The Montgomery advertiser., 1902-11-08
MARKETS FOR FUTURES
LIVERPOOL CABLES SHOW UN-
EXPECTED STRENGTH.
Toward Noon, However, the Bears
Led by Philadelphia Firm,
Made a Fresh Raid-The
Close Steady.

New York, Nov. THE cotton mar
ket opened firm at an advance OF TO
points. following the unexpectedly strong
was followed by further cables showing
still greater Improvement and houses with
foreign connections were also heavy buy
ers during the early trading. In addition
to this it was noted that the receipts were
showing a decided falling off, that the.
end-week statements were sure to prove
decidedly buliish, and that sentiment
which had become very bearish was con-
sequently showing a material charge.
Toward noon, however, the bears made
a fresh raid on values, led by a promi-
nent Philadelphia party. Their opera
tons proved somewhat successful for a
time. owing to the continued favorable
weather reported for the belt and ru-
mogs that the falling off in receipts was
likely to prove no more than temporary.
The statistical position when finally pub
lished proved quite as bullish as antici-
pated but for time, exerted no appre-
ciable effect on the trading From the
opening advance prices at one time show
ed a decline of to IL points. Following
this there was a final rally, due to fears
that the market had bee -noversold and
to a general movement to cover by the
room element, who were disposed TO ac-
cept their profits rather than carry their
commitments over night. This buying
led to a recovery from the low point,
and the close was finally steady with quo
tations net points lower to four higher.
r. M. Scale & Co.'S Cotton Letter.
rby Special leased Wirs.)
New York. Nov. Again We report
new low record level reached in the flu
ture market December sold at about 2
points lower than yesterday and other
options lower as well. We say December
because that option seemed to lead the
decline. AS selling took place In Decem-
Der. January would break. The other
options followed easily. The selling in
December was due to offerings of actual
cotton from the South. Hedge selling
continued from the opening Of the mar
ket. At first there was an advance due
to higher prices in Liverpool and less
cotton in sight this week than had been
expected. Instead of 475,ooo bales. there
was but 461, 900 in sight. All this brought
in shorts. but the market failed to hold.
At 814. and in fact, above $40 for March,
a lot Of cotton was sold. Liquidation did
compelled to sell and this brought about
ii sort of semi-panic during the after
noon. March took a tumble to 30 on the
early afternoon break in December. All
this time New Orleans had grown weak
and weaker. finally carrying prices to the
low point of the movement there as well
as here. 1t looked very much as though
| the January people had their hands full.
after trying to hold Liverpool and bring
In shorts to cover here, the attempt ap-
peared to fail utterly.
It's cotton, too much cotton. on dull
market. The January accumulators here
in New York have tied things up until
II ade has been driven out of January and
in fact out of the entire market. Prices
have not been allowed to move naturally
and the inevitable result of this manipu-
| lation is a break that carries values away
below a legitimate figure. We have en-
| deavored to point out the real trouble in
| the cotton situation without doing any
one an injustice. Now 1t Is becoming evil
| dent just what has been done by the jan
uary business. There is still big line Of
January cotton to liquidate and II this Is
| forced on the market one might as well
| attempt to reason with Il whirlwind as to
| try to set limits to decline. The mar
| ket should be purchase on every de-
cline now. unless the holders of January
are compelled to throw their line over
| board.