The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-13

Told by Private Wires

BIRMINGHAM, May 12.-Cotton prices
opened irregular this morning. the initial
figures ranging from to 20 points above
Fridays close, at which point heavy sell.
ing came into the market that depressed
This selling was attributed to further
weakness in the stock market. particularly
United states Steel m9we eve -, those
week seemed satisfied and began to take
profit that caused quick rally of SO
points: then the market held steady until
the close of the short session, the finals
being 10 to 80 points advance for the day.
Spots We're generally quoted 25 points
from "a .05c at Fort Worth to %. soc at
Memphis. Business at the southern mar
kets quiet. with reports Of ,i few scattered
tinue quiet. Mills were reported buying
the July options yesterday. and the orders
for raw cotton hard to fill on the decline.
The weather map none too good and
considerable profit taking on the fact
that bad spell might develop over sun
day but no fresh buying was noted of
any consequence. long distance fore
cast indicated general cloudiness and un-
over the belt There was report from
south Alabama of weevils being found in
cotton buds. indicating the pest had sur
vived well through the winter and a large
crop of them in readiness for the
small cotton crop to be raised in that sec
ton. sentiment continues bearish in
stocks and other speculative markets, but
the declines appear to have gone far
enough for the present. and sharp rally
should occur in cotton II weather out
look is bad Monday.-S. r. Stewart & Co
DOREMUS. DANIEL & co.
James f. Bennett &, Co.'S letter
stocks, by private wire to Doremus Daniel
NEW YORK, May 12.-There has been
further selling of stocks this morning. The
list had ragged appearance. Bear at
tacks were directed mainly against the
steels. the reports of cancellation of or
ders being the main cause of the selling
Some Humiliation encountered
oils there was also some selling with rails
in the main fairly firm. The general con-
aggressive bearish attitude, but buying
confidence has been badly shaken, and
professionals are having things much their
own way. With this condition we would
make new commitments on buying side
only on good reactions and for quick turns.
James L. Bennett & Co.'S letter on cot
NEW YORK. May 12.-In cotton trad
ing a lowering of prices early after a
ment with sharp rally to above the
previous close. The undertone is little
steadier, but condition of the market feels
the effects of pressure stocks. less
favorable weather. and this started short
covering. On dips, would buy. but would
Roscoe lockwood & Co.'S daily letter on
cotton by private wire to Doremus. Daniel
NEW ORLEANS, May 12-coverine of
the short interest was powerful influ-
eence in the cotton, market today. and 1t
part of the session, the ring was unable to
supply except at higher prices. There
We're periods of recessions due to a some
what better. weather map than expected.
to continued quiet trade, to fresh selling
based on expectations OF further agrees
siye be bear trading in the stock market and
1Igation Of the sugar market with the
brokers and their books be brought into
court The market felt a good demand
on every downturn, and some of the buy
ests who have become Impressed with
the extreme bullishness of supply figures
,hn,vS opinion PM is growing among more
misses too lightly the fact that the
worlds visible supply of American cotton
IS down to 1,696,7l0 bales against 6,067,
O6S year ago and 4.27s.2is two years
ago.
The market is in a healthy technical
position and the demand for small rem
nants OF the old crop still left in the belt
i is ex thst good: We cannot help feel
news Will find quick reflection in a higher
range of prices.
oy private wire to Doremus. Daniel & Co..
CHICAGO, May 12.-Wheat: There has
neen world Of covering of short wheat
TO the previous closing level during most
OF the session. Selling pressure has offset
the ,ne u buying on the rallies. The cash de-
small; Primary arrivals were $1,000 VS..
,olI000 year ago. However in spite
Of small receipts there is no heavy de-
mand. and shipments out of store from
Chicago are extremely light. The rains
have been general and quite heavy over
most OF the winter wheat belt. and this
has taken the edge off the demand. es-
pecially for outside accounts. The market
needs either weather conditions of a more
bullish kind a broader cash demand
to sustain rallies under existing adverse
general speculative influences. Corn raj
lied from the low point of the morning
rather easily but it apparent that
support was needed on the advances The
weak tone in wheat with a break OF W. to
&c IN premiums for cash corn were bear
ish Influences. Receipts on the other hand
were only. 10 cars, and the market was
given good support on dips. Primary re-
ceipts We're $4,000 vs. sos year ago. Rye
was easy. hut little rallying tendency The
cash trade was slow. deliveries being 49,
900. T he market needs one thing before
there Is much buying support, and that is
evidence of a better foreign demand. Pro-
visions were easy following little early
bulge Trade was light, hogs were steady.
with receipts of 1000. Top price, 81. 90.
western receipts for the week. $4,000.
about the same as year ago.-Doremus,
Daniel d Co.