The Montgomery advertiser., 1904-03-06
H. , B. Reer,s Cotton rettnr


 (f3y private Wire to Caldwell Ward A Ca, } NEW ORLEANS, March 5-As Liverpool was disappointing our market opened I to a lower and declined 3 to additional on real fzing The light estimated receints at Gal. weston and Houston for Monday. coupled to inc small port and interior movement occasioned but near the close profit taking occasioned a slight recession making the net gain 10 to l3 points on the day. The total visible sun ply of all kinds decreased Il7ooo against a decrease of 46.ooo last year The yis,hIe supply of American during the same time showed deficit of s7.ooo. against a loss of all kinds is now 3537 ooo against 2, ,sl7s 900 last year. of which the American is 9 A92, 900, against 2,7os, 900. The total IJy- erpool stock of American ashore and afoat is 632. 900. against 7s7. 900 last year Tho aDipners 'takinss of American cotton during the were PA, 900. against 273 900 last list to date have been 6.799. 900. against ' o09, 900 last yeaar, or 2Ioooo less In other words on the face of the takings the indicated consumption for the season is lo.- to a crop of 10 562 900. but there was a visible and invisible supply of American of .Ie2 900 carried over from the last crop there will be a sufficiency to go around, pro viding the crop is not under 10000. 900. The amount marketed to date is l67 900 under last year and as the receipts continue on a outturn win confirm extreme short crop ad- vocates. The small port and interior move nlent Woulu De very OulllSn were I not SnONn that stocks in the interior are accommodating. owing to the lack of export demand. If the stock at these points would show a relative decreasing ratio and the port and interior re- ceipts also light, then the exhaustion theory would be corrobrated by the facts. The majority of operators are extremely optim- istic the strength of the statistical position and will use every endeavor to force higher. While recognizing this we advocate trading on conservative lines as long we are relative ly the highest market in the world and there is a nominal demand for spots. especially as there is a possibility of international complications being brought about by the war in the East.
 e. E. Pierce 0 Co.'S Cotton Letter.
 fI3y Private Wire From c. W. Lee & Col
 NEW YORK. March 5.-There was no change in the morning market While Liver pool was lower by about Is American points, and in some options lS points. the local price went up after the opening That is, the same buying of May started the advance in that option and other months moved up in sym paAhy. It looks very much as though the large operator in this market had entered on a campaign on the bull side and finding the market narrow and no general buying had been compelled to concentrate holdings in May. II will be a comparatively simple thing to repeat last years operations in that month. buying for control. If the same interests de- Sire to buy again this spring nothing that can now be seen can prevent an advance. We would avoid trading in May either ssde. As far as the general position goes. the market is not healthy. It wants to break and B prevented. If held here next week