The Birmingham age-herald., 1924-05-21
COTTON LETTER

NEW. YORK, May 20.-The early break on cables and bonus action did not last long. Liverpool and the, trada absorbed the contracts and the. market rallied, Preaching its best at noon on Wall street buying that looked to be covering. The strength, however, failed to attract suf- fieient new buying. so prices reacted again during the afternoon Much of the trad ing was professional
 7 A private crop report made the condition ss.s. with acreage increase of per cent. and the impression is gaining ground that the first government figure may be ma tetialIy under last year.
 | Ie, A prominent New Orleans house with excellent sources of information wired they believed the crop to be off to worst start in many years. s
 The public, however, is awaiting fur ther developments and hesitates to buy with politics running riot in Washington and continued unsatisfactory conditions in domestic mills--John F., Clark 6 Co.
 NEW YORK, May 2O.-cables were s5an aus this oog aIG Ssa the final passage of the bonus bill. It has been ntpointed out very clearly by peo- measure will be heavy enough to inter fere with the tax reduction. This brought about some, selling at the open Ing from which the, market rather, easily recovered. It must be remembered that the effect of large government expendi- tures is not felt at once and therfores fct upon prices. It is later on, when busi- ness is' further burdened by taxes 'neces- .. sary to meet the expense that such meas In the meantime, another spell of cold and rainy weather was feared in the western belt Not only is this weather most unfavorable to the crop which bad ly; needs reasonable temperatures, but it Is particularly important because this Is condition figures are being sent to Wash tnstonf The next estimate will show the threatsned spell of weather does actually appear, the trade will feel that low condition figure is certain. There is no iniproyement in domestic trade and the market lacks entirely the stimulus Of ac- tive business and optimistic views. It Is the strength imparted by 2 dwindling the new crop which sway prices. We should expect a further advance should 'GG SRa Eany b.t p' lures are due tomorrow; July; ls'1Sd; October \ f1t.S0d.-H1bbard Brothers and Company.
 NEW ORLEANS. May 2O.-The passing of the bonus bill by the Senate after close of market yesterday making 1t a law au- tonnatically was reflected in a lower mar ket this morning. but the stopping of May notices in New York large exports, pros- pects for less favorable weather in nearly all sections of the cotton region and the probability of bullish, spinner takings again next Friday caused sharp advance in values. Subsequently, the market eased again because of crop accounts being gen. erAIly more favorable than of late, due to better weather prevailing inland the past few days.
 Returns to the Japanese Cotton Trading company of Fort Worth, average condition of cotton at 69.6, the increase in acreage at per cent. or 39,9S4,O00 acres crop II days, late. 80 per cent planted and 20 per cent to be replanted. The government report for May 25 last year made average condition n and 10- | year average May 72,s.
 While the continuance of clear, warm weather Is wanted in most sections of the Anterior. the outlook is for / unsettled weather, probably showers in all districts of the cotton region, cooler northwest DOT | ton.
 Exports from United States continue free; since Friday, 5000 vs. 5000; thus far this season. 5.120.0O0, vs.' 4,190.00 serving to reduce the stock at all United states ports today to sss,ooo. vs, 4l2.- coo
 \ Next Friday spinner takings for week will likely be buItsh as they will run against only l47.0o0 bales; were ,207;O00 last week. III & B. Beer to J, F.. Wil- linghanl & Go.