The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-10
Over Private Wires
HUBBARD BROS. co.'s LETTER

months were easy in view of the fact that
private reports Indicated that there were
beneficial rains in Texas and that the
weather was generally fair over the east
ern belt. This is exactly the kind of
selling during the first hour. However,
toward the close fresh buying came into
the market with renewed short covering
and caused prices to advance rapidly over
last nights closing figures. In view of the
fact that the market did not sell off on
this bearish weather news it may be that
we In for further advances.
Liverpool futures are due. July, 1896;
october, 1s.s1c.-Hubbard Bros. & Co.
s.R. STEWART co.
BIRMINGHAM. Ala June s-The in
itial prices in cotton averaged slightly
above Yesterdays close and ruled quiet
July and profit taking in the other
months during the first hour. This reac-
tionary tone at the beginning was no
doubt due to better weather prospects.
When this selling of July was completed
contracts frightened and week lend cover
ing began that lasted the balance of the
advance for the day of 20 to 80 points
Spots We're generally quoted unchanged to
zoe higher. with fairly. good business re-
A rumor that the national ginners made
the May domestic consumption Ga, 900
bales helped the rally. and If this figure
be very bullish. However, 1t was not gen.
orally believed by tho trade. The map
was regarded as favorable except rain at
Oklahoma City. There particu-
lar cotton news. Sentiment remains
mixed with majority of trade favoring
sales of October on bulges long, as an
dicated. Liverpool is due up on July
and IL up on October Mondays. r.
Stewart G. Co.
DOREMUS, DANIEL. & co.
Chicago daily grain letter, by private
wire to Doremus. Daniel & Co.:
~,
eminent report was regarded as bulish on
winter wheat and the figures on spring
wheat acreage do not agree with the ac
copied notion of best posted interests in
the northwest In our opinion. the present
wheat situation, especially with the ex-
cess;ve rains In the southwest. gives q
basis for conservative bullish operations.
There Is likely to be more active foreign
buying of both cash and futures from this
TINS on. Moreover, the critical period for
spring wheat Is still ahead. and even with
tho government estimate tho crop indi-
Gated is much smaller than q year ago.
Prices furthermore, are now on a com
parativey cheap basis The one thing
lacking now is outside interest. which we
think will come with any evidence of for
eign buying.
Corn: The tone was easy at the opening.
The supply and demand conditions in the
cash market are bullish, but the slump in
the hog market has checked the demand
10 some extent. However. the fact which
makes the hog situation demoralzed is
the best indication that the disappearance
VI Soih mas pten SO neaNy, and this is the
result OF tremendous arrival of hogs of all
grades. Today's cash prices were steady.
Urinary receipts, $4,000. against 1927, 900
ket FOR corn. but unless there is a big
increase in the movement we prefer the
buying side on the down swings.
little lower later. The cash trade was
moderate Receipts were fair and the
government estimate was not accepted
awning but little bearish. Crop news
mixed. Price levels are low and the
market is in trading position.
private wire to Doremus Daniel & Co:
NEW YORK. June 9.-The stock mar
ket, during its brief session today, clearly
gave increasing signs of dev-Iopinr
strength and activity. Most of the trading
was confined chiefly to the rails several
OF OF them making new highs ror the year
pull demonstration in this group than we
nave had for long time. The activity
IN New York Central is likely to carry
over. the dividend meeting next week
Southern Pacific seems way out Of nne
with other stocks paying the same dividend
rate. especially so in view of it's strong
cash position and excellent management
Norfolk Western will likely declare ar
extra dividend OF l per cent this year
, There was, was good demand for the low
ferred and Southern Railway common
making splendid showings.
The equipment stocks held firm, while
concessions. though United States steel
Bethlehem Steel. Crucible and American
Can found support and held fairly firm.
California Petroleum. after selling at 1851
rallied TO above 10s, while American Cot
ton Oil sold down to its previous low and
Standard Oil of New Jersey declined te
1914. new low.
New Orleans daily cotton letter. by pri-
vate wire to Doremus, Daniel & Co.:
NEW ORLEANS, June 9.-The market
did better today the great improve
ment IN reports concerning the general
trade of the country and the rumor that
a private bureau was out with a forecast
of $4,000 bales consumption OF cotton in
this country during May. April consump p
tion was only $4,000 bales. while In May
last year It was but 100000. For a while
the market was held down by the rains
overnight in Texas. but any bearish feel
ing growing out Of this was evidently off
set by the fear that the rains would ex-
tcnd to tho eastward, whore rains are not
wanted. Moreover, Oklahoma got a. much
moisture as Texas, and more rain Ia