The Montgomery advertiser., 1904-08-23
VIRGIN q FAuNCE'S COTTON LETTER.
tBy Private Wire from J. Walter Labaree

New York, Aug. 22.-The cotton mar
Ike; opened firm and higher, chiefly on
| the stronger cables from Liverpool
which came higher than expected. They
were especially strong In the nearby
options and helped to Offset the favor
able weather map The buying was
scattered with the shorts, the princi-
pal takers. There was some moderate
buying of the near crop months by
Philadelphia houses. but this was not
heavy enough to affect prices very ma
mand and the bulk of the business was
professional. There was no change in
| the cotton situation. The strike in the
Fall River district still continues with
dry goods trade remains in a poor con-
dition. the outlook for a bumper crop
Is good and with no increasing demand
for cotton. there is no incentive to the
bulls on which a higher range of prices
| could be based and an extended bull
movement conducted The market will
continue to be a dull affair with the
weather the chief influence for some
| time to come. AS long as favorable
weather exists, prices must certainly
hgo lower. but If some unforeseen ca
lamity took place or poor weather con-
di d,,d continued Tor time prices
However. all things considered. we
are still inclined to favor the short side
of the market.
Chicago, Aug 22.-Cnder heavy rea-
lization sales wheat today broke SEN
sationally after having surged to new
heights from top figuers of the
December IA and closed SIS and /
5-S below Saturday. September corn
Is up Is December off IA. oats down
Is and provisions 2 1903 IL lower.
downward after an excited but short
lived bulge at the start. in which
September ranged from unchanged to
! liz higher at $1.10 LIZ SLIP and De-
at s1.1G1-2@s1.14. The motive for the
early strength lay in the conditions
northwest and higher cables. Since
Saturday there had been light frosts
kota which. while not touching the
wheat sections, appeared to show the
trade how precarious was the situa-
ton of the growing spring crop. Sat-
urday's storm in Minnesota and lHw
temperatures In that state were D o
| a source 3of apprehension regarding
| damage wrought or imminent. The
opening was wild and for time threat
prices were obtained in the first burst
of enthusiasm. Later news was molli-
| flying. while a lack of buying orders
| became pronounced feature of the
market. Advices from Winnipeg that
| the crop damage reports from there
were grossly exaggerated seemed to
| find heed. Primary receipts were en-
| omous. and whether from bad wires or
other causes. there was a paucity of
absorbing power of the market was
not equal to the task imposed by the
| dumping of large holdings. Sharp de-
down to s1.Os IA and December to 81 90
"a. and the close showing them at
100 rs anI Ill respectively. The
| amount on passage increased. 10000.
1 q
receipts were 37T.60o against SIP. 400
a year ago. Minneapolis. Duluth and
last week and $50 year ago.
Corn started as did wheat. under
the influence of the fear of frost Sep
| TENDER opened 1-4m1-2 up at "a l2 and
December N-4Q5-S higher at SO SIS to
| 54. The opening range included the
light and there we considerations that
| induced bearishness. September sold
down to SO "a but rallied under free
| covering at the decline and closed firm
| at 81 is. December declined to SO
"a aand closed at So Is. Receipts
| 441 cars. ~ contract.
| Business in oats was only moderate
and the tendency was toward lower
an advance of IA. sold at "a as and
closed Mt 80 rs. Receipts Ala carss.
| The provision market lacked support
| sufficient to resist the downward ten
| dency IN grains and large hog move
ment. September pork suffered loss
| of ~ 1-2 and closed a Ills 12: lard
was off 2 1905 at 6.s5TS7 Ia and
ribs 1910 lower at 7.35137 Ia.
| Estimate receipts for tomorrow
529 cars: hogs $4,000 head.
| New York Coffee md Sugar.
| New York. Aug 22.--Sugar raw quiet ;
| fair refining 3.1l-16; centrifugal, 90
A IA. nj 4
Refined quiet.
| Coffee, spot Rio firm; No 7. involve
Ia; mild ssteady; cordova. 0 1908
| Futures opned stead, unchanged and
iirmer, Al nFst mere vas cohslderaple
| the form of further switching to the
late positions, but this had little effect
on the market for the movement. re-