The Birmingham age-herald., 1924-10-21
COTTON LETTERS

NEW YORK, Oct. 2o.-weather con- ditions over Sunday were generally fa- vorable,s although the tropical dIstbur- ance Is still in the Gulf of Mexico in the neighborhood of Havana-Key West. Our market encountered a moderate amount of hedge selling and some sell ing from local traders who believe that that crop is being increased by all this good weather. The cotton was taken by the trade whose buying was suffi- cient to hold the market steady at a small decline from Saturdays closing level. A private crop estimate was is- sued, giving the indicated crop 12,672.0 .000 bales and an improvement in condition during the past two weeks. This report attracted some attention as foreshadow- ing a large estimate from the govern ment on Saturday. The weather bureau reports that the hurricane is likely to strike in the interior of southern Flor ida this afternoon Its course from there Is uncertain and should be watched with some care because exces- sive rains in the Atlantic or in the gulf states would further lower tho grade of this crop. Liverpool futures are due tomorrow: December, 12.S5d; January, 1289d.-Hubbard Bros. & Co.
 NEW ObLGANSS OCL. EU.-1ne trend of values continued downward today, cables were easier than due, the wealth CT inland over the weekend was fa- vorable and the disposition to raise crop ideas again due to the recent favorable climatic conditions in the interior. The storm made its way into the Gulf of Mexico this morning, and is expected to pass inland over south Florida this aft ernoon. Advices from Cuba say effect of storm was limited to heavy rains, consequently does not seem to be of a destructive character. Returns to Mem phis Commercial Appeal summarizes | conditions as follows: Weather condi- tions throughout bHlt favorable for plant progress, matLying and harvest ing the cotton crop between October and 15. The first mid-month crop report to be issued was released today. Mc- Fadden averaged the crop 54.7, yield 12,- 672,000. On October 6 government fore casted crop of 12,499, 900, based on con- dition of 53.6. As yet there are no signs of killing frosts, and the longer damaging low temperatures are delayed, chances for a larger crop improve, as every day of such weather as has been experienced in the interior of late, Is undoubtedly adding to- the size of the crop, if only in small way. Business in cotton textiles show signs of improv- | ing slowly in this country but making more rapid recovery abroad as noted by continuance of large exports of raw cot ton from the United States since August 1, 1,499,O00 against 1,34S,000 to even date last year. Meanwhile, the pending po- litical elections in England and Amer ica serve as disturbing influences. Re- suits are expected to be beneficial, but the outcome in the United States is un- certain.-H. 6 B. Beer to J. F. Will lingham & Go.
 NEW ORLEANS, Oct. 20.-Cotton prices were a shade lower at the open ] ing Monday on failure of the tropical storm to move toward the cotton states. Liverpool was about as due to a few points worse than due. The weather | bureau issued a storm warning fo- the | lower Florida coast indicating the dis turbance of hurricans intensity would touch that section and move up the Att lantic coast. Good map readers thought the storm would go over the tip of low CT Florida and proceed out into the Atlantic. The map showed dry over the entire belt with a few clouds in the west. The forecasts are for some what unsettled weather in the west but clear and dry over the remainder of l the region. The weekend trade re- views was considerably mildly uncour- aging to general business with little in the way of a real forward march ex- pected before the election. Liverpool were 5000, of which 4,000 were Amer ican. Weekend review show no basis for any expected activity, general busi- ness uncertainty over election increas- ing and we look for traders market with preference for sales on all upturns.- Levy 6 Aronson to S. R. Stewart.
 NEW ORLEANS, Oct. 2O.-Good weather over Sunday, indicating that | will cotton belt and crop forecasts from a prominent spot house encouraged selling today and gave the market an easier tendency. There was good buying on the dipe, however, with the trade ap- parently doing most of it and the net losses for the day was only about 30 i points. The first of the condition esti- mates indicated a condition of S4.7, compared with 535 by the government | two weeks ago and predicted crop of IF, ,672, 900 based on the new pars. The | last government estimate was 2,499, ,000. Some of the days buying was evident ly based on belief that the statement of abandoned acreage which the gov ernment promises to make public Oc- tober 25, may be construed as bullish even If it's crop estimate Is not. There is also a belief in some channels that 1 estimates of the percent of crop ginned to October IT, which the government | Is gathering and Whtcn VIII DC used Dy it in it's next forecast will not confirm It's former estimates and may lead to a reduction iE it's forecasts as all private reports coming to market point to an unusually large per cent of crop being ginned. Sentiment Is likely to be swayed by ginnings and crop estimates | for a time and may react some further. We believe. however, that the price is getting low enough to attract both speculative and trade buying and that the buying side on dips will prove best l In the long run.-Fenner & Bean to Kahn 6 Virgin.~
 NEW YORK, Oct. 2O.-Cotton ruled 20 to 80 points easier today with pres sure coming from hedge selling and liquidation by over Sunday longs and support from trade fixing prices. Wealth CT was good and storm ceased to be a factor because it's direction probably meant rain only for the extreme south eastern portion of the belt or on the South Carolina and Georgia coasts. The Texas spot basis was reported easier. General outside business was light and traders apparently are awaiting Satur- days government figures.-John F. Clark &s Co.