The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-26
DoREMUs. DANIEL g. CO.'S LETTER

James E. Bennett & Co.'S Letter on grain
by private wire to Doremus. Daniel & Co.;
has been available again today. but the
buying demand has made poor response
to the news. Kansas reports show poor
outlook in some of the best wheat terri
tory of the state. but while there was
little buying early, the demand was soon
satisfied; Cables were unchanged t to &c
was scattered. North American clearanees
for the week We're 7,o33.00O. With 3,512.-
Australia. Hhe cash trade here of
small proportions Sales were only 5000
bushels There was not much selling
pressure from the country and primary
receipts were 641ooo against 1.256,ooo
year ago. Foreign crop news in the main
is favorable and possibly explains the diff
'ferent demand for new crop wheat in this
country. The market is a continual dis
appointment to believers in higher prices.
However. look for good buying on the
dips, with continued choppy price range.
Corn: canvass of good many large
will be moderate after planting season
movement. Local cash prices steady to
little lower. Receipts are moderate here
and in the west Kansas City reports bids
mand. Deliveries were $4,000; receipts
little larger here at 40 cars Weather
Rye: Washington reports were rather
gloomy in regard to rye situation and
ever, at current prices we do not believe
there is going to be any great pressure.
DELIVERIES Were only 1000.
Provisions: Little easier owing to pres
sure from outside packers, limited demand
and lower hogs. the latter being to 10
run 10000. against $4,000 a year ago.
Foreign markets were little easier.
Roscoe. lockwood & Co.'s daily letter
on cotton, by private wire to Doremus.
unusually narrow market in cotton today.
advances being held within limits by real
izing sales from the long side, which were
to have been expected at the end of a
week of advancing markets. while the
recessions were met by new buying. July
was supported by reports of a continued
spot department may be summed UP by
stating that spot holders sell about
anything they choose to turn loose.
The weather on this. the last day of the
May condition period, was unsatisfactory
Of practically all states of the belt. Some
sections complained of the rainfall and
more northern sections complained of the
Low tempe tn Res, Texas sent in weevl
state saying that while the crop looked
we'll enough. weevil lnfestation was earlier
and greater than ever known before.
crop placed the percentage at 81 of normal
and the increase in acreage at 10 per
worlds visible supply of American cotton
tonight is down to 1.43i116 bales. against
years ago Ths ago alone ana makes cotton two
purchase. The movement into sight this
week was only 1921 bales, against 147.-
1856 this week last year, and 191,193 two
years ago. week of advancing prices
and good demand, such this week was
would have brought the cotton into sight
il 1t had been in the belt.
A. A. Houseman & Co.'S daily letter on
stocks by private wire to Doremus, Dan
lei & Co.:
NEW YORK. May 25-wall street ex-
perienced one of its typical reversals of
sentiment this weeh and when selling pres
sure was lifted there was a rush OF real
buying. With the improvement in the
market came a reversal In news. Reports
from crude oil centers were to the effect
that no furtherscuts in crude prices might
be expected Talk of big earnings by va
rious corporations We're revived. 1t was
said othat International Paper should earn
SIS per share on the common this year;
that American Can Is earning at the rate
of over $40 share; that Baldwin is earn
ing at the rate of $40 share. As the oils
led the decline, they are leading tire rally.
but activity is spreading to other groups.
Sugars and Coppers ought to do better.
We think that the market is going higher
on this recovery and believe that when
stocks hesitate and possibly sell off lit
tie. they can be bought-Doremus Daniel
& Co.