The Birmingham age-herald., 1904-07-08

Of Texas Mississippi and Louisiana The market at first showed little disposition to respond to the firmness in Liverpool, where prices seemed to be influenced by speculative conditions peculiar to that market and the better spot demand, sales of 1000 bales being reported But after opening steady at an advance of 3 10 points and hanging around these prices for few minutes, trading became more active and the market advanced sharply on buying by New Orleans, Wall street and recent short sellers There was more CT less cotton offering however. It cannot be that the covering has been in progress ever since a week before the Government July report and which has sustained the market in the face of very bearish crop news, is gradually reducing the short in terest. Trade interests, who are the only enes at present engaged in the market that could be expected to stop cotton on contracts, are interested in the lower prices for the new crop and little bull speculation, we hardly see what Is to keep the market up after the more de- pressing demands for shorts are filled, un- less something occurs to the crop In short, we see no reason to alter views as to the value of new crop cotton, and be- lieve that sales of the late months for turn will show fair profits
 Wheat-There was very strong start outside buying orders pouring through commission houses strong markets abroad. and the very unfavorable crop reports creating bulllsh sentiment, the sold out bulls reinstating their puchases and shorts covering freely. Outside mar kets were very strong. There was foreign buying in September largely to the con tinent while 1t was reported that eastern millers were buying in Duluth. A great &alyt aatf h Ia there was enough of demand to easily absorb offerings. Export sales, five car loads Good flour sales reported in Min neapolis. and we look for a better demand all around. It Is bull market and we look for higher prices while favoring purchases around present levels and on recessions.
 Corn.-Our advices Indicate backward conditions and with unfavorable weather in Argentina, 1t created a good buying demand accompanied with higher prices, with the closing strong and sentiment less bearish than of late. Considerable anxiety prevails over the unreasonable weather. and we think ths coreal should be bought especially for December and May delivery.
 Oats.-There was a large amount of September on the market, but 1t was well taken, sentiment being bullish on the unfavorabe outlook and feature was the buying of July by Armour. We look for higher prices and favor purchases on all dips
 Provisions.-Considerab selling ap- peared early in sympathy with hogs and an increase of about 5000 ties lard. The strength in wheat and corn, however, started shorts to covering. and there was moderate buying by local bulls. The cash traue in meats is fairly good, we are in clined to look for higher prices on pro- ducts.
 Stocks-The stock market today showed the effect of continued realizing and as indicated heretofore. receded slowly un- der the heavy proft-taling started yes- terday.
 We think some further reaction prob able. The professionals in the street and on the floor are somewhat bearish and while they do not expect serious de- cline, do not wish to buy now on con- sessions The signs are that the short in- terest is again extending.
 We would sell the standard active stocks as a whole on strong spots for moderate turns for the present. but would take small losses In case of mistaken judgment.
 The Fundamentals still seem to be all right General sentiment Is now consider ably divided and If the recession extends there will be heavy selling.