The Montgomery advertiser., 1904-09-21
LIVERPOOL COTTON FUTURES.
H. ( B. BEERS COTTON LETTER.

(By Private Wire to Loveman Col
 NEW ORLEANS, Sept. 2o.-After open ing a couple of points lower than Hast nights closing. with December at 10 37. later selling at 1o.32 on breaking of the l.52 and a very heavy run of receipts at all ports today. 7s.352 bales. against 41.2s5 last year. market reacted on a weekly Govern ment crop report fully as bad as expected and firm Southern spot markets. December selling as high at .5S about points higher than lowest of day and about 2l points higher than closing of yesterday. The weekly crop bulletin reported cotton still shedding in the eastern section and in the northern portion of the western sec tion of the belt but less complaint of rust, except In North Carolina. The prevalence of dry weather is said tc be injuring late cotton generally in central and western dis tricts. while worms caterpiilars are doing mischief in Oklahoma, Louisiana, Alabama and South Carolina, and boil weeyils are said to be as damaging in southwestern coast. central. eastern and in number of northern counties of Texas the advance. ment of the season permits. The most i'm. portant feature of the weekly report was its saying in relation to the top" crop. a light or no crop being indicated in the central and western districts. and when it Is remembered that in order. to make large crop in Texas 1t Is necessary to make a second crop. there Is no questioning the fact that shorts became uneasy over the unfavorable prospects reported from such an official source. Their anxiety was full ly exhibited after reading of the crop sum-
 
 to fill, and when 1t became generally known that the spot markets were higher a wave of buying orders struck the market and sent December to above 10h cents. Trad. CTS are paying but little attention to the heavy movement to market. claiming 1t to represent old business and In course of transit to the mills of the world. and as Louisianas State crop report claims that a short crop was indicated. Alabama yield quite as good as last year. Texas yield gen orally much below average, Mississippi iall nQht fnr as small as last years, operators were in a quandary as to where the full. much less the crop was to come from. There was good buying of March contracts in quiet way. believers in a moderate crop storing distant contracts with a view of securing much higher prices sooner or later.
 LoyEMAN & CO.'S COTTON LETTER. (By Private Wire from Miller & Co.) NEW YORK. Sept. 20.-Large receipts everywhere. more at ports than two years ago, fully as much at interior towns, d weekly weather report not as bad ex- pected. favorable weather for picking. were a combination that under ordinary cir cumstances should have sent prices 25 to 50 points lower. Instead of a drop we find an advance of 20 points and demoralzation in ranks of the bears It is impossible for their predictions regarding the movement should not be accompanied by equal suc- cess in their. predictions of a big drop in prices. The trade is daily becoming made 
 proposition that the present crop has been sold ahead and that sellers who have ship ping engagements are obliged to get the cotton within their time limits regardless of their own view of what price should be. September shipments must be made in Sep tember. and If the price in September hap pens to be 10h or over instead of sle or lower as they expected. exporters must pay the market prices or default on their con- tracts. On the big decline. which termin- ated September 12, when October touches 10 cents and December 10 .02, the long in. terest was completely eliminated and the near approach of heavy new crop move ment prevented the creation of any consid- eral new account that side. The rally which has taken place since has been with out any assistance from the speculative ele- ment and solely on the continuous ab- sorption of receipts by spot buyers. The steady rise has finally reached a point where margins of shorts are being exhaust ed and stop orders being caught on ev- cry advance. It seems likely that further covering by shorts will carry market still higher Spots in interior and at ports are