The Birmingham age-herald., 1904-06-01

heen changed. No one knows how much rain has fallen or over how extensive an area. But some sections have had as much as two inches, and the disturbances Is still central over the south region.
 This means that we may get more rnin and that we are likely to. With good rains in the drouth section. there would be little inducement 10 buy cotton. We thought there might be fireworks today fin the event of drouth and clear skies. But rains fell In the mean time and the market broke easily and sharply.
 The suspension of one of the oldest firms on the floor helped the weakness. The house was not committed to the market to any great extent, but the news acted as a depressing factor.
 The combination of failure and the needed rain proved too much for prices. New crop got down around 1o13 cents and if we have more rain tomorrow we can expect lower market.
 Tor the time, there Is nothing to buy cotton on. The simple fact that prices are lower is no inducement. The decline may 20 on for another two or three weeks. Some day there will be a chance to get hold of cheap cotton. The lower the market gets the better pleased all will be.
 Nheat-There was an easier opening or declines abroad, and while the world s shipments were not as large as expected local sentiment was bearish, on the favor. able report from the northwest, although St. Louis was buying more on reports of damage in the southwest, and shorts covering to some extent in the July and September, the strength in corn being a bull help. May was very cratic, rang ing from 9SD4 down to 9Sl4, but closed with only a fair exhibition of fireworks i at ST. We would favor sales on all rallies. Corn-Corn opened a trif1e lower, but heavy buying orders appeared with July advancing rapidly. a number of operators having returned from out of town and reporting the corn backward, while the small visible supply, and light contract stock here in addition to Armour buying, | frightened a great many local shorts into | covering. especially as the market was over sold. Receipts were over estimated, and will be large again tomorrow, al- though there is some conflict of opinion as to the movement of the crop next week. On soft spots we would favor pur- chases
 Oats-May went out quietly, but there was good buying of July by commission l houses with the cash article Ia to l2 up with all of it absorbed. The crop outlook is favorable, but late, and we would favor purchases of July on declines.
 Provisions-Averag weight hogs 21S. | previous week 216. last year 229 pounds. There was a very active market with shorts covering and packers, local oper- ators and commission house buyers of l product An improvement was noted in | the cash trade, and there was an invest ment demand of the futures which put it In a stronger position than for some time and we understand there is likely to be disappointment over the marketing of | hogs We look for prices to work nigh CT and favor purchases on dips.
 Stocks-The market today needs nc comment as the only feature was iti intense dullness.
 After the strong closing last Friday the excellent bank statement of Saturday and the improvement in London quota tions this morning, a better market wal expected, but immediately after the open Ing prices, dealings dwindled and priee' sagged.
 We are forced to the conclusion tha lower prices will be made for If thu market fails to respond to good news, WI are likely L, see some liquidation and { decline in priceA
 Money on call is a drug. This not onl, reflects the condition of the stock ex change but indicates general business de pression throughout the country. w see no indications of any immediate re sumption of activity and when it doe: come we believe it will be at the expense of values.