The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-10-05
COTTON LETTERS

NEW ORLEANS, Oct. 4.--Following
Yesterdays sharp reaction, undertone of
1he market was steadier today ana
prices were somewhat higher, influ-
enced by better cables than due, at
tributed to London buying and trade
absorbing contracts, and because OF
prospects for unsettled weather over
nearly all sections of the belt, prob
ably showers and colder in northwest
portion, except fair in west Texas. The
trade has come within the shadow OF
the next government report, due Oc-
tpBer--2, 10 a. m, New Orleans time.
PrfvSte estimates range from about H.
100000 to 12,6OO,000. The last bureau
REPORT, September %, averaged, condi-.
tion 55.4, crop 1856, 900 bales. The Fos-l
dick bureau, Memphis, reports that
compared with last year the ginning in
Georgia is relatively heavier than else.
where In the principal cotton states,
except Carolinas, the ginning Is much
haavier than last year, and that the
botFler states have hardly commenced
Rihning. Texas ginning, they report. Is
abnlit with last year, but Carolinas are
backward. Owing to recent important
Advance in value of cotton, due mainly
10 Expectation of smaller government
crdp forecast on October 8 than Its
fofecast of September % for yield of
12E06 0OO much of bullish expectations
ar&likely discounted. 1t is likely, there
fore, If the government forecasts pro-
duciion of 1880. 900 bales next Wednes-
day; market will likely decline temper
arfIy, probably advance IL 12,30OOOO or
less In other words, it is probable that
a forecast of about 12,400000 has al
ready, been discounted. Washington ad-,
yises that there will be no report on
aGtsage abandonment on october 8, al
lowhnce having been made in reports
already furnished, but it is the intention
- ~ n
Land abandoned in its first of condition
ren0rts in November.-H. & B. Beer to
J. n. Willingham C Co.
NEW YORK, Oct. 4.-This mornings
session showed a constant demand for
contracts and 1t appears that the recent
sellers were anxious to buy back their
cotton again in view of the fact that
the basis continues steady over the
south and the weather over the belt,
although fairly favorable, could be i'm
proved upon. The trade after the re-
cent decline were anxious to secure cot
ton at a lower figure and this buying
encouraged shorts to cover some of their
cotton. We doubt II there will be much
decline before the next government re-
port, for in all probability the report
will have to show considerable deterio-
ration in the Atlantics due to the con-
slant rain of recent date. There does
not seem to be any particular uneasi-
ness in the market and contracts are
quite well taken. If any bad weather
SHOULD develop over the week lend. a
further rise could be expected on Mon
day, Liverpool futures are due to-
morrow; December. 1451d; January,
1456d.-Hubbard Bros. Co.
NEW YORK, Oct. 4.-The reactionary
sentiment which was so marked at yes
terday's close was checked today by
prospects of unfavorabl weather early
next week and shorts scrambled for
cover Around Csc for December there
was some trade buying and a line of
about 10000 bales appeared to be the
replacement of long cotton for some
ptbminent locals The traders were
doubtful that the government will show
n9uch less than 12300,OO0 or 100000 in
its next report and seem disposed to
sell around 26c. Should spell of bad
weather set in we see nothing that
could prevent higher prices. Liverpool
was a big buyer on the close here
Fenner & Beane to Kahn & Virgin.