The Montgomery advertiser., 1904-04-08
.. .. Fierce . co's Cotton Letter.

" 4- E1oIco ~ 0o'e Cofgou x<9tt6Ks
 saw z rsSsss ossNs ss f5S Tps ossr! css news from Liverpool was favorable enough. inasmuch ss English spinners are said to be running on very small stcckB of raw cot ton and Manchester was reported to he doing . better business. but the official record of the Liverpool market falls to re- fiect such coalition and disappointment is the natural result It s unkind to delib- erans of the trade on this side who have educated themselves to accepting the con trary of Manchester reports. and are cense- ulators on the long side abroad are uneasy over their position and wish to stimulate American markets through the medium or good trade accounts and create an adyan- tageous opportunity for liouidating con tracts. It is certainly . peculiar situation | in Liverpool If in the face of such light stock the vanishing tendency of receipts cannot induce spinners to buy actively and without delay, will naturally Dc led to suspect that spinners have already provided in liberal way against the seasons re- quirements and that the high price has ex- ercised a pronounced effect on consumption. 1t is too early to draw conclusions on this point, but 1t will be well to watch de- veiopments. Local sentiment was empha- sized on the long side in the early trading. due chiefly to the light movement, but the absence of . reasonable spot inquiry made itself felt m the establishment of a sharp
 set back in prices during the afternoon
 Aside from the movement and spot situa-
 reports of New England mills adopting
 short time. It seems as if spinners are only
 willing to buy at prices consistent with
 quotations for manufactured goods. in which event 1t is necessary for goods to advance or raw cotton to decline tn order to accel- crate business. In view of dwindling re- ceipts,S however. and friendliness of senti- ment for the staple. it might be the best policy to take advantage of breaks for in- vestment- j.
 H. < D, Beers Cotton Letter.
 tBy Private Wire to caidwefl. ward & Col
 NEW ORLEANS. April 7.-As Liverpool was more favorable than expected our market opened F to 14 higher. and conse- quentiy advanced to Il additional on the light movement. The lack of fresh specu-4 lation and absence of spot demand later to ss from the top on old crop months and 10 to 27 on the new Near the close values became steadier. making the net loss to 10 points on the near months and 6 to on the late Liverpool was influ- enced favorably in anticipation of bullish Board of Trade figures being issued to- morrow, In our letter of yesterday men tioned that New York reported a sale of
 10000 packages of goods to China. To-
 days advices are that the sale was only
 LOo0 packages. the, error having been
 made by broker reporting the transaction incorrectly. Boston wired this afternoon
 that the Dwight Manufacturing Company will close Saturday for the balance of the season. They use about 25.O0o bales year Statistics continue very strong, and
 the spinners show no anxiety to enter the market. On the contrary, American spin ners are rcsorting to short time claiming that 1t Is impossible to enter into new en- sagements. as they can not dispose of their manufactured product on a profitable basis. The situation resolves itself into a dead lock between spinners and holders. The strength of the statistical position prevents i've ah demand for spots gives no stability to prices. The spot demand will, therefore, continue to regulate the future course of the market.
 @. E. Pierce 6 Co.'S Cotton Letter.
 fBy Private Wire from c. W. Lee 6 Col
 NEW YORK. April 7.--The way the mar ket shot up this morning shows how dan gerous 1t is to be short of cotton. After selling at 14.60 yesterday. July advanced to l5.2i From IS 21 the market broke back to I4.8i. but for some reason or other II aid not break might have been ex- pected The demand as active as at any time this week. On the advance those who bought yesterday sold for profits and this prevented e further wairI. The small movement can he depended upon to hold the market for some time to come This means that the buyers on such break as we have had yesterday and the day be- Tore will have plenty of chance to get out at a profit. We don't like to talk bull on Sot.Nh m tne spring or the year at Is cents It looks like financial suicide. But as far as evidences go the crop is c short one and 1t is worse than financial suicide to be short. This means that traders, while believing that prices are high and Knowing that they may slip off just as they have this week. still adhere to the buying side on good breaks. Not buying on bulge. but selling out cotton bought lower and waiting the chance to buy back yseMelhavethe when the frost is on themm on weak spot market Caution on the buying side will return the money. Any un- favorable crop news would start the Eo- ing just as 1t did in the summer of 1900
 Virgin & Fnunce's Cotton Letter.