The Birmingham age-herald., 1924-08-05
COTTON LETTERS

COTTON LETTERS NEW YORK, Aug. 1.-The market has been dull, irregular and extremely nervous during the entire session. The fact of the matter is the private crop estimates which have been issued are so much bigger than the trade was thought possible that they have upset everyone's calculation, and nobody knows what the government is likely to do on their next report. The report is that there is an increased tendency to have as small commitments as possible until the report is issued on Friday. In the meantime, showers which fell in the Atlantic states will be beneficial, providing they cease, because they have had weeks of clear, hot weather there. In Texas, it is partly cloudy and there were some showers on the coast. A private dispatch from San Antonio in- dicated that there were possibilities of rain there today. A soaking rain all over Texas would be Of inestimatable value. The next week or 10 days will 1 be extremely critical, as far as the Texas crop is concerned.
 Liverpool futures are due tomorrow: October, 16.21d, and December, 14.95d. Hubbard Bros. & Go.
 NEW YORK, Aug. 4.-Cotton started lower on official forecast for showers in Texas, but the weather map showed no rain and the detail only a few show CTS around Brownsville and Corpus Christi, so prices rallied from the low. The volume of trade was light, with the south and spot people moderate sellers. The late forecast did not prom ise any rain of consequence west of the Mississippi. The Watkins condi- tion was 69.6 and indicated crop of 12,- 500, 900 bales, and a Fort Worth house made similar indication. Sentiment averages rather bearish, but the mar ket looks to be in trading area await ! ing Texas weather developments John F. Clark & Go.
 NEW ORLEANS, Aug. 4.-Cotton was down 40 to 50 points in the early trad ing Monday. There seemed to be little news to justify such a decline, but feel ing was reactionary after the late bulge Saturday and some traders read the probability of rains in the west entirely private reports. There was no Liver pool, that city enjoying bank holi-. day.
 The over-the-week-end weather news contained reports of some scattered showers in the east. The morning re- ports recorded some rains in the east, but none in the west, with temperatures big everywhere. The map confirmed the reports, showing a few rains in  elsewhere. There were a few clouds in Texas. The forecasts are for fair weather in the west, except some show CTS in Texas.
 Private reports from Texas say that ideas of deterioration in that state are increasing. A Dallas wire this morn ing said the concensus of opinion of members of the Dallas exchange is that cotton is suffering badly from drought.
 Dry goods reports were optimistic. Foreign news was favorable, with ex- changes at new high levels.-Levy & Aronson to SIR. Stewart.
 NEW ORLEANS, Aug. 4.-Cotton val ues slipped about 50 points today as ! result of selling and liquidation brought on by the forecast of unsettled weather for the south and northwest Texas. Private wires from scattered points in southwest Texas telling o1 showers which extended as high up al Taylor, in the central part of the state encouraged selling and discouraged buy ing, owing to the possibility that they might work up higher. The marke is very sensitive to weather develop E ments in Texas and may reverse 1ti course if that state fails to get raiI overnight or good indications of 1t The map does not indicate to us tha relief is likely, and the rains reported are apt to turn out to be more showers II needed rains-Fenner 6 Beane to KahI 6 Virgin.
 NEW ORLEANS, Aug. 4.-Largel crop estimates and reports of rain il scattered stations of southern Texai weighed on the market today in thu early morning, but values improved later because of insufficient rain 1T the western half of the belt, especial! in Texas.
 Returns to Memphis Commercial-Ap peal average the condition at 67.6 ana yield at 12275, 900 bales, and returns tt E Gosho company averaged the condition at 69.6 and yield at 12,71s,O0O bales while returns to Watkins bureau aver age the condition at 696 and indicated a yield of 12,600000 bales, linters no included.
 According to returns to a prominen local commission house, the averag condition of the crop is 67.5, indicatinl a yield based on their acreage figure of Il, TIA, ,0O0; and, on the government acreage, crop of 12,S7S,0O0 is indi cated.
 This afternoons market decline, again in consequence of Austin, Tex \ reporting raining hard there and rain ing at Taylor, Tex.
 The present drought includes Mis- sissippi, Louisiana, Arkansas an southern Oklahoma, causing the plan to commence losing its vitality an making general deterioration probabl unless copious rains are had by tn middle of this month.-H. and B. Bee to J. F. Willingham 6 Co.
 NAVAL STORES
 SAVANNAH. Ga, Aug. 4.-Turpen tine, steady; 79c. Sales, none; receipts
 4s6; shipments, 3,6s6; stock, 5,151.
 Resin, firm. Sales, 1878; receipts 1,435; shipments, 6,Oe7; stock, 5s,426. \ Quote: B, S4.450450; D, S4.66; E
 $470@475; r, S4.75@4.so; G to M. S4.s0