The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-05-28
HUBBARD,S LETTER


NEW YORK, May 27.-The market
this morning was just trifle reaction
airy in view of the fact that we have
had a very substantial advance and it
Is quite natural to Experience some
profit taking and hesitancy in buying
decline very much in view of the fact
that all the private estimates SO far
issued have been extremely bullish,
The map for the first time showed
reasonable temperatures in practically
all of Texas. However, there were
some rather heavy rains and low tenn
peratures in the central and northern
part of the Atlantic states. We are
pleased to say that there is more cheer
full talk from the dry goods centers
and 1t appears that there has been con-
siderable buying in view of the fact
than 1t should be in relation to raw
cotton. With the temperatures rising
in parts of the belt, l. may be prob
able that we will have more favorable
weather and If this is the case. there
will be a tendency to experience more
profit taking. Liverpool futures are
due tomorrow: July. 17.22d; October,
4o45d.-Hubbard Bros. & Co.
NEW ORLEANS, La May 27.-Cot-
ton was active and higher early in the
day. Reports as to the growing crop
were uniformly bullish, while news
from the textile centers was bearish.
Too much rain and too much cold
weather have put the new crop two
weeks back of normal. Private esti-
mates Of condition were around 6S per
cent against a 10-year average of 1913.
That the government report will be
bullish is almost certain but as 1t Will
not embrace any change that occurs
between the receipt of information from
the field agents and the issuance of the
estimate allowance must be made for
that fact.
Discouraging news came from Fall
River, where 1t was said the mill un-
employment had created SO serious a
condition that public officials were con-
sidering plans for building of sewers
and schools to provide work for the
idle men. Minis In Charlotte, N. c.,
territory were said to be operating only
three to four days a week, while some
were closed.
Activity in the futures market was
confined TO new crop months. Top
prices were made in the middle of the
day, after which there was moder-
ate reaction.-S. r. Stewart.
NEW ORLEANS, May 27.-New crop
cotton, October delivery, having ad-
vanced to 26 cents, traders are disposed
to realize, especially on Oulg rs father
than enter into new commitments for
the TrcA"nt as next Friday ani Sat
May so being Federal Memorial Day.
The weather overnight, however, was
considered unfavorable, much rain hav-
ing fallen, especially central portions
of the belt, particularly in Mississippi
and prospects are for more wet wealth
er in all sections tonight and Wednes-
day.
Returns to- Giles average the condi-
/ ton of cotton crop at 67.6 and increase
/ in acreage 81 per cent, stating IA per
cent remains implanted with much re-
planting necessary and that stands are
generally poor The late start. it at
tributes TO rains and cold weather
much like last year while weevi arc
reported in Hen'y, Barbour and Hous-
ton counties, Alabama.
Liverpool cabled very steady with
/ considerable short covering on bullish
crop estimates from this side and re-
| ports of unfavorabls weather.
Advices from New Work were that
cloth market shows Improvement, both
in volume and price within further largl