The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-02-27
COTTON DECLINES
DURING THE WEEK
Heavy Crop Movement Is Most
important Factor
MARKET CLOSES STEADY
Shorts Are Best Buyers on the Adj
vance, Which Is Slight and the
Close Is Without Ma
teriaI Change.
MARKET CLOSES STEADY

New York, February 26.-Prices in the
cotton market have fallen during the
week, contributing causes being the
sharp cut in steel prices, and the bad
break in the stock market. Fears of
tariff revision, dullness and depression
in spot cotton, weakness in Liverpool,
reports that Manchester WAS to adopt
short time, and finally statements that
the yarn manufactures of North Carolina
would do the same thing, have had some
effect. With 1T all came heavy liquida-
ton apparently in part for big spot in
terests The crop movement, too, had
continued on a scale which has made
believers in yield of 100000 to 10, 1850 600
goods trade has been slowly improving
it has been so slow that bears have
claimed dry goods conditions as bear
ish asset. Meantime, Liverpool has
very large stock, and it costs consider
able to carry it, and especially as the
spot sales there have been generally
light, despite occasional spurts yet, in
spite of every drawback there has been
certain undercurrent of steadiness.
Spinners' takings go on at a rate which
does not seem to suggest any widespread
complaint at ruling prices, which threaten
to be much lower than those of a year
ago, while the quality of the crop is much
superior. Some large transfers of March
cotton to October, on the eve of March
notices have been made, without much
affecting that month. Liverpool has been
undoing straddles between the two mar
kets by buying here at very good profit.
The south has sold at times, but has
also bought of late especially late months.
Much selling of late has come from
southern people, Wall street and Chi
cago.
The market rallied after the stopping
of March notices today but reacted later,
with the close barely steady, net 4 points
higher to l point lower.
The market opened steady at an adj
vance of to points with March lead
ing the advance on covering. Cables
We're shade lower than expected, and
reports that Southern hard yarn spin
ners would go upon short time had a
depressing influence right after the call,
with the later positions selling point
or two under the closing figures of last
night. But when it was seen that the
March notices, estimated early at about
$1,000 bales, with later figures placing
them at not over 10000 bales, were w.
Ing promptly stopped presumably by
leading spot interests, the market firmed
up and during the middle session sold
to 10 points net higher. Shorts seemed
to be the best buyers on the advance
however, and after their requirement had
been supplied, the market eased off again.
although there was a little bull support
and some buying of new crop months on
continued talk of dry weather in the
southwest. Southern spot markets Off
cialy reported were Slice lower to 1-16c
higher Local authorities estimate that
a curtailment of SO 1-3 per cent by South
ern yarn spinners for two months would
be equal to about 100 bales of raw cot
ton. Liverpool cables received late in
the day said that the Manchester situa-
ton showed no Improvement.
Receipts at the ports today 23550 bales,
against 30,9s7 last week, and 19, 43O last
year. For the week 125,0O0, against 1854
last week, and 121, 066 last year Today's
receipts at New Orleans 6151 against
316O last year, and at Houston 2293, against
1869 last year.
Futures opened steady and closed bare
ly steady.
New York. February 28-The follow
ing statistics on the movement of cot
ton for the week ending Friday, Feb
ruary 26. were compiled by the New
ork cotton exchange:
WEEKLY MOVEMENTS