The Birmingham age-herald., 1923-04-17
STENYARTS LETTER

BIRMINGHAM April 16.-Quotations from Liverpool came over about points under due this morning. but sales were traders turning reactionary on action of American prices for end of last week. Our opening was 30 points under Saturday s on overnight selling and disappointed cables. The market ruled very nervous during the entire session, making several rallies, but to again fall back the finals being 40 to 50 points loss for the day. Spots were generally quoted 50 down, bet ter sales were reported from New Or leans, while the Texas points wired many anxious to sell but no buyers. General liquidation all around the ring in moderate sized lots was the feature in cotton to- day; the buying was scattered. Open or ders to buy on the 50-p point break checked the decline. The weakness was attributed to change in sentiment that has been developing the past few days and made more definite Friday by the census re port of 2.000.000 bales in the mills April 1; There was apparently no large profess sional selling today. The weather forecast was better for the eastern and central belt but continued cloudy and rains for Ok give way on spots the market should rally from this level.-s. R. Stewart X Co.
 DOREMUs. DANIEL X co.
 A. A. Housnan & So.'s letter on stocks by foRK TFs t p Papsl seos leislurely, but can make no headwsy against continued selling of oils These act if further price cuts in crude are anticipated and our advice is to stay away from the oils for the time being. While cuts in crude may disturb a little earnings position of some of the producing com panies, we do not think that oil shares would have shown much weakness, and such had the market position not been oVerextended on the long side. Weakness in other parts of the list seems to be reflection of the selling of the oils. We look for renewal of strength in the rails shortly.
 Roscoe Redwood & Co.'S daily cotton letter, by private wire to Doremus, Daniel & Co.,.
 NEW ORLEANS. April 1s-DecIines were wide in the early part of the session in cotton today, but they. coaxed into the market demand of best character which caused substantial reactions later, and during a good part of the day shorts who wanted to cover had hard time of it finding contracts. A better opinion of the weather over the belt, together with fur ther pessin1istic trade accoyYits from Lam cashire caused the early selling, but as the day progressed less favorable opin- ion of interior weather conditions pre- vailed. The weather map showed only slight showers over Texas, while the re- mainder of the cotton region was fairly dry. During the day Texas complained that more rain was falling, and many tions of the belt stated that temperatures were altogether low for cotton. Com plaints of delayed crop preparations and against cotton already planted came from points both east and west of the Mssis- sippi river. making it plain that the crop tire belt is getting dry and warmer weather local spot firm sold 2,0OO bales on the spot. Houston wired that large spot firms were endeavoring to buy cot ton quietly, both there and at Galveston. and Liverpool cabled that both exporters and merchants were buying spots there, will take but very little of this sort of thing to sweep the marekt clean of spots, making the situation stronger than ever, especially in view of the continued unsat- isfactory weather over the belt.
 James F. Bennett X Co.'S letter on grain, hty ,rt to. xtra tn nnr aI ffp
 CHICAGO, April 16.-The market has had a reactionary tendency almost since the opening, when prices were lifted on initial buying orders. Profit-taking by some of the houses identified with the recent bull movement caused some of the supreme court decision approving the con stitutionality of the Capper- -Tincher law affecting grain exchanges. but it is diff much either way. The export trade was quiet and apparently the crop news, while bullish, had become little stale tempo rarily. Nebraska reports are extremely bullish and the Kansas are uneven, while the northwest is way behind in it's spring seeding schedule. The outlook however, ditons in the northwest, and this change local sentiment considerably. Foreign mar kets were strong early, but were affected later by the heaviness on this side the increase in local stocks was Tot great as expected. being only S9.o0o. The out look for the winter wheat crop Is too du- bous to encourage any specially bearish sentiment. and we think after this break the market will be in a position to respond to any good buying. Corn: Heavy selling of corn started at the outset and continued off and on through the session. The de- mand was limited. coming from shorts and from commission houses on resting orders. Visible stocks decreased 572, 900. Western points report a big demand for corn from feeders with higher prices than the Chicago basis reported However, re- ceipts continue liberal at western points compared to a year ago, and this has checked buying, while apparently the ad- vance was too rapid recently for export demand. Prices have had good setback and are in shape to rally. Oats: General demand slow, and there was considerable unloading of long grain on the market at Trade moderate: visible decrease li900O. Sash markets steady but with slow trade. Weather conditions were little more favorable. Rye: Undertone firm with good buying. but there was evidence of much export demand, and the weakness WAS a factor. . On the decline Ihere was moderate commission house buying. Pro visions: Easy tone in products influ- enced by the downturn in grains and by the lack of outside support. Hogs were bc to lOc up, the top ebing sS 60-Dore- mus. Daniel & Co.
 INFERIOR MOVEMENT
 Houston; Middling. 2Sc; receipts. 737; shipments, 1L191 sales, 336: stock 99746.
 Memphis; Middling. 29c: receipts l.54l. shipments, 1,4l5; sales. 100; stock S1, s3s.
 Augusta: Middling, 27. 75c; receipts. 39S,
 st Louis Middng. 2sc; receipts, 1.1o6; shipments 1l72; stock, 15.2s9.