The Montgomery advertiser., 1904-07-16
0. E. PIERCE & CO.'S COTTON LETTER.

(By Private Wire from Gtbert & Clay)
 NEW ORLEANS, July 15.-Liverpool com menced operations on a rather high plane this morning, but the advances developed profit takings in the early months and was more than fully lost before the close. Ma nipulation was reported from some sources being over. the unexpected strength in the winter mouths was no doubt dimin- ished by American selling. Spot sales were large at a good advance and if the improved Manchester business Is reality the with drawal of manipulative support should not be a material factor In the prices to be paid for supplies from their scanty stores The weather map fully answered all require ments of the ideas for the betterment of crop conditions and when accompanied with similar forecast and good reports from the fields no further incentive was neces- sary to cause a prompt response to the failing Liverpool market All options were lowered at the opening and the downward tendency was without interruption of note. From a speculative standpoint as well as from every other. the near months are dis tnctly different from the fall and winter options. and the prices almost entirely con- trolled by different factors although there is a sympathetic connection which causes a moderate influence to be observed At the present time the former are directed by the strong spot situation, intensified by avoided by all but the professional operator or those who can afford the sport of kings. The values of later positions. however. are governed by the weather end news from the fields and quite free from other than con sequent deductions, affording much the best opportunity for operations. When all the elements of strength as they appear at pres ent are carefully considered and confronted with actual prevailing conditions 1t Is diff ficult to deduce from them belief for other than lower prices in the future
 Caldwell, Ward q Co.'S Cotton Letter.
 NEW YORK. July 15.-Liverpos dis played great strength at the opening. and scored a big advance. the winter months ,A..I,. tions. Selling orders from this side. how ever. not only wiped out the early gain but caused that market to close lower than last night The immediate cause of this sudden revulsion was a statement emanating from the Government entomologist at Washington to the effect that boil weevils has so far done much less damage than an ticipated that the Texas crop is month earlier than last year and that a large yield is promised It is true that the state ment went further and added that the August would probably cause great shedding and that weevils would destroy the new fruit as fast as put on This latter portion was overlooked for the moment and heavy selling orders, especially for the near posi- tions. were cabled to Liverpool. Through out the day the market flooded with good crop news and promises of general picking in Texas within the next week The only discordant note was a telegram from Waco to the effect that while the plant was heavily covered with young bolls nearly all of them, when broken open. were found to contain weevil larvae, the ele- ment which was conspicuous here for the past week in forcing up the market seems to have sold out in Liverpool this morning and was equally active in hammering prices during the balance of the day. leading export house also said to be selling heavily. The market Is undoubtedly more heavily short than 1t has been for some time. Crop accounts are generally good that such a position on the market would be tustifi' Q If 1t were not for the probability of further manipulation of near months in Liverpool Last week there was a reaction to shake out the smaller longs in that mar ket and todays decline may have been as- pose.