The Birmingham age-herald., 1904-06-22
co.nrar s. co..s Market Letter.

Cotton-By no course of reasoning could ,+ hs claimed that todays Liverpool pos sessed any satisfactory features. The same lights that shine in the cotton fields are simply reflected throughout the European cotton markets. Cables were much more consistent than for several days in that the new crop months were omitted in the expressed expectations or higher prices. The decline in spots was entirely fin order and the small sales ap- parently echoed the manchester report of A ouiet cloth and easier yarn market.
 finder the supporting influence of shorts covering. our market showed some re- sistance to the general downward ten- dencv on new crop options and fiuctua- tions kept within a narrow range until the reading of the weekly bureau report, which pointed out the local short-eom- inss. possibly somewhat in excess Of ex- pectations. The most important or these was the increase of the presence of boil weevil in Texas and need of rains, as to the former, 1t may as well be accepted that this menace to a portion Of the Texas crop will be constant and certain amount of damage follows. The weather chart today, however, removed the latter defciency. as rains are reported In the localities referred to.
 The report cast enough doubt Tn the minds of traders to cause some short covering and afforded an opportunity for room traders to work for reaction In consequence of which prices were brought to moderately higher levels In our opinion the report is without special sig nihcance other than to confirm the gen. eral belief that conditions up to the pres ent time have been exceptionally favora- ble in their entirety when the vast area of inc cotton helt Is considered,
 Wheat-There was a higher opening with local bulls taking the offerings, due to unsettled weather in the southwest, but the market sold off on Kansas report of g.. S.0O0. 900 as well as bearish crop reports sent out by the bureau and a Minneapolis inquiry. Shorts covered quite freely on the decrease in visible being larger than ex- pected. The strength in corn gave the bulls courage. Further advanees may be work ed but we are very doubtful of their holding, and would favor. sales on hard spots, as we consider the absence of a cash demand and new wheat coming to market faster and faster, very bearish.
 Corn-Weakness developed early liquid alton appearing in July, but offerings were taken and the sharp falling off in car lots for tomorrow only lSS and a bu- reau report stating that the corn has not made rapid growth and reported small. frightened shorts who were eager buy CTS of July, that month advancing over "a cents. Sample lots were "a to "a low CT, with shipping demand poor, but we think it is unwise to be short of July, and would favor purchases on dips.
 Oats-Oats were sold down early with corn, afterward turning strong on only 72 cars for tomorrow, and the unfavor- able bureau report. Shorts covered quite freely, and we except to witness higher pri, es shortly.
 Provisions-Hogs were underestimate and higher, giving strong tone to pro- duet with a good class of buying appear ing, although there ". heavy selling by local operator who has been quite shc- cessful of late. We consider the mar ket fin a strong position, and look for further advances all around.
 Stocks-The stock market has shown further strength today and more aggres- sive bullish manipulation under the lead ership of steel preferred in the moaning and the granger list In the afternoon We think 1t will continue to improve as the investment demand for high-toned stocks today was excellent, and the prospect is that more good news will develop in a few days.
 In the meantime, opportunities will he for buyers, who should not get frightened at raids on specialties which are for the very purpose of soaring out holders. We think the grangers should do better Total sales 196,776