The Birmingham age-herald., 1923-06-23
New Orleans daily letter on cotton. by

private wire to Doremus Daniel & Co.,; NEW ORLEANS, June 22.-The extreme ly steady tone of the cotton market sur prised many people today. The interior was buyer, and thero was heavy pro. fessional buying, and the main reason for the moment was the claim that weevil damage is increasing, although private bu- reau condition reports stimulat the de- mand considerably. They showed de terioration during June, instead of the improvement that might reasonably be ex- pected in view of the weather condition prevailing. The weak points in these pri- vate reports thus far issued is that they are made up to about June l7. wherea s the crop down to June 25. The eight days intervening will mean much. especially if good weather continues for the next three days.
 One condition report placed the per centage al only 6s.6 of normal against 70 about month ago. and the indicated crop at 10, 450.000 bales vs. 10.950, 900. An other placed the condition at Fl vs. 72 &, and the indicated crop at 10; o;74o.Ooo ys. is danger that the trade will be educated
 into expecting too low figures from the s 0n July b tbst t6 dy ernment report to June 25 will be higher than on May 25. when 1t was H.
 Weevil complaints are pouring in from all sides, in spite of high temperatures and only scattered showers over the belt It looks to us as if those who have profits on long contracts would do well to take them. and we would not bank too strong y on a bulllsh June condition report from the government.
 Chicago daily letter on grain. by private wire to Doremus, Daniel < Co.,;
 CHICAGO, June 22.-Wheat: Higher some local selling. The cash demand was fair. but there is not much being of fered as boats are hard to get. Export buying generally was slow and no big sales were reported at the seaboard. The price for cash wheat here was steady. Weather and crop news was favorable in the main, and while the northwest mar kets were firm relatively. the crop situ- ation in that country, with showers for four consecutive days. is excellent, and Canadian prospects are unusually fine, ac cerding to special report by the Bank of Montreal. Some traders are inclined to buy wheat on the probability of the usual the period of which is close at hand. How ever, the hedging pressure from the winter wheat must be taken into consideration. have a big crop. and if this wheat arrives in volume July will probably go to car rying charge basis. It is believed that especially effective in December. We look for a two sided market and until the pres sure from the country ceases, would not sell except on good rallies Corn; The the crop this morning. but the advance brought out some country selling, and the profit taking found a lessened demand later. The crop news in the main was favorable. The spot market here was F. n a.c lower. relatively. with sales of 75,0OO. ket will be affected by wheat also, and would not get too enthusiastic on the up turns. Oats; The undertone was steady with no special feature The cash oats were steady with sales of 45.0o0. Re small from the country, but there is no rye In moderate volume. This was sup posed to indicate little better export