The Montgomery advertiser., 1904-12-09
HAYWARD, WICK | CO.'S COTTON
 LETTER.
fyirrin A Faunce.

(Virgin & Faunce. Mgrs.)
 NEW ORLEANS, Dec. s.-The cotton market extremely dull and narrow throughout the session and the volume of trade was small. The builish and bearish ances one another and the market was at standstill and waiting for fresh de- yelopments to give the balance of power to one side or the other The idea that en- agreements of foreign spinners during the first half of December are large and the continued reports of holding of cotton in too much cotton. and the bulls were able to hold their own. but no one seemed to have any consuming desire to boost prices. the day in the trading up to o'clock, an the trade did not take much notice of the weakness of the English market.
 The interest of the market at present is centred in the question of whether or not engagements for the first half of December have been heavy. Some operators say they have been enormous and that exporters will find great difficulty in getting cotton for shipment. Other people say that shipments will not be abnormally heavy and that engagements have been made. although no one disputes the idea that farmers are holding to a great extent In this connec- ton many tssgrams were ,atiUs rsGeved ina, too ,S campaign to encourage the farmers to hold their cotton was spreading over a wide ter ritory and that the banks were lending their approval to 1t. and in many cases. had promised solid financial support. The noise l that has been made over the holding of cot ton in the country caused. a prominent Liv- | erpool firm to cable this morning the fol- lowing message: "Planterss' conventions merely advertise enormous unsold stocks 1 Consumers covered and can wait"
 | The spot market was quiet. The demand was far from being strong. and up to 1 o'clock only about 1000 bales. on the spot and to arrive. had been traded in at un- changed prices.
 LOvEMAN q CO.'S COTTON LETTER. NEW ORLEANS. Dec. S.--The determina- | tion of Southern spot holders not to sell their cotton at prevailing prices shows its | good results already. Finding the South offering practically nothing. Europe tried CTS meeting in convention for the purpose of agreeing to withdraw their cotton from | market until prices react from theiI< pres ent depressed condition; such a move De- ing looked upon as a bearish feature. What | ever consumers think of the intention of spot holders to withdraw their cotton from ing as a unit in this matter. The South ern press has taken the problem in hand and is advising farmers to stand together.
 which should be adhered to at once. as in union there is strength. Buyers and sellers have been practically apart. a limited de- mand and a scarcity of offerings having re- CT. large as the sales have been the past two days. than would have been the case had holders been disposed to sell at conces- sions. From present observations 1t looks as though the spinner Is anxious to buy. but unwilling to say openly. we have 1t from good authority that there is a keen demand for the staple this evening. but in | an indirect way. All features of the day | were lost sight of in the afternoon when 1t became generally known that @ much better business has been transacted in spots | than expected. market closing steady at an | advance of 1-16c: middling, 9%c; sales. B. 200 to arrive. 5000 bales. There also was circulated unconfirmed report to the ef- feet that an error of 600.0o0 bales had been | made in the Governments croS estimate oi | 12.162.000 bales. which rumor. We think. is | without foundation. The fact that spots | were higher to buy, not only In this market but in the interior we'll and that sales were so large. coupled with weeks insight pointing to less than looked for early ir week, are principal reasons for the advance March moving upward from 7.65 to .s3 | finally closing at 7.9147.s2. The uncer tainty of the market pronounced ir early hours that every conceivable theory
 was advanced to explain course of prices
 Early in the day rumor had it that a fail
 ure had occurred in Liverpool, which wa subsequently denied. The above story was
 offered as the cause of the decline. In the afternoon rumor had 1t that the Government had made the error referred to. which, nc
 doubt. was launched for purpose of explain ing the late improvement in market Latsl 1t was stated that the Government had
 made error of 6s.000 in estimating the
 crop of Georgia, which report also remains
 unconfirmed.