The Birmingham age-herald., 1923-08-31
OUer PriUate Wires
STEMART,s LETTER

BIRMINGHAM, August sO-Liverpool quotations came over slightly better than advance of points in their spot prices. Manchester cables gave no encouraging news of an improvement in trade there. Our markets opened 10 to 15 points higher than Wednesdays close on the improved Liverpool and on some overnight buying orders After the first hour the marlxe ct ruled rather featureless awaiting the re- port tomorrow at 10 o'clock. After early buying was over offerings became quite numerous and prices sagged to about 10 points under the previous close, and was very dull the final quotations averaging points loss for the day Spots were quiet and generally -,auoted unchanged to 20 roints lower T-'th Texas points continuing tp be haatN 3e The weather forecast wss uorc tasa ls Tor the entire beig. the wee'al infeatatt AsMas serious n -hat sectiop and the D. S91ton Was aaiag 1dic4ted production. Tho averls gessg ot pr4va,e houses and exchange airbeff is 56 3 and inaicate4 ysld ~ 1o.0.s hales, but nobody is banking on W as..tng ton agreeing with these figures after sst iAonths experience. Should prices decl 9 on the issuance of this report we believe it will be an excellent opportunity on which to buy cotton for handsome profits IS. R. stewart X Co.
 J. ". JAY & CO.'S COTTON LETTER
 NEW YORK, August 30.- Specially rhe one established fact in the cotton sit uation is that the crop this year will b. smaller than necessary requirements. Sine e the war the oVersupplies of cotton fabric B. which were owned by the government here and abroad have been in process distribution at low prices in competition vita new products and to large exter mill consumption has been curtaile thereby But now those stocks have nearl all been sold, and in the coming yea norfNAl spinning and weaving should restored for this coming season. Mills her and abroad have bought largely on th a basis, and are expecting decline in th
 lFaf for ion N.la set price. The expectation of lowe prices during this marketing process
 general, with large potential demant There is no reason why farmers shoul sell at lower than present prices. Whi we anticipate bureau condition of 55 lower, it is possible that the goVernmer bureau estimate on Friday will be aboy market expectations, but we urge ot friends in the south not to be affected to sell on what in our judgment will only a temporary decline.-J. w. Jay x e..
 HUBBARD'S LETTER
 NEW YORK, August &C., Especially Liverpool cables were better owing to in proved tone in the Manchester market an due also to the fact that bullish crop ad vices continued to reach the foreign ma ket. Business was not very active on th a opening in view of the fact that tnnoi row is report day. There was soms-Tnod crate selling however. around the noe hour that eased the market off somewhat We are continuing to hear of broadening demand for textiles and our Dallas office wires that there are many more inquiries in the market. yet prices are still unsatis- factory. and that the larger merchants in Texas think that forward sales are rather large. If this is the case, we can look for the early movement to be taken care of and feel that the first bulk of cotton will not weight down the market unneces- sarly. IL is also reported that exporters are booking space on ships for the expor- .tation of first purchases. We look for an improvement in the market after the holidays. Futures in Liverpool are due to- morrow: October 13. 72d, January IS 37d. Hubbard Bros. & Co.