The Birmingham age-herald., 1923-05-12
Told by Priuate Wires
STr,Al lART,s BITTER

BIRMINGHAM. May 11.-Liverpool quo tations came over slightly better than due. futures were 10 to Il up on the old crops, but sales were light at 1000 bales, and middlngs declined 54 points. Man chester cabled business quiet and traders remained in waiting attitude. Our mar kets opened 10 to 25 lower than Thursdays g close on overnight selling orders supposed 10 be on closing of several New Eng gland mills for the week. After making new lows in the first hour the market rallied 70 points, the advance being caused by some statistics gotten out by commission n house based on the week statement showing exhaustion of supplies by August 1. This advance met renewed selling causing d quick slump of over 50 points causing the final prices to be 30 to 4o were quiet and quotations followed the decline in futures. Most of the afternoon fused. The weather was pretty good. Ok lohoma City reporting high warm winds drying out the wet land. Weekend fig ures were fairly good on tallngs, but eN- ports continue to make a bad showing, be ing 625,00o under last year. Few cotton people are venturing an opinion the market is apparently discuunting some thing not thoroughly understood. How ever. we believe october sale on every good rally.-S. R. Stewart X Co.
 DoREMUS, DANIEL & co.
 A. A. llousemah X Co.'S letter on stocks.
 NEW YORK. May 11.-After the storm the market had calmed down to q trading affair, but the majority of day to day traders remain bearish. Public interest is again relatively small. There is no dispo- sition 10 buy stocks except when they are weak. and on the part of the profes. sonal element the preference Is to sell them when they are strong. For a long time there has been outsd buying of Steel common on the belief that extra dividend was relatively sure this year. Lately sentiment has swung the other way. and we thlnk that d substantial amount of the recent selling of steel common traces it's source to the theory that if no extra dividends are in sight profits to be ob tained by holding 6 stock sell ing above par will be decidedly limited
 Roscoe Lockwood &- Co., s daily letter on cotton, by private wire to Doremus. Daniel
 NEW ORLEANS May 1l-wide declines and strong recoveries both occurred in the trading m cotton today. In the early part of the session there was general sell ing, led by one of the most prominent op- orators in New York. but when shorts tried to get their profits they ran into an oversold situation. This apparent that buying of the best character was en- couraged. and in the second half of the session small net advances wefe estab- lished. Just on the close there minor break on reported fresh weakness in the stock market and again much made of threatened short time among Italian mills. Much of the early selling was done on short time talk from Fall River where it said eight mills closed Thursday night for the week. The dry and somewhat warmer weather over tine cotton region also induced selling. It looks like another spell Of bad weather and if this materializea we do not see how the
 James F. Bennett & Cos letter on grain. by private wire to Doremus, Daniel X Co.,: New low prices for the present downturn were established in wheat to- day. with general selling at times both by commission houses and ocals. On the de- cline shorts took enough wheat to steady ] the market. Cash wheat here was littls firmer. but the rains over the middle sec ton of winter wheat belt caused some selling, especially the forecast was for rather general precipitation over this ( RpcPinfs at.at tit h small but the comparison is now with an unusually heavy run last May. that the figures are not specially significant. arrivals probably being about normal. Northwest news was generally of favor able sort the seeding is about finished in most sections of spring wheat terri tory. World shipments will be small at about 10, ,5O0, 900, with only 4166. 900 from North America. according to Bradstreetts Australian shipments since January are about 27,000,000 less than a year ago. There has been little buying for foreign accounts. especially in the September. The market is a choppy affair, and would only buy on recessions Corn: There has been fair buying of the May corn, which sold even with the July at one time, and mos; of the news outside of the weather reports has been of bullish kind. Premiums for cash corn were advanced l2c to s4c on top of the upturn in the May, and receipts were only 2S cars while primary receipts were just about one-third of a year ago wanted Oats: Market off on stop loss selling early and steadied little later
 
 cash trade was fair, with sales of 75o00 and deliveries quite liberal at 245000. Sample prices about steady relatively The market is in two-sided position, reflect ing the action of other grains. Rye: The demand continues slow, and it is strange that foreign buyers do not take hold of this grain at the price. ShippingV sales were 3o0000 at the seaboard; deliveries were 113.00O. Provisions With Liverpool lard prices lower. but little export in quiry, and with limited outside demand products worked lower. Receipts, 1000; market steady with hops top $7. 95.-Dore-