The Birmingham age-herald., 1924-02-15
COTTON LETTERS

NEW YORK, Feb. 14.-The census bureau report on the amount of cotton consumed in January was issued this morning showing consumption of 576,644 bales. This compares with 461,- 56o bales in December, 1923. and 610,3oe bales in January 1928. Attention is once more sharply drawn to the rapid rate at which the available supply of cotton Is being used up at the present be maintained, but in the present state of pessimism as to commodity prices in general and cotton in particular, the market ignored this report. More at- tention was paid to the threat of a dockers' strike in England, which is now suggested as a definite possibility for Saturday. It must be remembered that the present labor government will do its utmost to avoid the political com- plications certain to follow any such stoppage of trade, but a temporary sus- pension of work such as occurred in the recent railroad strike is not un- likely.
 Under the influence of these foreign advices, the market declined sharply from last nights close. On this break the domestic trade was steady buyer, but the effect of trade orders is never seen in a declining market until some thing occurs to change sentiment. Then the disappearance of contracts is im- mediately felt. Sentiment here Is bear ish and no disposition exists to make | a speculative position on the long side | of the market.
 Liverpool futures are due tomorrow. March, 18.13d; May, 1S.21d.-Hubbard Bros. & Co.
 NEW ORLEANS, Feb. 14.-The bears were still in the swing today and rode the market hard. First prices were 10 | to 28 points higher on the good show ing made by the consumption report which was much larger than the most sanguine had expected, but this bulge seemed to whet the appetite of the sellers, who immediately began to press the market with offerings and kept 1t up most Of the day. The result was a from yesterdays finals for the old crops and a bad closing. The developments were mostly unfavorabie with the ex- ception of the consumption figures and had most influence because of the bearishness of most traders. Probability of favorable developments abroad were ignored. The weather was good, cables reported possibility of 8 lockout of Liverpool dock workers Saturday. En- glish mills are aggitating about closing three days a week on account of dis appointing trade, and the dry goods news from domestic markets continues pessimistic-Fenner 6 Beane.
 NEW YORK, Feb. 14-A poor re- sponse to bullish consumption figures brought out heavy selling from trade and speculative interests both here and abroad. Hedge selling against spots and accomplishing stocks of goods helped the decline and many stop orders were caught. Some trade buying on a scale down halted the decline at times, but aggressive buying of any kind was con- spicuously absent. Dry goods news both here and abroad is very poor and busi- ness remains almost at a standstill, while reports of further curtailment among the mills is also having a de- pressing effect on values. Due to an improved technical position, sharp rai- lies are expected to occur, but no rad ical improvement in the market is ex- pected until the goods situation changes.
 It is reported that co-operatives in the western belt have been offering cotton quite freely today--Post 6 Flagg.