The Birmingham age-herald., 1904-07-28
cothran a co!s Market Letter.

Cotton.-Eearly advices from Liverpool accompanying the indifferent market at that hour expressed want of confidence Tn present prices an uneasiness In the political situation. Later the rather bet ter buying of spots in anticipation of de- ereasing spinners' stocks and the belief
 that a large American short interest ex- ists in new crops, caused higher prices
 to be observed. New crop options finally closed at an advance of English points as a result of the days trading, and sales of spots amounted to 5000 at unchanged figures.
 features surrounding the cotton situation today, values of new crop months were directed by a desire of recent shorts to accept profits. Starting modestly on fears that continued rains were causing damage in some localities, this intention became more manifest upon the circulation Of re-
 ports of increasing damage In Texas by boil weevil Under this influence winter months experienced an advance of moder- ate proportions. Foreign political news l became additionally disquieting by the
 reported dictum in the house Of com mons that Russia had committed a breach
 of international law in the sinking of the
 ship Knight Commander, and rumors that
 England would submit an ultimatum
 within twenty-four hours. The decline in
 consoIs of 9-16 was hardly sufficient to I justify complete assurance of so serious
 an event.
 We can hardly expect an indefinite con-
 tinuance of such superb crop conditions
 as have prevailed. It is customary at
 this season to hear of disappointment
 from many localities, but 1t should be
 remembered that the crop has practically
 reached the first of August in a condition
 which will probably be shown by the com l ing bureau figures, to be well up among leading conditions when compared with previous crops, and if this proves cor rect disasters must be more widespread
 than usual to mar the prospect for an
 excellent yield.
 l Wheat-There was a very strong open l ing in sympathy with Liverpool's ad-
 vance, and the decline in consols, there being fears of further complications be-
 tween England and Russia, while the
 movement was not very large with a
 good demand reported from southwest 1 Shorts covered freely. There was buying 1 by Cudahy's brokers as well as by com
 mission houses while there was talk of
 foreign buying orders here on the fut-
 ures. France took December against future shipments. Everything favors the bulls while the bear element are sadly
 disorganized. Still some opposition was shown towards the close, prices working
 off slightly, but in even of further de- | futures.
 l Corn.-The futures were quite strong
 but there were evidence of profit taking | in this cereal offerings were well taken and we would not be surprised to witness
 an improvement in the shipping demand. Oats.-There was quite a good sized commission house business with selling orders predominating, especially in Sep
 tember, many operators being disgusted
 at the slow movement, and taking profits. l There is talk of larger receipts but with dips appearing we would favor purchases
 especially of September.
 l Provisions changed but lit tie. packers selling in a small way, while there was buying by the scalpers. We do
 not look for much in the way of changes
 unless matters at yards become come set l tied.
 l Stocks-The stock market today was very irregular but the tendency contin- ued downward and it seems to us that l sales of the active stocks as whole on rallies ought to be moderately profitable l for a time yet The selling today was further liquidation in part forced by the
 activity of the bearlsh group.
 1 The general sentiment however does not seem to get unreasolably bearish and l 1t regards the drop as merely recession, preparatory to an advance later on when l the unfavorable features of the existing l situation shall have been discounted. There is a good sign but In the mean time do not buy 100 soon. Support will appear and the market become oversold
 and by careful watching this can be de- tered.
 1 We would retire short contracts on any slumps News developments today were not favorable to the bull side and
 professional circles are disposed to push their reactionary advantage as far as 1 ncsSihle.