The Birmingham age-herald., 1923-04-03
Told by Priuafe Wires
HUBBARD BROS. & CO.'S LETTER

NEW YORK, April 2.-Owing to the Easter holidays in Liverpool. that market was closed and our opening Liverpool commission houses and the south were buyers, whereas spot houses. Wall street and the locals sold. There was sharp decline immediately after the opening. owing to profit taking, but the bad weather over the belt caused renewed buying, particularly of the distant months The volume of business fell off materially around the noon hour, but later on fresh selling made it's appearance, easing the market off again. Viewing the market 1t seems that 1t should have been stronger on the weather news and the fact that to some understanding with the workers but the market failing to advance on this news. we believe further liquidation Is possible Futures in Liverpool are due to- Hubbard Bros & Co.
 STEWART'S LETTER
 BIRMINGHAM, April 2.-After a three day holiday cotton opened Is to 20 points higher than the previous close faySrabs Ns weather and buying by s. large vance brought In considerable selling pres sure on May and July options because of premiums over the new crop months will decrease The low point made in the afternoon, on selling apparently for the south and Walt Street in the absence of any support. The finals were 30 points lower than Thursday close on the old sna Snt to 10 p1s higher sd o on aon he most points reporting business quiet cept the Carolinas showed an improve were moderately bullish, mill takings were POT 900 against 1s6,000 exports 10000 bales probably final Marsh shipments. North Texas had more rain which is not needed; the eastern belt is experiencing some pretty low temperatures for this time of tne year. Sentiment is mixed, nn ha al e- Ynnn but October Is regarded fair purchas- ing proposition around this level. Liver on May and down on October.-S. R. stewart & Co.
 DoREMUs, DANIEL co.
 CHICAGO, April 2-wheat, with Liv- erpool closed on account of holiday, our market made firm star ton a continued flood of crop damage reports coming from all sections of the belt and the unfaVorabe weather map. The latter showed possibilities of rain snow in the west followed by colder weather. Kansas and Oklahoma and damage re- sulting. Outside buying power appeared vanced sharply with July, making now high at s1.1 F. At these levels, how ever. enough profit taking and seAing pressure appeared to fill up buyers And thereafter the market turned easy. sell
 ing off and losing all the early gains, with the close it to tsc under Saturday. The action of the marekt today shows clearly that increased buying power is needed to maintain gains. but we are anticipating renewe dsuyns fon Sn all .nIs dips ,sr,od the opening ruled heavy and with out side trade light, finally turned downward for closing losses of 60 bc. We look for continuation of keen cash demand which will gradually be forced to terminal mar kets for filling.
 NEW YORK, April 2-Ths forenoon cotton market has been qniet and steady. The price ranges are slightly above last Thursdays close. The easier tone in the stock market has probably offset to some extent unfavorabIe weather in the south over the Easter holidays. After the ex- cited decline of last week. more less quetness in the cotton market s not surprising, and think these moments of dullness at present level afford op- portunity to slowly picking up contracts for a later advance.
 NEW YORK. April 2.-Heavy selling was attributed to professional operators. and despite absence of unfavorable news. the street seemed to become apprehensive. particularly when rail stocks broke. Weakness In Union Pacific was accom- panied by report that directors might consider reduction of dividend at next meeting on May 10. There abso- lutely nothing official. It appears to us tors having been trying to find the top of the market and have been selling stocks at every opportunity to uncover weak spots. They found one in Pacific learn that selling of the rails came from the same source. and as 1t took the street unawares, effective in creating a considerable amount of uneasiness. Frankly the weakness today came as a surprise to us and the failure perha ps unwillingness of the list to rally makes us feel as if for. the time being stocks should be purchased sparingly.-Dore- mus. Daniel x Co,