The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-12-13
KAHN BROS. 8 VIRGIN

NEW YORK, Dec. 12.-Cross currents
again marked today's dealings in stocks,
with the rails recovering somewhat from
| yesterdays drastic declines. In the indus
trial list such stocks Corn Products and
Otis Elevator, among the high-priced is
sues, maintained their previous strength
and continued into new hlgh terrltory'
Corn Products sold high as 146 3-8,
new high for all times and much specu-
| lation regarding the dividend action that
| is to be taken toward the end of the
month. Sugar stocks exhibited strong
tone Tire stocks, as stated in our recent
weekly market letter, appear to have
turned the corner and were in brisk de-
mand. There is said to be a considera Bile
| short interest in this group and especially
Kelly Springfield Rumors are afloat that
an advance in the tire prices Will be an
nounced any day.
the tires and made substantial gains all
around. Overland, both common and pre-
ferred, extremely strong, and as the
directors meeting is to be held late today
iithere are many who anticipate some sort
of a dividend ACTION, but there IS much
doubt about this. Studebaker has been
laggard of late. but during todays session
some very good buying was in evidence
and it closed strong with gain oil over a
The steel group acted well and at times
it appeared though United states steel
might be getting ready for one OF ltS oIo-
ia shioned upward moves. Dawson Chem
ical erratic as ever, declining AZ
the start about IS and later recovering the
entire loss There has been reactionary
| feeling in evidence around the Street for
the past few days and this perhaps mas
create another short interest of consld-
cradle proportions in the general marker
Closing tone was strong.-Fenner d Beane.
II. AND b. BEER
NEW ORLEANS, La, Dec. 12,-The
outsta nding feature of todays season was
the strength displayed by, the New Or
leans market in face of declining values
in New York after the government Tore
cast was released showing what an fod 1m-
and the influence 1t exerts in the cotton
trade. At one time the local market was
ern market and held its ground, which
had the effect of bringing New YORK in
line, as the session drew to close .f..r
noon was. that while the government es-
timated this years crop at 10,oslooO ex-
generally expected, the buiiish temper of
the south took the bit In Its mouth and
dominated the market. if only for sin
vancing from the low of the day, 200
points the limit for single day. o.
There is no assurance, however OF the
the government estimate may be too low
on several states and private bureau,
it is rumored, estimates domestic con-
| sumption for the United States at only
60s,00o for the month OF november vs..
Fridays spinner takings for the week
may be less than last years 421, 900 and
it is likely .ginnings to December IS Will
De larger tnan one year ago WHeH lIeS
were 94s9,000 perhaps much larger than
last year for the period December l to
10. when they We're only $4,000 bales
especially since ginnings from November
II to December l were $4,000 VS.. $4,000
What seems strange, todays crop es-
innate allows only $4,000 bales for Geor-
gia, where there was ginned in that
state to December l $4,000; for Alabama
only 900 whereas $4,000 were ginned
to the first; for Mississippi only $4,000
while ginnings to December were sos, 900
and Tennessee only 100000, whereas. gin
nings to first were 100000. AS for Texas
the government estimate, 900, was
larger than generally expected.
The demand today, after issuance of
the report, was mainly of speculative
character and it remains to be seen if the
trade demand will improve to the same
For the present favor realizing on long
contracts especially on bulges from pres
ent price levels.
SHANNON g. co.
NEW YORK, Dec. 12.-Tradng has
distinctly strong. There is tendency
to run to specialties as is usually the
case after a period Of strength and ac
tivity. News of late has been favora BILE.
Substa ntial progress has been made
broad toward a better state of affairs
and the outlook in this country has of
course been materially improved by the
tax reduction program, the Presidents
strong support of it and the universally
! favorable public response to the sugges-
stances that the market should continue
to reflect the impetus gained by the bet
ter outlook, but it still seems probabl
that we shall witness good deal of
profit taking this month, though pool
activities in specialize are likely to be
! oh, In, Ian RI,