The Montgomery advertiser., 1904-12-07

HAYWARD, WICK . CO.'S COTTON
 LETTER. (yiPNin A Eaunce M1rul


 market was in . hesitating mood today and during the greater part of the session prices regularly rose and fell within narrow linn trade was about evenly divided in its opin- ion regarding the immediate course of prices. Many operators looked for reaction, after the recent sensational declines. This idea was strengthened by the good demand In spot department and by the news from the country which stated that little or no cotton was being offered and that banks were standing by farmers to whom they had advanced money. On the other hand the more enthusiastic among the bears saw nothing but a breathing spell in today's ses- sion and predicted that the market would the week.
 Liverpool was sensationalIy poor. The decline at the opening of the local market was not so marked as was expected because of heavy profit taking by shorts. Brown was a heavy bidder several times during the day. but practically the only sustaining in- fluence the market had was covering py shorts. s,., .-, -.es \
 The spot market was active from the opening. and buyers with heavy orders were looking about among the sample rooms the entire day In consequence of the good de- mand. the tona hardened and some fac tions said that trading was on basis of 1-l6c higher than yesterday However, some buyers said that the greater portion of todav's trading was done at yesterdays prices.
 ODeneI unchanged but soon after the opening be- came almost as demoralized as they were yesterday. Cables were uniformly bearish ana said that scattered liquidation contin- ued to weaken the market that the mar ket exhibited no buying power: that Egyp- tan operators as well as Liverpool operators were going short and that the market would be anxious until after Thursday the week ly settlement day.
 LOyEMAN & CO.'S COTTON LETTER.
 NEW ORLEANS. Dec. 6.--Market fiuc- tuated within range of 24 points today, March 7.54 to ITS. Trading as the open ing was at the expense of values, March 1.ss about 8 points. lower than last night s expected. closing about points lower than yesterday. Cables from the English mar ket wsrn looking for a further decline, but admitted offerings from the South have been lighter. Consumers of spot cotton usu- ally take advantage of weak markets by side-stepping and letting the professional shorts fight their battles and by Keeping out Of the market. they in turn assist the seller of cotton contracts in his operations, thereby permitting stocks to increase for the want of demand. It is hardly possible time while middiing cotton at the ports ,s down to 7hc. Last year they paid an av- craze price of 12 15-100 cents per pound for the crop; year before an average of s.S2. and the year, before last B. 06: the lowest price last year being SIC It is to be pre- sumed. therefore. that spinners have en- tereu into contracts Tor the future delivery of goods on the basis of not lower than the lowest price for actual cotton last season. and that they are in condition to pay sc or 1oc were they compelled to do SO: Up to the prehent time they have taken but S.215.o0o bales of their estimated wants for the season of about 11,2500Oo bales. which may be increased to larger proportions in the event of the market ruI- ing under cents. and if forced to do so may agree to take their full quota at even higher rates Whether they are to secure the the remaining s.2Soooo bales that they VII need at present or lower pricas, it is ieft with, the South to decide. By concert ed action on the part of merchants, bankers ana speculators, much can be accomplished Tn the interest of sustaining the market much more by individual action of the farmers. Ie the remaining one-haIf of the crop. which may be over estimated as to size, was to be marketed leisurely spinners would become more anxious over abbtainins their future wants around present quota tions. as they would not like to miss the enanee in the event of the South showing to the world that they can be just as inde- pendent as the consumers probably more so since they have their own time in dispos- lns or their staple crop. while the mills are under contract for about S,00oo0O bales more than what they have in their name. ana must sooner or later enter the market TOT tneir future requirements. be the mar Ret higher or lower.
 Spots closed steady and unchanged: sales 6'2oo: to arrive 4.4oo; middling, 7Mc,
 We are rather in favor of a reaction sA'N"S TOT II today.
 G. F. PIERCE & CO.'S COTTON LETTER
 tBy Private Wire from Gilbert &. Clay1
 NEW ORLEANS, Dec. 6-The early news was not very encouraging In IiyerpooI the sentiment was distinctly bearish. Cables were quite unanimous In expressing opin. ions antagonistic to improvement and selling was freely injulged in, although offerings of spot cotton from the South were very limited Options. which were points low CT at the hour of our opening, finally re- covered three or four points of the loss. Spots. on sales of 1000 bales. declined points Manchester reported cloths quiet ana yarns easy. The principal early buv- ing in our market came from shortss who covered extensively. causing opening prices 10 pc better than might have been expected. considering the disappointment of the for eign market quotations and pessin1istic cables. Very little deviation from opening prices was observed until the circulation or Information to the effect that the country was not only not pressing its cotton Tor sales on basis of quotations, hut hold- ing for improved prices. with buyers show ing unrest in their unsuccessful efforts tc purchase spots to complete large December commitments. There were no other reasons to which the temporary advance could be attributed. and. in fact, If Improvement is to ensue It must depend on that source for strength. The present indications are that prices may be additionally improved on ar count of urgent spot buying, but we arc inclined to think such betterment will he more temporary than a lasting benefit and