The Birmingham age-herald., 1924-06-17
COTTON LETTERS

NEW ORLEANS, June 16.-Cotton was lower Monday morning on favor able weekend weather, bad Liverpool and prospects of continuing favorable weather map. Temperatures were con sidered too high in the west, which checked selling, but prices slipped more than 50 points on July before the end of the first hour and half of trading. October and December were steadier. Liverpool was 25 to 30 points worse than due on July and 10 to 16 on Oc- tober shortly before the opening. The weather map showed clear, dry and warm over most of the belt, with tenn peratures cooler in the Panhandle and in the east, but warmer around Abe line, Texas The trade reviews indi- cated the esdry goods trade still very dull withW Bfices very low. Further mill curtaifnent Is reported in the south. Exports early were good at g. 526 bales against 1885 last year.-Levy 6 Aronson to s. R. Stewart.
 NEW YORK, June 16.-The 40 to 50- point rally in new crop months after the early dip on cables and good wealth CT over Sunday was due to Wall street buying, probably to cover and a scarcity of contracts. October and December cut loose from July today and took care of themselves while the near months eased off on long hqui- dation and some straddle profit taking. The buying was supposed to be based on fear that high temperatures in Texas might continue too long and to strength of the stock market. The Texas and Oklahoma detail weather report showed maximums of 100 or over yesterday and private messages said it was just as hot today. Cotton peo- pie, however, were not alarmed at the plant is small and has plenty moisture.
 
 speculation still awaits further crop and trade development.-John F. Clark & Go.
 NEW ORLEANS, La, June 16.-Cot- ton started the week with fair sized sharply later on continued high tenn peratures in. the west and predictions that excessive heat will continue. July failed to show as much rallying pow CT as the new crops owing to renewed liquidation and ended the day with substantial loss. Liverpool reported heavy price fixing by mills and the expert statement for May was one of the best recently issued. Selling by importers, however, and claims of crop improvement upset 1t later. Bearish sentiment was again In evidence when the market opened here, but tempera- lures of 100 to no that have prevailed in the western belt for nearly week coupled with predictions of same kind of weather made shorts uneasy and there was considerable covering after the forecast was issued.-Fenner & Beane to Kahn & Virgin.
 NEW YORK, June 16.-The weekend weather over the belt was considered as favorable causing a moderate amount of selling on the opening, also our mar ket was easier in view of lower cables There was very little business doing during the day, but the market showed steadiness throughout the entire ses- sion. Apparently the market has dis counted to a great extent the favorable weather and is now ready to respond to any unfavorable change in condition. The high temperatures, although not doing any harm at the moment, would work great damage should they con tinue over any period of time. The trade buy moderately on practically all dips for it is coming close to a time when we will more or less positively know just what the possibilities of a crop are. As we look at 1t now they are not very favorable and the crop is now on the defense. The market is in rather a healthy position to respond to any bullish news in view of the fact that there has been very little heavy buying lately and few people have con-
  gradually in face of odds which leads us to believe that the market is funda- mentally very steady and light easier have a sharp upturn on first signs of bad weather. Liverpool futures are due tomorrow: July, 16.75d; October, 15.20d-Hubbard Bros. & Co.
 NEW ORLEANS, June 16.-The con tinuance of high temperatures in Okla homa and Texas remained the sustain ing feature today in the face of easier cables and the general tenor of crop accounts being favorable. Opinions differ as to the effect the heat wave is having on the Texas crop. Some peo- pie contend that the plant Is too young and small to withstand the excessive heat much longer, while others claim hot dry weather is just what is wanted. The British Board of Trade report for May made exports of yarn from the United Kingdom 1s,0O0,oo0 pounds against 12,574,000 last year; of cloth 395, 100000 yards against 409, ,962,0O0. Ex- cept for the possibility of a little too much rain in the east half of the belt next Wednesdays weekly weather re- port is likely to be favorable, especial ly as to progress of crop and farm work in Texas and Oklahoma; the high temperatures notwithstanding. Com pared with last year. exports from the United States since Friday total 1S,000 against 19,000; thus far this season B. 31S,000 against 4,487, ,000-H. & B. Beer to I F WillinR nRhan &. Co