The Montgomery advertiser., 1904-10-20
VIRGIN . FAUNCEs COTTON LETTER
 tBy Prtrats Wire fdem r Walter Laoaree

fy* zkf ss& aCo.) a NEwfYORK, Oct. N.--The cotton market opened quiet but steady and advanced fur ther on covering of shorts induced by the fear that the cold snap will yet reach the
 ous % damase @ to " the ss' crop @ Miss eiies esti. mate of crop of li,s0o,oo0 bales did not prove much of factor in the trading After the opening bulge there was some selling for profits which caused a reaction, but the tone remained steady and quiet and generally professional. There was also some sressive' enough to cause any short decline in prices The shorts covered moderately and prominent Wall Street operator also vance consIdsrabiy further within the next week and that purchases made at present prices will prove extremely profitable with in a short time. while small profit may side. It is extremely dangerous in view of the present conditions and for a long pull we fsvor the long side of the market.
 CHICAGO GRAIN AND PROVISIONS.
 CHICAGO. Oct. fs.--Rains Northwest and spread on Hessian fly damage Southwest gave encouragement to bull traders in were up over cent compared with last night Corn made net gain of an even cent. % Oats are up xc. Provisions show
 A feeling of hesitancy marked opening transactions In the wheat pit. Initial auo- tatlons on December were up a shade to changed to < Q &c lower at 1Iax to .raK gl.l2n. The uncertainty at the start was due largely to the indifferent tone of cables. stcady. notwithstanding the sharp advance here yesterday. The foreign situation. how ever. was apparently soon forgotten. A States seemed to justify in the minds of many traders assertions by bull leaders that wheat prices would go considerably higher. two-cent advance at Minneapolis was q seeming c0nfirrnatt0 rcitv 0f p1fI1nH wheat in that section. Wet weather reported in Minnesota and North Dakota, damage is being done to grain still in the shock. News from the Southwest also was builish. Reports from many quarters in- dicated that the damage to winter wheat alarming rate In addition. arrivals at St. Louis and Kansas City showed decrease
 20 taS
 ing off claim was made by . St. Louis authority that at least 70 per cent of the fs1msI. Tssa Ssna. wss alrssdy out of shorts and commission houses were active purchasers of the December option. The eonsequence was q quick advance. December selling up to 1.15h May had a sympa- thetic advance to 1. .i3%@1.13h. Some of the large buyers then turned sellers and prices reacted about half a cent, Later the demand again became urgent and the market readily responded to the increased buying. December advancing to 1.1sA. The hiRh point on May was reached at 1.14&. Renewed profit taking caused another re- action later in the day. December selling off about Nc. The market closed strong with December at l.15% 91.15h. Final figures on May were at 1.13%. Ciearanecs of wheat and flour were equal to 50, 200 bushels. Primary receipts were 1,114 100 bushels. compared with i,I6l,s0o a year ago Minneapolis. Duluth and Chicago reported receipts of TIC cars, against 7s1 last week and 67s year ago.
 Rain In the West and a prediction of more to-'foflow within the next 3s hours gave strong tone to the corn market The strength of wheat also had considerable in- fluence. Tn addition, country acceptancea to bids sent out yesterday were exceedingly small. Trading was moderately active De. cemoer opened unchanged to %c higher at 4Sh G G4sA. sold up to 4sM and closed at the highest point. Local recipts IS cars, { contract grade.
 Oats were influenced mainly by the strength of wheat and corn, the market holding firm throughout the entire session December opened kc higher at 2Sk sold ceipts 11e. cars.
 Fewer hogs than expected and an advance In grain prices were mainly responsible for 6 strong provision market. Thereawas some evidence of buying, by packers. At the close January pork was up Toe at 12.35 Lard was up 2he at 7.2o. Ribs were S@fhc higher at 6.47. (.
 Estimated receipts for tomorrow: Wheat. 60 cars; corn. 7s cars: oats, 102 cars; hogs. 23oo head.
 Leading futures ranged as follows:
 ARIICLEs Open. High. Low. Close