The Birmingham age-herald., 1904-08-06
cothran 6 Co.'s Market Letter.

New York Financial Chronicle to cothran
 & Co.
 New York, August 5.--Advices to us from the south by telegraph this evening that rain has been quite general during the week and that at many points 1t has been bene- ficial Portions of Arkansas and Missis- sippi complain that too much rain is dam aging cotton. Damage from boil weeyil is claimed to have resulted in south western Texas, and deterioration on ac- count of drought is reported in north western districts. From Atlantic sections Tennessee and Alabama advces indicate that the crop Is progressing very favor ably.
 The cotton market may be said to be in a condition approaching dead lock There is very little to be said of Liverpool today. In a quiet and steady market prices for new crop options closed about where they should have op- ened at an advance of to points, and the range of fluctuations was extremely narrow. Sales of spots were 1000 bales at an advance of points. Manchester reported a moderate cloth demand with yarns quiet.
 Our market felt the effect of outside support, new crop months opening slight ly higher and buying orders were in suf- ficient supply throughout the day to maintain prices at about the early levels. Accounts from the fields are with very few exceptions astonishingly good, and the weather chart continues to offer clouds with only silver Things Trading, however, continues light
 The extent of the interest of the eastern bulls is of course, indeterminate, but must at the present time be very con- siderable even making allowances for the moderate amount of buying necessary to support a market so narrow. In our opin- ion the accumulations of this clique be- come a great menace to prices, and any attempt to liqudate this long interest might cause declines more extreme than Justified. We question very much if the shorts with facts in their favor can be dislodged unless something totally rnex- pected develops and the unforeseen cas- ualty is apparently the basis of the long interest New cotton Is not uncommon now. In ten days picking will become gen. eral in Texas and before the close Of the month the movement will be or some proportions. Knowledge of this fact be- comes strong nerve tonic for easily scared shorts.
 Wheat-There was selling at the start largely from the northwest but buying orders poured in from all over and abroad with the market extremely nervous and unsettled. There was extensive profit-tak ing by the Minnesota crowd but in spite of the enormous outpour of long wheat there was a tremendous demand although to- wards the close prices worked off on heavy offerings largely in the way of profit-taking. A feature was the advance of old September to 1001k. but that month closed 9S%. We still regard conditions as bullish and should declines be forced we would favor purchase.
 Corn-There was a good demand for samples and stocks here still show a large reduction. The trade Is not extensive but quite a lot of buying on the belief that the crop is not doing as well as 1t should The close was easy. but we would favor purchases on all soft spots.
 Oats-Oats were sold from the start on large receipts and 376 cars estimated for tomorrow. The cash market being heavy and F to %c. lower under large offerings. Cash houses sold futures in the way of hedges and there was some selling by longs. From what we learn ex- porters will be free buyers attracted by the fine quality of the grain and we would favor purchases on all dips.
 Provisions--Ruled lower in sympathy with hogs lard being heavy on small shipments and there was selling by the small packers with more or less chang ing On further dips we would favor purchases.