The Birmingham age-herald., 1924-05-09
COTTON LETTER

NEW ORLEANS. May s.---Resistance to advance in the cotton market were based 0h in eschsnss and t: stock market. Liverpool was good and apparently paid little. attention to the map showed scattered rains. mostly in the eastern and central belts, with tenn geSraturss pSa oT:, too low for good cotton growth favorable. There is a lot of optimism of general trade. but most persons be. lievs the present trade is hardly any bet ter, if not worse. no matter what may or than last year. Until the weather shows decided improvement think pur- chsses On the good dips now preferable. Levy & Aronson to S.-R. Stewart.
 NEW YORK. May s.---The market was extremely dull during the day with very little business transacted on the. opening, although Liverpool was much better than que. II seems to us that there Is some thing funda men tally strong in the mar ket. for, in the face of extremely bear ish talk the marke. has only slight set very little short selling selling Evidenced. i . on n the othe" hand. there is a rather large short interest in July and a demand for that the price of October is now about the same as 1t was a month and half of large acreage figures. good crop prep arations and spells of good weather. show ing apparently that the price of October at this time Is attractive and could easily advance rapidly on spell of bad wealth er We are beginning to hear reports already of boil weevii and adverse crop news generally and should any official statement be made we feel that the mar Ret will advance sharply. Liverpool fu- lures are due tomorrow; July, I6.57d: October. 1444d.-Hubbard Bros Co.
 NEW ORLEANS. La. May s.-cotton ton developed strength today when weak ness was generally expected and ended with fair sized advance. Sentiment of the average trader was against the mar to sell 1t down. Weakness in foreign ex- change due, to the communist strike in even though cool. will stimulate planting furnished most of the days incentive for selling The market, however. soon gave tioD. Rumors to the effect that the short interest in May. New York exceeds 1Oo.- position in both markets and daily shrink age in New York stock of cotton tended so 70 ovnsa, make ,s sellers cautious Continued un- ner G Beane fo Kahn & Virgin.
 than due and continuance of low tenn peratures inland served to sustain the cot ton market today in the face of the weatheF bureau predicting fair weather for all sections of the cotton region to- night and Friday. Being between sons. there was not much activity today ana the near future course Of values will likely be governed mainly by climatic developments in the interior and by re- turns expected soon as to the quantity of cotton that was consumed In the United States during April compared with con- sumption for corresponding months of last year. New York reports that the ware house stock there is down to 56.694 bales. It is likely that the certificated stock there is now less than the warehouse stock. Compared with last year exports from United States since Friday were 10000 bales Ys. 45,000, thus far this sea are that exports from United States will
 continue free According t0-N report