The Birmingham age-herald., 1923-03-30
DOREMUs. DANIEL & co.

Stock letter by private wire from A. A. Housman & Co.,. New York, to Doremus Daniel & Co.,:
 Professional traders took bearish at titude and almost from the opening went from stock to stock in an endeavor to cause serious weakness. They tried Bald win and American Locomotive, they tried the domestic oils, they tried Studebaker and they tried the steels. It seemer as if selling was being aimed at these stocks upon which particularly bulish sentiment has existed with the idea of creating the impression that strength in the market was largely fictitious. Recessions were enacted but no real liquidation appeared. and we felt that unless within day or so the short interest Is helped by new easily placd in an uncomfortable posi- tion. ,I. Instead of letins go of good speeu- purchase. At the moment the market looks as if it would continue to be irreg ular and higher.
 Cotton: Despite large concentrated buy ing in the old crop months prices have receded with disconcerting continuity. Al though those conversant with technical speculatively short, it appears that the selling has been sufficient to enable those shorts who desire to cover to do so with out having to bid up prices
 The fall months have been strong with fear of continued unsettled weather over a three day holiday. furnishing the buy
 
 with no pressure whatever in that quarter. This we feel should ultimately become an effective market influence, which for the present Is ignored.
 Grain letter by private wire from Ben nett & Co.,. Chicago. to Doremus. Daniel
 The wheat market today has been a quiet affair with the May relatively weak at times, but shorts evening up in all The cash demand is slow, but the cash wheat coming here is being bought by ele- vator interests and mostly sold to go to store. The evident intention of the cash interests is to bring about carrying charge basis for wheat. if such thing is possible. and the gradual lowering of the rection. Cables were Ad to lad lower. with the March closing weak. Export busi- ness was of small proportion; Argentine tralia shipments were extremely light at S36.ooo. and most of this to non European ing to be any big drain in the grain mar kets until there Is an assurance of good crops the coming year. Corn: Gulf ex- and there was fair local demand with prices Ac to isc better relatively. More corn business would be done if there was more liberal supply of cars. Generally cash business at the seaboard was fair and liberal; exports are cleaning up eastern stocks. Local holders not offering freely. Country arrivals small. We look for good buying of corn all set backs. Oats: Trade of moderate propor- tions. and the market has been compara- lively steady today. The shipping demand was indifferent and sample prices were about steady. Receipts are keeping up bet ter than corn arrivals, and primary re- ceipts were nearly double those of year ago. Sales of 100000 bushels of oats to go to store. Rye: Export demand is slow and the market Is dead without the stimulus of business in that quarter. Receipts light here but stocks are large. Pro visions: Further liQuidations in lard and ribs and the demand was slow and
  with the market steady to bc off, top being 30. Western receipts. 33,0o0 against 7l.o00 year ago. Liverpool lard