The Birmingham age-herald., 1923-03-25
Told by Priuate Wires
sTEwART's LETTER

BIRMINGHAM, March 24.-Cotton prices opened 10 to 15 points under Fri days close and were depressed during the entire short session on all kinds of bear ish news that sent prices around 100
 points down, the biggest decline in one day that we have had for nearly year.
 Spots were dull and quoted from 2s.70c at Fort Worth to 30 soc at Memphis. The decline was accredited to rumor that
 members of the federal reserve board were concerned over speculation or imitation in cotton and sugar. and would give these commodities consideration at next week 8 meeting. It was only a rumor. but It's effect was disastrous. Liquidation was general during the two hours with shorts
 apparently chief support. Coupled with
 weather. indifferent business in Worth street and no spot demand; refusal to grant wage increase in Fall River and the which contributed to the weakness. Next weeks prices should depend mostly on
 denied, but anyway the market has had
 break enough to bring in good buying for
 turn.-S. R. Stewart & Co.
 HUBBARD'S LETTER
 NEW YORK. March 24.-(Special )-The
 market experienced heavy liquidation from stop orders aided the decline materially. The business of the market is due to an ! better weather over the tet. which must aid materially on the preparation of the new crop. It Is generally understood that the mills pretty well supplied with cotton to take them well up into the
 summer with retailers refusing to buy
 ahead for fall delivery. The labor situation l Is still unsettled, but it is generally be- lieved that the settlement will favor the mainufacturers We may have a sharp ton .-Hubtard Bros. & Co. -
 DoREMUs. DANIEL & co. NEW YORK, March 24.-Cotton: Con- tinuous liquidation of recent purchases and short selling is al! that can be said re-
 garding the cotton market today: Conf has been some excellent buying the flood of selling overshadowed all support. When the panicky temper subsidies shall have very sharp recovery, but in market of
 this sort opinions count for little and pres sure will continue as long as the fears of the moment hold sway. The close today shows decline of well over 200 points
 since Monday of this week.
 Following grain letter received from !. F.. Bennett & Co.,. Chicago. over Doremus, Daniel & Co.'S private wire:
 Wheat: Cash trade was light and the verse influence on local sentiment. The weather conditions west were generally fair and the crop outlook in the drouth districts of the past few months du- bious to say the least Ottawa advices say the final crop estimates of wheat and toher grains for 1922 will stand, regardless of reported changes in census figures on acreage. Cables showed no great concern 1, over the declines on this side, and liberal
 
 near future. We do not think conditions warrant any serious setbacks. Corn: Sold off a little, with wheat. Buying demand was moderate, and there was a lull in the export demand. which was not unusual, however, for Saturday. The trade of a speculative kind was affected by the de- clines in wheat and also eastern stock and cotton exchanges. Cash market steady, i Reports in regard to country elevator 1 stocks show moderate supplies with virtu- | ally no farm marketings. We believe de- clines in the grain will result in oversold conditions. Oats: Stood at a standstiil | much of the day. Cash demand was mod crate with no specially significant feature. Receipts were 90 cars wit hprimary re- ceipts s42,000, or more than double the | receipts of year agoA Rye: Trade slow with no export demand in evidence. The | foreign demand has failed signally to meet expectations, and for this reason there IS limited speculative demand. Provisions: Eastern interests were credited with selling products. Buying scattered trade has been , light; receipts, 13.o00; western receipts for | the week. 74S, 900. against 41s,000 a year ago. Market here steady to 5c off with the top $S 45.