The Montgomery advertiser., 1906-09-11
COTTON LETTER.
(By Private Wire to Loveman X Co., 30
 Commerce Stree4,l

(By Private Wire to Loveman X G., 3e
 Commerce Stree4.l
 New Orleans. Sept. 10.-Today's govern
 ment bureau reports one considered bull
 ish and the other considered bearish, did
 much towards clearing the speculative at
 mosphere of the market, both sides of the
 general account being reduced by the wide
 fluctuations that prevailed during the
 morning and afterne6n sessions Before l2 o'clock the market evinced a nervous un- dertone, and there was considerable trad ing of an evening-up character.
 A short while before the condition fig ures were announced, bearish sentiment
 seemed to prevail, and the market sold as low as 9 .02 for December. As soon as
 the average condition figures of 772 were
 read out, however, the market immediate
 ly advanced about Is points, and before
 be satisfied, December had sold as high
 as s.29. The general idea with regard to
 the census report which came out just
 one hour after the condition report was that It would show somewhat less than 40OOO0 bales ginned to September l. Of the growth of 1896. Therefore, when 1t was announced that the report showed 4es,0e0 bales, counting round as half bales, sinnsd to that date. a wave Of heaTishness spread over the ring, and re- suited in December selling down to g. IT. The market recovered slightly later and
 closed with the net price change for the day In favor of the bull side Spots were officially reported steady and 1-sc high. CT on call grades. Sales amounted to 500
 bslesi middling cotton was quoted at 1-4c.
 Popular opinion. which looked for D bearish condition report and a bulIish census statement was wrong in both cases. The Bureau of Statistics report on the condition of cotton on August 20
 showed an average of only 77.S, which
 was seyen-tenths less than the general expectation. On the other hand. the cen sas showed slightly over 400, 900 bales ginned to September 1. whereas the ma jority of cotton men figured that the re- port would show less than 100000 bales ginned
 With regard to the census statement bulls were pDompt to point out the fact | that. notwithstanding the large amount re ported ginned that only 1aI. 600 bales had been brought into sight, according to Sec reary Hester's statement regarding thA | said. indicated that the planters were l holding back, and, hence, furnished a strong bullish argument, when considered | in connection with the recent conserva- | tive action of the Executive Committee in ! placing the minimum price of middline could turn to the condition report. and ! point out the fact that the average condi- l tiop announced today practically 1 points above the ten year average of Au- | gust condition. Both sides still seem to | be confident of the strength of their re- spective positions, and consequently the market Is hardly likely to move much either way until some new development 1 turns the scale in favor of either one side or the other. We still believe, however, l that the market will prove profitable sale. whenever any decided strength iS shown, as the prospects are still good for a large yield, notwithstanding the usual cent deterioration.
 Loveman & Go.