The Birmingham age-herald., 1924-03-04
COTTON LETTERS

NEW YORK, March 3.--Our market was subject to heavy liquidation again during the firste hour this morning. This was brought about by selling as result of the failure of the Virginia Carolina Chemical company, which passed Into the hands of a receiver and brought large amount of selling from the south. On the decline, some excellent buying made it's appearance and the market gradually turned and then became strong. So far as the gen erala supply situation is concerned, it is Interesting to note that there is a falling off of 100000 bales in Ameri- can spinners' takings this year as com pared with last and an increase of ex- ports of 600.000 bales, so that as far cerned, We are constantly eating into the very small reserves. It is also in teresting to note from the federal re- serve bank statement that there is a decrease in the stock in all depart ment stores and at the same time a decided improvement in the volume of business being handled. Tn other words, the hand to mouth method, which has been pursued the entire season by American merchants, has reached the point where stocks are ex- tremely low in the hands of everybody but the mills and they are not any too excessive there. In the late afternoon, a news ticker item statement stated that the prospects of lockout in Manchester may be avoided, as the em- ployers are more inclined to arbitratex- Hubbard Bros. & Co.
 NEW oRLEANs;~ March 3.-cotton opened under heavy pressure, and the selling was rather persistent through out the day, but there was also more disposition to buy on the breaks and the market had some good sized rallies Renewed selling just before the close wiped out some of the gains, but the old crops ended Is to 20 points higher and the new about unchanged. Predic- tions of bad weather, more cheerful news from the ,Carolinas on the goods situation. cables expressing opinion there will be no lockout at Manches- ter and reports of greater activity in the textile industry in Germany were the chief stimulating factors. Announce ment that joint committee from the House and Senate had agreed to re- port bill authorizing the use of $15,- 100000 in hands of alien property cus- todian to buy cotton and grain for Ger many was helpful. A large element in the trade is still inclined to the selling side and the buiges met with free of terings from them. The increased buy ing on the dips, however, was taken to indicate that some recent sellers are satisfied and, are trying to cash their profits. Any covering of consequence Is likely to accentuate the over-sold condition and cause a further rally Fenrfer & Beane to Kahn & Virgin.
 NEW ORLEANS, La., March B. Cotton was two-sided affair Monday with severe break during the early trading and a slow but steady recovery after the first pressure was relieved.
 The first trades carried prices up slightly, despite poor Liverpool, but a report of the possibilities of further sensational exposures coming out of politics during the week offered the opportunity for selling which came in such volume that prices declined $4 a bale before any let-up.
 A rally carried prices up measurably, and the market drifted into a dull pe-
 riod Some encouraging reports from