The Birmingham age-herald., 1904-07-06
cothran,s Market Letter.

Cothran's Mafket Lcttor.
 Cotton-As long as the American mar kets were closed the Liverpool market was quite steady, options expected to show recessions made moderate gains and fair sales of spots at higher levels suggested a realization by spinners of scarcity of yarns and goods until win ter months. steady decline however. was recorded today attributed in cables to an absence of buying orders
 There having been nothing In the way of adverse crop news since frlday, of sufficient moment to cause a change of opinfon our market under the influence of rather free offerings at the opening and an apparent willingness Of shorts to forego further covering, had a declining tendency. The monthly condition figures read at II o'clock giving an average con dition of SS. about conformed to ideas of the conservative bears and produced no startling effect in prices or sentiment. The average may be compared with S3 last month; I'll last year and ten years average of S4S and is the highest since 1S99 Hence assumptions that the crop is in a very satisfactory condition must prevail. The reading of the weekly bu- reau disclosed no unsatisfactory features of note as having transpired during the compilation of the monthly figures. was a stimulus to further offerings and maybe said to have temporarily had more marked effect on prices than the former report. While no mention of damage by boil weevil was cited, in the face of private reports 1t cannot be assumed that con- tinuous injury is not in progress from this cause. In view of the strenuous quar- antine regulations which have been in- forced. the reliable reports of this insect in three western parishes of Louisiana is of grave importance when reference is made to coming years, as the climate of the most productive portions of Louisi- ana and Mississippi conform to what is supposed to be most advantageous for It's propagation.
 AS to general conditions, 1t may be said that bearish sentiment continues to predominate and changes of importance must transpire in both news from the fields and trade conditions to bring about material improvement in prices having a sound basis.
 Wheat-With strong cables from all quarters and rains through the sections of country where harvesting is in pro- gress, there was but little chance for the bears in wheat today.
 The opening was strong. and there was some noticeable buying of the September kind all through the session. Shorts in July became uncomfortable. and found 1t difficult to get an offering of any quantity of stuff at any time, and large lots had to be picked up in a small way
 The outside markets with one accord showed considerable strength, and new cash wheat of good quality sold at a very high premium in all the southwestern markets Nothing but good clear weather through the southwest can keep our Sep tember and December wheat at present prices.
 Corn-There was some early selling of corn by longs, but this cereal soon gath cred strong with wheat
 There was a good demand for sample stuff, and 1t took but little buying to advance the prices.
 The government report was considered quite bullish inasmuch as the opinion given therein was to the effect that the crop was at least three to four weeks late.
 Trade has not been large, and mostly of a professional character.
 Oats--There has been but little trade in cats today. and cash stuff has not had many friends.
 What little strength was gathered came from the other cereals. Most of the re- ports received here today regarding the growing crop were favorable
 Provisions-Opened at sharp advance cn account of the higher hog market. Ar mour bought ribs and lard carly and later there was some selling for long ac- count.
 Cash demand for meats fairly good for lard, dull. The general list with the ex- ception of lard has strong undertone, and is backed up by good buying on the uart of some of the large packers.