The Birmingham age-herald., 1919-06-03
Shannon & Co.'s Letter

New York June 1.-The action of the cotton market suggested that many who were long were liquidatlng in anticipa- ton of getting their cotton cheaper if weather during June should prove favor able. Much of the selling mas come through brokers wto frequently act for Wall street interests and lecal tradel s seeing the increase in offerings have joined in the selling: contracts have been ahscrbed gradually by trade houses, who arc in the market for account of both foreign and dcmestic mills, and by old bulls who went ever the report even, an are inclined to r"race their interest on such a define as they feel that the crop outlook is distntcly poor. and that pres- sure from the actual is not to be feared oS,,deelining markets. Some of these buy CTS speak in very confident tone of a large recovery in the near futue, as they feel that the bulk of the liquidation has been accomplished. Exports today were S2OO bales, and it is believed that the out ward movement this month will be heavy In our opinion cotton bought on such dips as the present will produce satisfactory results if protected
 The strength in the stock market at the close Thursday, with the three-day holiday stock pending, was very good evidence that the bullsh sentiment rsevailing had no. run it's course. The market opened tcday with ooth strength and activity and during the day there were tbs usua. snarp rises in specialties like S.uo ebaker, Rubber etc. In fact, almost all the mo- tor stocks have run to new high figures ard reflect unabatel confidence in the ouCcok of this industry. The news from abroad, however, has rot been especially satisfactory. The Germans still insist they will not sign and the course which tre Big Four have ;c steer with bon Germany and Austria and their own sn1a Ter allies, is difficult one. People do not believe however, that there is to be any serious difficulty and are confi- dent that it will all come out right in the end. White th:.' temper lasts, and willie the evidence If irritation is so ob- ,ious, there seems every reason to ex- lect a continued etrong and active mar ket- Total sales. 1.11f7,0o0-- Post & Flagg
 Over Stewards Wire.
 New Orleans. June 2.-Liverpool shows an easier tendency with spots points lower Sales, 5000 bales; politics are the probable checking influence abroad.
 Weather conditions and prospects con tinue the leading influence in the mar ket. Rainy conditions prevailed since Friday over the cotton belt and there are many further reports of heavy rain fall The government predicts frost for Oklahoma and parts of north Texas. The cold wave will be felt tomorrow in Ar kansas, north Louisiana, Mississippi, Ala bama and Tennessee The outlook is for continued unsettled. rainy weather for Alabama and the Atlantics
 English consols on Saturday declined B to 55%. Paris says the reply to Ger manys counter proposals will be deliv- CT ed at the end of the week.
 During the later hour of the session considerable realizing developed and the market eased off, reaching the low point of the day about 1:30 D. m, and the vance from these figures; the close be- ing steady. After ranging within a limit of 75 points for July and 100 to l09 points for the later positions, the mar ket closed steady at a net loss for the day of 2 to 43 points on the new crop positions; July closed 5 points advance
 Spots were finally marked up 25 points with niddling 32.5Oc and sales of 4ss2 bales.
 Interior spot markets are firm at un- changed to 10 points off with a mod crate business done
 For sometime before the census con- dition report came out the market dis played nervousness; after the statement was posted the market reacted 25 to 30 points then -steadied, the trade accept ing the figures of 75e with satisfaction and trading proceeded in more confi- dent and regular manner More liquida- tion is likely to come out, but don't think any one would be warranted in following
 The market will be closed tomorrow The weekly government report on We'd 1 nesday promises bullish because of con tinued rains during the period winding up with a cold spell. It is agreed that ] the decline, as weather conditions are | UT certain and trade conditions are satis factory.