The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-08-03

morrow. Is not expected to be bullish The
rush to secure profits carried the market
back moderately. but prices were steady at
the decline and trading became quiet pend
ing the publication OF the weekly crop re-
port The report came out at IL o'clock and
showed with few exceptions, that cotton
was progressing satisfactorily and that the
crop would continue to improve, barring
some unforeseen incident The report, as
usual, fell flat and did not seem to have
any decided influence upon sentiment. We
think that cotton will rally and that mod
crate profits can be picked up on the long
side.
CHICAGO GRAIN AND PROvISIONS.
CHICAGO, August 2.-wheat for Sep
TENDER delivery sold on the board Of trade
here today for s4hc. an advance Of ~ q
2hc compared with Saturdays closing fig
ures The sharp upturn was due to alarm
ing reports of rust damage to spring wheat
in the Northwest and to almost equally pes
simistic advices from foreign countries. The
market closed practically at the high point
of the lay Other grains were Influenced
by the strength Of grain. September corn
closing with gan of "a @2Ac. Oats are
up 1%@lhc. Provisions unchanged.
From start to finish the wheat market was
an exceptionally strong affair. An estimate
made by Minneapolis crop expert that
the total winter and spring crop of the
United States would not exceed $1,000. 900
bushels started active covering by shorts at
the opening. As a result initial quotations
on September were up sc at 92h. Another
factor of almost equal Importance was the
strength on all foreign grain markets. The
price of wheat at Budapest was reported to
he from &c to Sc higher than Saturdays
final figures and this added zest to the
buying. Many traders discredited these fig
ures. but when confirmation was received
the skeptical ones quickly Joined the bull
element. Crop advices from the Northwest
continued to dilate on enormous damage by
rust In the spring wheat fields Damage
reports were partially substantiated by the
weekly heather bureau bulletin. About the
only news of bearish character was a de-
crease OF 314.0 900 bushel in the worlds visible
supply as against a decrease of 1.s13.ooo
bushels last year. The market received the
support OF active general demand
throughout the entire day. buying by North.
western houses being especially heavy. For
eigners also bought freely In this market to-
day. With the exception of a slight recess
sion soon after the opening. when September
touched 92b, prices moved steadily upward.
the close being practically at the top. Final
quotations on September were at s4Is a s4A
after the price had reached 94A. Clearances
Of wheat and flour were equal to $500
bushels. Primary receipts were 72S.s00
bushels, against 81, 800 bushels a year ago
Minneapolis. Duluth and Chicago reported
receipts of 42S cars. compared with 400
cars last week and 1872 a year ago.
In the corn market burst of bull en-
thusiasm at the opening was followed by
rather easy tone. there being influential
selling by a broker supposed to be acting
for a leading elevator concern. Later the
market became extremely strong, influenced
by the strength of wheat and by the bullish
foreign situation. report to the effect
Aq redaeson 'is was so
tent factor. sgher market cfcseds near the
highest point Of the day. September opened
"a sc higher at SIN, sold between 81 AMI
SO \ and closed at 53k 953k. Local re-
ceipts were 239 cars. with 16 of contract
grade.
More than usual interest was taken in the
oats market. Early inclination on the part
of pit traders was to sell. weather conditions
being favorabl efor the new crop The
strength of wheat. however, prevented any
considerable selling. Later active de-
mand from commission houses and shorts
resulting from the bulge in wheat and corn
caused an advance of over cent. The
market closed strong and at the top. Sep
tember opened a shade. lower to a shade
higher at ssAsG3sN ". sold up to 34N. where
is closed. Local receipts were 2s9 cars.
Notwithstanding the strength of grains
the provision market remained quiet and
easy. decline OF 10c in the price of hogs
was tho principal bear influence. septem-
Der pork closed 2hc lower at 12.s7h. Lard
was off 2h @5c at SOS. Ribs were un-
changed at 7.62k 97.65.
Estimated receipts for tomorrow: Wheat
81 cars; corn l24 cars; oats. SO cars; hogs,
$4,000 head.