The Birmingham age-herald., 1904-06-03
cothran & Co.'s Market Letter.

Cotton-A further decapitation of some importance was recorded in the cotton markets today, resulting from the com bined pressure of short selling and liqui- dation by tired longs. Cable advices were more hopeful of the future, but this hope was based on lessening display of weakness by American markets The opinion was expressed that spinners would increase their takings at prevail ing prices and some reference was made to resumption of full time regardless of the money penalty against certain spinners binding them to a stipulated period of closure. While prices sank to lower level here less of the bearish sentiment was in evidence than has been observed in the recent past and this con kdition can be readily accounted for by the improvement In parties with Liver pool which furnishes a better prospect for business amongst exporters and will have the effect of relieving American ports of burdensome strikes
 In the ultimate result, however, much will depend whether these concessions in prices will offer sufficient inducement for spinners to buy on a liberal scale. From this source the market must derive stability.
 UT f-W Wneat-Strong cables with for eign news a little more bullish induced buying early. Murray's views also strengtened bullish sentiment, while the weather conditions In the southwest were not all propitious
 The advance in corn frightened shorts. who covered quite freely and foreign buy Ing at the seaboard exercised some effect.
 Considerable long wheat came out around S9 cents for old July, and there was some local bear pressure.
 Cash business was very slow. Oklahoma No. red is offered here at $l. June ship ment, and while there has been too much rain in Kansas for an early movement. shipments will be rushed forward when ready for market. Offerings were rather free towards the close, with the tone weak and we look for lower prices, while fav- bring sales on hard spots. Corn receipts were under estimate here, although pri- mary receipts were almost double last year and largely in excess of shipments Continued rains and Murray's bulish re- port frightened belated shorts who GOV. cred freely July advancing well above 50 cents. but selling was quite free, es- peciaIly for country shipments. while the cash market lost it's edge Part of the early gains were lost. Sentiment was rather inclined to look for further ad- vances and would favor sales on rallies
 Oats-There was good commission house buying of the futures. We are inclined to believe that this cereal will work higher.
 Provisions There was complete change of sentiment on the large stocks here and at western points. lard es- pecially. and free selling was indulged in being led by the packers, with some liqui- dation by an eastern operator Cash trade was rather slack and 1t now ap- pears as if prices would work lower
 Stocks-A dull and heavy tone pre- vailed up to. close with little covering of shorts in places by floor traders but no evidence of any active position by more important individual operators or the greater financial interests. The commits sion houses reported a very disappoint- ing day.
 It is said heavy selling in copper dur ing the day represented a short position talked by the Gates following