The Birmingham age-herald., 1923-03-06
Told by Priuate Wires
HUBBARD BROS., LETTER

NEW YORK, March o-(special.)- There was weakness evident in our tered buying came in from Wall street and commission house buying practically was in the October position. Scattered selling was evident from the south and Liverpool but though the market continues to ad- vance we hear from various sources throughout the Atlantic states that spot people are not finding 1t so easy to dis pose of their cotton, while on the other hand we hear contrary advices that throughout the Memphis and Texas dis tricts the spots are extremely hard to purchase and can only be bought in very small quantities. There is a noticeable narrowing today of the differences be- tween May and July. Saturday they were around 100 points. whereas today they are around so. The buying of July caused this narrowing. Weather over the south west part of the belt this weekend was rather unfavorable and this is what caused the strength in October. The mar ket may advance somewhat further but We certainly advise the most extreme caution. Futures in Liverpool are due to- morrow. May. 1o.1o.-Hubbard Bros. & Co.
 s. R. STEWART CO.'S LETTER
 BIRMINGHAM Ala. March 5.-Early Liverpool quotations were 16 points under points higher with better sales of 5000 bales. Manchester cables stated tone in cloth and yarn markets improved, but volume small. India inquiry increased and China showed greater interest. Our markets opened slightly above Saturdays close overnight buying and continued to advance into new high grounds new commitments and light offerings July and October lead the advance on good de- nsand for these positions from spot people and short covering. There was much less demand for May. On the other hand the disposition on the part of scattered longs ring to later months This cost it 30 points premium Some of the May selling was thought to be for prominent south h,A loss in this premium only temporary and due more to the preponderance of compared with May. Liverpool and Wall street lead the buying. The finals 10 to 30 points above the previous close. Spots were generally unchanged to 25 points up, with good sales made on the advance. Texas reported more rain. which
 is not needed. There was no particular news marketwise. We continue to favor the purchase of October on reactions $. K. Stewart & So.
 CHICAGO. March 5.-wheat: While prices were fractionaly lower at the open ing. based partially on a misconception of recent precipitation west of the Mis- souri river. the market almost immediate iy gave I,' evidence of increased buying as the session advanced. From the low point shortly after the opening, the up- May delivery. while the deferred futures Jagged relatively. The encouraging fac tor to believer in higher prices in to- days market the broadening in the volume of trade, which can only mean that people who are students of the sit nation are beginning to take notice of con ditons al home and possibly ignoring the unfortunate attitude among exporters and merchants called who have put their wheat in wrong position.
 Corn-The issuance of report on farm reserves, through our Mr. Snow. proved rather a boomerang. with the fig ures put out last week of s55. .0o0. 900, as against Mir. Shows 1.101, o0o, 900. No one who carefully studied conditions could credit the former figures and believe that our figures will be more less jus tified by the government report.
 It quite evident from the action of todays market that these o-called speculative carriers of hedges were not to be frightened out, even in the face of our report, which seems extremely bearish In it's character compared with the figures furnished last week. In other words, there seems to be stability in present corn values. irrespective of ar guments to the contrary. One thing is certain. hogs and hog products keep ad- vancing ,and 1t Is not from scarcity of hogs, which must be fed until they go to the stock yards
 NEW YORK. March 5.-The continuous advance in commodity prices were again reflected in the industrial list today. We have labor boom every capable work man finds work. Pay rolls have in creased nearly 10 per cent. A railway boom where more freight Is offered than