The Birmingham age-herald., 1920-06-23

Over Private Wires
Thomasnn-Parker & CD


 New Orleans, June 22.-After minor fluctuations in the early trading today. the cotton market moved strongly downward under selling based on a variety of reasons. among which were the unfavorable opinion held of foreign politics, the decline in English consols, and the fear of fairly large tenders on the first notice day for July, which is Friday. The opening was lower and tine first decline amounted to 23 to 30 points, after which there was a reac- tion until the trading months stood 10 to IS points higher than the close of yesterday. This early decline was based rartly on favorable weather returns and partly on poor cables. but, after tte early trading not as much atten- tion as usual was paid to the weather map.
 The net advance did not last long, It was due mainly to covering by shorts who wanted their profits, al- though there was some fresh buying on prospects of unsettled weather for tte western half of the belt. Also while the weather map was dry, tenn pcratures in the northern portion of the belt were low The rise in ster- llrg eNchane to s4 for cables stimulated fresh buying for long account.
 The decline of the day started when bearish traders selected the hard spot as a good place to sell on, and it car- ried prices 47 to 50 points under yes terday's close. Last prices were at net losses of 42 to 30 points. Sentiment is bearish.-Shepard & Gluck.
 Stewart Letter
 New Orleans June 22.-With another day of favorable weather, weak Liver pool. unfavorable foreign situation and lack of support, the bears took posses son and the market witnessed a further decline today of 50 points under yesterdays close.
 The opening was Is to 25 points down. meeting with some support from the bulls during the first hour. and Oc- toher worked as high as 34.15c, but in- creased selling with the sudden weak ness in July caused the market to be- come soft working October down to l 33.50c, the finals being around the days low The spot demand appears stag nant and dry goods are showing weak ness with an unsettled stock market helped the decline. New York spots were another 50 points down. middling | there being 3S25e; New Orleans, 50 | points down, middlng 40c, while Da1- las was 40 points down. middling 3S.25c- | July New York led the decline as the general impression there is that l about 10000 bales will be rendered Fri l clay, which would probably dislodge all longs wishing to accept the cotton. l Bears talk of 10-point betterment | in the next government report. Bulls at the moment get no encouragement | from either the weather or spot situa- ton here or abroad, and in the absence of bullish speculation are inclined to abandon the constructive side of the | market, We believe, however, on further declines the market can safely be bought.-S. R. Stewart. Shannon & Ca 1 New York. June Fatalities in the market have been small today and have failed to hold, as they have run into re- l newed offerings inspired by the easier l tene of the stock market, poor reports 1 from the dry goods trade and rumors that money is getting tight in the i south, while the crop continues to show
 improvement In the course of the de- cline some stop orders were uncovered, | adding to the pressure from other | sources, but much of the selling ap- l peared to come from Wall street | brokers, supposed to be dlscountng later pressure expected from the actual if southern banks should call loans and | force liquidation.
 There has been some selling on southern orders. but whether in the 1 way of liquidation of long contracts or 1 against the actual is watched. The | opinion is expressed that other lines | of long cotton may come out, though | it is felt that the market is probably not far from bottom, with a rather ex- 1 tonsive short interest in existence that would find difficulty in covering unless helped by increased offerings against | the actual.
 One of the chief reasons for the sell ing has been nervousness over the money situation but if, as stated in a news item today, bankers look for | ward to improvement there in the 1 next week or so. and that proves a | correct forecast, buyers will gain con- | fidence to enter tn emarket more ac- | tively.--Post & Flagg.
 around face, weight about $50 or 1000 pounds, Hoped ears, and valued at $40.
 Witness my hand this 14th day of June. 1920.
 | J. r. STILES,
 Judge of Probate for Jefferson County.