The Montgomery advertiser., 1904-11-02
HAYWARD, WICK q CO.'S COTTON
 LETTER.


 NEW YORK, Nov. 1s--The disposition to consider a great big crop a settled thing as n result of the reports of the census bu- rcau was unsettled by the special report of The Journal of Commerce this morning. which indicated an increase in production of about per cent, or crop of practically 10.e00.e00 bales. Some people have taken the ground that this estimate does not include allowance for additional acreage. but we hardly see how that can be and under stand that the report includes an allowance for every cause of increase. Between the conflicting view in this direction popular sentiment has not yet embraced either large or small crop estimates and probably will await the December report before doing so
 It is our firm opinion that the Government estimate will not show crop in excess of eur own investigation of about 1l,150.o00 balez Meanwhile 1t is evident that very little attempt is being made to discount any thing in the future market and the situa- xEon appears to hinge entirely on the South ern spot markst
 These have shown stubbornness in the face Of some pressure and the character of the suyfng on declines show that the trade, as a whole, Is pretty well satisfied that this crop be used at a reasonable price Ten cents would not seem unreasonable for an
 Cables were about right: the sxeather good; the movement lighter. The market opened lower to higher and worked in irregular way with trading very quiet Southern stocks win have to be reduced before get any very material advance. but the market seems to strike something
  lieve in purchases on such breaks
 LOyEMAN & CO.'S COTTON LETTER.
 NEW ORLEANS. Nov. 1.--The market has shown remarkable steadiness. giving way only slightly under sensational war ru- nnors which proved to be with out fonnda- ton. only to rally promptly and close at practically the highest of the day. 1t is true that the highest is not very high. being only points above yesterday but the disappointing cables this morning had led s4.. hat ms kets instead of the slight improvement. Ex- ports today amounted to 66,0il, making for the two days 22s,o00. the biggest expert movement on record. Owing to the heavy ciearances from some small outports where receipts are not counted until the vessels are loaded and ready to sail. the total port receipts were Ss.00o. against s9. 900 last year. and tomorrow estimated at 63.0O0, about the game as a year ago. There is still good Ideal of speculation over the meaning Of ginners' figures It is believed that when totals are made up. which will be probable. Texas will show as much cotton already xinned as the total made in that State last season Or the season before. Two years ago the amount ginned to Oct. 18th proved to be 73 per cent of the crop and if the same percentage should hold good this year crop would be indicated in excess to make about 100000. It looks to us as if the market has passed the stage where 1t can be talk ed down or argued down on the basis of crop calculations. There is strong. healthy undertone and the producer who has sold probably five million bales at prices which net him m0re in ready cash than ten million bales did in the last big crop year. 1g9s is in position to hold off and sell the balance as he sees fit It may be argued that spinner after having bought freely as he has this year. is also in a position to hold off. but any one who reads of the trade in Manchester will know there must be continuous demand from that quarter at least throughout every week of the sea- son. Liverpool is due to come points higher in the morning.