The Birmingham age-herald., 1924-07-02
COTTON LETTERS

 544.O00.
 COTTON LETTERS
 NEW ORLEANS, July 1.-Advances of $1.50 to $2.50 bale were recorded In the cotton future market here Tues day, with July showing the greatest gain. Strength at Liverpool, where July tenders evidently were smaller than anticipated, and ideas that the weather map was bit too wet over the eastern sections of the belt seemed to be the main influences. Among the final private condition estimates in ad- vance of Wednesdays bureau figures were those of the Times-Picayune, plac- ing condition at 69 per cent. Private cables from Liverpool reported Ameri- can buying there and hedges in near months being transferred into the more distant positions, which would explain July. being about 2s penny points bet ter than due shortly before the opening on this side, while October stood only about IA penny points higher than ex- pected. The weather map showed con- tinued cool weather over the northwest ern section of the belt. Rather heavy rainfall fell in the east gulf and Atlantic coast regions and 1t was still raining at a number of eastern points.-Levy X Aronson to S. R. Stewart.
 NEW ORLEANS, July 1.-Trading was largely of an evening-up character in advance of the bureau, but most of the evening-up appeared to come from shorts As a result, values averaged higher than on the previous day and ended with good gains. The weather was favorable in the west, owing to lower temperatures, except in the south west, where unneeded rains fell. The east had more unneeded rains and showers weevil reports from that sec tion increasing. The average of the private bureaus Is 68.4 for condition and 4 per cent increase in acreage, which would indicate an acreage or aDout 10000 900, based on the government re- vised acreage. This indicates improve ment of 28 points from the govern ment estimate of 65.6 last month vs. an average gain of points. Last year the June condition was 69.9.-Fenner x Beane to Kahn 6 Virgin.
 NEW ORLEANS, July Lowing to the uncertainty attending tomorroWs monthly government crop report, which will be issued at 11:30 a. m., New Dr. leans time, the cotton market ruled steadier and somewhat higher today. The last of monthly private crop re- ports in advance of the bureau report were released this morning. Returns to American Cotton association average the condition 68.1, an increase in acre age of 3.5 per cent. Returns to prominent New York brokerage house average condition 6s5. According to returns to New Orleans Times-Picayune, average condition is 69, an increase In acreage of 4 per cent and yield 11,726,- GOO bales, Tabulation of all private re- ports average the condition 6S.4, an in crease in acreage of Al per cent ana in yield Il, ,435 900 bales. Since June 25' or since return were made to the gov ernnnent the weather has been generally favorable for progress of the crop, eX- cent in localities of the eastern belt, where there Is complaint of too much rain and of weevil increasing. As yet, however, the average condition or the crop is apparently much below the 10-year average of 74.s; and until the condition of the crop conforms more cIosely with the 10-year normal, the hope for a large crop will be lacking,- H. and B. Beer to J. F. Willingham Ss Go.
 NEW YORK, July 1.-Moderately ac- five during the first couple hours, then trade died down in cotton today. The 30 to Appoint advance in new-crop months was on covering for tomorrow's reuort and on unfavorable rains in the CaroIinas and Georgia. The July Roueeze attracted more attention than anything else The trading in 1t was oniv a few hundred bales now and then. but buyers found contracts so scarce that the premium went to 466 over October It looks as though 1t will 10 to a still greater premium, but mo- body can tell. Meanwhile, the uncer- taiTty regarding the spot month re- duces speculative participation in the whole market to a minimum. The aver age guess on the government report was 69. but there are lot of traders who think it won't come that good. There will be six and one-half hours to trade between the report and three-day ad- iournment, so nothing big In the way of business is looked for.-John r. Clark & Co.
 NEW YORK, July 1-Showery weather in the Atlantics, especially in south Georgia, where 1t is feared the boil weevil will make it's appearance, brought a better Liverpool market this morning, and our market improved In \A,ympathy herewith. The July position N Nntinues to be very strongly held, the \ ernium widening over October on Hade price-fixing of cotton that had not been called previous to the first notice. There has also been some cov- ering on the theory that private re- ports have been too high and that the government report will be lower than has been anticipated, which has been around 70. We expect a nervous, ir- regular market tomorrow previous to the publication of the government re- port. at 80 p. m., daylight saving time. Liverpool futures are due tomorrow October, 14.89d, and December, 14.49d.-