The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-09-10
cothran 9 CO.'S Market Letter.

Cothran g. Co.'s Market Letter.
Nav York Financial Chronicle, to Goth
ran & Co
Advices to us from the south denote
that rain has been quite general during
the week and that at some points IN
Texas and a few localities elsewhere the
precipitation has beeen excessive, de-
terioration from various causes Is COM
planned of in portions of Texas, Missis-
sippI. Tennessee and Alabama. Advices
from Atlantic sections continue favora-
BILE and although some damage from
rain is reported at stateburg, s. c. pick
ing is progressing we'll and cotton mas
been marketed quite freely
Cotton-The market in Liverpool was
without much activity. Prices of OPP
lions promptly adjusted themselves to
our closing prices of yesterday and a dull
business In that department ensued.
Spots, owing TO their scarcity, though
easier, were fairly sustained. In the net
results contracts lost II points and spots
4 points on sales of 1000 bales Full prices
were demanded for cloths and yarns in
Manchester but only small business re-
suited.
s Our market opened at a moderate de-
cline with trading somewhat reduced in
volume, though the range of fluctuations
was uninportant The tendency was to-
ward lower prices from the initial trans
actions The weather chart evidenced
most favorable conditions for gathering
the crop but from numerous points In
Mississippi, Arkansas, Indian Territory
and Texas exceedingly gloomy accounts
were received. In the absence, however,
of a more decided spot demand, their
effect did little more than create resist
anee to lower levels. Poorer crop re-
ports while having some effect on senti-
ment are not accompanied with buying
orders. and speculation of volume is
more closely engaged in. observing the
receipts, weather map and spot demand
The different interests in the market
are, we believe, more nearly equal than
for some time, and although some eff
forts of a manipulative character are
still In evidence, we think a close obser-
vance of the readiness with which re-
ceipts are observed will form the best
guide for operations.
Leishman & Co.'s Market Letter.
The cotton market opened weak, chief
ly Influenced by the lower Liverpool
market and the generally favorable
weather existing over the greater por-
tion of the cotton belt. The heavy re-
ceipts, Galveston receiving over 11,o00
bales, was a bear help. New Orleans
and Wall street sold mostly of Deeem-
Der and January, the latter probably
for the account of a prominent Wall
street short. The bulk of the trading,
however, was mostly for professional
account.
The technical position of the market,
from a bull point of VIEW is getting
stronger every day. On the recent adj
vance, shorts again became aggressive
and the market now has every appear
ance of an over extended short interest,
at any rate this interest Is daily increas-
Ing and we think 1t only matter of a
very few days when the short interest
will be driven to cover In much the same
manner as it was In the bear stampede
a week ago. While small profits may
from time to time be scalped on the short
side of the market, this operation is ex-
tremely dangerous.
More so now on account of too much
company which any day may find itself
In a preearious condition. We consider
the long side the safe one for the pres
ent and advise purchases at current fig
ures
Stocks-The stock market continues
strong and steadily advancing. Reading
rose to 10 today, while Steel preferred
rallied to 641s. The entire list showed
gains, closing strong and at about the
top with indications for higher prices TO-
morrow.