The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-05
cothran q Co.'S Market Letter.

Cothran & Co.'S Market Letter.
Cotton The development of bearsh
sentiment In the cotton market was
shown with marked distinction today
and nothing more but the bureau re-
nish cause for an additional slaughter
of values. Liverpool was inclined to
a sharp setback in the price OF deliver
ies but spots held their own with sales
of 5000 bales, fair quantity for half
holiday The belief in a bearish reuort
was emphasized by free selling here from
the start, and the bureaus announcement
of conditions 81 with acreage increased
gS per cent, the pressure instantly mag
nifed and another nice slice was taken
from the value of the staple, but Of
ferings moderated perceptibiy as the ses-
sion wore on, indicating that present
soldiers were far from being confident of
their position. Tho rest should not be
overlooked that prices have undergone
a serious shrinkage within a brief period
of time, and as spinners recently mani
Tested an interest in fall deliveries
around the eleven cents level, the temp
tation TO buy at such a reduction must
be decidedly greater. Aside from this,
todays bureau figures do not give an
elaborate guarantee for a large crop. I'm
portant change in the outlook can occur
between now and picking season, and II
trade should show any tenancy towards
revival substantial support could be re-
lied upon even with favorable crop pros
poets. Thus while there may be no In
centive at present for buying cotton spec
ulatively, there is considerable risk in
selling II.
Wheat.-The strongest abroad and the
continuous rains ard FOODS In the south
west created an excited opening with the
market showing quite an advance. There
OF only being a great deal Of profit TAX
ing but selling as we'll by confident
hears on the belief that weather condi-
lions will soon show great Improvement
and tho crop damage reports have been
exaggerated There was selling by the
north west on improved spring wheat
conditions with the closing very heavy,
the days advances having been more
than wiped out, and we would favor
sales on any recurrence of strength.
Corr.-Receipts were largely over esti-
mates and there was a rush to sell July
at 81 cents and over, prominent house
selling continuously throughout the ses-
sion with sample market heavy and low
grades q drag shippers not being In evil
dence Large lines we're thrown over but
there was small rdlly az the cloSe.
Crop reports are quite favorable but we
favor purchases of the old crop futures
Z oats.-Oats advanced early but worked
off with wheat and corn on selling by
bears. although there was good COM
rnission house buying we would rather
look for good buying to appear on further
dips
Provisicns.-1here was good buying OF
ribs on light hog receipts but declines
in grain brought out long stuff with the
closing weak. The cash trade Is slow,
stocks are accommodating, lard especially,
there will be big run of hogs next
week. on good sized dips we would favor
purchases of ribs.
Stocks.-A certain amount of disap-
rointment was expressed on publication
Of the bank statement as showing was
no means so good as traders had been
led to expect Market nevertheless did
not sell of materially, but continued dis
appointlngly dull up to close. There was
no RESPONSE to fine showing In govern
ment cotton report. 1t was passed
around that 1t was big dull argument on
issues like Southern Railway. but COM
mission houses entirely failed to scare up
any orders. Sales to close only bl'2S. \