The Birmingham age-herald., 1923-04-29

from New England that the mill business was very dull and there was some talk had very depressing effect on the mar ket and carried July under 27 cents. If the weather should clear, predicted. we feel the market is liable to have an other setback.
 Futures in Liverpool are due Monday. May. 1+.57d; July. 14.36d.-Hubbard Bros. X Co.,
 sTEwART's LETTER
 BIRMINGHAM. April 2s.-The initial prices in cotton averaged slightly above Fridays close accumulated overnight buying orders on weather news but when the forecast was posted 1t indicated clear ing orders began Finding offerings light. the bears took possession of the short ses sion and depressed value 50 to 70 points quiet and generally followed the decline in futures. The selling of futures in- creased when rumors got around that there was to be curtailment of produc ton in the New England mills Market became quite weak in the last hour. with liquidation and professional selling verS tributed to news from Austin. Tex of a bill introduced in Texas legislature advo- eating special taxation on hedge opera tions of grain and cotton. Later Fall River wired that a canvas of mills there indi- cated no shut down. but might only were not so weak because the crop is getting late and getting a bad start. The news today would seem to point to a narrowing of July premium over October. Something appears against the market and sales on bulges appear the best.-S R. stewart & Co.
 DOREMUs. DANIEL. & co.
 NEW YORK. April 2s.-The stock mar ed by propaganda freely dispensed by a well known operator. which propaganda, ty to say the least, was somewhat psye.o- logical as 1t appeared in all the papers simultaneously. with an opinion from Washington that business was going ahead too fast Our official heads are certainly ago wisely cautioned against the profligate consumption of sugar because of short when the shortage Is really felt the big stick Is brought Into play because the price advances: Now big operator de market and we have the above statement from an official to be careful. We be- l.eve the future holds much better times despite propaganda to the contrary.
 Roscoe Redwood & Co.'S daily cotton letter. by private wire to Doremus, Daniel
 NEW ORLEANS, April 2s.-After small gains on the opening today the market broke under week -end realizing by longs and fresh selling for short account based on the forecast of fair weather for Texas and Oklahoma over Sunday. and the hope that the area of high barometc pressure prolonged spell of dry weather. Later in the day some little selling arose from the Tunor that Fall River mills would tail output further because of their in ability to meet competition from southern mills. The situation for New England is complicated by the fact that wage in- creases go into effect Monday at most cotton mill centers. placing manufacturers at a still greater disadvantage in meeting competition. Little attention was paid to the wet weather on the map, practically sections Of the belt showing too much moisture except that Texas was cloudy rather than wet. and did not reflect the rainfall which private reports yesterday claimed was continuing in that state.
 James E. Bennett X Co. on grain. by private wire to Doremus. Daniel X Co:
 Wheat: The further reaction scored to- day was the result of better weather in the northwest. the lower cables and the temporary lull in the demand There was also a bigger short interest built up while commission buyers were content to buy on a scale-down. The cash demand was quiet. Winnipeg reports indicated the gov ernment wheat pooling plan had been islature to confirm it. The crop experts report today indicated that there had been no great change in the winter wheat pros poets as the result of the rains The spring wheat seeding cn both sides of the line IS going ahead rapidly. Foreign news indicates that the time of Franco Herman settlement Is drawing nearer. The gen eral conditions have not changed material iy. and the technical pit situation Is sha aping more favorably for holders, the overbought condition which developer this week will be followed by an over sold one shortly. Corn: The weakness ir wheat was depressing influence in corn. Cash prices were steady relatively and there was no special selling pressure from