The San Francisco call., 1904-09-21
Stocks and Cotton.


Tie New York wires OF f. F. Hutton & CO.
yesterday sli1-
sIlCkS-J. j. HilIs estimate OF the corn
CROP. in which be predicted several hun
cred million bushels less than estimates
made by The Government and others,
Eau Cecided influence in Wan street
today. and much stress was laid
rle statement, because his figures the
elmiuz wheat crop have been more OF less
borne o-t hy recent events. This factor in the
Gays ageratilus in stocks. coupled with early
ports ct The weather IN the Far Northwest,
---.-t eAre-ll-s-g le" temperatures were re-
.-i-el caused a heavy selling movement mere
AS ue have stated in previous advices. the
fla- bet. eeneraliy speaking, has enjoyed
rha7I ADVANCE ara a reactlonary tendency
as not unlikely az any time. Conditions in
business are sound and are going 10 be better,
- our stock market Tor the moment has
discounted many favorable events. We look
-f prices rule higher There is no reason
r" expect any disturbance in money for some
l.l.e 90 come and unless killing frosts over
tate rne corr crop within the next two weeks
-he general market could easily be started on
sl upward movement But the uncertainty
regarding The corn crop and the rather un-
oIlti1bute o. weakness Until there are in
aicauons OF better buying we are inclined TO
i.Ik i1r some further reactions.
n seems very certain that from the cessa-
tru NJ operations yesterday by the pools the
it-a5 nave cautioned them 70 go slowly.
'-- 4Ah h---hefe was continuation OF the
covering movement to-day among the big
SHORTS There is no doubt that the leading
'"-af element 1llscalcIlatcd the effect which
t-e heavy receipts of new cotton
Ioetel t0 have In depressing prices and also
tle extent ot tle deterioration which has
rak6n ..ace in the condition Of the new crop
~ince tre publication 0f the last Government
rf-nrt. lrr instead If the VerificatfOn Of pre-
cie--.re made uD 10 late ten days ago
e. ai4 cents and lower for all the fan and
v inter months we have seen the market ad-
vance a0 points within the past ten days, with
tte Whole list advancing to-day more than
l- Drz o. the basis 0f 10.5S per pound for
t--e -a- and winter months and lO@4 for
March ana Nay and the current spot month
lf ls clearly apparent from the action Of the
market today that something is wrong some
0 here Never before have the bears been
much upset IN their calculations. our opfn-
inn is thar rhe strength and activity OF the
market to-day simply reflect the realization
and appreciation ~ the fact that all the cot
rou now coming in from the interior and
v-ileL VIII arrive the balance OF this month
was sold ahead fortnight ago for ship
-'er-- a srudr ~ today weekly crop bull
leti1 reveals what we regard a precariOus
s.tratl1u. and we are more than ever con-
WINGED taat it VIII compel the abandonment
of aN excessive crop ideas. Complaints OF
cotton shedding are stiu received from the
eastern and the northern portion Of
fhe western section 0f the belt. but reports
cI rust u1t Eeneral except in North
carolina Ire staule is opening rather slow
iI aL districts in some localities. Picking is
general although DELAYED by rain in portions
c' IsEa- from which state. as well as from
Georgia. scarcity of pickars is reported Dry
flanr in rh- central and eastern sections AMI
tert MI nU top crop is indicated in Central
and Western districts. while worms and cater
n...ere are causing injury in OklahOUs.
Louisiana and south Carolina. In Texas the
h'il ueaEil continues damaging.