davidaulloa/AmericanStories huggingface dataset:
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1901-05-28

lio..
Such was the effect of the act of
Congress of April l.. 1900. entitled AN
Act Temporarily to Provide Revenues
and n Civil Government for Porto
Rico and for Other PURPOSES
The chief dissenting opinion in the
Downes case was announced by Chief
Justice Fuller. Justices Harlan. Erew-
Ell. and Pcckham joining in the di~Scnt.
He said the majority. though widely
differing in their reasoning, seemed to
concur in the view that Porto Rico be-
longs TO the United States. but never
thelcss is not q part of the United
States subject to the provisions Of the
constitution in respect TO taxes.
This court in 1920. when Marshall
was chief justice. took n different view
of the power of Congress in the matter
Of laying and collecting taxes duties.
imports and excuses in the territories
The chief justice held that the terri
tories as well as the district to be part
of the United States for the purpose of
national taxation.
The proposition that Chief Justice
Marshall had erred in his opinion and
that the rule OF inceriority was lin
'tAN'''' w 'itN SUN NtS ut
clared to be wholly unwarranted and
quite q number Of cases were cited in
waich the supreme court and Congress
had sustained the view that the Unit
&c States meant territories as we'll cs
states.
Chief Justice Fuller then advanced tn,
proposition cnunciated in Marhury VS.
Madison that the constitution was writer
in order to define and limit and keep with
in its restricted boundaries al person:
The Montgomery advertiser., 1901-12-28
WALL STREET REVIEW
MARKET HAS APPEARANCE OF
 STRENGTH AND ACTIVITY.
Analysis Shows That These Were Confined Mainly to Few Stocks However-Realizing in
 Progress All Day.

NEW YORK, Dec. 27.-Today's dealings in stocks were in excess of those of yesterday and the market had the appearance of strength and activity throughout. close analysis of results will show, however. that the activity and strength were mainly in a few prominent stocks In fact. there active realizing going on all day and when belated borrowers on call found the money rate rising sharply ove- their demand, the movement to realize became general. The top level of prices the market showed disposition to rally. closing dull and steady at the reaction. The highly speculative industrials were the con spieuous features of the market all day with Sugar still in the forefront, but with @ con siderable revival of speculative feeling in Amalgamated Copper. Sugar wavered in the early market after opening fraction higher and touched Ill1s before the support in the stock became e1eciiye; It was Ifted by sue a net gain of SIS on the day and net loss of h since Saturday. The weeks campaign in clusively demonstrated to be failure. The price of refined sugar was advanced by ali of the companies today and the bears continued to be harrassed by intimations of the advan- tageous position of the refining companies in spite of the prevailing low prices of the worlds large sugar supply. There were also conf dent predictions that the export duties on crude sugar would be reduced. Similarly hope ful views were expressed regarding the cop per industry and Amalgamated Copper, with the dividend off. advanced to 7iA and closed a point lower which Is equal to a net gain of 2%. The speculation also continued active in Manhattan and that stock rose an extreme points, but shows net gain of only %.
 
 tinued to center in the coalers and in the trans continental group. There indica- tions of profit taking in all of the coalers, notably In the Hooking Valley stocks. which rose appreciably. New Jersey Central gained 39s. Among the trans continental stocks At chison exhibited the greatest strength in the favorable showing of net earnings for Novem- Der. The appearance of the long expected a1- nual report of Union Pacific caused some real ization in the stock, but 1t rallied well. The buying in the general list seemed to come from large interests and orders executed by hrnkaTS buying apparently based confidence that the money supply is adequate to carry the market through to the period of relaxa- ton in January. Additional reports of de- creased earnings for the third week in Decem- Der of a number of important railroad sys- tems in the South. Southwest and Middle West were apparently without effect and did not modify the strength of the market. There was some evidence of investment demand among high grade stocks.
 The bond market was active and strong, and also reflected investment buying here and there. Total sales (par value) S3. $50. 900. United States refunding 2s declined #, the s 8 and 5's coupon B on the last
The Montgomery advertiser., 1901-12-28
In 7he Financial World
MARKET FOR FUTURES BIG RECEIPTS AT PORTS START
 LIQUIDATION. General Course Was Downard With Some Pauses Under Profit-tak- ing by scalpers and Buy
 ing for a Turn.

