The Birmingham age-herald., 1904-06-02
cotbran s. CO.'S Market Letter.

Cotton.-Cotton experienced another movement for some deminsions in the downward direction today, the cause Iof which was readily located in continued absence of appreciable demand from spin ners. and an improved outlook for the growing crops as a result of beneficial rains in sections where drouth was com plained of. Liverpool was inclined to show a steady front and slight in- crease in spots sales was noted at de- cline but cables attributed the subsequent softness of tone to large selling orders from America. There was a perceptible lack of support here which permitted prices to slide from the start or the session and without any pressure on the selling side, a steady decline ensued. Some demand was contributed at periods on the theory that a natural reaction was due but this failed to produce more than passing impression, and the downward path was consistently adhered to. Now, as before the market is dependent on better trade demand for actual cotton for maintainance of values, and until this development is observed 1t will be no easy matter to turn the tide.
 | Wheat.-There was a strong opening, due to rains in the southwest, that was thought might create rust and the mar ket had the appearance of being over-sold to some extent, while advances at Min neapolis and the strength of corn were bull helps, more or less realizing ap- peared but the bear element were indis- posed to sell. especially with the large de- crease in worlds visible and the strength displayed by cash and June wheat The closing was firm and higher, prices may be established, temporarily.
 Corn.-The receipts were 8S cars under estimates with the contract stocks show ing large reduction and some talk of re- ceipts decreasing while sample lots were higher and in good demand. There was heavy buying of the futures, and May, 1905, was brought freely by John Cudahy. The poor appearance of the crop in many sections was a most bullish feature and the closing was strong, If not excited, with prospects of working higher.
 Oats.-Were in good supply but found ready sale for sample lots and the fu- lures were strong in sympathy with corn with provision houses free buyers of September. Shorts covered freely and the closing was quite strong with sentiment bullish.
 Provisions. were In large supply but higher with receipts for May 600d over last year, while shipments of pro- duce were in excess of 1903. There was some buying Of ribs for Armour, but Cudahy was a free sellers, the investment demand was not so brisk and cash bus mess was light, as buyers did not fol low the market. We would favor pur- chases on any recession. Lard stocks in Europe and afoat increase 5000 tierces, versus increase of 800 last year.
 Stocks-The market continued today in the rut of inactivity and narrow fiuctua- tions It was alternately strong and weak The coal stocks and sugar showing the greatest strength, while copper displayed the principal weakness-the selling of this speciality being largely by houses who were prominent as buyers.
 Several days ago the buying. looked as if 1t were largely for short account. Sugar advanced over 1 point on a buying order of one thousand shares at the market. This is significant of the narrowness of the situation as an order to sell equal amount would undoubtedly have caused a decline of l per cent.
 smelters coltirue strong under the same manipulation that has always been promi- nent in this speciality.
 On the whole, we think the selling has been better than the buying today.