The Birmingham age-herald., 1924-06-13
COTTON LETTERS

NEW YORK, June 12.-The market
 was slightly better on our opening this morning on scattered buying that un- doubtedly came from those who figured that the good, weather had been dis counted to a great extent and that the crop, was not progressing as satisfac- torily as expected. There was trifle more business doing today and little moro activity all around. The prin- cipal move in the market came around noon, when there was an attempt made to buy quite few thousand July, and at the same time there was another large order in the market to buy oc- tobers. This ran the market up sharp 1y, showing very little cotton offered. This buying caused the July contracts to widen materially over October and recover, some part of the loss 1t has sustained in the last week or so. We B are becoming very much alarmed in view of the private estimates, which ahow that the crop has deteriorated Iather than progressed in the last three Weeks. h fact, one private report in- dicates that Texas has gone back two points. Undoubtedly the trade is be- coming more or less anxious, but hold off from buying cotton, simply because at the moment the dry goods business is not at all satisfactory; but this sit uation could easily change If a crop scare should. materialize, as foreign buyers have been quite active, as our exports show. Unless we have excep- tionaIly good Weather, this advance will probably continue gradually for the lime being.-Hubbard Bros. & Co.
 NEW ORLEANS, June 12.-After decline of 20 to 30 points at the start on good weather, the market quietly reversed itself and climbed 57 to 1O6 points from the early low. July led in hA TT mi inCrAaQAn a premium over October considerably. Most of the advance in October was lost later from realizing, but July held the greater part of its gain and ended lthe day 63 points net higher. Buying of July by large spot houses, another con- dition estimate showing a loss of near Iy two points since it's May estimate, land high temperatures in the west were < the uplifting influences. Twenty-one stations in Texas and Oklahoma re- ported temperatures of 100. to 105 wednesday, and indications were that the number showing such temperatures would increase.-Fennera & Beane to Kahn 6 Virgin. ~--<S''
 NEW YORK, June 12.-cotton eased off early on good weathet, but later rallied sharply on heavy buying of July credited to large local operator. Room gossip was that 1t was covering and
 
 There was also some buying of October in the afternoon that looked to be from the same quarter. Jurchases of July by spot people to fix prices also had i it's influence on the advance. The strength in new crops was regarded as sympathetic and the general idea was II that they would have worked lower but for the action of July. There was no particular cotton news aside from II the weather. Liverpool exchange win be closed until Monday, and this ex- change will close at 2:s0 p. m. tomor- row in honor of MT. Gwathmey, whose l death was announced this morning. { John F. Clark & Co.
 NEW ORLEANS, June 12.-Mid- ! month cotton crop condition reports is- sued by private bureaus indicate de- terioration, whereas some improvement . was generally expected. Following yes- s terday's returns to the National Gin 4 uers, which showed loss in crop com | dftiou Tor the nalf-Inofith of points, N returns to the Watkins bureau, issued t today, averaged the condition of cotton
 uet 65.7 va. SIS two weeks ago, denotinG eteriofation of Is points. In the earl