The Birmingham age-herald., 1904-08-09
cothran & Co.'s Market Letter.

Cotton experienced a material improve ment today Liverpool was contented to drag along In a disappointing fashion pending the opening of the American ex- changes after which prices made an ad- vance.
 The weather chart was responsible for our higher opening. The publication of continued rains in the central and cas- tern belts with many points showing an excessive precipitation. was supplement- ed. bv news of a similar nature from Texas and forecasts indicating generally more of the same kind of weather Tor tomorrow In anticipation of crop com plants shorts evidenced disposition to eover and this with the support furn- ished In the east, caused quite a material advance. Unsatisfactory crop news con seauent to the recent rains was in plenu- ful supply. the most prominent being from the weevil infected section Of IeXas, reporting balefully from this cause ana the worm. Certain sections or Mlsslssippl and Alabama recorded complaints or grassy fields and unsatisfactory fruiting.
 Beyond actual insect destruction, fol- lowing excessive moisture records do not show that even extraordinarily heavy rains at this season are detrimental 10 the crop. when followed by the usual Au- gust and September weather, such has been the experience of some of the bun- per yields, and we are more inclined 10 believe advances with this cause for basis are largely sentimental. However if the weekly weather bureau O tomor- row confirms the numerous and unsatis- factory accounts of today, the change of sentiment may cause additionally higher prices, even though temporary. Trade conditions continue to remain in state of unrest and inducements for mills to accumulate stocks of raw material are absent.
 Wheat-There was a very strong open ing. and very much to the surprise of the trade the advances were phenominal for eIen news and statistics being dlsregarded by the vast number of damage reports that were sent in from the northwest ac- companied with buying orders, not only here, but in the northwestern markets. There was also an estimate of 190,000ooo bushels shortage in Europe that added to the excitement, and shorts were not only compelled to cover, but sold out and replaced their lines as well as they could. It looks very murn as if a calam- ity was in store for spring in the three northwestern states, judging from the reports received, and it will be sure to attract much attention in foreign mar kets. especially with rust appearing The closing was very strong and while it may be wise to accept profits on stiff advances, it is certainly unsafe to stand short of wheat, and on sharp breaks we would favor purchases.
 Corn-There was a strong opening on higher Liverpool and cool weather throughout the belt, with rather bullish crop advices from Missouri and reports from Iowa of an unfavorable nature. There was some selling on the Illinois outlook but the strength in wheat and re- ports of 30 per cent off on crop in Michi- gan, in addition to a good cash demand started shorts to covering late in the ses- sions. We feel bullish on this cereal and favor purchases on all dips.
 Oats-Oats were in large supply, with cash houses selling September very freely against large arrivals up to August 15 Sentiment very bearish but the strength in corn started oats shorts to covering while there was good buying of Septem- Der. This cereal is the cheapest one on the list
 Provisions-Adverse weight hogs three pounds over last week. Commission houses sold, Armour bought ribs. Trade was light but there was fair shipping demand for lard. We believe product ought to be bought on all soft spots.