The following text was automatically extracted from the image on this page using optical character recognition software:
Mr. D. W. Kempner
As of September 5, 1955, we were long the basis 22, 000 bales.
Bought, not paid for, 33, 000 bales. Our net long hedge was 11, 400 bales.
Total stock on hand 34, 500 bales. We have been receiving payments from
Benito Longoria returning the advances made to him. I talked to him yes-
terday, and he hoped to be able to return all of the advances during this
month; however, this would depend on whether or not he would be able to
deliver all of the cotton he had sold. He also stated he was coming out in
the black, and wanted me to come down and check his books during the next
month. I told him I did not have time and suggested that his auditor make
a check of his figures, and send it to us for check. I really don't think he
has made much money, but will have to await final outcome of this year's
operations to know. He will gin approximately 13, 000 bales.
Trusting that you are enjoying your stay at Baden-Baden,
with all good wishes to Mrs. Kempner and Gladys, I am
and
Yours sincerely,
44
encl.
1i
Page -2.
September 7, 1955