The Birmingham age-herald., 1924-03-26
COTTON LETTERS

declined 50 to 6Ov points Tuesday in aurther liquidation incident to end of March tenders, somewhat more favor able weather and very poor dry goods news. A part of the decline was re- covered before the close. in anticipa- ton of bullish weekly weather and crop report tomorrow, and reports of fairly heavy shipments out of New York stocks. The forecast for the west Is for mildly unkavorable weather, which may have caused some addition al covering.
 The census expert committee report issued at noon was the feature of the days news. The report showed the government reduced it's balance to distribution figure" by about LOGO bales. This in turn means that the gOvernmeift carry figure for July S1, 1923, Is reduced from 3.065,OO0 bales to about 2,S41 600 bales. This last fig ures compared with Col Hester's figure on earry-over of 2,572y0 bales, includ- ing linters. Col. Hester sent a tele- gram to Washington claiming the re- port Is unsatisfactory, as the govern ment attempts to show its distribution of the years crop larger than the sup ply by 5000 bales. The report prob ably had little effect on prices, as the majority of the trade Is now using Col; Heaters figures.
 Despite fAe drastic decline, sustained prices cans hardly be expected except theIe is better dry goods news and spot deniand.-Levy & Aronson to S. R.
 NEW YORK, March 25.-Heavy sell ing again mace its appearance this morning, causing another very sharp break in the market. This. however, was checked by a statement from Washington that the carry-over last year was PA 900 bales less than pre- viously given. In fact, there was some question ss to whether the figures do not indicate a larger reduction than this figure. The market then turned stronger on the reports of heavy book ings from the local stock for shipment during the next month, and 1t was rumored that these figures would reach over 5000 bales. While the feel ing in the market is still very pessi- mistie. it has all the indications of having discounted the pessimistic news which has been causing the recent break. especially as a large amount of the contracts sold on the decline have passed into the hands of Ameri- can mills. fixing price on cali cotton. The weather over the belt was favor able In the Atlantic states, but was again cloudy in the western states,
 
 rains in the not distant future.
 Liverpool futures are due tomorrow: May. 1e10d; July. 15.75d.-Hubbard Bros. & Co.
 NEW ORLEANS. March 25.-Cotton was under heavy pressure during the early trading on account of continued favorable weather and poor dry goods news, and sold off 54 to 61 points. An nouncement from the experts who went over the census figures on supply that they could not verify its figures brought on covering movement later in the day As result of this, all of the early Joss was recovered, though values slipped S few points in the last few minutes. The original figures | from the census bureau showed a dis trtbution of 579,5 bales more than the supply The experts discovered enough errors to reduce the discrepancy to 356, 800, but admit the census officials are unable to explain how they figure more distribution than supply. The | net result of the investigation was to show a stock of cotton in this country of POST 900 bales of domestic and for eign cotton. This includes 1s4 900 bales of foreign cotton. If to this we add the 366,OOO bales which cannot be ex- plained and deduct the result, plus the deductions for duplicated stock of 25. 900 bales, we have a total of 565 5.OoC bales to take from the census state. ment of stocks. This would leave stock, of American cotton in this country at the end Of July of approximately l.. 522,0 900, according to the figures of th, experts. MT. Hester made these stock, 1,453.0 Sentiment Is still strongII bearish, but the market appears in aI oversold condition and ought to have 2 further rally, in our opinion.-Fennel & Beane 10 Kahn Virgin.
 NEW YORK, March 25.-The renewa of the BeIling movement from the sam, sources as yesterday resulted in an other sharp break during the earE trading, large part of which was however, recovered later on; trade de mand to fix prices and covering b, acaftered shorts taking nrnfifa Iaai