The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-29

seem 10 point to the raising and picking
Of large crop.
On the other hand It must be remember
ed that the season Is too early to show
exactly the volume Of cotton that will
be eventually gathered. The crop has
three critical months Jufy. August, and
September, through which TO pass dur
ing which growth will be subjected to
the varieties OF weather condition. not to
mention the possibility Of quite a short
age In the labor market From now on 1t
Is probable that crop scares will be re-
ported with unceasing regularity and that
a frightened short interest may be COM
PEELED to bid up the market against them
selves. The world at present is not over
supplied with cotton goods and visible
supplies of raw material has reached
low figure.
with business conditions showing an
in,nrovement it is extremely probable that
The world win need 11.250.000 bales Of
American cotton to supply It's needs dur
ing the ensuing twelve months.
For the present the greater part OF the
short interest In the American msrke.s
anpears to have been Iquidated curing
the past week. and 1t Is probable that III
the next few days prices will work slight
" before advancing.
Wheat-The slight Improvement IN the
weather and the markets abroad createo
declines at the start. with scattered sell
ing OF the July kind. local operator
bought quite freely for a dull market, but
when trying to unload found buyers
scarce, and was responsible for DECIDED
weakness. The bureau report was pear
ish. foreign markets offered no eneouF-
agement and If anything the short interest
had increased. It looks very much like
scalping market but we feel friendly to
September and are of the opinion on all
soft spot purchases will prove profit
able.
Corn.-The large cash business yester-
day with only a fair country movement,
in addition to the cut in rates of Buffalo.
started shorts to covering, while there
was a little better cash demand with Of
ferings not so large. Kansas City was
one-half to l cent higher, but the trade
was light and largely local. with the I'M
dertone a strong one. We favor pur-
chases of September on dips and rather
look for a better shipping demand
oats.-Receipts continue light. only So
cars for tomorrow with the sample mar
kets steady. About the only future was
the stiff demand for July at IS cents, but
generally trades were few and far be-
tween.
Provisions.-Hogs were slow and there
was selling of ribs by the stock yards
crowds, but we have reason to believe
that they were picked up by Armour AS
there Is likely to be three holidays over
July 4, we would suggest changing over
July product to September without wait
ing for the last day of the month. 1t
looks like a scalping market, but would
work in that direction on the long side.
Stocks-The stock market today was no
market at all The early trading was
dull. Fluctuations were confined to
fractions and nobody seemed to want
to take the leadership.
The floor was bearish and continues so,
and will no doubt hammer the market
whenever encouraged The short cover
ing In Metropolitan was the feature, and
1t deferred aggressive floor work on the
bear side
There is huge short interest in Metro
poltan around which circulate all sorts
of rumors. We are inclined to believe as
stated yesterday afternoon that the safer
side is the long side,
The grangers held fairly well today,
but showed no rallying power. Western
selling caused a heaviness in steel pre-
ferred. We look for a Dragging mar
lSet for the remainder OF the week. Total
sales 5000.