The Birmingham age-herald., 1922-05-21

ing the opportunity to buy cotton on any setback thus giving a healthy undertone to the market. It depends now whether the market will advance In the face of good weather on the strength of the trade demand. AL
 though the market may work a trifle lower temporarily we expect it to work higher.-Hubbard Bros. & Co.
 F. J. LINNELL < CO.'S LETTER
 New Orleans, May 2o.-(Special.)- The reactionary tendency of the mar ket was more pronounced today as result of partial returns to the Ma tional Ginners association indicating the average condition. of the new crop to be 73.S, with an increase in acre age of four per cent, compared with. a condition last year of 66. 62.4 year before last; 75.6 in 1919, ten-year average of 74.6.
 However, a study of the returns discioses that figures issued. based on the revised acreage figures of last year by the bureau of markets at Washington. which placed last years acreage at 31,4S0, 000 point to yield of only about 11,300,ooo bales, which would likely fall far short of next seasons trade requirements of at least 13.o00,000 bales while it Is pos sible for the market to work lower temporarily unless unfayorabIe weather develops west of the Mis- sissippi river, of which there are some prospects. Buying. especially on de- pressions appears to be advisable owing to the increasing bullishness of statistics. the continuance of good spot and goods demand. which gives confidence to holders of raw cotton and the finished products.
 sn1uch a the first n crop rop- dition reports of the se.son. issued from private sources. gave a higher average condition than generally ex- pected. 1t Is possible that other pri- yate reports to follow in advance of the June 9 government report. may show a somewhat lower average than that of the National Ginners report
 Whenever the worlds available gets down to near 100000 as 1t Is likely to get before end of next July. the supply situation becomes acute. especially when the new crop Is late. as 1t appears to be this year.--H. & B. Beer.
 $. R. STEWART & CO.'S LETTER
 Birmingham, May 20--After a fair ly strong opening our markets sold off 10 to 20 points during the short session today. Liverpool quotations were idle While cables stated the cot ton situation continued strong and quite a number of large buying orders reached our markets on the decline from there and Manchester. The weather was more favorable over the belt with indications of fair and warmer for the weekend. there was rumor that the national gin- ners made the condition 73.6 compar- ed with SC last year, but estimated the acreage increase only per cent, both of which caused considerable week -end liquidation and much sell E irg on stop orders under which de- pression the market held extremely we'll There were enough buying orders around the days low to quick ly rally prices from these figures Cables confirmed the settlement of the wage dispute at Manchester. Fall River sales for the week were 5000 pieces. Southern spot markets sold l5, 900 bales yesterday making a total of close around 125. 900 for the week. exports for the week 95, 900 bales and 5,047.o .ooo against 4313,00o for the sea son. New York warehouse stock is l1eo,524 bales. certificated 14o.s64. The profit taking today was expected but on such declines buying opportunities are offered on which to make large profits. Cotton is destined for much hi iRher levels.-S R. Stewart & Co.