The Birmingham age-herald., 1923-11-09
KAHN BROS. & VIRGIN Cnffnn

NEW ORLEANS, Nov s.-Cotton broke 80 to 95 points on heavy selling that fol- lowed annoancement rt or one one or td the most than steadied and later worked up 100 to 19s points from the early low, The late rally hedging that most of the days gains was lost. but. there was good buying right up
 Many traders accepted the ginnings fig ures of 7,554,000 as pointing to crop Of or less as the gi,RHniRss ,H for the ceed last years by s5o,ooo to bring the total up to 10000; 900. An estimate. of confirm such ideas.
 Most of the early selling appears to the view that all the bullish news is out and discounted. They hammered the market ma freely & but the country accepted portunity to buy and SO much fresh buy ing came into the market that it lifted
 The recent buying looks to us so much like that which S,if comes in at tho tail end ceased to advise buying except for scalp. We still believe 1t is time for eau ton on the long side.
 Grain
 CHICAGO, Nov. s.-wheat: Dull, fea- tureless trade, with prices heading within a narrow range after an early dip, had cleaned the pit vof stop-loss orders The strength in corn was a helpful influence selling. It, however. did not encourage much new buying. Cash trading basis nH f5 fo nipeg market dull and heavy. Kansas City quoted cash wheat 1 cent lower. There was considerable undoing of spreads late in the way of buying wheat against sales of corn, and this helped give us the
 Corn: There was a big broad trade with immense amount of profit taking, by previous, buyers serving only to retard taken that the market had very few set backs. Cash prices strong. Weather gen moderate. Evening up for government given as reason .3I for most most Of realizing.
 Oats: Far trade. with cash interest buying December against sales of May. Undertone firm. Cash trading basis rela- lively steady. Country offerings moderate.
 Provisions: Fair business, offerings Ss Sere to ss S sood tans snynr u9 nearby deliveries of lard by cash han diers and shippers. Hogs 5c lower; top, ,745. NEW YORK. Nov. s.--stocks opened with slight recessions in some groups, but after the first half hour there was pro- nounced demand for some of the special throughout the '' session. . United states Steel succeeded in going through the high rresistance rmd .a point of last August, possibly
 
 and Steel Institute showing estimated production of 3,547,9e6 tons in October against, S,S16,166 in September, which re- flutes the .much-talked-of sharp decrease in production.
 The steel tonnage report on thrilled orders to be published Saturday noon is likely to be less than the drop of S7s,s1S tons shown for September. Gulf States Steel showed exceptional strength based on rumors of extra dividend at next meet ing. There were several dividends de- clared today. and the Steel extra dividend last week having attracted 50 much at- tention, outside participation Is increas- ing daily and should become cumulative as stocks advance. There is no adver- Using needed in an advancing market. It
 American Can. studebaker, Famous Players. Baldwin, Mack Truck and Texas OH were we'll bought and toward the close there was some urgent short cover ing in addition to the regular buying which was of a good character. This up- ward move in stocks has had such good start and has held so well that it Is at most safe to anticipate a broadening ten- dency in the entire market for some time to come The market has had a great deal to contend with for the past six months and 1t Is now becoming apparent that many stocks sold altogether too low in the recent decline.
 THINNER ( BEANIE.