The Birmingham age-herald., 1924-06-10
COTTON LETTERS

NEW ORLEANS, June 9.-The cotton market was a rather narrow but ac- tive affair Monday morning, with the trend downward on better weather over the weekend than anticipated The forecast was somewhat more bullish than expected, which stiffened prices just before 10 o'clock. Prices opened off 30 points on first sales and down 30 additional points during the first part of the morning. Liverpool was closed on account of holiday there and will be closed tomorrow. Exchanges were firm, but eased somewhat during the morning. The stock market sold off during the early hours, which probably affected cotton prices. The weather map showed cloudy in west, but rain at Oklahoma City, which was the only appreciable precipitation In the belt. There were some scattered for unsettled showery weather and somewhat cooler. Some of the dry goods reviews were a shade better this morning; others were less optimistic and it was thought there was little change in this department. Manchester re- ports were more optimistic. Any further decline would take profits on short cot ton.-Levy & Aronson to S. R. Stewart.
 NEW YORK, June 9.-The unfavor- able rains predicted Friday and Sat urday for the weekend failed to ma terialiZe, and the resultant selling, both liquidation and professional, caused a decline of 60 points. The contracts were taken by shorts and the trade. Purchases of 5000 October by McFad- den Brokers and good demand for December were features during the morning. It was a holiday in Liver pool, so the market did not have the support of straddle buying from the other side on the initial dip, although Liverpool did buy a little. The forecast was pretty good and the weekly report on Wednesday is likely to be favorable, so the market may sag temporarily un- til the weather changes and a greater short interest accumulates.-John F. Clark & Go.
 NEW ORLEANS, June 9-Climatic conditions in the cotton region having been more favorable than generally ex- pected over the weekend, the market was lower today. There was some un- easiness concerning international poli- tics and some disappointment regarding the tariff commissions report, which stated that the depression in the cotton manufacturing industry has been found by the commission to be practically worldwide in scope, with no indica- tions for immediate improvement, The weather bureau reported higher tenn peratures in the cotton belt and scat tered showers, mostly light, in south eastern districts and northwest Okla homa Sunday, and moderate to heavy showers Monday in Oklahoma, light in Arkansas, northern Mississippi and at widely scattered stations eastward to the coast. Looking ahead, the weather outlook is not so favorable, except for Texas showers, which are probable for nearly all sections of the cotton belt, and cooler for northern portion of southwest. On the other hand, chances are that the census bureau will show consumption of lint cotton in the United States during May to be much smaller than last years 621 900 bales. While the weather has been more favorable as a whole of late, we doubt if the crop has made anything better than slow progress, which would not be very encouraging, considering its very low condition, 65.6, on May 25.-H. and B. Beer to J. F. Willingham 6 Go.
 NEW ORLEANS, June 9.-Cotton was reactionary today, owing to failure of the predicted bad weather over Sun day to materialiZe. As a result of this, traders who bought last week liquidat- ed and fresh selling was encouraged. The map and forecast both indicate un-
 
 lowed by cooler weather; but the rise in temperatures and improving crop accounts have swung sentiment defi- nitely to the short side again, and it looks like 1t will take actual return of bad weather to change. it or induce any covering of consequehce. Sentiment of the average trader Is against the market at the moment, and indications are that it is in an oversold condition Fenner & Beane to Kahn & Virgin.
 NEW YORK, June 9.-Again the market was confronted with better weather over the belt and higher tenn peratures. This naturally brought on some liquidation on the opening, which continued for the first half-hour. The liquidation was principally of October, in view of the fact that October has been the principal month that has been bought on the recent bad weather. A noticeable fact in the market today was the strength of July, which widened somewhat over the new crop. Regard less of the good weather over the belt, we continue to receive very bullish tele- grams of the crop; and our friends from the south, with whom we talked, do not speak very well of the prospects, and we still maintain we will need the most ideal conditions in order for the crop to recover. There was a moderate amount of trade buying on the decline but yet the outside interest in the market is rather small. If we should have a revival of the goods trade, which must come about, coupled with these poor crops reports, we certainly will have much higher prices. Liverpool fu- lures are due tomorrow: July. 16.6Sd and October, 15d.-Hubbard Bros. &