The Montgomery advertiser., 1905-01-21
G. E. PIERCE & CO.'S COTTON LETTER.

IBy PrtVate Wire from Gilbert & Clay.) New Orleans, Jan 20.-Sentiment in the Liverpool market is bearish, and operators generally are on the short side; business, however, is small and the market quite steady. The Fluctuations were narrow and prices on options neither gained nor lost as result of the days trading. Spot sales of 12.oo0 bales at points advance were re- ported. little furry in prices caused by the small estimate of the weekly movement oc- cured in the first hour of our trading, with this exception the day quite devoid of interest from the trading standpoint. News relating to the spot situation attracting the principal amount of attention From nearly all sections reports of weakening by holders are being received and offerings unques- tionably more free while the demand evt- dences no signs of being augmented! It is doubtless the desire of the farmers that their cotton should not he sold but the bank CTS and merchants not encouraged by the outlook and manifest uneasiness Obli- cations of the latter, which under ordinary circumstances would be defrayed by the pro- ceeds of cotton sales. are accommodating and in addition provision must be made for funds requisite for starting the new crop. Should the desire of holders to sell become more pronounced as we believe 1t will the depressing influence will be quickly reflect ed in contract values.
 LOvEMAN & CO.'S COTTON LETTER. New Orleans, Jan. 20--If spinners of the world entertained any doubt as to the abil- ] ity of the farmers in the South to hold the unsold portion of their crop, this week s
 
 900 last year, will remove all such ideas. | There is no question but that the growth will be in the neighborhood of 3,000, 900 | bales, bu because such is the case there is no reason why the South should be so charitable as to rush its chief product to market and depress prices in the interest of the consumer. Were values to rule about their present level during balance of season, the world would probably be more than pleased to accept 12,00O, 900 to replenish long depleted bins with raw material for fu- I tur0 requirements fOr nit than otherwise The spinners actual needs, however, will be about 11,5000O0 bales of American. The question, therefore, is will | such an amount be marketed. At the pres ent moment the commercial crop is running ! on a basis of 10.214,000 bales when com pared with movement of one year ago, and | there Is possibility of this basis being re- duced to smaller proportions by receipts in the near future falling below arrivals of last year. The outcome of the movement to hold, plans for which will be formulated next Tuesday in convention depends alto gether upon whether the planter and mer- chants live up to the agreement to reduce the acreage about 25 per cent and to with hold like percentage of the unmarketed portion of the crop from the market by | storing 1t at home. This action on their part is absolutely necessary if the move ment now on foot is to bear fruit The Southern press is impressing our people by daily reiteration of such instructions, and 1t behooves the farmer and the merchant to follow the advice the letter. There is a large short interest in contracts and in actual cotton the world over, operators playing for a further break account of the large growth which thev expect to see sacrificed and the spinner has been trans ferring purchases from month to month un- til he is now hardly able to go further. If 1t be possible, receipts. or rather ship ments from uncounted towns, should bO made small of late and although in the midst of plenty. the spinner would be com pelled to feed the spindles more generously | as the present small allowances will not per
 init them to fulfin contracts entered into for manufactured goods. The thing to do is, ship sparingly to market until the plant | ing season, when assured of a material re-
 duction in tho acreage. the mills will bus without being coaxed to do so.
 | Spots here closed steady at hc decline.
 Sales 2.2oo; to arrive 400; middling, 6kc