NEW YORK. Dec. 27.-The market opened steady with December 3G5 points and other months steady, 3d4 points higher The open ing figures were the top for the day. how ever, Tor big receipts at the ports started li- quidation soon after the call and for the rest Of the session long cotton came out steadily. Point after point prices gave way under this pressure. at the lowest touching 6. 04 for Jan uary. .06 for March and 6. 22 for May. There were slight reactions from time to time on profit taking by scapers and buying flor was downward Large estimates for tomor- rows receipts and a big lin sight movement for the week discouraged support Commission houses had very few buying orders but were quite free sellers throughout the decline. What appeared to be short selling for a Wall Street operator. once market leader in cotton, was feature of the afternoon business. Selling orders came in from the South. while spin ners refused, to buy contracts. bear factor of no small importance the issuance of 35. 900 to 45 900 January notices. Investors dered this cotton Were naturally not in a po- sition to receive it and. hurriedly sold out in the ring. This led to a relatively weaker ruling of January than the rest of the list from opening to closing. Predictions for a movement in January In excess of last Janu- ary and favorable weather conditions South for moving the crop had some effect. Southern spot markets reported smaller demand an1 more disposition on the part of. holders .ts sell though prices remained unchanged from the figures current yesterday. Just before the fear of higher cables from Liverpool tomorrow This buying advanced prices sharply and closed the market steady with the net loss reduced to 3GS points.
The Montgomery advertiser., 1901-12-28
R. M. Scale & Co.'S Cotton Letter.


 NEW ORLEANS. Dec. 27-The movement of prices in Liverpool today indicated that operators abroad were at loss as to which course to pursue. and were looking to this side for an incentive for action either way. though it is evident that favor able views regarding the value of cotton entertained in the English market, as an easier tone of prices for spots resulted in increased business. At tention here absorbed by the liberal ten dency of receipts and the circulation of mo- tices for delivery the January op ion, which created some uneasiness amongst holders that was followed by free covering of ng con tracts and prices were gradually forced off. notwithstanding the fact that a fah demani appeared at each point decline. Closing quotations are 4a9 points lower than Tuesday,
 The continued thick movement has caused some fear that disappointment will be 'eX- perieneed regarding the expected failing off in receipts in the new year, upon which belief much of the good feeling in the ma kct has been founded. The year is not yet at hand. however. and tAele Ia still tme for developments in this connection to be shap ped in accoId with the prevailing belief. The comparisons of the weekly movement in the coming week Of the twl D cceding years were father light. and some apprehension exists that next weeks amount in sight VII appear uHu. ually large. After all, for the monen, it CemS if it is cas" of hel,lay toui r lon after ChI islmas in tead of h"f"e as he rev veer is still to flu, nish definite SC for prices
The Montgomery advertiser., 1901-12-28
II. S B. Res& S Cotton Letter

