The Birmingham age-herald., 1904-06-16

the lower levels established by indifferent foreign markets, were recorded at our opening and while prices were for a short time fairly steady at the decline, the per- feet weather map and continuance of good crop reports served to add conf- dence to bearish sentiment, and slightly lower prices were observed. However, much conservatism prevails and operators manifest a willingness to await more ma tured developments before largely com hitting themselves and as result an exceeding quiet market prevails.
 The purchasing by spinners of new crop months would. add considerable strentgb to fall positions, and while this may have been done to some extent, we are not in- cIined to the belief that with the much advertised unsatisfactory trade conditions and a f,lll knowledge of the excellence of inc growing crop the interest of the manufacturer is at this time very great when reference is made to extending their long commitments.
 Moderate varieties will probably occur with sufficient regularity to afford op- nortunities. and we believe the best re- suits will be obtained by those who sell on advances with view of accepting moderate profits.
 Wheat.-There was a weak opening, due to the severe break in Liverpool that more than offset heavy rains in the south west and while the crops news was of good description the strength in corn was somewhat of a bull help and the crowd played for reactions. The market was very nervous within narrow range, but shorts were disposed to cover late in the session all owing to trifling recoveries. There are still hints of manipulation in the old July kind, but we are very doubt full of such a move being made with the cash situation so weak, and believe sales made on. all advances will prove profit able.
 Corn-Sample lots of corn changed but little not much on sales. but demand good Receipts here are running smaller, and with the rains shown in the belt, it developed good buying, especially of Sep tember corn, with changing going on from July. There was pronounced conn mission house buying on September and was said to be taken on in the way of hedge against short September oats that were put out some days ago by prom inent operator. With it's development we think September will again go to a dis count and would favor purchases of July on dips.
 Oats.-There was a good cash business with shippers buying, but every little
 
 Provisions-Hogs were good supply and lower, with the estimated lard stock here showing an increase of 9O,0OO ties this month. ribs 3ooO,OoO pounds Shipments were under last year, the cash demand was poor and there was no doubt that Armour was liberal seller of ribs. The market is rather mystifylng at present, but 1t looks as if operations were such as to give packers control of the ribs. 1t looks like a scalping market for the time being nt Stock.--Wall street was today treated to an unpleasant surprise. It came In the shape of a statement that the Southern | Pacific company would issue 100, COG. 600 pre- ferred stock about half of it at once. | The general list held remarkably we'll in | the face of the reversal of professional sentiment, however, and it showed, with Southern Pacific stock, good support in dictating that the powers that be are com- mitted to the bull side yet.
 | Incidentally the development brought some new features to our attention and we would recommend that stocks be not pulled too strenuously toward the end of | the month. We are now inclined to look for a sentimental traders market after the republican convention.
 Improvement is in order in the interim | Total sales 457. .455.