Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-08-30
MARKETS BY TELEGRAPH.
Cotton Letter.

OObtOn 46buer.
New York, Aug. DISQUALIFICATION,
which sold week ago at $50 for January
delivery sold today at 7.55. The extraordi-
nary decline is due partly to heavy rains in
Texas and other southern states. which
have revived the dropping hopes for the top
crop, but more especially to the enormous
and early movement of new supplies, which
have glutted the markets both here and
abroad with offerings for which spinners
We're hardly prepared.
Today Liverpool was little changed, but
our market seemed still influenced by the
downward impetus it had gained during
the week and January, after opening at
761, gradually declined to 7.55. At the de-
cline, however, the bears became exceeding
ly wary about selling and January rallied
ITO 7.59. In the final trading there was some
further liquidation and January closed at
7.55q7.56, with the tone barely steady. One
of the features of the last few days has
been the exceptional weakness in August,
which was for so long the dearest month on
the list, and which has now become the
cheapest The course of prices in the i'm
mediate future will depend not so much up
on the speculation here or abroad as upon
the action of the southern holders of cotton
we are firm believers in small crop and
in much higher prices when the extent of
the yield shall have been approximately as
certained but If holders in the south
SnOulu perSlSl III the pOlcy OIL lOrciilS THEIR
cotton upon unwilling markets they need
not be surprised if prices should go lower
This, it seems to US, is the season of all sea-
sons for the southern farmer to keep his
cotton off the market as long as possible.
We think it will make the difference of at
least a cent a pound whether he sells his
cotton in September or in December.
Many of the shrewdest and most con-
servative traders here are predicting 10
pts a haf0ra
The bureau report on the 10th of September
is likely to enlighten the world as to the
real value of cotton.
RIORDAN & CO.
Chicago Change.
Chicago Aug. 29-Liverpoel prices for
wheat were not as sensible of the news sent
from there yesterday, nor of the advance
traders expected, and for that reason the
people who bought here and who were con-
argued must come had wheat for sale at the
topening, and for that matter all day, whilst
no inquiry was th apparent Under these ec Gr
Wheat opened at s6lsc sold between 6Osg@
G03i and 6Oc, closing at 6O1sc, 9sq&c under
yesterday. Cash wheat was steady, but
closed at'about 1ac decline.
Corn evinced no marked inclination to
either advance or decline, but eventually
settled back in sympathy with the wheat
market Trading was; light, and ,unmpor-
and and closing "a at S55sc, &c under yesterday,
cash corn was dull, but steady
oats were stubbornly dull. Notwithstand-
ing the weakness of wheat and the ac-
quiescence of corn in that feeling, oats
maintained hard tone and exhibited only
Indifferent susceptibility to the declining
tendency of their surroundings. May oats
closed a shade under yesterday. Cash oats
were quiet but steady.
Provisions were somewhat irregular, but
displayed quite a fair measure of SteadineSS.
The hog market was stronger, which was
one reason for the good tone, but the cover
ing of sales made earlier in the week was
the more potent influence At the close
January pork was 2hc lower, January lard
a shade higher and January ribs shade
lower.
Leading futures ranged as follows:
4 sir,rr