The Birmingham age-herald., 1904-07-22


 Cotton-Cotton experienced quite a ma terial improvement in values today. Liver pool. from disappointing levels at the hour of our opening, showed much ae- tivity during the last hour of trading and recorded substantial gains in all op- tions, new crops closing at an advance ei English points. Spot sales amounted to 700O bales at points advance.
 From practically an unchanged opinion on new crops, prices steadily aoFaheso until a gain of Is to 19 points was oo- served. Shorts showed much activity In covering on receipt of less favorable news from Texas where the ravishes of the boll weevil were said to be increasing, Deterioration from other causes was re- ported from that state but the concensus of oninions accredited to the crop an ex- celIent condition outside of the weevil dis trict. As we said some weeks ago. eer- tain proportion of the crop may as well he conceded to the persistency of this in sect and 1t is still too early to form an opinion of the quantity. From other sec tions of the belt crop news was or lne same favorable tenor as reported Tor some weeks past and the weather chart seemed to answer all requirements. It is reported from several sources that agents have received instructions to proceed 
 and the foreign political news is, to say the least, disquieting It is not believed to be within reason that serious results will follow --.e existing disagreement but anything approaching even temporary breach of relations between European powers at the present time furnishes basis for deep consideration.
 Such advances as were seen today, pre- dieated for the most part on a well known local evil furnish an excellent opportu- nity for exercising judgment as to fresh commitments, consideration being given to the probable final effect on the size of the crop when the entire belt is con- sidered,
 | Wheat-The rains through the south west wheat belt were bullish enough to start the buying early, with July advanc- | ing sharply, and shorts covering very freely in the deferred futures. Consols were also lower, and late cables displayed strength with bullish advices on the French crop. Armour sold December and | bought September, in fact cash houses bought freely of the latter month in the way of uneovering hedges. There was considerable realizing and 1t was reported that a lot of cash wheat was unsold in | Kansas City but was denied, however, by a statement that everything was cleaned up. The closing was strong, with | seHtlIneHl DuAllSn, Dul we Wouiu dSSSpt profits
 Corn-Our advices from Missouri ind- cate poor outlook and that the prospect in the western state are for corn being shipped In instead of shipping out. Trade was rather light, but the futures were strong, September especially, that month being congested and there is a good pros- pect for higher prices being witnessed.
 Oats.-There was selling early for local, but offerings were well absorbed, in fact a good class of buying appeared late ow- | ing to the unfavorable reports from Iowa, | Kansas and Nebraska. The closing was firm and we can only reiterate our previ- ous advice, that we think this cereal Is cheap. especially September.
 Provisions Provisions were sold down early on large receipts of hogs at lower prices and the strike at the yards being | lifted but there was buying by the Eng l fish houses and shippers, while il looked as If Armour and Cudahy were extending l support to the futures Sentiment Is rather mixed but prices are likely to fol- | low any upward movement in grain.
 Stocks-M Market was irregular today. Early the first weakness was followed by a recovery upon which selling was met | by a former bull leader, and the market begun to look genuinely toppy for the first time in a long while. On the little sporadalc rallies that followed the floor element put out snort iines' anu the ue- mand for stocks in the loan crowd in the afternoon gave evidence of an increasing short interest. We think there should be a rally before much lower levels are | reached, but 1t may be a gradual decline that is on the programme, somewhat af- th, the fashion of the continued and unin- terrupted advance, It IS a market to watch closely, and we are inclined to think at this writing that the trading position will give excellent results from ] now on.