The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-11-26
SESSION IN COTTON is
IRREGULAR AND UNSETTLED.
BEAR PRESSURE CONTINUES
TIRED HOLDERS REALIZE.
Ginners' Report Considered to
Furnish No More Reliable Ba-
sis fer Crop Estimates
Than Bulletins.
REPUBLIC SPECIAL

REPUBLIC SPECIAL
New York, Nov. 3.-while ali the cotton
markets In this country were closed for
Re holiday YESTERDAY. further progress
rI1de In restoring the broken private
-.-vice Of the large local systems
meeting directly the principal Southern
cities along the Atlantic Coast. and also
throughout the Mississippi Valley States
and Texas, which were wrecked by the
hurricane Of about two weeks ago. The
market Is hereafter expected TO become
more two-sded than it has been lately.
The storm referred to marked the begin
ming OF the present aggressive bear move
nS:s-
The market continued in a very irregu-
lar and unsettled condition throughout the
session to-day. with a continuation Of bear
pressure, and liquidation by tired holders
and Southern selling still the feature.
It opened weak at a decline of s to IL
points. After the call trading was only
p nansEa love- scn Keo ana P II e'sle sGFx tse a m lsw
ket became dull and from 5 to Is points
below Wednesdays close. There was a
rally In which the January and March
options recovered. This rally proved only
temporary. however.
The market sold down to 8 maximum
decline OF about Il TO Is points on the
late months. from Wednesdays prices.
shortly after the PRONUNCIATION Of the gin
ners' report. which showed s,Ss.7 ss COM
merciaI bales of cotton ginned up to No
vember IL, against gibbs last year
On the break. however the Big shorts
Turn heavy buyers and secured profits.
and the demand from this source. with a
better class Of buy.ng from commission
trading. SO that some OF the decline was
The principal feature Of the sinne-s' re-
port simply lies In the fact that II shows
SO fnlrh Gntfnn WAS Rtnna0 I'D TO q GER
tain date last year. and 1t furnishes no
more reliable basis for definite estimates
On the crop than the previous report
TROUBLE BREWS AT NEW ORLEANS
REPUBLIC SPECIAL
New Orleans. Nov. S.-To-morrow's
Times-Democrat. in Its summary Of the
cotton situation. Will say
Yesterdays cotton market was not
quite Is di~sappointingiy far reaching as
1t was broad. The recession, however,
was big enough TO AK the strength of
both sides. The short interest has grow
at an alarming rate. and with the prin-
cipal molder OF bear opinion turned bull
10 ave done. trouble is probably brewing
for somebody In the very tear future.
Another census bureau report of cotton
ginned to November IA furnished the bear
ductiop in the price was the result. Yet
the bulletin. according to the bear way
of figuring. was less bearish than Bulletin
No. :, which in turn was very much less
bearish than Bulletin No. L
The bears. who are the price fxers OF
the moment, are now basing all their cal
culations for ultimate vtndication on about
a L. 0o. O0-baIe crop. In the event II be
shown that the increase in acreage Is as
great as the trade has been led to believe
II is, their calculations may prove approx
Mately correct; but there is now far more
reason TO believe the increase is much
nearer 4 per cent than 10 per cent. Last
May the correspondents Of the Times
Democrat estimated the increase in acre
grass, scarcity OF labor and other causes
resulted in a reduction Of this estimated
increase to 4 per cent in October.
In all this talk of big. crop the talent
In connection with the increase in acreage
and to be still going on the assumption
that nearly every acre OF increase indi-
Gated early in the year has produced its
quota of ginabie cotton.
The effect OF this oversight, combined
with the heavy movement and the heavy
port and interior. stocks has undoubtedly
given many people exaggerated views of
the yield. PROFESSIONALLY the crop Is a
large one. but when IL is remembered that
the crop was very much earlier than last
years. that the movement has exceeded
last years movement by only 10000 bales. |
Notwithstanding the indicated increase in
the ginners statistics TO November II OF
two and n half times that much. the fact
country. loses much OF its Individual i'm |
portance. With one and a half Indicated
million bales accounted for as being held
In the country 1t would be a curious
phenomenon were there not lots of cot
tom yet 20 come to the ports.
1T would be well for the trade were
moro thought given to the yet unginned
product and less thought to the quantity |
already ginned and marketable. That is
where the secret Of the crop lies concealed
and that Is where the truth must event
ually come from"