The Birmingham age-herald., 1923-04-05
DOREMUs. DANIEL & co.

Housman & Co.'S evening letter on stocks and cotton. by private wire to Dore- mus Daniel X O..
 The local federal reserve rate Is still q factor in formation of speculative senti- ment. Buying today hesitant because of the belief in some quarters that the New York reserve board would order an increase in rate at today's meeting. In more conservative quarters an increase is rot expected at this time. We do not be- lieve that an increase in the redseount rate would be fundamentally bear1sh development, but of course professional speculators would undoubtedly do their best to play on the fears of non thinking traders if there was raise. Belief is that there Will be no change. While the oil | stocks did not live up to all expectations
 today. it is to be noted that the recent quiet buying of Cosden is having it's ef- feet. We look for another smart advance in this stock during the next few weeks. We do not think that the upward move ,ment in Mack Truck is over. General jumpy and this makes for irreguarty.
 Cotton; From the first week in April to the last week in May weather condi- tions are of the utmost importance, and the barometer play tremendous part not only as they affect the immediate course of the market, but as they will affect it months hence. The value of suit a ble planting season cannot be well overesti- mated. For the present the weather as q whole E. not satisfactory. and the market seems likely to respond vigorously to any further general reports of unsatisfactory planting weather.
 Grain letter by private wire from James E. Benpett X Co.,. Chicago, to Doremus, Daniel & Co.,:
 Wheat; Higher cables caused a mod crate uptnrn early, but the market was sold freely on the rallies and the scat tered rains in tine southwest checked the outside demand There numerous has made but little start yet, and it is inn possible to tell how badly 1t has been hurt The crop has been benefited by rains and snows in parts of the west. but there is still large area that will need rain badly in the near future. Cash trade conditions here and at outside markets are but little changed. Cables $ d Id higher a little higher at the seaboard. Argentine markets were strong yesterday but lost good share of the advance. Weather is still cold in northwest and the spring sea son is decidedly backward. The market will be affected largely by the weather, and on the dips would buy the July and and strength than did wheat, and the pros poets for a good export trade with q sharply decreased movement from the in terior make combination. favorable to the bulls. Corn is practically a domestic proposition as 1t stands, and any export trade of importance means that much tighter situation here before new crop. Shipping sales here were 275O00, most of which was to exporters. Country offerings We look for good buying of corn on the etbacks. Oats: Cash demand not so ur gent in oats and the country elevators are shipping in oats freely. Downstate reports indicate seeding of oats will be over some time this week if the weather continues favorable. The market will follow to some extent. Trade in pit without much sig nificance Rye Germany was reported to have bought 10000 bushels of Russian rye al 1c under American basis Russian rye a short time ago was 4c to Dc under our basis Our sales for export about 2O0.- 900 bushels. according to the seaboard. Provisions: Narrow trade with fairly firm tone. Hogs steady to lOc higher. with re- ceipts of 10000. Top at yards, $S. 65.- Doremus. Daniel & Co.