The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-08-03
cothran G. Co.'s Market Letter.

Cotton-The downward course of cotton
today deprived values of yesterdays
gains. The advance In Liverpool barely
answered requirements, and their opening
and on receipt of selling orders from
this side prices yielded, finally closing at
slight decline. Cabled opinions ex-
pressed little confidence in the market
without the sustaining influence of poorer
crop reports Sales of spots amounted
to 1000 bales at a decline of English
points, and Manchester reported fair
business for cloths; yarns quiet
Initial prices here were slightly higher
and almost Immediately were reduced by
the selling orders from recent purchasers
who preferred to accept moderate profits,
In view of the uncertainty oil the tenor
of the forthcoming weekly bureau. Inn
petus was added to this selling wave by
reports of withdrawal of support by the
eastern operators who have been accred-
tied with having accumulated a large
long interest Offerings becoming quite
free, were absorbed only on steadily de-
creasing prices. The weekly bureau was
regarded as showing favorable condi-
tons as a whole. The considerable dam
age in Texas by boil weevil was not I'M
expected. Such shortcomings locally men,
toned, as grassy fields, black rot and too
rapid growth, cts, are In measure
equalized by the noticeable absence of in
the more general accounts of shedding
are regarded as a natural condition of all
productive vegetation, whether it be bush
or tree.
We are inclined to consider todays re-
port as adding more Importance to the
condition figures of the morrow's month
ly bureau. material changes not hav-
ing been shown to have transpired
since the collection of the data from
ha LOT 10
quite safely be expected that the figures
will be within the range of those July
conditions which have invariably result
ed in yields above the average
Wheat-There was a strong opening, the
advances abroad and alarming crop news
from the northwest being the bullish in
centives, while Jones estimate on the
crop was responsible for heavy buying
orders, especially from the northwest,
while commission houses had their hands
full of business from all directions in
Guiding purchases ON European account
A great deal of long wheat was sold out,
and the market hesitated at times, but
the news both from home and abroad
was of the most bullish description, and
there was a regular buying furore. All
that can be said is that this is run-a-
way and tomorrow will witness prices
close up around the dollar mark.
COrn-The European news was OF the
most bullish description and with receipts
running light here, there was every incen-
tive for higher prices although the OPEN
ing was slow, but advances were met
with very little resistance. shorts cover
ed from all directions. Improved crop adj
vices not cutting any figure whatever,
while there was a strong cash demand.
and 1t looks as II the cash corp here had
been taken over by wealthy interests
We think the situation warrants decid-
eddy higher prices.
Oats-Oats finally became active, and
were In sharp demand towards the close.
shorts being frightened and covering on
the light movement This cereal is very
low compared with corn and will be want
ed abroad, we decidedly favor purchases
and look for stiff advances
Observation-Disclosures were very dull,
attention being diverted to the grain mar
kets. although the strike is near settle
ment Worlds stocks of lard increased
5000 tierces and 1900 tierces here, With
further advances appearing In corn, we
would suggest covering shorts in pro-
ducta