The Montgomery advertiser., 1904-08-02
e. E. PIERCE s CO.'S COTTON LETTER.


 count which was so covered in this market is said to have exceeded 5000 bales. ; c. E. FIERCE s CO.'S COTTON LETTER. tBy Private Wire from Gibert 6 Clay.)
 NEW ORLEANS. August 1.-Cotton as- sumed a steadier tone today and sustained 0 material improvement in values. Our market opened slightly higher and steadily recorded gains, influenced no doubt by the published crop reports reflecting some un- certainty as to the realization of very, large yield. and condition figures to July 30th Of S4.5 emanating from New York. Opinions regarding the coming bureau fig ures are being modified and many now ex- pect that the crop will be shown to have slightly depreciated in condition during July. anu 0 lower figure than the June average of Ss will be read on Wednesday. Tn the sum mary of The Times Democrats published re- port it is stated that the present crop is one of the possibilities. with favorable weather conditions during the month of August a large yield may be had. and a material reduction will follow a continuance of such weather as has recently prevailed. The most serious complaint is the boil weevil in Texas. We have always contend ed that a certaia amount of cotton should be conceded to devastation by the boil weevil. estimates of the havoc caused last year vary from 800. 900 to 700 900 bales. and 1t is naturally possible that this years des- truction will be equal to the latter in quan- tity but with this allowance and considera- tion of the increased acreage we can see no reason to justify the belief that disap- pointment will ensue in the crop of that State. When other sections of the belt arc considered complaints are of purely To- cal character and not sufficiently numerous to be of importance. While the long in- terets of spinners is very generally admitted to be large, such contracts usually predicated on sales of goods and as trade conditions have not justified large forwari | purchases the long interests mills may prove less than expected. Slightly higher
 prices may be observed, but we do not ex-
 pect to see them sustained, believing they
 would establish an excellent basis for sales.
 CHICAGO GRAIN AND PROVISIONS. CHICAGO. August 1.-Reports of damage
 to spring wheat by rust formed a decided
 incentive for strong wheat market here today At the close September wheat
 showed a gain of 1's @1 !sc. Corn is up %@Nc. Oats h m asc higher Pro- visions are practically unchanged.
 At the opening an easier feeling was man fest in the wheat pit as result of favor being considerable selling by pit traders. Initial quotations on September were un- changed to hc higher at 90& 9bh, and during the next ten minutes the price de- clined to S9k. The market then took a sud- den upturn and for the remainder of the session sentiment was decidedly bullish. A big jump in corn prices had unsettled those who might otherwise have been sellers and all at once, apparently, every one wanted to huy wheat and no one had any for sale. The strength. however. did not all come sympathy WlIn corn reports or q damage by rust continued to be received from the Northwest and these advices were accompanied by good buying orders
 pit traders here were changed to the bull side. Foreigners also were free buyers through commission houses. strength al
 Paris being partly responsible for this de-
 mand. More liberal primary receipts and an increase in the visible supply as well
 as weakness of cash markets in the South west, were bear factors seemingly totally
 ignored by the majority of traders. There
 was quite heavy profit taking during the
 latter part of the day but offerings were readily taken and prices continued 10 ad- vance. The market closed practically at the highest point. After touching 91%. septem- Der closed at s1A 991%. Clearances oi wheat and flour were equal to 4,200 bush- els. Primary receipts were 1.291,500 bush
 els. compared with 143,5oo bushels a year ago The visible supply showed an fn-
 crease of 91s.Oo0 bushels, while the amour, on passage decreased 1.151. 900 bushels Minneapolis Duluth and Chicago reported
 receipts, 3SO cars. against 43o cars last week and 322 year ago.
 The principal influence affecting the corn
 market was report that the Roumaniar crop had been destroyed by drouth and tha, the Government had prohibited the exporta. ton of corn. The report was partially sub. | stant'ate by an increase in export sales and by an improved foreign demand. From , the beginning of trading the market ex.
 hibited unusual strength, and the buliish sentiment continued throughout the entire session. the close being practically at the HlBH point commission houses and shorts
 were the best buyers The selling wa.
 mainly by scalpers September opened a
 shade to # $c higher at 49sS e 49M. ad.
 vanced to 51h and closed at 51. Local re.
 ceipts were POI cars with IF of contract grade.
 Influenced by the strength of wheat and corn, the oats market was firm, notwith. l standing increased receipts and a slow casf demand. Small holders were inclined tS | take profits, but offerings were freely taker | by some of the larger commission houses September opened a shade higher at 33h a | 3Sh' sold up to SS $ and closed at 33 $ e | 33R. Local receipts were 129 cars
 | Provisions were easier as a result of mod l crate selling by brokers, supposed to be fo, 1 the account of local packers. 20-cen break in the price of hogs also tended t,
 depress prices At the close September l off 2hc at 6. 97M d7 O0 Ribs were dowI l 2h I Sc at 7.62hT T7.65.
 Estimated receipts for tomorrow: Wheat
 PAP cars; corn, 24l cars; oats, PCT cars; hogs | 11.000 head.
 | tan