tS"n-i3l tG The !Ai rt!-2"
 NEW OR "A>;G. De-. 27--N N5t"ith.taniing L'vcr Fool aa>ic"s pee -'' ,G..utcIy ,uf market opened unchanged t p,,n,, higher. ruling steady fo" some time on esh NuyinE subsequently, declined 9G' pf int; om the top on the heavy interior ant we,k' amount brought into sight hut rallied slightly agala near the closc on new pu' ChTses making the net less 4W points n Ihc dCT. &e Gnl unt GOO in eXcesa of last ycar, even win the over land hcia2 24 coo under and |, saowp Fn The total marketed to date is 55 900 un Ger last year and 57,4oo under year before last, consequently if there is much ccttcn in tEe soul as last year. the crop r3.nts .t1 veal before last, wh n the op Wc7 D.4 36 GOO it would indicate out-turn of l0 OOC coo. Therefore judging from the movement cnl,' the crop this cannot be less than 10 COO,- 900 and might be 10 AGO 0co IL s clairied by the majority 0f operators however. that there is les cotr n hell n the nte ior than With sub a dNe:sity f on ni,n eNistn" the amount Tal ed from week to week will be watched ca.efuily. The 29 leading interior towns received POS, GOO aCainst POI GOO last year hut as St Louis is really an oVerlani point and if this iS dc luc;rd the othc- 23 towns aEi1 reate l33, 900. agatnst I59. GOO last year. or an inc'ea5e cf IS per cent. over last year An" tC; mp. rant feature in tE" in torior Is the lR"oe receipts in the Atlantic points. which aggregate &3 coo against 2o,- 0O0 last year. an increase cf II5 per cent This Is remarkable showing when the Att lRntIc port receipts range on the same scale and are over l2 per cent. in excess cf last year ;o date and il is considered that the hu- feau in it% estimate cNpeCteS these States to make 225. 900 less than last year Of c. urse if the bureaus figures in the future should h" borne out by the movement [" be apprnxi- liner. If on the other hand confidence is shaken II would cause a decline Tn the mean while sentiment continues bullish in antiCi- patton of marked decrease in receipts next week
The Montgomery advertiser., 1901-12-28

NEW YORK. Dec. 27-The Commercial- Advertisers London financial cahe2ram says The settlement occupied attention on the Stock Exchange today and business was meNSre af- ter the holidays. The tone cheerful. h, W ever, the Argentine settlement counteracting cess. The American department was good throughout, first having been strong on New York support, particularly of Atchison and Union Pacific. There is some talk over here of years boom in the market but London dislikes this weeks traffic returns of some of the big railroads and Is inclined to ask whether the poor showing is due to the storms trade conditions. Then, too We want to the Northern Pacific controversy dis posed of. as well as that of the Northern Sc curities Company. Rio Tintos rose to 4 an l AnaConda to 6l2 or g up Copper solI ar R43 the ton. Gold to the amount If C2Ol. GOO ha 8 gone to Germany and GAS 900 is in from Aus tralia. Paris exchange in Lndon is 25 5; Berlin 20. 39ta.
The Montgomery advertiser., 1901-12-28
Total Net Receipts of Cotton.
Chicago Grain and Provisions.

CHICAGO, Dec. 27.-Disappointing cables and better weather. together with compara-
 5s6n m m NouInw%S' HiarKeSS cacsTu sr closed ssmi4c and May oats 9sc lower Pro visions weer active and firm, closing 5d7l9c higher
 The Liverpool opening after the holiday va cation showed lack of appreciation of recent advances this side. The weather in the Southwest was not inlmlcal to Winter wheat and Northwest receipts liberal. With this array of bearish intelligence May opened AmlA lower at S2sTS2S. Buying for the country account caused advance early to 92%, this being the highest point of the day. The market had poor support save when close to S2 at that figure. It owing to buy ing at this price that apparently saved the operations were credited to manipulatOTs The selling largely in the way of profit talk ing, longs being moved thereto by the com
The Montgomery advertiser., 1901-12-28
The Cotton Movement.

NEW ORLEANS. Dec. 27-Secretary Hes ter weekly New Orleans Cotton Exchange statement, issued before the close of business today. shows an increase in the movement in- to sight compared with the seven days ending this date last year in round figures of i9 coo, an increase over the same days year before last If i23. GOO and decrease under the same time in 1898 of 7l 900.
 ,, For the 27 days of December the totals show decrease under last year of q GOO an in- crease over the period year before last of 3L3sooo and a decrease under l996 of 24e,-
 For the IFS days of the season that have . elapsed the aggr@esote @ is behind the ! ls days i,o7o ooo '' F''' anu ''''''" 'O'0 ''
 The amount brought into sight during the past week has been 37e,55e bales. against 357, 697 for the days ending this date last year. 253.357 year before last and AZ. days of December it has been 1880 eea. against. ,6ol 530 last year, I,267,33o year before last and 1929. .e99 the same time in The movement since Sept Ist shows re- ceipts at all United States ports 4:e24 2e7 before last and 5622,se7 the same time in l69S; overland across the Mississippi Ohio caa Rivers O NS5hesn sa1 ao ms and soy. Io5 year before last and 7le47I the same time n ses: interior stocks in excess of 536, i IS. against 724 523 last year. 52e. 4ss year before last and 5sl .479 the same time
 
