The Birmingham age-herald., 1924-01-30
COTTON LETTERS

NEW YORK, Jan. 29.-The settle ment of the English railroad strike gave a stronger tone to Liverpool this morn ing and brought about a higher open ling in our market. The better feeling abroad was modified somewhat by fears of a strike on the part of the dock workers, but 1t was generally thought that the labor government having, set tied the railroad strike would do its best to prevent another industrial dis .turbance. The improvement in confi- dence was reflected in another advance in sterling exchange. Our market was higher at the opening through some Liverpool buying, but business was not active and a portion of the advance was subsequently, lost on some scattered local selling. Sentiment continues very pessimistic, and there is little or no desire to buy cotton at the present level. On the other hand, the supply dangerously small, and this fact gives the market a very firm undertone. We hear of a somewhat better feeling in dry goods circles, but 1t cannot be said that this has resulted in any increase of the actual volume of business nov ing.
 The reports, therefore, were without influence on today's market. More at- tention was paid to the continued evil dence of curtailment on the part of domestic mills, both in New England and in the south.-- It has long been evident that this curtailment must take place, but naturally the news of the actual stoppage of machinery has ef- feet upon sentiment, especially at a time when there is little or. no bull speculation.-Hubbar Bros. & Co.
 NEW ORLEANS, La., Jan. 2s.-Set- clement of the English strike, large spot sales at Liverpool and cheerful cables from Manchester stimulated at the start today. The buying soon petered out, however, and values grad ually sagged 40 points for lack of fresh speculative buying. Another covering movement developed in the afternoon owing to probability of q further ad- continent was large buyer of the near months on that market and large spot sales here. This buying move ment disclosed that contracts were scarce and prices rallied to near the best of the day and closed with a small net gain. A report that Worth street had reduced the price on goods again to attract buyers was one of the early disturbing influences. Trading through out the day was generally light, as most traders appear to be waiting for a new incentive to either buy or sell. The strength of the new crop was probably the most notable feature Much of the trading is now going into those months. Sentiment is pretty badly mixed at the moment, with the professional element mostly on the sell ing side and the public inclined to the buying side, but waiting for something to develop that will help the market before actually taking an interest in the market. Fenner & Beane to Kahn Bros. & Virgin.
 NEW YORK, Jan. 29.-Among the many false starts that the market is likely to make in the near future will be one that will prove genuine, and in the absence of any means to determine which 1t will be the only method to benefit by 1t seems to consist in work side of easy markets as they occur and wait for the incentive to arise that will prove sufficient to bring on a general buying movement for both accounts Such incentive would most naturally come from the goods markets, and until there are signs that 1t is beginning to take shape 1t will not be safe to fol- low rallies, and moderate profits on cotton bought on the dips should not be overlooked. Close observers of the trading, however, express the opinion that not only Is there a large interest on tue SOIu slue TOT traQe ana StraQdle account, but also that the speculative short interest has accumulated rapidly of late, creating a situation from which practically the only escape lies through the distinctly remote possibility. that mills will cancel their contracts fh one way or another and sell out thehr stocks of raw material on hand. This theory Is based chiefly on the idea that highly favorable early advices from the next crop will result in pronounced weak ness in those positions which, will un- dermine the old crop months and lead to practically a complete postponement of further business in textiles until this new and cheaper cotton becomes available. Just how requirements for the spring and summer trade are to be filled is not explained, but perhaps the nation can go seven or eight months without purchases. The theory seems very weak reed to lean upon and evidently, to judge by advices of large purchases by the continent in Liver pool and this country, does not appeal very strongly to the foreign trade Post & Flagg to Shannon & Co.
 Cooperation, agents, sailed for Pensa- cola to complete for Liverpool Tuesday afternoon.
 The tug James Daugherty, operated by the Gulf Towing and Wrecking