The Birmingham age-herald., 1923-06-03
FOREIGN BONDS
Told by Priuate Wires
DOREMUS, DANIEL & co.

Chicago daily grain letter, by private wire to Doremus. Daniel & Co.,:
 prices for wheat were made early for this movement, but later there recovery with most of the days trade around Fri days closing level July and September have been about even. There has been good deal of evening up and explana- tions from the federal grain exchange pervisor that no limitations were to be made on individual operations stimulated little buying. Cables were lower, not Weah.r crop statisticians find that tho winter wheat promises fairly good with growing conditions overcoming late start and small acreage of spring wheat. The mar ket needs something more than short cov- ering to maintain any respectable rally. Corn: Has been firm since the early trade. The small receipts in prospect with fairly good cash demand caused covering. Sellers are cautious and the bulls are stubborn. contesting the ground with them. being convinced that the cash sitna- tion is going to be tight during the re- crop news will make a very strong situa- tion. Would favor working the long side. not heavy. but there is no big cash trade and estimates indicate fairly good crop coming along with harvest only few market.
 Rye: Steady with prices affected by the action in wheat more than by anything
 
 for July looks low enough.
 Provisions: Price changes were few in ceipts were moderate. 10000, with top price s7.4o. Domestic cash trade is good. The market should have good support on dips
 New Orleans daily cotton letter. by pri- vate wire to Doremps. Daniel Co.,: in the first part of the session in cotton today plainly was due to liquidation by important interests. At mid session this ket was in very strong technical posi- ton, actually sold out of it's long inter ests. so that, during the late trading, a very moderate demand served to advance 1t sharply, the recovery being as rapid as the decline of the early hours. The close was practically at the top of the day.
 The selling seemed to be for the most part continuation of the selling move ment of yesterday, in which, according to market gossip. large wall street trader took the most prominent part. Some lit- tie short selling was done on the dry weather in Oklahoma and the eastern belt This ceased when the forecast went up calling for unsettled weather in both Ar kansas and Oklahoma, states which have drowned out crops and sd0 fooded %e Wnas io%ands.
 Weekend reviews of textile and gen eral trade were considered unfavorable because of their mention of lessened volume of business being offered manufac- turers In this connection we feel that not enough is being made of the point
 
 among buyers. shelves everywhere are getting bare, which inevitably points to a new Ia,Sr ouying movement of consequence ana Tn position to respond to any bulish influences that may develop this coming week. DOREMUS, DANIEL & co,
 s. R. STEWART & CO.'S LETTER
 BiRsMiNGHAM. Ala, June 2.-Cotton close and was immediately depressed about bo points further on heavy selling. but after this selling furry let up. the ing by some that thought Liverpool would not come over as low as due Monday. This rslly brought % values to a final around that or last night, Spots were generally un- changed to 15 lower. with business light at most of the southern points. Journal terday that the trouble was the bulls had too much company in narrow market. The outside public was not in. It was driven out by the big decline extending from about the middle of March to the middle of May. sharp rally had then tSn fSiIo @ wed; as everybody knows. but on 1t end bullish facts had been discounted and the condition became top heavy. The map was clear throughout the eastern belt for the first time in weeks cloudy central and western with scattered showers. Fore cast was Tor clear east and unsettled west so the weather outlook averaged better A somewhat better spot demand was re- ported in the Atlantics. If the weather turns better and speculation shows no greater interest In the marke than of late: 1t may be hard te sustain railies.- 5. R. Stewart & Co.
 HUBBARD BROS. LETTER
 NEW YORK, June 2.-(SpeciAl.)- Further liquidation again made its ap- pesrance this morning. carrying the mar ket into new low levels, but Q good de- mand from the trade for the near posi- tions checked the market, causing . rally from last nights closing prices
 better export demand was reported Tn the south, which was also an encour- aging factor. On the other hand. the weather was clear in the eastern belt and cloudy in Texas Some good showers in Contracts sold out for the moment Liv- erpooi futures are duo. July. A.l0d; Oo- tober. 12.Ssd.-Hubbard Bros & Co.