The Birmingham age-herald., 1924-07-27
Stock Market Averages ! T'ofal saIas RIO R0O
COTTON LETTERS /

NEw}oRLEANS, July 26-The cotton market assumed an upward tendency again this morning owing to early re- ports. of no rain Of consequence in Texas and over most other sections of the west half of the. belt, where mois- ture is badly needed to prevent further deterioration. Temperatures were lower In the southwest, however, but the of xicial forecast was for generally fair weather for Arkansas, Oklahoma and Texas, except probably local thunder showers on Texas coast. The general Impression is that the average condition of the crop today is probably lower than 1t was on July 16, and if the drought continues in the western half of the belt, especially in Texas, until the end of July further deterioration will result, which will be noted in the government report due August 8.
 Under the circumstances, and in view of probable increasing Weevil activity in the future, perhaps tropical storms and the possibility of an early, frost over taking a late crop, the, trade has req son to be apprehensive as regards the possibility of another short crop, which Would-bU the fourth consecutive season fin which consumption overlook produc- tion.-Hs and B. Beer to J. F. Willing ham q Go.
 
 that Reports of rain yesterday were un- founded, as official reports indicated only lnconsequental showers in a few sp0ts1 In view of this, the market opened fifty points over last nights ieleses followed by a further advance dartn& the last hour. The forecast S sseznSs to afford no relief, as only scat tered ahundershOwers are predicted, with the rest of Texas generally fair. The market is such weather market that we can but reiterate that the course of prices depends entirely on whether the drought in Texas Is broken next week. Asida from the weather, however, we mugt admit business generally is im- proving, gradually. Should a decline come about in cotton prices, we think the spinner will take advantage of it an viSW of the fact that he has little ectto4 carried over from last year and hhs undoubtedly viewed with some GoncerT the rapidity with which the pSfce oe cotton moves forward on the asighkest demand. We think the general a1ea expressed by merchants who can Dc said to be conservative Is that a Kood business is pending. Liverpool 1uturSs are due Monday: October, 16.s1d and December, 16.46d.-Hubbard Bros & co
 NEW YORK, July 26.-It has been a senaati onal week in cotton. The gov ernment condition figure of 6S.5, Mon day, astonished the bulls and demOral- ized and stampeded the bears, resulting in an advance of 200 points within ten minutes. October sold at 29.55c Thurs day, against 2565c Monday. Some re- actions have since occurred on reports 0e. Taxas rains, which proved to be showers of no consequence and conse- auently of no benefit to the crop. The market today was strong and prominent interests were buyers and bidders for October in big blocks. Without heavy general Texas rains within the next market Is possible, which may carry October to around 35c. We favor buy ing, particularly early Monday, If no Iexak 1oVer-Sunday rains.
 wheat sold at new high levels today. ypa favor purchases. We expect Sep een1ber awheat to sell at $1.50 shortly Chass Fairchild & Co.
 NEW ORLEANS, July 26.-The cot Con market had one of the quickest couae-bAcks of the season as yesterdays seiIelS tried to buy back what they had sold. X October started off 65 points hightr on absence of rain reports oi eonsequence from Texas, and climbed 100 more after the map was posted. Il ahovssd dry over the entire west, except for afsW sprinkles in Texas. Added tc 4his was prospects of continued drought and nrobably a return of high tempera 4urea on Monday. The southeast part oR tho belt had unneeded showers. The 90 oieleck bulletin, received after thu ciosss of the market, listed only foul ststisng in Texas having precipitation