 and soy. 549 the same time in S9S.
 These make the total movement for the 8 6.4 592 last year. 5,766, 990 year before last and 743l .396 the same time in 1898.
 Foreign exports for the week have been 2T2. e86. against POI BIO last year. making the total thus far for the season 3,43o. S49 3o6. .2oZ.
 Northern mill takings and Canada during the past seven days show a decrease of 34.- 225 as compared with the corresponding period last year and their total takings since Sept. l have decreased Al ,6S3
 The total taklngs of American mills North and South. and Canada thus far flor the sea son have been I sos. o69, against l ,64o, O67 last year. These include e29 272 by North ern spinners. against l070, 955.
 Stocks at the seaboard and the 29 leading Southern inteFior centres have increased dur ing the week 4.979 bales against an in- crease during the corresponding period last season of a2.o95 and are now s9.oI7 smaller than at this date in 900
 Including stocks left over at ports and in terior towns from the last crop and the mum Der of bales brought into sight thus far for the new crop the supply to date is 672o oo5. against 6,539, l26 for the period last
The Montgomery advertiser., 1901-12-28
World,s Visible snnnlv.

NEW ORLEANS. Dec. 27-Secretary Hes ter's statement of the worlds visible supply of cotton, made up from special cable and telegrapffc advices, compares the figures of this week with last week lest year and the year before. It shows an increase for the week just closed of 1 56, 2 bales. against an increase of lT9 l69 last year and a decrease of 4,85l the year before last
 The total visible Is 4 4l47.e6o. against B. go .869 last week. 4,o73 3o3 last year and 4,2e44 476 year before last.
 The total worlds visible supply of cotton shows an increase compared with last week of l56. ! l2 bales. an increase compared with siast year of, 7S5e7 and a decreaee compared with year before las: of IA6 A36 Of the worlds visible supply of cotton as above tb7re IS now ahoat and held in Great Sitain ani 600 last year and sso 900 year before last ; in Egypt, 2C2 %, against 10000 last year and lsA.oo year before last; in India l72 . coo, against 277, ooo last year and 25o. GOO year before last, and in the United Statas l,7ts.ooo against | i.929 900 last year anu I,96o,00o year before last
 Note-The cables this morning give no re- port of the Liverpool stock of American cot ton and estimates of the total stock at that point, We are, therefore able to give only the figures of total visible The division will be made later, when full data is received
The Montgomery advertiser., 1901-12-28

neapolls and Duluth as we'll as the bearish items at hand at the opening. Duluth was Sc under Chicago and Minneapolis, where 1t was 1sc lower. putting them almost shipping basis with Chicago The close steady, ssc down at S2. Receipts were 64 cars. none of contract grade. Minneapolis and Duluth re- ported 449 cars, making total for the three points of SIS cars, against 393 last week and 344 a year ago Primary receipts were 6l9, 0o0 bushels, compared with 607, 900 bush els last year. Seaboard clearances were S84,- 900 bushels.
 The corn market was again dull and feature less, the speculative crowd having drifted to wheat. Feeling still bearish owing to the slackness of the cash situation. and the idea that an increase in the movement is i'm minent May sold between 667s and 663s to &412 and closed easy. 2sIISc under yesterday at 669sq66i9. Receipts were IS9 cars.
 Oats were exceptionally dull. business being almost entirely of a small scalping order. The tone easier in sympathy with wheat and corn At it's best May shade under last nights close. May sold between 45sG Receipts were 246
 Provisions weer strong and generally active, owing chiefly to a light run of hogs and high CT prices in the market at the yards, There was good country demand well as support from packers Profit taking forced prices der their best level. but the close was strong. May pork closed Sc higher at SI7.30; May lard 71ac up at SIo 2ls. and May ribs 7hc improved at SS. S5.
 The leading futures runged as follows:
The Montgomery advertiser., 1901-12-28
New Orleans Cotton Futures.
New Orleans Spot Cotton.

