The Montgomery advertiser., 1904-04-23

' { basis of futures. It nevertheless confirms the claim that around II cents spfnners are willing to buy. Textile trade conditions in America are not good, and advfces from New York state that a Providence mill to- day sold $500 baies of cotton for shipment to Liverpool via Boston. This would demon strate that it is more profitable for mills to sell their stock of raw cotton than to manufacture 1t into cloths. While all this may be true as long as the spot demand continues, the value of old crop ninntns will be maintained especially if the expected bullish spinners takings materialize. The new crop months will be regulated by weather conditions.
 c. E. PIERCE CO.'S COTTON LETTER. tBy Private Wire from c. W. Lee & Col
 NEW YORK, April zs-To say the least the cotton market has been q continuous disappointment to all interested. True, 1t has shown some resistance to pressure, but on the other hand, there is apparently no bull in 1t. On Wednesday many. of the pro- fessional traders. finding pressure absent. shifted their attitude and were willing to work for advancing prices. For an hour this afternoon the market had all the ear marks of good old fashioned advance. Prices ran up about Is points and the market cl 's'sd firm; at the top. As the shortage in cotton at the present time exists in Liver pool. it is generally admitted that any movement towards higher level of values must start with the foreigners That is, the continental spinner, as we'll as the Ameri- can manufacturer. has his, usual supply of raw material But the Liverpool stock is only 450,000 bales as compared with 725,- 900 bales last year and round million bales two years ago No one can understand how the great British cotton industry can get along with this small stock of cotton. Banking on this theory, 1t is not surprising that operators were very much disappointed when Liverpool prices on Thursday showed practically no enthusiasm over the Wednesday advance here. As long those who need the cotton, or are believed to need the cotton fail to become alarmed there is very little hope of better things. This is the cotton situation in a nutshell
 The only argument for higher prices Is the shortage in Great Britain. The buyers of Great Britain show activity. The ex- planation of this apathy abroad may not bo visible until later in the season It is one of those peculiar and unexpected devel- opments to which the cotton world is heir.
 No one would have believed that con- sumption in England could be diminished as 1t now appears to be. Yet from all in- dications the fact is there and insofar as appearances are concerned, must be reck- oned with. As a result there few in ducements at present to purchase old crop positions and the average trader has turned his attention to new crop positions.
 Here everything depends upon weather. There will be an enormous acreage planted and as was the case last year will hear great deal about a 12, 100000 bale crop. Between this and the first of June there Is likely to be sagging tendency to the dis tant positions But it will require large yield to get October cotton back to 10h or 10 cents and below II cents Progress down
 
 situation at the present Is concerned there seems to be very little inducement to buy aggressively and the traders continue to pick up October on good breaks, relying on reaction to return profits. t~is therefore s scaiping market with possible downward tendency for the present.
 0. E. FIERCE & CO.'S COTTON LETTER.
 (By Private Wire from Gilbert & Ciay) A NEW ORLEANS. April 22.-Lower prices and . quiet market were the chief features of cotton to-day. Liverpool continues to ter. while quotations in the English market follow the downward course No expla- nation has been offered for this inconsis- tency and traders left to guess about the actual facts of the case
 Nothing transpired here to encourage &C., tiyity. slight depreciation resulted from Liverpoofs attitude, and freer movement compared with last week by .3O,0J0 bales. but at the decline some additional busi- ness was made practicable In hedged cotton. general situation, the contest between spin ners and spot holders Is still in progress But, in fact spinners are not so much op- posed to operating at present higher prices as the obstlnacy of dry goods job bers compels them to be. It appears that the hand-to- mouth policy of jobbers orig mates from fear that a large crop of ~tton and lower prices for the and finished product to follow, and the idea of stocking up with dry goods at a high level of price that holds forth the pos sibility of subsequent loss, is seriously dreaded. Thus 1t appears that any substan- tial indications of. high prices for raw cot ton being sustained will furnish the incen- tive for greater activity among dry goods people, which in turn will revert to spin ners. Meanwhile the character of daily de- mand for spots will continue to exercise a governing tnflIpnRa