The Birmingham age-herald., 1924-02-22
COTTON LETTERS ,

' NEW YORK. Feb. 21.-Better Liver pool cables on the settlement of the dockers' strike caused the local market to open up about . quarter of . cent, with trade buying and short covering in evidence. News from Manchester was better and Liverpool bought heavily during tho morning. New Orleans wes q good seller during the day, while many stale long accounts were fquidated on the rise.
 Heavy price-fixins by naills, under 90 cents, had . stabilizing effect on prices; but the market Is still extremely un- only appear advisable unii there is . radical change in the goods business.- Post < Fiagg to shannon ( Co.
 NEW YORK, Feb. 21.--Prospects of an early settlement of the dock strike in England brought . sharply higher Liverpool market this morning. Al improvement by those who are still confident chat prices are headed lower As . result, we failed to meet the i'm provefuent abroad and again sold down to yesterdays low prices, at which point some weekend covering before the holiday began to make its appear ance, with the result that the market n48 nAQ V x8uty 60O0 IAAy uuEknk tae day. We again point out that a very large portion of the contracts sold in the last two days have passed into the hands of the. American trade, especially mill interests. These contracts, there- fore, are taken out of the market and will not be available later on. Under such circumstances, we believe that chances are all in favor of . sustained and substantfal recovery as soon as il is realised by the pubiic that large portion of the decline in both the se- curity and commodity markets is prin- cipally based on sentiment and has nothing to do whatsoever with the fundamental conditions of the country which, both financially and commer. cialiy, are sound and in excellent con- dition. Liverpool futures are due to- morrow: March. 17.4ad; May. 17.47d.-- Hubbard Bros. & Co.
 { NEW ORLEANS, Feb 21.-Cotton covered wide range today, and both sides had good trading, but advantage for the bull on the buying side of the market. It got off to good start on favorable cables, settlement of the strike, cold weather in the belt, reports of delay in preparation in the south west and, almost certainty of an early settlement of the reparations dispute The early bulge met free selling, how ever, and values slipped 70 points be- fore it was absorbed. Reports of further mill curtailment in this country and talk of lockout of mill workers at Manchester furnished the incentives for the selling. Announcement that the census bureau will issue revised esti- mate on the supply of cotton after the close and probability 1t will take out the half million bales of it's 3.065 900 carry over caused considerable short covering and fresh buying that put prices sharp ly up nearly 100 points from early lows. Later cables saying the situation at Manchester was growing worse and lockout almost certain induced further selling and realizing, but the market took it well and closed with a good gain, The market appears oversold prices are low enough to attract mill buying and the probabilities favor a further advance, especially if the gov ernment reduces It's carry-over figures -Fenner & Beane to Kahn e Virgin.