The Birmingham age-herald., 1924-05-24
COTTON LETTER

NEW ORLEANS, May 23.-The- pro- fessional element sold at the start on absence ofsrains. and warmer tempera- lures in the west. Comparatively large tenders in New York and talk of large last minute tenders here probably in- clined to cause considerable selling. Reports of, low estimates were disre- Rarded until after the weather bureau Issued forecast of more unsettled weather in nearly all ssctions follow ed by colder in the west. The public then came into the market as a good buyer, taking everything offered. Large spinners takings stimulated some of the buying. One private bureau estimates the condition at 663 and another at 900. The feature of the takings was the continued large amount taken by foreign mills. They took 10000 against b9,OOO last year. Probability of more low, condition estimates and prospects of more unfavorable weather make the buying side look the best.-Fenner & Beane to Kahn & Virgin.
 NEW YORK, May 23.-Today was the last day for trading in the May, 1924, delivery, which went out at about the same premium over July as has pre- vailed during the past few days. The general market was easier in tone in part owing to the belief that now May Ias expired, the position will be easier and in part oWlilsS to a better weather map with higher temperatures. The mere fact that the timeafor delivery on May contracts has expired does not add to the visible supply of cotton, and the position will be even more strained in July, so that we have not altered our views that interest in the old crop should be kept at the lowest possible point. It is fortunate that there is a change for the better in the a nd 4nra that = sonable temperatures will prevail for more than 48 hours. Yesterday, a some what better feeling was reported in dry goods circles with 8 moderate ad- vance in prices which are still far be- low parity with raw cotton. The whole, situation as far. as American mills are concerned is most unsatisfac- tory and 1t will require a substantial increase in the supply of cotton to warrant any further decline in the price of goods or indeed present prices of goods continuing through the sum mer. Another private report made the
 ondition of the crop 6T and 1t is prob able that the goVel nment figures will be under 70. We doubt if any decline in the market of moment occurs until this report is out of the way, despite the prevailing pessimistic feeitng.-Hub- bard Bros. & Co. i
 NEW ORLEANS, May 2s.--Although 1t was reported that second bullish condition estimate was to be issued the cotton market here was lower ear- ly Friday because of what appeared to be lIquidating pressure in May. Ru- nors that approximately 10000 bales would, be rendered on May here before trading ceased at noon seemed to be responsible for the comparative. weak ness of the old crops. While July here sold down to 2S.75c, or 35 points net, in sympathy with easinesss in May, the october future trade was off to only 17 points under the previous close, the relative firmness of the new crop re- flecting the conditino estimate which was even more bullish than another is- sued early in the week. The weather map showed no rain except .02 inches at Corpus Christi, Texas. and tempera- lures were somewhat higher except still rather low in the eastern section. The forecast, however, called for unesttled and colder for the western belt. Mar ket may ease off some on technical condition, but crop start seems to war rant purchases on reactions.-Levy c. Anderson to s. R. Stewart.
 NEW YORK, May 2s.-The market started lower on cables and good wealth CT, rallied on the Jay report, strength in May up to the last minute, good buying of July and the western belt forecast, but ieased off in the afternoon on lack of support and less aggressive ness on the part of bulls. Beafish fac tor was the map and the bullish in- centive, the Jay report, but the latter had been discounted. It set people ton nov is only 11lk there may Do ss-