The Montgomery advertiser., 1904-12-04

dumped into the ring. and within a few minutes prices had been hammered down seSrs % took % pT profit. % h.sy,ly but but their buy ing was not sufficient to offset the selling. Every one wanted to sell and the volume of trade from io:ls until the closing of tn. crowded with a record-breaking attendance of brokers who stood about the ring score deep Several hundred visitors from ali parts of the belt were on the floor.
 The dispatch from Washington which carried the estimate read: Preliminary re- turns to the chief of the Bureau of statis- estimate . total production of cotton in the United states for the year lso4-ob. 121l62.000; round bales have been included lent in square bales. The estimate does not include lnters. The estimated produc- ton by States will be made public at II
 While large crop estimates have been the fashion lately. conservative traders on either side of the market did not believe bales. If the bureau % is correct the crop is even larger than its estimate indicates as the interiors to be reckoned within the Ss. Ss. .ooo bale. % of iinters. This % wa. an e1- ceptionally large amount and the indica- tions are that the yield of linters this year year. but allowing only i5o.ooo of iinters the total crop is carried over 12.soo.ooo. which is more than 100000 larger than the largest crop on record. Wn1Ch was Ill., 274.s4O and which was raised in 1sss-ss. The market opened easy with prices to. 14 points down on a much lower Liverpoo than was expected. Until the reading of the estimate trading was unsettled and went by fits and starts. On the putting out of the estimates or within a few minutes after January dropped ss points to 8 cents; March fell off 42 points to SIP and May dropped 42 points to s.2s.
 LOvEMAN CO.'S COTTON LETTER.
 NEW ORLEANS, Dec. S.-Today's was a short session apparently. and memoraoie session on the American exc eaehange c,,,1nrsi mnae Departments estimate of the total mum Der of bales produced for the season 1904 o5 of 12.1ss.ooo bales Round bales have to their equivalent in square bales. but the estimate does not include linters. which amounted to 1s6.ooo bales last season De. tailed reports by States production of lint per acre and net weight of bales on which estimate was based will be made public next Monday at 13 o'clock. New Orleans time, Every inch of floor space was taken up by the large membership of the ex- change. who were elbowed and 1ostled by a large, interested represensation from the country. as well as by a large sprfnkling
 From the opening of the market which was about lower than last nights close. such an unusual heavy character that had the day not been half session on the volume of business transacted would have probably surpassed all records. The esti- mate was announced from the rostrum at 11:15 o'clock sharp. when market was about highest of the day, S.5S for March; the and freely offered at an additional decline of points, when shorts began to accept profits. all distressed cotton being taken care of but with the demand provided for. new level that would discount the Gov ernment report for the moment; March sell ing off to Sc. closing at soi @s.o2 When mfddlins cotton was twice high last spring than it is today Is cents, against cents, the writer advised the South against growing too large crop. by the opening Of new land, and recommended increase in cereal crops. It pointed out that great war was on between two cotton con suming countries of Europe and Asia, and as long as 1t would last 1t would be detrt- mental to cotton products and beneficial to the growers of grain. Results of their having increased their cotton acreage in some cases at the expense of cereal crops. are now reflected in course of markets ot the two commodities
 Under present conditions the world is not prepared for a crop in excess Of l2.OOO 00O bales, and unless farmers withhold their cotton from market, prices may eventually work lower. In making its estimate on prob able yield. The Times-Democrat arrived at 11.940. 900 bales after allowing 500 pounds to the bale. Had they figured net the Government does. their figures would have reached the estimate of the bureau.
 That this journal published so large an estimate in advance of Washington proves New Orleans to be the seat of information. and its timely warning prevented @ greater crash than what would have followed had the trade been anticipating an estimate for a short crop. Spots remained unchanged but are about hc lower to sell
 Since bureau following cable has been re- cetved:
 we expect heavy decline to about 4 pence. Spinners have bought so freely late ly that expect they will not fall back on their stocks and take less than their consumption for the present. Possibly sell ing futures against actual cotton"