The Montgomery advertiser., 1904-02-07
NEW ORLEANS MARKET.
Heavy Declines Have Not Exciting
 Features of Day Before.

Features of Day Before. New Orleans, Feb. 6-To-day's cotton market was but a repetition of the pre-. ceding two days, except that the wide decline was not attended with so much excitement and panieky feeling was in evidence for a few minutes only. The week closed with prices from 42i to 431 points lower than the higheat lev | els of the week. In spite of this wide net decline. the feeling at the cottonsex. change this afteFpoon after the clpsfne l of the market was op1innistfcs and the general impression nrevailed that tfis worst had passed and that next week would zee the turning point in prices The day had few sensational features {. so far as the; .Actial trading was con. cerned, The market was a tame affair, and the volume of trade was compara- lively light. The, unresoning desire to sell, no matter at what sacrifice. was not shown, but instead traders commerce ed to hesitate and ask themselves if cot ton was not worth more than it was selling at and if their holdings were not worth keeping. |. It was apparent that the outside long interest had been almost totally eliml- mated in the drastic liquidation of the week and the market did not have to suffer from offerings from this source. Long cotton appeared to be almost en- tirely in the hands of professionals. and the bulk of 1t in the hands of strong bull interests.
 Brokers, however, had become wary of buying so much cotton and toward the close the comparatively light amount of cotton offered for sale acted as a weight on the market and prices slowly sank until they were over a cent under the highest levels of the day. At the close there was a strong rally that brought a moderate recovery with it.
 The situation as reviewed by several prominent brokers after the close of the market is by no means as black as 1t has been. It was pointed out that the only remaining bears in the market have apparently covered aud nave become converted to the long side, making the Few Orleans market almost solidly a bull market.
 It. of course, has the bear interest of other markets to contend with, but 1t is claimed there is money enough in New Orleans at command of the bulls to wage fight to finish, and cause the remnant of this seasons crop to be marketed at high prices such as justi- fled by the statistical position of the com modity.
 The most encouraging feature that presents itself to bear out the bold claims of the bulls that next week will see higher prices, is the fact that local factors have to man agreed not to trade in or offer spot cotton for sale un- til conditions are more settled and prices are more satisfactory This Is in the face of a strong spot demand not only from Eastern spinners. all of whom have been flooding local factors with inqui- ries for spot cotton and are most willing to take advantage of the present low price, to make their purchases.
 Prominent longs. it is said, are prepar- ing to take on immense quantities of the actual stuff and everything points to an active resumption of the bull campaign on a much larger scale with the New Or leans interests presenting a solid front against the bear interests of other mar kets.
 In the opinion of the most conservative traders war has been more than dis counted and the actual declaration of war would be. welcomed as an end to the suspense that the trade has suffered on this score.