The Montgomery advertiser., 1904-08-06

stimulus The market here has been nar-
raw. but very strongly held by . few op-
advance the general level so as 10 maee
possible the execution OF selling orders on
a scale up. IL ~ suspected that the selling
o. October from Stso to s.!l was for the
rest on the broad proposition that new cot
ton can not come on the market In a vol
ume equal to the worlds current needs
say 2l0. 900 bales per week--before the
middle of September and therefore that
there remains an interruption of five weeks
during which the oyer-extended short inter-
est will be at the mercy OF any crop dam.
age which may arise at season of the
year when serious deterioration can safely
be expected Already the daily rains in the
Gulf States are being the basis for com
plants OF too much weed and too littl.,
fruit, although other advices are almost
unanimous IN picturing the plants loaded
down with hollis. 1t Is also predicted that
within q weel, or ten days Texas will raise
a loud howl over the weeyil and boil worm
thus furnishing the needed scare to run
out the short interest. With an active bull
element watching for such opportunities we
may expect sharp advances regardless of
whether any serious damage results or not
Situation seems to be in the hands Of the
bulls for the next few weeks and should
they succeed in forcing prices above ten
cents the believers in bumper crop should
have no quarrel with them for furnishing
a higher level for further short sales.
CHICAGO GRAIN AND PROVISIONS.
p CHICAGO, August 8. - Contradictory
statements regarding the amount of damage
inflicted by rust in the Northwest kept the
wheat traders guessing today. The result
was seesaw market with prices fluctuating
within a wide range. At the close the Sep
TENDER option was up IL "a &c. Corn Ia off
NC and oats are down NC Provisions are
ThG17fc lower.
AT the opening the wheat market showed
some signs of weakness, September being
unchanged to nc lower at 96N 497h. With
he Of fhar 1,o,
ever. there seemed little to warrant any
alteration in the recent bnllish attitude OF
traders. Prices at Liverpool were again UP
about Id compared with yesterdays close
and private advices from the Northwest re-
ported further spread OF the rust blight
Influenced by the strength in English mar
kets shorts covered freely after the
opening. advancing September to 9sk A
quick reaction followed as result of heavy
profit taking. On the break September de-
clined to 96A. The bcarsh turn to the mar
ket was clinched by report of a Mime
apolis crop expert who has within the past
two weeks sent out numerous builish advices
regarding the condition of spring wheat in
the Northwest. According to the interview
today by this authority, while wheat In the
Dakotas and Minnesota Is damaged by rust
there Will be on the whole excellent ag-
gregate production with much variation in
sample Many reports received during the
day from the Northwest. however. were
fatty contradictory in tenor The pit
crowd seemed unwilling to believe the
worst that could be said of the spring wheat
crop and in consequence little momentum
was needed to again start prices upward
The advance met with small offerings until
September had reached 99h. Renewed
liquidation caused another reaction. Sep
TENDER declining to 81 n Liberal receipts in
the Southwest were partly responsible for
the late break in prices The market closed
rather easy with September at 97ss @97%.
Clearances of wheat and flour were equal
to $500 bushels; exports of wheat and
flour for the week. according to Brad
streets euIal n 13Se 600 bushels
Primary receipts were $40 500 bushels. COM
pared with 564,500 bushels a year ago.
Minneapolis, Duluth and Chicago reported
receipts Of 222 cars. against 29o last week
and 264 year ago.
Profit taking by Eastern holders was in
strumental in creating a weak undertone in
corn. Excellent weather and absence of
spring demand increased the bearish ten
dency Pit traders, who bought yesterday.
sold today and there was also plenty of
liquidation by commission houses. The
market closed weak with prices near the
lowest point of the day. September opened
nc lower at 81, sold between 81 II and 52A
and closed at 521s @5sh. Local receipts
were 241 cars. with 23 of contract grade
The oats market followed corn in pref
erence to wheat. weak undertone being
in evidence the greater part of the day
vorable crop advices were influences that
aiced in bringing out considerable realiz-
ing sales. September opened Il q NC lower
at 337s d34h, sold between 1875 and 34b
and closed at the low figure Local re-
ceipts 235 cars.
Provisions weak in sympathy with
credited to local packers. Trading was
more animated than of late. but the volume
was not large. At the close September
pork was off 171sc at 12.77ls. Lard
down Z y a 1oc at $50 Ribs closed 71ac
lower at .62k.
Estimated receipts for tomorrow: Wheat
115 cars; corn, 237 cars; oats 376 cars; hogs
10000 head