The Birmingham age-herald., 1924-06-28
COTTON LETTERS

was fa1Fly Steady ana duil Tn the carry trading Friday. Liverpool was some what better than due in this market. The weather reports were considered favorable, though there was fear of too high temperatures in the west, and continued firmness in July helped to discourage operations on the short side. Liverpool was about IA points better than due and October few points bet ter than due shortly before the opening.
 New York reported cotton goods bare- ly steady with moderate activity in gray goods and wash fabrics. Char lotte, N. C., wire said. mill men declare this Is the longest and most drastic period of curtailment In the history of southern mills. The exchanges were firm. Mill takings for the week were somewhat better this week compared with last week-125,000 this week, com pared with 93,000 last week and 104 600 last year. Into-sight for week small Al ,0O0 this week, compared with 42,OOO last week and 6o000 last year. We continue to look for lower market Levy & ArOnson to s. R. stewart.
 NEW YORK, June 27.-During the morning there were rumOrs of big pri- vate settlements in July. Coincident with these, July was offered freely by brokers, supposed to represent the in- siders. About the same time, heavy selling came in, supposedly for the New York operator, totaling 10000 or 10000 bales. The foregoing made the low price for the day to this writing, but the contracts were absorbed all around the ring by shorts and the trade and prices rallied moderately. July had dropped to 380 points over October, but righted itself and went to 40 points again. The weather and forecast and trade news were all bearish, but July nd ha COnui- tion report next Wednesday may sustain new-crop quotations around the 26c level for October, where there seems to be a fair volume of open orders.-John r. Clark & Co.
 NEW ORLEANS, June 27.-COtton was a little higher at the start today, but turned reactionary in the afternoon and ended the day with a substantial decline. A change in ideas as to what the government is likely to show as to acreage and yield, July, as result of advice from the department that 1t Will use it's revised acreage figures of 3s,- 709, 900 acres as a basis of figuring the increase this year, was largely respon- sible for the decline. This announce ment. makes 1t possible that the gov ernment will indicate an acreage of any where from 10000, 900 to 41,000,O00 acres and add greatly to the yield which 1t will forecast. Two crop estimates In which the acreages of 39, 100000 and 4O,- sec, ,0OO were used as the basis for fig uring estimates of 11,700,000 and 11,65S,- 900. on condition of 69.7 and 6s.1 tended to encourage selling. The increased uncertainty over what the government may show July Is likely to deter active buying unless we run into period or unfaVorable weather.-Fenner & Beane to Kahn G Virgin.
 NEW ORLEANS, June 27.-The ten dency of the cotton market appears downward in consequence of larger crop ideas and a report that settle .ment of 25000 bales of July delivery was made in New York. The larger crop estimates and the reported July settlement, which may prevent squeeze in July, influenced considerable liquidation and a sharp decline today. Returns to a prominent New Orleans cotton commission house averaged condition 69.7 and acreage 3S,70O,O0O, in- dicating a yield of 11,700,O00 bales, ex- elusive of linters. The weather bureau reported temperatures as slightly above normal over a greater portion or the cotton region, with maximum of 100 to 1O2 degrees in Oklahoma, and that mod crate to heavy rains occurred in the Carolinas, Georgia, Florida and at scattered stations in Alabama, Tennes- see, Mississippi and southeast Loutsi- ana. This afternoon the market weak ened further owing to more liquidation influenced by the big decline in corn, giving the impression that larger trad CTS were liquidating both grain and cotton. As yet there is not much for ward new-crop business doing, buyers holding off with view of trying to ob- tain the cotton at a cheaper price, which they have hopes of doing in event of crop prospects continuing to im- prove.-H. and B. Beer to J.,F. Will lingham & Co.
 NEW YORK, June 27.-The market, after opening around last nights close, remained rather steady during the first half hour. However, rather heavy ten ders of July notices caused the market to decline sharply around Il o'clock. There was a rumor that settlement had been made at 400 points over Oc- tober This rumor, as far as we know, is absolutely unfounded, and the de- cline was apparently due to the fact that the houses that receive the notices sold out cotton against them. We do not see any weakening in the July pO- sition as yet, even though reports are going about that If July stays around soc mills will be eager to ship raw cotton for delivery at these prices. With the New York stock around 43000 bales and the supply of raw cotton in mills so limited, we doubt If there will be much cotton tendered in July. The weather map was slightly favorable today, but the whole interest in the market was centered around the July position and has ignored the weather temporarily to a great extent. Outside of moderate setbacks, we expect the market to do better.-Hubbard Bros. &