The Birmingham age-herald., 1919-05-17
Over Private Wires
Shannon & Co.'s Letter

New York, May 16.-The cotton market has been quiet and steady, but with no special feature. Realizing has been in evidence at times, but not in volume suf. ficient to affect prices while buyers, though confident of further advances in the long run, are not inclined to press on advances, but prefer to wait to see now much the south is ready to sell at the new high levels that have been re- ported. AS we have repeatedly said, one of the most reassuring features of the situation is that holders show a disposi- tion to meet the market as merchants should in reasonable way instead of seeming to expect to get the very top prices for the entire crop. In that way the burden of carrying the cotton is dis trlbuted and the average result to the producer and the consumer will be more satisfactory Neither one side nor the other should expect to get all the cream Demand for both spots and futures con tinues steadily for foreign account and the general feeling is that as much as will be taken as can be arranged for through credits as Stocks abroad are at very low ebb and shrinking further week by week.
 Pending second payment on the Vic tory Liberty bonds, the banks are in- clined to discourage further bull specula- ton and probably as a consequence of
 
 ket has been much more orderly and quiet during todays session Prices have not been weak at any time, in fact the market has displayed a remarkable tone with dealings continuing on we'll over a million share basis. Some of the traders have been talking reaction, but we can hardly consider today's slowing<down as a reaction, but this seems to be about all we can have in thIs line
 It was annOIpcad l.. <a yactordoy +to+ Westinghouse had been placed on a per manent per cent basis, and with the revival of the steel industry we believe the United States Steel division will be permanently advanced just as that. of Westinghouse has been. Steel is now paying but per cent and probably it will remain on such basis for soma. little time. but with the resumption of active business. which may come at any time we look for an advance, as we have stated above. For this reason we believe m buying Steel whenever 1t is weak for the long pull-Post & Flagg.
 Over w. I. Phelts & Co.'s Wire
 New Orleans, May 16-Cotton ad- vanced with the greatest ease today, ris, ing A. to 51 points before it met selling of consequence arond 277Oc- for July. The tendency among traders was to take profits and realizing checked the upward movement. This constant liquidation on the bulges is one of the most favorable factors in the present situation, for il keeps the market in a healthy state where it is able to respond readily to bullish news.
 The opening was higher on the good Liverpool and the good Liverpool ap- peared to be due only to improvement in Manchester of a character corresponding to the activity constantly reported among American mills. Some of the early buy ing was plainly due to the ,rumors yester- day that FrancG was preparing to buy huge quantities of cotton goods from the mills of this country. On the top of these rumors was the additional claim that several European governments had buyers in this country, either in New York or in the south, operating in the spot market The demand for contracts was increased by the forecast of showery weather for the cotton region generally. The may itself was good enough, little rain being reported, while temperatures were higher. but If the weekend brings renewed wet weather there will be no holding the market down. Late in the session the market went to new high levels. where it stood 54 to , points up. The close was A to s points up.-Shepard & Gluck
 Over s. R. Stewart & Co.'S Wire New Orleans. May 16.-There was an