The Montgomery advertiser., 1904-07-06
H. q B. BEERS COTTON IETTER

(By Private Wire to Caldwell Ward & Col
 NEW ORLEANS. July 5.--It is evident
 day over the monthly bureau report, futures
 there advancing IS points old and 8
 points on new crop since closing of last Fri
 day. only to be sold down by Americans
 after shorts in the English market hal
 covered up. final prices there today show
 ing a decline of points near and
 with closing of last Friday. Local mar
 ket showed no, inclination to advance dur
 Ing the day. prices, after opening a shade
 lower. July 2s crumblng under pressure
 of incessant offerings before and after pub
 licatton of the two bureaus, the Weekly
 Review and June Condition. The condition
 turns showing an increase of points in
 the general average, which figured ss
 against s3 last month. I'll last July and a
 ten-year average of s4s Every state
 shows a better condition than average of
 past ten years. Texas figuring ss compared
 with 7s last year and ten-year average of
 held out. which have become better by a further improvement in prospects during
 past week. as was indicated by a summary
 of today's weekly crop review can only be appreciated when acreage Is taken into con sideration. 31.730.000 compared with 2s907,-
 900 last year. 27.s7S.000 year before and duced 11.200.o0o bales Nevertheless, 1t is all a matter of conjecture to dwell on pos abilities of crop at this the critical period of the season.
 Furthermore. we will have to contend with possibilities of an early frost which did so much to reduce the output last sea- son. and in conclusion. the boil weevil is not to be overlooked. and as 1t is almost a physical impossibility to make a record crop without Texas producing a full yield follow ing market on tine short side in neighbor- hood Of points. does not seem prudent, while rains continue and the available sup ply small.
 Showers were reported from all sections of the belt today. especially from the lower Mississippi Valley, From Arkansas and from Texas. where complaints of too much rain are heard: sentimenut. however. re- mains bearfsh In America, but at the bureau was hardly any better than expected by Liverpool. we can not look for any serious | decline. with visible and invisible stocks in | the old world reduced to a minimum, and at prices about Pc lower than year ago |
 Caldwell. Ward q Co.'S Market Letter.
 NEW YORK, July 5-whle the Ameri- | can markets were closed. Liverpool ad- | vanced 14 points in near months and s on | the new crop. but when the traders re- | turned from their holiday and found an op- portunity tc put out shorts abroad at some | thing like 20 points better than they ex- | pected. a flood Of selling orders went out | from this side and all the gain in Liver pool was quickly wiped out. In spite of | the large short interest here the usual ner- over the bureaus report was not ably absent and although the decline of 10 points which followed the reading of tho report was largely recovered. the prevail Ing sentiment continues bearish. Most of the buying today seemed to be for short account thus reducing the interest ou that side of the market. The improvement dur Ing June proved to be the greatest on record for that month and brings present condition of the crop up to ss. which Is 32 per cent higher than the July average for the past ten years. An incident of the holidays of vital interest was the arrival of four new bales of this years growth from ReeviIle Texas. This is over three weeks ahead of last year and considerably earlier than the average date of first bales. This season hna dnro tro otA.1 f1 hn | md the spinner feels naturally much easier n his m'nd. There Is Always a danger | however. that the speculator may become oo sanguine over the prospects of large re- 'eipts and go too heavily short of August md September. only to find himself trapped " wet spell which might cause delay in he early movement without. however. af- ecting the size of the yield. As the spin Ter is the to whom we must eventually ell our crop all eyes are now turned to- yards Liverpool to see what effect the com 'inaton of bearish bureau. favorable week y weather report and the arrival of the lew crop cotton may have on that market.