The Birmingham age-herald., 1924-07-26
COTTON LETTERS

NEW YORK, July 25.-weak cable and reports of rain in Oklahoma anS showers in north Texas brought abou I an initial decline to 27.s0c for October | but the contracts were absorbed ap parently by Wall street and the yves and prices rallied. There was som, local selling, expecting a break in Oc tober when July expired at noon, bu no selling pressure came in after tht last trade in the spot month; conse auently, shorts covered and at 1 o'clocl the market was forty points above yes terday's final.
 good, except Texas, and some we'll, posted people there claim there is nc material damage so far. Beneficial showers occurred in Arkansas and Ok. Iahoma and telegrams this afternoon re- ported rains at scattered points in Tex. as. Prices sagged again in the fate trading, with operations local, and ii Texas much lower quotations are pos sible.-John F. Clark 6 Co.
 NEW ORLEANS, July 25.-Cottor was lower Friday in the early. trading on private reports of some rains in the northwest and central portions of the belt and on expectation of additional PECCIpdIlOn HI tuC west. ue GdSI IO1 the time being is entirely lost.
 Liverpool was reported better than due just before the opening here. but the American markets entirely disre- garded the English market. Notices for about 35,000 bales were reported is- sued in New York, which probably helped selling sentiment.
 Liverpool sold off heavily just after the opening here. One cable said, Spot An,
 The weather map showed some rains in Oklahoma, including more than two inches at Oklahoma City. Arkansas had showers, 'as did the Memphis dis trict, but Texas remained clear and hot. Temperatures over the belt were only a shade cooler and more rains in the west will be needed to move relief from the drought.
 Dry goods reports were much better Sales at Fall River were 150,000 pieces sold for the week, the largest in months Levy & Aronson to s. R. Stewart.
 NEW YORK, July 25.-The unsettled condition in the cotton market at the close of yesterday was again mani fested today, owing to reports of show CTS in Texas, which so far would appear insufficient. There has been a healthy adjustment of the technical position, and unless rains become general in the west sellers are likely to have to pay dearly for their experience. The feeling here is not so much over the situation of the crop, but that the gen. eral business the world, over is on the eve of a tremendous improvement, and that with so little cotton in the world and the drastic curtailment of produc- ton of goods for the past six months cheap prices for cotton are unlikely Fenner 6 'Beane to Kahn 6 Virgin. NEW ORLEANS, July 25.-The cot ton market was a typical weather mar ket today, with frequent and wide swings in prices as the weather news favored one side or the other. It start ed off easy on private reports of rains in Oklahoma and north Texas, but ral- lied a hundred points after the map, and the 10 o'clock bulletin failed to show any rains 0f consequence in Texas. 'Oklahoma's official records showed light showers at all stations in the cotton region and good rains at a few points. This, however, was offset by the statement that temperatures in that state ranged from 101 to 107 de- grees, while thirty-one stations in Texas held 100 to 10S degrees. July went out strong in both markets in the face of neavy tenders in New York. None of the reports of rains from the west ICCSlNGQ uuAlA8 lAC Qoy CdAAAC II OAl SCC- tions suffering for lack of 1t, and a large part of the selling was evidently based on hopes that they will work into these sections. A large short interest appears to have been built up as a re- suit of the days operations, and another covering movement is likely to develop soon unless dought conditions are re- lieved overnight. The map does not indicate that relief is in sight.-Fenner q. HaonA h Kahn 6 Wfrain
 HUBBARD BROS. & co. LETTER
 NEW YORK, July 25.-The high pres- sure which was appearing over Denver yesterday moved down into the upper regions of the western cotton belt, where, striking the extreme heat of the past few days, heavy showers resulted in Oklahoma and some scattered show CTS in the Panhandle. Also, the tenn peratures In the northern belt were con- siderably lower. In anticipation of these showers, the market had started to ease yesterday and was again lower this morning, but when the trade found that no rains had appeared over Texas as yet, we had a recovery of some seventy five points from the low. It is yet un- certain whether we will get a general rain over Texas, but from the appear ance of the map 1t would seem at this writing that the best that can be hoped for would be good showers over the region north of the general line of north-central Texas. There was con- siderable replacing of cotton sold on inc recent advances as a result of the Failure of the weather to bring general rains. There is also some trade buy ing of considerable size, reflecting the improvement in the dry goods situation where the recent advance has stimu- lated enough demand to move off some of the goods held in stock in mill ware houses. It will take but 8 very short time of improved dry goods business to exhaust these supplies.
 The market is in a much better tech nical position than 1t was two days ago; although, should rains develop over Texas between now and Sunday, a slightly lower market can be expected for the moment at least. However, to operate on this idea ia rather dangerous because, if these rains do not develop we eau expect the market to recover very rapidly.-Hubbard Bros. & Co.
 NEW ORLEANS, July 25.-specula- tive buying, in which Chicago grain traders are reported to have partici- pated largely, sustained the market to- day in the face of more favorable climatic conditions in west and central portions of the belt, as well as in south Atlantic area, where needed dry weather prevails.
 Rather general light to moderate rains, heavy at Oklahoma City, oc- cured in Oklahoma overnight, and rain reported from pumerous stations in north and northwest Texas as well as in the central part of the belt, while generally fair weather prevailed to east of the Mississippi river, which was favorable for all sections of the cotton region, especially since the outlook ii