The Birmingham age-herald., 1904-07-14

the two previous days. Sentiment is against an advance in SO many quarters that the sale of cotton on every adyanee prevents much of a rise.
 But on the other hand the market is not near as weak as 1t was some days ago, and there is an unquestionahly ae- tive demand for contracts that operate against a decline.
 Crop news fine; never. better. But if the market always keeps on going down on good crop prospects or going up on bad, there would never be any halt In either direction. For the time being shortage in the future market has about offset good crop accounts. 1t now de- pends on developments whether the coy- ering continues and shorts get in or whether things quiet down and we begin to sag again. There does not seem to be much inducement to buy on an ad- vance of this kind. and the advance has not gone far enough to induce short selling. On a break we would buy and we would like to see a further advance before going short.
 Prices are not high in view of the short age that exists and it will be many weeks before we get much new cotton to fur nish relief. Weather is fine.
 Stocks-The stock market was an .ir- regular affair from start today, but It steadily mounted. each fractional reac- tion being checked higher than the last until the shorts were driven in with great slaughter"
 The broadening of the market with increasing outside interest is very en- couraging, and according to all signs at this writing the market will be continued upward in the line of gradual improve ment, interrupted occasionally, as is usual, with reactions.
 The fundamentals seem to us to justify the bullish stand, buying on reactions instead of on bulges.
 There will be frequent reactions to foster the short interest, which is resist ing the advance and will probably con- tinue to do so for some time.
 There is bear material developing, and on volume day or following it this mat ter will probably be given more attention for reactionary purposes.
 Wheat-The buying movement was again set in motion new high levels being established with shorts eager buyers, es- pecially of the July kind, while eomms- sion houses had good sized buying orders in September and December. There was talk of a large cash business at Duluth and with rains in the spring wheat region as well as a 1umber of crop damage re- ports helped the bull news. Realizing was quite free towards the close, but offerings were well taken, and we believe the situation will show higher prices.
 Corn-The cash demand was a bullish feature on July Weather conditions were considered more favorable for the crop. although higher temperatures would be more welcome. This cereal acts very strong with prospects of higher prices being witnessed.
 Oats-There was selling of July that was aggressive of new oats being on the market late this month. But the buying was good and prices moved up in sympathy with wheat. We think there is large short interest in September and would not care to be short of that month.
 Provisions-Advanced in sympathy with hogs and grain Realizing sales of lard and ribs from packers helped it weaken. There is no telling how soon the strike will be settled. It looks very much as if sealping operations will govern prices temporarily.