The Birmingham age-herald., 1924-02-01
COTTON LETTERS


 
 NEW ORLEANS. Jan. si.--An the news coming to market today except that from Worth Street favored the market, and 1t responded with a good sized advance. The best prices of the day were made just before the close on covering brought about bNa report that Houston will clear 120.000 bales for Eu- rope for end of the month shipment. On this upturn the old crops sold 75 points net higher and the new 30. Liv- erpool was good, owing to large spot sales and big export demand from the continent. Trade papers in New York also played up reports of good demand for cotton from Russia, Germany, Aus tria and Japan. The steady movement abroad is attracting more and more at tention to our dwindling supply and the traders are beginning to figure how long 1t will last if mill takings and ex- ports do not let up considerably in the near future. Another encouraging, de- velopment was the report that large traders are again taking the buying side and that much of the days busi- ness was for their account. Some re- cent big sellers here and in New York were also reported to have covered a good deal during the day. Taken all in all it was very good day for buy CTS, and bullish sentiment has increased greatly as a result Of 1t, and sellers appear once more to be on the defen- sive. We believe values are on the up- grade again.-Fenner & Beane to Kahn Bros. & Virgin. ,.
 NEW YORK, Jan. 31.-Liverpool this morning was decidedly better than due, with spot sales at the large total of haIn (. in a measure the usual end-of-the- month filling-in of requirements. It is reported in private cables, however, that there Is better feeling in Man chester, with an increasing demand among the mills. It is also believed that there is, every probability that the dockers' strike will be settled without "a stoppage of work. Our market opened higher and on a moderate volume of business, some buying from Liverpool and some nd-of-the-month calling by the domestic trade. Prices advanced about half a cent a pound from yes- terday's close The stFling exchange evident there is a better feeling all around. Sentiment locally is still pes simistic, and there Is no sign of a revival in bull speculation. However, We think that the advance Is likely to go further, as the figures show plainly the exhaustion of supply, and there is not yet a commensurate cur tailment in consumption.
 Liverpool futures are due tomorrow: March, 19.sld; May. 1s.56d.-Hubbard Bros. & Co.
 NEW YORK, Jan. 31-There has been quite different tone to the market to- day, with better support, as the feeling Is growing that pessimism on the sub ject of textile trade in this country has been carried to an extreme and has re- suited in the creation of an over-ex- tended speculative short interest and 2 general cleanup of that description of longs leaving the market in a thor oughly healthy technical condition. Dry goods markets are still sluggish, with buyers holding off and refusing to pay advances, but shopping about trying to pick up what is indispensable for their immediate more pressing re- quirements. The result of this dilatory policy Is said to be that the stocks of many staple lines in stocks on order at the mills is smaller than in many years, and points to very acute situa- Ntion later on. Older bulls were reported buying today and scattered local shorts covering, while offerings were on a smaller scale, even at the fairly sharp recovery that occurred. Spot advices were bullish and many reports were re- ceived of rapidly increasing activity among German spinners and extensive preparations making with the purpose of buying raw cotton bidding all com petition. It Is of little consequence where the cotton is consumed as long as 1t Is consumed at the price. The opinion is expressed that much cotton remains to be fixed on May and that that position may show some special developments before it is liquidated.- Post & Flags to Shannon & Co.