The Birmingham age-herald., 1923-11-07
H. 6 B. BEERS GRAIN LETTER

GH1CAGO, H., Nov. 6.-Wheat aver aged lower with scattered liauidation in evidence resting orders to buy December around $1.05 and short covering checked the break but the undertone was heavy 1 to show the strength which was char acterized for several days and exporters were good sellers of the November. Sea- board claimed export demand was slow and that in the last few days five Italian drafts had been unpaid. Foreign news was generally of a depressing char acter with financial conditions abroad at tracing more attention. Sentiment gen orally bearish with December showing der the May.
 Corn showed q firm undertone with December leading. Market showed effect of recent free buying by houses with east ern connections and talk of disappointing husking returns attracted more attention. However. strength in cash markets where news ample grade continues to sell around Decem Der price was main influence. There were some reports of movement falling remain good with Decatur, Ill.,, industry getting somewhat more grain than 1t can use immediately. Oats followed corn and held within narrow limits.-H. B. Beer.
 H. E. BEERS COTTON LETTER
 NEW ORLEANS, La, Nov. 6.-The bouyancy of Liverpool. due to improving British textile trade conditions was in strumental again in lifting values today to the highest levels reached thus far this season.
 Strange as 1t may seem Europe is more bulliSh than America because of trade proving abroad especially in Manchester while some curtailment reported on this side of the Atlantic, especially in New England
 Some weeks ago when the prices were much lower 1t was contended that Europe could not pay 30 cents for cotton this season, owing to financial straits abroad, but as has often been the case in the past, the question of price is only sec ondary conside ration in times of scarcity and want. This seems to be the situation at present and for the future perha ps in more striking manner in time to come.
 At the moment values are high for this time of the year, the advance so far this season having been greater than for the sold shade higher than 3l cent in March, prices, being about 1-2 cents higher than at this time one year ago.
 Much of the buying today was in fluenced by expectation for small gin vs. 61S9,0 900 last year when total ginnings for the season were only 9,729,000, which would furnish only about HOO, 1000 for the against 1,161,000 last year.
 While it is possible for the market to
 work higher if Thursday census report perhaps work much higher ultimately eau
 tion is being advised in following the ad- vance further for the present especially as to over trading.
 An encouraging feature as to the mar ket, however, is the improvement of late 1 noted in the New York goods market
 where there was more demand yesterday
 with some descriptions higher and gen 1 eral tendency upward.
 Killing frost was reported west Texas | last night which affected Liverpool fav-
 orably today and our private cable from l there today says feeling very bullish.-
 H. & B. Beer.
 l sTEWART's LETTER
 1 BIRMINGHAM Ala. Nov. 6.-Liver- | pool quotations came over very strong l this morning; futures were 20 English | points higher than due, with good sales of 10000 bales at an advance of 46 points
 continued to show improvement in general trade and trade very optimistic in future l expectations Our New Orleans market | opened 20 to 30 points higher than Mon days close, and in the absence of the | New York market ruled quiet but firm l during the morning. but in the early aft New York market took place that started an advance which lasted the balance of the session. Prices were forced sharply over the previous close. Market writers ascribed the advance, that nearly reached ing on private forecasts that the ginners report next Thursday will be very bullish Strong spot prices, which reached 33.25c in New Orleans, and expectati tions of an other strong Liverpool tomorrow. Just before the close rumor was circulated
 that the national ginners' estimated gin will have very bullish effect on Thurs days market. The finals showed net
 gain of 100 to 125 points over the previous close May options showing the most from December to that option. Spots
 were active and generally quoted 80 tc
 Mobile and Little Rock to 8S25c at New 1 Orleans and Houston. The market this afternoon had all appearances of very bullish ginnings expectations Thursday 1 and no doubt will work higher probably reaching the 35-cent level before it's is-
 suance: and no doubt work higher if under