The Birmingham age-herald., 1924-08-20
COTTON LETTERS


 NEW YORK. se Ts.--I.I Ivsrpooi failed to meet Che decline yesterday us the result of better inquiry from Man chester. Our market improved and ruled steady on a slight advance over last nights closing quotations. A bet ter spot demand for immediate ship ment was reported in southern centers, a natural reflection Of the scarcity of supply existing in the mills. There was also some fair trade buying, which de- yeloped yesterday afternoon and con- tinued in moderate degree this morn ing, being sufficient to absorb such hedge selling as has made it's appear ance today. With the government re- port coming out on Saturday after the close of the market, there will be a tendency to even up rosnmltments be- fore this report. We are entitled to . technical rally of some extent.
 The government report will be issued @ti12 o'clock, noon, on Saturday; and in order to avoid confusion with the report coming out just as the market ia closing, the exchange will cease trad ing 1B minutes earlier, at 11:45 a. m, daylight saving time. n
 Liverpool futures are due tomorrow: October, 14.56d; December, 14.31d.-Hub- bard Bros. & Co.
 NEW ORLEANS, Aug. 1s.-with strong warning between Porto Rico and the virgin and better Liverpool, there was little cotton for sale; and, with considerable trade buying at the start, the e'marlxet took an upward course. At the same time, early~map returns failed to confirm the reports of rains in the west yesterday and there were one or two reporSs of weevil damage in the Carolinas. Liverpool was due 2 to s points lowers but came in slightly better than due.
 Exchanges were quiet, with sterling a point lower at $4-51 and francs down from 5.481hc to -6.47e. An early cable said there is a good spot demand and reports of good business. Manchester reported a better undertone, with prices for yarns lower and spinners gaining ground.
 The barometer is very low in west Texas, and the early weather reports were for scattered showers over the cotton region. Reports coming from Alabama, Georgia and Arkansas were very optimistic over the crop outlook, and from Texas came reports that the demand for August shipment is still in excess of the supply. Wholesalers of haggtngs and ties fin Mississippi are asking for rush shipment to gins.-- Levy & Aronson to s. R. Stewart.
 NEW ORLEANS, Aug. 1s.-The un- dertone of the market was steadier to- day owing to uncertainty of tropical ported north of Porto Rico, apparently moving northwest, and because of nuh1erous reports as to army worms appearing In certain districts of Ar kansas and Texas.
 Two additional semi-monthly private crop reports were released this morn ing. Returns to Giles average the con- dition at 653, indicating a yield of 12,- s00.D00 bales, and returns to Clement, Curtis & Co.,, Chicago, average the con ditfon at 65.6, pointing to production of 1s,100,O00 bales, linters not included.
 The average of six private semi monthly crop reports as to condition is e5.s; lowest e4.s; highest. es.s; and the average of indicated yield is 12,963, 900 bales; highest, 18,840,0O0; lowest, 12,- 450,00Q, linters not included.
 By resolution of board of directors of the New Orleans Cotton exchanke, adopted today, the closing hour of the futures market on Saturday, August 2s, has been fixed at 9:45 a. m., instead of 10 a. m. The bureau report will be is- sued at 10 a. m. Saturday.-H. and B. Beer to J. F. Wilmington 6 Go.
 NEW YORK, Aug. 19.--More talk of insect damage came in today than any time yet, and as the trade has been and is living in fear of great damage yet to be done by insects, 1t was natural that short covering should have taken place as yesterdays trading undoubt- ediy added to the short interests. Doubt as to the government showing a gain of e million bales in two weeks time Is beginning to set in on the bears and Is liable to bring further covering on Saturday, when the exchange will close at HAS to avofd delay hn the execu- tion of the cl84 orders. I hardly think there is any doubt that we have a splendid cotton crop, and feel almost assured tho market must, in the next two weeks, absorb the weight of the actual and with the mills facing re- duction in prices Of their products and