The Birmingham age-herald., 1923-11-01
Ouer Priuate Wires
BEERS DAILY GRAIN LETTER

CHICAGO, Ills, Oct. s1.-overnight news was decidedly encouraging. Yester- day afternoon the directors of the United States Steel corporation added an extra quarter of 1 per cent on the common er Stoch narnhgS curing the d tniro h quarter pected. The newspap pers hail this an evidence that the pessmism which has prevailed the markets generally was un- nounced response to the news. Not un- naturally the grain market was affected The days routine news was favora ble Liverpool was strong. or, if that is saying kets were all steady to strong relatively At Minneapolis yesterday there has been dissatisfaction with the grading of Canadian wheat and today domestic wheat was in strong demand and the Minneapolis flu lures strong relatively to ours. Kansas City reported higher spot wheat prices: Our receipts of wheat were small and spot prices steady relatively. Corn receipts amounted to only 9e cars with new corn cents higher. Interior Illinois and Indiana markets reported good demand for old and new corn and the country reluctant seller at the reduced prices.
 We continue to feel the general grain situation is much stronger than it has been painted. The widespread pessimism has no doubt fostered the development of an extensive short interest. The action of effectively bullish such technical posi- ton may be perhaps the strength in se- curities Washington news will serve to start short covering in the grain mar kets.-H. 6 B. Beer.
 BEERS DAILY COTTON LETTER
 NEW ORLEANS. La, Oct 31.-Evening up of accounts owing to uncertainty next Fridays report featured todays session. causing values to rule some easier.
 Returns to the New York Commercial point to a yield of 10,3OO,O00.
 The average of six private reports Is for crop of 10,S44o0O; the highest 100000; lowest 9,96S,000.
 It is likely that the pivot on which the market will swing will be about 1o.so0o0o. probably declining temporarily If report Is for a production of 10,40O.000 or higher. probably advancing if report for yield of 10, 200, 900 or less
 While a prediction for 10, 400, 900 would likely prove very bullish In the long run, such a possible showing has been about discounted for the present owing to some recent private estimates on which the market advanced, having been lowered, in one instance under, 10,OOo.00o, In the event of the market decliptng on bureau estimate we favor buying unless forecast be much over 10,boO.odo,
 Meanwhile the weather remains very unfayorable for late cotton and cotton open in the fields. rather generally light to moderately heavy rains having fallen over night in nearly all sections of the bolt with heavy to killing frosts from cen tral Tennessee westward through northern Oklahoma. More frost. if weather clears, Is indicated for most all sections or the cotton region tonight.
 This has been one of the most unfavor- able harvest seasons TOT many years III the cotton belt, serving to reduce further an already indicated small crop, the grade of which depreciated materially as re- suit of almost incessant rains, especially west of the MissssipDi river. American and European spinners are very much alarmed over reduced crop es- inmates, and they have reason to be since American mills consumed nearly 100000 bales of American cotton last season and European mills 5,631,000, or a total of l2,- 631,000.
 Season before last European mills con sumed G. 595 900 bales. Therefore. Euro pean spinners probably need at least as much as they used last season.-H. & R. Beer.