The Birmingham age-herald., 1923-04-24
DOREMUS. DANIEL & Co.


 A. A. Housman X Co. stock letter. by private wire to Doremus, Daniel & Co.,;
 NEW YORK. April 2S.-After weakness this morning, which carried several leao CTS to new lows for the decline the mar
 Set steadied, although the street was filled with bearish talk In the after
 noon it appeared if floor traders who had bought stocks Saturday and this morning were trying to tally the market in endeavor to offset the desire to sell, which at times seemed to be spread ing among commission house customers as ment. At the moment il looks as If the market might close little higher, but there seems to be too much unsettlement to establish anything like an even trend. In some quarters it is reported that there has been important buying during the last two days. but the buying appears to be the kind which takes stocks only when they slide off. So far there are no signs of general covering.
 Roscoe Redwood & Co.'S daily cotton letter. by private wire to Doremus Daniel
 & Co.,:
 NEW ORLEANS, April 2s-Covering of the short interest was the main factor in
 the trading in cotton today. In the early session there rise, partly stimulated by favorable Liverpool, followed by q | fairly wide break little ater but around | mid-session and in the afternoon there was no mistaking the firmness of the
 market. Prominent shorts talked confi dently for a while, but in the late trad ing many shorts turned buyers. One req son for the covering movement was the report that rain falling in Texas and the expectation that the storm area on this mornings weather map would move down into the cotton region. To he north west it has caused snow, rain and very low | temperatures for this time of the year. l The outlook is for freezing weather in northwestern Oklahoma and in the pan handle of Texas Rain is likely over a good portion of the belt. This caused most people to forget the governments estimate of 12 per cent increase In the
 acreage private bureau came out today
 with report placing the increase in acreage at 10.7 per cent and stating that the crop was but 12 per cent planted against 20 per cent year ago, A special government report on cotton estimated consumption of American cotton this sea ] son by the world at 13,OO0000 bales and stated that indications were for similar consumption next year. It looked as If | feet of bearish reports of last week. The market made demonstration of strength | today which may readily be prolonged | into the near future at least.-Doremus Daniel Co.
 S. R. STEWART x CO.'S LETTER. | BIRMINGHAM. Ala, April 2s.-Liver-
 pool came very encouraging this
 morning, futures quoted IT to 42 points
 bales and only points decline in their | middlings. Cables from. Manchester were l more encouraging. stating trade was buy | ing freely Our markets opened irregular | 5 to '6Q above Saturdays close. and after the initial figures were posted heavy sell | ing took place that depressed prices about
 
 the first hour however, buying of the best sort began and along with short cov- . ering caused a rally of 75 points and brought the finals to the high of the day and 90 to 75 points over Saturday. Spots were generally quoted 25 to up, with bet ter demand at many southern points New Orleans wired best demand there in
 eral weeks The early selling of futures was charged to leading commission houses and it was said that it was liqui- dation of large line totalling about 60. 900 bales. The contracts taken by scattered buyers. the impression being that the best demand came from shorts At any rate when the big selling order was completed contracts became scare ane the advance started that lasted until the last. It was said this evening that May notices were promptly stopped Wednesday
 and that the July premium over October would increase again. There no i'm
 portant news developed during the session. Purchases of cotton soft spots would seem advisable after the severe de-
 cline from March highs and heavy general lquidation.-S. R. Stewart Ss Co.
 OIL CITY REPORTS
 OIL CITY, Pa.. April .s.-Credt bal ances, sS.75. Runs. 93.354; average, 54413 Shipments 66,962. Average, 69,6o7.