The Birmingham age-herald., 1904-07-16
cothrar Market Letter.

OottOh-lhNtEpOOi COfninenCeQ opera tions on rather high plane this morning. but the advances developed profit taking in the early months and was more than fully lost before the close. Manipulation was reported from sources as being over, the unexpected strength in the winter months was no doubt diminished by American selling. Spot sales were large at good advance and if the improved Manchester business is a reality the withdrawal of manipulative support should not be material factor in the prices to be paid for supplies from their scanty stores.
 The weather may fully answered all re- | quirements of the ideas for the better ment of crop conditions and when accom- panied with a similar forecast and good reports from the fields no further incen- tive was necessary to cause prompt response othe failing Liverpool market. All options were lowered at the opening and the downward tendency was without interruption of note.
 From a speculative standpoint as we'll as from every other, the near months are distinctly different from the fall and winter options. and the prices almost
 entirely controlled by different factors, although there is d sympathetic connec- tion which causes a moderate influence
  former are directed by the strong spot situation, intensified by operations of a bull clique, and should be avoided by all but the professional operator or those l who can afford the sport of kings. The | values of later positions, however are l governed by weather. and news from the | fields and quite free from other than con- sequent deductions, affording much the | best opportunity for operations. When all the elements of strength as appear at present are carefully consid- | cred and confronted with actual prevail I ing conditions 1t is difficult to deduct | from them a belief for other than lower | prices in the future.
 Wheat-There was selling early on im-
 proved weather, easier markets abroad
 and Argentine shipments larger than ex- pected, but the crowd was bullish and bought quite freely, creating upturns that were not so pronounced, however, as on preceding days, the market showing less
 vim and meeting with Considerable reaI- 1 izing. There was a good demand for old
 September, but the news was not so ultra
 bullish as heretofore. and was paid less
 attention. The market weakened towards the close. and looks as if it would drag some lower, while should any sharp bulges l be witnessed. we would favor meeting l them with sales.
 corn-There was selling early on the
 hot and forcing weather, but July was bid up about 1 cent with September follow | ing. enough congestion appearing to start shorts to covering. While the trade was I light, the nearby futures appear to be very strongly held.
 Oats-There was selling early on gener- l ally favorable weather and fine reports I from the northwest, but there was enough damage reports from Illinois, noting rust. as well as from the southwest to start shorts to covering. Local sentiment is in- 1 clined to be bearish.
 l Provisions were heavy under realizing
 in lard by local longs with sentiment gem orally bearish owing to the continuation due to shorts covering, but we don't think advances will hold.
 Stocks-The stock market deserves care 1 ful analysis today owing to its cratic | fluctuations.
 In the early trading irregularity was l prominent and stocks were whirled up and then down. fractionally and trading element was greatly confused. Then came the Northern Securities de- l cision in favor of Hartman, which caus- ed a rush to cover and then a rush to realize. After sentiment had settled a little the big U. P. shorts realizing that they might pay dearly, bought and Harri- | man interests bid the stock, which was limited. ss@ Remainedr of the list began to strength en on this demonstration against the bears and short coverings took place throughout the market. We are of the opinion that a recession of fair propor- tions is imminente and would accordingly buy when sentiment is a little more set fled when stocks are heavy