Pine Bluff daily graphic., 1904-10-30
. f. j. i. s. = :. :. j. j. =. e. :. X
~
; THE MARKETS J.
l. + + /. 1. i. 4 + + 4 :.

The following cotton letter was
furnished to the Graphic by G. G.
Taylor and company:
New York, Oct. 29.-The cotto1
market during the past week has
fuctuated within narrow limits and
the net result of the weeks trading
has been to leave prices only slight
ly changed from those OF week ago
This would appear to indicate that
the force of the bear campaign has
already been spent and that prices
have now worked down to about the
level where the buyer and seller will
ccme closer together, as stated in our
previous weekly letters. We believe
that around 9 one-half spinners
will come in and buy freely but it is
a question if holders Of actual cotton
will modify their views and expecta-
tions and sell with any degree OF
freedom at that level. 1t would ap-
pear that we have had about all the
bearish news that can come out and
the greater measure of resistance to
the selling movement which has de-
veloped during the last part of the
week indicates a lack of confidence
ton and a disposition on their part
to shift to the buying side on any
favorable developments. Speculation
as to the proba BILE size of the crop
continues active, but there is nothing
in the movement nor in the reports
from the south that suggest any in
clease from an estimate approximate
ing 100000 bales and the probabi
ties rather favor the total being un'
der than over that amount. The
second installment of the gnners re-
pert which came out on Thursday
embraced reports from 500 counties
and showed the amount ginned up to
October Is to have been ,95S 900
against 100000 for the correspond
ing period last year, an increase OF
about Sc per cent. All sorts of crop
estimates have been issued upon this
report. but it would appear to indicate
total of about 100000 bales ginneG
for all counties up to October Is and
does not suggest any increase in the
estimated crop. The heavy move
ment of cotton has been one of the
principal bear cards but this is now
| falling off and receipts at the ports
will compare with large totals last
year. and this comparison will give
a bullish aspect to the situation. The
crop has advanced so far that the
appearance of frost has not excited
any apprehension on the part OF the
hears. and according to all advices
licking has progressed at an unusu-
ally rapid rate and will be completed
exceptionally early Europe has been
fairly liberal buyer, but the spot in
weaken the position of interior hold
ers of cotton and thereby force them
tC throw their cotton on the market
in a volume, which would result in
lower prices. Thus far the farmers
have not been disturbed by the bear
campaign and appear willing to hold
their cotton for better prices than
those now ruling. Nevertheless the
possibility of selling movement
from this quarter cannot be ignored
neither can the fact that there is a
heavy burden of cotton now held
back which circumstances might
bring forward at an unexpected time.
The market is now more two sided,
and promises to continue so for some
time. The short interest is large and
the inability of the bears to force
prices down to 91-2 cent mark ap-
pears to have discouraged them and
it is believed that some of the larger
bear operators have been accumulat-
ing a line on decline and may shortly
be found working on the long side OF
the market.
Saturday Fri6ay