The Birmingham age-herald., 1904-05-27
cothran & Co.'s Market Letter.

| Cotton-There was no material change 1 today in the surrounding features per-
 taining to cotton. Much was done and
 thought of prospective operations of lead | ing traders on both sides, but the fiuctua- tons stood for little more than the effect
 of miscellaneous transaction. Reports had l it that large operator on the short side l in New York had been a liberal buyer on | the decline, and was desirous of complet-
 Ing this liquidation, while on the other | hand 1t was hinted that leading New Or l leans hulls were quietly buying at each
 concession and accumuating a line of
 July contracts in the metropolis far in ex- l cess of ability to fill deliveries in that
 market In fact the atmosphere was so 1 full of cross currents as related to prob
 able manipulattve tactics. that one from
 sheer prudence would be constrained to l avoid the summer months for Speculative l purposes. It is very perceptlble that trad I in these options Is daily diminishing and working toward a spot basis, so unless
 prepared to receive or deliver actual cot ton, traders should rigidly abstain from
 commitments in any months this side of | September. New crop options are guided l chiefly at present by weather conditions,
 and attention Is centered on the eastern belt for signs of an early rainfall. On any | firm periods the new crops will furnish | tempting opportunities for sales. Wheat-The market was Inclined to show strength early although there was | selling on increased receipts In Kansas City and Minneapolis as well as bear | ish price current article with May very | errratic on extremely small transactions. | The seaboard reported heavy selling for 1 Minneapolis account but our market was l stimulated somewhat by the strength of 1 oats but the Kansas City cash market was sick on large receipts.
 | The foreign markets were heavy and l towards the close prices worked off on | an estimate of large Argentine ship | ments and an improvement In the weath- CT. It looks very much as if the mar ket for the balance of the week would
 be of holiday character, with scalping | operations predominating.
 l Corn-This cereal displayed stronger I tone on the weather map. The advance l in oats started shorts to covering, but were met by sales from country commits l sion houses, it being reported that Illi- nois farmers were offering more freely. l There was not much snap to the mar
 ket and prices changes we think will be | unimportant.
 Onts-Oats were quite strongs under
 the stimulus of buying of May by Ar
 mour and July by Patten with trade on a large scale. shorts covering to quite an extent in July
 The impression that July will be an old crop month has gained greater force. but advances in September have been
 contested although we think prices will work higher.
 Provisions-Stock of pork here since May shows an estimated decrease of
 2SO0. lard 1000 cwts, ribs 2,000,0O0 lbs. A very strong tone developed on buying by | the Cudahys and bearish sentiment was very much modified with many of the
 trade shifting to the bull side and work ing for higher prices.
 | Stocks-The stock market today was one Of strength, although dullness prevailed, l but the governing feature was the inclin- alton to retire short contracts over the l long approaching holiday, and this gives rise to the expectation that the market will slightly improve tomo. row.