The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1921-11-11
Market News as GiUen
Over Private Wires
HuRnARn,s LETTER.

new ] DIRK, November lO.-NSpe-
c,al.)--covering of short cotton fol-
lowing Lloyd Georges speech indi-
eating general Improvement in
business conditions in England,
caused steady opening with prices
ruling slightly under last nights
close. However, following the pub
LEGATION of q. private estimate of s.
100000 bales caused another wave OF
catching stop loss orders.
The market continued heavy during
the greater part of the day as ner-
vcus holders continued to Hquidate
Rumors were circulated that the Ma
tional Ginners made the consump-
ton for October $40, 600 bales, which
brought a slight recovery in the
mid afternon. American mills were
good buyers of contracts on the
break We believe the decline has
very nearly run its course.--Hub-
bard Bros. & Co.
s. n. STEWART & co.'s LETTER
Birmingham, November f0.-cotton
was further depressed $3.50 per
bale today. Liverpool did not send
over any encouraging news this
morning, their quotations being about
20 points lower than due. with light
sales at 5000. Our markets opened
10 points up to 10 down, and showed
tirmness early on covering, but when
this demand was satisfied prices be-
gan to ease off, and In the afternoon
were so to 10 points down on liquida-
ton and Indifferent speculation, clos
ing around the days low. There was
no particular cotton news. but sem
timent was depressed over yester-
days ginning figure, which raised
crop ideas TO around 100000.
Today's exports were $1,000, of
which 5000 were sold out of the
New York stock, bringing II down to
$4,000 bales there. Memphis wired
that the country closed up and would
not sell at this decline. The ginners
yesterday gave the bulls chill and
it will take time to get 1t back, cot
ton losing many friends. This,
coupled with the fears that short
time will be adopted in Lancashire
on the unsettled political situation in
Eerope, the financial depression IN
Germany and the crop estimate of
100000 issued by one of the most
reliable firms in New York today,
was given as the cause of further
depression. In Our opinion. cotton
has reached a buying level, and pres
ent overconfident pressure is laying
the basis for future covering
Strengths. R. Stewart & Co.
SHANNON q CO.'S LETTER
New York. November 1O.-(special.)
The cotton market has been under
pressure again today from various
sources, including speculative and
local traders. with, as some thought,
liquidation to some extent of the
trade holdings bought on SCALE
down from 20 cents.
Southern offerings have not, how
ever, been large enough to attract
comment, though New Orleans and
Memphis sold. thought, however, to
reflect bearish speculative sentiment
in those centers.
Support has come chiefly from
shorts taking profits, though leading
Japanese interests were considered
good buyers again today Is they were
yesterday.
Trade interests. however. have
seemed quite indifferent to the mar
ket, even after the severe decline,
and have bought in listless way II
at all, so that bearish operators have
had pretty much their own way, and
have industriously circulated in
creased crop propaganda.
While we have by no means given
up expectations of ultimately higher
prices later in the season, we would
wait to buy until there is better evil
dence that the demand is prepared to
follow advances intsead of dying
away on small rallies.
Trading in stocks has been broad
in character and quite active, while
the tone has been distinctly firm. This
broadening characteristic of the mar
ket lis quite noticeable and very en-
couraging in view of the many un-
certainties which exist in the current
situation.
Since early September there has
been no real liquidation in the mar
ket. while a substantial short inter-
est remains stubbornly outstanding.
and this affords a strong technical
basis for the market. Another
helpful feature has been the better
supply of money which has relieved
the very artificial and precarious
money market, which heretofore mas
existed since the outbreak of the
war. One of the most definite indi-
cations of this better financial basis
Is the strength and continued rise IN
the bond market.--Posts g. Flagg.