The Birmingham age-herald., 1904-07-09

advices also stated that Manchester had oversold July's and was covering at pres
 ent
 Our market at the opening accepted
 only a portion of the higher Liverpool and
 refused to be influenced by subsequent improvement there. Some short covering
 was in evidence but not In sufficient vol
 ume to more than sustain prices against
 the offerings. Nothing unfavorable could
 be gleaned from the weather map. Texas
 was shown to be practically free of rain
 and the heavy precipitation in Alabama
 were reported as beneficial from numer-
 ous points Reassured by this condition
 much of the incentive of weak shorts to
 cover new crop options was removed. at
 the same time belated shorts in July con
 tracts found 1t quite expensive to re-
 iieve themselves of their obligations As we have said in previous letters. ad-
 vantage should be taken of sharp rallies
 and slight crop scares as basis for
 short commitments. As people become accustomed to the more rational prices ex-
 isting and the shadows of artificial fig
 ures disappear more consideration will be given to the prospects of the actual crop results and the actual trade necessities the former at present as satisfactory as the latter's requirements appear to be the reverse.
 Wheat.--The opening was very excited.
 shorts rushing to cover. while commission houses had their hands full of buying or ders. many of them being sent in from the flooded districts of the southwest, where conditions were worse than ever, while there was enough inspiration from
 abroad to start heavy local buying. New high level were created. but the temp tation to accept profits was too great and resulted In very heavy offerings that caused sharp reactions. helped by reports of clearing weather in Kansas. The mar ket was full of stop orders and towards the close offerings became quite free. Further declines may be brought about if the advent of clear skies but we would favor purchases on sharp recessons Corn.-Primary receipts, 230,000; ship ments, 144,000; top prices were made early, shorts covering freely, due to the strength in wheat, but a great deal of long corn was thrown over. weather con- ditions being regarded as more favor
 able for the crop with the closing heavy.
 Export sales, four carloads.
 Oats.--u ere very strong advancing
 with wheat a number of unfavorable crop reports being received from Illinois and Iowa, as well as from the southwest. There was heavy buying of September by a prominent house but a disposition was shown to accept. profits and the close was easy. On further dips we favor pur- chases. Export sales. 1000.
 Provisions. in sympathy with
 hogs, with lard very heavy, owing to ac- cumulating stocks and poor cash demand,
 exporters having turned sellers. There
 was a good cash demand for meats, Sep tember ribs were quietly picked up and
 with further declines we would favor pur-
 chases
 Stocks.-The stock market today was ] one of the confusion and great irregular ity of movement.
 The transactions were the strong issues and saveu the day from being one of de- precision, for the floor professionals were inclined early to hammer stocks, notwith- standing the London strength. which they believed was manipulated. There was a
 hardening noticed in some quarters of the
 market and a small recovery would not
 be surprising after the dash of yesterday. We believe. however. that the active list may be sold for the present on rallies for turns.
 Should there be a rally on the bank statement prospects, It will be taken ad-
 vantage of by belated realizers and floor hea re fo sell on.