Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-12-05
LIVERPOOL STOCK OF COTTON

stocks OF cotton other tnah Ane1aeaA IN 49,.
pool: 49,.
brazilian. :. :. =. = 49,. IL ds'o 80
Egyptian. ....t.- :. -. eS -
Peruvian. % = - = 49,
West Indian. SSao
African. 49,. % o'OoO
r,,, !. 8, $50
REEsKoRF. LYON CO; WEEKLY COTTON
XIV voRE nee 4-nuring the past ten
DAYS many crop estimates have been published
which fact woula not bring forth comment II
a were not that these efforts 20 forecast tnls
years yield Of cotton came from sources ens s
usually serve 20 crystallise opinions on SUCH
questions The Times-Demorat. OF New VI.
leans. puts the atual growth al l4,eSo.VVo
bales. 70 with, II we ad nnters and e 49, iee
would mean a total ommerial rop OF lo,oOVVVo.
The onservatism OF this paper for years past
has given Il a prestige the world over next
to the gDvrnmnt In. its estimates. Inc coin,
merriaI- Appeal Of Memphis. In its annual
forecast indicates yield Of 15.0S5.00O and a
commercial crop Of over 15.5OO.OO0. Ihelr est
mates In the past have been remarkably correet.
The statements Of these two southern
Of conservatism. The average guess OF the
New York cototn exchange Indicates com
uercisl crop OF 10000. Ihear guess esq., ,ns'
other estimates from cotton houses IN the south
place the crop from 15.500.000 to l5,s0o.00O
With the forefoing as guide, lo.oVo.VV
but Is generally accepted as basis for future
calculations IN forming price ideas The world
has never had TO handle such an enormous crop
and Is az sea as TO its value. or rather as 70
the urfce which the surplus viii bring, should
the south fail to carry out Its present under-
taking Of carrying a load OF 100000 bales or
more In TO another crop. In the past twenty
wears the south has twice yefore found itself IN
prepared 20 handle the surplus from an unex-
pectedly large yield. In the late ninetles,
II. 250. 600 crop smashed all records OF proouc
- rnrfe IN nnder
81 cents In 1904. this record was broken by
a Is. 100000 crop. and prices again ernmbled
to SO for futures. In 1911. the planters
again have bales 70 bother them. and. by their
Invocation OF political aid. are the third time
advertising their unpreparedness to cope with
the situation.
to that now existing In the grain-producing
country, where they could place their produce IN
licensed storage and receive In retur na Sego-
table certificate as the northern and western
grain raiser does for bis wheat, cor nand oats,
they would find themselves abreast the times.
Independent Of politicians. spectators and mill
men. In the middle ninettes. corn out OF
? 500 100000 crop sold in Chicago at IS cents.
In those DAYS farmers hauled their corn 70
the railroads and sold II for what the buyer
would give. In many cases. Il was dumped on
the ground along the tracks without any pro-
lection whatever. Corn 70 the eve WIS every
where az any price. These conditions bank
rupted the producer. but taught him lesson.
LAST year out OF 2 SSeO.VoOV.VVv crop. c2tn
through the west could see no more corn than
a cotton planter now can extract sympathy from
the heart OF Manchester spinner.
We are IN accord with any more that win
correct the unscIentifie and uneconomic method
OF handling cotton. but. es long as the south
is under the stress Of a, commercial blunder,
long side Of contracts while the planter reflects
over his. folly. The future markets are general
~ affairs Of emergency. In times OF scarcity,
the spinner protects bis req urrements BIZ buy
ing contracts from speculstors. In times Of
plenty. these same markets are used as dump
Ing grounds for the surplus. Out OF this large
are principally interested in the consumption
Of the actual. There Is also large amount
q llow grades which viii have TO be carried
somewhere until there Is demand for them.
The SPECTATOR aud investor who buys contracts
viii likely get plenty 81 this cotton. as shrewd
merchants are now selling future with the ex-
pectstions OF being able to make such deliv-
cries at profit later on when the low grades
ara hoplesly seeking resting place.
We think the market is beaded for much
lower prices and would take advantage OF al
steady spots to make sales
HAYWARD a. CLARK COTTON LETTER
NEW ORLEANS. La. Dec. 4-Another pri-
vste authority Is out with a large crop esti
mate. Miss Giles. OF New York, makes II a.
$4,000 without linters and repacks. The
forecast Of this authority OF monthly crop con-
alton averages and estimates have, right
along been 50 close TO the government figures
that a good deal Of value Is attached to the
above guess. her eelAmale Ahct year was 4-f-
096. 600 bales
Liverpool continues steadier than expected.
According to cables this Is due TO large demand
for contracts By continental mills As shown
By the New York Dry Goods Review, the idea
appears general with tht consuming trade that
prices have reached tottom and the large de-
msnd for contracts to provide for the future is
the consequence now.
The Review referred to says; Owing to
the Thanksgiving holiday trade was less active.
but still has a broadening character. Leading
merchants believe firmly that values are at
the bottom and look fo- more active opera
tions. On the whole Their Is broader meas
ure Of confidence expected Concerning the vol
ume OF trade possible IN the next three months.
Our market opened lower on. selling on the
Giles estimate, but soon rallied 10 Saturdays
closing prices. There Il to much uniformity
in the information from the interior that owing
10 Indictment weather and the desire TO mold the
effect OF ginning figures. the ginning total
during the period Of November IA 70 December
/ will be smaller than consistent with large
crop views. Operators therefore, are now pre-
pairing for an apparently bulish ginning report
on Friday Of around IL. 800. 600 to II. 900. 900
bales ginend to December l. This short covering
sustained the market this morning ana more OF
IL is expeced.
Liverpool increased her spot sales 10 1900.
Local spot buyers say more demand is coming
10 the ports as a Consequence OF the holding
policy In the interior and esire OF greater guar
antee Of correct shipment OF goods.
COTTON OIL MARKET
Open. Close.