The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1919-10-24
Shannon & Co.'S Letter

| New, York, October 23-Although the
market has displayed rather strong
reactionary tendency today, there ap-
pears to be no essential change in the
| actual situation, and bulls are disposed
| to regard the break as only an episode in
market headed ultimately for much
| higher levels.
| Spot advices showed no falling off in
the demand and weather conditions were
| unfavorable, especially from Texas, where
heavy rains continue and are doing fur
| Their damage by lowering the grades and
delaying gathering of crops. Brokers who
often act for prominent Japanese interest
have been good sellers and New Orleans
and commission houses have also sold,
while stop orders were uncovered in the
| course of the declines. Trade houses
bought and there was1a demand from
outside interests for investment by those
who look forward to higher prices later.
The labor situation continues to cause
much anxiety and is at the bottom OF
the disposition by longs not to overstay
the market by neglecting good profit when
in sight. Such policy keeps the mar
ket in a generally healthy state. Changes
of a couple of hundred points in such
markets axe not to be surprised at. UNI
pleasant as they may be, and it should
be borne in mind that they offer good
opportunity to buy in again. No ex-
ports were reported today.-Post &.F1agg.
Duggan & Boudon
New Orleans, October 2S.-The cotton
market opened lower today and remained
depressed throughout the session under
the effect of bearish rumors concerning
pending bureau reports. A private
bureau was credited with condition per-
centage of SO pointing to crop OF H.
6o0, 900 and with ginning returns to Octo-
Der IS of 4,S47.0oo bales both figures neng
far above average bulish expectations.
In the afternoon the market sought the
lowest levels of the day after the an
nouncement came from Washington that
there would be no indicated crop figures
with the October condition report.
The weather map again was wet, but II
had no effect on the market. Heavy rains
were numerous in the belt. the heavlest
being 3.42 inches at Greenville, S. c., and
$50 at Eldorado. Kan.
S. r. Stewart & Co.'s Letter
Final spot returns for the day show
undiminished strength in the actual
sales larger than the day before and
prices 60 to ITO points higher ranging
about 39c in the west around SIC to
ssc in the central States and from 36c
to 81 cents in the eastern states
Total sales at the Is principal south
/ ern markets quoted amount to $4,000
record of $1,000 bales in one day. The
combined total of spot transactions in
the belt, according to recent returns,
has been running on 100000 to 100000
weekly average or above the harvesting
capacity which account for the Intensity
in price developments.
OF course much of the business is IN
termediary shift between middle hands.
First trades here were at decline OF
about so points on the reaction at Liv-
erpool of the unfavorable general news
but a good demand appeared and soon
rallied prices 40 points. 1t was based
on the discount of futures under spot
prices and the bullish weather outlook
which is for continued unsettled rainy
weather and increased prospects for a
cold wave toward Sunday.
A report that the national ginners
make the condition So and indicated
crop 16,600.000, ginnings to October IL
4,S47, 900 bales, was a decided surprise.
being much above expectation and gave
the market distinct check. On this
basis ginnings for the period would
nearly equal the 3,04S.O00 for the period
last year OF course. harvesting condi-
tions a-e known to have been fairly
good over the eastern states, but the
, disturbance by weather elsewhere was
thought would cause a greater curtail-
ment in ginnings. Increased selling
, came on the market, which lost the re-
covery and is again at present trading
, around opening prices.
Clark & Co.'s Letter
Low