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

Liverpool and the local market in the way of undolng hedges, may have start ed prices upward. but the main thing was the idea that the market had been heavily sold and that the long end was held by actual users. or their representatives. t Is also probable that the talk of too much rain in the western belt had some infiu- ence in unsettling smaller shorts, for 1t Is understood that n wet season 'ren- ders the crop more liable to damage from weevil
 The market responding to the cables and the talk of too much rain opened steady, to Il points higher. At first room brokers representing the south were heavy sellers, and the market sagged on a few points, but lower Wall street was buyer, and Liverpool and Philadelphia also bought.
 Sentiment is too bearish and shorts too confident to expect very active purchases at this time and the idea that there Is already a large short interest Is curtail- ing fresh sales, accounting for the quiet trade
 The disposition appears to be to await developments. After the month or more of excellent weather, it would not be surprising to experience change of the worse, and while sentiment continues fla vorable to sR cents for the new crop, there Is a feeling that technical condi- tions might cause further advance in the immediate future and thus furnish a more attractive selling basis. Exports of about 55O0 bales from New York are reported
 Stocks.-The stock market boiled today. Buoyancy was apparent in almost all de- partments. London strength was follow ed by heavy buying and heavy profit fal m har hp drrt II f,,r bH foreign purchases exceeded 50,O00 shares.
 The market Is undoubtedly now in a position to react and we believe that volume days are generally followed by recessions Today more stocks were dealt than for many days and the rise must temporarily eliminate according to pre- cedent. According to our Judgment and information at this writing the standard active issues should be bought when re- actions occurs.
 We would carefully watch the develop ments of the week, which will be preg- nant with important events.
 Wheat--There was strong opening, com mon houses having many buying orders especially from the southwest where the crop has been seriously damaged by rain and 1t looked as if there was some for eign buying also at an advance of sB in Antwerp and the strength in London fthttllnB ntfNOuS COUulllOIfS on the other side. Shorts covered freely in the July kind, there was good buying of Septem- Der, but disposition was shown to real ize profits, while local bears sold on re- ceipt of No. new red wheat and Cudahy sold September We look upon the situation in the southwest as critical and in the event of further rains appear ing would favor purchases, while look Ing for better demand for flour that will be reflected in good sized cash wheat purchases
 Corn-Sample offerings were light and prices were higher while there was fair ly good buying of the futures with sen- timent bullish, it being generally admit ted that the crop is two weeks late and from now on will require hot and foycing weather. We feel very friendly to this cereal.
 Oats-Sampe lots were higher stocks lower and the feature was the buying of July by Patten. We would favor pur- chases on recesslons.
 Provisions-IIogs were higher, but there was a disposition shown to realize by outside traders. while the smaller pack CTS were sellers which resulted in sharp declines and none of the leading inter ests seemed inclined to extend support. Cash business shows improvement but stocks are of good size and accummulat- ing. It looks very much as 1t would work lower.