The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-24
Told by Private Wires
HUBBARD'S LETTER

NEW fQhh, Fep. 25.-tSpeclaf TEN
ders for 10000 bales were issued this
morning. but this failed to depress the
market, the stop months opening at 20 66c
and quickly advancing to 20 soc, was
generally predicted for March. May diff
ferences narrowed materially on continued
good spot advces from the belt. partic-
ularly the southwest. The general pre-
vailing sentiment Is bullish. and there has
been great deal of short covering and
fresh buying on the theory that cotton will
reach soc. We think that great deal of
spot cotton will have to be absorbed a.
this level before further advance can be
looked for. Our Atlanta correspondent
wired that the basis there was off 20
points late this afternoon. 1t is noticeable
that the new crop months are very slug
gish and are not advancing as the near
months age. We believe the market:
though steady at present may ease off
any time.-Hubbard Bros & Co.
DoREMUs DANIEL & co.
NEW YORK. Feb. 2s.-tspecial.)-
Stocks Interest in today's market cen
tered directly upon the advance of the
federal reserve banks Eediscount rate. The
rate was clearly advanced for the purpose
OF diverting money from speculation to a
reduction OF bank loans. The effect was
hardly noticeable. Pools still seek distri-
button and from this source came the only
apparent buying power.
Cotton. Inc absence OF spot pressure
again dominates the temper of the cot
ton market and the prompt acceptance OF
cotton rendered against March contracts
has had a steadyng effect upon all the
old crop months. There is no weak point
apparently except in the new crop posi-
lions, which have continued their reaction
airy tendency owing to the general belief
that present conditions presage propiti
Gus start.
Near months are easily advanced with
small spot stocks and lack of desire by
SDeCnlatOTS a CT
favor combining operations to October and
December. in which the hazards are mimi
mlzed.
Chicago Grains-Wheat: The lower
Liverpool market yesterday and further
drop of to x cents today caused con
| tnued liquidation OF long wheat. which
carried the market sharply lower, encount-
ering buying power broad enough around
sl,l7h to halt the decline and prices
OF IL to IA cents. 1t was evident that
the continued absence OF export demand
tired many weak holders and this. in turn,
made for scattered liquidation on the way
down. Argentine shipments were again
light.
Corn started lower with wheat and closed
v TO ! cent under Wednesdays final
The news in corn was little more en-
| couraging. The two days receipts at Chi
caso Monday slightly eased the cash basis
but found buyers plentiful. The primary
receipts for the five days this week will
run less than half of the receipts of a
year ago-Doremus Daniel & Co.
STEWARDS LETTER
BIRMINGHAM, Ala, Feb. 2s.-Todsv',
Liverpool quotations brought that market
~ points above parity with our closing
OF Wednesday. Sales were light at g. 900
bales. Manchester cables were Of more
optimistic nature. Our opening was So
advanced to near the 3Oc mark. MAY in
New York selling as high 20 soc under
the influence OF the prompt stopping of
| 600 bales rendered in New York. shorts
also covered freely in this month. There
was a heavy realizing in May and JuIy
options. but the demand was more than
equal to the supply. Selling Of the new
crops continued, thereby causing them to
quiet but firm during the entire session
With exception Of the last half hour,
when profit-taking depressed values rs
points nom the days high. ending the day
in AN advance of 20 to 35 points. Spots
followed the advance In futures. quota
ltions ranging from 20 s6c at Galveston 10
9,50c at Memphis. Good sales were re-
ported from the southern points. Spinners'
| takings were bulish being 100000 against
10000. There was little in the way of
| cotton news. The market is UP 1875 points
this week and conservative people in
a sharp advance particularly as the pre-
MUM over October Is becoming daily more
abnormai.-S. r. Stewart Co.
DUN's REPORT
! NEW YORK, Feb 2s.-Dun's tomorrow
win say; It is sign of business reaction
| tnat retail trade anu railroad trdttlc nave
| been hampered by further storms in diff
| ferent sections. This is a temporary phase.
natural to the season, and does not imply
| any change in fundamental conditions.
| Fluctuations in volume of transactions OBJ
| viously are to be expected weather in
| fluences or other factors affect the mar
| kets. but nearly two months of the new
year have shown conclusively that the
main trend is toward expansion. Reports
| OF demand exceeding supply of the allot-
ment OF outputs and Withdrawals of Of
ferings are heard only during active pc
| RODS. and they are becoming more com
| mon now with each passing week, The
| noteworthy revival in the steel industry.
| where fully a 30 per cent rate of opera
/ ton has been reached by the principal
| producer. is outstanding feature. but
| The domestic recovery is widespread in
| scope. Weekly bank clearings. s6,061.
| $4,000