The Birmingham age-herald., 1924-09-13
COTTON LETTER

NEW YORK, Sept 12.-Liverpooi was a very good buyer on our opening and from the action of the market at the start 1t looks as If we were going to have a rally before the day was over, particularly on the idea that the rains in Texas were detrimental to the basis insofar as 1t would lower the grade and also that these rains would check the movement which was coming along very fast. After cer- tain amount of buying took place on this theory, 1t turned out that the trade generally took it that the rains were beneficial and considerable cotton was liquidated and Q certain amount of fresh sales were made. The sentiment still continues bearish but, however, here and there, one finds a slight change of opinion due to the fact that big business is apparently pending in Manchester and here in the United States. It is generally conceded that if the market goes down another cent a pound, there will be very heavy mill demand. We do not look for this decline to go very much further but hedge selling coming on this market with sentiment so extremely bearish,, could easily cause it to ease off trifle further. Liverpool futures are due tomorrow: October, 12.S2d; Decem- Der, 12.7sd.-Hubbard Bros. & Co.
 
 NEW ORLEANS, Sept. 12.-Cotton prices were higher in the early trading Friday on rather general rains over Texas and fair showing by Liver pool. Additional reports of farmers holding cotton was sustaining fac tor. There was differences of opinion on the floor as to the probable effect of the Texas rains on the crop, with this favoring the bullish. Idea in gen. eraI. It is contended that with much cotton open the grade will be lowered and that wet weather will slow up the movement, others think the rains as a whole will be beneficial to the growing plants. Liverpool was about 5 to ., penny points better than due with spot sales a shade smaller at 5000 bales, of which 2,200 were American. A cable said market advanced on covering by two big operators" Fall River reportedysales Eo- the week at 10000 pieces. which was the smallest in many months. Goods news Is not yet bullish. Spinners' takings for the week were 1S0,000 bales against 131,- 900 las year. ~s- In sight 349.O0O bales against 24s,000 last year.-Levy & .Aronson to S. R. Stewart. ...~=
 NEW YORK, Sept. 12.-An early ad- vance caused mainly by frightened shorts along with some Liverpool buy ing and the domestic trade, faded away so quickly it amazed the bears. There were, at least, 100000 bales cov- cred yesterday afternoon and this morning on the spurt. To reiterate ex- pectations of lower prices, we know, becomes unpleasantly ,tiresome but if every one will ponder over the fact that dry year, nine times out of ten produces more cotton than is generally thought possible, and that we have a minimum of insect damage on the largest acreage in history, we hold the conclusion unacceptable that there seems every prospect of more cotton than can be marketed at prevailing prices, in view of the general unfavor- able situation in the textile world Fenner & Beane to Kahn 6s Virgin.
 NEW YORK, Sept. 12.-The cotton market after opening on strength in Liverpool sold off on increased hedge selling and general selling for Wall street account. Rather heavy rains were reported in northern Texas, they being construed as detrimental to open cotton, but beneficial to continued growth of plant. Department of agri- culture pars for September 16 report indicate that each point in condition will mean 227,4 bales, par value 269.0S. an increase of 14.0S pounds from September 1. Worth street business still quiet. Spot news mixed with some claims of a steadier basis. There seems to be no faith in the permanency of any upturns in cotton prices-John F. Clark 6 Co.