The Birmingham age-herald., 1914-05-03
Weekly Cotton Review


 has been Irregular during the past week. The circulation of the first May notices. estimated at about 70,00U bales, was ac- companied by considerable liquidation and while reports that a considerable part of the cotton was being taken Up by southern mill interests were followed by rallies, the market was easier again to- day, owing to indications for more fa- vorable weather and scattered realizing. The opinion expressed in local trade as well as the irregular movement of prices, has suggested more or less un- settled sentiment.
 It Is rumored that southern mill in terests are preparing to ship some 35,0O0 or perhaps 5000 bales of cotton out of the local stock and bullishly disposed traders have emphasized this as mate rially strengthening the technical posi- tion of the summer ,nonths while they have also continued to argue that late start with the new crop in the southwest will curtail the end-season movement
 On the other hand, some traders be- lieve that they have seen evidences of rather confident selling of July by some of the leading spot interests since the stopping of the May notices and are in- clined to believe that even if a large part of the local stock is shipped out during the current month 1t will be re- placed by fresh arrivals from the south. Moreover, those who are inclined to a bearish view of the situation, owing to the reports of slack demand for goods, ac- cumulating yarn stocks or the falling off in exports, point out that it is still some- time before the remai,dng July short interest must finally naKe good its con tracts and that meanwhile there may be some material changes Tn the spot sit uation.
 Preliminary acreage reports so far is- sued have shown 8 probable increase of not over 2.3 per cent in area, which com pares with the more or less general talk sometime ago that between 3 and per cent more land will bs put under cotton this year than last. Final ideas as to acreage will not be formed until early into July, however, and the unfavor- able new crop advices from some sections of the southwest have been partially ofk- set by the absence of complaints from east of the river. May is generally con sidered critical month in the matter or the new crop start and the market Is expected to be very sensitive to the weather conditions for the next few weeks, or pending some fresh develop ment in the old crop situation.
 New York, May 2.-The cotton market was easier again today owing to more favorable weather advices and further
 
 months Closing prices were steady, but showed net decline of from 2 to 8 points. There were some May buying orders around the ring at the opening and that position started steady at an advance of points, but other months were to $ points lower and May soon eased off with the rest of the list. There was enough May for sale. indeed, to inspire rumors that people who had stopped May notices earlier in the week were plan- ming to retender part of their cotton and this idea may have accounted for some of the rather aggressive selling of July. The factor most emphasized around the local ring, however, was the moro favor able weather in the south and while new crop positions were relatively steady at times, they sold about 10 to il points net lower during the middle of the morning as compared with a maximum loss Of from to 10 points on old crop positions.
 Business was active at the start, but became comparatively quiet at the de- cline with a final squirt of covering for over the weekend responsible for the the closing rally of some or points Liverpool cables reported . quiet and steady market. It was reported that freight arrangements had been made for the shipment of 800 baleB from the local stock today to one of the soufhern mills. but neither the action of the market nor the talk around the ring reflected any nervousness ss to the effect of pending shipments on July contracts. There was some further ceiling of July against pur- chases of new crop months, notwithstand- ing the better average of the weather news and the fact that the new crop dis- count has already been conslderably re- duced during the past few days. Re views of tho dry goods market indicated