The Birmingham age-herald., 1904-07-13
cothrar Market Letter.

Cotton-The advance today followed the rise in Liverpool. That market has shown considerable strength of late and as long as prices there are so much higher than here there is not likely to be much of a break.
 The weather report at noon was in the main favorable. Conditions generally sat- isfactory, though from now on we will hear more of boil weevil than before. The Texas crop will be so much larger than last year that the destruction by weevil will of course be greater. More cotton to feed on.- Later on we can expect a scare.
 Tn fact the season is getting so far advanced that it's hardly wise to be short except on substantial bulges. We always nave lot of bad crop accounts in Au- gust. They are bound to come. Now the price is so low and the market so short and at the same time the actual supply the actual supply of cotton so limited that 1t is a question whether the market can stand bad accounts
 At any rate there is little to se,l sbo-+ on unless we get a good advance. We think it is safer to play the long side on declines. There will be plenty of chances to get out at profit Even if we land at Sc next spring the decline will be very slow.
 It will take great deal of pressure to carry prices much lower at the moment. It is ragged market in some ways but not one where buyer need be afraid to get a board on decline
 Take profits on any advance.
 Wheat-There was selling early on more favorable weather, with the government report looked upon as bearish, consider able long wheat coming out, but offer ings became scarce. and this started shorts to covering, new July advancing rapidly, with the deferred futures. Sep- tember especially, following. The news was all bullish, Jones' report cutting quite a figure, while tho bureau report was soon lost sight of due to the damage created since July l. Bullish sentiment has Increased at rapid rate, the closing was strong at the prices. and shere are enough surface indications suggestive of runaway market, and would favor pur- chases on all sharp recessions
 Corn-There was quite heavy selling of September and the deferred futures on the bearish bureau report, Cudahy's brok- CTS selling the latter quite freely. and had it not been for the strength of wheat. no doubt greater declines would have been witnessed as the weekly buresu re- port was bearish, although the nresent weather cannot be considered as the right kind for corn. The cash market was steady, with only a fair demand.
 Oats-Sold off early on the large crop estimate, although the weekly weather report said the crop was suffering and there were again numerous reports from Iowa of rust, sentiment continues bearisb, but we think that it will not take much more in the way of selling to create an over-sold market
 Provisions-Provisions were strong early on shorts covering, due to packing houses closing down on account of a general strike, but the advances did not hold the smaller packers and scalpers selling. For mer labor troubles have generally exer- cised bearish effect, but may work to the contrary at present, and we would hesitate as regards putting out short lines. In fact. on soft spots we would favor purchases.
 Stocks.-The stock market moved irreg- ularly today. After early strength en- couraged by the good government crop re- port and the manipulated strength in London there was a wave of selling which depressed prices to a moderate ex- tent.
 Buying orders were found however, and the market showed strength in the af- ternoon It is evident mat we are in trading market. We would assume that position preferring for the present | ft7a foup eide m declines