The Birmingham age-herald., 1924-06-04
COTTON LETTERS

NEW YORK, N. Y, June 3.--Failure of prices to decline today in face of prospects of better weather surprised the bears keeping selling inclinations well in check. It may be said that the lack of selling was due to a more thorough study of yesterdays govern ment report which forecasts the real ization that such figures are almost a disaster and makes it difficult to see now the crop can sufficiently recover to give enough cotton to meet the worlds needs. It Is customary in Wall street to sell cotton on anticipated i'm provement in June and this season is no exception but with conditions as they are before us 1t seems only good business judgment to keep some cot ton on hand as those working for low CT prices are thrice handicapped by a Iamentable start, strong statistical po- sttien and the menace of the weeVil The Liverpool Exchange will be closed Saturdays beginning up to and includ- ing August 80 and remains open until 4:3O D m, from June 6 to August 29, inclustve.-Fenner and Beane.
 INEW YORK. June s.-Cotton has averaged around yesterdays final in a market duller than usual because of a holiday in the south. Further pro- fessional selling of the same charac- ter as yesterday was apparently ab- some price fixing in July. The weather may was not particularly favorable but the forecast was good. There was no par ttcular news or incentive to trade. Room sentiment since the report came out has turned rather reactiOnary but this feeling is due almost entirely to the expectation, or rather hope for fa- vorable weather this month, aud also to the idea that technical position of the market is long. The market has held very steady today, perhaps to some extent reflecting a much better stock market.z-John F. Clark and Son.
 NEW YORK, June S.-The market was absolutely liatless all day long with little or no outside interest. In a marketSof thfs kind, the tendency Is to sell off, while Non the contrary today the market remained extremely steady. The local feeling is still bearish on the idea we should have a-reaction after such a bullish report, but it seems the reaction spent hselE yesterday when 1t lost the advance due to the report. The weather is still unfavorable. We hear reports of further rains in Georgia, Alabama and light rains in the Missis- sippi valley. These rains are not heavy but nevertheless, 1t keeps the sunshine from the crop which Is so necessary at this time. If we do not have ideal weather from now on, we do not see how the crop can be sufficiently far along to overcome the handicaps that it must face during July, and Augusta Outside of temporary reactions that are bound to occur on spells of good weather during the month of June, we expect ultimately higher prices. We believe that the trade will buy the new crop months on every recession. Liver pool futures are due tomorrow. July 17.65c, October 15.6sc.-Hubbard Bros. and Company.
 NEW YORK METALS
 NEW Y0RK, June 3.-Copper steady; electrolytfc, spot and futures 12A@ c 12Bc.
 Tin steady; spot and futures S41.12 Iron steady; prices unchanged. Lead firm; spot $7.00@7.25.
 Zinc steady; cast St. Louis spot $5.77@5.s0; futures $5S0Q5.S5.
 Anthony spot ss.4o.