The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-11
Cochran 6 Co.'s Market Letter.

Cotton-The Liverpool market, while
fairly good at the opening, showed n
weakening tendency towards the close of
the session, a frmer market might have
been entirely In order judging from the
tenor OF cables received, which reported
an active and large business in Man
chester an expectation of spinners buying
freely for the immediate present, and ex
pressing on the opinion the present prices
did not incur much risk
moderate amount of selling of new
crop options on the opening here was
noticeable, emanating presumably from
recent purchasers who were dissatisfied
with the Indifferent foreign market, but
at the lower levels established the market
became quite steady. The somewhat bur-
densome short interest became prominent
when reports of damage by excessive
rains and flood In the northwestern por-
tion OF the belt were received, and in their
efforts TO cover forced Prices substan-
TALLY higher
A moderate amount of buying of old
crop months sufflced to materially adj
vance those options which have become
entirely too sensitive to be attractive to
conservative traders, while fears OF dam
age by excessive rains are not infrequent,
and should be given full consideration.
Our crop reports are generally of a salts
and clean fields at this season. While
these varying conditions prevail traders
could best conserve themselves by closely
watching the entire belt and avoid being
Influenced by a state of affairs purely
local.
Wheat-There was buying early on the
advance In Paris and the wet weather
map although the price current and the
northwestern miller report were bearish
and there was considerable selling Tor
northwest account with crop advices
from the winter wheat country OF the
best description
AZ. Louis advising that farmers will
rush new wheat to market to secure
present cash premiums. Considerable
long wheat came out from discouraged
holders while the slack cash demand was
against prices.
The market continued heavy but rallied
slightly toward the close on tip that
the bureau report would show n and
spring wheat 81 with per cent less acre
age.
We look for quiet market but be-
lieve It will be hard to sustain prices.
Corn-Country acceptances were smaller
but shippers were opt OF the market to
quite an extent and sentiment was bear
ish on most favorable reports with prices
working off in sympathy with wheat,
although rallying slightly toward the
close.
we rather look for lower prices.
Oats-Sample lots were shade lower
with shippers absorbing all offerings
with futures working off In sympathy
with wheat although a good class of
buying appeared. We feel friendly to
oats on dips.
Provisions-The estimated stock OF lard
here shows increase of $500 tierces and
ribs $4,000 pounds.
Hogs were small and there was good
buying of ribs by Armour with the Cud-
ahys taking on lard. A belief prevails
that Armour Ia In control Of the ribs
market and we would favor purchases on
dips as the stock here is small and there
is a good demand for meats.
Stocks-The market showed the effect of
further short covering and some very ex-
cellent buying today and betterment, dis
counting several favorable features here
tofore referred to by us took place
throughout almost the entire list the
market broadening and receiving outside
response to satisfactory extent under
existing conditions. The operators who
have gone long Of stock should on strong
spots now take profits. for the marketYis
enjoying a substantial recovery on the
technical conditions, and 1t is still highly
professional,
Sales, 26s,8oo