The Birmingham age-herald., 1924-03-19
COTTON LETTERS


 selling induced by a report that the government boil weevil station in Louis jana claimed that the survival of boil weevil this year, based on their meth cd of calculation, was one-half weevfl per ton against nine weevil per ton last year. The weather was also slightly better in the belt, although far from good. After the initial break, the mar ket remained quiet and dull the great CT part of the day, but eased again in the early afternoon when 1t was report ed that the House of Representatives had passed the bonus bill, which 1t was feared would mean a continuation or high taxation and consequent adverse influence on business. The general sen timent in the market is now quite bear ish on the theory that no revival of prices can be hoped for until the new crop becomes more of a factor, and as consequence, the market Is liable to ease off. In the meantime we think that with the small supply of cotton left in the country and the necessity for even further curtailment of exports and consumption in America that 1t Is dangerous to be short of the market un- til there Is more evidence that these two conditions will take place, because 1t will necessitate falling off of nearly 200, 900 bales per month in the combined exports and consumption of cotton for the next five months. There is no in- dication as yet that this is happening. Liverpool futures due tomorrow: May, 17.14; July, 16.75.-Hubbard Bros.
 NEW YORK, March 18.-The selling movement which started yesterday was continued today, encouraged by easy cables and reports of sluggish condi- tions in the goods markets. The de- lay in tax reduction and the prospect of the passage of a bonus bill were .Aa tyof yirynI In business conditions in this country in the immediate future. This was con- sidered as implying renewed hedging by mills against unsold stocks which in the easier technical position would be difficult to absorb.
 There is little cotton left in first hands, and much of what Is left will be held for distinctly better prices than these. and the outlook for a liberal supply another season is anything but flattering. It looks best to follow ad- vances only at a distance, but on weak markets around these prices the con- structive side looks the best-Post & Flagg to shannon & Co.
 NEW ORLEANS; Marcn 1s.-The cot ton market was virtually a standoff Tuesday. There was selling early on the bearish government boil weevil sur
 
 goods news, but covering in, anticipa- tion of a bullish weekly weather and crop report Wednesday, ran prices back to shade over the previous close in the late afternoon.
 The boil weevil report showed only one live weevil has survived the win ter to two tons of moss against 19 to one ton of moss in 1923, and 127 to a ton in 1922. The previous low survival record was for 1918, when IT weevil survived to one ton of moss. In that year 12,041 900 bales of cotton were pro- duced. The report is bearish, but really only on, an indication that the crop will be large under favorable weather conditions. The weather Is the impor- tant factor.
 The weather map Tuesday was un- favorable with clouds, light rains and too cold temperature. The forecast Is not so unfavorable except for freezing weather in east Texas.
 Mrs. Giles reported an indicated acre. age increase of 5.3 percent, and prep arations ten days to two weeks late with labor scarce.
 Dry goods markets were reported quiet, although there is some show of dispositions to expect a turn for the better from this quarter.
 The adoption of the bonus bill by the House caused hardly a ripple in the market. It is too far away from final law yet.
 The market lacks snap. It is likely to be a trading affair until some new incentive comes into the market. This incentive may come in the form of a continuance of bad weather, but any improvement here will almost inevita- bly, result in lower prices.-Levy & Aronson to s. R, Stewart.
 NEW ORLEANS, March Is.-Cotton started the day under pressure and sold off 90 to 35 points during the forenoon, but recovered the loss and even gained Q little when sellers tried to cash their profits in the afternoon. The selling was started largely by a report from private bureau predicting 5.3 per cent increase in acreage, or 39,200,000 acres planted and claim that S1 per cent of land has been prepared versus 90 per cent a year ago. Passage of the bonus bill caused some selling. Statement from Df. Coad of the Tallulah experi- ment station that his examination of two tons of moss disclosed only one live weevil versus 19 in one ton last year tended to increase the selling, as 1t was accepted as indicating danger from Weevil will be small this year. Dr. Coad reports finding only 63 dead weevils per ton thls year versus 42 year ago, and points out that his find ings are not conclusive or even repre- sentative, as he found only 1.7 per cent in 1918 when field examination later disclosed a large number to have received during the day tend Ito dis laI IYva Of n4 1o0 nd