The Birmingham age-herald., 1924-01-23
Cotton Letters
HUBBARD BROS. . co.

AA0% Y4At0 18 GAACC&AsO - - - pected. and. as is usually the cass vith strike news, the actual occunence of the stoppage finds the markets have already discounted the event Sterling exchange was also stronger. Wh1cA W1s thought to be another sign Of . some- what better feeling abroad Here the no means active, ruled some e points above last nights close- It was re- ported that some better busine4s had been done in the dry goods markets both here and in Boston. and as the market was without any special pres fery. The local sentiment is stin pessi- mistic, but the sman supply of cotton this year Kives the m1rket . very finn undertone. Continued cold weather is reported from the south, and vhateyex may transpire in the spring. certainly the winter season has been most favor able, both in the line of winter rains and in the line of cold weather. There is some complaint now from the early sections of the belt that clear weather would allow needed farm work of . preliminary character to be, carried on The reports have not had much mar ket influence.
 KAHN BROS. ( VIRGIN
 NEW ORLEANS, Jan z2-The cot ton market developed . much better tone and prices had . fair-sixed ad- vance under the stimulus of more cheerful cables, bad weather and bet- ter dry goods news Absence of Hquida- tion was . notable feature and acted as a deterrent to short selling Pre- dictions that the ginninss toynorrow will come well over the s.sos. .0oo re- gently predicted inclined some of the trade to sell on the bulges. but tAe dips met with a good demand and tn emarket was well sustained The general expectation is that the gin- nings will come at least s.s1o.ooo and possibly s,s2s, 600 or even . little more. but it is doubtful if they will be large enough to upset accepted crop ideas Press dispatches of the strike situation in England are not encouraging, but private cables express the opinion it will peove short-lived- English trad view of the political outlook Reports of good spot demand The highest basis of the season is being paid for spots. The technical position appears to have been greatly improved, and 1t will not take much encouraging news to cause a substantial advance
 NEW YORK, Jan. zz-About the only thing that can be said of todayis market was that it has displayed more steadiness than recently Liverpool sent over optimistic cables and their market continued to improve. probably the reaction of the selling which oc- cured on the calling of the strike Some cables spoke of the strike sft- uation as being unfavorable. while still others predicted it would be of short duration. The general idea of tomorrow's ginning figures seems to be around 100 900 for the period. which would give us a ginning of e.S6d!o !oeo- There were messages coming from the amongst the mills of the Carolfnas and adding that it was difficult to sell these mills any cotton, but this had little effect being offset with mes sages telling of a continued strong spot demand at higher basis. It will re- quire some new feature of a distinctly bullish character to stimulate outside interest, and until this comes the mar ket promises nothing more than scalp ing opportunities.
 Liverpool, II a. m, bid: March, 3310c: May, S5-s4c; July. s2-2sc: October. 2S.O5c.
 Liverpool. due January 3: March. 19.2Sd; May, 1s-25d: July 1s.S0d: Oc- tober, 1e.s1d.-Fenner Beane-
 SHANNON & co.
 NEW YORK, N. Y, Jan 22-Tn spite of opposition by the more speculative element and the lack of any definite turn for the better in the goods mar kets, cotton continues to give fairly good account of itself, reflecting the decidedly bullish average of spot ad- vices and the absence of pressure from hedges The situation is very mixed. and there is little disposition to give support to advances, but resistance to recoveries Is attributed largely to the short side of the market Conditions look hardly ripe for . renewal of the advance, but the existence of such . short interest guarantees that when the time arrives for that prices will climb with almost sensational rapidity-
 Advices from other markets are that sold-out condition exists and that little would be needed to start buying movement which, with contracts in such scanty supply, would carxy prices high CT in short order. The needed incen- tive for that may not be supplied, but as the available supply undergoes fur moderate buying movement will be cor respondingly greater. It Is compara- lively easy to force prices down in conditions as they exist, but the real situation. will quickly be apparent whenever an effort is made to recover the contracts used for that purpose. especially as that will almost certainly coincide with an effort to fix the price on the large amount of call cotton still outstanding.
 It looks good policy to take ad- vantage of these, easy periods to get at least part of that done and also to accumulate some contracts in a con- servative way.