The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-20
Over Private Wires
DOREMUs. DANIEL & co.

IL.
by private wire to Doremus. Daniel & Co.:
NEW YORK, May 19.-The market was a
narrow professional affair today With
leading stocks under pressure from pro-
fessionals and with several new lows
for the current move registered. steel got
to a new low with comparative ease. and
there appeared to be little outside public
buying. In such a market as this the old
line standard dividend paying rails look
to be the most conservative purchases.
Roscoe lockwood & Co.'S daily letter
en- cotton. by private wire to Doremus.
Daniel x Co..
NEW ORLEANS. May 1s.-Early ad-
vances were due to further wet weather
in the belt after which the market sagged
500 bales. and an unfavorable construc.
ton of weekend reviews of the general
business of the country. Later the market
steadieo on prospects of showery weather
for practically the whole belt over Sun
day. early sellers being inclined to cover.
over nearly the whole southern half of
the cotton region much rain has fallen In
the last few hours and the rainfall is
continuing today, with prospects that 1t
will extend to the Atlantic coast by to-
! morrow. Except in some sections OF
Texas these rains were the last thing
said: Crops are getting very grassy" A
telegram from Mount Olive Miss: Worse
conditions in years; too much rain and cold
weather. condition about 40 per cent of
looking the fact that while present con-
ditions are detrimental to the growth Of
weather. Lytle. Tex. wired: Farmers are
finding weevils in their cotton" Reports
of this nature will increase very shortly
If the weather remains unfavorable over
Sunday, we expect flood of crop COM
plants, and they would be bound to force
higher prices Monday Some of the most
spectacular crop scares in the past have
resulted from wet weather in May; It looks
more reasonable than ever to maintain on
the constructive side of cotton.
James E. Bennett & Co.'S letter on
grain, by private wire to Doremus, Daniel
IL Co..
CHICAGO. May 19.-Wheat prices lower
today and the buying demand has been
of rather indifferent proportions, which 3
not unnatural In view of the recent actio /
of the market. The Kansas reports are
extremely bullish in many respects, but
gard to the outlook in that state it has
been hard to stimulate buying. Short COW
erirg a. times has rallied prices and there
has been quite bit of absorption on the
wheat setback. Canada reports indicate
crop. two weeks late and area the same
to 10 per cent less than a year ago. Re-
ceipts here moderate ami primary re-
ceipts $4,000 VS.. 100000 a year ago.
Corn: There is no material change in the
supply and demand situation in corn, but
there has been lot OF selling by discour-
aged buyers. This has temporarily put
ness mes II in NV wheat has been factor Reports
from the country do not Indicate much
wheat back of the farms or in country
elevators compared to normal. Cash
prices. here a little easier, but there was
no radical change. Oats: Trade has been
rather featureless. crop news mixed but
generally the crop is making good prog
ress. although late enough to cause APP
preh en- sion about the effect of hot weather
later. Sales for shipment moderate. De-
liveries were $4,000. Rye: Trade light,
price changes small and export trade news
rather dscouraging. Deliveries were IT,
600. Provisions: There was. narrow
trade in products with but few price
changes. Hogs were steady to 10c lower.
Receipts were 1900. Western receipts
were $50. 900 for the week against 81, 900
a year ago.-Doremus, Daniel & Co.
STEWARDS LETTER
BIRMINGHAM. May 19.-The first
prices in cotton were unchanged to II
points higher than Fridays close. There
was considerable selling soon after the in
itial prices were posted on weaker stock
and grain markets, this selling depressing
values Is points where week END profit
taking, coupled with short covering. took
place and braced valued up to rs points
over the previous close. The finals. how
ever. we're 10 to 16 points gain for the
day. Spot quotations were generally I'M
changed to Is points higher with no re-
ports Of any improvement in the southern
markets.. The weather forecast continued
unfavorable. the map showing unsettled
with scattered showers and cooler over
the entire belt. There was no partic-