The Birmingham age-herald., 1922-08-05
Priuate Wire News
s R sTEwART 2 CO.'S LETTER

Birmingham. August 4.-The Liverpool futures came over slightly under due this morning with sales of b.000 bales at de- cline of 29 points in their middhnga. Cables stated little business done and sen timent bearIsh owing to lack of demand for cotton goods political situation over there and labor unrest in America. Our opening was irregular, unchanged to 10 points lower and had weak spell dur ing the first hour due chiefiy 10 heaVy
 southern hedge selling which depressed prices 40 points under last nights finals. Buying was scattered, some of the selling was on reports of rain in Texas but when anything the market rallied above last nights close, but again met selling that
 brought prices to an end. netting decline for the day of s2 a bale.
 Spots were generally 25 points lower. light busipess being reported done, de mand having siackened recently consider
 ably.
 at five stations in north and east Texas of 10 to nearly ? inches. There was no particular news aside from the weather reports. Dallas wired that from one to two inches rain needed. Business was very 1 light and speculation still appears to be looking on iawaiting further crop develop ments. If the governments condition re- port of 70e Is correct, we feel to make purchases at this level will eventually prove very profitable.-S. R. Stewart Co.
 F. J. IINNELL X CO.'S LETTER
 
 year ago to a day, when the trade was confronted with the largest carry lover of American cotton on record. we dared to predict that the worlds carry-over at the
 close of July. 1922, would not be larger than 5.200,o00 bales. The worlds sur plus at the close of last season proved to be only 4.9o4.000 bales compared with l 9.3O40oo at close of season before last. Today we are bold enough to venture the opinion that the worlds carry-over at the
 close of July 1923. will not exceed 1000. | 900 bales. which, if realized. will furnish | the smallest year-end reserves commensur- ate with trade requirements since the
 American Civil war, we do not think | this years crop will be any larger than
 the recent forecast by the government for
 a production of 11.449.006 bales, since de-
 terioratfon period is at hand. whereas the
 world will likely need 13.000. 900 bales for
 next season.
 l Many people are of the opinion that the higher prices than last year and the eco
 homie situation in Germany will prevent consumption being large this season. but
 they overlook the fact that England the
 greatest of all European consuming coun-
 tries. is recovering her trade rapidly, as
 are other of the foreign countries with ex- | ception or Russia, and that America now
 on the verge of great prosperity is only commencing to reap the benefits she fs en- | titled to; the fruits of the war q reward that only come to a just people with an 1 abundance of gold unlimited credit facflf- ties and large stores of food and raw ma | terials for manufacture and for export | unless miracle takes place yslle indf-
 cated crop has reached its peak with the possibility. if not probability of being re-
 duced in the future by climatic develop
 fnents and damage by insects.
 compared with last year, the world s visible of all kinds is only 5.ss4. 900 bales. of which only 1,s1s.0oo is American. ys. s.sso.0o and of all kinds other than Arsr-
 Beer. anu ''