The Birmingham age-herald., 1922-01-31
Priuate Wire News
SHANNON < co.'s LETTER

New York. January sO.-(Special0 This has been just about as dull a day as ordinarily happens and the stock market is closing heavy. We are not surprised at this. as every thing tends toward a further re- action. The great dullness on the de- cline so far is encouraging, and we do not think that the decline is going very far, although great disappoint- ment is felt everywhere over the prospect of the passage of the bonus bill by Congress and the unlikeli- hood oF action on all the other im- portant bills.
 Cotton prices made, new low rec ords today for this movement under general selling in which Memphis, New Orleans and the southwest were considered prominent. There was, however, some support coming from Japanese interests, who were good buyers of July, and from price fix ing on call cotton, but all this was not sufficient to stem the tide of the selling by unknown interests, commission and wire houses and local professionals.
 Local sentiment continues very much against the market, but it looks unwise to attempt to follow prices far in either direction from the pres ent level and an even position. or a limited trading is all that looks pos sible, though We continue to believe the sound fundamental factors will in the long run reassert themselves. Post & Flagg.
 F. !. LINNELL & CO.'S LETTER
 New Orleans, January 30.-(Spe- cial.)-Weakness in Liverpool de- pressed American markets to the lowest levels today reached on this downward movement. Instead of re- spending to the improvement in America last Saturday. cables were decidedly lower, attributed to liqui- support. no trade demand and spin ners deferring calling.
 The feeling in England is pessimis- tic. owing to the political troubles in Egypt and India, which is hurting Manchester's business.
 So far as Egypt is concerned, there is the possibility of more friendly relations between England and Egypt, as press advices are to effect that Great Britain is ready to gran. Egypt virtually complete independ- ence as soon as the Egyptian and British governments draft an agree ment providing certain safeguards.
 Meanwhile the south's great cot ton industry Is suffering because of the strained relations between In- dia. Egypt and Great Britain, not withstanding the limited supply of cotton for the remainder of the sea son and the uncertainties attending the making of tho next crop.
 Notwithstanding prospects of a possible postponement of the Genoa conference, foreign exchange contin- ues upward, especially for sterling and francs.-H. & B. Beer.
 s. II. STEWART & CO.'S LETTER Birmingham, January 30--Liver- pool sent over early quotations 50 poiNs lower than due with light sales of 4.000 bales. Cables stated weak ness was caused by depression ir Manchester cloth markets and the se- rious political situation. America was the only supporter of the future market. Our markets opened 10tto 22 lower than Saturdays finals, but the initial prices were not in line with the weak Liverpool futures, probably because many buying orders were sent in expecting the market to fol low Liverpool fully on the opening
 After the early buying orders were filled, heavy selling came in the mar ket and increased during most the en-