The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-10
cothran & Co.'s Market Letter.

Cotton.-There was no dearth of bullish
information from Liverpool and the sem
timent seemed to be generally that cot
ton is ranging around bottom in that
market The demand for yarns in Lam
cashire is strong and even urgent for near
deliveries causing some inquiry for avail
able and new crop cotton and while the
opening prices of options was good 1t was
more than well sustained to the close. 1t
is becoming quite evident here that the
popularity of the bear side Is not as great
and operators are realizing that efforts
to create a lower level of prices for new
crops Will meet with considerable opposi-
ton from conservative traders who are
unwilling to believe that an enormous
crop is at this early date assured that
the prevailing prices do not fairly dis
count the prospects of a perfect season,
and the chances of absence OF all large
and small calamities local and general
through which the growing crop must en-
dure. A the same time crop news Is
generally of a satisfactory character and
while complaints of damage by excessive
rains and floods are heard they are for
the most of local character. Some buy
ing of old crop months again suggested
manipulation, but we are of the opinion
that these options will be liquidated on
their merits A close observance of the
growing crop and its freedom from calam-
tiles or its trials will form the best basis
for operations for some time to come
Wheat-There was buying early on the
advance in Paris, and the wet weather
map. although the price current and the
northwestern miller report were bearish
and there was considerable selling for
northwest account with crop advices from
the winter wheat country of the best de-
scription.
ST. Louis advising that farmers will
rush new wheat to market to secure pres
ent cash premiums. Considerable long
wheat came out from discouraged hold
ers while the slack cash demand was
against prices.
The market continued heavy. but rallied
slightly toward the close on a tip that
the bureau report would show II, and
spring wheat 81, with per cent less
acreage.
We look for a quiet market but be-
1ieve it will be hard to sustain prices.
Corn-Country acceptances were smaller
but shippers were out of the market to
quite an extent, and sentiment was bear
ish on most favorable reports, with
prices, working off in sympathy with
wheat,l although rallying slightly toward
the close. We rather look for lower
prices.
oats-Sample lots were shade lower.
with shippers absorbing all offerings wit h
the futures working on In sympathy with
wheat, although a good class of buying
appeared We feel friendly to oats on
dips.
Provisions-The estimated stock of lard
here shows increase of $500 tierces, and
ribs $4,000 pounds.
Hogs were small and there was good
buying of ribs by Armour with the Cuda-
hys taking on lard. A belief prevails
that Armour is In control of ribs market.
and we would favor purchases on dips,
as the stock here Is small, and there Is a
coed demand for meats.
Stocks-The stock market today show
ed the effect of some profit taking and
a little short selling by the room trad
ers but the declines did not amount to
much and the undertone was strong and
indicative of Improvement when the
effect of the steel reports had worked off
and denials Of the copper people and
the Northern Securities compromise had
been forgotten.
Sentiment continues In priper shape for
betterment of a moderate character and
the good bank statement and prospective
good crop report should aid In improve
ment.
''The traders are tired selling" said
an old operator today; land a change Is
in order"
Total sales 103,5o0-