The Birmingham age-herald., 1904-05-25
cothran 6 Co.'s Market Letter.

cotton-There was a change for the better in cotton today. A slight improve ment in inquiry for actual cotton and additional complaints of injury to the crop in the eastern belt as a result of de- hcient rainfall suffced to dispel the pes- simistic temper to some extent. Liverpool showed A willingness to improve somes what but the fact developed that spin ners were not in urgent need of the sta ple and small sales of 400 bales at a con- cession of 12 points rather exercised a discouraging influence.
 Initial trades were effected here at a decline of about one dollar per bale on summer deliveries, but shorts seized this favorable opportunity to cash profits and with the events of the day prices re- covered until a fair advance was estab- lished. The majority of traders seem to be waiting for some definite move on the part of big bulls. Should 1t develop that this slight improvement in spot inquiry is the precursor of a serious quest for ac- tual cotton by spinners, it would be no task at the moment to elevate prices, es- pecially with crop complaints in evidence. but without indications of substantial spot demand. considerable difficulty will
 be experienced sustaining the market. With manipulation in the prospect. how ever, one may be prepared to expect any thing.
 Wheat-Prices started about where
 they left of yesterday, with the crowd
 rather mixed but finally assuming the
 bear side Of the market s5 cars in Min neapoiis being regarded as a large move
 ment. while Kansas City receipts were
 larger than for some time Minneapolis
 stocks decreased 5450O0 bushels for half l week, and there were reports from west | ern Kansas that the crop was a total | failure. That, however, was not credited
 while the selling of May with no demand
 created heaviness and brought about 1 liquidation In that month as we'll as fin
 old and new July September held up well, there was feeble rally near the | close on export business, but as 1t Is now | a scalping market we would favor pur-
 chases on further dips.
 Corn-The reduction in the corn stocks
 was offset by good sized receipts, and the | one was weak in sympathy with wheat | and the favorable weather bureau report
 although there was a talk of replanting l in many sections. The cash market was l unchanged with better demand for all | grades, and we would favor purchases of
 the futures on any further dips. Oats-Prices weakened in sympathy
 with wheat and corn and on commercial
 house selling. but trade was light and prices dragged. We think a reaction Is | due.
 Provisions. Shipments of products were | in orders of last year and there was buy | ing of the futures by the Cudahy's, but ribs was in liberal supply and slow with | the cash trade again dull. The market
 presents heavy appearance.
 Stocks-The stock market presents 2
 rather heavy appearance today. From
 the opening of the market it was evident 1 that stocks were for sale in volume, the
 result was lower prices throughout the
 list and at times there was considerable weakness-this was most pronounced in | United States Steel, Realty and in Chi
 oago Terminal.
 In United States Steel liquidation and | realizing on purchases at lawer prices caused the decline.
 In Realty stop borders in the preferred
 stock broke the price to 59A, with quick
 recovery to coz
 The delay in announcing re-organ-
 ization Is also responsible for the weak. ! ness in this stock.
 Chicago Terminal was also attacked by 1 the traders on rumors that the company would not be able to pay interest on its
 bonds There was no support given to l the stock and the decline brought some 1 liquidation. We understand there Is no | truth in the interest story.
 We do not look for any pronounced
 selling to the market at present, al-
 though the fluctuations should prove suf- | f1cient for quick profits.
 | On any further decline stocks can be l bought for a rally and when they rally and look strongest, can be sold.