The Birmingham age-herald., 1924-08-30
COTTON LETTER

COTTON LETTER
 NEW YORK, August 2s.-Ther Liver pool market was easier today and there was some noticeable selling for foreign Ac6ounts oIt the Idea that thecTexas raina would be beneficial However, khIA cotton was well taken on limited orders from the trade and prices in- nediately recovered to the level of yes. Aerday's close. {, It seems to us that Aentiment is changing slightly in view |bf the fact that reports of deterioration are becoming more general, and we can Aafely say that our best informed peo- pie throughout the south are beginning ko feel that the crop will net be aa < arwe ns they anticipated earlier in shS month. should deterioration con- ainue we feel that 1t will change the entiment materially and cause the trade fo realize that a large erop ls |hoG assured. Tn view of the looming holiday we do not expect . very ma- |lerlal change ip prices--Huhbard Bros. 'e %.
 NEW ORLEANS. August 2s.--A poor knowing by Liverpool. a supposed turn 'sf khe tropical storm into the Atlantic, slnd reports of continued weakness in Basis in west served to bear cotton |Irioes moderately in the first trading. ALiverpool was IS points worse than lue near the opening. A cable said the alndertone was poor but good spot demand was reported. l The forecasts are for little change In heather conditions. Temperatures arc sIxpected to remain high and there is akiil the possibility of scattered show 4rs. A Dallas wire this morning said drastic decline in basis last night, kuch cotton pressing for sale" Many Iood traders are expecting the in 4 keasIne movement to exercise a bear ! bh pressure on the market. American { htion at 62.9 and indicated crop Ill.,, 2 50, ,725. This is a low estimated: value I Ind is'Snot credited by much of the kade, it is pointed out that the asso- 4 hation has been leaning to the bull lde. Reports from cotton goods mar ] let's indicate a continuance of rather ull markets-Levy & Aronson to s. R. kewart. < NEW ORLEANS, August 29.-Cotton Tipped about 30 points at the start to- E hy on selling induced largely By dis- E EbpotntinR Liverpool and reports of hrthAr easing off of basis in the Att antics and Texas. Some reports laimed that offerings were large, de- land insufficient to absorb them and lat spots were getting near; a ten- ] Fable .basis. Later information from texas points was to the effect that the ksis had declined only 15 points over Hght imaofar as actual trading was bncerned and that the only cotton { btainable on a tenderable basis was Aort staple which cannot be deliv- led on contract. A steady stream of kterioration reports came to market bring the day and weevils were re- brted found in good numbers as far brth ae Birmingham. shorts appear lore or iess disturbed and more cov- Ing tomorrow and higher prices are kelly owing to possibility that the iorm may become a menace to the Att ntics over the holidays and crop con4 hue to deteriorate from heat and Routh. No relief from either of these in sights-Fenner 6 Beane to Kahn
 Virgin
 NEw ORLEANS, August 2es--After, Hing cssier in early morning, due >to kver cables than expected, and the in- kioR reporting a further decline in
 e spot basis. but values recovered Der in the session owing to bullish
 lnner takings for week, less favor klA crop accounts from nearly all
 ctions Of the belt, and because of the hrs regards uncertainty of the move bnt of the tropical storm, Compared gth last season, spinner takings of snericsn cotton the past week, 146,000 Iainst 107, 900; since August 1. 448,000 lainst 4a6, ,o00 During past week the hith marketed 177, GOO bales, compared bth 199,0OO year agoS since August ],
 GOO against 472,000. Washington ad- Ned that the tropical storm passed Ter the Island Of St. Thomas at 3 kIock this morning, moving Snorth- kgt, lowest barometer 29. 1t ia pos
 le Tor the storm to enter the gulf
 way Of the Florida straits, which
 Auld ba dangerous for the cotton re-
 bn or make it's way northward' by
 y the Atlantic in the path of the
 kent htirricans. Returns to American
 tton association are reported to av-
 hRe the condition of the crop as of
 sust a at e2.S, indicating a yield of
 b50.7 FPS bales, but these deductions,
 kregards the indicated crop, are much
 low when figured on the govern
 knt's acreage and "parg" furnished
 september LII. 6 B. Beer tp J. F. fllingham 6 Ces
 gEW YORK, August 2s.-Cotton
 kned lower in sympathy witte weak
 bles from Liverpool but rallied un- 4 the influence of further covering
 Ar the weekend and the holiday.
 ere was no particular news on cot
 The weather map showed all cot-
 statas clear except Arkansas and
 hahonaa. The Texas weather detail
 bwtd nght showers at n points scat