The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-07-19
H. q b. BEERS COTTON LETTER.

(By Private Wire to Caldwell. Ward & COY
NEW ORLEANS, July 1s.-Although crop
as to condition of the plant and prospects
Of an early movement of the crop, the
market maintains a steady undertone n
result Of scarcity of supplies and a rather
| good inquiry for spot cotton both in Liv-
| erpol and in the local market. Liverpool
made full response at the opening to the
American advance of Saturday. but the i'm
provement Of to 10 points additional.
though spots remained unchanged at 8. SO
! for middling; sales. 5000 bales. The easier
tendency was probably due to confirmation
| Of crop making favorable progress, and to
want Of support of near months in the
English market, private cables stating that
that mills generally are under orders at
improved prices. but that support for the
near months was lacking. The market Is
in peculiar position our being between
seasons with trade improving, small visible
reserves but the of what promises
to be an early movement and a large crop
Traders are not disposed to venture too
far on the short side. fearing possible de-
terforation of the crop. probably an urgent
demand for spots or manipulation at Liver
pool. where a squeeze is still possible not
withstanding advices to the contrary The
result is that trading is light on account of
the conservatism displayed by the specula-
tive public. who delaying operations
until they are backed up by offerings of new
crop cotton by the interior There was
some newspaper talk this morning of pos
sible complications growing out of the mis-
understanding between Russia and England
to the right of the former to search ships
OF the latter on the high seas, but operators
are so timid about selling that no capital
was made of this feature, though a decline
OF 7-16 in English consols lent some color
to the reported uneasiness in financial
circles at London. The local market opened
at a loss of about 10 points on new crop po-
sftions. with December at 8. 80, selling later
at 9 90 Spots in the local market were
said to be in good request, but at a price
on the basis of lie for middling the grades
desired could not be obtained. Futures,
however, ruled steadied thereafter, the
market advancing to about the level Of last
night on liberal buying by a prominent New
York commission house and by some COW
ering by shorts on quiet and easy market
at 93SG9.39. Spots in the local market
closed steady at Nc down Sales, 115o
bales; to arrive. 100; middling, lie. A
favorable weekly crop review is expected to-
morrow. though there are those who look
for some deterioration In the way of com
plants from scattered sections of the belt
Caldwell. Ward q Co.'S Cotton Letter,
NEW YORK. July 1s.-First prices in
Liverpool were well up to our closing of
Saturday but heavy selling from America
started a decline which did not terminate
until all the advance had been wiped out
and a substantial loss was established The
reason of the raid was report by a To-
cal authority that conditions had improved
something like per cent within the mast
80 days. which was accepted as an indica-
ton that the bureau report due August Sd
which would mean a condition of 81 a fig
ure which has been reached only twice
within the past 20 years. 1894 and 1898
both OF which seasons furnished bumper
Yields The rally which followed, although
II was not of great extent. was remarkable
IN the race OF the many influences working
Tor lower prices. Covering on a considerable
scale took place when it was discovered
that below SIC the market showed a de-
cided resistance. considerable element
heretofore bullish the market has re-
Gently covered and gone long on the theory
mat from now on the crop reports must
snow steady deterioration from the ideal
conditions lately so general In this con-
nection 1t is noticeable that reports of boil
weevii damage are becoming more numerous
while 1t Is predicted that with a continuance
OF present hot weather there will be uni
Vsrsal complaint of shedding. The over
Whelming short interest makes a change
Tor the worse in crop prospects a strong
FACTOR for higher prices II only temporary
G. u. PIERCE q co.'s COTTON LETTER