The St. Louis Republic., 1904-11-30
COTTON MARKET DEVELOPS
MOST UNEXPECTED WEAKNESS
OPERATIONS OF SPOT DEAL
ERS RESPONSIBLE.
Publication OF Last Installment
of Gimers' Report at Noon To-
Day Awaited Eagerly.
HErrRLIc SPECIAL

lsl.Il B-lt SPECIAL.
New York Nov. 29.-rhe cotton market
developed new and surprising weakness
to-day, following an unexpected sharp
break in prices at Liverpool for both spot
cotton aud futures. which extended to IL
and II English points respectively. from
last nights closing. Private cabes ittrih-
uted this decline due to the continued
heavy offerings Of spot cotton from this
side, and large selling by local and Cen
tinental opcr tors, and spot dealers, as Il
hedge asai'E- holdings OF spot cotton.
These conditions had such "A depressing
effect upon the speculative element there
that there was general liquidation and
huH support was almost entirely with
drawn. decline OF only English points
had been expected from Liverpool by
traders here. and as consequence of
these HdTices there was Il very weak
opening upon the resumption of business
here.
The first prices showed decline ran
rtnS from ! 10 points. There was some
attempt to SUPPORT the market by Sonie of
NerSed their position III following the
change III the attitude OF the lending out
side operator. The offerings from the
South, however, as well as from Liver
pool, Were too heavy TO absorb. and later
the who'll market broke badly about 20
points from last rights cosing.
This Was followed by d. rally Of about )
points. when it was MADE known that the
last inStallment of the ginneTs' report on
The amount of cotton sinncd up to No
ye!.iber H.. covering 81. counties. would
not be published until noon tomorrow.
Even this slight rally. however, proved
prfS temporary.
II WI; succeeded by n renewal OF heavy
liqnidation and Southern selling, which
carried the market down after l O'Clock
~ points more TO n maximum decline of
about 80 points from yesterdays final bids
The Weakness OF the market was great
surprise.
The idea prevails that the sinners' crop
report which Is due at noon tomorrow.
Will show nearly 1o.CoJ,G01 bales of cotton
ginned up TO November Il, in the 80 coun
ties which reported 4 little more than
$4,000 bales IN the same counties on the
same date last year. This report, on the
face ot the figures, would lead TO the i'm
GO.Goo bales. The market developed fur
tler weakness in the late trading
The break in futures here and at New
Orleans and Liverpool. to-day has weak
prices are now down 10 &c in the interior
and 9isa9iic at the principal seahoard
points, The market here for futures is
now the cheapest of any of the world s
markets. The market closed steady.
oNE-SIDED MARKET.
REPUBLIC SPECIAL.
New Orleans, La. Nov. 23.-The Times
Democrat. in its summary OF the cotton
situation. will say tomorrow:
Yesterdays cotton market was just
about as one-s;ded an affair as cotton
market could be. Everybody had cotton
to sell and nobody but satisfied shorts
wanted any of it. The decline was d rec
oTd-b.eaker 10: recent days. The almost
total absence of anything resembling re-
distance. even in the face OF the heavy de-
cline of last week. was the one proni-
nent feature of the trading The bears
took the bulls by the horns and ran
things TO suit themselves. Yesterday morn
ing the New York bear clique flooded the
country with bulletins, and the impression
got abroad that strong tip had leaked
out OF the bureau, indicating 4 crop in
|. excess OF 11.,JA.9eo. The folly of pinning
ones faith TO such stuff has been proved
has not been trained TO look very deep
below the surface. and the bears being
masters of the situation. speak as expo
nea5 nne nIt th,I as aetsndeTs' G Of the faith
has been discounted In the price anI
should Fridays bureau Indicate yield of
anything less than eleven and one-half
millions, the logical tendency of values;
will be Upward. 1t must be remembered
that thrJighout this fierce bear pressure
and wiCG price recession, not one tausi-
BILE ato!, of proof has been produced TO
back ali this mammoth crop talk. To-day
the Census Bureau will report its final
ginhouse figures for November IL. Ex-
treme estimates place the figures at more
tNan nine ana tHfee-iudlLeT IliiiiloDS. To-
morrow morning the Times-Democrat
will publish its annual estimate.
Meanwhile the talent is so distraught
with doubt and apprehension over the re-
suit of the heavy hammeIing they have
witnessed or felt that opinions are worth
less. Flushed with victory, the bears are
dangerously optimistic; whipped at every
turn. the bulls are cowed and depressingly
pessimistic. It Is long lane that has
no turning. and none other than by far
the most remarkable crop showing on
record of the bureau on the Sd can pre-
vent turn for the better in the price"