The Montgomery advertiser., 1909-05-28

declaring that the recent changes and inn
provements made in the future contract and
almost ideal, giving opportunity both for
the purchase OF spot cotton and the hedging
nsssssary to protect future contracts for
The resolution presented by the spisners
COMMITTEES appointed TO Investigate cotton
exchanges contained this paragraph con-
corning the producers market at New Or
leans: Our committee feels that this As
ISOLATION should express in the strongest
Cotton Exchange meeting SO closely the
views of the Association"
Wheat the New orleans Cotton Exchange
has done amounts 10 this:
The safeguards surrounding the integri.
" identity and the quality OF each ana
risdiction Of the New Orleans Exchange.
have been greatly improved.
Through a new system OF official classi-
fication and a new system OF standard grad
ing. the grade OF each bale will be deter,
mined by specially qualified classers and
the Cotton Exchange will guarantee the &C.
Those low grade, stained and tinged cot
tons which have depressed the contract
heretofore have been eliminated.
In the near future and In line with im-
proyements already made. modern system
Be inst nnS AZ sn New ofiesns throSsh which
the cost of handling cotton will be reduced
to q minimum.
contract and rules according to an official
report of the Bureau of Corporations OF the
Federal Government, have been correct in
principle since their inception. In the APP
plication OF the contract and rules, however.
some Inequalities developed. and these have
views expressed by leading planters. repre-
eminent. fie
Commenting upon the action of the spin
ners at Richmond, President W. Il. Thomp-
son of the New Orleans Cotton Exchange
said: We are not SURPRISED by , the ae en-.
and the system under which the cotton bus
mess Of New Orleans win be carried on
In the future contains flaws so far as
we can see. II any should develop we will
promptly correct them"
CHICAGO GRAIN AND PRODUCE.
Chicago. May 27.--Favorable condi-
lions for the new crop In this country
caused sharp declines in wheat prices
today and final figures showed net
losses of Ia to Ia cent. Corn, oats
and provisions also were weak.
The wheat market was heavy the
entire day. with the exception OF mild
bulge early In the session which car
1--2 cent above yesterdays finai quota
lions. This upturn was due chiefly
to buying based on q report of a To-
cal crop expert. who is now In Kan
sas and who claimed that in the ses-
ton visited the condition of the crop
Is extremely poor. Reports from oth-
er sources. however, failed to show
any serious injury to the growing
NhNdN aH0 Will a OF the
favorable weather the wheat crop OF
that State. according to many traders,
promises to be little short Of an av-
erage yield Demand for the cash
grain was exceedingly slack owing to
the attitude of millers in general, who
are inclined to refrain from purchas-
Ing any more wheat until the termina-
sg % We're es Msy ds an hcs ' snsss S
Weakness at nearly all the European
markets was an additional bearish fac
tor. The May delivery displayed more
firmness than the distant futures ear
ly In the session, because OF covering
by shorts, but demand was not urgent
and prices finally yielded owing to
the selling pressure on other options
range of / as to l rs, May selling
between 1871 IS ana 1873 and July be-
tween i16 IA and l1s. The market
lowest price. May being at 1872 ana
July at 1l6 1-29b-S.
Ideal weather for the new crop and
an almost total absence of shipping
today, resulting in sharp declines. The
May delivery displayed especial weak
ness and broke more than two cents.
partly as q result Of slump In the
price of the cash grain. Receiving
houses claimed that receipts would be
fairly liberal for some days yet. ow-
ing to free movement from the north
ern part of Illinois. while the pros
provement in shipping demand for a
month at least The range on. May
for July SO Ia and 20 Ia The mar
ket closed almost at the bottom, with
prices Ia TO 2 ia cents below the
previous close. May being at 7s and
Declines Of to cents in the price
Of cash oats caused heavy liquida-
ton in the options, resulting in a
weak market all day. Weather con-
ditions were favorable for the growth
OF the new crop ard this added to
bearish sentiment. The severe break
in cash prices was said. to have been
due to the withdrawal from the mar.
ket of some of the largest buyerrA Who
had taken the bulk of offerings OF late
crops. in order to cake contract oats
for May delivery. The market closed
weak al. a decline Of SIS to i-2 with
May and July at So Ia.
The slump in cash grain induced lib
eral realizing In provisions. which re-
suited In weak marke ct at declines of
10 to II Ia cents compared with yes
terdays' final figures
The leading futures ranged as follows for