The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-08
cothran G. Co.'s Market Letter.

! CottoE-A moderate decline at the OPEN
ing Of Liverpool regained before the close
indicated tendency to steadiness. Cables
reported good business in Manchester
i and a probability of Oldham spinners re-
Stunning full time. The opinion was also
expressed that prices were at very safe
point, an enormous short interest hav-
ing accumulated.
| Notwithstanding the prevalence of
bearish sentiment, a better tone in the
| American markets was largely in
evidence. The weekly bureau report in
dicated decided improvement in the crop
outlook. as a result of favorable weather,
| rapid growth and extensive cultivation,
but belief seemed to prevail that the
| low level of prices already discounted
such conditions and there was lack of
determination on the selling side, while
the speculative demand was of fair pro-
| portions.
| There Is a vast difference between 10
| cents and IS cents cotton, and 1t is entirely
within reason that consumption may ex-
| perence a decided expansion as result
! and until further assurance is had of an
| enormous crop and a continuance Of bad
| trade, 1t Is quite clear that the con-
| servative element are Inclined to look
upon the existing level prices for new crop
| options as safe basis for operations. 1t
Is best under the circumstances to oper-
| ate cautiously until better idea Of sur
| rounding5 is available
Wheat-There was little selling early,
! but the market turned strong on good
| local buying, with offerings light, and
, sentiment rather bullish on the prospect
| for rains in the northwest. Shorts cover
| ed freely, and with the large decrease in
| the worlds visible with the bureau re-
! port bulishly construed by a large local
strong tone to the futures. Twelve loads
sold for export at the seaboard with June
here strong, although cash business is
| light. Futher advances may appear on
unsettled weather but we think they
should be met with sales.
Corn-There was a good demand for the
| futures on common house buying and
shorts covering. the impression prevailing
| that country shipments will be smaller
Sentiment is rather bullish. but should
| July advance above 80 cents we would
favor sales. Twenty-eight cars, 10000
bushels expected in from clearing
houses
Oats-sample lots were in fair demand,
! and half cent higher. export sales at
seaboard $1,000. There was excellent buy
ing Of futures. with a prospect of July
working higher.
Provisions-Hogs were higher to start
with, Armour was good buyer of ribs,
the Cudahys bought lard, and shorts
were compelled 10 cover. The cash trade
is improving. there is disappointment
amongst packers over the small receipts
of hogs, and we look for higher prices all
around.
Stocks-The stock market was Irregular
today but the undertone was good par
ticularly after early hammering on the
weakness of o. and w. which strength
ened in the afternoon and puffed up
some of the weakened bulls.
We think there should be a moderate
rally in the general list, and would recon-
mend that attention be given to the stocks
favorably mentioned
At the close the market showed better
appearance of general strength than II
has for some time past.
Most active of the traders were as
one opinion that there was very little
stock anywhere, and believed that a little
determined buying would advance most
of the active list.
Late trading in st. Paul and Atchison
was indication Of the disposition to dis
count good report on Friday night