The Birmingham age-herald., 1924-06-21
COTTON LETTERS

NEW YORK, June 2o--Cables from Liverpool were lower than expected this morning, with a decline in sym pathy taking place in our market. | Fluctuations have been extremely mar row during the greater part of the day, | although prices eased in the late au- ernoon on reports of showers In Texas near Dallas. A good rain now would | be of great benefit. Sentiment Is gener- ally against the market on the idea that the crop has improved rapidly during the past 10 days and that the govern ment report Is bound to show a sub stantial improvement in the condition of the crop.-Hubbard Bros. & Co.
 NEW ORLEANS, June 2O.-The cot ton market was almost at a standstill velopments. Cooler weather in the west, showers in Texas Panhandle and Corpus Christi sections were generally | considered favorable, and the forecast was for cooler and generally showery weather over the west and mostly fair for the east, or just what Is wanted [ Yet, in spite of the favorable weather outlook and the general bearish sentt- ment, prices averaged higher than on the previous day. The oversold condi- tion of the market was mostly respon- sible for this, though reports from some good authorities to the effect that their l inspection of parts of Texas show de- terioration instead of improvement probably had much to do with making shorts cautious and reducing the VOL ume of selling. The market still acts oversold and is not apt to decline much, unless the weather stays favorable.- Fenner & Beane to Kahn & Virgin.
 NEW YORK, June 20.-Weather con- l n h. west by less excessive temperatures, and good crop reports came in from all sec- tions; yet the market held very steady, averaging only slightly under yester- days final prices. Many asked why prices did not reflect crop improvement and work lower, but nobody could answer definitely. There has been no pressure on the market today from any source. Influences suggested contrfout- ing to the firmness were ass follows: Congestion in July and possibility Of squeeze, market speculatiVely snort 10 the trade, ideas that crop will not De much over 11,O00,000 bales and that nresent urices are therefore warranted. Prominent local operators long, next government report, while showing inn provement, will still be lowest in years and imitation. The general idea IS that with good weather prices must give way.-John F. Clark & Go.
 
 NEW ORLEANS, June 20.-The cot ton market continued its waiting atti- tude again Friday morning. The price range was narrow in the early trading and was dull. Liverpool was to to 1O penny points worse than due shortly before the opening. with spot sales small at only 5000 bales. Cables from England were conflicting, one report being that Manchester business was pet ter. but others said the German finan- cial crisis was affecting trade, with some contracts ordered cancelled. Ihe weather map showed almost no rains in the belt, with clouds in south Texas and the central belt. but fair in the east Temperatures were somewhat cooler In the west, with the most notice able change at Amarillo, Texas, which reported the thermometer registering 50 for the low during the night. Mill talk ings this week, 93,00O, against 7O'Ooo last week and 126,000 last year. Into sight this week. 42,0OO, against 10000 bales last wear. Exports today small, 315, against S,S36.--Levy & Aronson to s. R. Stewart.
 NEW ORLEANS, June 2O.-More favorable crop weather was experienced in the southwest today as result Of lower temperatures and scattered light to moderate rains in south Texas and l tered showers in the Mississippi valley. Prospects remain very good for more rain in Texas and other southwest states. which Is claimed to be needed. Favorable crop weather prevails gem orally in south Atlantics. The sustain ing feature of the market, however, Is small crop ideas. Returns to a prom inent New York commission house in dicated a yield of only 11,O42,00o bales. I The smallness of stocks on this side of the Atlantic and in Europe, in connec- ton with reported lateness of the crop in general gives strength to the July position and indirectly to new-crop de- iiveries. These features serve to offset the smallness of spinners takings by the world of American cotton, which for the week were only 5000 bales vs. 123,00O. Thus far this season, only 1O,- 464,ooO Vs. 11,6o5,Qoo to even date last season.-H! and B. Beer to J. F. Wil- l A C0 /