The Birmingham age-herald., 1915-10-24


 cently prevailing has encouraged rapid picking, and to large extent early marketing In our opinion, the ginning figures. if heavy, will not indicate a large crop They will simply reflect conditions as represented by desires on part of farmers to take advantage Of prices which, wholly unexpected, seem high. Trade interests, skeptical of maintenance of recent advance and to a very large extent unprotected by fu- lures on spot commitments made for future delivery, nervous over reports indicating 8 short crop are liable to enter the market aggressively on any decline. On the other hand, speculative longs are likely to liquidate heavily should the ginning figures be under general expectation. Consequently from our viewpoint, any decline after the issuance of Mondays report is apt to be short lived. Contrawise any ad- vance Is not likely to be sustained. The days operations, therefore, are likely to terminate in an average level between the extremes of high and low
 oil futures reacted slightly towards the closing. The situation to our minds does not Justify nervousness. We favor purchases on all moderate declines as an investment proposition strictly.
 Ns F. avery AStUcI
 Todays cotton market was a dull and uninteresting affair. Most of the trading consisted of evening up over tLe ginning report Just before the close, however, tkere was little furry yAcaused by a break in foreign exchange to N62a. The bears claim the weakness in foreign exchange 10 a bear factcr and say that as long ae. this weakness continues exports will be fe- stricted. Notwithstanding all this our exports this week were 19l.000. against 9l.OO0 the previous year. Of course. this Is not a fair comparison, inasmuch as last year the shipping facilities were disorgaa- ixed, but. on the other hand, the into sight figures are not to be compared with last year. and the bears mako much of the large into sight movement
 Regarding the exports, an item in to- day's news was significant of what may be expected in that line. It said that there were B ships loading with cotton at Galveston for this and neAt months clearance.
 Another significant fact Is the increased takings of American spinners. which in- cicates that America Is making up by her increased consumption what foreigners fail to take. In this connection 1t Is ln- teresting to note that the United States ] as been exporting yarns to Lancashire. This latter is like carrying coals to New ca stle. and Is probably brought about >by English mills being used on war materials and are looking to the United States tor finished products. This all shows that if the demand Is lacking In one locality 1t inevitably is made ID in another. The English authority who recently put out consumption hgures at l2,0o0Do0 bales based his assumption on the fact that MAncaester and Lancashire were not us- ing az much cotton as in normal times, forgetting the Fundamental fact that tugt 90 much cotton Is needed to be manufs c- tured into cloth, and il 1t is not manufac- tured in one placo 1t will be in another.
 Tho speculative market during the week was marked by the selling out of large long lines of cotton by tired out holders, who lacked the patience to stand pat on their commitments. These linea wero talon over. by the big spof intercGts and spinnsrs, thus pessing fsem eompara-'