NEW ORLEANS. Dec 27.--The spot market for cotton after two days of holiday. ruled quiet and easier. though not quotaby lower. Sales. 4,200 bales, including 650 10 arrive. Delivered on contracts. 700.
 The future market was very quiet. The account of liauidation of December and Janu- ary holdings. The large estimated port re- ceipts and heavier interior movement than looked for also had a bearish influence on the market and prices showed declining tendency except for few minutes after the opening. call. when buying orders worked the market up point two above the opening level The downward course of prices. however, could not be stayed, and at the close the net losses g points December. on January. 6 on February and 3a5 points on the other positions compared with Tuesdays closing figures.
The Montgomery advertiser., 1901-12-28

9tanuafd A, 4 ooi confectionerS A, 4 55. mould A. 5 10; cut loaf, 5.25 cruthed, g.: powdered 4.S5; granulated 4.75: cunes. 5.Co.
 Coffee futures opened steady but of points under profit takn= by mmission houses an1 Wall Street. almost immediately rallied on aggressive demand from leading bulls 10 a level even wi;h Tuesdays close and ruled steady to firm all the session on e0ntinucl support from this source and on Wall Street street" and European buying. Prominent local bears were liberal sellers
 and commission brokers Tear the close again took profits. Cables hardly factors. changes in foreign markets proving slight. The local market was finally steady in [ ne at prices net unchanged to points highe-. Total sales amounted to 6275o bags, includ-
The Montgomery advertiser., 1901-12-28
Liverpool Cotton Futures.
Gotten at the Ports.

NEW o2LEANS-Quet and easier; sales, 4 2o0; ordinary. 67s; good ordinary. 71s low niidlirg. lI-l6: middlinE. ! s. good mid ding SIS: middlng fair, sA4j rcceiptsf 4,- 49l stock, 227 3C4.
 GALNE ESTON--S Steady: mddlng. I-I6: sales. 4.5Is receipts, 5,o66; stock. 232 o59
 MOBILE-Ea ~: midiiing, 2 SIS; sales 3Co; 'tceipts, 07O: stock. 22oio
 SAVANNAH steady: middnE 7l5-l6; sales. 2tG; ecr pts. i.e49: st ok I2i.22e
 CHAEL NSTON-Caiot; middling, 8. receipts. 4sI9: steel 4 IoS
 WIlNlNGTC> F. m midaling, 77s; rec eipts l."tH: s;cot g IS 6MsoRFtJJ JJi. K-c9ig, ;m:ddling, ,le; sales
 i'ALTIhU RE NorliEtl; plidding. SA; re- ce.p.a, ?. E' Stsck. Il,Sl2.
 NOSTON-Qui"t midllng g. 6; net re- ccipt- le5; 7. ss. 2'GG4
 "IH ArEl PFIA -Glhst; middling, ga. re- G7.. Loii'Ts.-cuiet: miiGinr. r-I6; sales, Ie: Ieceints. s.as2: stock. s2 504
The Montgomery advertiser., 1901-12-28
CorparatiVe Cotton Statement.
2e7oIo

NEW YORK. Doc 27 The flnwu- k the compa' at.N" cotton statement for the week tn|ing Dee. 27:
 Net reco.pts at all United State.
 palts lpins week ........,.......... 2e7,oIo
 ports ju ing same week last year. 234. .76s Total receipts to this date. 567. 94l Total receipts To same date last year, 4,452 534 Exports for the week ................ 265 526 Exports for same week last year,. 80 959 Fetal exports to this date. .....-..... 2, ,373.47I TotG expo; Is 10 same date last year. 3 | | 2 t22 Stock at ail United states ports...... 9S9 PAS
 time last year ", ' ......,.... 900 6 IA Stock at all interior towns ......:..> 694 5l Stock at all interior towns same time
 las, year .........,................... 7se 593 Stock at Liverpool .....-..... Not received Stock at Liverpool same time last
 year ;. ..,.'....... ..,..............,, 625, 900 Stock of American a1oat for Great
 Britain T.. .......... ..... ....... Not received Stock of American aloat for Great
 Britain same time last year.. 6ooo
The Montgomery advertiser., 1901-12-28
Money and ExchanSe-

