The Birmingham age-herald., 1924-09-30
COTTON LETTERS

 about as due this morning. Our market opened slightly under last nights clos ing prices but quickly recovered and advanced to the 25c level on the con- tinued bad weather in the Atlantic states, where very heavy rains have again fallen, Enough hedge selling ap- peared at 25c to check the market, which has ruled nervous and iregurlar around that price, recovering in the early afternoon on report of storm warning in the Gulf of Mexico near the Florida keys.
 Everyone is expecting a reaction. after the recent very sharp advance and un-z questionably after such an advance a reaction would be quite natural. On tire Atlantic slope, including much of Alabama, is very bad and we expect both the government and private re- ports to show very sharp falling off in these states. Liverpool futures are due tomorrow. October, 14.33d; December, 14.17d.-Hubbard Bros. Co.
 NEW YORK, Sept. 2s.-cotton rallied 50 to 60 points on unfavorabie wealth er existent and forecasted. There was no let-up over the weekend to the rainy spell in the southeast, which has lasted for about 8 week and while Sat urday's prediction for frost in Okla homa and Texas did not develop, it was again predicted for tonight. The and the buying looked to be chiefly for professional. interests. When they withdrew, the market Seased off. The offerings looked to be profit taking sell ing against the actual and scattered selling for a turn.
 
 exports of 49,000 bales. Mills com plained they cannot sell goods on pres ent row cotton values. This unfavor- able turn in the weather gives promise for bullish government report Oc- tober 8, but technical conditions are re- garded as such that unless sufficient new buying for long account comes in the market could have quite sharp downward reaction.
 NEW ORLEANS, Sept. 29.-After rul- ing lower in early morning due to easier cables than expected, and failure of frost to materialiZe over weekend, mar <et advanced sharply as a result of an official prediction for frost tonight in the northern portion of the western belt because of further heavy rains in the South Atlantics and a storm warm ing for the east gulf coast.
 The map indicates no decided change in the eastern Belt, attended by fair weather, and it is doubtful if light, much less heavy or killing frost mater ializes. To the east of the Mississippi river, fair weather is predicted for Mis- sissippi and Alabama but showers for the Atlantics.
 The reported storm in the east gulf does not seem to be dangerous except probably for shipping, but will likely bring more rain to the South Atlantics.
 The first of monthly private crop re- ports were issued today in advance of the next government crop forecast re- port, due October 8. Returns to the Wall Street Journal indicate yield of il ,9S0,000 and returns to American Cot ton association average condition 56, yield Il ,905 000.
 Continuance of weather wet in the South Atlantics has been the sustaining feature of the market of late, as has the disposition to reduce crop estimates, but the market has had a big advance the past week, which undoubtedly dis counts to a considerable extent pres ent general condition of the situation.
 Except for low temperatures, the weather thus far this week. since last Tuesday, has been geherally favorable in the west belt, but there has been entirely too much more rain to the east of the Mississippi river.-H, & B. Beer to J. F. Willingham & Go.
 NEW ORLEANS, La., Sept. 2s.-Cot. ton opened 40 points lower on failure of early reports of the map to show frost in the northwest but rallied 100 points later and held most of its gains. There was good evidence at the start that sentiment has shifted ot the selling side but official report of tropical dis turbance in the east gulf, heavy rains in the eastern belt, prediction of more rain In that section and of forst in the northwest checked the selling snd stim- ulated public buying. There was a good deal of selling on bulges but the public bought freely on dips and market was pretty well sustained. Some of the sell ing was based on theory that market is entitled to a good sized reaction after so extended an advance. Some was also based on belief that the north west Is not likely to get any frost of consequence overnight but will get fair and warmer weather tomorrow. The public is strongly bullish and is blindly accepting returns as furnishing good opportunities for buying.-Fenner & RAana fn Rah R-