The Montgomery advertiser., 1904-04-12
caldwsll, wara . c..,s ma.hes Letter.

NEW fOHhs ApfI ll.-COnSl0efaDte Ac- tivfty was shown in the early market and prices were strong. A general advance of h@&, in some cases gains exceeding full point. Subsequently the market eased off lower level. The announcement of further gold exports and the Indications that the government crop report of winter wheat would show 6 very low condition was used with some effect by the bears. but without provoking any important selling pressure. The maintenance of the undertone of strength and the resistance offered to pro- fessionai attack turned the trading current In the late afternoon and prices again ad% vanced on an increasing volume of trading. The manipulation of Union Pacific was re- newed on a considerable scale. and with normal fluctuations the price advanced neary per cent. Erie Issues were decided iy strong on unofficial reports that recent earnings were showing considerable in- crease. The coal stocks were inclined to strength and Rock Island pfd. rose $. Frisco 2nds gained over point Unusual activity in Kansas city-Fort Scott pfd. sold up 1M. Kansas City Southern, Keokuk and Des Moines and some of the other speciaities showed advance, Metropolitan Street Railway sold down over l per cent. then rallied 1h but broke abruptly near the end. Fears of veto of Remsen Gas bill caused reaction of nearly per cent in consolidated Gas. London houses were and Ee expect higher prices. Total sales, l-E
 n. q B. HEIRS COTTON LETTER. (By Private Wire to Caldwell. Ward & Col NEW ORLEANS. April i1.--As Liverpool Twas disappointing. our market opened s to 1s lower and subsequently declined to [ additional on realizing. This time reports of damage by frosts to the growing crop in southwestern Texas and portions of Miss fssippi and the continuance of light re- ceipts and a rumor that negotiations were going on between Russia and Japan with a of all to occasion an advance of 10 to 14 from the bottom Near the close the lack of sup- porting orders and absence of spot demand forced recession of 14 to 22 from the top. near months and i2 to Is on the late. The course of Livefpool has been discouraging for the past three 'or four days. especially as the strength Of the statistical situation is more acute there. owing to the shortage existing in the stock. It Is argued logic- ally that as the English spinners have less supplies relatively than those of other coun- tries. they must soon be forced to take hofds therefore Liverpool is watched closely as 1t is expected to lead any enhancement which may be established. In the mean time reports of frost damage to the grow ing crop in sections of Texas and Missss- ippi and the light movement seem to have been ignored. because speculation is inac- tive and there Is little or no demand for spots. Every one admits that the statis- ticai position is very strong and while there Is no incentive to- sell there is also an apathy to buy. On the whole for the moment there is, a,deadlock between spin will give way first. Under the cireum- stances the demand for spots will be the principal in soverning the future range of values. IT Eht
 c. E. FIERCE & CO.'S COTTON LETTER.
 (By Private Wire from Gilbert & Ciay.)
 NEW ORLEANS. April ii.-There was e decided differences between recent private IxfnA aHs~.xr a~-asN A. 4n NE ter and the official weekly report of busi- ness issued from that market to-day. Ac- cording to the official review numerous stoppages by mills and curtaiiment of pro duction failed to improve prospects and conditions were stated in effect to be gen. orally unsatisfactory Thus the trade Is still in a QnAhdry about the outlook for business with British spinners and the question is how long cap the rcplen- ishment of Liyerpoors stock be deferredT' There was an, apparent disposition here to do as little as possible and the tone of the market for spots and futures alike was exceedingly quiet steadiness was main tained by light receipts and reports of in- jury to young cotton by recent frost in va rtous portions of, the Western belt, but liquidation by impatient longs caused prices to rule lower. The present situation repre- sents a contest between spinners and re- maining holders of this crop. At the mo- ment speculation is playing no prominent part. but there is no telling what might be observed in this respect before the season ends. The future of cotton is full of possk bilities and any decidedly advantageous op- pcrtunitfes are not likely to be overlooked.
 In the meantime traders will be occupied trying to ascertain to what extent spin ners can hold off and to what degree spot holders are determined upon exacting full prices, though sentiment remains bullish and any fresh developments of a favorable character will receive pront attention.
 G. E. FIERCE & CO.'S COTTON LETTER. (By Private Wire from c. W. Lee 6 Col
 NEW YoRK.A pril 1.-The market is getting to he very slow and uninteresting. when a market ranges within 20 points and looks strong at the advance and like going higher and then weak at the bottom as though 1t was going lower, it is not very encouraging at the best The absence of a good spot demand from spinners is the cause of the whole trouble. If this Is due to diminished consumption and spinners won't buy simply because they can not sell goods and can not use the cotton. why then there Is nothing to prevent lower prices later on. But on the other hand, receipts are nothing and 1t looks as though there would be no cotton before another crop It Is the uncertainty that keeps the trans small. AS long as the best professional eIe- ment is against buying or selling until something more definite Is known we don't feel like buying cotton at IS cents. When there is 8 good break of 50 points it is different But as long as the market is dead and edeadiocked. there is nothing to pay for the risk. Spot people will not ad- init there is any business and believe prices are too high. Some traders, however, look for higher prices later.
 Between the two the market halts Re- ceipts are almost nothing. As long as this is true 1t is hard to break the market though an advance is not in order We feel more inclined to the buying side on a good break.
 VIRGIN 6. FAUNcE's COTTON LETTER.