The Montgomery advertiser., 1909-05-15

New York. May 14.-New high rec
ords were made in the cotton market
again today, although trading was
rather less active and the tone of the
market showed more or less nervous
ness The close was feverish net one
polntt higher gnsr 70 one point lover The
sgs points In response to lower cables
and realizing. The continued absence
OF rain In the Southwest prevented ag-.
better demand for spot supplies from
abroad seemed to encourage some sup
port and after a few minutes Of irreg-
MARTY the market developed a strong
ders from the West some parts Of the
south and Wall Street. Early sellers
became frightened by this show of
Covering. May contracts cts s ssiss at a.
July at 1926. and December at 10. s3,
OF about TO 10 points net higher, the
highest prices reached for .the. season:
with one Of the leading local bulls is
suing circular OF reactionary tenor,
ana prices eased on several points from
the top, but steadied close to the Anal
figures of yesterday and showed moth
Ing more than narrow irregularity
during the later trading. Complaints
Of unfavorable conditions are coming
trail sections Of the belt but beyond
general impression that more rain
would be desirable in Texas. there
seems to be very little criticism Of
current weather conditions. Southern
spot markets ofiicially reported early
were generally unchanged to Ia cent
higher. Local spot brokers reported
snat Democratic mills were nervous.
but that their bids were still q shade
under the market. The statistical com.
mittee of the New York Cotton Exc
change has placed its estimate Of
about It's original figures or around
2.4e5 bales.
Reesipts At the ports today. 1855
9a 1ss , against 1855 last week and
against iilss1 last Week and i, ig So'sCS
last year Today's receipts at New Or.
leans, $3.50 against 1881 last year.
middling uplands. il.35, middiinE guif
1i.eo. Sales, LIS bales.
New York, May I4,-Predicated on
the idea that the next crop is to be a
short one. speculation has suddenly re-
vived and lifted prices over So a bale
within few days. Texas was one Of
the largest factors in the advacne, The
to be very backward and bull operators
contend that there is no possibility of
It's raising a. crop of the requisite size,
ness a recurrence Of what has so often
taken place In the past, namely. a small
crop following big one. At the same
time they believe that the eonsump-
>
ord,S,resa5TinE proportions, Indeed. in
demand. or In other. words a belief
meet an extraordinary demand. The
weather in the cotton belt has beer
TOR the most part, dry and east of the
mississippi the outlook is said to oe
far from uniformly favorable, although
the prospects there seem considerably
better than in the southwest.
The spot markets have been advance
NJ 4
it Is worthy OF remark, too, that wool
has been active. excited and higher
The steady Improvement in the iron
and steel trade is also noted with In
general trade In this country is i'm
proving. One Of the things too, which
has contributed net little to the con-
the government report that is to APP
pear on June estimating the acreage
and describing the early condition Of
s Inc, crop on data made up to May rs,
ter. Manchester and the continent
have been short of the market it
seems. not only In Europe but in this
The recent somewhat favorable turn
In the weather for a time also encour-
ased the formation of short interest.
many of the bulls who had iiouida ted
their holdings that a reaction was due
FINALLY, however, they became impa-
vancing prices.
On the rise there has been a good
deal OF selling by spot houses and Chi
cago. South and Wall Street Interests.
Some experienced observers incline 10
the opinion that the advance has been
s1u qoIQA l9HIBm sql pue pIduI ool
been recently oversold In in some dan
ger OF becoming foverbought It is
contended, too. that crop conditions
east of the Mississippi are not. on the
whole; unpromislng, and that 1t is a
wet May, not dry one. which in the
estimation of not a few is apt to work
mischief to the crop. 1t Is felt that
after so rapid an advance some reac-
ton, even II only temp orary, would be
no more than natural. In the main,
however, the sentiment Is bullish.