The Montgomery advertiser., 1904-05-29
Caldwell. Ward 6 Co.'s Market Letter.


 NEW YORK. May 2s.--The cotton mar ket recently has been what might be term cd a weather market so far as the new crop months are concerned. as It is generally be- lieved that good rains in Eastern Gulf and South Atlantic States would place the crop in a safe condition and tend to increase seliin. pressure in s,s,a the late options ~ July and now appear to be the source of conten-, ton for supremacy between the two big factions. with large blocks of cotton in- volved on both sides, there is likely to be some exciting movement in prices be- fore the holdings of either side are ldui- dated. During the past week July, has shown strong resistance in the face of marked weakness on the part of Liverpool. This depression in Liverpool is generally credited to the work of prominent bear in- terests. and the question arises may they not put themselves in quite an awkward position by this heavy selling when they attempt to cover the cotton in face of New York strength There is general impression that New Orleans bulls are quietly buying on every decline and it is feared they will accumulate such line of July that 1t will be far in excess of the ability of shorts to deliver in this market If this is the case and the scramble comes to cover. there will be some sensational markets. It is said over 50,000 bales of Orleans and 1t Is further claimed that the New Orleans stocks will be around 100, 900 reports of curtailment which are coming in are undoubtedly due to necessity and their effort to make the cotton go around We here quote from foreign cotton au- thority as follows: Tt is extremely diff cult to at present forecast the situation but I am certainly convinced that the worlds trade in not buying at the present moment is preparing the way for a material bull reaction" This applies to the possible ad- vance only in July and August options, the probability of which is increased by continued lateness of the season; thus de- laying the majority of the new crop The first Government report of the season will be issued at 10:30 Saturday morning, June 1, and will show conditions up to Thursday night, May 25 The trade Is very much mixed as to what to expect Last years which was. Of course. very buIlish, being the lowest report on record; it is fully realized that the present crop. while not as bad as last year. is very much behind and stunted in growth, due to cool and unreasonable weather and lack of moisture in the east ern section of the belt. But the fields are unusually well cultivated and though there are some replanting yet to be done, stands are generally fair and 1t is the popular be- lief that there Is yet time. under favorable conditions rains and warm weather, to overcome the at present bad prospects If the approaching report shows an average under 80 per cent, we would start a bull movement; above that would have little ef- feet. as 1t is generally considered tha world needs large American crop this year. The port receipts from May 24 to August 3l were 151,000. This was so small that 1t Is expected the receipts will run much larger for the remainder of this sea- son. On any rally of the market, unless tinues we would favor selling the new crop months.