The Montgomery advertiser., 1904-11-23
HAYWARD, WICK q CO.'S COTTON
 LETTER,

NEW ORLEANS. Nov. 22--Tn the cotton market It was day of glory and profits for the bears. Early in the day they broke through the fences and by noon were fairly chasing the bulls around the pasture. Bear ish sentiment irew throughout the morning. The census bureau bulletin at II o'clock was as bearish as 1t was small. but 1t had an ef- feet on the market much like what hap pened when the proverbiaI kitchen mechanic poured kerosene oil on the fire. The ring went Into a frenzy or selling. Traders fora got that there ever was a bull side to the market Scores of brokers suddenly found themselves in possession Of selling orders for thousands of bales soon after the report was read. and while satisfied shorts did much profit taking. the market could not with stand the furious onslaught of the shorts. At noon the bears had the satisfaction of seeing the prices of the active months over sl GO cheaper than they were at the clos ing of yesterdays market
 The report issued by the census bureau was undeniably bearish, but 1t was for only 1o5 counties in Georgia. The gist of the re- port was that these l06 counties had ginned up to Nov. 1tth i.244,74l bales. against 1884, 9eb during the same period last year, show ing an increase of about 6s per cent When the trade sat down to study these figures they found them extremely unsatisfactory. About thirty sTnors counties in Georgia re- main to be heard from and these constitute an unknown quantity upon which theories of running bales ginned in Georgia up to Oct. 18th was 1.oss,sfs. ANYWAY the fig ures were bearish enough in themselves n Q therefore the bears sold cotton on them and wasted butl little time making calculations
 The market opened steady at the decline m prices aud points lower than the close of yesterday at the time of the open ing of the local market, when an advance of and points was expected. Eatimated receipts at all ports were B0.O00, which took much of the bearishness away.
 LovEMAN q CO.'S COTTON LETTER. NEW ORLEANS, Nov 22-The pubiish- ing fha fiFaf aF h. ef,
 port on cotton ginnsd to Nov 14th precipi- tated serious decline in market today JsHusry closing at s;H@s.s2. compared cotton counties in georgia 1os were heard from. The number of baIzs of standard weight Sat ginned to Nov l4th was placed at 1!s spending date one year ago. The number of gins reporting totalied about same as last year. s.sss. against 3.ss7 out Of a possible 14th is within so,OoO bales of last years total crop of Georgia, which was 1.325. .O00 bales. Last year the remaining 21 counties Nov. i4th. 21o.oO0 bales, but as the 10s counties show an increase of about 60 per cent over one year ago. 1t is safe to say that when the lz6 counties are heard from, Georgia will show total ginned to Nov l4th of about I,4So.eoo bales, probably more. which will compare with ss3.0oO last breaking crop for the state of eeorsia. probably lSoo. ooo. against the previous record Of 1,b36,00O, made in the big crop seasons of 1ss7-1sSs and lsss-lse9 The re- port was construed as being very bearish and it's effect npon the market was keen. ly felt. Spots were lowered Me market closing quiet Sales. $500, to arrive $50; middlings, 6-1sc but market is reported Htill lower to sell Liverpool anticipated such report, cables attributing the ie- cline of to points there today to trad. CTS expecting a bearish glnners report and to importers selling against purchases in Texas where offerings are becoming free and movement somewhat larger Making the most of the situation. late cables of today from Liverpool reported the Manches- ter market as Quieter, that Bplnners have bought largely for forward delivery and have covered all outstanding contracts. If the census department decides to make re- ports first on the States east of the Miss issippi river, the returns from the Caroiinaa, Alabanas and Mississippi may appear almost as bearish as did these from Georgia; but if Texas be taken up next. the statement will probably show less bearish than would those of the eastern belt. Texas having spread her self in the October report by showing about 100000 more than last year ginned to Oct. 18th. The rapijtty with which this crop Is being ginned, and the large yield indi- cated, will probably Influence the trade and the public to look for a big crop esti- mate on the part Of the Government and sentiment might become so bearish as to cause market to work lower in the mean time.