NEW YORK, Dec. 27.-Money on call firm at 6mo per cent; closed offered at 8 per cent. Prime mercantile paper, 5Q5h per cent. Sterling exchange irregular. with actual bus mess in bankers bills at 4S6% for demand and 4.S3l4G4. 53ss for 60 days; posted rates, 4 S4d4 94I9 and 4. .S7h.
 Commercial bills. 4.s2%94 s3h.
 Bar silver, 55z; Mexican dollars, 43ss
 Government bonds weak; Sttae bonds, in active; railroad bonds, strong.
The Montgomery advertiser., 1901-12-28
St. Louis Provisions.

ST LOUIS. Dec. Elour-Frm: red Win straight, S3. Ioa3.25 clear, s275Q2 90
 Whiskey-Steadv at Sl32
 Dry salted Boxed higher: extra shorts, S9 371a; clear ribs Ss SO; clear sides, S9.75
 Bacon-BoNed higher; extra shorts, Se 25: clear ribs, 937l4; clear sides, S9,6212,
The Montgomery advertiser., 1901-12-28
Naval Stnres.
M,IIMINrrnN H.. o-

WILMINGTON. Dec. 27 -Turpcntine-Noth- ing doing; rec, ipt5. 20 casks.
 RoSiu-Steady at 5IFgI.C5: receipts, 32I Crude turpen ne-Steaay al si. o. ?. O. re- ccipts, I2
 Tu,-Fnm at s 20; receipts. IlI3
 CHARLESTON Dec. 27.-Tu pcnuline- Firm and unohG ngci; sale, GO
 Eosin-t -t!'m and unchanged; sales, 500. SANANNAH, Dec. 27.-Turpent.nc- N1thfra, doin6' ,'ceipts, 2o6o; sales. n,rc. ,xposts, Eos in Steady; receipts, lI.2I3: sales 2 22I; exports, 3665
The Montgomery advertiser., 1901-12-28
New York Dry Goods.

NEW YORK, Dee 27.-Therc has been m change in the market lay in any dcparjm mt
 Buying again ha. hrrn on lEht scale in fan,Y cottons with p.iccs finn Print cl .ths
 ho,h regular and oI.s havr been dul,t t.Iav at previous prices. Liners are irsn. but quiet Bu laps dull, but tirmer in tone for CalCuttas.
The Montgomery advertiser., 1901-12-28
New Orleans sugar and Molasses

NEW ORLEANS pee, 27-Suear-lluiet. open kettle e-l6H3; open kettle centrifugal. 3H3it; centrifugal granulated 4Isu4 g. IC; ; whites, 3 I6q3A; yellows. 33sq3N; seconds, 2G3b.
 Moiasses--Quiet; open kettle, I7Q3o; cen trifuRaL 6MlS
 Syrup-Steady at 2od24
The Montgomery advertiser., 1901-12-28
Bank Clearings.

NEW YORK, Dec. 27.-The following table, compiled by Bradstreet. shows the bank clear lngs at the cities named for the week enIed Dec 27, with the percentage of increase ard decrease as compared with the corresponding week last year:
The Montgomery advertiser., 1901-12-28
ARTICLES

Cash quotations were as follows: FlouT-Firm.
 Wheat-No. red. 95d86I No corn. 63i2; No 2 yellow. 64. Oats-No. white, 47$4 a4SIa No. 3 white 47A04S24.
 Mess pork. per bbI.. SI5 eoa 6. oo Lard, per 100 lbs. SI0 foa 10. I2I4. Shot rib sides Hcose). S9. 6on8 70. Dry salted shoulders (boxed). 7Hm7is. Short clear sides tboxed). S9. ooH9 10. Whiskey. basis of high wines. Sl.32.