The Birmingham age-herald., 1922-08-08
Priuate Wire News
a R sTEWART & CO.'S LETTER

S. R. STEWART & cos LETTER
 3irminghan August 7.-Cotton opened
 to 15 points lower this morning and
 ruled easier all day on New York ana
 southern selling, scattered liquidation and
 insufficient buying power Reports carly
 of showers in Texas influenced sentiment
 yeloped in the afternoon that the rains
 amounted to nothing more than iight
 sprinlxles, prices rallied 30 points from the
 days lows, however the finals were sv
 points under the close of Saturday. Spots
 were generally unchanged to 80 lower, light demand and small business being re- ported everywhere except a few points in
 Texas where 1t was said some buying or spots were taking place for export. Liver pool was closed today and there was-no news of importance except weather re- ports. Forecast for the western belt ip- dicated Texas might get some rain ana the general idea Is that prices for the nn-
 ment will be governed almost entirely by reports from the big state; meantime de- from Georgia and other states. We be- lieve cotton should be bought on these set- backs as spnners of the world will be eager buyers for their future needs on all weak spots.--S. R. Stewart & Co. J F. J. LINNELL & CO.'S LETTER New Orleans, August 7.-(Special. )-Pri- vate reports of rains in central and west lower level today, but official returns showed only two out of about 50 reporting stations in the state to have received benz ficial rains. Brownwood. west Texas. 1.58: Spur north Texas, 1.18 inches. The other rains were widely scattered and insignifi- cant; a result of the drouth continued over the greater part of the state but there is the possibility of more rain An the southwest in the immediate future, which, however, may not materialize. While the market has been declining af late. in the expectation of the needed general rains west of the Mississippi river the precipitation has been so light. ex- cept in few scattered localities as not to prevent the crop in the southwest from deteriorating, while weevii are reported as active in the Mississippi valley the south Atlantic states, Oklahoma and in sections ous in several of the central and western states.
 The average price of niddiing cotton for
 the past season was 17.7sc per pound. comparing with 160sc season before last and 3S.21c the previous season.
 Present prospects are that this seasort's supply. due to the small carry -over of 4.9o4o0o against s,364.0oo last year and to indications for yield of only HAS. 900 bales, will be about 1000 900 bales less than last season and less than for season In view of the high average price ob- tained for cotton during the season of 1919-2o with prospects for smaller sup ply this season than since the American CIVIL war, commensurate with trade re quirements, 1t is reasonable to anticipate a very high average price for the staple this season. especially 1T the growing crop con- tinues to deteriorate.-H. G B. Beer, HUBBARD's LETTER
 New York, August -7. Special. Jon the opening there was moderate demand for October at 21c. but this demand was filled very rapidly, October easing off to 2O9sc on the first call. There was very
 little buying power evinced during the morning session, and the market declined rapidly with local and southern selling. During the afternoon there was very little outside business but the market sus- tained by the local traders buying back the eshort cotton they had sold in tho morning.
 The map showed scattered showers through north Texas These do not amount to anything and the drought still continues there. M
 Until such time as the trade and specu- lative element enter the market we can- not hope for any material advance. The market closed fairly steady with some of the mornings losses recovered.-Hubbard Bros. & Co.