The Birmingham age-herald., 1924-03-21
COTTON LETTERS


 bales. Our weather map shove dgen- eral rains and cold weather practically over the entire belt. This encouraged buying on the opening but the market failed to sustain the advance in view of the forecast which was for more fav- orable weather. With exceptions of slight rains. in the Carolinas. The mar ket turned extremely dull after the first half hour with little outside busi- ness. A private report on acreage and preparation caused the market to steady up somewhat. A noticeable feature of this market Is a statement which says unless favorable weather occurs in the very near future, the increase in acre. age will be cut. There was little out side news to stimulate business, the principal feature being the weather. Should the map clear up as is pre- dicted tomorrow it may induce mod crate selling but each day the market seems to be in a better position to ab- sorb cotton. Liverpool futures are due tomorrow: May, 17.O1; July, 16.6O.- Hubbard Brothers & Co.
 NEW YORK, March 20.-Final gin- ming figures were too close to general expectations to have any material in- fluence on the market, which continues to drift idly around current levels pend ing revival in activity in the goods trade. Based, on what mills as a rule have to say one would be justified in expecting a further large decline, as they assert that stocks can be moved only at heavy loss as compared with replacement value. Against this, how ever, are numerous and reliable advices that the spot situation has reached point where 1t is literally impossible to fill many of the sales which merchants have made and that an excellent i'm quiry still exists.
 Under the circumstances, opinions are of little value, and it is open for any, one to guess what the next move will be. Weather is wretched, statistics ex- tremely bullish and the technical posi- tion unusually strong, making pur- ,chaseS on easy markets look the best policy.-Post &s Flagg to Shannon & Co.
 NEW ORLEANS, March 2O.-The final ginnings figures were so near ments final estimate that they had little effect on prices. A good deal of selling developed after the ginnings report was issued because it was not followed by revised figures on the carry over re- gently reported by the census bureau. The selling, however, seemed to have less effect than heretofore though buy ing was rather limited. At the worst, old crop values sold only IT points net lower and the new g points lower. Later prices rallied "A to 34 points on moderate covering, but slipped again in the last few minutes. Continued bad weather, prospect of more unfavor- able weather, further delay in prepara- tions, reports of better spot demand and 0ntimigfiG statement frod da outlook by Tattersalls combined to in- duee a good deal of covering on the dips and to restrict selling. There was some selling early on a resolution introduced in Congress by Representa- tive Aswell of this state to provide aid for the cooperative associations. The effect of this resolution was later off set by statement from high officers of the co-operatives denying they need assistance and also denying they have 40O,00 bales, as stated by the congress- man. Private wire from Washington received about noon said the committee of experts going over the census carry over would make a report by the close, but it was not forthcoming. The mar ket seems to have reached a stage where it needs something new to stimu- late 1t. Many hope the revised figures on the census carry-over will furnish the needed incentive.--Fenner & Beane IO AAoAA "
 NEW ORLEANS, March 20.-The census final ginning report Thursday showed 10,159000 running bales of cot ton for the 1923 season, which was just about as expected, and had no appre- ciable effect on the market, which con tinued a narrow, dull affair throughout the day.
 The weather map and forecasts were bullish, indicating a continuance of unsettled cold weather in the western belt. Liverpool made a fair showing. The foreign news continued optimistic, but dry goods and spot demand remain bearish.
 The trade was somewhat exercised by conflicting reports as to time of issu- ance of expected report of census ex- pert committee on the carry-over. It was reported late the report would be issued soon after 1 p. m., but failed to be reported before the close. The trade here generally expects the government to. revise the figures to conform with Colonel Hester's.
 4 measurable reduction in the carry over would have a mildly bullish ef- feet; no reduction in the government figures would have considerably bear ish effect.
 The ginning figure in running bales indicates total supply of cotton for this season, including nnters in 500- than last season.
 The weather continues bullish, but unless goods demand improves, sus- tained higher prices are very doubtful. Levy & Aronson to S. R. Stewart.