The Birmingham age-herald., 1924-07-11
COTTON LETTER
HuRRARD,s LETrER


 NEW YORK, July 10.-Liverpool was again higher this morning, reflecting the improved situation in Europe in ref erence to the Dawes reparation confer ence between the premiers of France and England, who apparently have reached some working agreement, de- tails of which have not been made pub lie. The announcement of the nomina- tion of MT. J. W. Davis as the demo- cratic candidate for president of the United States was, very favorahly re- ceived, and, as a result, our market opened sharply higher. The advance, however, did not hold, as many who had bought on recent decline LOOK this opportunity to take profits.
 It is also felt that the weather in the Atlantic states was somewhat bet- ter; and, as it is warmer in Texas, 1t ia believed the crop will continue to make good progress there, where the nights have been too cool. While the market ceased off to below last nights closing prices, 1t nevertheless had not shown the weakness that has been ap- parent on other setbacks, and conse- quentiy the trade Is in some doubts as to whether this reaction marks the continuation of a technical recovery or is merely a hesitation in a market which has turned.
 We believe Sthat the latter is prob ably the case, as we find a great deal more inquiry on the part of spinners in reference to fall commitments and there are some mills which are start ing to reopen. We think that general business will be very much encouraged by the political situation and that this will be reflected In decided improve ment in the not distant future.
 Adding to this is the increasing re- ports of the presence of boil weevtl at about the. same time it was reported last year. AlfhUugh the damage Gid not be- gin until August, 1t will tend to strengthen the market and bring about a further advance, although 1t may hesitate momentarily around the 25c level. ..55
 NEW YORK, July 10.-The. strength yesterday apparently alarmed shorts, as overnight orders on the opening were numerous, forcing October to 24.95c. The rally met profft-taxing and new professional selling, bringing about a 50-point reaction. There was no rain of consequence in the eastern belt except in the Savannah district. The late fore cast was for showers over most of the belt, including Texas, where needed. Exports are coming up again-33,0 900 bales in two days. July was firm on covering and disappearance of the local stock. but there is said to be consider able cotton on the way here from the south and from Bremen for tender. It looks now 1ige a trading market be- tween 24c and 25c, awaiting crop de- velopments and condition reports John F. Clark & Co.
 NEW ORLEANS, July 1O.-A strong Liverpool, private reports of more show CTS in the eastern belt and some weevil complaints lifted prices in the cotton market about $1 bale this morning. Liverpool was about 14 penny points better than due shortly before the open ing here, and spot sales were 4,000 bales, of which $500 were American. The news from the democratic conven- tion of John w. Davis nomination had no apparent effect on cotton prices, as was expected. The nomination is con- sidered entirely satisfactory in that MT. Davis is considered as conservative and safe. Dry goods reports are possibly a shade better. Several reports are to the effect that prices are steady, with some increased inquiry for fall lines, but the demand is still small.-Levy & Aronson to s. R. Stewart.
 NEW ORLEANS, July 10.-Further strength was shown this. morning in Liverpool on continental covering on yesterdays official crop summary. The whole world wants to be protected in case this crop does not come up to needs,- and there Is some fear that the crop may have passed it's best condi- tion, especially as the stock is very low and any prospect of replenishment for some time on account of the late ness of the crop seems hardly to be thought of.
 The weather map today showed very good prospects for parts of Texas and Oklahoma, but generally cloudy in the eastern half of the belt, especially in Georgia, Northo Carolina and South Carolina, where they have had too much rain already.
 Little Rock wires that the only thing that can be urged against the claim that the Arkansas crop Is brilliant is that in some isolated instances the plant Is small and stands irregular; but