The Montgomery advertiser., 1904-04-16

induced a slight decline making the net ioB to 5 points on the day The amount brought into sight during the week was $50. o0o against 1i3.0oo last year, and the total marketed from September list to date has been s.336.00o. against s.177.oo0 last year. The 31 leading interior towns during the week received 2i, GOO, against 60, 900 last year. and the loss in stock was 1s.ooo. against 1000 last year. making the total stock held by them 212.ooo. against 1ss.- 900 last year The port stocks aggregate 5o2, 900. against s5s, ,ooo last year. Liverpool did not show much activity in spots. but notwithstanding this. pr.vate cables from there say that a further advance is expected. as spinners are buying cotton. in conse- quence of better demand for goods. The absence of a demand for spots in America and the anticipation of a bearish visible sup ply statement influenced values unfayorable during the early part of the session. The strength of the statistical position and some French buying oceasioned the later improve ment. Spfnnsrs generally are apathetic. Still as the movement on its face points to a crop of 10.2S70oo and as the indications are that the amount to be brought into sight will continue a decreasing scale, there is no disposition shown to sell cotton speculatively. The builish figures ought to maintain values. yet It will depend prin- cipaliy on the spot demand as to what the market will do in the future.
 c. E. FIERCE & CO.'S COTTON LETTER. (By Private Wire from C. w Lee & Col
 NEW YORK. April 15.-From the action of the market this week those who have recently entertained any but the most bear ish views oppear on the surface of the things to know very little about the value of cotton and the position of the staple at the present time But the course of one weeks market does not determine the sea sons value any more than one swallow makes the summer week ago cotton was selling around 15 cents for July and yes terday it sold below 14 cents. This in itself would seem to Indicate that prices were all together too high. Bnt see what happened About o'clock yesterday July was selling at 14 cents and in an hour was selling at
 4.i In other words. the market re- covered half cent Before a man. had a chance to turr around. In addition to this there is now an extensive short interest out standing and the short sellers may, find difficulty in getting this cotton back From anything that has happened this week ID conclusions as to the tendency of this mar ket can be drawn
 We have insisted that cotton famine fac Ing us is likely to disturb calculations os a great many. Also we have pointed out that the usual spring feeling In the market at this season generally makes for a de cline foy the time being But that there Is anything in cotton situation to sell for lower prices we cannot feel confident.
 TWO years ago it will be remembered that prices were somewhat over cents when the same spring feeling began to be felt At that time the best feeling in the market was that it would be financial suicide to bull cotton in the spring of the year. But what was the condition at that time? The visible supply O. American cotton was z,- SSO.e0O and at the present time 1t is 2,0SO,- o00 a difference of 750,00o bales.
 The insight figures this week were abso- lutely alarming-40.00o. This makes the to- tai on the crop 46o.0O0 less than last year
 We have no hesitation in stating that by the first Of the month the deficiency will be over bO0.000 bales and that by the first or June the crop wili look like ten million Supplies are running down so rapidly that cotton will be scarce hens teeth before another crop Even recognizing the inevit- able reduction in consumpt. .on owing to the high prices and the fact that the mills cannot get the cotton to spin, what is there in such situation this to induce short selling? We would call attention to the po- sftion of the new crop. From now on croo news will be the bgg. st factor in the mar ket. On any decline, at least until something is known about the next crop we believe in the purchase of October cot ton on breaks. It Is a very difficult market to read. but the sEuItion is altogether too strong to entertain bearish views on he fu- NNaRn