The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-08-16

Chicago. Aug. 1s.--wheat was near
ly crowded from the spotlight area OF
speculative interest today BY a drought
result Of fresh reports Of crop damage e
remained the chief attraction. Septem
Der advancing 7-Sc from the lowest
point OF the day and finishing with a
net gain Of &c September corn scored
5.Sc. Provisions closed Q 1907 1-2c
higher.
The wheat market was on edge at
the start and susceptible to quick
in September were made all the way
from / 90 1-8 to I .01, being 1-5@6-Sc
lower to 1-s@l-4c higher than the pro-
vious close. Fluctuations within that
range came SO rapidly that for a time
lowed only with great difficulty. Some
| Of the leftover bearish sentiment of
ANAL transactions Of last week was
still apparent in selling activity around
the better prices Of the opening range.
effect Of a fresh lot Of crop damage re-
ports, many Of them from districts in
southwestern Ontario, which have thus
far appeared to be free from black rust.
Of the dispatches as seriously curtail-
ing the Canadian crop. The rust af-
ffcted portions of Minnesota and the
Dakotas were also said to be growing
from Is to 20 per cent Of the average
crop In those sections. Under all these
bullish conditions and with smaller
worlds shipments than anticipated. the
little upon which to base his hopes.
Shorts covered and continued to cover
Ct each succeeding advance in price.
There were realizing sales also at
melted under the growing demand.
September climbed step by step to 0S
Sales by scalpers caused a reaction in
the September option towards the close
ever. was well maintained to the end.
The market was paradoxical in that
the later strength was helped by the
tone OF the corn market. which hither-
to has much Of tss strength
wheat on passage moving the past
week showed an increase Of 10000
The visible supply increased 100000
bushels. Primary receipts were 1885,
900 bushels compared with ss7. 900
bushels a year ago. Minneapolis. Du-
luth and Chicago reported receipts Of
1874 cars. against S52 last week and geo
A new and serious condition appears
to confront the corn trade. Complaints
Of backward growth and poor prospects
became SO pronounced today that bulls
and bears alike gave heed to them.
ing transformed the market from
steadiness to buoyancy. September
started 1-sc lower to 3-Sc higher at SO
to 50 Ia and ADVANCED to s. ID. the
transactions were not without occa-
sional recessions on profit-taking sales,
but the whole trend OF values was to-
ward the high point at which the mar
large buying orders from southwestern
points where the dry, hot weather ap-
pears to have created q sentiment
bordering on consternation. The lead
Of the commission houses was soon
followed by those local traders who
sold short early and on each succeed
ing bulge the offerings became lighter.
The upward tendency was most mark
December starting with gain of
a N net gain Of : i-&@s-s. May sold up II;
from 50 la to Sic at the opening to
q l-sc. Local receipts were "a cars of
which 2 graded contract.
There was activity in the oats trade
which shared the strength Of corn and
at SO "a and advanced to 81 Ia. Some
influential selling by one OF the specu-
1ative leaders checked the advance and
carried the September price back to
at the. lower figure. Local receipts
were 322 cars.
Apparently an effort was made to
bull the provision market at the start.
and higher prices ruled. A large line
Of lard was thrown on the market by
one of the large packers and Its effect
was to stay the advance. The market
held strong, however under liberal
commission house demand and the
close showed a gain in September pork
Of lac at 1877 Ia, Of &c in lard at
4. SO Ia and of Q I-2 in ribs at $7.47 Ia
Estimated receipts for tomorrow
Wheat. 261 cars; corn, 1871 cars: oats.
511 cars: hogs, 10000 head
The leading futures ranged as follows:
Az lgh