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H.KEMPNER
Mr. D. W. Kempner
Hotel Plaza-Athenee
23-27 Avenue Montaigne
Paris, France
Dear Mr. Dan:
AIR A I L
August 19, 1954
I am enclosing herewith letter received from Bill Keyser
on yesterday.
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As you no doubt know the cotton market is in excess of the
loan value and Bill wrote that he had 15 bales on the yard. I wrote
him to send the cotton down to Galveston and we would take same over,
as Harris states that the cotton will bring much more than the loan
value. Bill is paying $68.00 for seed, which gives him a 45.OO spread.
I wish to advise, however, that I have not received check
from the Schumacher Oil Works. It may be possible that same was maile
to Plantersville.
We have been buying considerable amount of cotton. Our
total bought not paid for is in excess of 15,000 bales, and we are
almost even on the basis, however, our net short hedge is 2,903 bales V
short.
So far, we have only had to borrow $1,000,000.00, that is,
from the United States National Bank and the Republic National Bank of V
Dallas.
I talked to Bill Gatz a day or two ago and he stated due to
the extremely high temperature that the cotton had gone back considerably
and it was going to open prematurely. He stated that he saw no chance "
of rain and he regretted very much the extreme hot weather was causing
the cotton to open prematurely. He advised they were getting along very
well on the erection of the new compress. Of course, with the present
price of cotton, there will be very little cotton placed in the loan at
Paragould.
We have been buying a considerable amount of cotton, however,
the invoicing has been very light. The next ship leaves Brownsville the
latter part of this month and we will have a fair amount of cotton to
invoice.
Trusting that your trip over was pleasant and with every good
wish, I am
Yours rely,
Encl.