The Montgomery advertiser., 1904-08-14

tnducement Tor. thom to purchase freely, for
trade continues cotton is entirely too high
in proportion to the law OF supply and de-
mand. We consider cotton q sale at pres
ent
q. y. FIERCE . co.'s COTTON LETTER,
tBy Private Wire from, Gilbert q Clay.)
NEW YORK. August 12.-Liverpool was
inconspfcuous this morning. following about
the course noticeable for the last several
days and finally closing with a loss on new
crop options Of 7@3 points and with rather
small spot sales Of 5000 bales at a decline
Our opening was very slightly depressed
owing to quite marked Improvement In the
weather map and probably recessions OF
more note were only prevented by the de-
sire Of some shorts to accept moderate
profits and be free, from commitments
over Sunday. Crop reports are already be-
ginning to reflect doubt as to the amount
cent rains and with clearing weather, nu-
merous notifications may be expected Of
opinions not long since quite alarming.
Final results will. we think. demonstrate
that little harm has been done beyond the
delaying the free movement Of cotton from
some sections. The weekly mercantile re-
views express more satisfaction in trade
Of labor troubles. Considerations Of all con-
ditions Is appearing at present indicate
the short side as offering the best oppor-
.unity for trading.
CHICAGO GRAIN AND PROVISIONS.
CHICAGO. August fS.-weakness induced
BY continued marketing Of long wheat
which wary traders feared to carry over
market today. The price Of September fell
In consequence 2kc from the highest point
Of the day. closing y Nc under yester-
days final figures. Corn Is down u q &c.
changed to 10c higher.
There was NO urgent inducement to buy
wheat In the early news. On the contrary
the Northwest reported the weather nearly
perfect for the maturing grain. The result
was further inroads on values September
opening N91Nc down at 1.oo@1. ooA.
mission houses. Notwithstanding the lower
prices there was apparently a feeling Of con-
fidence In the inherent strength Of the
market and this prevented the selling
put out only small short lines and then
rushed to cover at the first intimation of
an upturn Such an upturn occurred when
Minneapolis, which at first was inclined to
minimize the late crop damage reports, sent
| 10 alarming messages and advanced prices
come suddenly mistrustfui OF conditions.
Both sections sent buying orders and the To-
cal crowd changed front. Prices responded
with general advance. September touch
ing 1.0sk. The strength was only fleet
ing. however. the new values proving too
tempting to the holders of long lines, to
whom the crop damage news has become an
old story. complete reversal of sentiment
followed their realizing movement and be-
fore the market steadied again September
had lost all Of It's previous gain and was
range-s1. 90. A partial recovery occurred
in the last half hour. when the bulls took
hold again. September rallying TO !. 00& q
LOOK at the close. The tone at the finish,
and flour were equal to Ss2.70o bushels.
against 621. 900 bushels Q year ago. Min
neapolis. Duluth and Chicago reported re-
ceipts Of 2s7 cars. against 2ss cars last
week and 1se cars year ago.
Corn was Influenced largely by the action
of wheat, though after the market started
courage from the talk OF dry weather in
the Southwest. The lower prices of wheat
at the start brought out offerings of corn
in excess Of buying orders and prices suf-
fered. September opened NC lower at SO
@68k. Later houses with large Southwest
connections entered the market WITH lib
eral buying orders. quick rally followed
and the tone. which had inclined toward
strength, became more decidedly strong
September scored an advance to 53N. bcs
with the late decline in wheat the price
Local receipts were 1872 cars.
The oats market followed wheat and
| corn The business was confined largely
to commission houses. September started
The strength needed much boistering, how
ever. owing to heavy receipts with plenty
or grain In sight. Under free offerings al
the advance d weak tone developed and
prices declined. September going back to
33% The decline was checked by covering
Of short sales and the price Steadied. The
close for September was at 33&. Local re-
ceipts were 363 cars.
Provisions were quiet and prices showed
little change until near the close, wher
scattered buying by pit shorts and scar
| city OF offerings combined to lift prices
somewhat September pork gained 10c al
1i.60. Lard closed 2hc higher at 6.77
| Ribs were unchanged at 7.45.
Estimated receipts for Monday: Wheat
| III cars: corn, 9s cars. oats. 337 cars: hogs
| 5000 head.
| '