The Birmingham age-herald., 1904-07-12
cothrar Marked Letter.

COttOn-Ihe cotton IudrhSl IOudS NoS typical one Early there was an ad- vance of s to points and for about two hours prices held well. takers being found for all the offerings and the tone seem ed firm. Then without sign the mar ket broke and in five minutes all the gain was lost.
 E There was no reason to be found Tor the rise save short covering and little cotton offered. None to be found for the break save offerings and no one to buy.
 l. That is all there is in the cotton mar ket at the present time. Every one is waiting for something to turn up. Will the crop keep on as 1t has and not suffer in August and September? Will severe dry spell come on just when rains are needed six weeks hsnce? Such questions are about all that Tone can ask and the answer is not yet.
 In the meantime we can expect very lit tie business and any decline will be slow. On good breaks one can pick up cotton and out at profit. On any bulge it seems to be a sale or long as crop news is so good.
 F We have the best chance of making big crop we have had in years Will weather keeps on as favorably as in the past?
 Wheat-Lower cables and improved weather in the southwest started selling early, although foreign statistics were bullish, Russian and Indian shipments decreasing. The southwest sold quite freely, but a good class of buying ap- peared, followed by numerous senseation- al reports on winter wheat, while there was enough in the spring wheat situa- tion to alarm shorts who covered very freely, and allowed sharp advance There was some selling of September by the northwest around 85 cents, and in view of the bureau, report this evening con siderable profit taking was indulged in, with sharp breaks appearing, we favor purchases of September and December.
 Corn-There was selling early on the improved weather in the west, but trade was rather light and prices frmed up in sympathy with wheat. The bureau re- port is expected to make q very bearish showing, but we look for strong support to appear on declines.
 Oats were quite weak early on the sell ing out September stuff by commission houses, although offerings were well taken, receipts running light and good demand for sample. We hear reports of ing delayed. We would favor purchases of September on dips.
 Provisions-Provisions were lower on the big receipts and increasing weights. There was good buying of ribs, however. by the leading packers, but we do not look for much more than a scalping market
 The stock market was irregular today. The early strength was succeeded by re- action in the afternoon. Professionals found some liquidation and realizing and took the short side, hammering the gen. eral active list without stint We do not believe that at present much can be accomplished on the short side. Un- der the leadership, of Metropolitan some impression may be made on the list and 1t seems to be the intention to allow that stock which led the last decline and subsequent recovery to again become de- pressed.
 The grain strength today was alarming to some traders and they sold on it.
 There does not seem to be any founda- ton for the nnsettling rumors in that respect, however.
 On any raid we would buy for turn.