The Birmingham age-herald., 1904-07-27

cepuble 10 bearish infiuneces which ma terialized in the form of a decreased spot demand at reduced limits and smaller trade In clothes and yarns. The net re- suit showed a loss of 10 to lS English points on early, and points on distant positions with sales of. 600 spots at 1 points decline.
 Old crops and August especially were progressively sold soon after our opening and the premium for that month was materially diminished. but around the low levels suffioienet support was ten- dered to check further dsression.s New crops did not entirely escape the attack and at times offerings were fairly free. though in the end quite well absorbed.
 The weekly weather report disclosed no new conditions. Tn fact, it would have been difficult for fl to have done so In view of the thoroughness of private re- ports from reliable sources It is some what difficult to locate any extended area, outside of Texas, from which ema- mates a well founded and serious com plaint and the reference to the boil weeviI in that state was more conservative than expected in mentioning a less ex- tended area of excessive damage. In it's entirety the report may be said to have disclosed only generally satisfac- tory condition.
 We expect to see a continuance of scalp ing conditions until portion of the spin ners long interest is exchanged for spots or until that time approaches sufficiently near for traders to sell in anticipation of lower prices when these contracts are marketed. ~
 Wheat.-There was enough in the politi- cal situation aborad to create nervous ness among shorts while 1t was thought Liverpool had been rigged by Valentine who Is abroad
 The revised French crop estimate did not attract attention while Mir J. j. Hrrs builish interview and the large decrease In the worlds visible supply contributed largely to the strength.
 Crop advices from the northwest and Manitoba were not near so favorable The surroundings of this cereal we con- slider very bullish and those who hesi- tate in making purchases will undoubt- edly have to pay higher prices
 San Francisco wire late that English houses were good buyers in that market
 Corn.-Car lots over-estimate but only l5O Tor tomorrow and sample lots in good demand. The bureau report was favora- ble but advices from Missouri say the crop is very backward
 The trade was light but prices ruled strong with July and September con gested.
 Oats-Car lots under estimates with only 64 for tomorrow and 1t is doubtful if man ynew oats can be rushed here to fill July contracts. Advices from Illinois show disappointing yields the best re- ports coming from Nebraska and South Dakota. There was good buying of the futures and we look for higher prices Provisions.-Were quite weak early, the Cudahys selling pork and lard but prices turned up with strength in grain and by open buying by Armour, evidently for purpose of stimulating a cash demand for meats.
 Stocks-The stock market today dis played a dragging reactionary tone and 1 the tendency toward noon was distinctly to lower levels, and this was accentu- ated when the rallying power showed up but poorly. In the afternoon. the trading on the floor gunned for stop orders and uncovered a number in stocks that have been bull pets notably Union Pacific, | United States Steel preferred, Pennsyl- vania Southern Pacific and St Paul, on all of which we have been persistently bearish for several days.
 | We would carefully note the close of | the market, and If there is weaKness and a coppy demoralization presented in the morning the short accounts should be retired and an attitude of waiting as- sumed
 We would not at once go long for 1t and there will be no sharp up rush im- nediately unless this short interest gets large and unwieldy.