The Montgomery advertiser., 1904-11-08
MARKETS FOR FUTURES
arrrER CABLES THAN LOOKED FOX
 AT THE OPENING.
cIose Is Very Steady. at the Best Prices
 of tho Day. Values Being Up ls 10 10 Points.


 opened steady at an advance of sqi poinss \, response to better cables than looked TOT. The bulge was taken as signal TOT sno.' . xneIfatery following the call prices slipped sff a point or two. But Liverpool con finued firm and sent some buying ana tne sn,, inc market which in the afternoon pe- erue particularly firm on the report thai lower Wall Street was covering ana .nae certain leading Southern traders were tax ricus wire houses. T The close was very steady at the best
 ric.s of the asy s,taaeS nsn a. about iso 900 bales. large proportion or the uusi- ness being done in the last hour. The :trsnsth at ,py,ns During the afternoon here general business seemed to be improv- ing somewhat with commission houses re- porting larger selling orders ,on as pr.ree Tes private advices of firmer spot in the South and the expectation of better de- mand after election were probably infiu. ential in causing the demand to cover ot shorts Port receipts for the day ran about 5000 bales under the figures of last year. G, E. FIERCE q CO.'S COTTON LETTER.
 (By Private Wire from Gibert & Clay-) NEW ORLEANS. Nov. 7.-The improve ment in the Liverpool market was ascrioeo to buying by Egyptian houses. who were absenee of offerings by importers. The lat fer cause with the excellent Manchester business was most possibly in conJunction with American buying of options, the prfn- cipal cause for strength and final advance of SGT points.
 An ante-eIection market prevailed here. me higher SIsnins induced s on,y consanea sms.' Go narrow fluctuations Prices held very steady without apparent effort on the part of bulls to sustain prices. From this. time the movement of crop will be observed with much interest. the approximate date hav- ing arrived. after which diminution may De expected in fhe case of crop maturing early, and comparisons will be made with the large movement of last years late yield. The trend of prices is toward higher levels. which we think is Justified by the contfnu- ance of good exports and mill purchases. The conntinption of cotton around the pres enf costtAe5h be large. possibly fully. equatE ing the average of crop estimates On short ehasers and cause reactions. but the market will be prompt to respond to renewed buy ing. and buying of options on such declines should yield fair returns
 LOvEAxAN q CO.'S COTTON LETTER.
 NEW ORLEANS. Nov. 7.-Market quiet and featureIess today. although futures are oonsiderably higher than the closing of Sat nrday. December selling at high at .si niosing at s.7S@s.7s. The higher range of values was due to favorable Liverpool and Manchester advices and to falling off in receipts compared with arrivals of last year. at all ports today s1.794. against 72.o25. and estimates for tomorrow's arrivals fell short of what they were on corresponding day one year ago. Houston expects 33,500 to 35.50O. compared with 40.0S0: Galveston 32,50o to es.5OO compared with 43,324; New Orleans ns.5o0 to so.5oo. against so.4io. While the estimates were a little thicker than what was looked for. the mere fact that they were less than one year ago suffieed to en- nourage longs in supporting the market. which ruled very steady throughout the session. The political campaign. local and national. which will be brought to close tomorrow by a battle of ballots had much b do with attracting attention from the cotton market There was little doing in actual cotton for European account. for signers preferring to await results of the presidential election. Leaders of the long side of the market are bullish pros- pective consumption of the world, the com ing season. irrespective of what crop may De. and are taking the chances of the yield being over estimated in which event there would be only one side to follow. Man chester's trade accounts continue excellent. weekly review stating tone of market to have been stronger during the past week with cloth in active demand, India having been a good buyer at advanced prices. Ii is said that spinners have contracted with India for delivery six months hence, and that deliveries for far off as March are difficult to secure. With such flatterine trade accounts coming from official sources Investors are keeping close watch on movement of crop to market and are pay ing much attention to news from the coun- try concerning probable yield to be har- vested.
 It therefore becomes question as to whether this crop is to be II, 250, 900 or over. General opinion seems to be that it would have one think otherwise. although correspondents east of the Mississippi river have an idea that the yield will be 11,BQo.- 600 or more. Local spot market closed steady and unchanged: sales. 1850; to arr rive. s,0S0; middling, axe Holiday tomor- TOW. election day.