The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-10-03
COTTON LETTERS

NEW YORK, Oct. 2.--After gradually
absorbing the cotton for sale around
the &c level, which has held the market
around that figure for the past few
days, another advance occurred today.
Europe is evidently deeply impressed
with the smaller crop estimates and a
realization that the rains in the Atlantic
states have destroyed the grades in
three states, and this has caused them
to begin to secure their requirements in
the western belt. This has resulted in
absorbing the daily movement, thus ma
teriaily reducing the volume of hedge
selling which many expected to become
heavy after the weather cleared. 1t has
also caused an advance in the buying
basis in the southwest. While the mar
ket will probably hesitate again around
the 26c level for the winter months and
might easily react, there is no change in
the general trend toward higher prices.
Liverpool futures, are due tomorrow:
October, 1880; December, 14.5Sd.--Hub-
bard Bros. & Cos
NEW ORLEANS, Oct. 2--Infiuenced
by combination of bullish develop
ment, the market scored another tmpor-
tant advance today. Tie weather out
look for the western belt was unfavor-
able, increasing cloudiness, probably
showers, colder north portion. The
League Of Nations voted unanimously
to adopt the disarmament protocol to-
day. Adyices from New York are that
there are rumors there of the formation
of strong bull pool. 1t is rumored
that October longs in New York are
prepared to receive 100000 bales ON oc-
tober contracts in that market this
month, whereas, the certificated stock
there September 30 was oify eo,O04-
bales. Returns to Clement, Curtis &
CO., Chicago, average the condition 53.1,
crop IL, 42S 900. The governments fore
cast September % was 1855, 900. The
action of the League Of Nations Is like
ly to lead eventually to universal peace,
which would be favorable for expan-
sion of international trade. Advices
from Washington report that German
cotton mills consumed $4,000 bales
American cotton during the half year
ending July 81, 1924. against $4,000
during the. same period last year, and
held a stock OF American cotton on
August 1, 1924; of 10000 bales against
$1,000. The foreign demand for Amer
lean raw cotton remains good, as noted
by exports from United States COM
pared with last season, since Friday
100000 against 10000 thus far this sea-
son, or since August /, 1,034,000 against
963, 600. American mills, judging from
the free movement of cotton, are evil
| IDENTIFY becoming more interested as to
their needs for their future requirements
their stocks at close of August were
only $4,000 against $1,000. If unfa-
vorable weather develops in the south
west 1t may serve to sustain the mar
ket although advices from New York
today are that today's advance was
| purely manipulation-H. & B. Beer to
J. F. Willingham & Co.
NEW YORK, Oct. 2.-Cotton started
easier on selling, due to the publica-
ton of Amoskeag statement showing
nearly three million dollars loss for
their fiscal year and a weather map
that was clear and warmer. Leading
bulls, however, took the contracts and
by consistent support of the market,
worked 1t UP by noon to a point where
short interest was apparently disIodged,
forcing December quickly to 25.SOc and
creating a market sufficiently big to
permit of heavy profit taking. There
was no fresh news of interest during
the session. Bull arguments were the
possibility of unfavorable weather in
Oklahoma, Arkansas and Texas, and
government report next week, while
bears cited the 5s0-point advance and
inability of the mills to do business as
| good reasons not to follow the advance.
General business was again light and
| the market regarded as professional