The Birmingham age-herald., 1921-10-02
Trading In Stocks and Cotton as Told Ouer 'Priuate Market Wires
S. R. STEWART & co

In the absence of Liverpool today our market opened unchanged to about points up and ruled narrow during the short session with some what downward trend, which it Is said was caused by evening up, pre-bureau liquidation. hedge sell ing by the south and weekend cov- ering. There was no other news lthat could cause the market to go Sl per bale under yesterday. New, Or leans spots were unchanged; mid ding. 20, soc, while New York quoted spots at 21 .10c, decline of 20 points.
 Liverpool reported syinners gaining confidence and the feeling there had turned for the better. They say frozen credits are being paid off rapidly, and that the mill stocks in Italy, France and Lancashire are de- creasing rapidly. and demand at Liv- erpool was remarkably good and showed no signs of dying down. It is known that Liverpool is buy ing actual cotton heavily in the Dal- las, Tex, district, and the worlds spinners takings of American cot ton for the week made a suggestive exhibit
 Interest centers on the govern ment reports Monday, the ginnings at a. rn expecting to be around 2,750.- 900, and the condition at 10 a. m. is expected to be little above or be- low 40. Eleven private reports av- eraged 41.2 and thes crop indicates average 6.405,OO0.
 If the condition is much below 40 we may expect the beginning of rise that will reach the 25c level. However, if disappointing, we advise our friends to buy on any sharp break that might happen.-S. +. Stewart & Co.
 RAYMOND, PALMER & co.
 New York, October 1.-(Special.)- )- The government ginning figures will be issued on Monday next at l0:3o a. m., New York time. The condi- tion figures will follow at II a. m. We expect the ginning figures to be large Intense heat over large part of the belt caused premature opening, and brought about early picking. The big advance in price also encouraged active field work among pickers. Big ginning figures and big receipts, therefore. will not mean a big crop. They spell early exhaustion to any one who realizes the true situation. We doubt l1-o per cent of the crop will be left un- picked by Thanksgiving. There Is no top crop of consequence any where. We expect condition figures to be around 39 5, indicating crop of about 6,10O,000 bales.
 If the figures are larger and de- cline follows, we strongly favor purS chases. as we believe Japanese, Eng fish and American trade and mill interests will be heavy buyers and ,,,icl, racoyarv is prODaDle,
 It looks to us as though the pres ent accumulation of December is the preliminary to titanic struggle TOT supremacy in that option.
 We think December shorts are in a precarious position. They will find very little cotton in sight when they attempt to cover. We are still very bullish on cotton seed oil and favor purchases of March option.
 We are advising our friends to hold their cotton seed. It will be very scarce. much sought for and valuable before the next planting--Raymond Palmer & Co.
 SHANNON < co.
 New York. October 1.-(Special.)- There was a good deal of cotton for sale on the opening advance the bulk of which was attributed to further evening up for over the approaching reports. Wall street was a leading seller early in the second hour when active months were about 20 to 25 points net lower.
 The talk on the floor this morning has suggested more disposition to emphasize the uncertainty of the ginning figures. Most traders seem ed to have pretty we'll settled in their minds what the bureau was likely to show but there was more uncer- tainty regarding the ginning of which there has been no forecast.
 Whatever the ginning figures are the chances are most people will har- monize them with the crop in- dication by means of many reports indicating an unusually large per centage of the crop picked
 Though not much in the way of activity the stock market today has been distinctly firm. The oil stocks in particular show renewed interest. The political difficulties in Mexico and the encroachment of salt water in one of the fields there has inn proved the domestic demand for fuel oil.
 There is a distinct effort being made throughout the country to de- velop 2 better sentiment as to the businAss outlook and an fnbrova-