The Birmingham age-herald., 1924-02-28
COTTON LETTERS

COTTON LETTERS
 NEW YORK, Feb. 27.--A local spot house sold 800 bales for prompt ship ment, making sales 5000 here 50 far. A wire from Charlotte, N. C., said:' Dealers report moro inquiry for yarns"
 The steadier tone which developed in the market after the early break to 2S.s5c for May continued in evidence during the middle of the afternoon.
 May contracts which had sold off from 2e.s5c to 2s.ssc during the early trading rallied to 29.60c shortly after 2 o'clock, when old crop months showed net advances of 50 to SO points. October was relatively easy. There was selling of October against purchases of old crop positions on . belief that the diff ferences would widen out again.
 A telegram from Atlanta said Jap anese bought here last night and are in the market for good blocks. At the high point touched shortly after 2 o'clock the market showed recovery of fully a cent a pound from yester- days low level on May contracts. This rally seemed sufficient to bring out some realizing or renewed selling and the market eased off several points from the best. The New Orleans sell ing, which had been so noticeable for the past two weeks, was lacking today. On the contrary. New. Orleans was credited with buying here by balance today.-Post & Flagg ta Shannon < Co.
 NEW YORK, Feb. 27.-A better feel ing existed in Liverpool this morning, that market being some 30 American points better than expected. We opened to meet this improvement, and, after q slight reaction, the market turned to 60 points over last nights closing values. The market has Q much bet ter tone, and there were signs of some covering of cotton recently sold. Pres sure also seems to have been removed, and, wAh continued bad weather in the Atlantic states, a further improve ment can be expected. Sentiment gen. orally continues to be of very pessi- mistic character, but the market has all the indications of having been well 1iquidated; and, after the decline which has taken place, a substantial recovery can be expected. March and May fu- lures in Liverpool are due tomorrow at 1S.ssd.-Hubbard Bros. & Co.
 NEW ORLEANS, La, Feb. 27-Bad weather, cold in the west, rains in the east, prospects of more rain in the next day or two, and better spot and goods news were the principal uplifting influ- ences. The weekly review for the first time this season confirmed private re- ports of delay in preparation and re- ported the cold was injurious to early cotton in the Rio Grande valley. Pri- vate wires reported all the early cotton in that section which was up killed by the recent cold. A good many ring traders and a considerable element in the country sold on the bulges today, while the Florida shorts are credited with buying. Trade interest also took more interest in the market than for some time, and considerable of the late buying is attributed to element. Some of the trade construed a wire from Washington saying the federal trade commission is going to investigate the recent selling of cotton and has sunni moned Livermore and other sellers to explain the motive of their selling as bearish and sold on the news. Present low prices and the weather are both stimulating trade and speculative buy ing and making 1t harder for recent market is therefore likely.-Fenner & Beane to Kahn & Virgin.
 NEW ORLEANS, La, Feb. 27.-Cot- ton did much better today, except for . short decline during the morning on re- port of issuance of a small number of notices. In New York prices ruled above the previous close and advanced 70 to 30 points from the lows on the old crop positions.
 Liverpool was better than due. The weekly weather and crop report was about as unfavorable as 1t could be. Weather continues more unfavorable than otherwise, and spot demand here and in the interior was reported better than for the last several days r. The chief factor in the market was a change in sentiment with the passing of notice day, and those who were will ing to sell the market freely, except on sharp upturns, were few.
 Several reports from separated sources were mildly optimistic over the dry goods situation as contrasted with the utmost pessimism from this quarter recently. Burden of the comment was that prices have reached a point where demand will naturally increase.
 The weekly weather report was just as unfavorable as expected and there were heavy rains in the eastern section of the belt. The forecast is for unset tied weather and possible rains in Texas, but somewhat clearer weather elsewhere.
 Spot demand here and in the interior was better today. A late report that the federal trade commission would in- vestigate selling by Florida was some- what unsettled, but has little to do with the intrinsic position of the mar ket. There Is very widespread dis position; to purchase on any recessions, and this policy will probably prove proftable.-Levy & Aronson to s. R.