The Montgomery advertiser., 1905-01-30
on these subjects. scalping market will ob- tain.
LoYEMAN s Co.,s COTTON LErTER.

! tain.
 LOvEMAN & CO.'S COTTON LETTER. (By Private Wire from H. & B. Beer.) New Orleans, Jan. 2s.-The market of the present day presents tn most peculiar situs- ton ever experienced by the trade. There Is every assurance of the growth of last year amounting to 1a,5oo.ooo bales which added to the surplus carried yer at the end of last season, 46e, 900, will bring the excess in the way of an over-production over prob able consumption of about 2.500.O00 bales The South seems to realize the necessity os marketing slowly in order to prevent a de cline, and view the situation from afar. The spinner is just reluctant about buy ing with object of keeping market from ad vancing In an effort to better their pc sition, planters of the South have formed an organization, the Southern Gotten Associa tion. which has called meetings of all per sons, of all professions. interested in cotton in each township school district and beat Of every county. of every cotton State, on Saturday, February 11th, at II a. m. Al these meetings the constitution and bylaws of the Southern Cotton Association to he promulgated by he executive committee. will be presented for consideration. Every planter is urgently requested to sign at these and of fertilizer 25 per cent, and mer- chants will be requested to refuse credit to those who refuse to sign, which action .nS Southern bankers will also follow. This is going to be a bitter fight between the spin ner and the producer; neither side has made much headway so far, the market remain ing practically unchanged today as on the day of publishing of the Governments of ficial crop estimate, although prices in the meantime have fluctuated within range 'f about 60 points. The movement continues light as a result of holders -efusing to mar ket their cotton freely, probably also on accotNt of the severe weather # the past down to such a low ebb thus far, 5,G27. 7.GOG. against 5,372,0oo last year, that the cor- sSmDtiSs oI,s s basis has, been 1assd to about ,on..the. .other hand. farmers .hav: shipped so sparingly- to market that the commercial crop has been reduced 70 basis of l0.- holders in distant lands are marketing slow ly also Bombay's receipts for week 55.000, last year 95,0oo of 400 pound bales.
 Chicago Grain and Provisions.
 Chicago. Jan. 2S.-Anticipation of reduced exports from Australia and Argentina was largely the cause of 8 firm finish today in the wheat market At the close May wheat was up Is. Corn is off IT.. oats are 3-s down and
 Reflecting lower prices at Liverpool the wheat market here was easy at the opening. May started 1-S01-4c off abroad was said t6 be due 70 increased shipments from Australia. At the start there was considerable scattered selling, commission houses and pit traders being prominent on that side of the market The slight decline. however, brought out a fair demand from shorts In consequence there was soon a firmer nndertone, May advane- ing to 1.16. Receipts in the North west today were quite small and news of the cash situation at Minneapolis was rather bullish. A revised esti- regarding the exportable surplus of wheat from Argentine and Australia materially reduced former figures. This gave some anxiety to shorts and resulted in additional covering. Trad ing, however. was comparatively light throughout the entire session. The market closed firm with May at llS T-S Siearaancesa sna of wheat and flour receipts were 433,000 bushels. com pared with 536,100 bushels a year ago. Minneapolis, Duluth and Chicago re- ported receipts of PSI cars, against Al
 Selling by cash houses and scalpers caused rather weak corn market The selling was due largely to lower cables and increased acceptances in the country. May opened unchanged to 1-Sc lower at 45 1-S@45 IA, sold off to A 7-S045 and closed at 45c Local receipts were PAS cars, none of con- tract grade.
 Larger receipts than expected was partly responsible for a slight decline in the price of oats. The market was also affected by the weakness of corn. Trading was very quiet. May opened aHshade to l-Sc lower at 31 to 31@1-S sold between 30 3-4 and 31 Is and closed at 30 S-4. Local receipts were
 A decline of 10c in hog prices start ed moderate profit taking in provisions and resulted in lower prices through out the list. At the close May pork was off 12 1-2@15 at 2.S2 1-2 Lard was down 2 1-2 at 6.95; ribs were off 1-2Q5c at 6.S2 1-2.