last year
and the worlds visible supply
larger in proportion. In an ordi-
nary year such facts would not
permit of an advancing market as
we have had recently, but, as men
toned before, all such facts have
been ignored fol the time being,
as the majority of the trade conf
IDENTIFY believe in a crop of ten.
million bales and expect their
views to be confirmed blythe Gov
1ernment estimate on Thursday
and the Ginners' report to be
published a few days later. Es-
Inmates have been published by
individuals and firms in every
quarter of the globe during the
past week, and they have been
varied enough to suit the tastes
lof the most extreme, ranging as
they have from 9,S75,000 by At
wood, Violet & Co.; 6, $50, 900 by
I'D. j. Sully & Co.: and 10, ,040, 900
Iby the es-Democrat, to those
lof the further extreme in II 200,
1000 by Mr.. Buston, II 800, 900
lby Mel Bros, 11,450, 600 by Mr..
Gorst and II, ,071 900, an average
estimate of III members of the
i Liverpool Cotton Association.
| It is very remarkable to note how
lever that only the smaller esti-
mates seem to carry any weight,
4 the Liverpool market advancing
nearly half a cent in two days
4 following the estimate of over IL
1000, 900 by their entire member
ship. 1t is generally conceded
THAT the efforts Of the Agricul-
ltural department to arrive at a
correct conclusion have been
4 better directed and carried out
THAN ever before, and for this
reason and their approximate cor
rectness last season they are en-
TITLED to the more consideration;
and their report will likely Be
laccepted as the correct one Until
facts confirm or disprove such an
Iestimate later on. We doubt the
4 wisdam of following the market
/ further however, or of carryinsg
+ long cotton over this report as
j there are likely to be some SEN
sational surprises in store ahead ;
leven though their ideas be moder-
ately bullish and III line with gem
R Rleral ideas, there will be a rush to
take profits BY those who have
1lpinned their faith in this report,
land there will be cotton for sale