The Birmingham age-herald., 1904-06-30

strength in the early trading on bnlllsn interview with Mr. E. H. Hartman. but tho buying as near as we could judge was entirely short covering and manipulation and we do not have faith in the improve ment which should be utilized to sell on for a turn. There are too many uncertain ties ahead of the market in the, immediate future and we do not see how Tn the race af them the market can advance sub stantiallv so that it would seem that the chances are in favor Of the bear crowd for a turn.
 But let 1t be thoroughly understood that we do not assume this to be bear campaign
 we think the turn has come and that an improvement that can only De checheo py a calamity is on the programme.
 rba Fundamentals are continually i'm ,,ro,,tns and the sentimental part of the ,,artat uill soon be wiped out by the r,,ra anbatantial reason of advocates of an advance later on, when the political skies are clearer
 We would operate as in a trading mar ket
 Total sales 97,600.
 Cotton-T ,iverpool took the weekly crop report in a really serious way as evidenced bv the marked decline inall departments, hut cables were inclined to lay the blame on selling orders from America. lhe records showed tenders of 1,5OO bales III the English market and 1t Is prooapie that prices were affected to considerable extent by this fact.
 The occurrence of beneficial rains in central and eastern sections Of the oelt heIoed to stimulate bearish sentiment 4a of values was established. More unanimity of opin- ion on one side. however, sufficed to maintain a steady tone at the decline as the temptation to take profits on short contracts created an adequate demand.
 As to the general situation all traders seem to be convinced that the July bu- reau report will show decided improve ment over the figure of conditions last month and that a more or less serious decline. in prices will ensue, and the hope of bulls in the meantime seems to depend on extended ravages of the boil weevil or complaints regarding excessive rainfall which will be determined by fu- ture developments.
 Wheat-The early market was quite heavy on the weakness abroad, lack or buying orders, while the rains in the southwest attracted very little attention,
  was good buying, however, by local bulls with outside markets displaying strength, while the numerous reports of damage to winter wheat became numerous and started better buying from outside. Jones report was bullsh, being in line with prt- vate advices, while to cap the climax there were reports of weevil in Ohio, the first in forty years We regard wheat g in a strong position from a crop stand point and still favor purchases of Septem- Der on all dips.
 Corn-The principle feature was selling of July and the buying of September on the fear of liberal deliveries July first lsbut there was a good demand for cash grades and we think liquidation in July will soon be completed. Crop advices from various sections were not quite so favor able and we would favor purchases of l September on soft spots
 Oats-There was selling early by local | bears with cash lots weak at half to 1 cent lower. but sentiment soon changed due to a number of unfavorable crop re- ports being received that started shorts l to covering and closing the. futures strong. We think this cerial is In shape to work higher.
 l Provisions-Hogs were in large supply. 1 thereby making sentiment bearish. Lard was sold off on account of increasing stocks. There was considerable chang l ing to September and prices rallied late in sympathy with wheat and corn.