The Birmingham age-herald., 1924-02-12
COTTON LETTERS


 fluences, including firm cables, poor weather advices and a continued large export movement, with reports of a large private estimate for January con- sumption, have failed to inject any snap into the market today and prices have sagged again on renewed pressure, much of which is believed to come from speculative sources, though it is ru- mored that there Is selling also against stocks of yarns and goods. Such sell ling, if it Is actually taking place, does not differ materially from pure spec ulation, but the offering weigh on the market just the same. Trade demand Is in evidence persistently, but only in moderate volume, and on easy spots, and Is not sufficient to take care of the offerings which are met on all small rallies. There appears no pres sure from actual, but the necessity for more support is obvious if prices are not to sag further under the constant selling, no matter what penalty may be ultimately inflicted on those found short of the market.
 At the moment thereis no encourage ment to buy at all freely, but the best opinion still favors conservative pur- chases on easy markets around this level, leaving room to average to some extent on further possible declines.- Post Flagg to shannon 6 Co.
 <, NEW ORLEANS, Feb. 11.-cotton started off 2s to 30 points higher for the old crop months under the stimulus of large spot sales at Liverpoo, reports of favorable turn in European po- litical and financial developments, bad weather and rumors of a bullish fore cast of consumption. The market met free selling almost from the start and gradually gave way under the weight of this until near the close the old crop months sold 800 points under the early high. The new crops were relatively more steady, showing less gain at the start and less than half the decline. The trade were rather surprised at official predictions from one of the private bu- reaus that consumption for January will be around 562,000, against 462, 900 in December and 620,000 last year, as few in the trade are looking for much over 500 900, due to the many reports of curtailment recently put in circulation. There were also reports from another bureau that mill stocks are not likely to show more than 1 1,500, ,000, against 1,980,O0O last year. In spite of this the market was called upon to absorb a rather steady stream of offerings, though the selling was not heavy except
 
 advices said negotiations for preventing a strike of the Liverpool dock workers had broken down and there were also reports that New England mills were trying to resell some cotton in the south. Absence of buying power when most needed Is the most discouraging feature of the market. It is also en- couraging operation on the short side -Fenner and Beane to Kahn Bros 6 Virgin.
 NEW YORK, Feb. 11.-CabIes this morning were sharply better than due and better demand for export to the continent was reported In the Liver pool market. It is also said that the National Ginners' association was out with an estimate of the consumption in January of 56o.oOo bales. These figures would be large under present conditions and would emphasize the necessity for further cirtailment to conserve the bal ance of the small existing supply. Our market, however, made a disappointing showing, losing large portion of Sat- urday's advance, more on the absence of any active demand than on the presence of any actual selling pressure. Sentiment continues bearish here on the ground that the market lacks buying power, which will not be reattracted by factors having to do with old crop con- ditions. The weather south was un- favorable as further general rains are predicted over the belt where dry weather is necessary to allow early farm work to begin.
 Tomorrow, Lincoln's birthday, the New York and New Orleans exchanges will be closed, but Liverpool market will be open. Futures are due in Liver pool tomorrow. March and May 1s.11d.--Hubbard Bros. 6 Co.