The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-06
STEWARDS LETTER


BIRMINGHAM May 5-The opening
prices in cotton averaged slightly higher
than Fridays close and advanced a few
points further on buying by stock exchange
houses. supposed to have been covering.
This demand was soon completed and
prices fell off rather sharply on selling OF
market ruled very active. but fluctuations
were small during the short session, the
finals being 10 lower than the previous
changed to 10 lower, there was better de-
mand reported from Augusta and okla
homa City but other points remained
orable IN Georgia and Alabama. but was
clear west of the Mississippi river. Worth
A long distance forecast indicated clearing
for central states but more rain, probably
heavy, in eastern states, and outlook for
the western states and colder weather for
Atlantic states Receipts OF raw cotton
at New England mills for April were 1913
cotton market has a lower tendency and
unless checked by improved spot or goods
demand toh July Is likely TO- sag closer to os &c,
In sympathy It offers the best possibilities
on the long sides. r. Stewart & Co.
DOREMUs. DANIEL 3 co.
NEW YORK, May 5.-while some stocks
have shown a little more steadiness to-
day. the buying has not been of vigorous
enough character to establish any big rail-
lies. This was undoubtedly a disappoint
ing feature and indicated that the liquida-
tion period was not entirely over. Rails
We're not much changed, and there was no
snap. to the buying OF steels. some of
which. in fact. were a little easier. Gen
apparently. We would not care to sell
stocks at this level, but signs of improve
ment are not particularly favorable at
Roscoe lockwood & Co.'s daily cotton
letter, by private wire to Doremus, Daniel
NEW ORLEANS, May b.-The cotton
market today was regulation week end
affair. with, no definite trend. trading first
elines, and finally closng, ? to 10 points
inside CLOSING. price Of rs. soc and October
with hs Of Of go 80 points
at the close OF last week. BY many trad
ers this rapid narrowing of differences of
late between the old and the crop is
considered the most important of recent
developments. and it is predicted that If
finally result in a good deal of forward
business in both cotton and cotton goods
which is not now possible. and which up to
recently was entirely prohibited by the
wide discounts on the fall positions. Much
of the selling of the day was due to the
rather unfayorable tone of the weekly re-
views of the country's general rtade
which reflected further slowing down. At
the same time the rumor was heard that
cabinet meeting to consider means of re-
storing business confidence. There was
might be called off. The weather was en-
also a rumor that the sugar injunction suit
tirely unfavorable
James 2. Bennett & Co.'S letter on grain.
CHICAGO: May 5.-Wheat: Weakness
In corn. which developed late in the ses-
sion. started wheat on the downward grade
again today after a show of strength early.
Ihere was little confidence on the part
OF buyers. The shipping demand was slow
here. Export business was 500. 900. Omaha
reported sales of 400. 900 hard wheat this
week for direct export and said mills
would need the remaining stocks there.
This had little effect on the speculative
market. however. Liquidation of long
wheat was the main feature in the late
trade. and the tone was heavy and uncer-
IAN. STOCKS did not rally enough TO
strengthen bullish views in wheat The
, nnying demand will have to increase to
a orths any permanent price Improvement
!; aithough the situation generally is not
lacking In bullish features. Corn After be-
ing strong early the buying demand in
corn petered out. and stop loss selling was
encountered. causing the most drastic de-
CINE CINE mat mas been witnessed in some time.
me cash demand was less snappy. Re
ceipt were moderate here and in the west.
-DOremus Daniel e IN " NS''